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
HVS 2018 European Hotel Lending Survey Reports Positive Outlook for Financing Although Banks Showing Caution on Over-Supply
Peter Szabo | February 5, 2018
by Peter Szabo and Simon Hulten A survey of leading European banks has shown that despite on-going uncertainty surrounding Britain's exit from the EU they are still positive about lending on hotel projects in Britain, ranking the UK as their most preferred hotel lending market along with Germany and the Netherlands. According to the European Hotel Lending Survey 2018, published today by brokerage and investment services specialist HVS Hodges Ward Elliott, debt is widely available for all types of hotel projects across the continent. "Over the past year cautiousness due to increased political risks and economic policy challenges has been...
Authenticity Confronts Branding: Non-Branded Hotel Properties Offer Great Opportunity to Those Who Understand the Market
Steven Marx | January 31, 2018
By Steven Marx Commercial mortgage brokers are always trying to keep up with the latest trends, risks and developments when it comes to real estate. Hotel lending has historically been a specialty understood and embraced by few. What other class of real estate relies on leases that may be as short as one night and also sometimes sees a decrease in net operating income (NOI) as more product is sold? What other real estate type includes an operating business that is often at least as important as the real estate itself? In days gone by, mortgage brokers were most comfortable when their hotel assets were backed by nationally recognized fra...
PNK Group & Hyatt to Bring New Build Unbound Collection by Hyatt to Hollywood, California
The Unbound Collection by Hyatt | January 31, 2018
CHICAGO (January 31, 2018) – Hyatt Hotels Corporation (NYSE: H) today announced the development of a new hotel in Hollywood, Calif., for The Unbound Collection by Hyatt brand, slated to open in 2019. A Hyatt affiliate has entered into a franchise agreement with PNK Group, a subsidiary of S3D Partner, to build a new 64-room boutique lifestyle hotel, which will be located at 1525 N. Cahuenga Blvd. Located near the iconic Hollywood Palladium theater, famed Sunset Boulevard and star-lined Hollywood Walk of Fame, the new hotel will reflect the avant-garde attitude of Hollywood. The hotel will be managed by Interstate Hotels & Resor...
Important News for Hospitality Executives: How the New Tax Act Could Affect Your Estate Plan
Jim Butler | January 30, 2018
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 30 January 2018 If you are a hotel executive or other highly compensated individual in the hospitality industry, you need to be aware of how the new Tax Act (H.R. 1 – Tax Cuts and Jobs Act) might affect your estate plan. In some cases, the impact will be significant. In the brief article below, JMBM's tax attorneys recommend that you review your existing estate plan to ensure that the Tax Act does not alter your plan's original intentions. They also point to substantial new planning opportunities provided by the Tax Act, and you wil...
The University of Rhode Island Issues Request for Qualifications and Expressions of Interest for Real Estate Development on the URI Kingston Campus un
University of Rhode Island | January 29, 2018
The University of Rhode Island has fee title to a 4.2 acre site located at 85 - 95 Upper College Road, Kingston, RI and is seeking a qualified commercial real estate developer or development team to develop and operate a new 100 guest room hotel, with some extended stay rooms, and a new mixed-use retail/office/apartment building on the Site, across from the core historic campus quadrangle, a National Historic Landmark. This is a unique property with access to a University population over 20,000. Additionally, the subject site is proximate to various other regional demand generators, such as the area beaches in Narragansett and Newport. ...
La Quinta Holdings Names Keith A. Cline President and CEO of CorePoint Lodging Inc.
La Quinta Holdings Inc. | January 18, 2018
Appointment Takes Effect upon the Planned Spin-Off of Company's Owned Real Estate Assets Into New Publicly Traded Company named CorePoint Lodging IRVING, Texas, Jan. 18, 2018 -- The Board of Directors of La Quinta Holdings Inc. (NYSE:LQ) (the "Company" or "La Quinta") today announced the appointment of Keith A. Cline to serve as President and Chief Executive Officer of CorePoint Lodging Inc. ("CorePoint" or "CPLG"). The appointment will take effect immediately upon the completion of the planned spin-off of La Quinta's owned real estate assets into a separate publicly traded Real Estate Investment Trust ("REIT") named...
Avison Young Hospitality Group Has Another Strong Year in 2017
Avison Young | January 18, 2018
ATLANTA – January 18, 2018 – The Avison Young Hospitality Group announced today that 2017 was another strong transaction year for the hotel practice group. Since 2013, the group has closed 325 hotel transactions, consisting of 93 Marriott, 68 Hilton, 43 IHG, 28 Choice, 17 Red Roof, 15 Wyndham, seven Carlson and 54 other branded, historical or independent hotels. In addition, the hospitality practice currently has 191 assets on the market with a cap value of $3.2 billion. These assets combined have over 17,000 rooms. 70 of the assets are hotels under sale agreement totaling almost 1 billion in allocated property value. "Given...
Hospitality Asset Managers Association (“HAMA”) Names 2018 Board of Directors
HAMA | January 16, 2018
ATLANTA, Ga., January 16, 2018—Officials of the Hospitality Asset Managers Association ("HAMA") today announced their new board of directors for 2018. Recently appointed at the group's semi-annual conference, the new members include: CHMWarnick's Maxine Taylor as president Three Wall Capital's Tim Dick as vice-president Fulcrum Hospitality's Larry Kaminsky as secretary Host Hotels & Resorts' Christopher Ostapovicz as treasurer Pinnacle Advisory Group's Matthew Arrants as marketing chair hotelAVE's Kim Gauthier, CHAM (Certified Hotel Asset Manager), as head of the education chair CHMWarnick's Larry Trabulsi as head of t...
2017 Year In Review: US Hotel Transactions
MGAC | January 12, 2018
In 2017, MGAC Research tracked 303 non-confidential, single-asset, mid-scale-and-up hotel transactions across the US. These properties totaled over 73,500 keys, and can be explored in the interactive cluster map below: <span data-mce-type="bookmark" style=&am...
Paramount Lodging Advisors West Coast Office Sells California Courtyard by Marriott Land
Paramount Lodging Advisors | January 10, 2018
Paramount Lodging Advisors (PLA) has successfully executed the sale of a land parcel with approvals for a 122-room Courtyard by Marriott development located in Petaluma, California. Senior Managing Director Scott Griemsmann represented the seller in this transaction. The hotel itself will be part of the 35-acre "Riverfront" mixed use development. It is currently planned to include office, residential, retail, and 7.5 acres of open space. "We are very pleased with the results for this transaction. This is a great project in a high barrier to entry market that has easy access to Napa/Sonoma wine country and the San Francisco Bay Area. Thi...
PlumpJack Group Completes Year-long Historic Restoration of the Ingleside Inn & Melvyn’s Restaurant in Palm Springs, Calif.
Ingleside Inn & Melvyn's Restaurant | January 9, 2018
The newest chapter in the legendary history of Ingleside Inn & Melvyn's Restaurant begins as the Palm Springs Historic Landmark debuts its elevated refresh following a property-wide revitalization and restoration project. Equal parts past and present day, and infused with modern touchpoints, the 30-room Inn offers a luxurious, quiet respite located where the San Jacinto Mountains meet the heart of Palm Springs. "Being one of Palm Springs' first resort-style escapes, Ingleside Inn has embodied elegant Hollywood glamour since its early days, and we wanted to honor its authenticity and splendor while elevating the guest experience," sa...
2018 Commercial Real Estate Lending Predictions
Brian Holstein | January 9, 2018
By Brian Holstein Borrowers and lenders both enjoyed a fruitful 2017 and US Hotel Advisors predicts that 2018 will be more of the same. Looking Back at 2017 Most experts predicted that 2017 would be a rough year for commercial real estate lenders and borrowers alike. The "Wall of Maturities" was supposed to come crashing down. The newly-instituted risk-retention regulations were expected to curtail lending capacity and damage liquidity. Both the 10-year Treasury rate and loan spreads were projected to rise. All of this sounds dreadful, unless of course it never happened. US Hotel Advisors took the contrarian view and got it right. The "...
New Year, New Franchise Partner?
Steve Belmonte | January 9, 2018
Owners should expect to get a lot more for a lot less from their franchise system in 2018 By Steve Belmonte Are you part of a great franchise? Because in today's environment, hotel companies need to be great to ensure a return on the owner's investment. What really makes a franchise great? To start with, a franchisor needs to understand the issues that hotel owners face daily and be understanding of their needs. A great franchise company has a strong infrastructure designed for one purpose — generating revenue and reservations for its owners and doing it at the lowest possible cost. Providing services such as full revenue manageme...
Time is of the Essence: The Importance of Scheduling in the Commercial Property Renovation Process
Cicero's Development Corporation | January 4, 2018
PLAINFIELD,IL, JANUARY 4, 2018 -- One of the most crucial and sometimes overlooked aspects of a successful renovation project is scheduling. There have been instances where contractors have made a seemingly conscious decision to by-pass this important task not wanting to devote the time and resources that it takes to develop a realistic schedule, only to find themselves caught in the midst of chaos as a result of unforeseen obstacles and unable to properly recover as the project takes its course. Scheduling is developed not only as a means to gauge the progression of the project, but it helps eliminate or reduce project miscues, making ...
China – Hotel Asset Management in Numbers
Daniel J Voellm | December 28, 2017
By Daniel J Voellm ABSTRACT A period of irrational hotel development drive by ulterior motives has seen properties being built that are not economical in operations, use of real estate and ultimately investment. The industry must depart from its obsession with full-service hotels and embrace more realistic investment criteria, should hotels ever become a trading asset class with reasonable liquidity, attracting investors from around the globe. Controlling labor cost is paramount and too many properties cannot drive sufficient business to justify their expenses. Most hotels are too large, both in number of units and gross floor area and ...
Ames Boston Hotel Earns “Conversion of the Year” Award From Hilton’s Curio Collection
Ames Boston Hotel | December 27, 2017
BOSTON, MA (December 27, 2017) - The historic Ames Boston Hotel, a member of the Curio Collection by Hilton™ and of Gemstone Collection by BENCHMARK®, a global hospitality company, today announces that it has received the coveted "Conversion of the Year" award from Hilton. Earlier this year, the 15-story Ames Boston Hotel completed a $6 million renovation, which saw a redesign of the hotel's public spaces, including the Lobby, whose tiled mosaic arched ceiling was preserved, and The Library, which serves as new communal workspace for guests. With the addition of the Ames and Oliver & Oakes meeting rooms and their pre-funct...
CooperWynn Real Estate Completes the Sale of the Iconic Sagebrush Inn & Suites
CooperWynn Real Estate | December 20, 2017
Park City, UT – December 21, 2017 – As exclusive agent to the sellers, Meek Hotels, CooperWynn Commercial Real Estate, is pleased to announce the sale of the historic 156-room Sagebrush Inn and Suites, located in Taos, New Mexico, to Perry Sanders and John Goede, who also own the 4-star Antlers and Mining Exchange Hotels in Colorado Springs. This iconic property began as 17 rooms built in the early 1930's, was once the temporary home for the renowned painter, Georgia O'Keefe and has expanded over the years to become the Sagebrush Inn and Suites on 10+ acres and containing over 12,000 square feet of meeting space. "We knew it...
Paramount Lodging Advisors Breaks Ground On New Chicago Office
Paramount Lodging Advisors | December 13, 2017
CHICAGO, IL – Paramount Lodging Advisors (PLA), with the support of Midland States Bank is constructing its new company headquarters in the Old Town area of Chicago. PLA has partnered with Irpino Construction as the General Contractor to build the office. The building is projected to be complete by July of 2018. The new headquarters will be a sleek, three-story building equipped with a wide variety of innovative technology and accommodations. It will also tailor specifically to the needs of the PLA's Hotel Real Estate Advisory Practice - with unique gathering spaces and private offices. The third floor, uniquely will offer a stunn...
California Labor & Employment Law Update: Key Changes in 2017 and What’s Slated for 2018
Jim Butler | December 13, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 12 December 2017 California has enacted a number of new regulations related to labor and employment that go into effect when 2018 begins. Hotels owners and developers with properties in California need to be aware of how these rules apply to their workforce so they can meet their legal obligations and remain in compliance with the law. A round-up of upcoming changes, written by the JMBM Labor & Employment group, is below. California Labor & Employment Law Update: Key Changes in 2017 and What's Slated For 2018 by The JMBM Labor &am...
Best Practices in Creating and Completing Construction Knock-out Punch Lists
Cicero's Development Corporation | December 8, 2017
PLAINFIELD,IL, DECEMBER 8, 2017 -- Punch lists are a part of a construction contract that helps to meet and ensure the quality of the project. Throughout each phase of the construction process, a checklist is maintained by the contractor that details any unfinished and/or unacceptable work. Items that are found to not meet quality standards or do not conform to the scope as outlined in the contract documents are to be corrected by the contractor in a timely fashion and typically prior to receiving final payment on the project. A common practice in the construction industry is that contracts are written in such a way that allows ownershi...
Hotel Development Partners Breaks Ground for Courtyard in North Atlanta, Hotel Equities to Manage
Hotel Development Partners, LLC | December 5, 2017
ATLANTA (December 5, 2017) – Hotel Development Partners (HDP) recently held a groundbreaking ceremony for the Courtyard by Marriott Alpharetta, Georgia, located across the street from Avalon, a high-end shopping mall in the heart of a booming, mixed-use development north of Atlanta. Hotel Equities will manage the 115-room Courtyard by Marriott. Alex Brown Realty, Inc. serves as a joint venture partner with HDP in developing the hotel that is expected to open in late 2018. "We are pleased to bring a unique, custom-designed Courtyard by Marriott to the Avalon development and this affluent area of North Atlanta," said Allen O'Brien, ...
Kempinski Hotel Bahia Elects to Close During Redesign Due to Impact on Public Spaces
Kempinski Hotel Bahia | December 4, 2017
The five star Kempinski Hotel Bahia in Estepona, Marbella is delighted to announce that the redesign of their lobby and culinary venues will begin at the end of this year, as part of an extensive investment in the hotel. The management team have ambitious plans to create modern, elegant and opulent public spaces, embracing the very essence of Kempinski Hotels, Europe's oldest luxury Hotel Collection, synonymous with luxury travel worldwide. The redesign will run from December 2017 to March 2018, and for the comfort of guests, the hotel and spa will be closed from the 11th of December 2017 until the 16th of February 2018. Closing during ...
ADA Compliance & Defense Lawyer Update: 99 ADA Lawsuits Dismissed as Fraudulent and Malicious
Jim Butler | November 21, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 21 November 2017 JMBM's ADA Compliance and Defense team, led by my partner Marty Orlick, continues to help hotels and other businesses achieve compliance under the Americans With Disabilities Act (ADA), and is actively defending numerous ADA lawsuits brought against our clients. Today, he shares one of the stranger tales of serial ADA litigation and describes how the judicial system in New Mexico stopped the plaintiff and her lawyer from filing frivolous and malicious ADA lawsuits. New Mexico Judge Dismisses 99 ADA Lawsuits as Fraudulent ...
Hotel Development Partners Celebrates Grand Opening for Residence Inn Atlanta Perimeter Center Dunwoody
Hotel Development Partners, LLC (HDP) | November 21, 2017
ATLANTA (November 21, 2017) – Atlanta-based Hotel Development Partners (HDP) celebrated the Grand Opening of the 127-suite Residence Inn by Marriott Atlanta Perimeter Center Dunwoody, Georgia. The hotel operates as a Marriott franchise, owned by Hotel Development Partners and managed by Hotel Equities (HE). Joe Fallis serves as the General Manager and Susan Zuppardo is the Director of Sales. The hotel marks the third property owned by HDP and managed by Hotel Equities in the vibrant, upscale Atlanta Perimeter Center market. The other properties are the Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody and the Fairfield...
