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
Hotel Lawyer: Tax Alert for Partnerships and LLCs
Jim Butler | September 21, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 21 September 2017 - As of January 1, 2018 owners of General Partnerships, Limited Partnerships or multi-member Limited Liability Companies may soon find themselves economically liable for the unpaid tax of former partners/members of those entities. JMBM Tax Attorney Jamie Ogden briefly describes the new audit regime, who it affects, and what you need to do to protect yourself from uncertainties. Important tax news for owners of Partnerships and LLCs by Jamie Ogden, Tax Lawyer On June 13, 2017, the Treasury Department republished Proposed ...
Chatham Lodging Acquires Hilton Garden Inn Portsmouth Downtown in New Hampshire for $43.5 Million
Chatham Lodging Trust | September 21, 2017
PORTSMOUTH, N.H., September 21, 2017—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has acquired the 131-room Hilton Garden Inn Portsmouth Downtown in N.H., for $43.5 million, or approximately $332,000 per room. "This gorgeous property is located in the absolute center of downtown Portsmouth, a beautiful, historic, waterfront community, and is a perfect complement to the Chatham portfolio," said Jeffrey H. Fisher, Chatham's chief executive officer and president. "The hotel enjoy...
An Analysis of Franchise Fees
Robert Mandelbaum | September 20, 2017
By Robert Mandelbaum In the current market environment of modest growth in revenue, hotel owners and operators are paying extra attention to their operating expenses. Per the June 2017 edition of Hotel Horizons®, RevPAR growth in the U.S. is forecast to remain under 3.0 percent from 2018 through 2021. Therefore, it will be management's ability to control expenses that will enable profits to grow. One expense that management has less control over are franchise fees. Most of the fees charged by the franchising companies (brands) are assessed as a percent of a source of revenue. Therefore, owners and operators have mixed emotions when ...
Ranking Hotel REITS 2017: Dividends, EBITDA & Overhead
Hans Detlefsen | September 19, 2017
Which Hotel REITs Generate the Highest EBITDA Margins and Pass Along the Most Money to Investors? By Hans Detlefsen and Matthew Glodz Hotel Appraisers & Advisors (HA&A) is pleased to announce our second annual ranking of hotel real estate investment trusts (REITs). HA&A currently monitors 16 hotel REITs, discussed throughout this report. Some hotel REITs are more effective than others at generating earnings and passing profits on to investors. In this year's report, we rank each of these hotel REITs according to three metrics: (1) dividend yields; (2) EBITDA margins; and (3) overhead expenses. Our 2017 rankings are based on...
Hotel Construction Pipeline in the Middle East Is Growing with Projects Up 13% YOY
Lodging Econometrics | September 18, 2017
September 18, 2017 – PORTSMOUTH, NH – Analysts at Lodging Econometrics (LE) report that the Construction Pipeline Trend Report for the Middle East states that the Total Pipeline has 561 Projects/154,627 Rooms, up 13% by projects Year-Over-Year (YOY). There are 339 Projects/98,653 Rooms Under Construction, up 20% by projects YOY. Those Scheduled to Start Construction in the Next 12 Months are at 125 Projects/32,116 Rooms, up 21%, while projects in Early Planning at 97 Projects/23,858 Rooms are down 12%. The top hotel companies in the Middle East's Construction Pipeline are: Marriott International 94 Projects/22,641 Rooms, Hil...
Avison Young Hospitality Group Announces Summer 2017 Closings
Avison Young | September 14, 2017
ATLANTA – September 14, 2017 – The Avison Young Hospitality Group announced today that it has brokered 25 hotels this summer that were located throughout the U.S. from New York City to San Francisco. Full-service hotels, select-service hotels, historic hotels, extended-stay hotels and all-suite hotels were all included in these sales. Pricing of the hotels ranged from $46 million to sub-$10 million and room counts ranged from 400-room full-service to 100-room select-service assets. The brokers involved in these closings spanned the entire practice group. "Today we have 231 hotels on the market priced from sub-$10 million to ...
Tips for When You Become a Semi-Retired Hotel Consultant
Larry Mogelonsky | September 14, 2017
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) For financial or a variety of other reasons, many folks in the hotel industry refuse to accept any form of clear-cut retirement, resulting in an incomplete transition from an employee to a semi-retired entrepreneur. This can be a daunting task, but it is nonetheless one that I have taken for myself within the past six months and can therefore offer some advice for them of you considering a similar move. Typically, the higher up you are in any organization, the further away you are from the basic tasks required just to manage your new 'one person' consulting operation. The myriad of ...
Apple Hospitality REIT Acquires Dual Branded Hilton Garden Inn and Home2 Suites by Hilton in Birmingham for $38.4 Million, or $183,000 Per Key
Apple Hospitality REIT, Inc. | September 14, 2017
RICHMOND, Va.--Apple Hospitality REIT, Inc. (NYSE: APLE) ("Apple Hospitality" or the "Company") today announced that it has closed on the previously announced acquisition of the newly-constructed, dual-branded Hilton Garden Inn® and Home2 Suites by Hilton® property in Birmingham, Alabama, with a combined total of 210 rooms, for a purchase price of approximately $38.4 million, or $183,000 per key. "We are pleased to add this new, unique, dual-branded property to our portfolio of hotels and enter the resurgent downtown Birmingham market," said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitalit...
Peachtree Hotel Group (PHG) Acquires Three Hotels in Colorado, Arizona and Wisconsin
Peachtree Hotel Group | September 13, 2017
ATLANTA, Sept. 13, 2017— Officials of Peachtree Hotel Group (PHG), one of the nation's fastest growing hotel investment and management platforms, today announced the separate, completed acquisitions of the 123-room Element Denver Park Meadows in Colo., the 135-room Hampton Inn Green Bay Downtown in Wis., and the 136-room Aloft Tempe in Ariz. "As we continue to grow our national footprint, we are increasingly focused on westward expansion," said Brent LeBlanc, senior vice president. "While we continue to have great faith in markets east of the Mississippi as evidenced by the Hampton Inn purchase, we believe there are numerous growt...
2016/17 United States Hotel Franchise Fee Guide
Kasia M. Russell | September 12, 2017
By Kasia M. Russell and Bomie Kim The selection of an appropriate franchise affiliation affects a property's ability to compete in its local market, generate profits, and achieve a desirable image and market orientation. Because the success of a hotel is based primarily on the cash flow generated, owners and lenders must weigh the benefits of a brand affiliation against the total cost of such a commitment. Please note that the study results are not indicative of the impact an individual brand may have on a hotel's overall profitability because only the costs, and not the benefits of the franchise affiliations, have been analyzed. Furthe...
EB-5 Finance Lawyer: President Trump’s Budget Deal Includes Extension of EB-5 Through 12-8-17
Jim Butler | September 8, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 08 September 2017 President Trump's budget deal with Congress includes extension of EB-5 through December 8, 2017. In a message to members of the Public Policy Committee today, the IIUSA confirmed the extension of the EB-5 regional center program as part of the budget deal struck yesterday by President Trump and Congressional leaders. IIUSA message on EB-5 extension The IIUSA is one of the leading EB-5 industry trade groups. Here is the text of the message from the IIUSA we received today: Dear IIUSA Public Policy Committee, As we are sur...
WCG Hotels Completes $14 Million Renovation of Walnut Creek Marriott
WCG Hotels | September 7, 2017
WALNUT CREEK, Calif. - The Walnut Creek Marriott, in the heart of Northern California's East Bay, recently completed a dramatic multi-year, $14 million renovation that infuses the hotel with modern design and upgrades. "After working on this renovation for two years, we are eager to now share the experience with our guests," said Eddie Adair, General Manager of the Walnut Creek Marriott, which is owned and managed by WCG Hotels. "No aspect of the hotel was left untouched as we upgraded and updated to provide a sleek, modern property with best-in-class services." Guest Rooms The hotel's 342 guest rooms were completely redone in a loft-st...
Hotel Equities to Manage New Residence Inn Atlanta Perimeter Center Dunwoody, Developed by Hotel Development Partners
Hotel Equities | September 6, 2017
ATLANTA-September 6, 2017– Atlanta-based Hotel Equities was named to manage the 127-suite Residence Inn by Marriott Atlanta Perimeter Center Dunwoody, developed and owned by Hotel Development Partners (HDP). The hotel marks the third property owned by HDP and managed by Hotel Equities in the vibrant, upscale Atlanta Perimeter Center market. Joe Fallis serves as the General Manager and Susan Zuppardo is the Director of Sales. Hotel Development Partners also owns the Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody and the Fairfield Inn & Suites Perimeter Center. Both are also managed by Hotel Equities. "We are prou...
AAM 15 Management Announces Acquisition of Residence Inn by Marriott Burlington Colchester in Colchester, Vermont
AAM 15 Management, LLC | September 3, 2017
Independent private equity hotel investment and management company, AAM 15 Management, LLC, is pleased to announce the expansion of its portfolio to include Colchester, Vermont's Residence Inn by Marriott Burlington Colchester, a property with a long list of quality amenities. September 5, 2017 - Continuing the expansion of its hotel portfolio, Boston based AAM 15 Management, LLC recently celebrated the acquisition of the 108-suite Residence Inn by Marriott Burlington Colchester, an extended stay hotel just off Interstate 89 located in the Town of Colchester, Vermont. Excitement surrounding the purchase is high. "We are very pleased to ...
Denver Marriott City Center Unveils Total Transformation
Denver Marriott City Center | September 1, 2017
DENVER, Sept. 01, 2017 -- Change is good, and for the Denver Marriott City Center that means the unveiling of their years-long multi-million-dollar renovation which sees the hotel take on a completely new look, feel and style from top to bottom. The downtown Denver hotel recently put the finishing touches on renovations to their lobby, additional meeting space, ballroom, breakout rooms and all guest rooms. The brand new, sleek design of the hotel evokes the feel of a high-end residential apartment building, with views of Denver and the Rocky Mountains, coupled with an amazing downtown location. "We're excited to introduce guests to a ne...
B. F. Saul Company Hospitality Group Opens DoubleTree by Hilton McLean Tysons in Virginia Following Renovation and Rebranding
DoubleTree by Hilton | August 31, 2017
MCLEAN, Va. - DoubleTree by Hilton McLean Tysons, a newly renovated hotel in the thriving tech corridor of Tysons Corner in McLean, Va., is the latest addition to the growing portfolio of hotels from DoubleTree by Hilton, one of Hilton's (NYSE: HLT) 14 market-leading brands. Situated directly adjacent to the Tysons Central Silver Line Metro Station and nearby to Tysons Galleria and Tysons Corner Center, the hotel ushers in modern-day business advantages for guests. Through its multimillion-dollar transformation, the property now features 168 fully-upgraded guestrooms and has plans underway to unveil 5,700 square feet of state-of-the...
Avison Young Hospitality Group Announces Six Hotel Closings in August
Avison Young | August 30, 2017
ATLANTA – August 30, 2017 – The Avison Young Hospitality Group announced today that it has brokered six hotels in August. The hotels include a 378 room, full-service Marriott In downtown Knoxville, Tennessee, a Hampton Inn in downtown Green Bay, Wisconsin, a Holiday Inn Express in Texas, an all-suite hotel in Baton Rouge, Louisiana, a La Quinta in Louisiana and a Choice select-service hotel in Florida. The brokers involved in these closings were Michael Bernath, Brad Sinclair, Victor Kalyanji, Collin Foran, Wendy Blissett, Rick George and Chris Stark. "Our August closings were across most all segments and major brand familie...
Lotte Tour Development and Hyatt Hotels Enter Agreement for New Build Grand Hyatt Hotel in Jeju City, South Korea
Grand Hyatt | August 29, 2017
The hotel is to be part of Lotte Tour's integrated resort project on Jeju Island, South Korea and is expected to be the second largest Grand Hyatt hotel in the world CHICAGO (August 29, 2017) - Hyatt Hotels Corporation today announced that a Hyatt affiliate has entered into a management agreement with Lotte Tour Development Co., Ltd. for a Grand Hyatt branded hotel in Jeju City, Jeju Island, South Korea. The new hotel will mark Hyatt's sixth property in the country, complementing Grand Hyatt Seoul and is expected to be the second largest Grand Hyatt hotel in the world. Grand Hyatt Jeju will make its home in the center of Jeju City, the ...
EB-5 Financing Lawyer: What JMBM Does to Help Developers With EB-5 Construction Financing
Jim Butler | August 28, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 28 August 2017 Focus on helping developers Client confidentiality precludes us from listing clients and projects we have assisted with this program, but suffice it to say that some of the best known names in the business are tapping into this funding source to fill out their capital stack at a favorable cost. And we have helped some of the biggest and highest profile players. JMBM has closed more than $1.5 billion of EB-5 financing and has sourced more than half of that for our development clients. We specialize in representing developer...
EB-5 Financing Lawyer: Why You Do NOT Want to Form Your Own Regional Center
Jim Butler | August 22, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 04 August 2017 How should developers pursue EB-5 financing? Although the EB-5 immigrant visa program has been around since 1990, the current trend of using it as a source of financing for hotel and other real estate started 20 years later – around 2010. We worked on one of the first hotel EB-5 financings for the W Hotel & Residences in Hollywood, and we have since worked on more than 100 EB-5 projects all over the country. Now, the use of EB-5 financing for construction has gone mainstream. High profile EB-5 financing closings ...
Cayman Islands Newest Addition, the Kimpton Seafire Resort & Spa, Manages Uniform Inventory with InvoTech Systems
InvoTech Systems, Inc. | August 21, 2017
InvoTech Uniform System Provides Cost Saving Benefits to New Caribbean Resort with Efficient Inventory Control and Accountability LOS ANGELES, CA – August 22, 2017 InvoTech Systems Inc. announces the recent implementation of its Uniform System at the Kimpton Seafire Resort & Spa, located on the Cayman Islands, west of the Caribbean Sea. InvoTech Systems is the leading provider of advanced Linen Management, Laundry and Uniform Systems that increase profitability for hotels, resorts, casino operators, sports arenas, convention centers and theme parks. The InvoTech System installed at the Kimpton Seafire Resort & Spa manages ...
La Colección Completes Multimillion Dollar Renovation of the Fiesta Americana Condesa Cancun All Inclusive
August 21, 2017
Cancun, Mexico (August 21, 2017) – La Colección is pleased to announce the completion of a multimillion dollar renovation at Fiesta Americana Condesa Cancun All Inclusive. The resort now showcases fully enhanced guestrooms in its three towers and an upgraded Grand Ballroom Condesa that complement its favored all-inclusive Mexican vacation experience that showcases authentic traditions and culture, family-friendly amenities and first-class meetings and events offering. Fiesta Americana Condesa Cancun's remodel included extensive upgrades to over 500 premium rooms and suites. Already a much-lauded, award-winning resort, Fiest...
EB-5 Financing Lawyer: The 5 Questions Every Developer is Asking About EB-5 Financing
Jim Butler | August 18, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 18 August 2017 EB-5 financing has gone mainstream for hotel development The use of EB-5 financing has exploded over the past 8 years as an important funding source for new development – particularly for hotel developments. It is clearly now part of the "mainstream." It is used by many institutional players, including government entities such as port authorities, major hotel brands like Marriott and Hilton, and some of America's most successful and respected companies, such as Great Wolf Resorts, the Related Companies, and Silverste...
JMBM’s Global Hospitality Group Announces the Publication of an EB-5 Handbook for Developers
JMBM's Global Hospitality Group | August 17, 2017
LOS ANGELES--August 17, 2017--JMBM's Global Hospitality Group® and EB-5 Finance Group™ are pleased to announce the publication of The Developer's EB-5 Handbook for EB-5 Construction Financing, a "must-read" resource for developers who are considering using EB-5 financing to complete or enhance their capital stack for construction projects. This is the much talked-about and often (inappropriately) maligned EB-5 program, also known as the immigrant investment visa program. While there are many pending developments that could affect the EB-5 program, this is still a good time to learn how the program works and w...
