CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16, 2024
Paramount Lodging Advisors Successfully Transacts Chicago Renaissance OHare Hotel
Paramount Lodging Advisors | November 7, 2023
Real Estate
3 Important Reasons Why Hotel Asset Managers Have Become Such Hot Property
Fred Novella | March 13, 2019
By Fred Novella Hotel asset management is a booming profession. Thanks to the increasing complexities of today's hospitality market where disruptors seemingly turn up out of nowhere and operators consolidate at a fast rate – it is easy to understand why. Indeed, given the volatility in the travel market many hotel owners would no longer take the risk of entering a relationship with a hotel operator without the ongoing support of a hotel asset manager. Employed by the asset owner, the role of a hotel asset manager is to ensure a property reaches its full potential so that it can create increased returns in the long term or be sold ...
CoralTree Hospitality Assumes Management of the Iconic Town and Country San Diego
CoralTree Hospitality | March 12, 2019
SAN DIEGO—March 12, 2019--Town and Country San Diego has joined the CoralTree Hospitality Group management portfolio of distinctive lifestyle and resort hotels. The 675-room property is located at 500 Hotel Circle North in the heart of Mission Valley near many of San Diego's top attractions and minutes from Downtown with its array of restaurants and entertainment. "Town and Country is a landmark property with a rich history and superior location in San Diego. The hotel is currently undergoing a transformative renovation to update and expand the property's amenities. CoralTree brings an accomplished team to deliver a customized app...
Akara Partners Completes Home2 Suites by Hilton Chicago River North
Akara Partners | March 12, 2019
(CHICAGO, IL) —Akara Partners, a real estate direct-investment, development, and operations firm based in Chicago, announces the completion of Home2 Suites by Hilton Chicago River North, a 17-story extended stay hotel located at 110 West Huron. A Grand Opening celebration will take place March 19. "Rapid business and residential growth in River North created a need for extended stay and suite hotels," said Rajen Shastri, Founder and CEO of Akara. "We found a great partner in Home2 Suites by Hilton, which gets high ratings for service quality in all its locations." Home2 Suites by Hilton Chicago River North includes 206 suites feat...
Midas Hospitality Opens Newly-Built 107-Room Home2 Suites by Hilton in Brooklyn Park, MN
Midas Hospitality | March 12, 2019
(St. Louis, Mo., March 12, 2019) Six months ago Midas Hospitality opened the very first new hotel built in Brooklyn Park since 1998. Now the company is ready to introduce its second. Midas Hospitality – a leading hotel development, management and investment firm – recently opened a 107-room Home2 Suites by Hilton. Located at 9490 W. Broadway, the nearly 58,000-square-foot hotel is part of a $28 million development that includes a 100-room Hampton Inn that opened in Sept. of 2018. Trevor Armstrong is the General Manager for both properties. Home2 Suites is an all-suite hotel with fully-equipped kitchens designed for extended ...
Glenmont Acquires Radisson Hotel Cleveland-Gateway to Be Rebranded as Hotel Indigo Following Comprehensive $7 Million Renovation
Glenmont Capital Management | March 12, 2019
NEW YORK -- Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, a New York-based real estate private equity fund manager announced the off-market acquisition of the Radisson Hotel Cleveland-Gateway. The 143 key hotel features a business center, fitness center, approximately 3,500SF of meeting space and the Gateway Bar and Grill. The hotel, located at 651 Huron Road, benefits from an A+ location, ideally situated among the Cleveland CBD's 14.9 million square feet and is the closest accommodation to both Quicken Loans Arena and Progressive Field. The Hotel will initially operate under the Intercontinental Hotel Group ...
Oxygen Hospitality to Launch Multi-Million-Dollar Renovation and Rebranding Ivy Palm Resort in Downtown Palm Springs, California
Ivy Palm Resort | March 11, 2019
Palm Springs, CA., March 11, 2019 -- Ivy Palm Resort today unveiled plans for a transformational two-phase renovation updating guest rooms, lobby, outdoor pool area and restaurant into a modern, upscale hotel inspired by the resort's heritage in downtown Palm Springs. The renovation follows the change in hotel ownership, sold in May 2018 to owner-operator hospitality management company, Oxygen Hospitality. In addition to physical asset renovations, Oxygen Hospitality, which owns and operates a portfolio of branded and independent hotels, will rebrand the Ivy Palm Resort with a new hotel name, identity and amenities. Phase One of the ren...
Country Inn & Suites by Radisson Opens a Refreshed Hotel in New Orleans, Louisiana
March 11, 2019
Minneapolis (March 11, 2019) - Country Inn & Suites® by Radisson, a leading upper midscale hotel brand, today announced the opening of Country Inn & Suites by Radisson, New Orleans I-10 East, LA located at 5801 Read Blvd. The hotel features an updated exterior, refreshed guest rooms and a newly-designed lobby. The hotel is conveniently located near Interstate 10, making it the perfect resting stop for guests visiting downtown hotspots such as the French Quarter or Bourbon Street. Additionally, visitors of all ages and interests will be sure to enjoy the hotel's nearby attractions, including the Mercedes-Benz Superdome, Audub...
How to Maximize Your Hotel Renovation Investment with Online Marketing
Cicero's Development Corporation | March 11, 2019
PLAINFIELD, IL, MARCH 11, 2019 -- After the dust settles, and the hotel renovation is complete, it is important to channel the excitement so new guests give your hotel a second look, and current customers have a fresh excuse to book a return visit. Cicero's Development Corp, one of the country's leading renovation contractors for the hospitality industry, recognizes a hotel renovation presents a terrific marketing opportunity. Located outside Chicago, the company has performed hundreds of hotel renovations across the country since 1970 for both large and small properties. To help hotel owners shout their good news from the top o...
Owned and Managed by Baywood Hotels, Residence Inn by Marriott Opens in Lubbock, Texas
Residence Inn by Marriott | March 8, 2019
Lubbock, TX – March 12, 2019 –The 104-suite Residence Inn by Marriott in Lubbock, Texas is set to open today with its upscale, stylish décor that offers flexibility, while creating a unique environment. Located at 6415 62nd Street, the all-suite Residence Inn Lubbock Southwest will operate as a Marriott franchise, owned and managed by Baywood Hotels Inc. of Columbia, MD. Located 14 miles from Lubbock Preston Smith International Airport and 12 minutes from downtown the Residence Inn Lubbock Southwest offers its guests convenient access to Texas Tech University, Llano Winery, Texas Christian University and AT&T Stad...
Fort Lauderdale’s Pelican Grand Beach Resort Debuts $7 Million Guestroom Renovation
Noble House Hotels & Resorts, Ltd. | March 7, 2019
Fort Lauderdale, Fla. – As one of the only true beachfront, boutique hotels in Fort Lauderdale, Pelican Grand Beach Resort, managed by Noble House Hotels & Resorts, Ltd. and owned by Jefast Hotels, LLC, today proudly announces the completion of its $7 million dollar renovation. The eight-month transformation honors the existing property's old Floridian charm while introducing modernized design and boho-inspired elements. "We're beyond thrilled to see our vision come to life," said Heidi Dennis, general manager of Pelican Grand Beach Resort. "Knowing the exceptional level of service we already provide, this was the natural next...
Crestpoint Companies and LinGate Hospitality Set to Open the SpringHill Suites Elizabethtown
SpringHill Suites by Marriott | March 6, 2019
Elizabethtown, KY – March 6, 2019 – Marriott International announced today that the SpringHill Suites by Marriott in Elizabethtown, Kentucky is set to open this Monday, March 11, 2019. The 95-suite hotel, located at 1025 Executive Drive, will operate as a Marriott franchise, owned by Crestpoint Companies of Mason, Ohio and managed by LinGate Hospitality of Owensboro, Kentucky. The SpringHill Suites Elizabethtown offers guests convenient access to Elizabethtown Sports Park, Freeman Lake Park and The Historic State Theater Complex. "As a brand opening a new hotel every 10 days on average, we are delighted that the SpringHill S...
CIM Group Acquires the 254-Room the Crowne Plaza Hotel Alexandria in Alexandria, Virginia
CIM Group | March 6, 2019
March 06, 2019--ALEXANDRIA, Va.--CIM Group announced today that it has acquired the Crowne Plaza Hotel Alexandria, a 254-room, 12-story hotel located at 901 N. Fairfax Street in Old Town Alexandria. CIM acquired the hotel with Carr Companies. The hotel is situated on the Potomac River and boasts panoramic views of the Potomac River and Montgomery Park. The hotel also sits adjacent to the Mount Vernon Trail to the east, a popular walking and biking trail that connects George Washington's Mount Vernon to Theodore Roosevelt Island, and is another outdoor amenity bordering the property. The property is located just a few blocks from King St...
Developed in Partnership with Hawkeye Hotels and HOS Management, TRYP by Wyndham Savannah Opens
March 5, 2019
SAVANNAH, Ga., March 5, 2019 -- TRYP by Wyndham, the urban, lifestyle hotel brand of Wyndham Hotels & Resorts, has opened its newest hotel and ninth U.S. destination in historic Savannah, Georgia. Developed in partnership with Hawkeye Hotels and HOS Management, TRYP by Wyndham Savannah is the latest hotel to join the growing brand adding a coveted destination to its portfolio of locations in emerging cities around the world. It joins the expanding list of up-and-coming travel destinations for the brand, including a recent opening in Newark, N.J.and an upcoming opening this spring in Pittsburgh, Penn. TRYP by Wyndham hotels celebrate...
Standard Hotels and Bunkhouse Group Share Global Growth Pipeline of Fifteen New Hotel Projects
Standard International | March 5, 2019
NEW YORK -- Standard International, parent company of Standard Hotels and the Bunkhouse Group, today announced its global growth pipeline of fifteen new projects including its first European property, The Standard, London opening this Spring in Kings Cross. Less than 18 months after a $58 million-dollar capital infusion from Bangkok based real estate development firm Sansiri PCL, the company has solidified twelve new Standard hotels in London, Paris, Milan, Lisbon, Mexico City, Chicago, the Maldives, Bangkok, Phuket, Jakarta, Hua Hin and Pattaya as well as three new Bunkhouse hotels in Austin, New Orleans and Atlanta. These projects inc...
Apple Hospitality REIT Acquires Hampton Inn & Suites by Hilton Downtown St. Paul $31.7 million, or Approximately $198,000 Per Key
Apple Hospitality REIT, Inc. | March 5, 2019
RICHMOND, Va. -- Apple Hospitality REIT, Inc. (NYSE: APLE) (the "Company" or "Apple Hospitality") today announced the acquisition of the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul (the "Hotel") for a purchase price of $31.7 million, or approximately $198,000 per key. "The Hampton Inn & Suites is ideally located in downtown St. Paul and benefits from the area's wide variety of corporate, leisure and healthcare demand generators," said Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality. "St. Paul is a vibrant city with a diversified economy, home to numerous corporate offices i...
UBM Development AG and IHG Sign Agreement for First voco™ Hotel in the Netherlands
March 5, 2019
The InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, and UBM Development AG, today announced the signing of the first voco™ hotel in the Netherlands which is planned to open in 2020. This signing is the first publicly announced signing in Continental Europe underscoring the strong momentum of the voco brand in the region since its launch in June 2018. voco - Kneuterdijk 8 will be set in a beautiful building located in the city centre of The Hague that formerly housed a bank. The hotel will be in close proximity to the town's famous sights, several museums, parks and the shopping mile. Launched ...
Hesperia Hotels & Resorts to Introduce the Hyatt Regency Brand to Spain with Two Rebranded Properties
Hyatt Regency | March 4, 2019
CHICAGO (March 4, 2019) – Hyatt Hotels Corporation (NYSE: H) has announced today that a Hyatt affiliate has entered into franchise agreements with an affiliate of Hesperia Hotels & Resorts to open Hyatt Regency Hesperia Madrid and Hyatt Regency Barcelona Fira. The hotels mark the entry of the Hyatt Regency brand into Spain and signify Hyatt's continued growth in the country. Both hotels will undergo significant renovations and will be available on Hyatt's booking system as Hyatt affiliated hotels beginning June 2019. The properties, Hesperia Madrid Hotel and Hesperia Barcelona Tower, are scheduled to be fully rebranded by Q4 2...
Union Investment and IHG to Invest 60 Million Euro to Modernize InterContinental® Berlin
IHG | March 4, 2019
IHG® (InterContinental Hotels Group) and Union Investment have announced plans to modernise InterContinental Berlin, which is owned by Union Investment and operated by IHG. The announcement coincides with the International Hotel Investment Forum (IHIF) in Berlin, Europe's most important hotel investment conference. The upgrade of the 558 luxurious guest rooms and the beautifully designed public areas of the hotel will cost around EUR 60 million. The hotel will remain open during the works, which will be managed to ensure a continued high level of hospitality and uninterrupted guest services. The renovation will take place in several...
Hotel Equities Tapped by APX Hotels to Manage Eight Hotel Portfolio in Alberta, Canada
Hotel Equities | March 4, 2019
Atlanta, GA – March 04, 2019 – Today, Atlanta-based hotel owner, operator and developer, Hotel Equities (HE), announced they have been selected as the strategic partner with APX Hotels to operate eight hotels in the Alberta region. The hotel portfolio, consisting of IHG, Hilton and Wyndham branded properties is owned by APX Hotel Group. The combined total guestroom count is 749 and growing, with future development projects in the pipeline. "We continue to expand our Canadian portfolio with owners whom we are aligned and who seek strong management of their assets," said Joe Reardon, chief development officer for HE. "We ...
Shiji Group Acquires Majority Ownership of Hisense Intelligent Commercial Systems
Shiji | March 4, 2019
(4 March, 2019, Beijing) Shiji Group announced today that its subsidiary, Shiji Commercial Information Technology Co., Ltd., successfully completed the majority share acquisition of Hisense Intelligent Commercial Systems Co., Ltd. Shiji Group now holds a total of 82.75% of Hisense ICS, becoming the controlling shareholder of the company. Previously holding 25% equity, the new acquisition of 57.75% equity continues the company's strategy of retail technology growth. The 57.75% equity purchase amount was approximately 462 million yuan. Hisense Intelligent Commercial Systems Co., Ltd is a subsidiary of Hisense that specializes in manufactu...
Fornova Acquires HotelsBI to Provide Full Suite of Business and Distribution Intelligence Solutions for Hotels Worldwide
Fornova | March 4, 2019
LONDON and Tel Aviv, March 4, 2019 – Fornova announced that it is acquiring Tel Aviv-based business intelligence provider HotelsBI. The acquisition rounds out its suite of solutions with the hotel industry's only enterprise-ready solution to help hotel chains break the silos impeding the effective use of data, by employing advanced BI to understand and manage all data relevant to making optimum performance decisions. CEO Dori Stein said, "We are pleased to announce our acquisition of HotelsBI, whose singular approach to business intelligence helps hotels not only better understand their market position – but increase direct ...
Avison Young Hospitality Group Recent Closings
Avison Young | March 4, 2019
ATLANTA – March 4, 2019 – Avison Young Hospitality Group announced today the firm closed a two-property portfolio in San Francisco last Friday. The details of the two transactions are confidential in nature, but each transaction was accretive to both the buyer and the seller. The transactions were handled by Chelsea Wang, a hotel broker in the Avison Young San Francisco office. ...
HP Patel, President of Krish Hospitality, Opens First GLō by Best Western in Asheville, NC
March 1, 2019
Phoenix, Arizona (March 1, 2019) – Best Western Hotels & Resorts today announced the opening of its suburban boutique hotel brand, GLō, in Asheville, North Carolina. With a stylish, convenient and thoughtfully designed space, GLō's arrival in the thriving resort destination is a perfect reflection of today's Best Western. "We are excited to celebrate the arrival of our contemporary and inviting GLō brand in Asheville," said Ron Pohl, Senior Vice President and Chief Operations Officer for Best Western Hotels & Resorts. "Asheville is known for its vibrant arts scene and its historic architecture, and GLō fits perfectly, ...
Owned by Sunny Investment Properties LLC & Development, the Residence Inn Tulsa Midtown Opens
Residence Inn by Marriott | March 1, 2019
Tulsa, OK – March 1, 2019 – The 106-suite Residence Inn by Marriott in Tulsa, Oklahoma is set to open today with its upscale, stylish décor that offers flexibility, while creating a unique environment. Located at 4522 East Skelly Drive, the all-suite Residence Inn Tulsa Midtown will operate as a Marriott franchise, owned by Sunny Investment Properties LLC & Development and managed by Champion Hotels of Oklahoma City, Oklahoma. Located 10 miles from Tulsa International Airport and 14 minutes from downtown the Residence Inn Tulsa Midtown offers its guests convenient access to Gathering Place – a park for every...
