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
European Pipeline Soars Despite Economic Slowdown Throughout the Region
Lodging Econometrics (LE) | March 1, 2019
In the 2018 year-end report by Lodging Econometrics (LE), Europe's total construction pipeline skyrocketed to 1,569 projects/243,947 rooms, a whopping 19% increase year-over-year (YOY), and the highest project and room counts ever recorded. The record counts come despite concerns of slower growth throughout the region, shrinking demand for the region's exports, Brexit uncertainties, and political tensions in many countries. There are 784 projects/124,674 rooms currently under construction, 434 projects/68,128 rooms planning to start construction in the next 12 months, and 351 projects/51,145 rooms in the early planning stage. The total ...
Steigenberger Hotels AG Extends Lease With Union Investment for Germany’s Steigenberger Hotel Hamburg
Steigenberger Hotels and Resorts | February 28, 2019
Frankfurt, 28 February 2019 Never change a winning team: Union Investment, the owner of the property, and Steigenberger Hotels AG have extended the lease for the hotel on Hamburg's Fleetinsel for another 25 years. The two parties have also agreed to carry out a comprehensive refurbishment of the hotel, which was built in 1992. Beginning with the underground garage and followed by the 8th floor, the hotel will be gradually updated, remaining open during refurbishment. The works are scheduled to start in spring 2019. Union Investment is investing around EUR 50 million in the upgrading programme. "Our guests are accustomed to first-class s...
European Hotel Transaction Levels Down in 2018 Although Investor Interest Remains Strong, Says Hvs Report
HVS | February 28, 2019
28 February 2019, London: European hotel transaction volumes reached €18.6 billion in 2018, a decrease of 14% on the previous year, but still the fifth highest level 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. A total of 655 properties, averaging 156 rooms, changed hands in 2018 with the average price per key growing by 8% in 2018, reflecting the quality of the hotels that were sold, as well as a growth in values. "The European hotel investment market continues to show rising popularity as an alternative a...
Avison Young Hospitality Group Recent Closings
Avison Young | February 28, 2019
ATLANTA – February 28, 2019 – Avison Young Hospitality Group announced today the closing of six transactions since the first of the year. The properties include two full-service Marriott hotels, a SpringHill Suites in Bossier City, LA, a historic hotel located on the Rhode Island coast and two mid-market hotels in suburban locations. The firm has four transactions closing within the next 14 days representing two properties in San Francisco, a Hilton property near DC and a resort property in the Northeast US. Additionally, the firm has 35 other transactions under sale agreement closing over the next several months. Since 2013...
Avison Young Hospitality Group Recent Closing
Avison Young Hospitality Group | February 28, 2019
ATLANTA – February 28, 2019 – Avison Young Hospitality Group in association with Metropolis Property Group announced today the closing of the 170-room Residence Inn on Long Island for $20,500,000. Thierry Roch of Avison Young and James Ashley (A.J.) Johnson with Metropolis Property Group handled the sale. ...
Anderson Hospitality Group Set to Open Courtyard by Marriott Atlanta Vinings/Galleria
Courtyard by Marriott | February 28, 2019
ATLANTA – February 28, 2019 – Courtyard by Marriott Atlanta Vinings/Galleria is scheduled to open its doors in Atlanta, Georgia this Tuesday, March 5, 2019. Featuring an innovative lobby space as well as Courtyard's latest contemporary room design, the new hotel provides flexibility and choices that allow guests to optimize and elevate their travel experience. Located at 2829 Overlook Parkway, the 159-room hotel will operate as a Marriott franchise, managed by Anderson Hospitality Group of Bowling Green, Kentucky. Whether traveling for business or pleasure, the Courtyard Atlanta Vinings/Galleria offers guests convenient acce...
Ashford Trust Completes Acquisition of the Hilton Santa Cruz/Scotts Valley for $50 Million
February 27, 2019
DALLAS, Feb. 27, 2019 -- Acquisition Highlights: High-quality, full-service hotel located in the growing and high barrier-to-entry Santa Cruz, California market Exceptional amenities including a full-service restaurant, 7,900 square feet of flexible meeting space, outdoor pool and fitness center Revenue per available room (RevPAR) of $158 for the 12 months ended December 31, 2018 Property is in excellent physical condition with limited capex needs Issued approximately 1.5 million Operating Partnership Units at an approximate 31% premium to yesterday's closing price In connection with this acquisition, Ashford Inc. has committ...
Interviews With Leaders - Mr. Neil George, Strategic Advisor, Rosewood Hotel Group
HVS | February 27, 2019
1. How would you describe Rosewood Hotel Group's development and growth strategy in the Middle East and Africa? We have a measured and considered approach to our global growth strategy. We have four brands – Rosewood Hotels & Resorts in the ultra-luxury segment, New World in the upper-upscale space, Penta in the upper-midscale lifestyle space, our latest brand KHOS targeting the luxury business-lifestyle space. In this region, we are primarily focused on growing the Rosewood brand, but open to gradual development of New World and Penta, and will soon be launching KHOS too. For Rosewood, as an ultra-luxury brand with 24 propert...
Ashford Hospitality Trust Selects Remington Hotels to Manage 178-Room Hilton Santa Cruz/Scotts Valley
| February 27, 2019
DALLAS, TX (Feb. 27, 2019) – Remington Hotels, a leading hotel management company, this week takes over the management of Hilton Santa Cruz/Scotts Valley, owned by Ashford Hospitality Trust. The 9th Remington-managed property in the Bay Area, the acquisition of this hotel strengthens the company's foothold in the attractive destination and also marks the third large hotel takeover in less than six months. Remington now boasts 88 properties in its collection, with continued evolution forecasted for the year ahead. Next month, Remington celebrates these successes at the 24th annual Leadership Conference with over 350 field and home ...
With North Point Hospitality, Marriott Opens First Triple-Brand Hotel Combining AC Hotels, Residence Inn and SpringHill Suites in Downtown Nashvil
North Point Hospitality | February 27, 2019
Marriott International today announced the opening of its first newly built property that combines three brands under one roof in vibrant Nashville, across from Music City Convention Center. Developed by North Point Hospitality, the 21-story, $140 million property features three Marriott brands – design-forward AC Hotels, extended stay Residence Inn and stylishly spacious SpringHill Suites – offering business and leisure travelers distinct experiences and amenities under one roof. "Music City is the perfect place for Marriott to make history with its first newly built, triple-brand property," says Eric Jacobs, Marriott Inter...
IHG Signs With Fortress Development for New InterContinental Hotels & Resorts Property in Bellevue, Washington
February 27, 2019
InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, today announces the development of a new InterContinental® Hotels & Resorts property in Bellevue, Washington, located in the Seattle metropolitan area. Developed by Bellevue-based Fortress Development, the new-build hotel is expected to open in Q4 2021 and will be part of a luxury, two-tower mixed-use development known as Avenue Bellevue. Located at the epicenter of downtown Bellevue on the northwest corner of Bellevue Way and NE 8th Street, the InterContinental Bellevue at The Avenue hotel will feature 252 elegantly appointed guest rooms, ...
Liaison Washington Capitol Hill Acquired by Metrovest Equities and BLDG Management With YOTEL to Take Over Management
| February 26, 2019
LONDON and WASHINGTON, Feb. 26, 2019 -- Today YOTEL announced the acquisition of the Liaison Washington Capitol Hill hotel by partners Metrovest Equities and BLDG Management. The innovative hotel group will operate the existing premises, which over the next year, will benefit from a full transformation and rebranding incorporating all of YOTEL's signature technology and adaptable design features, including smart cabins (rooms) and stunning multifunctional public spaces. The hotel currently boasts a position as the closest hotel to the U.S. Capitol Building, putting guests within walking distance to Washington DC's most important...
Hilton Signs With NCB Group for New Curio Collection by Hilton in the Cayman Islands
NCB Group | February 26, 2019
GRAND CAYMAN, Cayman Islands and MCLEAN, Va. – February 26, 2019 – Hilton (NYSE: HLT) announces the signing of an agreement for a new Curio Collection by Hilton property in the Cayman Islands with NCB Group. Scheduled to open in 2021, the new-build 80-room hotel will usher in a new era of upper upscale accommodations focusing on sustainability and wellness, incorporating renewable and energy-efficient technologies throughout the property. "As tourist arrivals in the Caribbean continue to increase, we have prioritized the region in our larger expansion efforts with Hilton's first property in Grand Cayman," said Juan Corvinos,...
The Upside of Opportunity Zones for Hotel Developers and Hotel Owners
Nicole Ament | February 26, 2019
By Nicole Ament and Erik Jensen One of the products of the Tax Cuts and Jobs Act, Qualified Opportunity Zones could have a significant impact on real estate development in 2019, including the hotel industry. While developing in an opportunity zone will not turn a bad hotel deal into a good deal, it can generate an increased pool of interested investors. Hotel investors may not see the immediate potential of opportunity zones given that the census tracts designated as Qualified Opportunity Zones are technically low-income neighborhoods. However, a closer study of the Qualified Opportunity Zones map reveals that in many key markets the op...
Hospitality Financial Leadership: She Said She Was Born Without the Financial Gene
David Lund | February 25, 2019
The following is a recap of a single coaching session which turned into a coaching relationship with a client. For this article I am going to call my client Jennifer. I was speaking at a local hotel association event and as usual a few people came to see me at the end to share their thoughts. Jennifer was the very last person to speak with me. She waited until the room was almost empty. She was shy and nervous. "I just want to thank you," she said. "Thank me for what," I replied. "Thank you for giving me some hope," she said. I smiled, as I knew exactly what she meant, and I said, "Hope for what?" She then explained how terrified she wa...
KASA Hotel Riviera Maya Set for June 2019 Opening in Puerto Aventuras on the Riviera Maya
KASA Hotel Collection | February 25, 2019
(Puerto Aventuras, MEXICO – February 2019) KASA Hotel Collection announces the opening of its second hotel in Mexico, KASA Hotel Riviera Maya. The new hotel will open June 2019 in the exclusive community of Puerto Aventuras on the Riviera Maya. KASA Hotel Riviera Maya, a member of Small Luxury Hotels of the World™, sits in the exclusive beach, marine and golf community of Puerto Aventuras. This private gated community is an up-and-coming area on the Riviera Maya, away from the crowds in an area of lush tropical foliage, with a smart sailing community, full-service marina, golf course and uncrowded beach. Puerto Aventuras is ...
European Hotel Rooms See Strong Growth in Value With Gains Across Most Cities, Reveals HVS Valuation Index
HVS | February 25, 2019
25 February 2019, London: Hotel values across Europe registered another strong year in 2018 showing 3% growth and reaching new highs, according to the annual European Hotel Valuation Index (HVI), compiled by global hotel consultancy HVS. Although a more modest growth than that of 2017 at 3.9%, 2018 saw recovery for many cities as well as a levelling off in values for some markets, which had previously been depressed compared with the European average. "While there has been geopolitical uncertainty and instability in Europe, the influence of this on investors, developers and lenders within the hotel sector seems to be continually lesseni...
Moody National Opens Marriott Residence Inn at Texas Medical Center
February 21, 2019
HOUSTON, Feb. 21, 2019 -- Moody National Companies is excited to announce the opening of the Residence Inn by Marriott in the Texas Medical Center in Houston, TX. This beautiful 16-story, 182-room hotel is located at 7807 Kirby Drive, which is an ideal location to serve the Texas Medical Center and NRG Stadium. The Residence Inn includes a 4.5-story parking garage along with four private meeting spaces totaling 5,000 square feet. Moody National Hospitality Management will manage the daily operations of the hotel. Brett Moody, Chairman and CEO of Moody National Companies, said, "We are very pleased to bring the Marriott Residence In...
Dual-Branded Best Western Plus Executive Residency Austin Hotel Debuts In Austin, Texas
February 21, 2019
Austin, Texas (February 21, 2019) - Best Western® Hotels & Resorts announced today the debut of the Best Western Plus Executive Residency Austin, located at 2021 Cheddar Loop Road in Austin, Texas. The newly built dual-branded property features 39 Executive Residency by Best Western® guestrooms offering well-appointed kitchenettes for business and leisure travelers seeking an extended-stay option. The hotel also boasts 47 Best Western Plus® guestrooms, each complete with upscale sleeping and bath amenities, providing guests with the best in rest and relaxation. The hotel's common areas are thoughtfully designed with impr...
Oxygen Hospitality Acquires Wyndham Garden Phoenix Midtown; Renovation Planned
Oxygen Hospitality Group | February 20, 2019
Phoenix, Ariz., Feb. 20, 2019 -- Oxygen Hospitality Group, Inc., an owner-operator hospitality management company, today announced it has made its foray into the Phoenix hospitality marketplace with the acquisition of the Wyndham Garden Phoenix Midtown, for an undisclosed amount. Located opportunistically just north of the burgeoning Phoenix downtown area off the city's main thoroughfare of Central Avenue and Osborn Road, the 6-story, 160-room property marks the Company's first Arizona acquisition. Purchased by Hotel Oxygen Midtown LLC, Oxygen Hospitality plans a multimillion-dollar property renovation that will elevate it as a full-ser...
Best Western® Hotels & Resorts Acquires WorldHotels
February 18, 2019
Phoenix, AZ (February 18, 2019) – Best Western® Hotels & Resorts announced today it has acquired renowned global hotel brand WorldHotels™ representing a collection of approximately 300 unique and special hotels and resorts in premier destinations around the world. "There is tremendous synergy between Best Western and WorldHotels. By joining forces in this new partnership, we will create competitive advantages for both companies," said David Kong, President and CEO of Best Western Hotels & Resorts. "I have the utmost respect for WorldHotels and believe in its vast potential." The acquisition of WorldHotels was com...
Hospitality Financial Leadership: Roger Penske & The Hotel PMS
David Lund | February 18, 2019
By David Lund I had a chance meeting with Roger Penske in the parking lot behind the paddock in October 1994 at the Indy Car Grand Prix of Monterey in Laguna Seca, California. It was the end of qualifying on Saturday and his pilot and fellow Canadian, Paul Tracy had just won the pole position. For you hoteliers who are not motorsports fans, pole means he was the quickest in qualifying and that means he starts in the first position on Sunday. This is a story about hospitality financial leadership in the face of a challenge and adversity. Before I get into the hotel story and the connection to Roger, a bit more about him and the race. The...
Best Western Hotels & Resorts Launches Vib Brand in Asia With Opening of Vib Best Western Sanam Pao in Bangkok
February 15, 2019
Phoenix, Arizona (February 15, 2019) Best Western Hotels & Resorts today announced the opening of its inaugural Vīb Best WesternSM hotel in Asia Pacific, the brand new Vīb Best Western Sanam Pao in Bangkok. A cutting-edge, tech-savvy midscale hotel for the modern generation, Vīb Best Western Sanam Pao perfectly captures the brand concept with its central location and modern design. Connectivity is at the core of Best Western's Vīb brand (pronounced "vibe"), which allows guests to feel the beat of the city and stay connected at all times. Sleek and stylish, this innovative concept focuses on integrated technology and social inter...
Jackson-Shaw Begins Construction on 252-Room AC Hotel by Marriott in Fort Worth, Texas
Jackson-Shaw | February 15, 2019
FORT WORTH (Feb. 15, 2019) – Jackson-Shaw, a national real estate development company headquartered in North Texas, today commenced construction on the 252-room, 16-story AC Hotel Fort Worth in downtown Fort Worth. When the property opens in the fall of 2020, it will be the first AC Hotel by Marriott to debut in Tarrant County, Texas, offering travelers both a thoughtful approach to design and intuitive, elevated guest service. The hotel is rising on the southwest corner of Fifth and Main Street, adjacent to the historical art deco Kress Building, and only minutes away from wonderful restaurants, entertainment, shopping and night ...
