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
Angolan Reforms Set to Benefit Tourism and Hospitality Sectors
HTI Consulting | September 21, 2018
"Angola's growth prospects are set to rise as the country continues to make strides towards a more positive economic course," says Wayne Troughton of specialist hospitality and real estate consultancy firm, HTI Consulting. "Higher oil prices and sounder policies under President Joao Lourenco should bring greater stability to Africa's second largest crude exporter, strengthening the country's institutions and attracting foreign investment that will spur economic growth and contribute to the diversification of the economy, including sectors such as tourism and hospitality." "The breakneck economic growth that Angola enjoyed following the ...
RIU Hotels & Resorts Acquires Building in London for Conversion to the Riu Plaza Brand
RIU Hotels & Resorts | September 19, 2018
Palma de Mallorca, 19 September 2018 - The hotel chain has just acquired a building in a premium area of the city, close to Victoria Station, which it plans to convert into a 4-star hotel as part of its Riu Plaza urban line. RIU Hotels & Resorts has bought a building in one of London's top neighbourhoods where, following a total refurbishment, it will open a hotel in its Riu Plaza urban line. The building is at 1 Neathouse Place, right next to Victoria Station, Westminster Cathedral and Buckingham Palace. By the end of 2020, the future Riu Plaza hotel in London will become the chain's first hotel in the United Kingdom, a country tha...
Hogan Hospitality Group Acquires Marin Management Inc.
Hogan Hospitality Group | September 19, 2018
HONOLULU — (Sept. 19, 2018) — Hogan Hospitality Group (HHG), a hotel management company with flagship properties in the state of Hawaii, has obtained a majority interest in Marin Management Inc. (MMI), a California-based hospitality group managing properties in California, Arizona and Texas. With the acquisition, HHG adds 17 hotels, restaurants and spas to its diverse portfolio, with the majority of properties located in California. John Manderfeld, founder and president of Marin Management Inc., will remain president following the acquisition. HHG will work closely with MMI leadership to continue providing exceptional suppo...
Rockbridge Acquires Hilton at the Arch in Downtown St. Louis
Rockbridge | September 19, 2018
Columbus, OH – September 19, 2018 – Rockbridge announced their acquisition of the historic Hilton At The Arch hotel in downtown St. Louis, Missouri. The 195-room hotel will be managed by HEI Hotels and Resorts. "Rockbridge is excited about the opportunity to refresh this great hotel," said Jim Merkel, Rockbridge CEO. "We are also pleased to be working with HEI, a strong partner, on this project." Rockbridge plans to capitalize on the historic value of the property by renovating its distinctive lobby along with guest rooms, resulting in an improved user experience for both business travelers and vacationers. This acquisition ...
Hotel Underwriting Tips
Hans Detlefsen | September 18, 2018
By Hans Detlefsen As the owner of a hotel appraisal and advisory company, I get the opportunity to review hundreds of hotel appraisals, feasibility studies, investment pitch books, and offering memoranda each year. One of the things I've learned over the past two decades is that a few small changes in underwriting assumptions can greatly affect how hotel deals looks to investors. If these underwriting assumptions are not carefully considered, then they can represent big pitfalls for investors, appraisers, and others involved in the underwriting process. The following is a list of 12 issues and pitfalls I encounter frequently. This is no...
Sandestin Investments Breaks Ground on The Sandestin Hotel
Sandestin Golf and Beach Resort | September 17, 2018
MIRAMAR BEACH, Fla., Sept. 17, 2018 -- On Friday, September 14th, Sandestin Investments, LLC celebrated the beginning of construction for the new 250-room full-service hotel, The Sandestin Hotel, will be located adjacent to the Baytowne Conference Center at Sandestin Golf and Beach Resort. Completion of the hotel is slated for April 2020. "Today marks the beginning of a great addition to Sandestin," stated Sara Becnel, Vice President of Development for Sandestin Golf and Beach Resort. "We are excited to expand our hospitality offering with the new hotel as well as provide a fresh new guest experience not currently availab...
Hospitality Financial Leadership: Using Expense Checkbooks
David Lund | September 17, 2018
By David Lund I can vividly remember, as a young lad, my dad sitting at the kitchen table paying the monthly bills by check and then updating his checkbook. I remember asking him why he entered the details on the page at the back of the checkbook. He said very clearly, "So we don't spend more than we have and in the bank. If I don't keep track, we will run out of money and I'll end up bouncing a check!" In hospitality, we are all much better off when we use the checkbook system to manage our expenses so we don't run out, and so we don't overspend. The only difference between my dad and your department's expenses is you do not really run...
Paramount Lodging Advisors Sells Washington Red Lion Hotel
Paramount Lodging Advisors | September 13, 2018
Bothell, WA - Paramount Lodging Advisors (PLA) has successfully executed the sale of the Red Lion Hotel located 3850 Monte Villa Parkway, Bothell, Washington. PLA Senior Managing Directors, Scott Griemsmann and Brent Clemens, and Senior Associate Subu Thiagarajan represented the seller in this transaction. The 84-room Red Lion Hotel, former SpringHill Suites by Marriott, is ideally situated within the Seattle MSA and is proximate AT&T, EKOS Corp., Google, HaloSource, Philips, and a short drive to Seattle Tacoma International Airport (SEATAC). "We were extremely pleased with the activity and level of interest in this opportunity, whi...
Downtown Mesa Becomes Home to Arizona’s First Delta Hotels by Marriott Courtesy of Ensemble Real Estate Investments
Delta Hotels and Resorts | September 12, 2018
(MESA, Ariz.) September 12, 2018 – A multi-million dollar, full-scale renovation is complete on the Marriott Phoenix Mesa, located in Downtown Mesa, Arizona, an area currently undergoing its own resurgence as a stylish and vibrant urban cultural arts center. The property will officially rebrand and become Delta Hotels by Marriott Phoenix Mesa on October 3, 2018. The renovation included all 274 guestrooms and suites, flexible meeting space, lobby and common areas, as well as the property's two dining venues Café Azul and AZ Brew. . A grand opening and ribbon cutting event is scheduled for October 10, 2018. The hotel is owned...
Hotel Equities Joins Forces With Virtua Partners
Hotel Equities | September 12, 2018
Strategic partnership will fuel growth in acquisitions and investments in various platforms Atlanta, GA – (September 12, 2018) Hotel Equities (HE), the hospitality industry's premier hotel management and development company, announced today that it has created a strategic alliance with private equity firm, Virtua Partners. Virtua Partners is making a series of investments totaling more than $500 million into HE's hospitality platform. The new capital will be utilized to fuel growth through hotel management company acquisitions, organic growth and strategic investments into various hospitality assets. Hotel Equities provides manage...
Hospitality Financial Leadership: The Morning Meeting
David Lund | September 10, 2018
By David Lund The morning meeting is a mainstay in almost every hotel. All the key department managers and leaders gather, usually in the front office or sometimes an in-house meeting room, to devour the day's business at hand. It is a great way to distribute last minute information and highlight important changes to groups and business volumes. However, most morning meetings miss the most important pieces of information. The most valuable nuggets are stepped over and not seen or exposed for what they are. A rundown of the following is a typical morning meeting: Previous day's occupancy, rate, and RevPAR. Anticipated occupancy, rate,...
HOTEL Signs Management Contract for 142-Room DoubleTree by Hilton Toluca in Mexico
HOTEL | September 10, 2018
MEXICO CITY, Sept. 10, 2018 -- Grupo Hotelero Santa Fe, S.A.B. Of C.V. (BMV: HOTEL) ("HOTEL" or "the Company"), one of the leading companies in the hotel industry in Mexico, announces the signing of a Management Contract for a 4-star hotel, the DoubleTree by Hilton Toluca with 142 rooms located in the industrial part of Toluca, Estado de Mexico. The hotel which is owned by a third party, is located on the Boulevard Industria Minera Avenue, very close to the General Motors, FCA, Coca-Cola FEMSA and Heineken plants. The hotel is in its final stages of construction and due to open by November 2018. This Management Contr...
MCR Sells 195-Room Hilton St. Louis Downtown at the Arch
MCR | September 10, 2018
NEW YORK / SEPTEMBER 10, 2018 MCR, the sixth-largest hotel owner-operator in the United States, has sold the 195-room Hilton St. Louis Downtown at the Arch, located at 400 Olive Street in St. Louis, Missouri. The firm purchased the hotel in December 2016. MCR generated a 44% IRR on the investment. The transaction closed September 6, 2018. "The returns generated by the sale of this property are a testament to MCR's investment strategy: purchasing well-located hotels, improving operations and selling opportunistically — in this case, less than two years after acquiring the property," says Tyler Morse, CEO and Managing Partner of MC...
Century Group Aus to Debut St. Regis Hotels & Resort Brand in 2022 in Melbourne, Australia
St. Regis Hotels & Resorts | August 30, 2018
St. Regis Hotels & Resorts today announced the signing of The St. Regis Melbourne, marking the first hotel in Australia for the renowned luxury brand. Owned by Century Group Aus, this new-build hotel is slated to open in 2022 and will be located in the heart of Melbourne amidst distinct architecture and a dynamic arts scene. "Melbourne's vibrant mix of world-class dining, art galleries and rich history makes it an ideal destination for the debut of the iconic St. Regis brand in Australia," said Lisa Holladay, Global Brand Leader, St. Regis Hotels & Resorts. "We are delighted to be working with Century Group Aus to open The St. R...
Renovating Your Commercial Property? Don’t Forget the Parking Lot!
Cicero's Development Corporation | August 29, 2018
PLAINFIELD, IL, AUGUST 29, 2018 -- Whether you run a retail mall, office building or a hotel franchise, parking lots greet your guests before you do. They are the first chance for your guests to experience your brand of hospitality, and they are your last chance to leave a lasting impression as they head home. So if you are planning a renovation of your property don't forget to include your parking lot. Parking lots receive their fair share of traffic. It is inevitable that these lots will endure wear and tear as time progresses. Here are four very common problems that occur: Potholes: Potholes are a common type of damage. They are ...
Chatham Lodging Acquires New Residence Inn Charleston Summerville, S.C. for $20.8 Million (or $217K per Room)
Chatham Lodging Trust | August 29, 2018
WEST PALM BEACH, Fla., August 29, 2018—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has acquired the 96-room Residence Inn by Marriott Charleston Summerville, S.C., for $20.8 million, or approximately $217,000 per room. "This is a beautiful, brand new, superior-quality hotel located in Nexton, a rapidly expanding area just outside of Charleston which sits in the direct path of metro Charleston's most energetic growth," said Jeffrey H. Fisher, Chatham's chief executive officer ...
Vesta Hospitality Acquires Embassy Suites Jacksonville Baymeadows in Jacksonville, Florida
Vesta Hospitality | August 28, 2018
Vancouver, Washington, August 29, 2018 – Vesta Hospitality announced today that it has acquired the Embassy Suites Jacksonville Baymeadows hotel located in Jacksonville, Florida. The 277-suite hotel is now the largest in Vesta's growing portfolio. Rick Takach, Chairman and CEO of Vesta, made the announcement. The only full service, all-suite hotel in Jacksonville, the property recently underwent a top-to-bottom $15 million renovation and Vesta will make additional investments in select upgrades. Vesta will manage the property as well. The hotel is ideally located near downtown Jacksonville, one quarter mile east of I-95 and close ...
Fairmas wins hotel Ritz Paris as financial planning software customer
Fairmas GmbH | August 28, 2018
Ritz Paris uses FairPlanner from Fairmas to optimize financial planning The traditional luxury hotel Ritz Paris, one of the two privately owned Ritz hotels apart from The Ritz London, is now using the financial planning software FairPlanner from Fairmas GmbH based in Berlin. By integrating FairPlanner into their existing IT software environment, Ritz Paris is standardizing and automating the processing of their financial data for budget and forecast planning, with the aim of making the hotel's financial planning process more efficient. By utilizing FairPlanner, the hotel management is digitizing processes that are hardly visible to ...
HOTEL to Acquire 50% of the 140-Room Cleviá Grand Leon Hotel Opening in Guanajuato
HOTEL | August 27, 2018
MEXICO CITY, Aug. 27, 2018 -- Grupo Hotelero Santa Fe, S.A.B. Of C.V. (BMV: HOTEL) ("HOTEL" or "the Company"), one of the leading companies in the hotel industry in Mexico, announces the signing of a contract to acquire 50% of the Cleviá Grand Leon hotel. The 5-star hotel which is in its final stages of completion is located in Leon, Guanajuato and has 140 rooms. Currently brand alternatives for the property are being evaluated. The value of the asset is Ps. 383 Million. Out of the total investment, Ps. 127 million are debt and HOTEL contributed Ps.128 million which represent 50% of the equity and will consoli...
European Hotel Industry Performance Over the Cycle
Dr. Isabella Blengini | August 21, 2018
By Dr. Isabella Blengini Over the last four years, we observed a certain level of volatility in the main indicators of hotels' performances, including the occupancy rate, the average daily rate (ADR) and the revenue per available room (RevPar). In particular, European countries like France, Germany, Italy, Spain and Switzerland, started showing some encouraging signs of recovery, notably over the last two quarters of 2017. France seems to be the country that has been hit the hardest by the prolonged economic downturn that involved Europe. On the country, Italy showed a good degree of stability in terms of hotel performance over the same...
Paramount Lodging Advisors Launches Subsidiary, Paramount Capital Advisors
Paramount Capital Advisors | August 21, 2018
Paramount Lodging Advisors (PLA) is pleased to announce the launch of Paramount Capital Advisors (PCA). PCA expands Paramount's reach and expertise into the Capital Markets arena. PCA provides strategic advisory in debt financing and equity placements for institutional and individual real estate investors in the hospitality sector. Since launching the platform in July 2018, PCA's capital advisory team has successfully closed over $75,000,000 in transactions. PCA's capital advisory services further benefits Paramount Lodging Advisors' clients by providing a more extensive suite of services, such as customized capital solutions for acquis...
First Hospitality Group, Inc., Acquires the 140-Room Hampton Inn Pittsburgh / Monroeville
First Hospitality Group | August 21, 2018
Rosemont, Ill., August 21, 2018 – Rosemont, Illinois-based First Hospitality Group, Inc. (FHG) announced that it has acquired and will manage the Hampton Inn Pittsburgh / Monroeville in Monroeville, Pennsylvania. FHG President David Duncan made the announcement. Located at 3000 Mosside Blvd. in the eastern suburbs of Pittsburgh, Pennsylvania, the 140-room hotel offers an on-site Outback Steakhouse, fitness room, pool and business center. The hotel will undergo $2.5 million in renovations starting in Q4 2018, including updates to the exterior façade and lobby market, an expanded fitness room and new guest bathrooms. "This ye...
Tambourine: Use Data to Get More This Budget Season
Tambourine | August 20, 2018
This budget season, you'll need to prove how much hotel revenue you brought in or risk losing your funds. A successful hotel marketing budget not only requires the guts to ask for what you need, but the data to back it up. We're constantly pushing hotel marketers to attach numbers to their success and to keep track of hotel marketing metrics that matter, instead of simply touting website visitors, social media followers, ad impressions and email open rates. Nowhere does data become more critical than during budget season. Your owners care about bottom line results and hold your marketing team accountable for revenue just as much as they...
San Francisco’s Stanford Court Completes Multimillion-Dollar Renovation
Stanford Court | August 14, 2018
Following a comprehensive renovation and makeover, the iconic 400-room Stanford Court hotel has been newly reimagined to provide guests with a distinctly unique Nob Hill experience that celebrates San Francisco's avant-garde, start-up state of mind. From a fresh arrival and check-in experience to completely remodeled guest rooms and corridors, redesigned lobby, updated meeting spaces, the addition of a state-of-the-art fitness center in a glass "greenhouse" environment, and new local partnerships and programming, Stanford Court has undergone a full transformation. "Character, culture, tech, style and comfort are the focus of the new Sta...
