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
McWHINNEY Purchases California’s 149-Room Hyatt House Irvine/John Wayne Airport
McWHINNEY | October 18, 2018
DENVER, COLO. – Oct. 18, 2018 - McWHINNEY – a Colorado-based premier real estate investor and developer with expertise in hospitality, mixed-use, commercial and multi-family assets – has purchased the Hyatt House Irvine/John Wayne Airport in Irvine, California. The seven-story hotel features 149 spacious, residential-style guest rooms with separate spaces to sleep, work and play and 1,160 square feet of meeting space. Amenities at the Hyatt House Irvine include a modern Fitness Center, the H Bar bistro & lobby bar, a 24-hour market and free Wi-Fi throughout the hotel. Guests enjoy free daily breakfast and the outdo...
Driftwood Acquisitions & Development Acquires Florida’s 290-Room Crowne Plaza Melbourne Oceanfront
Driftwood Acquisitions & Development | October 18, 2018
Melbourne, Fla. (October 18, 2018) – Driftwood Acquisitions and Development (DAD) – a privately held investment firm specializing in the acquisition and development of quality hotel assets – today announced its purchase of the 290-room Crowne Plaza Melbourne Oceanfront in Melbourne, Florida. The hotel recently completed a full renovation that addressed areas impacted by Hurricane Irma. The hotel will be managed by Driftwood Hospitality Management (DHM). "This is the 15th acquisition made by Driftwood Acquisitions & Development, and we are excited about the potential this property has, with an idyllic location and a...
Gehr Hospitality Acquires Two Marriott Hotels Located in Nashville, Tennessee
Gehr Hospitality | October 18, 2018
LOS ANGELES—October 18, 2018—Gehr Hospitality, a division of The Gehr Group (www.gehr.com), announced the acquisition of the 94-room Courtyard Nashville at Opryland and 109-room Fairfield Inn & Suites Nashville at Opryland. The acquisition was financed by BMO Harris Bank, and the Plascencia Group represented the seller. Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company. "We like the Nashville market, and in particular the Opryland Submarket," said David Lifschitz, President and CEO of The Gehr Group, "and we are pleased to expand our affiliation with the Marriott bran...
GCC Countrywide Hotel Performance Indicators
HVS | October 16, 2018
GCC countries have supported and grown inbound tourism in the last 15-20 years. The GCC region continues to drive growth and investment opportunities and HVS remain confident that accommodated room night demand will grow despite the aggressive development pipeline. GCC Countrywide Occupancy Historic (1998-2017) and Forecast – 5 Year Average 5 Year Average GCC Countrywide Occupancy with HVS Forecast Source: HVS Research A number of demand generators will induce additional room nights in each of the GCC countries over the next 5 and 10 years. Specifically, we forecast occupancy in Qatar to average 66% on account of the ongoing deve...
Historic Seaview Dolce Hotel in New Jersey Embarks on $17 Million Renovation
Seaview, a Dolce Hotel | October 16, 2018
GALLOWAY, N.J., Oct. 16, 2018 -- Seaview, a Dolce Hotel - part of the renowned meetings and events brand Dolce Hotels and Resorts by Wyndham - today announced plans for a transformational renovation updating its 296 guest rooms, event spaces and dining outlets with modern design inspired by the hotel's celebrated Jersey Shore history. The renovation comes on the heels of new ownership for the hotel, which was sold in August 2018 to Dr. Kiran Patel, Florida philanthropist and Wyndham partner on landmark hotels including the striking Wyndham Grand Clearwater Beach in Florida and prominent Dolce Cheyenne Mountain Resort in Colorado. Th...
Hotel Budget Season: Design Your Most Profitable Channel Mix Strategy in 2019
Kristi White | October 16, 2018
By Kristi White, VP, Sales Engineering at The Rainmaker Group Travel customers have an unprecedented number of options to shop and book hotels, with new competitors constantly jumping into the distribution channel pool. Determining what inventory to sell through which channels has become a critical component in operating a profitable hotel. The industry is seeing online travel agencies (OTAs) with market values higher than many hotel brands and commissions rising at twice the rate of revenue growth.1 Despite these intimidating numbers, intermediary distribution channels should not be looked upon with enmity, but rather as key players in...
Pandox Acquires The Midland Manchester in the UK for for £115 Million ($151.3 Million)
Pandox | October 15, 2018
Pandox AB (publ) ("Pandox") has entered into an agreement to acquire The Midland Manchester, which is an iconic upper premium hotel with 312 rooms in the heart of Manchester in the UK. The transaction is made with Fattal Hotels Group ("Fattal") as operating partner, whereby Pandox, following a legal reorganisation, will retain the property and the hotel operations will be transferred to Fattal. The total transaction value amounts to approximately MGBP 115, whereof the value of the hotel property amounts to MGBP 102, corresponding to approximately MSEK 1,210. The acquisition is expected to be financed by a new bank loan and existing cred...
Columbia Sussex Completes Renovation of the Melville Marriott Long Island
Columbia Sussex | October 15, 2018
CRESTVIEW HILLS, KY (October 15, 2018) – Columbia Sussex, one of the largest Marriott franchisees in the country, is in the midst of an aggressive renovation program to at least nine of its Marriott owned and operated properties. Most recently, it completed a multi- million dollar renovation to one of Long Island's landmark hotels, the Melville Marriott Long Island, which has hosted Fortune 500 executives, athletes competing at the nearby sporting venues, to large conventions and conferences. One of the largest full-service hotels built in the ideal Nassau-Suffolk corridor of Long Island, the property is centrally located to corpo...
GCC Hotel Development Cost Trends
HVS | October 11, 2018
Analyzing historical trends, the key reason behind escalating costs per key continues to be low in efficiency and utilization of space. Price per sqm of total built up area remains largely the same and therefore it is crucial that any design optimizes the turnover per sqm of built areas. HVS provides an indicative reasonable range of BUA per asset type. Hotel Development Cost Source: HVS Research With the exception of Budget & Midscale Hotels which focus on efficient & flexible design, development cost per key for all other hotel classes have increased between 10%-20% since 2013, resulting in lower project returns. We consider ...
BBMK Contracting Hires Construction Management Team From CVC Hospitality Inc.
BBMK Contracting and Blue Team Restoration | October 11, 2018
BOCA RATON, Fla., October 11, 2018 - BBMK Contracting, a national general contractor - and Blue Team Restoration, the commercial property restoration arm of BBMK, has hired on the construction management team from CVC Hospitality Inc., a Florida-based hotel renovation company. Bryan Meklir, president and CEO of BBMK Contracting made the announcement. Effective September 24th, team members from CVC Hospitality joined the BBMK team, bringing the total number of construction management employees to over 100. The former CVC employees will move into the BBMK offices. "We are pleased to announce our recent joining of forces with the CVC team ...
Avison Young Hospitality Group Discusses Recent Contracts
Avison Young | October 11, 2018
ATLANTA – October 11, 2018 – Avison Young Hospitality Group announced today that it has contracted on 12 separate hotel sales over the past several weeks. The properties include three full-service Marriott hotels. The sales also include seven select service hotels that include, three Marriott-branded assets, three Hilton-branded assets, and one Hyatt-branded asset. In addition, the firm has contracted for a historic hotel on the New England coast and a resort hotel and golf course in the north central US. In addition to the recently contracted hotels, the firm is running a call for offer process on 15 other assets within the...
Marriott International Expects to Expand Its Portfolio in the UAE to More Than 80 Hotels by 2023
Marriott International, Inc. | October 10, 2018
Marriott International continues to reinforce its position as a leading hospitality company in the UAE with the expected addition of 11 new properties by year-end and a robust development outlook over the next five years. Year-to-date, the company has added six new properties and is scheduled to add five more in the country – bringing its portfolio in the UAE to 59 properties and over 17,000 rooms across six Emirates by the end of the year. Two of the company's openings this year feature regional brand debuts – the eco-conscious Element Hotels brand, which opened earlier this year in Dubai, and the EDITION brand, which is sc...
Avison Young Hospitality Group Debt, Equity and Structured Finance Team Announces Closings
Avison Young | October 10, 2018
ATLANTA – October 10, 2018 – Avison Young Hospitality Group announced today that its capital markets team recently closed seven new hotel debt transactions totaling $148,250,000. The Debt, Joint Venture and Structured Capital team is led by Justin Piasecki and John Bralower from the New York Avison Young offices. "There has been a big void in the hospitality finance space over the past few years due to tight banking regulations," said principal Justin Piasecki. "We made a strategic decision to make sure that we know who all of the first mortgage financing, Mezzanine/Preferred Equity groups are who are focused on the hotel se...
AccorHotels Completes Its Acquisition of a 50% Stake in sbe Entertainment Group; Founder & CEO Sam Nazarian Will Control the Remaining 50%
AccorHotels | October 9, 2018
Through this partnership, AccorHotels' will pursue its strategy to expand its offering in the luxury lifestyle hospitality segment and its footprint in gateway cities across North America. This long-term investment will allow sbe to leverage AccorHotels' leading global hospitality platform while remaining an independent luxury lifestyle operator. sbe will continue to be led by its Founder and CEO Sam Nazarian as well as its expert management team while retaining its global headquarters in New York. Sébastien Bazin, Chairman & CEO, AccorHotels: Sébastien Bazin, Chairman & CEO, AccorHotels: "I am very proud of this u...
Why You Need to Take a Holistic Approach to Hotel Budgeting
Kristi White | October 9, 2018
By Kristi White As summer's warm breezes and lush, green growth transform into the vibrant colors and crisp air of the fall season, another familiar season arrives in its wake: the often dreaded but always necessary Hotel Budget Season. To develop an accurate and functional budget for 2019, hoteliers must take a holistic approach to the process. This involves starting with a big-picture view that includes your top company initiatives, along with a drill-down into the data to identify significant, sustainable cost-reduction opportunities in conjunction with hotel-wide profit optimization strategies. This is all then compiled into a neat ...
Why More Consolidation Is on the Cards for Hotels
Real Views | October 8, 2018
From mega-mergers to niche acquisitions, consolidation is recalibrating the balance of power in the hotel industry as established operators get bigger and smaller brands seek new ways to differentiate themselves. Today's hotel operators are increasingly looking to diversify their offerings with a range of different concepts, for example serviced apartments or boutique chains alongside their established brands, as well as branching out into new countries. New live-work-play concepts are emerging as "a kick against the idea of the traditional hotel", Tony Ryan, managing director of global mergers & acquisitions at JLL says, pointing t...
Hospitality Financial Leadership: Your Department Managers Really Want to Do Their Monthly Financial Forecasts
David Lund | October 8, 2018
By David Lund You probably read the title and said to yourself, "No way, that's a load of BS. There is no way my managers want to do their financial forecasts. Heck, I can't even get them to submit their accruals or commentaries. We ask them to do their forecasts but rarely do we get them on time or even halfway making any sense. How on earth can I get my department managers to want to do their forecasts?" One of the most powerful distinctions in the world is the difference between wanting to do something and knowing how to do something. There is a saying that goes like this: If you can find the 'want to', the 'how to' is everywhere. Th...
Avison Young Hospitality Group Announces Market Milestone
Avison Young | October 8, 2018
ATLANTA – October 8, 2018 – The team that comprises the Avison Young Hospitality Group announced today that it has now closed more than 1,000 hotel transactions located in every region of the United States. The milestone was achieved by the recent closing of a Hilton/ Marriott hotel portfolio. The Avison Young team has now has closed 1,007 hotel transactions, totaling 138,150 guest rooms. "Very few companies ever reach this market milestone, and we are fortunate to be a part of the Avison Young growth story," said principal Keith Thompson. "We enjoy working with our many clients, and this milestone is a testament to the peop...
McNeill Hotel Investors Acquires Indianapolis Carmel Homewood Suites by Hilton
McNeill Hotel Company | October 4, 2018
Germantown, Tenn. – Oct 4, 2018 – McNeill Hotel Investors ("McNeill") announced today that it has acquired the 137-room Homewood Suites by Hilton in Carmel, Indiana, expanding its geographic footprint to the Midwest and adding to the company's existing portfolio of 18 hotels owned or managed by the affiliated McNeill Hotel Company. The announcement was made by Chief Executive Officer Phillip McNeill, Jr. Located off I-465 and US-31 N, the property is located 13 miles north of downtown Indianapolis, and has a diverse employment base comprised of healthcare, technology, and e-commerce industries. Carmel, the fifth-largest city...
Hyatt and McWHINNEY Developing New Hyatt Place Hotel in Boston’s Seaport District
Hyatt Place | October 3, 2018
The 294-room upscale select service hotel will feature a nautical design, 4,000 square feet of event space, rooftop fitness center, and indoor pool BOSTON (Oct. 3, 2018) – Hyatt and McWHINNEY, a Colorado-based premier real estate investor and developer with expertise in mixed-use, hospitality, commercial and multi-family assets, have begun construction on a Hyatt Place hotel in the rapidly growing Seaport neighborhood along South Boston's waterfront. Hyatt Place Boston Seaport District is expected to open in the spring of 2020 with 294 guestrooms with 6,800 square feet of restaurant space on the ground floor of the hotel. Hotel am...
RLJ Lodging Trust Sells the 309-Room DoubleTree by Hilton Burlington Vermont (“Burlington”) for $35 Million
RLJ | October 3, 2018
BETHESDA, Md.—October 3, 2018--RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced that the Company has sold the 309-room DoubleTree by Hilton Burlington Vermont ("Burlington") for $35.0 million. Based on the trailing twelve months ended August 2018, the sales price represents a 17.3x EBITDA multiple and 4.5% capitalization rate, inclusive of required capital expenditures. "The sale of Burlington at a highly attractive valuation once again underscores the great strides we have made in harvesting value from the sale of the non-core assets we had identified," commented Leslie D. Hale, President and Chief Executive Officer. ...
DiamondRock Hospitality Completes Phase One of a Multi-Million Renovation at the Westin Fort Lauderdale Beach Resort
the Westin Fort Lauderdale Beach Resort | October 3, 2018
FORT LAUDERDALE – October 3, 2018 – As Fort Lauderdale Beach emerges as a premier destination for business and leisure travel, one of the market's largest resorts is completing a top-to-bottom renovation. DiamondRock Hospitality Company has completed the first phase of the multi-million-dollar project at the Westin Fort Lauderdale Beach Resort, which included transforming the property's 432 guest rooms and suites, updating common areas, and adding an award-winning restaurant: Lona Cocina Tequileria. DiamondRock's investment in the Westin Fort Lauderdale Beach Resort coincides with the region's growth as a global tourism hub....
Hospitality Financial Leadership: Understanding Liabilities
David Lund | October 1, 2018
By David Lund When I do financial leadership workshops with hotel teams we often talk about liabilities. I tell my audience that I know for a fact that each one of them have at least two liabilities. I get some puzzled and Kreskin-like looks from my audience as I tell them I can see two numbers floating magically above their heads. I tell them that I know for a fact that each student also knows the same figures, they are just not aware, yet! You see everyone knows how much vacation they have to take, and they also know how much money is owed to them in wages. They just don't see these two "things" as liabilities but they are excellent e...
City of Pacifica Releases RFQ for Ocean Front Hotel Development
City of Pacifica | September 24, 2018
Development of this Beach Front Property Will Enhance the California Coastline (Pacifica, CA) 20 September 2018 - The City of Pacifica is pleased to announce a Request for Qualifications (RFQ) for a hotel/conference center development opportunity for a 3-acre parcel of City-owned property located at 2212 Beach Blvd., the northwest corner of Montecito Ave. and Beach Blvd. in Pacifica, CA. This is a unique opportunity to enhance the look of the California coastline through the development and operation of a hotel/conference center on the beach of the Pacific Ocean in Northern California. For this Request for Qualifications (RFQ), the City...
