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
PNK Group Investments Begins Construction on Cambria Hotel Los Angeles - Spring Street in Downtown Los Angeles
January 29, 2019
Upscale Hotel Brand Expands in Historic Core District with Adaptive Reuse Project ROCKVILLE, Md., Jan. 28, 2019 - Choice Hotels International, Inc. (NYSE: CHH) is excited to announce that PNK Group Investments has begun construction on the Cambria Hotel Los Angeles – Spring Street in Downtown Los Angeles. Slated to open in 2020, the 13-story, 180-room hotel is the adaptive reuse of a Historic Core District building built in 1927 that was once the office for the Los Angeles Police Department Vice Squad. Located at 419 S. Spring Street, the hotel will be situated along Gallery Row, one of the city's top arts attractions, and wit...
AWH Partners Acquires 100-Acre Topnotch Resort and Spa in Stowe, Vermont
AWH Partners, LLC | January 28, 2019
NEW YORK (Jan. 28, 2019) – AWH Partners, LLC, a privately held real estate investment, development and management firm, announces the acquisition of the celebrated Topnotch Resort and Spa establishing the ownership group's presence in the emerging 'East Coast Capital of Skiing.' Spire Hospitality, AWH's full-service hospitality management company, is now managing the resort and will immediately implement its repositioning strategy, leveraging Spire's experience at AWH's similarly-situated High Peaks Resort (Lake Placid, NY) to drive stronger operating revenues and profit margins. "With Vail Resorts now running the Stowe Mountain s...
Pacifica Hotels Acquires Residence Inn by Marriott Anaheim Hills Yorba Linda
Pacifica Hotels | January 28, 2019
Orange County, CA (January 28, 2019) Pacifica Hotels, the largest owner and operator of independent hotels on the Pacific Coast is expanding further into the global brand select service category with the acquisition of the Residence Inn by Marriott Anaheim Hills Yorba Linda, a joint venture with Santa Barbara Capital. This latest acquisition joins Pacifica's other branded assets including Courtyard by Marriott King Kamehameha Kona Beach Hotel, Hilton Garden Inn Kauai Wailua Bay, Hilton Garden Inn at Port St. Lucie and Springhill Suites by Marriott Paso Robles Atascadero. The property is situated along the southern edge of California Hig...
GreenTree to Acquire Majority Stake in Argyle Hotel Management Group (Australia) Pty Ltd.
GreenTree Hospitality Group Ltd. | January 28, 2019
SHANGHAI, Jan. 28, 2019 -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree" or the "Company"), a leading franchised and managed hotel chain in China, today announced that it has entered into a share purchase agreement to become a major shareholder of Argyle Hotel Management Group (Australia) Pty Ltd. ("Argyle"), an owner and operator of hotels in China and South East Asia. Mr. Kevin Zhang, its founder and CEO and his management team will remain one of the largest shareholders of Argyle, and become an integral part of GreenTree's management team. This transaction is subject to customary closing ...
Developed and Owned by Baywood Hotels, Homewood Suites by Hilton Austin Downtown Opens in Central Texas
Baywood Hotels, Inc. | January 28, 2019
AUSTIN, Texas and MCLEAN, Va. - Homewood Suites by Hilton, part of Hilton's (NYSE: HLT) All Suites portfolio, announced today its newest property, Homewood Suites by Hilton Austin Downtown. Designed for guests who want to travel on their own terms, Homewood Suites by Hilton Austin Downtown offers guests all the comforts of home, whether they are traveling for work or enjoying a well-earned getaway. With 150 new suites, the hotel is a great addition to the city's thriving tourism, which has seen a 14.9 percent increase in traveler growth for the first two quarters of 2018 compared to the same time last year*. "Located in the heart of the...
Paramount Lodging Advisors Sells Bakersfield, CA Four Points by Sheraton Hotel
Paramount Lodging Advisors | January 25, 2019
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on ~7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for futur...
Deutsche Acquires 51% of Zleep Hotels, Its Fifth Brand
Deutsche Hospitality | January 24, 2019
Frankfurt am Main, 24 January 2019 - Expansion of the competitive position: With an 51% investment in the family-run Zleep Hotels, Deutsche Hospitality is bringing a fifth hotel brand under the umbrella of the global player, thus creating the best possible conditions for further growth of all brands. The umbrella brand Deutsche Hospitality combines four well-known hotel brands: Steigenberger Hotels and Resorts, MAXX by Steigenberger, Jaz in the City and IntercityHotel. With the Zleep Hotels brand, Deutsche Hospitality is expanding its product offering, entering the economy market and expanding into Scandinavia for the first time. "Zleep...
Kimball Investment and Woodbury Corporation Open New TownePlace Suites by Marriott in Downtown Salt Lake City
TownePlace Suites by Marriott | January 21, 2019
SALT LAKE CITY (January 21, 2019) – Kimball Investment Company and Woodbury Corporation today announced the opening of a new TownePlace Suites by Marriott in downtown Salt Lake City. Located at 135 West 200 South, the 95-suite hotel is situated directly across from the main entrance of the Calvin L. Rampton Salt Palace Convention Center, making it an ideal and convenient option for the hundreds of thousands of visitors that attend conventions, exhibitions and other events at the center each year. It is also at the core of the central business district, and within walking distance from many of the downtown area's other attractions,...
Hospitality Financial Leadership: Bring Multi-Tasking to an End for Hotel Leaders
David Lund | January 21, 2019
By David Lund I am going to begin this piece with a quote because I know there is BIG TIME pushback on the idea of multi-tasking. Being so popular in our modern work society the idea of multi-tasking is more than a fad, more than say IMU (Individual Business Units) or MBWA (Management By Walking Around). These are two of my personal all-time favorite business practices. In the hotel business, we need to be able to differentiate between when it is appropriate to do more than one thing at a time and when it is not. Here is a great quote. "Studies show that the human mind can only truly multitask when it comes to highly automatic behaviors...
Wyndham Hotels & Resorts Reacquires Direct Franchising Rights for the Days Inn Brand in China
Wyndham Hotels & Resorts | January 16, 2019
PARSIPPANY, N.J., Jan. 16, 2019 -- Wyndham Hotels & Resorts, Inc. (NYSE: WH) announced that it has reacquired exclusive direct franchising rights for its Days Inn® brand for the People's Republic of China. The Days Inn portfolio in China consists of more than 70 economy, midscale and upscale hotels encompassing more than 12,500 rooms. The reacquisition of the direct franchising rights was effected through the termination of the master license agreement between Wyndham Hotels and its master licensee for the Days Inn system in China and aligns with Wyndham Hotels' strategy to grow its direct-franchising operations in emerg...
Kennedy Wilson Sells the Ritz-Carlton, Lake Tahoe for $120 Million
Kennedy Wilson | January 16, 2019
BEVERLY HILLS, Calif.--January 16, 2019--Global real estate investment company Kennedy Wilson (NYSE:KW) announced today the sale of the Ritz-Carlton, Lake Tahoe for $120 million. In December, the company also sold a portfolio of hotels located across the U.K. for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetime of the two investments. Kennedy Wilson and its partner acquired the Ritz-Carlton, Lake Tahoe's 170 hotel rooms, 23 condominiums and 3.4-acre development parcel in 2012 for $74 million and have since solidified the resort as one of the most upscale destinations in Northern California. The...
McNeill Hotel Investors Acquires Hampton Inn & Suites by Hilton and Springhill Suites by Marriott in Columbia, Maryland
McNeill Hotel Company | January 16, 2019
Germantown, Tenn. – January 16, 2019 – McNeill Hotel Investors ("McNeill") announced today the acquisition of a two-hotel portfolio of adjacent properties in Columbia, MD, the four-story, 124-room Hampton Inn & Suites by Hilton and the four-story, 117-room Springhill Suites by Marriott, adding to the company's growing portfolio. The announcement was made by Phillip McNeill, Jr., the company's Chief Executive Officer. Each hotel features an indoor heated pool, a market, business center and fitness center for guests, along with a complimentary breakfast and complimentary wireless internet. The hotels are nearby Interstate ...
Golden Entertainment Completes Acquisition of Two Laughlin, Nevada Casino Resorts From Marnell Gaming
Golden Entertainment, Inc. | January 15, 2019
LAS VEGAS Jan. 14, 2019 -- Golden Entertainment Inc. (NASDAQ:GDEN) ("Golden" or the "Company") announced today that it completed its previously announced acquisition of Colorado Belle Gaming, LLC and Edgewater Gaming, LLC ("Colorado Belle and Edgewater") from Marnell Gaming, LLC in a cash and stock transaction. The acquisition of the Colorado Belle and Edgewater adds two casino resorts adjacent to Golden's Aquarius Casino Resort in Laughlin. Golden Entertainment now owns ten casino resorts - nine in Southern Nevada and one in Maryland. In addition, Golden also operates video gaming devices at nearly 1,000 l...
The LCP Group and Blue Vista Capital Management Acquire 347-Room Hilton Kansas City Airport
Blue Vista Capital Management | January 15, 2019
NEW YORK, NY, January 15, 2019 —The LCP Group, L.P. (LCP) and Blue Vista Capital Management (Blue Vista) jointly announced today the acquisition of the Hilton Kansas City Airport in Kansas City, Missouri. The 347-room property is less than three miles away from the Kansas City International Airport and only 16 minutes from downtown. It is conveniently located near several corporate headquarters, including AmerisourceBergen, Toyota, Multivac, and Mastercard. The Kansas Speedway, host of two annual NASCAR weekends in May and October, and the Worlds of Fun and Oceans of Fun Amusement Park are both a short ride away. And, the nearby Z...
Lindsay Goldberg Acquires Affordable Suites of America
Lindsay Goldberg | January 15, 2019
NEW YORK--January 15, 2019 --Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses, today announced that it has acquired Affordable Suites of America, Inc. ("Affordable Suites" or the "Company"), a premier owner, operator and franchisor of extended-stay hotels in the Southeastern United States. Terms of the transaction were not disclosed. Based in Myrtle Beach, South Carolina, Affordable Suites provides long-term, economy-minded travelers with a comfortable and relaxing environment ideal for business and leisure alike. Its hotels off...
Host Hotels & Resorts Closes $302 Million Sale of the Westin New York Grand Central Hotel
Host Hotels & Resorts | January 14, 2019
BETHESDA, Md., Jan. 14, 2019 -- Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (the "Company"), today announced that it closed on the previously announced agreement to sell the Westin New York Grand Central hotel for $302 million, including approximately $20 million of FF&E funds. "We have been pleased with our continued execution of further reducing our exposure to New York, a key initiative set early on in my tenure as CEO. With the completion of this sale, we have sold 3 assets and the retail, signage, and theater condo space at the New York Marriott Marquis f...
Dream Hotel Group Signs With Cosmopolitan Group for 2021 Brand Debut in Valle de Guadalupe, Mexico
Dream Hotel Group | January 14, 2019
NEW YORK, NY (January 14, 2019) – Renowned hotel and brand management company Dream Hotel Group today announced plans to debut the Dream Hotels brand in Valle de Guadalupe in 2021. The latest hotel signing with Baja California-based Cosmopolitan Group represents a major milestone for Dream Hotel Group as it marks the first Dream Hotel location and third hotel deal signed in Mexico within the last 12 months, further positioning the company as international hospitality innovators and leading the way for new growth in the region. Designed by renowned Mexican architect Tatiana Bilbao and located on over 35 acres in the Baja California...
Hospitality Financial Leadership: Understanding the Importance and Use of The Reserve for Capital Replacement
David Lund | January 14, 2019
By David Lund The concept for the use of the reserve account is important to understand. It is also essential that hotel operators ensure the reserve is properly funded per the terms of the Hotel Management Agreement "HMA." The use of the reserve is an important tool to utilize to protect the operator's rights and long-term viability. Many people mistakenly think the reserve account is the owner's responsibility and therefore it's up to the owner to determine and ultimately control the funding. But not so fast, the manager has a right and a duty to ensure the proper transactions are performed on a timely basis using the clauses that are...
Owned and Managed by Murphco, Courtyard by Marriott Opens in Winter Haven, Florida
Courtyard by Marriott | January 14, 2019
Winter Haven, FL – January 21, 2019 – Courtyard by Marriott Winter Haven is now open in Winter Haven, Florida. 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 6225 Cypress Gardens Boulevard, the 111-room hotel will operate as a Marriott franchise, owned and managed by Murphco of Florida, Inc. Whether traveling for business or pleasure, the Courtyard Winter Haven offers guests convenient access to LEGOLAND Florida and Bok Towers Gardens. The five-story hotel f...
Hilton Signs With Millennium & Copthorne Hotels for The Biltmore, Mayfair Opening in Spring 2019 as LXR Hotels & Resorts First UK Property
LXR Hotels & Resorts | January 9, 2019
LONDON and MCLEAN, Va. - The Biltmore, Mayfair is set to open as LXR Hotels & Resorts' first UK property, following an agreement between Hilton (NYSE: HLT) and Millennium & Copthorne Hotels plc (LSE: MLC). The luxury hotel, situated in a super prime location in the heart of Mayfair on Grosvenor Square, will open for business in Spring 2019, marking the new brand's European debut. The hotel, which will be known as The Biltmore, Mayfair – LXR Hotels & Resorts, has undergone a multimillion-pound redevelopment following its closure in early July 2018. The hotel will offer 257 luxuriously appointed guest rooms, many wit...
PeachState Hospitality Has Been Awarded Developer of the Year by Marriott International
PeachState Hospitality | January 9, 2019
The award was presented to PeachState Hospitality during the 2018 CONNECT Conference in San Diego Warner Robins, GA – January 10, 2019 – PeachState Hospitality, LLC, a leading hotel management and development company based in Warner Robins, GA announced today that it has been awarded Marriott International's 2018 CONNECT Developer of the Year. The prestigious award recognizes developers who have gone above and beyond in their real estate projects for the year 2018. "We are extremely honored to receive this recognition from Marriott International," said Danny Patel, Chief Executive Officer, PeachState Hospitality, LLC. "It ac...
Spirides Arranges $8.7 Million Hotel Development Loan for New Holiday Inn in Downtown Columbia, SC
Spirides Hospitality Finance Company | January 9, 2019
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed an $8.7 million building conversion and term, first priority conventional loan from a Southeast U.S. headquartered bank to finance the development of a new Holiday Inn in Downtown Columbia, South Carolina. This new 90 guest room, 10-story, full-service Holiday Inn is being developed by converting an existing 1950s era office building into a unique, first class hotel. The building is located at 1233 Washington Street in the heart of Downtown Columbia, Richland County, SC. Hotel amenities will include the Holiday Inn Gen 4 design package, in...
Wyndham Hotels & Resorts Returns to Hong Kong With Opening of Ramada Hong Kong Harbour View
Wyndham Hotels & Resorts | January 8, 2019
SHANGHAI, Jan. 8, 2019 -- Wyndham Hotels & Resorts, a world's renowned hotel franchisor with more than 9,000 hotels, has officially returned to Hong Kong with the opening of Ramada Hong Kong Harbour View on January 7, 2019. With this move, Wyndham Hotels & Resorts has entered a new phase of development in the Greater China, under the brand-new strategy for China of "All-star, Multi-brands and New Model". At present, Wyndham Hotels & Resorts has over 100 Ramada hotels in the China region. Located at 239 Queen's Road West in the Western District of Hong Kong Island, Ramada Hong Kong Harbour View is adjacent t...
The Downtown Grand Hotel & Casino Expanding With New Hotel Tower Adding 495 Guestrooms
Downtown Grand Hotel & Casino | January 7, 2019
LAS VEGAS (January 7, 2019) – The Grand Entrance to the Downtown Las Vegas party is about to get a little more Grand. In conjunction with the property's five-year anniversary, The Downtown Grand Hotel & Casino Las Vegas has announced expanding the footprint of its hospitality space by over 250,000 square feet in mid-2020 with the addition of a new tower. Anchored by seven guest-room floors and adding 495 new rooms to the property's existing inventory of 629, the Downtown Grand's third tower, located on the east side of the property and flanked by Stewart and Ogden, will redefine the intersection of 4th and Ogden with clean-lin...
