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
Peachtree Hotel Group Acquires Five Hotels and Signs Five Development Projects with $155 Million Investment
Peachtree Hotel Group | January 30, 2017
ATLANTA, Ga., January 30, 2017—Officials of Peachtree Hotel Group (PHG), one of the nation's fastest growing hotel investment and management platforms, today announced it made five hotel acquisitions and undertook five development projects totaling approximately $155 million during the second half of 2016, increasing to its growing portfolio of select- and limited-service hotels nationwide by approximately 1,250 rooms. "While most indicators suggest we are near the peak of the current hospitality cycle, we firmly believe there remain a number of prudent and profitable investment opportunities that provide compelling value," said B...
Peak District Hotel - The Peacock at Rowsley
The Peacock at Rowsley | January 26, 2017
Five Hidden Treasures The Peacock at Rowsley dates back to 1652 when it was built as a Manor House by John Stevenson. Once the Dower House to Haddon Hall, The Peacock now serves as the perfect bolt hole for exploring the Peak District, and the beautiful Derbyshire estates of Haddon and Chatsworth. A hidden gem and delightful surprise for many, here are five things you may not know about our 17th century country house. 1) When first a hotel in 1820, The Peacock attracted many bathers who would plunge into the nearby River Wye! 2) The dining chairs and tables in the Restaurant were made by the original mouseman, Mousey Thompson from Kilbu...
Bandstand Square Developments Ltd. and Hilton Reveal Plans for New Build Hilton Woking
Hilton Hotels & Resorts | January 25, 2017
New high-rise hotel will feature 196 guest rooms, including 12 suites, and is due to open in early 2021 WOKING, UK and MCLEAN, Va. - Hilton (NYSE:HLT) today announced plans to introduce its flagship Hilton Hotels & Resorts brand to the affluent Surrey town of Woking, with the signing of a management agreement with Bandstand Square Developments Limited (BSDL). The new high-rise hotel will feature 196 guest rooms, including 12 suites, and is due to open in early 2021. "Hilton Woking joins Hilton's impressive portfolio of more than 160 trading and pipeline hotels in the UK and Ireland," said Patrick Fitzgibbon, senior vic...
Phoenix American Hospitality Acquires Six Hyatt Place Hotels in $87M Transaction
Phoenix American Hospitality | January 19, 2017
DALLAS (January 19, 2017) - Phoenix American Hospitality, a Dallas-based hotel fund manager, announces the $87M purchase of six Hyatt Place Hotels, located in Kansas, Georgia, North Carolina, South Carolina, Texas and Virginia. Phoenix American Hospitality adds 754 rooms to its select service portfolio with this transaction, which was purchased in partnership with an Institutional Investor. "We are proud of these six strong additions to our growing portfolio," said Perch Nelson, President of Phoenix American Hospitality. "We look forward to a successful partnership and enhancing the performance of each property." This acquisition is an ...
Bayside Land Partners to Develop $1 Billion Master-Planned Development in the Lake Ray Hubbard Area of Rowlett, Texas
Lifescapes International | January 17, 2017
Mixed-Use Project to Include 700-Room Hotel and First Crystal Lagoon in Texas ROWLETT, TX – Jan. 9, 2017) Lifescapes International, a Newport Beach-based landscape architectural firm, has been selected to design the overall landscape environment for Bayside, the $1 billion master-planned development encompassing 262 acres that is planned to feature a variety of retail, restaurants, residential units, and a resort hotel in the Lake Ray Hubbard area of Rowlett, Texas. The development will feature the very first Crystal Lagoon in Texas, which is a new technology that creates man-made lagoons with crystal-clear, turquoise waters in or...
Avison Young Acquires Atlanta-Based Hotel Assets Group, LLC
Avison Young | January 17, 2017
With purchase, commercial real estate firm launches new hospitality service line; 25 members join, Keith Thompson becomes Principal Toronto, ON – Mark E. Rose, Chair and CEO of Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has acquired Atlanta-based hotel real estate brokerage company Hotel Assets Group, LLC (Hotel AG). With the purchase, Avison Young launches a new hospitality group that will operate nation-wide in the U.S. Effective immediately, Hotel AG is rebranded as Avison Young. Twenty-five new members, including 20 brokers, join the company. Keith Thompson, Brad Si...
ADA Defense Lawyer on Hotel Mixed Use: Tenants Not Liable for Common Areas
Marty Orlick | January 16, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com ADA Hospitality Defense and Compliance Lawyer: Hotel mixed-use projects have proliferated over the past decade or two — projects that combine a hotel with retail, residential, entertainment, office and other uses. In recent years, many of these projects combine hotel and shopping center elements. We are big fans of hotel mixed-use. Over the years, we have written about the numerous advantages that accrue to both hotels and shopping centers, when hotels are added to the right shopping or retail center. One study showed that the right ...
Kasikci’s Bentley Management Opens 2017 with New Directions, Clients and Projects
Jim Butler | January 4, 2017
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Recently, I had a delightful year-end lunch at the SoHo House with a remarkable man I have known and worked with about 25 years. I am very proud to call him my friend and include him amongst our "celebrity clients." When I first met this hotelier, he had recently left Four Seasons Newport Beach, and taken over the helm of the newly opened Beverly Hills Peninsula Hotel. With a hands-on intensity, he quickly turned around the financial performance at the hotel, earned the elusive 5 stars and 5 diamonds, and made the hotel the most profitable...
D’Ambra Construction Co. Gains Approval for Development of $20 Million, 120-room Hyatt Place Hotel in Warwick, RI
January 4, 2017
Jan. 04--WARWICK, R.I. -- The inauguration of city officials Tuesday night was marked by pomp and circumstance and included an announcement of approvals of a new hotel on Jefferson Boulevard. Mayor Scott Avedisian announced that D'Ambra Construction Co. has received all the approvals from the Rhode Island Commerce Corporation for a 120-room Hyatt Place Hotel on the boulevard near the airport, a more than $20-million project. The hotel project had received preliminary approvals in June. A groundbreaking ceremony is expected to take place toward the end of the month, said press secretary Courtney Marciano. Avedisian's choice of ve...
Hotel Online’s Top Read News for 2016
Hotel Online | December 29, 2016
As we look toward 2017, here's a look back at each month's top headlines in 2016 from Hotel-Online! January 2016: 4 Ways Luxury Hotels Can Use Technology To Provide Better Customer Service / Alex Shashou Three Ways Technology Makes Payments Easier For Hotel Guests / Cristine Sommers 5 Game-Changing Hotel Industry Trends To Tackle in 2016 What's In and What's Out? Top 10 Travel Trends for 2016 The Restoration in Charleston, South Carolina Unveils $27 Million Yearlong Transformation and Expansion February 2016: 'Chef's Tables' Driving Market Differentiation for Meyer Jabara Hotels Hotel Lenders Tightening the Screws Four Seasons, ...
Hotel AG Announces Recent Closings
Hotel AG | December 27, 2016
ATLANTA – December 28, 2016 – Hotel AG announced today that in December the firm closed 5 hotel transactions located mostly in the central US. The sales included a Residence Inn, Hilton Garden Inn, Courtyard by Marriott, Holiday Inn and a Hawthorn Suites in Texas. Chris Stark, a partner with the firm, remarked, "The volatility in the hotel transaction markets seem to have stabilized post-election. These recent sales represent a sharp back to retail pricing. We as a firm are encouraged that this cycle is showing signs of lengthening as the health of the market improves." ...
Paramount Lodging Advisors (PLA) Thrives in the Pittsburgh Area Market
Paramount Lodging Advisors | December 22, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the SpringHill Suites Pittsburgh West Mifflin and Comfort Inn & Suites Pittsburgh RIDC. PLA exclusively represented the seller on both deals with Associate Omari Head and Managing Directors Brent Clemens and Bennett Webster leading the efforts on the nearly 320 combined rooms across the two assets. The two deals mark PLA's fourth and fifth consecutive successful engagements in the Pittsburgh area in 2016. "Despite a slight dip in area performance, we were pleasantly surprised with the buyer turnout and remain bullish on broader Pittsburgh area demand," noted Head. C...
Boyd Gaming Completes Acquisition Of Las Vegas Assets Of Cannery Casino Resorts
Boyd Gaming | December 20, 2016
LAS VEGAS, Dec. 20, 2016 -- Boyd Gaming Corporation (NYSE: BYD) today announced that it has completed its acquisition of the Las Vegas assets of Cannery Casino Resorts, LLC, following the receipt of all required regulatory approvals. The transaction included Cannery Casino Hotel, located in North Las Vegas, and Eastside Cannery Casino and Hotel, located adjacent to Sam's Town Hotel & Gambling Hall on Boulder Highway in the eastern part of the Las Vegas Valley. Boyd Gaming now owns and operates 24 casino properties across the country, including 12 in southern Nevada. "The Cannery transaction, along with our recent acquisitio...
EB-5 Financing for Developers Extended. Obama Signs “Continuing Resolution”
Jim Butler | December 20, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com 20 December 2016 On December 9, 2016, President Obama signed the "Continuing Resolution" passed by Congress to extend funding of the federal government until April 28, 2017, by which time it is expected that Congress will have approved a budget for the full fiscal year. EB-5 Regional Center program also extended to April 28, 2017 As with several prior budget extensions, the Continuing Resolution included an extension of the EB-5 program's Regional Center provisions, validating expectations of industry experts. This means that developers wh...
GlobeSt.com Interviews Jim Butler on Chinese Investment and US Economic Issues
Jim Butler | December 19, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com 19 December 2016 I was recently interviewed by GlobeSt.com to discuss Chinese investment in the United States, including why the US is an attractive market for Chinese dollars, how it helps the US economy, and what it means for the Chinese market. Some selected excerpts from our conversation are below. The driving factors behind Chinese foreign investment in the United States: Chinese investors will deploy a record $212.7 billion in investments outside China. This trend is driven by a number of factors: Chinese real estate and stock market...
Seoul Remains Top City for Hotel Construction Pipeline in Asia Pacific with 159 Projects
Lodging Econometrics | December 13, 2016
December 13, 2016 – PORTSMOUTH, NH Lodging Econometrics (LE) reports that, excluding China, the top four cities in the Asia Pacific region with the largest hotel construction pipelines by rooms are: Seoul with 159 Projects/31,233 Rooms, Jakarta with 118 Projects/20,885 Rooms, Kuala Lumpur with 47 Projects/11,484 Rooms and Tokyo with 49 Projects/10,941 Rooms. Seoul is the only one of these markets to increase Year-Over-Year with 22 projects added, up 16%. Excluding China, the leading franchise companies in Asia's Hotel Construction Pipeline are: Marriott International, after the Starwood merger, with 236 Projects/54,328 Rooms, Inte...
Cutting a Bald Man’s Hair
Georges Panayotis | December 8, 2016
by Georges Panayotis Franchise contracts are based on a reciprocal commitment between the investor-operator and the brand. Since investment funds set their sights on the hotel industry, such contracts have run into serious pitfalls. More concerned about seeing share prices climb on the stock exchange, financial shareholders have driven corporate communication to the detriment of brand marketing, thereby weakening awareness, the image and the attributes that make up the essential capital of any consumer brand. The marketing budget is already desperately tight in the hotel world and any slowing down is felt rapidly. Groups have contented ...
Valuing a Hotel’s Real and Personal Property Separately
Hans Detlefsen | December 7, 2016
How to Separate Tangible Personal Property Value from Real Property Value in Hotels A hotel's value can be categorized into real property and personal property. Real property includes the land and improvements. Personal property includes tangible1 and, sometimes, intangible2 personal property. When valuing a hotel for ad valorem tax purposes, it is often necessary to separate the tangible personal property value from the real property value, as many jurisdictions tax the real property separately. This article describes a methodology for separating the tangible personal property from the real property value of hotels. Introduction by Exa...
Lao International Development & IHG Enter Agreement for New Build InterContinental Vientiane in Laos
IHG | December 6, 2016
Set to open in 2021, the new-build InterContinental Vientiane will join Crowne Plaza Vientiane to be the second hotel managed by IHG in the capital city. The hotel will feature more than 400 rooms, offering guests a quality stay in the upcoming World Trade Centre – a mixed-use complex being developed by Lao International Development Co. Ltd. Slated to be the city's commercial hub when it opens, the complex will also include a large retail mall, medical centre, conference centre, office tower and residential towers. Strategically located a short drive away from Wattay International Airport and adjacent to Lan Cang Avenue, Vietnam S...
Hersha Hospitality Trust Completes Acquisition of the Ambrose Hotel in Santa Monica, CA for $47.5 million
Hersha Hospitality Trust | December 6, 2016
PHILADELPHIA-- Hersha Hospitality Trust (NYSE:HT) ("Hersha" or the "Company"), owner of upscale hotels in urban gateway markets, announced the Company has closed on the purchase of the 77-room Ambrose Hotel in Santa Monica, CA for $47.5 million. The Company utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund The Ambrose acquisition. "The Ambrose acquisition demonstrates our continuing ability to successfully recycle capital and selectively add to our portfolio of high quality hotels. We remain focused on monetizing value that we have created in stabilized secondary market hotels and redeploying tho...
Over Half of Houston’s Pipeline is Scheduled to Start Construction in the Next 12 Months
Lodging Econometrics | December 5, 2016
December 5, 2016 – PORTSMOUTH, NH According to Lodging Econometrics (LE) Houston has 169 Projects/19,885 Rooms in the Total Construction Pipeline. Following New York City, it has the second largest pipeline in the country. Of all markets, Houston has the most projects Scheduled to Start Construction in the Next 12 Months with 87 Projects/9,627 Rooms, over half of its Total Pipeline projects. Houston also has the most projects in Early Planning with 40 Projects/4,252 Rooms. The remaining 42 Projects/6,006 Rooms are presently Under Construction. With its Total Pipeline continuing to grow, Houston is an upward trending market that wi...
Dallas Has Third Largest Construction Pipeline in the Country
Lodging Econometrics | December 5, 2016
Lodging Econometrics (LE) reports that according to its most recent Construction Pipeline Trend Report, Dallas has the third largest pipeline in the country. With 131 Projects/15,819 Rooms in the Total Pipeline, it increased by 25 projects or 24% Year-Over-Year (YOY). There are 51 Projects/6,283 Rooms Under Construction up 22 Projects, or 76% YOY. Those Scheduled to Start Construction in the Next 12 Months are at 57 Projects/7,281 Rooms adding 13 Projects, an increase of 30% YOY. Projects in Early Planning are at 23 Projects/2,255 Rooms, down 10 projects YOY as older projects migrate up the pipeline towards construction. ...
sbe Completes Acquisition Of Morgans Hotel Group
sbe | December 2, 2016
Transaction expands sbe's portfolio to 22 hotels, and 129 venues The Yucaipa Companies consents to transaction and together with Cain Hoy Enterprises will hold substantial Preferred and Common Equity stake in sbe Security Benefit to provide debt financing for recapitalization; Ron Burkle and Jonathan Goldstein to join Sam Nazarian on sbe Board of Directors NEW YORK, Dec. 2, 2016-- sbe Founder and Chief Executive Officer Sam Nazarian today announced with partners Ron Burkle and Cain Hoy Enterprises the definitive closing of sbe's acquisition of Morgans Hotel Group, a move that further expands its international footprint and solid...
Terry Sanders Joins Hotel AG and Opens Dallas Office
Hotel AG | November 30, 2016
ATLANTA – November 30, 2016 – Hotel AG announced today that Terry Sanders has joined Hotel AG as a partner and will lead the Dallas, Texas office for the firm. Terry is a 20-year veteran of the hotel industry who most recently played a key role in the growth of Wyndham Hotel Group's U.S. portfolio of hotels. Holding various positions during his career at Wyndham, Terry's most recent role from 2009 to 2015 was as Senior Vice President of Development for Franchised and Managed Hotels for the U.S., as well as Western Canada. While at Wyndham, Terry was responsible for generating over $500 million in ongoing franchised and manag...
