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
Avison Young Hospitality Group Spotlights Chris Stark, Eric Gunderson and Michael Bernath
Avison Young | May 15, 2017
Avison Young Hospitality Group is pleased to highlight Chris Stark, Eric Gunderson and Michael Bernath, who are located in the Avison Young Atlanta, Los Angeles and Portland, Oregon offices, respectively. Stark, a principal with the hospitality group, previously served as a partner with Hotel AG, where he applied a diverse background in hotel franchise development, finance and marketing. He is considered one of the top hotel brokers in the country and has been involved in the analysis or disposition of more than $1 billion in hospitality assets. At Avison Young, he specializes in the sale of hotel portfolios and institutional quality as...
Concord Hospitality Begins Construction on the 160-room Hyatt Place Jacksonville with Opening Schedule for Late 2018
Concord Hospitality Enterprises Company | May 11, 2017
JACKSONVILLE, Fla.--Concord Hospitality announced today that construction has started on Hyatt Place Jacksonville. Located across the street from St. Johns Town Center, the 160-room hotel is scheduled to open in late 2018. The property will be located at The Strand at St. Johns Town Center, a new 45-acre, mixed-use development with retail, restaurants and apartment homes. Hyatt Place Jacksonville will feature a five-story design with 160 guest rooms; the Gallery, complete with 3,000 square feet of flexible meeting space; an outdoor pool and fitness center; and an outdoor deck for social and private events. "As the area continues to grow...
United States Construction Pipeline Continues Moderate Growth with Hotel Projects Up 13 Percent YOY
Lodging Econometrics | May 11, 2017
May 11, 2017 – PORTSMOUTH, NH – Lodging Econometrics (LE) reports that the Q117 United States Construction Pipeline currently stands at 5,032 Projects/602,034 Rooms, up 13% by projects Year-Over-Year (YOY). There are 1,511 Projects/197,450 Rooms Under Construction, up by 155 projects YOY or 11%. Projects Scheduled to Start in the Next 12 Months, at 2,414 Projects/272,487 Rooms, were up 367 projects, 18%. Projects in Early Planning at 1,107 Projects/132,097 Rooms were up by 39 projects or 4%. This is the 21st consecutive quarter of growth, but the Pipeline is still a distant 851 Projects/183,513 Rooms away from the Q208 peak ...
Avison Young Hospitality Group Spotlights Brad Sinclair and Andy Broad
Avison Young | May 11, 2017
Avison Young Hospitality Group is pleased to highlight Brad Sinclair and Andy Broad, who are located in the Avison Young Atlanta and New Jersey offices, respectively. Sinclair, a principal with the hospitality group, brings 10 years of hotel real estate experience to Avison Young, most recently as co-president of Hotel AG. He began his hotel brokerage career in 2007 and focuses on institutional sales, investor relations, branding and marketing, property analysis and overall growth strategy of the firm. He has been involved in several billion dollars of hotel real estate sales and is considered one of the top hotel brokers in the country...
Avison Young Hospitality Group Announces Recent Closings
Avison Young | May 10, 2017
ATLANTA – May 10, 2017 – The Avison Young Hospitality Group announced today that it has brokered the transaction of a full service Crown Plaza in North Charleston, South Carolina and a full service hotel in the Upper Midwest. Chris Stark, Michael Bernath, Rick George and Mike George represented Avison Young in both deals. The Avison Young Hospitality Group currently has 17 additional hotel transactions scheduled to close in the next five weeks and a total of 43 over the next several months. The planned closings are located across all U.S. regions and include most major hospitality brand families. "These last two closings rep...
Paramount Lodging Advisors Team Sells the Comfort Suites in Lafayette, IN
Paramount Lodging Advisors | May 3, 2017
LAFAYETTE, IN -- Paramount Lodging Advisors (PLA) has successfully represented the seller in the transaction of the Comfort Suites in Lafayette, IN. Managing Director Brent Clemens and associates Hussain Waseem and Mike Schlictman were the designated agents representing the seller in this transaction. The 62-room property was sold on Ten-X, marking the 113th successful transaction on the platform. "We are proud to have executed this deal for our client. This transaction furthers our ties in Indiana as we build on our history of success here in the Midwest. Ten-X continues to be a strong platform to help achieve our clients' goals for th...
Avison Young Hospitality Group Announces Recent Closings
Avison Young | April 27, 2017
ATLANTA – April 27, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast. The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California. "Our recent closings represent where the hospitality market is today," said Keith Thompson, principal at Avison...
Oxford Capital Group & Quadrum Global Converting Chicago’s Former Atlantic Bank Building into Hotel Julian, Oxford’s Flagship Property
Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC | April 18, 2017
Chicago's Historic Atlantic Bank Building is being transformed into the flagship for Oxford's "Hotel Julian" luxury lifestyle brand set to open in late 2018 (CHICAGO, Ill; April 18, 2017) – Oxford Capital Group and Quadrum Global today announced that the comprehensive redevelopment and adaptive re-use hotel conversion of the historic Atlantic Bank building at 168 North Michigan Avenue will be christened the Hotel Julian, the flagship property of Oxford's latest luxury lifestyle hotel brand. Diagonally across from Millennium Park, the $75 + million development is slated to open in late 2018. "We are excited to be transforming this...
JMBM’s 27th Annual Meet the Money® National Hotel Finance and Investment Conference
April 13, 2017
LOS ANGELES--April 13, 2017--The Meet the Money® 2017 conference will bring hospitality industry leaders together from May 8-10 in Los Angeles at the Hyatt Regency Hotel LAX. This marks the conference's 27th year, where hotel owners, operators, developers, consultants, investors, brands, lenders and other capital providers will gather to get deals done and discuss and catch up on the latest issues and opportunities involving the hotel industry. "This year's conference is particularly important," said Jim Butler, Chairman of JMBM's Global Hospitality Group®. "The hospitality industry is at an interesting po...
What Hoteliers Need To Know About Indonesia
Larry Mogelonsky | April 12, 2017
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) Right now, we are all still talking about the rapid growth of China and to a lesser extend India, Russia and Brazil under the collective banner of BRIC. Their evolution into capitalistic territories has presented countless lucrative prospects for hospitality organizations both big and small. But there should be a fifth name in this acronym which is often overshadowed despite what's happening on the ground and despite it being the fourth most populous country in the world. From what I've read of recent, the archipelago nation of Indonesia has as many opportunities for the hotel indus...
Paramount Lodging Advisors Team Arranges Sale of the Heartland Inn Coralville, IA
Paramount Lodging Advisors | April 5, 2017
CORALVILLE, IA—Paramount Lodging Advisors (PLA) has successfully sold the Heartland Inn located in Coralville, IA. Managing Directors Adam Montufar, Bennett Webster, and Brent Clemens represented the seller in this transaction. The 169-room Heartland Inn is situated walking distance from the University of Iowa Campus. In addition to its ideal location, the hotel has sustained consistent, prosperous overall performance for the past several years. "We are extremely pleased with the execution of this transaction. It had a variety of unique complexities that all parties diligently worked through. The collaborative effort between our C...
LaSalle Hotel Properties Announces Two Asset Sales; Under Contract to Sell a Third Hotel for a Combined Total of $218.9 Million
LaSalle Hotel Properties | April 3, 2017
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced it has sold two hotel assets and is under contract to sell a third hotel for a combined $218.9 million of proceeds: Lansdowne Resort for $133.0 million. The Company acquired the resort in June 2003 for $115.8 million. Alexis Hotel for $71.6 million. The Company acquired the hotel in June 2006 for $38.0 million. Hotel Triton is under contract for $14.25 million. The Company expects the sale to close in April 2017. The Company acquired the hotel in August 2013 for $10.9 million. The Company will use proceeds from the asset sales to redeem the $68.8 million outstandin...
Summit Hotel Properties Acquires Two Hotels For $60.2 Million
Summit Hotel Properties | April 3, 2017
AUSTIN, Texas, April 3, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") reported today the following: Completion of the previously announced acquisition of the 129-guestroom Homewood Suites by Hilton Aliso Viejo-Laguna Beach; Acquisition of the 152-guestroom Hyatt Place Phoenix-Mesa; Sale of the 150-guestroom Hyatt Place Atlanta Airport North; and Receipt of proceeds from Hospitality Investors Trust, Inc. (formerly known as American Realty Capital Hospitality Trust, Inc.) ("HIT") for the repayment of a $27.5 million loan. "We are thrilled with our ability to source unique acquisitions and...
Ashford Prime Completes Acquisition Of Award-Winning Park Hyatt Beaver Creek Resort & Spa For $145.5 Million
| April 3, 2017
DALLAS, April 3, 2017 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") announced today that it has completed the acquisition of the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for $145.5 million ($766,000 per key), previously announced on March 10, 2017. Concurrent with the completion of the acquisition, the Company has financed the hotel with a $67.5 million non-recourse mortgage loan. This loan is interest only and provides for a floating interest rate of LIBOR + 2.75% with a two-year term and three, one-year extension options subject to the satisfact...
Hotel Development Trends and Opportunities South America
Cristiano Vasques | March 31, 2017
By Cristiano Vasques , Pedro Cypriano , Fernanda L'Hopital Introduction It is our great pleasure to present the third edition of the Trends and Opportunities South America, an annual publication by HVS/Hotel Invest (in partnership with STR) that illustrates and analyzes the sector's performance in some of the major markets in the region. Every year we provide recent and reliable information in addition to telling you about the challenges and opportunities in South America's main hotel markets. We are convinced that an informed and transparent market is more solid and professional. Having said this, we believe that this publication w...
Hawkeye Hotels Breaks Ground on Three New Midwest Hotel Projects
Hawkeye Hotels | March 30, 2017
CORALVILLE, IA – Today, one of the fastest growing privately held development firms in the country, Hawkeye Hotels, announced it has broken ground on three new properties in the last two weeks. "These three properties help drive the spring phase of our 2017 growth strategy," said Ravi Patel, President of Hawkeye Hotels. "Each of these properties is located in high-demand markets that we expect to continue to flourish in coming years. We look forward to more opportunities to serve the states of Iowa, Minnesota and Ohio." The properties include: a Fairfield Inn & Suites (Grove City, OH), a Holiday Inn Express (Marshalltown, IA) ...
Excellence Group Breaks Ground on $110 Million Excellence Oyster Bay Luxury Hotel Project in Montego Bay, Jamaica
Excellence Group Luxury Hotels & Resorts | March 30, 2017
MONTEGO BAY, Jamaica, March 30, 2017 -- Excellence Group Luxury Hotels and Resorts, the hospitality leaders who recently announced plans for an all-inclusive luxury resort in Montego Bay, Jamaica, officially broke ground today in conjunction with Jamaica's highest esteemed leaders in tourism and government. Alongside The Honourable Prime Minister Andrew Holmes, the Ministry of Tourism, The Honourable Edmund Bartlett, The Honourable Daryl Vaz from the Office of the Prime Minister, and The Honourable Karl Samuda from the Ministry of Industry and Commerce, Excellence Group revealed additional details of the highly anticipated, $110 mil...
Pacifica Capital to Convert Osaka Office Bldg. to International Hotel
March 29, 2017
TOKYO--Tokyo-based commercial real estate developer Pacifica Capital K.K. has been appointed as asset manager for the conversion of an office building in Osaka to an internationally-branded hotel. The former headquarters of IDEC, a publicly traded manufacturer, is located near Shin Osaka Station, the bullet train terminal. The hotel is scheduled to open in summer 2018 with 185 rooms ranging 17-30 m2 and will target short- and long-term domestic and international business and leisure travelers. The rooms will have a modern and sophisticated design, and most of the rooms will have built-in kitchens and connecting doors to make it easier f...
Brexit Begins: What are the Areas to Watch for Real Estate?
JLL Real Views | March 29, 2017
by Emily Perryman The long awaited Brexit moment is here. After months of preparation and speculation following June's vote, the UK is finally triggering Article 50 to start the process of withdrawing from the European Union. The forthcoming negotiations over Britain's future relationship with the EU are likely to have profound implications for the residential and commercial real estate markets across the region. While the UK Government has published a White Paper outlining its main Brexit plans, big questions remain over trade policy, environmental regulation, the role of the European Investment Bank (EIB) and the UK's relationship wit...
Wyndham and Zeus International Enter Strategic Development Partnership for 20 New Hotels
Wyndham Hotel Group | March 27, 2017
ATHENS, Greece, 27 March 2017 – Wyndham Hotel Group, the hotel giant with an unmatched global presence of more than 8,000 hotels, and Zeus International, a Greek hotel management and consulting company with international presence, today announced plans to build upon their existing partnership with a new strategic development agreement. Through this new agreement, the two companies will collaborate in developing 20 hotels (conversions or new construction) over the next 10 years in Greece, Cyprus, Bulgaria and Romania. Wyndham Hotel Group and Zeus International initially partnered on development of Wyndham Grand Athens, which opened...
Hotel Lawyer: What’s Happening with EB-5 Financing for New Development Projects? Is it Still Available?
Jim Butler | March 27, 2017
By Jim Butler and the Global Hospitality Group® 27 March 2017 Unless Congress acts in time, a critical part of EB-5 financing will lapse on April 28, 2017 The Regional Center program was enacted in 1992 as a "pilot project." Since then, it has been renewed or extended many times by Congress, with the current extension due to sunset April 28, 2017. Combined with some negative comments by a few foes of the program, some have begun to wonder out loud if the end of EB-5 financing is near. And, if Congress does not act soon, it would have a serious impact on the program. Important people, is an important part. What will likely happen if ...
Paramount Lodging Advisors Welcomes Managing Directors Andy Wardner and Brian Guernier
Paramount Lodging Advisors | March 22, 2017
Paramount Lodging Advisors (PLA) is delighted to announce Andy Wardner and Brian Guernier as PLA's newest Team Members. Andy Wardner is the Managing Director of the new PLA office in Atlanta. Prior to joining PLA, Andy was a Vice President with Starwood Capital Group where he oversaw the full investment cycle and asset management responsibilities of SCG's portfolio of North American full-service hotels. Over his 15 year career with SCG, Andy was involved in the successful acquisition and disposition of over $3 billion in real estate transactions and over $1 billion in debt placement or refinancing. Brian Guernier is the Managing Directo...
Avison Young Hospitality Group Spotlights Terry Sanders
Avison Young | March 21, 2017
Avison Young Hospitality Group is pleased to highlight Terry Sanders who is located in Avison Young's Dallas office. Sanders, a senior hospitality broker at Avison Young, has more than 20 years of hotel industry experience, and most recently played a key role in the growth of Wyndham Hotel Group's U.S. portfolio of hotels as senior vice president of development for franchised and managed hotels for U.S. and Western Canada. He began his career at Wyndham in 2002 and was elevated from franchise sales director to senior vice president in only seven years. While at Wyndham, he was responsible for generating more than $500 million in ongoing...
Avison Young Hospitality Group Spotlights Victor Kalyanji and Wendy Blissett
Avison Young | March 20, 2017
Avison Young Hospitality Group is pleased to highlight Victor Kalyanji and Wendy Blissett, who are located in the Avison Young Atlanta office. Kalyanji, a senior hospitality broker in the capital markets group, has more than a decade of experience in hotel ownership, development and management. In his current role, he is focused on single asset and portfolio sales. Prior to joining the hospitality group, he owned and operated independent and franchised hotels in, Alabama, Georgia, Illinois and Ohio. He is a graduate of the University of Cincinnati and a member of the Asian American Hotel Owner's Association (AAHOA). Originally from Ohio...
