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Temptation Cancun Resort Reopens Following Multi-Million-Dollar Rebuild
Temptation | August 16, 2017
Cancun, Quintana Roo, Mexico, August 16, 2017 — Temptation Cancun Resort, part of Original Group, reopens after a multi-million-dollar complete rebuild. An evolutionary concept in Cancun, the "Playground for Grown-Ups" welcomes adults-only (21+) to experience a sensual vibe throughout the entire property, with its bright colors and rounded, human-like shapes designed to optimize feelings of connectivity and attraction. The design makeover for Temptation Cancun Resort began on September 25, 2016. After a successful trajectory as the number one adult-centric, all-inclusive resort in the Mexican Caribbean, Temptation's transformation...
Hospitality Funding Advises Cambria Hotels Expansion in Sonoma County, California
Hospitality Funding | August 16, 2017
Palm Beach, FL — Hospitality Funding, Inc. arranged funding for the development of a new Cambria hotel & suites in Sonoma County, Calif. Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, signed an agreement with franchise partner Stratus Development Partners, LLC on the new hotel expected to open in 2019. When assessing the transaction, Hospitality Funding considered the following: The four-story, 132-room Cambria property will be located at 5870 Labath Avenue in Rohnert Park. The Cambria hotel & suites Sonoma County is in the heart of wine country and next to Napa Valley, offeri...
EB-5 Financing Lawyer: EB-5 Construction Financing Term Sheet for Top Developers
Jim Butler | August 15, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 15 August 2017 EB-5 financing comes in many colors and shapes JMBM believes that for most developers, EB-5 financing is best structured as mezzanine debt or preferred equity, to optimize the total amount of financing and reduce the cost of the capital stack. Normally, senior construction debt (secured by a first priority lien) will be significantly cheaper than EB-5 money, but senior lenders (particularly if the subject project is a hotel) rarely lend more than 50% to 55% of the total cost of construction. Most of our clients like to use ...
EB-5 Financing Lawyer: FAQs: Essentials of EB-5 Construction Financing for Developers
Jim Butler | August 14, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 14 August 2017 Below are some of the most Frequently Asked Questions (FAQs) and answers regarding EB-5 funding for developers (click the link for answer, or scroll down) 1 What is EB-5? 2 Why is there so much interest in EB-5 financing? 3 Is EB-5 funding available for new construction? 4 Can I use EB-5 funding to buy an existing project? 5 Is there any limitation on the kind of project funded with EB-5? 6 How much does EB-5 money cost? 7 How do I know if EB-5 will work for me and my project? 8 What is a regional center and do I need one? ...
EB-5 Financing Lawyer: More than $1.5 Billion of EB-5 Construction Financing Closed for JMBM Clients
Jim Butler | August 8, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 29 July 2017 EB-5 is a proven means of financing for development projects. EB-5 financing is an important and viable source of construction financing for hotels, hotel enhanced mixed-use, and other development projects. Eight years ago, when JMBM started helping hotel developers with EB-5 financing, many worried about whether this is a legitimate and reliable financing source. Now, after billions of dollars of development have been funded with EB-5, this type of financing is regarded as mainstream. It is used by many institutional players...
EB-5 Finance Lawyer: Are Hotels Still the Darling of EB-5 Financing?
Jim Butler | August 3, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 25 July 2017 The EB-5 immigrant investor visa program has provided billions of dollars of affordable construction financing for a wide variety of projects ranging from high tech and alternate energy to traditional types of commercial real estate. Over the last decade, EB-5 investors have overwhelmingly chosen real estate projects, particularly those with hotel, multifamily, senior living, and mixed-use components. While the enabling legislation for the program does not limit the type of project financed, it does require that at least 10 n...
Avison Young Hospitality Group Announces 5 Over 5
Avison Young | August 3, 2017
ATLANTA – August 3, 2017 – The Avison Young Hospitality Group announced today that during the past five years ending July 31, the firm has closed one hotel transaction every five days. The hotels closed consisted of mostly franchise brand families and were located in each of the U.S. regions, with over half being Hilton or Marriott branded assets. "This cycle has been like no other," said H. Keith Thompson, principal at Avison Young. "This up-cycle began in spring of 2010 and its duration is well beyond what most expected. We believe we are in the window of this cycle, but between new debt, maturing debt, public markets and ...
Avison Young Hospitality Group Announces July Closings
Avison Young | August 2, 2017
ATLANTA – August 2, 2017 – The Avison Young Hospitality Group announced today that it brokered nine hotel transactions in July, including locations in the Pacific Northwest, Southeast and Midwest. Andy Broad, Thierry Roch, Niven Patel, Collin Foran, Wendy Blissett, Victor Kalyanji, Rick George, Mike George and Eric Gunderson represented Avison in the transactions. The hotels include a historic property in Houston's central business district (CBD), two Marriott-branded hotels, three all-suite hotels, two Florida select service hotels and a hotel in San Francisco. "July's closings are indicative of the strength of today's equi...
EB-5 Finance Lawyer: Tips to Avoid the 6 Most Common Mistakes Developers Make With EB-5
Jim Butler | August 1, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 01 August 2017 EB-5 generates billions of dollars of affordable construction financing for developments located in the United States that create new jobs for US citizens. JMBM's EB-5 financing group has closed more than $1.5 billion of EB-5 financing for our clients' development projects, and we sourced more than half of that amount. Although there are many exciting success stories, we see developers frequently blundering into a small number of easily avoided mistakes, which can be very costly. So here is our short list of the mistakes an...
Marriott’s Arne Sorenson and STR’s Randy Smith to Be Inducted into U.S. Travel Hall of Leaders
OTO Development | July 28, 2017
WASHINGTON (July 28, 2017)—Longtime industry leaders Arne Sorenson and Randy Smith have been selected as the 2017 inductees into the U.S. Travel Hall of Leaders, the single highest and most revered honor an individual in the travel community can receive. Sorenson, president and CEO of Marriott International and current Chairman of U.S. Travel's CEO Roundtable, and Smith, co-founder and chairman of data and analytics firm STR, will be honored during a November 14 dinner among more than 100 industry leaders at U.S. Travel's fall board meeting in Washington, D.C. Distinguished individuals are named to U.S. Travel's Hall o...
La Quinta Files With SEC to Spin Off New Real Estate Company
La Quinta | July 27, 2017
The new company will be known as CorePoint Lodging and will take La Quinta Holdings into an asset-light model IRVING, Texas, July 26, 2017 -- La Quinta Holdings Inc. (the "Company") (NYSE:LQ) announced that a Form 10 Registration Statement was filed today with the U.S. Securities and Exchange Commission ("SEC") with respect to the previously announced planned separation of its real estate business, which is to be named CorePoint Lodging Inc. ("CorePoint Lodging" or "CorePoint") from its franchise and management businesses ("new La Quinta" or "post-spin La Quinta") creating two distinct, publicly traded companies. The registrat...
Hotel Cybersecurity: Protecting Your Guests and Your Property from Vendor Data Breaches
Bob Braun | July 24, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 24 July 2017 Hotels rely on third-party vendors to help run their properties efficiently, and often must give them access to sensitive guest data. This leaves hotels vulnerable to cyber attacks; they're only as secure as their vendors are, and may find themselves directly liable for a data breach. My partner Bob Braun, senior member of JMBM's Global Hospitality Group® and co-chair of JMBM's Cybersecurity and Privacy Group, discusses recent hotel cybersecurity breaches and how hotel owners can protect themselves. Hotel data breaches I...
OTO Development Adds 7 Properties to Managed Portfolio
OTO Development | July 10, 2017
SPARTANBURG SC (JULY 11, 2017) – As one of America's fastest-growing private companies, OTO Development expands consistently via smart developments and savvy operations – for itself as well as an increasing number of hotel ownership groups. The Spartanburg SC-based hospitality company develops, owns and operates its own portfolio of upscale select-service hotels while also lending its expertise to third-party management clients ranging from publicly traded REITs to private equity firms to high net worth individuals. The company currently operates 66 properties in all, including seven new management contracts recently added i...
Kimpton The Rowan Palm Springs to Make Fall 2017 Debut in California
Kimpton The Rowan Palm Springs | June 29, 2017
Soaring to new heights in Palm Springs is Kimpton The Rowan Palm Springs, now accepting reservations in anticipation of its opening this fall. The seven-story, 153-room urban desert escape anchors the city's major downtown revitalization project and features Palm Springs' first and only rooftop pool, two restaurants and two bars, serene views of the majestic San Jacinto Mountains, and inspiring spaces for meetings & events. The first full-scale hotel built in the area in decades and Kimpton's first project in the Palm Springs market, Kimpton The Rowan Palm Springs is a celebration of the desert's organic, rugged beauty artfully bala...
Loews Hotels & Co. Appoints John Power as General Manager of Loews Hotel 1000, Seattle
Loews | June 23, 2017
Loews Hotels & Co. appointed John Power as the General Manager of Loews Hotel 1000. He joined the team most recently from the same role at Loews Minneapolis Hotel. He will lead the hotel though a multi-million dollar renovation and help integrate the recognized service culture of Loews Hotels & Co. with the distinct character of the Pacific Northwest. John, originally from Ireland, has more than 19 years of hospitality experience throughout Europe, The Caribbean and North America. He joined Loews Hotels in early 2010 as the opening Director of Rooms at the 400-room Loews Atlanta Hotel and, over the past five years, has establish...
Hunden Strategic Partners Announces Lakefront Hotel Developer RFQ for Michigan City, Indiana
Hunden Strategic Partners | June 22, 2017
The Michigan City Redevelopment Commission (MCRC) is issuing a Request for Qualifications for a Hotel Developer for a proposed downtown hotel-based development in Michigan City, which could include additional uses such as restaurants. MCRC invites firms experienced in developing hotel projects to submit a proposal outlining their qualifications in response to this RFQ. While the MCRC is interested in developer creativity for a mix of potential uses on the site, the initial vision for the site includes a mixed-use building with an elevated hotel that would likely sit atop a parking structure. The proposed project is a 90 to 120-room near...
Paramount Lodging Advisors Arranges the Sale of Two Dallas-Area Fairfield Inn & Suites
Paramount Lodging Advisors | June 19, 2017
DALLAS, TX— Paramount Lodging Advisors (PLA) has completed the sales of the Fairfield Inn & Suites in Las Colinas and the Fairfield Inn & Suites Fort Worth/Fossil Creek in the Dallas, TX area. Senior Managing Director Scott Griemsmann and PLA Associate, Subu Thiagarajan represented the sellers in the transactions. Both Scott and Subu represent Paramount Lodging's West Coast office located in San Rafael, CA. "Our team did an excellent job creating competition for the hotels. We produced roughly 350 executed confidentiality agreements, 60 tours, and 25 offers between the two hotels. This kind of market exposure coupled with ...
HVS Releases the 2017 Hotel Cost Estimating Guide
Warren G Feldman | June 14, 2017
By Warren G Feldman, Scott P. Rosenberg , Christine Shanahan The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations in the USA. ...
Sale of Sheraton Metairie – New Orleans Hotel Facilitated by The Plasencia Group
The Plasencia Group | June 6, 2017
Tampa, Fla. (June 6, 2017) – The Plasencia Group is pleased to announce the sale of the Sheraton Hotel located in the New Orleans suburb of Metairie. The firm represented a joint venture of Songy Highroads, JDC Holdings and Aimbridge Hospitality in the sale of the 181-room hotel to Hotel Capital, LLC, a private equity real estate investment firm. Hotel Capital LLC's Chief Executive Officer, Michael Collier, commented on the transaction, "We are very excited to invest in New Orleans which continues to positively transform into more of an international and institutional marketplace for commercial real estate owners while the annual...
Mandarin Oriental Weighing Sale of Hong Kong’s Excelsior Hotel
Avison Young | June 6, 2017
June 06--Mandarin Oriental International announced yesterday that it plans to test market interest in the possible sale of The Excelsior hotel in Hong Kong. The company said the move is part of a review it is undertaking of its long-term strategic options with The Excelsior, which is the group's only property that is not branded as Mandarin Oriental, "in the light of the current strong commercial property valuations in Hong Kong". The company has obtained approval for the development of a commercial building with a gross floor area of some 63,500 sq m on the site of The Excelsior, a prime commercial waterfront site in the ...
Hilton Daytona Beach Oceanfront Resort Unveils New Outdoor Bar Concept, Evolves Food and Beverage Options
Hilton Daytona Beach Oceanfront Resort | May 24, 2017
The Blind Turtle is part of hotel's $25 million renovation, enhanced guest offerings DAYTONA BEACH, Fla. – Hilton Daytona Beach Oceanfront Resort will officially open a new outdoor bar, The Blind Turtle, on Memorial Day. The venue replaces the former poolside Pelican Bar and incorporates a tiki bar-themed concept with an updated food and beverage menu. As part of the renovations made to the resort's expansive pool areas, the previous Pelican Bar space was removed in an effort to give poolgoers an unobstructed view of the Atlantic Ocean. The new pool deck layout repositions The Blind Turtle at the north end of the pool, allowing gu...
EB-5 Funding for New Development: JMBM Has Closed More Than $1.5 Billion of EB-5 Financing
Jim Butler | May 23, 2017
By Jim Butler and the Global Hospitality Group® As of January 31, 2017, JMBM's team has closed more than $1.5 billion of EB-5 financing and sourced more than half of that for our clients! EB-5 is a proven means of financing development projects. EB-5 financing is an important and viable source of construction financing for hotels, hotel enhanced mixed-use, and other development projects. Seven or eight years ago, when JMBM started helping hotel developers with EB-5 financing, many worried about whether this is a legitimate and reliable financing source. Now, after billions of dollars of development have been funded with EB-5, this t...
Meet the Money 2017 Presentations Now Available for Download!
Jim Butler | May 22, 2017
By Jim Butler and the Global Hospitality Group® 22 May 2017 - Meet the Money® 2017 wrapped up last week at the Hyatt Regency LAX, and looks to be one of our most successful years yet! More than 350 hotel industry leaders gathered to hear from 130+ speakers who gave their expert perspectives on the current hospitality market, the national and global economy, and where trends might take us as we move towards 2018. The conference will return May 7-9, 2018–Watch www.MeetTheMoney.com for program and registration information. In the meantime, you can download all the presentations the conference completed last week from the RESO...
EB-5 Extended Without Change: President Donald Trump Signs Bill
Jim Butler | May 17, 2017
By Jim Butler EB-5 extended through September 30 Just after noon on Friday, May 5, 2017, President Donald Trump signed the Consolidated Appropriations Act, 2017. The new law approves $1.1 trillion in Federal appropriations through September 30, 2017. One of the provisions of the bill extends the EB-5 Regional Center program without change through the same date. Although the Consolidated Appropriations Act did not change any provisions of the EB-5 program, we expect further Congressional and regulatory efforts in the very near future. As we said yesterday, Industry leaders view this extension of the program as the necessary threshold t...
