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
Spirides Provides $14 Million Construction Financing for Major League Baseball Player Hotel in Dunedin, FL
Spirides Hotel Finance Company | November 22, 2022
TAMPA, FL—Spirides Hotel Finance Company has successfully provided, and the borrower has officially closed $14 million in construction-to-permanent mortgage financing from a Midwest U.S. headquartered bank to finance the development of a lodging facility in Dunedin, Florida for players of the Toronto Blue Jays Baseball Club, a Major League Baseball franchisee. Florida is well known for its multiple professional baseball Spring training facilities. After building in Dunedin their “second home,” a 65-acre, $100 million Player Development Complex training facility that includes a 115,000 square-foot multipurpose building, the Toronto B...
Paramount Lodging Advisors Successfully Transacts Hotel Felix Downtown Chicago NPL
Paramount Lodging Advisors | November 17, 2022
Paramount Lodging Advisors (PLA) has completed the sale of the Hotel Felix Downtown Chicago NPL. The PLA team representing seller was led by Bennett Webster, Brent Clemens, Mike Schlictman, and Andrew Makhlouf. The sale allowed the lender to unwind their existing interest on the $47MM non-performing loan. “Contrary to recent headlines, Chicago is open for business, and we believe remains grossly undervalued. Our team is bullish on the ongoing recovery for the city and underlying demand,” stated Schlictman. Makhlouf added, “We were very pleased with the market turnout for the auction and to have successfully monetized this po...
With Deal Leverage Shifting to Buyers and Financial Sources, All Eyes are On Hospitality Prognosis for 2023
Keith Worsham | November 15, 2022
By Keith Worsham In this article we take a look at the shifting landscape of hospitality industry transactions as post-pandemic travel trends begin to reveal themselves and operators grapple with the ramifications of more than two years of RevPAR setbacks. A Post-Pandemic Comeback... Of Sorts Prospects for the hotel industry going into 2023 fall somewhere between somewhat rosy and risky. The hospitality industry gathered in mid-August at the 14th Annual Hotel Data Conference in Nashville, Tennessee to discuss the near-term outlook, and as the editors of Hotel News Now (HNN) shared, “Speakers…acknowledged that the industry still is...
Q3 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | November 9, 2022
By Daniel Lesser Economists, politicians, and business leaders are split on whether the U.S. economy is heading for a recession, is already in one, or will merely experience a slowdown. With continued supply chain disruptions, geopolitical conflicts (most notably the war in Ukraine), and the Fed’s determination to continue increasing the federal funds interest rate, there is tremendous uncertainty around inflation and where the economy is heading. Mixed signals abound, however U.S. gross domestic product (GDP) increased for the first time this year in the third quarter, expanding at a higher-than-expected 2.6 percent annually. Unemployme...
Avison Young Announces Recent Hotel Closings
Avison Young | November 3, 2022
ATLANTA – November 3, 2022 – Avison Young Hospitality Group announced that over the last two weeks the firm has closed several hotel transactions listed below. Brad Sinclair and Michael Bernath closed the sale on the 106-room Home2 Suites in York PA Brad Sinclair and Michael Bernath closed the sale on the 100-room Hampton Inn & Suites in York PA Mike George and Rick George closed the sale on the 120-room Holiday Inn Cary North Carolina Rick George and Mike George closed the sale on a Hampton Inn in central Illinois Chris Martin closed the sale on the 100-room Comfort Inn & Suites in Tallahassee Florida The team c...
Global Hotel Investment on the Rise With Nearly 80% of Investors Revealing Plans to Buy in 2022
JLL | September 22, 2022
CHICAGO, September 22, 2022 – JLL’s Hotels & Hospitality Group has released their latest Global Hotel Investor Sentiment Survey, which reveals nearly 80% of investors plan to be net buyers in 2022. JLL surveyed global hotel investors to understand their evolving investment appetite, expectations around the industry’s recovery timeline and industry outlook. Hotel investors expressed a strengthened appetite as fundamentals continue to recover with 20% of investors indicating they will deploy between $501 million to $1 billion+ worth of capital into the hospitality sector, up from 7% of investors in 2021 and 16% in 2020. This is ...
The Mogharebi Group Brokers Sale of 44-Key Hotel Next to Disneyland in Anaheim, CA
The Mogharebi Group | September 22, 2022
COSTA MESA, CA (September 22, 2022) — The Mogharebi Group (TMG), on behalf of a local investor, has brokered the $8.6 million sale of a 44-key Days Inn by Wyndham hotel adjacent to Disneyland in Anaheim, CA. The hotel is located at 1030 W. Ball Road at the northwest corner of Disneyland Drive, walking distance to the famed theme park and Downtown Disney. Days Inn by Wyndham features spacious guest rooms, including king-bed, two-queen bed, and three-queen bed configurations. The guest amenities include free breakfast and Wi-Fi, onsite parking, a 24-hour reception desk, and coin-operated laundry rooms. Having not been renovated since it was...
GHG Partner David Sudeck Recognized as a Real Estate/Construction Law Trailblazer by National Law Journal
Jim Butler | September 12, 2022
By Jim Butler Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that Real Estate Partner David Sudeck has been recognized in the National Law Journal’s 2022 list of Real Estate/Construction Law Trailblazers. This list honors legal professionals who have made significant marks on the practice, policy and technological advancements in their sector. “David’s legal expertise and excellent client service have been essential to the success of the Global Hospitality Group and to the Firm as a whole,” said Jim Butler. “We are pleased that he has received this recognition as a Trailblazer.” Sudeck i...
Paramount Lodging Advisors Successfully Transacts in Lubbock TX With the Sale of the La Quinta Inn & Suites
Paramount Lodging Advisors | August 29, 2022
Lubbock, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of the La Quinta Inn & Suites located in in the northwest submarket of Lubbock, TX. Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid represented the owner in the transaction. The 109-room hotel, built in 2009, was renovated in 2019 and was marketed as a turn-key operation. The hotel was purchased by Diya Lubbock Hotels LLC, based in Mesquite, TX. “The Lubbock hotel market is attractive based on the strength of the core demand generated by Texas Tech University, Covenant Health and project-based business from alternative energy ...
Q1 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | April 20, 2022
By Daniel Lesser As the world was emerging from a once in century pandemic, global and national events during the first three months of 2022 have resulted in a transformative quarter unlike any for nearly 80 years. During the nuclear superpower age, the notion of an unprovoked brutal attack and invasion of a sovereign state was the stuff of fiction. "Never again" is a phrase associated with the Holocaust, the genocide of European Jews during World War II. Unfortunately, the phrase is merely two words as history is currently repeating itself in Eastern Europe. As of the end of Q1 2022, skyrocketing energy and food costs have greatly ...
Paramount Lodging Advisors Successfully Transacts in Houston With the Sale of the Four Points by Sheraton Hobby Airport
Paramount Lodging Advisors | April 6, 2022
Houston, TX - Paramount Lodging Advisors (PLA) has successfully executed the sale of the Four Points by Sheraton Hobby Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid along with Sr. Managing Directors Brent Clemens and Bennett Webster represented the special servicer in the transaction. The 79-key, 2011 built hotel is ideally located near Hobby Airport. The buyer has increased the number of hotels owned in the submarket and is looking to capitalize on economies of scale as the Hobby submarket continues to recover after airline travel was disrupted with the onset of COVID-19. “With viru...
Paramount Lodging Advisors Successfully Sells the Wyndham Garden Inn Oklahoma City Airport
Paramount Lodging Advisors | April 5, 2022
Oklahoma City, OK – Paramount Lodging Advisors (PLA) successfully transacted on the Wyndham Garden Oklahoma City Airport. Austin, TX-based Sr. Managing Director Kami Burnette and Sr. Associate Mason McDavid as well as Managing Director Rob Willard represented the seller. The 244-room hotel is optimally located approximately four miles north of Will Rogers World Airport in Oklahoma City. The new buyer is looking forward to ramping property performance after renovating the 1984-built hotel and as airline and corporate business return to pre-pandemic levels in the MSA. “The Oklahoma City hotels were negatively impacted by COVID-19 and ...
New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
The transit-oriented development will bring first institutional-quality hotel to the area Woodland Hills, CA (October 19, 2021) -- CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District. The transit-oriented development at 639 S. La Brea, which takes up nearly half a city block along the west side of La Brea, is immediately adjacent to Metro’s Wilshire/La Brea subway station now under construction. The eight-story development is the result of nearly...
Avison Young Hospitality Group – Red Roof Inns
Avison Young | August 23, 2021
ATLANTA – August 23, 2021 – Avison Young announced today it has successfully closed the sale of 32 Red Roof Inns over the last 19 months. The hotels were located in most of all US regions and ranged in room counts, size and demand generators. The broker leading in these transactions was Wendy Blissett, Principal with Avison Young. Keith Thompson said, “These closings represent a continued investment trend into limited-service hotel product which has outperformed most all other hospitality segments.”...
Avison Young Hospitality Group Closes Marriott Sales
Avison Young | August 18, 2021
ATLANTA – August 18, 2021 – Avison Young announced today it has successfully closed the sale on four Marriott Courtyards and five Springhill Suites. The properties were located from the pacific northwest, Midwest, and eastern seaboard states. The brokers involved in the closings were Brad Sinclair, Andy Broad and Michael Bernath. Keith Thompson said, "These closings represent a continued investment trend into hospitality and the hotels ranged from cash flowing assets to closed hotels all with large required pips. Most importantly they were all priced on 2019 performance levels."...
Paramount Lodging Advisors Successfully Transacts Godfrey Tampa
Paramount Lodging Advisors | August 17, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Godfrey Hotel & Cabanas Tampa. The PLA team representing the seller was led by Bennett Webster, Brent Clemens, and Brian Guernier. The sale allowed the lender to unwind their existing interest on the $45MM non-performing loan. “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound. We believe Florida will remain at the forefront of the recovery,” stated Bennett Webster The sales add to Paramount Lodging Advisors’ continued and unprecedented success over the cou...
Paramount Lodging Advisors Successfully Transacts in Texas, Louisiana, Oklahoma With Seven-Asset Portfolio Sale
Paramount Lodging Advisors | August 12, 2021
Paramount Lodging Advisors (PLA) has successfully executed the sale of the Courtyard Houma LA, Staybridge Suites Laredo TX, Holiday Inn Express & Suites Cotulla TX, Fairfield Inn & Suites San Angelo TX, Staybridge Suites San Angelo TX, Springhill Suites Ardmore OK and Hampton Inn Denton TX via online auctions. The hotels were part of a larger portfolio. The PLA team representing the seller was led by Kami Burnette, Brent Clemens, and Bennett Webster “Despite the ongoing national and regional challenges in the current market, our team remains very bullish on the longer-term industry rebound and we believe Texas will remain at...
U.S. CMBS Delinquencies Tumble in July With Strong Hotel Resolutions
Fitch Ratings | August 6, 2021
Fitch Ratings-New York-06 August 2021: Fitch Ratings’ U.S. CMBS delinquency rate fell 22 bps to 3.59% in July from 3.81% in June, due to more loan resolutions, fewer new delinquencies and strong new issuance. Resolution volume was strong, totaling $1.7 billion in July, up from $1.6 billion in June. Most resolutions were hotel ($958 million) and retail ($524 million) loans. Borrowers continue to bring loans current as property cash flows improve, although some are still receiving debt relief. New delinquencies were $853 million in July, down from $1.0 billion in June. The roll rate of 30 to 60 days delinquent was 35% from June to July,...
Avison Young 2021 Transactions
Avison Young | July 27, 2021
ATLANTA – July 28, 2021 – Avison Young Hospitality Group announced that the firm closed its 50th hotel transaction for 2021. Of the 50 closings, 29 were Hilton and or Marriott branded assets and the remaining transactions were among other brand families. Geographically, the hotels were located from the Pacific Northwest, California, across the Midwest and along Eastern seaboard states ending with Connecticut Keith Thompson said, “The closings represent broad segment diversity from upper upscale, midscale to economy and even a couple of independent hotels. It was good to see corporate-driven hotels transacting at a more brisk pace tha...
Paramount Lodging Advisors Arranges the Sale of the Holiday Inn La Mesa San Diego, California
Paramount Lodging Advisors | July 14, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of Holiday Inn La Mesa San Diego to Greens Group based in Irvine CA. The hotel is located at 8000 Parkway Dr, La Mesa, CA, proximate to a diverse base of demand generators that included San Diego State University, Sharp Grossmont Hospital, Regen BioPharma, Zander Therapeutics, Grossmont Center for Clinical Research, and Kaiser Permanente. The two-story, 141-room, Holiday Inn hotel will undergo a multi-million-dollar renovation to be repositioned as a Holiday Inn Express. The PLA team members Senior Managing Director, Scott Griemsmann and Senior Associate, Subu Thiagarajan ...
DiamondRock Hospitality Company Completes Disposition of 725-Room Lexington Hotel in New York City
DiamondRock Hospitality Company | July 6, 2021
BETHESDA, Md., July 6, 2021 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announced today that it completed the disposition of the 725-room Lexington Hotel in New York City on June 30, 2021 for $185.3 million. Including the Company's projected capital expenditures, the sale price represents a 14.2x multiple on 2019 Hotel EBITDA and a 5.4% capitalization rate on 2019 Hotel net operating income. The Company intends to redeploy the net proceeds from the sale to acquire high-growth experiential resort and urban lifestyle hotels aligned with its investment strategy. "We are pleased to announce the closing of this trans...
Park Hotels & Resorts Completes Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard
Park Hotels & Resorts | July 1, 2021
TYSONS, Va., July 1, 2021 -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt curre...
Paramount Lodging Advisors Successfully Transacts Las Vegas Hotel
Paramount Lodging Advisors | June 29, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the property at located at 1440 E Craig Rd, North Las Vegas was represented by Associate, Suzanna Farley Aldrich. “The My Place Hotel Franchise added a new franchisee to its family with the sale of the North Las Vegas My Place Hotel. Congratulations to both the seller and the buyer! This property is a great addition to the buyers’ growing portfolio and allows the franchise to continue its impressive growth even in this challenging market,” stated Suzanna. The four-story, 63-room, MyPlace Hotel opened in 2018 in one of Nevada’s fastest-growing cities. The Hotel i...
Could REIT M&A Be on Track for a Record Year?
JLL | June 23, 2021
CHICAGO – June 23, 2021 – REIT M&A activity has totaled $70 billion year-to-date, putting it on track to be a record-breaking year as companies emerge from the COVID-19 pandemic. JLL Capital Markets’ M&A and Corporate Advisory group’s latest M&A and Strategic Transactions Monitor report shows how the positive themes in the public capital markets space are contributing to this M&A surge. “The record in this economic cycle was set in 2006 when REIT M&A volume reached $103 billion for the year,” said Steve Hentschel, head of JLL M&A and Corporate Advisory. “REITs have enjoyed a strong run ...
