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
Paramount Lodging Advisors Brings In The New Year With Radisson Indianapolis Airport Sale
Paramount Lodging Advisors | January 11, 2016
INDIANAPOLIS, IN—Paramount Lodging Advisors ("PLA") is pleased to announce the sale of the Radisson Hotel Indianapolis Airport. Brent Clemens and Bennett Webster, Managing Directors acted as agents for PLA who exclusively represented the seller on the 257-room, full service airport hotel and conference center. PLA's Chairman Daniel Beider noted, "We are excited to have achieved all parties' objectives on a transaction with multiple layers of complexity, comprised of a lender-owned leasehold hotel business with a municipal corporation as the Lessor." "The deal marks Paramount's fourth brokerage hotel transaction in the Indiana...
Demand for Hotel Acquisitions Across Europe Prompts Early Exit by Investors, Says HVS
HVS | January 7, 2016
7 January 2016, London: Strong demand for hotel acquisitions prompting private equity investors to sell their assets ahead of the usual investment time-frame, continued consolidation amongst the branded hotel chains, and the impact of recent terrorist activities are the key issues facing the European hotel sector into 2016, according to global hotel consultancy HVS. Looking ahead, HVS London chairman Russell Kett expects demand for hotel acquisitions in Europe to continue as investors, particularly those in the US and Asia, continue to diversify their investments globally. "Some have already shown their desire to sell the hotels they ha...
Update on Phased Renovation of Carillon Miami Beach & Other Hotel Construction Projects
Construct-A-Lead | January 5, 2016
Hotel-Online and Construct-A-Lead reported today that there have been 259 new hotel construction leads added to the Construct-A-Lead hotel project database during December, 2015. Interested parties are invited to visit construct-a-lead.com and enter promo code hotelonline for a reduced rate available only to Hotel Online subscribers following a free trial that provides you up to five reports to view over three days. Businesses will have ample opportunities to provide construction bids and other services relative to these projects. Users are encouraged to view and track projects, examples of which are listed below. Reference the Project ...
EB-5 Immigrant Visa Program Extension Signed Into Law — Without Any Changes
Jim Butler | December 22, 2015
EB-5 financing continues for new development projects. By Jim Butler and the Global Hospitality Group® December 2015 Hotel lawyer with great news for developers: the EB-5 immigrant visa financing program has been renewed — approved by Congress and signed by the President. It is being continued without change through September 30, 2016. A funny thing happened on the way to the 2016 Federal budget approval last week. One of the "riders" to the omnibus appropriations bill was the EB-5 legislation sponsored by Senators Leahy and Grassley. For months preceding the scheduled Congressional action, many stakeholders in the EB-5 indust...
‘Winter Wonders’ Announced at the Hilton Chicago/Oak Brook Hills Resort
Grimaldi Public Relations | December 15, 2015
Chicago Resort Offers Exciting Activities this Winter, including a 150-acre Audubon certified Wonderland for Guests and Pets to Explore Together! Oakbrook, IL (December 15, 2015) – The Hilton Chicago/Oak Brook Hills Resort & Conference Center is going above and beyond in an effort to become a top Midwest destination for leisure and business travel this winter. The multi-faceted suburban retreat that sits on 150-acres of Audubon certified sanctuary has announced 'Winter Wonders' – a variety of new seasonally-themed offerings. The items include indoor and outdoor activities, ideal for couples and families looking to getaw...
U.S. Hotel Construction Pipeline Posts Nine Straight Quarters of YOY Growth
Lodging Econometrics | December 11, 2015
Dec. 11, 2015 - PORTSMOUTH, NH - Lodging Econometrics reports that the U.S. Hotel Construction Pipeline has posted nine straight quarters of Year-Over-Year (YOY) growth and recorded increases of at least 10% YOY for the last five quarters. The Construction Pipeline is now at 4,055 Projects/503,935 Rooms, up 15% YOY by projects and 14% by rooms compared to a year ago. ...
La Quinta Inns & Suites Continues Urban Expansion with Hotel Opening in Chicago
La Quinta | December 10, 2015
Located Near World Class Attractions Including the Planned Obama Presidential Library, La Quinta Brings Guest Comfort and Service to Chicago's South Side Chicago, IL, December 10, 2015 – La Quinta Inns & Suites announced the opening of the new La Quinta Inn & Suites™ – Chicago – Lake Shore, located at 4900A S. Lake Shore Drive. Located in Chicago's prestigious Hyde Park neighborhood, the 114-room hotel is within a few minutes of the University of Chicago, Chicago's famed Museum of Science and Industry, and the Barack Obama Presidential Library that is scheduled to open in 2020 or 2021. Whether traveling f...
Outlook 2016: New Rules for Developers Raising Inexpensive Capital with EB-5 Financing for Hotels
Jim Butler | December 9, 2015
By Jim Butler and the Global Hospitality Group® December 2015 Hotel Lawyer preview of the new EB-5 financing rules. Although minor tweaks and adjustments continue to be made to legislation in the final hours before Congress votes, it looks like we have a pretty good idea of what the new rules will be for EB-5 financing. Top takeaways for developers are: The EB-5 regional center program will be extended for 5 years Developers will be able to raise 60% more EB-5 capital on the same number of jobs Minimum investment will be raised to $800,000 (not expected to deter investors) TEAs will be forced into a "modified California model" ...
La Quinta Inns & Suites Announces the Opening of 2nd New Prototype Design Located in Cedar City, UT
La Quinta | December 8, 2015
New Prototype's Design and Efficiencies are Embraced by the Franchise Community IRVING, Texas, Dec. 8, 2015 – La Quinta Holdings Inc. (NYSE: LQ) ("La Quinta"), owner, operator and franchisor of La Quinta Inn & Suites™ and La Quinta Inn™, announced the opening of the second Del Sol prototype built in Cedar City, Utah. The four-story, 89-room La Quinta Inn & Suites is located at 1377 South Main Street and owned and operated by Leisure Hospitality LLC. The new prototype was inspired by extensive guest experience research as part of La Quinta's strategy to innovate for the benefit of their guests and hotel owners....
The Marriott-Starwood Merger’s Impact on Owners, Franchisees and Developers
Robert E. Braun | November 25, 2015
By Jim Butler and the Global Hospitality Group® | Authors of www.HotelLawBlog.com November 2015 As the biggest merger in the history of the hospitality industry, the Marriott-Starwood merger, is grabbing headlines worldwide. Most of the recent press has focused on the sheer size of the potential transaction. But in his article below, my partner and hotel lawyer Bob Braun, considers the practical impact of the merger on hotel owners, franchisees and developers. With the loss of the Starwood family of brands as an independent and significant competitive force in the industry, the merger will bring mixed blessings to stakeholders. The ...
La Quinta Holdings Inc. Appoints Interstate CEO Jim Abrahamson To Board Of Directors
La Quinta Holdings Inc. | November 13, 2015
IRVING, Texas, Nov. 13, 2015 -- La Quinta Holdings Inc. ("La Quinta" or the "Company") (NYSE: LQ) today announced the appointment of Jim Abrahamson, Chief Executive Officer of Interstate Hotels and Resorts, to its Board of Directors, effective November 12, 2015. "Jim is an excellent addition to our Board of Directors," said Keith A. Cline, Interim President & Chief Executive Officer of La Quinta. "He brings a wide variety of directly relevant experience related to hospitality, hotel management and franchise development. Jim's advice and guidance will be extremely constructive and immediately he...
La Quinta Inn & Suites Hotel Opens in Chattanooga
La Quinta | November 13, 2015
Chattanooga, TN, November 13, 2015 – To serve the growing number of visitors traveling to the Chattanooga area, La Quinta Inns & Suites announces the opening of the new La Quinta Inn & Suites™ – Chattanooga - East Ridge located at 6650 Ringgold Rd. Whether traveling for business or leisure, this new three-story hotel offers guests a refreshing and engaging experience providing 71 beautifully appointed guest rooms, an onsite business and fitness center, meeting facilities and an outdoor swimming pool. Complimentary Bright Side Breakfast® is served each morning and high-speed Internet access is always free at...
Massport Issues RFQ for the Summer Street Development Project in the Seaport District of Boston, MA
Massport | November 12, 2015
Massachusetts Port Authority (Massport) seeks to qualify developers with exceptional experience and capability to develop a signature mixed-use commercial development project on a Massport-owned parcel in the South Boston Waterfront District. The Summer Street Development Project, located on Summer Street in Boston's vibrant Seaport District, must include a hotel of 250 rooms or more, street‐level retail opportunities, and a mixed-use development program which fully maximizes the development potential of the site at an appropriate development density. In addition to the required hotel, Massport seeks other complementary, non-hotel use...
The Next Battle in Corporate Real Estate’s War for Talent: Data Scientists
JLL | October 21, 2015
Corporate real estate is increasingly data-driven but analytics expertise is in short supply Chicago, Oct. 21, 2015 – The war for technology talent isn't just a problem for tech firms. The shortage of real estate and workplace-focused data scientists is becoming a major concern for corporate real estate (CRE) departments, according to JLL research. And CRE departments are not just competing with each other they are facing competition with the tech industry and start-ups, competitors, service providers and other departments inside their own companies. In the last five years, corporate real estate leaders have become fierce competit...
EB-5 Regional Center Program is Extended, Senate Bill Proposes Making Program Permanent
Jim Butler | October 5, 2015
By Jim Butler and the Global Hospitality Group® 05 October 2015 We are pleased that the Continuing Resolution passed by Congress includes a temporary extension of the EB-5 Regional Center Program. This extension allows the program to continue generating foreign direct investment and creating U.S. jobs through December 11, 2015. In addition to extending the current program to December 11, this will also provide additional time for Congress to consider a long-term reauthorization bill that would include reform measures to strengthen federal oversight and the integrity of the program. Members of Congress from both parties and both the ...
European Hotel Transactions up 58% Year-on-Year, Says HVS
HVS | September 30, 2015
30 September 2015, London: Transactions in the European hotel sector have seen a big increase with volume reaching €12bn in the year to date, according to Charles Human, HVS managing director, speaking yesterday [29 September 2015] at the Hotel Investment Conference Europe at London's Jumeirah Carlton Tower. Introducing a session on private equity, Human painted a positive outlook of today's hotel investment sector, outlining the fact there had been a 58% year-on-year volume increase. The UK, he said, had seen the biggest number of deals, with €6.8bn-worth, representing 55% of total European volume. Some €5.2bn had been p...
Construction Begins on New La Quinta Inn & Suites Coming to Morgan Hill, CA
La Quinta Holdings Inc. | September 24, 2015
StonePark Capital Deepens its Commitment to La Quinta with Plans for a Second Hotel IRVING, Texas (September 24, 2015) – La Quinta Inns & Suites announces that StonePark Capital ("StonePark") – whose Principal, Andrew Firestone, is a former star of ABC's "The Bachelor" and great-grandson of tire pioneer Harvey Firestone, broke ground on a 104-room La Quinta Inn & Suites in Morgan Hill, California. StonePark is one of the many franchise partners who have committed to building La Quinta's popular Del Sol prototype, which has been designed to maximize revenue-per-square foot while maintaining a competitive cost-per-key...
Hot Topics for Restaurants: EB-5 and Crowdfunding Investment, Licensing, and Gift Card Programs
Jim Butler | September 23, 2015
By Jim Butler and the Global Hospitality Group® Author of www.HotelLawBlog.com September 2015 The Global Hospitality Group® is best known for its expertise in connection with hotels and resorts. We also have an active restaurant practice, and like a hotel, a restaurant is an operating business integrally intertwined with special purpose real estate. We frequently advise restaurant owners and operators on labor and employment, ADA, management, and finance and licensing issues, and we have a particular expertise relating to celebrity chef deals. Senior Global Hospitality Group® member David Sudeck recently participated in a ro...
La Quinta Holdings Enters Definitive Agreement to Sell 24 Owned Hotels
La Quinta Holdings Inc. | September 8, 2015
IRVING, Texas, Sept. 8, 2015 -- La Quinta Holdings Inc. ("La Quinta" or the "Company") (NYSE: LQ) today announced that it has signed a definitive purchase and sale agreement to sell 24 owned hotels. This portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La Quinta system. The sale price for these assets represents an attractive EBITDA multiple and the Company expects to close the sale prior to the end of 2015, subject to customary closing provisions, providing additional balance sheet flexibility at that time. As a result of this transaction, the Company expects to re...
Blocking FCC-Approved Wi-Fi Hotspots is “Patently Illegal” – What You Need to Know
Jim Butler | September 4, 2015
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 04 September 2015 Blocking Wi-Fi connections is "patently unlawful" On August 18, 2015, the FCC announced a $750,000 civil penalty and formal Consent Decree with Smart City Holdings for blocking consumers' personal Wi-Fi access at various convention centers, meeting centers and hotels around the United States. Smart City is an internet and telecommunications provider for such facilities, and had been blocking personal mobile "hotspots" being used by convention and meeting attendees. Apparently referring to the $80 daily fee charged by S...
What Every Hotel Owner (& Operator) Needs to Know About “Data Security” After Wyndham Worldwide Case
Bob Braun | September 2, 2015
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com Massive data breaches affect hotels and their legal responsibilities. As unauthorized hacking of confidential data explodes in volume and seriousness, minimum expected standards are evolving that hoteliers and others must follow. Interestingly, the latest guidelines are provided in an August 24, 2015 appellate court decision involving Wyndham Worldwide as if to emphasize that these rules (really) apply to the hotel industry. How did this case arise? What are some basic steps that everyone with confidential data is expected to take? What h...
Hotel AG Announces Recent Closings
Hotel AG | September 1, 2015
ATLANTA – September 1, 2015 – Hotel AG announced today the firm's recent sales transactions. Hotel AG has been involved in 225 hotel sale transactions since January 2013 totaling $2.3 billion in market value. Over that period, the firm has averaged closing 1 hotel transaction every 4 days. Recently, the firm closed a large portfolio transaction in the Midwest, a pure Marriott portfolio in Florida along with a double handful of single asset transactions across the country. All of these transactions were sold on behalf of institutional clients. Currently, the firm has 196 hotels on the market of which $402 million of market value is p...
Technology Due Diligence Tips for Hotel Acquisitions
David M. Scolnic | August 24, 2015
By David M. Scolnic Hotel acquisitions are hot, with many hotels achieving double-digit offers within days after being put on the market. If you are lucky enough to be the winning bidder, you are probably pretty excited and not a little daunted. Did you pay too much? You probably don't have time to think too long about that: in this market, you will have 30 to 45 days for due diligence to make sure that not only is the hotel worth what you are paying but also that once the hotel is yours, you can have it running seamlessly despite the change of ownership. Of course, you will have a team of people pour over the books, investigate the phy...
Hotel Development Partners & Ares Management Acquire Three Hotels in Charleston, S.C.
Hotel Development Partners | August 11, 2015
Transaction Brings Total Hotels Jointly Owned by HDP & Ares to 10 August 11, 2015 - ATLANTA & LOS ANGELES - Hotel Development Partners (HDP) and funds managed by the real estate group of Ares Management, L.P. (NYSE:ARES) recently announced the purchase of three select service hotels with a total of 248 rooms in North Charleston, South Carolina. The well-positioned hotels include two carrying the Marriott brand—the Residence Inn by Marriott Charleston North/Ashley Phosphate and the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate—as well as a third that is part of the Choice Hotels portfolio of brands...
