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
What’s up With All the New Hotel Brands and What Does It Mean to You?
Bob Braun | September 23, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com Have you noticed the explosion of new brands from hotel companies over the past few years? At JMBM, we do a lot of work with branding through license agreements, management agreements and other arrangements. So we asked my partner Bob Braun to give us some insights on what this is all about and what significance it has. Here are Bob's thoughts, along with some practical advice on what owners and developers should do in this situation. Hotels – Brand Expansion or Brand Explosion? by Bob Braun, Hotel Lawyer Consumer oriented companies ...
Europe’s Hotel Construction Pipeline Shows Steady Growth with Projects Up 7% and Rooms Up 6% YOY
Lodging Econometrics | September 20, 2016
September 20, 2016 – PORTSMOUTH, NH According to the recent Construction Pipeline Trend Report for Europe from Lodging Econometrics (LE), the total pipeline has 951 Projects/152,085 Rooms, up 7% by projects and 6% by rooms Year-Over-Year (YOY). For hotels currently Under Construction, Europe's Pipeline has 423 Projects/74,158 Rooms, up 9% by projects and 7% by rooms YOY. There are 236 Projects/37,482 Rooms Scheduled to Start Construction in the Next 12 Months, up 2% by projects and 4% by rooms. Projects in Early Planning, 292 Projects/40,445 Rooms, are up 8% by projects and 6% by rooms. ...
How Foreign Investors Can Avoid Hidden Traps Of U.S. Taxation On U.S. Investments
Jim Butler | September 15, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Asians love the U.S. as a place to live, buy homes, invest, go to school, and run their businesses. Over the past five years, we have seen an unprecedented increase in foreign investment in the US — particularly as a new flood of Chinese investors joins the tide of Japanese, Korean, Malaysian and other Asian investors. My partner Scott Harshman counsels foreign investor clients from all over the world. He tells them that it is urgent to get an early grip on potential U.S. tax consequences and structures when first contemplating thei...
Seoul, Jakarta and Tokyo Top Cities in Asia with Largest Hotel Construction Pipeline
Lodging Econometrics | September 14, 2016
September 14, 2016 – PORTSMOUTH, NH – Lodging Econometrics (LE) reports that, excluding China, the top three cities in Asia with the largest hotel construction pipelines by rooms are: Seoul with 26,008 Rooms/124 Projects, Jakarta with 21,390 Rooms/122 Projects, and Tokyo with 12,029 Rooms/54 Projects. Excluding China, the leading franchise companies in Asia's Hotel Construction Pipeline are: InterContinental Hotels Group (IHG) with 26,211 Rooms/116 Projects, Marriott International with 25,912 Rooms/110 Projects and Starwood Hotels & Resorts with 25,632 Rooms/115 Projects. The leading brand for each of the top three franc...
Paramount Lodging Advisors Opens St. Louis Office and Welcomes New Agent
Paramount Lodging Advisors | September 8, 2016
ST. LOUIS, MO—Paramount Lodging Advisors (PLA) is pleased to welcome aboard new team member, Beau Mullenix. Beau will be working out of PLA's new St. Louis office. Beau's focus is on individual and portfolio transactions across the country with a vast knowledge of the Midwest and West region hotel markets. He brings with him over 16 years of experience as an owner/operator in the Hotel Industry with an expertise in overseeing all aspects of property management. This includes superior financial results, P&L analysis, budgeting, capital improvements, and quality assurance. Prior to Paramount, Beau held positions in several manag...
Paramount Lodging Advisors Arranges the Sale of 649 Jones Street Formerly “Halcyon Hotel” Located in San Francisco, California
Paramount Lodging Advisors | September 7, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of the property at 649 Jones Street, formerly known as the "Halcyon Hotel" located in San Francisco. Scott Griemsmann, Senior Managing Director and Subu Thiagarajan, Broker Associate of the West Coast office represented the owners in the transaction. The property sold for a purchase price of $7 million/$259,259 per room. "This is a tremendous price for the owners and the purchasers achieved a very specific goal with the purchase," commented Griemsmann. The four-story, 27-room, SRO hotel opened in 1912 and was converted to alternative housing in 2013. The hotel r...
Howard Karawan Appointed President and Managing Director of Atlantis, Paradise Island Resort in The Bahamas
Atlantis, Paradise Island resort, The Bahamas | August 30, 2016
PARADISE ISLAND, THE BAHAMAS (August 30, 2016) – Brookfield Asset Management is pleased to announce the appointment of Howard C. Karawan as President and Managing Director of Atlantis, Paradise Island resort in The Bahamas. Karawan will succeed Paul Burke, who recently resigned from the position to pursue new career endeavors in the United States. Karawan will assume his new position on September 19, 2016. A luxury hospitality and gaming veteran with over 30 years of experience, Karawan will make his return to Atlantis after previously holding the position of President and Chief Marketing Officer for Kerzner International, the pri...
New 115-Room Fairfield Inn & Suites by Marriott Set to Open in Uptown Cincinnati, Ohio
Fairfield Inn & Suites by Marriott | August 25, 2016
Cincinnati, OH – August 25, 2016 – The 115-room Fairfield Inn & Suites by Marriott in Cincinnati, Ohio is scheduled to open on Friday, September 2, 2016 with its smart, inventive public space and guest room design, and its bright and inviting décor. Located at 2500 South Market Street, the Fairfield Inn & Suites Cincinnati Uptown/University Area will operate as a Marriott franchise, owned by Hotel Development Services, LLC and managed by American Hospitality Management, Inc. of Cheboygan, Michigan. This is the newest Fairfield Inn & Suites in the area to feature the brand's new design and décor, whi...
Hotel AG Announces Recent Closings
Hotel AG | August 24, 2016
ATLANTA – August 24, 2016 – Hotel AG announced today the firm has closed 16 hotel transactions since its last press release. The transactions were located across 11 states and five regions of the US including West Coast, South Central, North Central, Northeast and Southeast. The transactions were comprised of several brands such as Marriott, Hilton, IHG, among other brands and 2 independent hotels located in Pennsylvania and San Francisco. Hotel AG brokers involved in these transactions were Brad Sinclair, Andy Broad, Michael Bernath, Eric Gunderson, Rick George, Niven Patel, Wendy Blissett, Rex Cagle and Thierry Roch. H. Ke...
La Quinta Inns & Suites Names J. Sal Icaza New Director of Franchise Development
La Quinta Holdings Inc. | August 23, 2016
IRVING, Texas (August 23, 2016) – La Quinta Inns & Suites announces the appointment of hospitality industry veteran, Mr. J. Sal Icaza, as Director of Development for the Northeast who will be responsible for the growth of the La Quinta brand in MD, PA, DE, NJ, NY, CT, RI, MA, NH, VT and ME. Icaza brings more than 20 years of industry experience to this role and joins La Quinta after holding senior franchise sales positions at Choice Hotels International, Hilton Hotel Corporation and consumer brands outside the hotel industry. He was also the Chief Development and Operating Officer at Cherry Cove Hospitality Management, a succe...
Hotel Lawyer: Why NOW May Be the Best Time for Developers to Start EB-5 Financing
Jim Butler | August 22, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com 22 August 2016 Is there a serious risk that EB-5 will expire September 30, 2016? Anything is possible when Congress is in session, but none of the experts we talk to believe that the EB-5 program will be allowed to lapse. As discussed below, certain key provisions of the EB-5 program dealing with regional centers will "sunset" or expire on September 30, 2016. And, as part of the effort to extend the regional center program or make it permanent, there are some proposals to modify potentially significant aspects of the EB-5 program. No one s...
Houston, Texas Leads in Projects to Start Construction in the Next 12 Months
Lodging Econometrics | August 18, 2016
August 18, 2016 – PORTSMOUTH, NH – Houston has 170 Projects/20,083 Rooms in the Hotel Construction Pipeline according to Lodging Econometrics (LE). Of all markets, Houston has the most projects Scheduled to Start Construction in the Next 12 Months with 87 Projects/9,771 Rooms. Other project stage totals consist of 49 Projects/6,692 Rooms Under Construction and 34 Projects/3,620 Rooms in Early Planning. With 29 projects Scheduled to Start Construction in the Next 12 Months, InterContinental Hotels Group (IHG) has the most scheduled projects of all franchise companies in Houston. Marriott International and Hilton Worldwide are...
La Quinta Continues Strong Domestic and International Franchise Growth in Second Quarter 2016
La Quinta Holdings Inc. | August 17, 2016
Opened 11 new franchise hotels representing more than 1,100 rooms, including markets such as New York City, Sarasota, Florida and Cedar Rapids, Iowa Signed 26 new franchise agreements growing the development pipeline to 238 hotels, representing more than 21,500 rooms Geographically diverse pipeline includes 40 new Smith Travel Research market tracts IRVING, Texas (August 17, 2016) – La Quinta Holdings Inc. ("La Quinta" or the "Company") (NYSE: LQ) is pleased to announce that franchise interest in La Quinta continues to remain exceptionally strong both domestically and internationally. During the second quarter of 2016, La Qui...
LaQuinta Inns & Suites Partners with Snowball Express, Texas-Based Nonprofit Serving Children of America’s Fallen Military
Snowball Express | August 5, 2016
Grapevine, Texas, August 5, 2016 - Snowball Express, a Texas-based national non-profit which serves the children of America's fallen military heroes, today announced that La Quinta Inns & Suites, a leading owner, operator and franchisor of select-service hotels is pledging both financial and operational support for their 2016 National Program and gathering of families of America's fallen military heroes. La Quinta's President and CEO, Keith Cline presented Snowball Express with a check of $50,000. "La Quinta is privileged to partner with Snowball Express by joining them in their mission to provide hope and happy memories to the...
New York EB-5 Investment Immigration Convention
Jim Butler | July 18, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com More than 700 people are gathering the next two days in New York City for one of the largest EB-5 financing conferences in the country. We are proud to be a platinum sponsor of this program, and I am looking forward to my panel on how to finance hotel construction and development with EB-5. Hosted by EB-5 Investors Magazine, this event will be held July 17-18, 2016 at the Sheraton Hotel in Times Square. The first day is comprised of three tracks of workshops and Monday is a full day of panels on EB-5 topics of current interest. Dr. Arthur ...
American Hotel Income Properties REIT LP to Acquire Two Embassy Suites by Hilton Hotels for US$57.6 Million
American Hotel Income Properties Reit LP | July 13, 2016
VANCOUVER, BC—(July 13, 2016) - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN) (OTCQX: AHOTF) announced today that it has agreed to acquire the previously announced two Embassy Suites by Hilton hotels located in Dallas, Texas and Tempe, Arizona for an aggregate purchase price of approximately US$57.6 million, excluding approximately US$5.7 million in brand mandated property improvement plans ("PIPs") and customary and any negotiated closing and post-acquisition adjustments. The Embassy Suites hotels are being purchased at a weighted-average capitalization rate of approximately 8.3% on trailing ...
High Hotels Breaks Ground on the 135 All-Suite SpringHill Suites by Marriott Allentown/Bethlehem Hotel
High Hotels Ltd. | July 13, 2016
Ceremony Speakers (left to right) Rick Stoudt, President, High Construction company Laurel Rolle, Regional Director Operations, High Hotels Russ Urban, President, High Hotels Dave Mendis, Development Marriott International Stephanie Reese, VP Sales & Marketing, High Hotels Mike Shirk, CEO, the High Companies Charlie Dent, US Congressman (PA-15) Tony Iannelli, President & CEO Greater Lehigh Valley Chamber of Commerce Michael Stershic, President Discover Lehigh Valley Jason Space, Integrity Bank Offering spacious studio suites, the hotel is scheduled to open in the Stabler Corporate Center in late-summer 2017. LANCASTER, PA. (Jul...
U.S. Hotel Development Cost Survey 2015/16
Stacey E. Nadolny | July 12, 2016
By Stacey E. Nadolny This 2015/16 survey reports per-room hotel development costs based on data compiled by HVS from hotel projects proposed or under construction during the 2015 calendar year. Construction cost data for new projects was collected in 2015 in order to form the basis of the mean and median of the construction cost components. Data derived from published sources and industry indexes, as well as information obtained from architects, contractors, developers, lenders, and other professionals involved with hotel development projects, have been considered in this survey. The HVS Hotel Development Cost Survey sets forth ranges o...
Jekyll Island-State Park Authority RFP 326: Request for Proposals to Design, Construct and Operate a 100+/- Room Limited Service Hotel
June 30, 2016
The Jekyll Island State Park Authority (the "Authority" or "JIA") is seeking proposals from qualified and a highly experienced Hotel Developer to design, construct and operate a 100+/- room limited service hotel on a site in the Jekyll Island Beach Village. The new Jekyll Island Beach Village is the culmination of ten (10) years of island-wide revitalization. The Beach Village features retail shops, restaurants and lodging adjacent to pristine beaches and the Jekyll Island Convention Center. More information on Jekyll Island can be found at www.jekyllisland.com. To be considered, proposals must arrive at the offices of the Jekyll Island...
Hotel AG Hires Chelsea Wang to Open San Francisco Office
Hotel AG | June 23, 2016
ATLANTA, June 23, 2016 – Hotel AG announced today the firm has hired Chelsea Wang to open the Hotel AG San Francisco office. Chelsea Wang has extensive experience in the hospitality industry in the areas of hotel business development, management, and acquisition. Prior to joining Hotel Assets Group, Chelsea served as an In-House counsel for over six years providing services in hotel management, acquisition, leasing and contract negotiation. She has been a commercial real estate broker for five years specializing in franchised/independent hotel acquisition, new construction and foreign investment development. She has the expertise ...
Hotel Equities to Manage Residence Inn Miami Beach – Surfside, Owned by Hotel Development Partners
Hotel Development Partners | June 15, 2016
Atlanta, Georgia / Miami Beach/Surfside, Florida (June 15, 2016) – Atlanta-based Hotel Development Partners (HDP) announced the opening of the 175-suite Residence Inn by Marriott Miami Beach-Surfside in hotel will operate as a Marriott franchise, owned by HDP-TLD Partners LLC and managed by Hotel Equities (HE), a JV partner in the deal. "We are pleased to introduce this unique, lifestyle Residence Inn to the Surfside area," said Allen O'Brien, President of Hotel Development Partners. Leisure guests and families will love the beach access and local options for entertainment and fun. "The location works well for small meetings with ...
Why You May Need to Change Your “Competitive Set” Now; STR Adopts New Guidelines
Jim Butler | June 14, 2016
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Author of www.HotelLawBlog.com To maintain the confidentiality of hotel data, STR imposes certain restrictions on the hotels for which it will provide competitive set data. The Marriott-Starwood merger is shaking up the world of competitive sets with the result that many owners will need to revise the competitive sets specified in their hotel management agreements. As Bob Braun explains in the article below, considering the need to identify appropriate hotels for new competitive sets, and negotiation of amendments to hotel management agreements, it would probably be wis...
HVS Design and JN+A Release 2016 Hotel Cost Estimating Guide
Warren G Feldman | June 10, 2016
By Warren G Feldman HVS Design and Jonathan Nehmer + Associates (JN+A) are proud to announce the completion of the 2016 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations in the USA. ...
Aztec Group Arranges $14.2M Re-Financing for the Marriott Courtyard Hotel in Raleigh, North Carolina
Aztec Group Inc. | June 6, 2016
Miami, Florida -- Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm for the past 34 years, is pleased to announce that Managing Director, Boaz Ashbel, has arranged a $14.2 million refinance loan for the Courtyard by Marriott Hotel in Raleigh, North Carolina on behalf of Concord Hospitality Enterprises Company ("Concord"). The non-recourse loan was placed with a community bank and was very competitively priced. The hotel features 109 guestrooms, bistro, terrace lounge with fireplace, market, business center, meeting space, indoor climate-controlled pool, and fitness center. It is located with...
