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
Eldorado Resorts to Acquire Tropicana Entertainment in Accretive Transaction Valued at $1.85 Billion
Eldorado Resorts, Inc. | April 16, 2018
RENO, Nev. - April 16, 2018 - Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado" or the "Company") announced today that it entered into a definitive agreement to acquire Tropicana Entertainment Inc. (OTCQB: TPCA) ("Tropicana") in a cash transaction that is valued at $1.85 billion. The definitive agreement provides that Gaming and Leisure Properties (NASDAQ: GLPI) ("GLPI") will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana's real estate and enter into a master lease with Eldorado for the acquired real estate and that Eldorado will fund the remaining $640 million of cash consideration payable in the acq...
Hospitality Financial Leadership – Catch Me If You Can: It’s a Game of Confidence
David Lund | April 16, 2018
By David Lund Frank Abagnale is arguably the world's most famous modern-day impostor. Leonardo DiCaprio played his character in the 2002 movie directed by none other than Steven Spielberg, with the same title as this piece. The movie was based on the 1980 book that Frank wrote. I am writing about Frank Abagnale because I had the pleasure of meeting him personally, and experiencing his trickery, just a little. Also, there is a direct link between what his story is all about and your own financial leadership journey. If you have not seen the movie, watch it. Tom Hanks plays the lawman chasing after Frank and it is a wild ride. The book is...
Manga Hotels Acquires the Hampton Inn & Suites Buffalo Airport
Manga Hotels | April 9, 2018
April 10, 2018 -- Manga Hotels is pleased to announce that is has acquired the Hampton Inn & Suites by Hilton Buffalo Airport, further expanding the growing portfolio of hotels in both Canada and United States. The Hampton Inn & Suites by Hilton Buffalo Airport marks the 4th Hampton Inn property to be added to Manga's portfolio. This 101-room Hampton Inn and Suites is conveniently located next to the Buffalo International Airport, near Walden Galleria, Elmwood Village and a short distance to the many attractions. The hotel features Hampton's free hot breakfast buffet, served every morning, a fitness center, an indoor saltwat...
Marriott Stanton South Beach Completes Milestone $22 Million Transformation and Receives Resort Distinction by Marriott International
Marriott Stanton South Beach | April 5, 2018
MIAMI (April, 2018) ─ Marriott Stanton South Beach completed the third phase in its $22 million transformation marked by the opening of a new full-service spa, specialty fitness and training center, and an award-winning Japanese dining restaurant Azabu Miami Beach. These new additions follow the total room renovation in 2013, revamp to common areas last year, and the opening of Mexican restaurant Lolo's Surf Cantina in early 2017. Formerly recognized as a hotel, the new amenities and overall elevated experience allowed the property to receive the official Resort distinction by Marriott International, Inc. One of the only resorts on Oc...
Hotel Supply in France: Nothing Begets Nothing
Georges Panayotis | April 4, 2018
By Georges Panayotis Without a doubt the machine is jammed. The French hotel supply has been stable for nearly 15 years. Meanwhile, all other major and competing destinations have largely developed their supplies in the face of globalization and the liberalization of trade and travel. This is true in Germany, Spain, the United Kingdom... It is time to check out and service the engine driving France's supply before it breaks down for good. For the moment there is a fuel shortage, but care must be taken because the malfunction is getting worse. While depending on the method – including listed hotels or not, those closed for works, i...
Hotel Capital, LLC Acquires Holiday Inn Market Center in Dallas, Texas
Hotel Capital | April 3, 2018
Hotel Capital LLC, a private equity real estate investment firm, is pleased to announce a direct equity investment and acquisition of the Holiday Inn Market Center located in Dallas, Texas. The nine-story, 200-room, 16 suite hotel located at 4500 Harry Hines Boulevard was acquired through seller Market Center DFW Hotel Fund, LLC, a Texas limited liability company. Hotel Capital's CEO, Michael Collier, commented on the transaction, "We are really excited about this acquisition, as we have focused on investing in Dallas for many years but just couldn't find the right deal until this one. The Market Center location is one of the best-perfo...
Midas Hospitality Creates New Sister Company
Midas Capital | April 2, 2018
Midas Hospitality, a premier hotel management group, recently created a sister company called Midas Capital. The company's new office, which is located at 63 Wall St. in New York, will be led by Director of Investments Josh Burrell. Director of Investments Eric Goettelmann will head the St. Louis office, which is located at 1804 Borman Circle in St. Louis and is the headquarters of Midas Hospitality. Midas Capital will offer investors a new fund vehicle in order to raise money for future hotel acquisitions and developments. Instead of investing in only one hotel, this new opportunity gives Midas investors greater diversification as the ...
Fulcrum Hospitality LLC Completes Another Hotel Acquisition and Adds to Senior Leadership Team
Fulcrum Hospitality LLC | March 26, 2018
The Seattle Marriott Redmond Hotel marks Fulcrum's 11th acquisition, while Ellen Brown is the latest senior industry executive to join Fulcrum's team. New York, NY - March 27, 2018 – This morning, Fulcrum Hospitality LLC ("Fulcrum") announced the acquisition of the 262-room Seattle Marriott Redmond Hotel in Redmond, Washington, partnering with a fund managed by AllianceBernstein, L.P. Marriott International, Inc. will continue to operate the property. Fulcrum will also serve as asset manager of the hotel on behalf of the collective ownership group. "We are thrilled to be investing in a hotel strategically located in the heart of s...
Avison Young Hospitality Group First Quarter Review
Avison Young | March 20, 2018
ATLANTA – March 20, 2018 – The Avison Young Hospitality Group announced today that it expects to end the first quarter of 2018 having closed one hotel every week. The most notable sales included a full-service Marriott Hotel in the Chicago MSA and a Homewood Suites in downtown Nashville. The balance of closings included four other Hilton/Marriott select service hotels located throughout several regions and additional brand family closings. Avison Young Hospitality brokers involved in the sales were Brad Sinclair, Andy Broad, Chris Stark, Michael Bernath, Rick George, Wendy Blissett, Rex Cagle, Thierry Roch and John James. "F...
A Case for Investing in Technology During the Design and Development Process
Robert Stevenson | March 15, 2018
Considering investing in technology during the design process of a new hotel property can only promote innovative ideation, allow hotel brands to expand on their experience, and save on installation costs by Robert Stevenson The discussion about technology has changed immensely over the past several years, and hoteliers worldwide have received the message: all guests, millennial, gen z, or otherwise, want mobile tech included in their experience. While the main conversation is about adjusting to consumer needs, there's a more prescient matter on the table for properties in development: considering technology in the design stages to ...
2018 European Hotel Valuation Index
Simon Hulten | March 6, 2018
By Simon Hulten and Sophie Perret 2017 was a spectacular year. The headwinds from geopolitical uncertainty and instability proved surmountable, and hotel values across Europe grew by 3.9%. Read the article in full for an in-depth look at average hotel values across Europe. ...
Hospitality Financial Leadership – Who Has ALL the Risk and Why?
David Lund | March 5, 2018
By David Lund In the hotel business, we have lots of stakeholders: brands, managers, executives, and owners. But one has by far the biggest risk. The risk in this sense is holding a large hand of cards and the game is suddenly over and you must cash out all of those face cards and tens. What happens in the hotel business when the phones stop ringing? Who must pay the piper? It has been seven great years in most markets in North America that the hotel sector has been strong and growing year over year. Some markets have produced several years of strong single and even double-digit RevPAR growth. With the great RevPAR growth comes solid pr...
DiamondRock Acquires The Landing Resort & Spa in Lake Tahoe, California for $42 Million, or $545,000 Per Key
DiamondRock Hospitality | March 2, 2018
BETHESDA, Md., March 1, 2018 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired The Landing Resort & Spa ("The Landing" or "Resort"), a luxury resort in Lake Tahoe, California, for $42 million, or $545,000 per key. The acquisition represents a 7% yield on 2017 Hotel Adjusted EBITDA. The Landing Resort & Spa is a premier luxury resort with one of the best locations in Lake Tahoe. The Landing was ranked as a TripAdvisor Traveler's Choice Award Top 20 Hotel in the US and Condé Nast Readers' Choice Award #1 resort in Northern California in ...
DiamondRock Acquires the Kimpton Hotel Palomar in Phoenix, AZ for $80 Million, or $331,000 Per Key
DiamondRock Hospitality | March 2, 2018
BETHESDA, Md., March 1, 2018 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired the Kimpton Hotel Palomar ("Hotel Palomar" or the "Hotel"), a lifestyle boutique hotel in the heart of downtown Phoenix, Arizona. The purchase price is $80 million, or $331,000 per key, which represents a 12.6x multiple of the forward 12 months of hotel EBITDA. The Hotel Palomar is ranked #2 of 174 Phoenix hotels on TripAdvisor. Opened in 2012, the Hotel Palomar is situated in the heart of the CityScape mixed-use project, a 1.2 million square foot urban development that is capital...
European Hotel Transactions Reach Record Levels as Investors Step Up Interest in Southern Europe, Says HVS Report
HVS | March 2, 2018
2 March 2018, London: European hotel transaction volume reached €21.7 billion in 2017, up 22% on 2016 and the second largest figure ever recorded, according to the annual European Hotel Transactions report published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott. Single asset transactions in Europe were up 16% year-on-year to a volume of €12.4 billion, continuing an upward trend and accounting for 57% of transaction volume, with some 323 hotels – 59,500 rooms - sold in 2017 for over €7.5 million. Portfolio volume showed a 29% increase in activity to €9.3 billion with...
Hospitality Financial Leadership – Create the Monthly Financial Circle!
David Lund | February 26, 2018
By David Lund It's A Circle – Create the Monthly Financial Circle! Practice is what we are missing. Practice with the financial piece is somehow a foreign concept. "Everything we do is practice for something greater than where we currently are." – Adam Kirk Smith If you and I worked in banquets and we were both rookies, we would show up every day and listen, work and learn, and in a relatively short period of time, we would both be pretty good at setting up, servicing and tearing down the banquet. How is this different from learning the financial piece? It is not, that's the illusion. It looks different because it is money a...
Europe Hotel Construction Pipeline Booming With 22% YOY Growth and Middle East Pipeline Up With 11% YOY Growth
Lodging Econometrics | February 26, 2018
February 26, 2018 – PORTSMOUTH, NH – In line with its surging economic recovery, a recent Hotel Construction Pipeline Trend Report for Europe states that the Total Pipeline is booming with 1,316 Projects/205,650 Rooms, up 22% by projects Year-Over-Year (YOY) according to Lodging Econometrics (LE). There are 636 Projects/103,736 Rooms Under Construction, up 19% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 412 Projects/63,815 Rooms, up 45%, while projects in Early Planning at 268 Projects/38,099 Rooms are up by 2%. The top countries in the Europe Construction Pipeline are: United Kingd...
AD1 Global Completes Multi-Million Dollar Renovation of the Holiday Inn Viera-Melbourne, Florida
AD1 Global | February 22, 2018
AD1 Global, a South-Florida based hospitality development and management company, has completed a multi-million-dollar renovation of the Holiday Inn Viera-Melbourne. The comprehensive property-wide renovation featured a complete revamp of the guestrooms and inviting public spaces to provide sleek, contemporary furnishings, as well as modern interior design. The landscaping and exterior setting was also enhanced to showcase the property's stunning Florida scenery. State-of-the-art Tesla and electric car-charging stations were also installed to accommodate environmentally friendly guests. "The extensive renovation underscores our ability ...
Top Renovation Ideas That Will Help Your Hotel Stand Out and Increase Revenue
Nina Simons | February 21, 2018
By Nina Simons If you really want to make your hotels stand out you need to invest in a few cost-efficient renovations because let's face it, your reputation depends on following trends and doing better than your competition. Here are top renovation ideas that will make your guest have a memorable experience staying at your hotel and that will help increase your revenue. Create an amazing and original entrance The first thing you should do when starting your renovation project is to focus on creating a unique, dynamic multi-use space in your lobby if you want to leave a great first impression on your guests (since first impressions ...
B. F. Saul Real Estate Investment Trust Opens New Homewood Suites by Hilton Arlington Rosslyn Key Bridge in Virginia
Homewood Suites by Hilton | February 20, 2018
ARLINGTON, Va. and MCLEAN, Va. - Homewood Suites by Hilton, part of Hilton's (NYSE: HLT) All Suites portfolio, announced today its newest property, Homewood Suites by Hilton Arlington Rosslyn Key Bridge. Designed for guests who want to travel on their own terms, Homewood Suites by Hilton Arlington Rosslyn Key Bridge offers guests all the comforts of home, whether they are traveling for work or enjoying a well-earned getaway. With 168 new suites, the hotel is situated in the Rosslyn business district, just minutes to the activity centers of Arlington as well as Georgetown and downtown Washington, D.C. With close Metro accessibility, ...
Hotel Transactions in India: What Will Move the Needle?
Hotelivate Private Limited | February 16, 2018
Hotel Transactions Earlier this year, two portfolio deals shaped the hotel transactions market of India with a consolidated transaction value of approximately US$85 million. This is no mean feat for a country where buying or selling of hotel assets has historically been as rare as sighting a snow leopard! Sarovar Hotel Group's acquisition by Louvre Hotels Group was primarily a non-asset deal aimed at gaining the scale and distribution of a management vehicle, with management income from over 70 hotels. In addition, Whitbread PLC from the UK exited India and sold their hotel real estate of five assets. However, other than these, the tran...
Avison Young Hospitality Group Announces January 2018 Closings
Avison Young | February 12, 2018
ATLANTA – February 12, 2018 – The Avison Young Hospitality Group announced today that it has brokered the transaction of six hotels in January. The hotels included a full-service Marriott, a Courtyard by Marriott, two Marriott Fairfield Inns, one Red Roof Inn and one Comfort Inn. The hotels were located in Chicago, Washington, D.C., El Paso, Texas, High Point and Greensboro, N.C., and Columbus, Ga. Avison Young Hospitality Brokers involved in these sales were Brad Sinclair, Andy Broad, Rick George, Wendy Blissett, Rex Cagle, Michael Bernath, Thierry Roch and John James. "Our market advice to sellers for the last eight months...
Carlson Rezidor Hotel Group Expands Its Development Team in the Americas with Nine Appointments
Carlson Rezidor Hotel Group | February 8, 2018
MINNEAPOLIS (February 8, 2018) – Carlson Rezidor Hotel Group, one of the world's largest and most dynamic hotel groups, today announced the appointment of nine field directors within its development team. This new geographical structure allows the team to work more effectively with franchise owners and operators in addition to other business areas across the organization. "The diverse backgrounds of the newly appointed directors will be an enormous asset to our Americas development team as we execute our new 5-year Plan," said Terry Sanders, chief development officer, Americas, Carlson Rezidor Hotel Group. "This new team and refre...
Meisel Holdings Managed Services – Driven by Data, But Powered by Professionals
Meisel Holdings Managed Services | February 6, 2018
Rockville, MD – February 07, 2018 - Meisel Holdings Managed Services is expanding its hotel management division to offer hospitality management services to hotel owners and asset managers in the U.S. Founded by Marc Meisel, a long-time hotel management/development and commercial real estate leader, Meisel Holdings Managed Services specializes in yielding above-market profits and building long-term asset value for hotels and resorts. "We take a fresh approach to hotel management," Meisel said. "We don't blindly rely on "automated intelligence" to analyze data and make decisions. Instead, we collect your hotel's data and market info...
