CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16th, 2024
Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7th, 2023
Owned and Managed by Stonebridge Companies, Courtyard by Marriott Set to Open in Loveland, Colorado
Courtyard by Marriott | February 15, 2019
Loveland, Colo. – February 15, 2019 – Courtyard by Marriott Loveland/Fort Collins opens its doors in Loveland, Colorado today. Featuring an innovative lobby space as well as Courtyard's latest contemporary room design, the new hotel provides flexibility and choices that allow guests to optimize and elevate their travel experience. Located at 6106 Sky Pond Drive in Loveland, the 102-room hotel will operate as a Marriott franchise, owned and managed by Stonebridge Companies of Denver. The project marks Stonebridge's fourth property located in Loveland. Stonebridge Companies, a privately owned, innovative hotel owner, operator ...
Pebblebrook Hotel Trust Completes Sale of the Liaison Capitol Hill
Pebblebrook Hotel Trust | February 15, 2019
BETHESDA, Md.--February 15, 2019--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it has closed on the sale of the 343-room, Liaison Capitol Hill in Washington, D.C. for $111.0 million. The sale price of $111.0 million reflects a 16.9x EBITDA multiple and a 4.9% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the trailing twelve-month operating performance for the period ended December 31, 2018. Proceeds from the sale of the Liaison Capitol Hill will be utilized for general business purposes which may include reducing the Company's outst...
The Art and Science of Hotel Brand Valuation
Hotelivate | February 15, 2019
Businesses are frequently valued using one or more established approaches across industries and sectors. Their replacement cost, income generation ability and/or comparable sales of similar businesses usually form the basis of such valuations. However, in most cases, a business value using the approaches mentioned herein is largely determined for tangible assets, as they have been regarded as the main source of value creation. In recent times, several companies have increasingly and justifiably so, embraced the idea that a business's value is not made up of its tangible assets alone. The importance of not just the brand, but also patent...
Sandpiper Lodging Trust Acquires Four WoodSpring Suites Hotels From Wills Capital Partners
Sandpiper Lodging Trust | February 14, 2019
(Richmond, Va. - February 14, 2019) – Sandpiper Lodging Trust (SLT) is pleased to announce its acquisition of four WoodSpring Suites™ Hotels from Wills Capital Partners, LP (WCP). Three of the properties are located in Texas including: Austin, San Antonio and Odessa and one in Clarksville, Tenn. Carter Rise, CEO of SLT, stated, "We have known and admired Charles Wills and his development team for nearly 10 years. His properties consistently rank among the highest performing hotels in the WoodSpring system. This acquisition expands our geographic footprint into four rapidly growing markets. We are particularly pleased that Mr...
3 Distinctive Hotel Openings Highlight the Growth of The Olympia Companies
The Olympia Companies | February 14, 2019
February 14, 2019. Portland, ME. The Olympia Companies has just come off a year of remarkable growth and development with the completion of three extraordinary new hotels: SOPHY Hyde Park in Chicago, IL; The Glen House in New Hampshire's White Mountains; and Hyatt Place & Hyatt House Quad Cities in East Moline, IL. Olympia, a leader in high-profile real estate development, equity investment and hospitality management projects, took an individualized approach to each of these three very different hotel projects, situated in radically different locations: a revived historic neighborhood in America's 3rd largest city; a riverfront Midw...
IHG Acquires Six Senses Hotels Resorts Spas From Pegasus Capital Advisors for $300 Million
IHG | February 13, 2019
InterContinental Hotels Group (IHG®) has today announced the acquisition of Six Senses Hotels Resorts Spas, one of the world's leading operators of luxury hotels, resorts and spas. The $300 million cash acquisition from Pegasus Capital Advisors includes all of Six Senses' brands and operating companies and does not include any real estate assets. Six Senses currently manages 16 hotels and resorts, with 18 management contracts signed into its pipeline, and more than 50 further deals under active discussion. With properties in locations such as the Maldives, the Seychelles, Yao Noi in Thailand, Zighy Bay in Oman, and Portugal's Douro ...
Why Retail Owners Are Partnering With Hotels
Jim Butler | February 13, 2019
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 13 February 2019 - Recently, my partner, Guy Maisnik, and I spoke about hotel retail mixed-use development with Kelsi Maree Borland of GlobeSt.com. Her article, Why Retail Owners Are Partnering With Hotels ran with the subtitle, With retail evolving to be more experience-driven, retail owners are finding the benefits of adding boutique hotels to shopping centers. Retailers adding hotels to the mix is nothing new – but they may be more motivated than ever. The Hotel Law Blog has been covering hotel mixed-use projects — where th...
Snow King Resort Hotel in Jackson, Wyoming, Purchased by KDG Capital
KDG Capital | February 12, 2019
BENCHMARK® will continue to operate popular destination resort. The Woodlands (Houston), Texas, February 2019 … KDG Capital, a Florida-based real estate private equity firm, has purchased the Snow King Resort Hotel in Jackson, Wyoming. BENCHMARK®, a global hospitality company, will continue to operate and market the 230-room property, located at the foot of Snow King Mountain in the Grand Teton mountains, just minutes from the center of Jackson Hole, Wyoming. KDG plans to invest $5 million in capital improvements to the property. Snow King Resort Hotel is part of Benchmark's signature Benchmark Resorts & Hotels brand....
Hospitality Financial Leadership: City/Region Wide Supply and Demand Analysis
David Lund | February 11, 2019
By David Lund When you are preparing your budgets, an incredibly valuable tool is what I refer to as the "citywide supply and demand analysis." I didn't come up with this, however, I am going to explain how it works, why it's so important to complete it at least annually and how to analyze it. In a previous post, I wrote about how to calculate your RevPAR index and how to measure this against your competitive set, sort of a manual version of what STR supplies. This concept is similar, but one does not replace the other and vice versa. The "citywide" report allows you to see where you are relative to your entire market, where you histori...
Avantgarde Hospitality Acquires The Ivy Boutique Hotel in Chicago, Illinois
broughtonHOTELS | February 11, 2019
Chicago, Ill. (February 11, 2019) – Avantgarde Hospitality LLC, a privately held hospitality investment firm, announced today the acquisition of the stylish Ivy Boutique Hotel, 233 E. Ontario Street in Chicago, Illinois, establishing its presence in the downtown area. The Ivy Boutique Hotel joins a roster of 4 Chicago hotels currently owned by the sponsors, broughtonHOTELS, who has been operating the property for the past year and introduced the Seller to Avantgarde. This brings the collaboration to 4 projects with broughtonHOTELS mid-west regional office based in Chicago. In an effort to provide enhanced quality products to the C...
Kingwood International Resorts Acquires Reunion Resort in Central Florida
February 11, 2019
ATLANTA (Feb. 11, 2019) – Kingwood International Resorts has purchased the AAA Four Diamond-rated Reunion Resort, located on 2,300 lush acres in Central Florida, just minutes from Walt Disney World theme parks. Specializing in golf-centered clubs and resorts, Atlanta-based Kingwood International currently owns and operates Kingwood Country Club & Golf Resort and Achasta Golf Resort community, both in North Georgia, and the eco-friendly Plantation on Crystal River in Central West Florida. The purchase of Reunion Resort from real estate investment firm Lubert Adler was finalized Friday, Feb. 8. "Reunion Resort is a perfect compl...
Avison Young Hospitality Group Recent Closings
Avison Young | February 11, 2019
ATLANTA – February 11, 2019 – Avison Young Hospitality Group announced today the closing of four transactions since the first of the year. The properties include a full-service Marriott in south Florida that sold for $49 million, a Marriott branded hotel in Bossier City LA, a historic hotel on the water in Rhode Island and a mid-market hotel in the southeast. Since 2013, the Avison Young Hospitality Group has now closed 103 Marriott branded hotels, 71 Hilton branded assets, 49 IHG branded assets and 146 other braded hotels. ...
Multi-Million Dollar, Full-Scale Renovation Underway for Hyatt Regency Deerfield Slated for Completion April 2019
Hyatt Regency | February 7, 2019
(DEERFIELD, Ill.) February 7, 2019 – Phase one of a multi-million dollar, full-scale renovation is underway on the Hyatt Regency Deerfield, a luxury, full-service hotel located just minutes from downtown Chicago and O'Hare International Airport. The project caters to the Hyatt Regency brand loyalists' desire for 24/7 connectivity and comfort with 300 completely revamped guestrooms and suites, refreshed, tech-enabled meeting space, updated common areas including guestroom hallways, and lobby, as well as the property's signature restaurant and bar, Jaxx Bistro and Jaxx Lounge. Phase one, which includes a $14 million redo of all gues...
Sawyer Realty Holdings Acquires 130-Room Residence Inn by Marriott Boston Tewksbury/Andover in Massachusetts
Sawyer Realty Holding | February 6, 2019
(Tewksbury, MA) – February 6, 2019 – Sawyer Realty Holdings has announced the acquisition of the 130-room Residence Inn by Marriott Boston Tewksbury/Andover located at 1775 Andover Street in Tewksbury, Massachusetts. Founded over 25 years ago, Sawyer Realty Holdings, a Newton, Massachusetts based multi-disciplinary real estate investment firm, maintains a diverse portfolio of multi-family, senior housing and hotel properties throughout Massachusetts, Rhode Island, and Maryland. The company also owns and operates five restaurants in Massachusetts under the Good N U Hospitality brand. The acquisition of the Tewksbury Residence...
Developed and Managed by Plamondon Hospitality Partners, 103-Room Residence Inn by Marriott Set to Open in Fulton, Maryland
Residence Inn by Marriott | February 6, 2019
Fulton, MD – February 6, 2019 – The 103-suite Residence Inn by Marriott in Fulton, Maryland is scheduled to open this Monday, February 11, 2019 with its upscale, stylish décor that offers flexibility, while creating a unique environment. Located at 11800 West Market Place, the all-suite Residence Inn Fulton at Maple Lawn will operate as a Marriott franchise, developed and managed by Plamondon Hospitality Partners of Frederick, Maryland. General Manager Stan Martin and Director of Sales Meredith Emerson lead the management team at the property for Plamondon Hospitality Partners. Situated in the Maple Lawn community and...
Hospitality Financial Leadership: The 5 Hidden Costs of Being Branded
David Lund | February 4, 2019
By David Lund Marriott. Hilton. IHG. Wyndham. Choice. For years these chains have publicized the advantages of working with them: advanced loyalty programs that promise to bring consistent customers, low fees, tough negotiations with OTAs, and preferred financing options. Not so fast. Are the brands' claims actually true? While many owners have fallen victim to the claims of the brands, you need not do the same. As Mark Twain once said, "Whenever you find yourself on the side of the majority, it is time to pause and reflect." Let's take a closer look at what the brands are claiming, to make sure you know what to expect before entering i...
Hyatt Place Calgary Airport Opens in Alberta Offering 127 Guestrooms
Hyatt Place | February 1, 2019
CHICAGO (February 1, 2019) – Hyatt Hotels Corporation (NYSE: H) today announced Hyatt Place Calgary Airport, the second Hyatt Place hotel in Alberta, and the ninth Hyatt-branded hotel in Canada, is officially open. The new hotel features the Hyatt Place brand's intuitive, innovative design, upscale-casual atmosphere and practical amenities, such as free Wi-Fi and 24-hour food offerings. Nestled in the heart of the Calgary Airport business sector, Hyatt Place Calgary Airport allows guests to exit the terminal, hop aboard the free airport shuttle and arrive at the hotel within five minutes, making the hotel the perfect destination f...
Excellence Group Plans Early 2020 Opening of Finest Punta Cana in Dominican Republic
Excellence Group | February 1, 2019
PUNTA CANA, Dominican Republic, Jan. 31, 2019 -- Following the success of Finest Playa Mujeres, Excellence Group Luxury Hotels and Resorts has announced plans to open the second outpost from their Finest Resorts brand. Set to open its doors the first half of 2020, Finest Punta Cana will be set on the shores and crystal blue waters of Punta Cana and will be the third Excellence Group property in the Dominican Republic. The first of its kind in the area, Finest Punta Cana will house all of the exacting standards and personalized luxury that Excellence Group has become renowned for, with 450 suites, including 60 family suites, that will ra...
Rockbridge Acquires The Tennessean Hotel and Holiday Inn Knoxville Downtown Hotel
Rockbridge | February 1, 2019
Columbus, OH (FEBRUARY 1, 2019) – Rockbridge announces the acquisition of The Tennessean Hotel and the Holiday Inn Knoxville Downtown Hotel, both of which sit in prime locations in downtown Knoxville. Aimbridge Hospitality will manage both hotels. "We look forward to delivering a transformational renovation to the Knoxville Community that will bring economic prosperity to the region," said Jim Merkel, Rockbridge CEO. "Matt Welch, who led this investment for Rockbridge, was instrumental in delivering our core values, that will result in a win-win-win for our customers, the Knoxville Community, and our investors." The Tennessean fea...
Paramount Lodging Advisors Sells Ocean Front Gold Beach Inn, Ireland’s Rustic Lodges & RV Park and Ireland’s Commercial Income Property in OR
Paramount Lodging Advisors | January 31, 2019
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the Ocean Front Gold Beach Inn, Ireland's Rustic Lodges & RV Park and Ireland's Commercial Income property in Gold Beach, OR. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire two independent hotels, an RV Park, and commercial rental units on several acres between the Pacific Ocean and coastal Highway 101. Upon completion of a property improvement plan (PIP), upgrading technology, and implementation of professional manageme...
UAB Education Foundation Opens 295-Room Hilton Birmingham at UAB Following Renovation and Rebranding
UAB | January 31, 2019
BIRMINGHAM, Ala. - Today dignitaries from the University of Alabama at Birmingham, the City of Birmingham and Hilton Hotels & Resorts gathered for the grand opening of Hilton Birmingham at UAB, the university's flagship hotel on campus. Following a multimillion-dollar renovation, representatives from UAB and Hilton welcomed members of the community to observe the hotel's collaborative transformation into a property that reflects UAB in both subtle and significant ways. The grand opening activities included property tours and a ribbon cutting, with appearances by members of the UAB Spirit Program and Pep Band. Formerly the DoubleTre...
Hotel Lawyer: Brand Franchise Owners Ask “What Happened to My Area of Protection?”
Jim Butler | January 31, 2019
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Hotel Lawyer on Owners' concerns with hotel brand franchise agreements — Areas of Protection or Non-competition clauses My partner Bob Braun is a senior member of our Global Hospitality Group® and has experience with many hundreds of hotel management and franchise agreements. Bob is also co-author of the Hotel Management Agreement & Franchise Agreement Handbook (3rd edition), and has first-hand experience with branding and management for every major traditional hotel brand, including a number of multi-branded properties. Tod...
Red Planet Japan to Acquire Thailand Hotel Portfolio From Parent Company Red Planet Hotels LImited for $60 Million
Red Planet Japan, Inc. | January 30, 2019
TOKYO, Jan. 30, 2019 -- Red Planet Japan Inc. (3350:JP) today announced that it will acquire the Thailand-based hotel operations from its parent company Red Planet Hotels Limited. The acquisition is expected to be completed by the end of the first quarter of fiscal year 2019. Red Planet Japan will acquire six hotel-owning companies in Thailand from its parent company for a total acquisition consideration of 6,585,130,000 yen. The acquisition includes five operating hotels, located in Surawong (Bangkok), Patong (Phuket), Asoke (Bangkok), Pattaya, and Hat Yai, and a sixth property under development in Sukhumvit Soi 8 (Bangkok). The operat...
Hersha Hospitality Management Plans Spring 2019 Opening of The Whitney Hotel in Boston’s Historic Beacon Hill
Hersha Hospitality Management | January 30, 2019
BOSTON (January 30, 2019) – The Whitney, a new 66-room luxury boutique hotel, is set to open in spring 2019 in Boston's historic Beacon Hill. The property is revitalizing and expanding an existing hotel to create a new landmark at the corner of Charles Street and Cambridge Street in the treasured neighborhood. Named for Henry Melville Whitney, a prominent Boston industrialist and one-time owner of the site, The Whitney will offer guests generous hospitality through sophisticated simplicity and cultured comforts. The Whitney Hotel's Beacon Hill address embodies the best of the classic brick townhouse style associated with the neigh...
