finance and development
Sonnenblick-Eichner Company Arranges $50,000,000 of Construction Financing for the Lionsback Resort, Moab, Utah
Sonnenblick-Eichner Company | February 7, 2023
Beverly Hills, CA – February 7, 2023 – Sonnenblick-Eichner Company has arranged $50 million of construction financing for Phase I of the Lionsback Resort in Moab, Utah, a 175-acre development located adjacent to internationally renowned Canyonlands and Arches National Park in eastern Utah. Proceeds from this fixed rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, at build-out, the $350 million development will include 188 single-...
Benchmark Pyramid to Acquire Portland-Based Provenance Hotels
Benchmark Pyramid | April 18, 2022
BOSTON, THE WOODLANDS, TX and PORTLAND, OR – April 18, 2022 – Benchmark Pyramid and Provenance Hotels (Provenance) today announced the signing of a definitive agreement under which Benchmark Pyramid will acquire Portland, Oregon-based Provenance, adding 12 unique hotels to Benchmark Pyramid’s portfolio of more than 240 properties across the U.S., Europe and the Caribbean. Terms of the transaction were not disclosed. “We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, Benchmark Pyramid’s chief executive officer. “The decades of highly s...
The Americas and Asia Pacific Regions Show Increased Hotel Pipeline Activity
STR | April 14, 2022
LONDON — April 14, 2022 — Two of the four world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the first quarter, according to March 2022 data from STR. March 2022 (% changes in comparison with March 2021) Europe In Construction: 226,597 rooms (-12.2%) Final Planning: 158,057 rooms (-12.7%) Planning: 164,690 rooms (+5.8%) Total Under Contract: 549,344 (-7.7%) Germany (42,712) and the U.K. (31,796) lead Europe in total rooms in construction. Asia Pacific In Construction: 482,689 rooms (+4.3%) Final Planning: 147,854 roo...
Deal Activity in Travel and Tourism Sector Improved by 1.8% in Q1 2022 Compared to Q1 2021
GlobalData | April 13, 2022
A total of 289 deals* were announced in the global travel and tourism sector during Q1 2022, according to GlobalData, a leading data and analytics company. An analysis of the company’s Financial Deals Database reveals that this is a growth of 1.8% compared to the 284 deals that were announced in Q1 2021. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This growth was driven by improvement in some of the key markets. Meanwhile, several other key markets experienced subdued activity due to prevailing market volatility and uncertainty.” While markets such as the US, the UK, Japan, India, Germany and Spain witnessed improvem...
Grand Orlando Resort at Celebration Under New Ownership, Management; Announces $35 Million Renovation
Tishman Hotel Corporation | April 13, 2022
CELEBRATION, FL – April 13, 2022 – The Grand Orlando Resort at Celebration is under new ownership and management. The 718-room property, located just 1.5 miles from Walt Disney World, was recently purchased by Tishman Hotel Corporation. StepStone Hospitality has been named the management company and will oversee the property. The resort is currently undergoing a $35 million renovation, which includes guest rooms and suites, outdoor pool areas, a restaurant and on-site conference center, with completion expected in early 2023. The room renovation construction is contained to one of the hotel’s six towers at a time, to avoid interruption...
The Siegel Group Completes Sale of Four Extended-Stay Properties for $184.5M
The Siegel Group | April 11, 2022
LAS VEGAS - April 11, 2022 - The Siegel Group, a real estate investment and management company, announced today that it had sold four extended-stay properties in an off-market transaction for $184.50 million at a blended per unit cost of approximately $167,400. Each property was operated under the company’s successful Siegel Suites® brand of flexible-stay communities which has locations throughout the United States. These assets were sold unencumbered of the Siegel Suites brand. The properties sold included two assets in the Las Vegas market totaling approximately 400 units and another two locations in the Phoenix market totaling just...
Blue Sky Hospitality Solutions Completes Multimillion-Dollar Conversion Project of The DoubleTree by Hilton Front Royal Blue Ridge Shadows & Golf
Blue Sky Hospitality Solutions | April 7, 2022
FRONT ROYAL, VA — April 7, 2022 — Blue Sky Hospitality Solutions (BSHS) Management Company, one of the leading and fastest-growing operators in the United States, today announced the completion of phase one of the multimillion-dollar conversion of the Holiday Inn Front Royal to the DoubleTree by Hilton Front Royal Blue Ridge Shadows & Golf Course in Front Royal, Va. The 124 rooms and suites hotel was completely refreshed with a new lobby, front desk and lobby level and guest room corridors. Additionally, all guest rooms were outfitted with digital key locks and received new mattresses and SMART TVs. The hotel is owned by Navika ...
Sonnenblick-Eichner Company Arranges $30,000,000 of First Mortgage Financing for The Inn at the Pier, Pismo Beach, California
Sonnenblick-Eichner Company | April 7, 2022
Beverly Hills, CA - April 7, 2022 - Sonnenblick-Eichner Company has arranged $30 million of long-term, fixed-rate financing for the Inn at the Pier, a 104-room, full-service, luxury boutique hotel located one-half block from the Pacific Ocean in Pismo Beach, CA. The non-recourse loan was funded by a Life Company and priced in the low 4 percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the Borrower. The Inn at the Pier features a full-service restaurant, pool and spa, and the only roof-top bar in Pismo Beach. Other amenities include 1,200 square feet of meeti...
