pip
Ashford Hospitality Trust Converting Crowne Plaza La Concha Hotel to Marriott’s Autograph Collection
August 22, 2023
DALLAS, Aug. 22, 2023 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today announced that its Crowne Plaza La Concha Hotel in Key West, Florida (the "Hotel") is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to Autograph La Concha. Marriott's Autograph Collection Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment. The conversion of this iconic Key West hotel to an Autograph Collection property will occur upon the completion of a $35 million r...
Understanding PIP Requirements Can Make or Break a Hotel Investment
Lauren Cicero | December 10, 2021
By Lauren Cicero NORTHBROOK, IL - December 10, 2021 - Stay-in-place orders, travel restrictions, and cancellations intended to control the spread of COVID-19 caused a severe drop in hotel occupancy and revenue. Even the best marketing has not prevented the most enticing hotels from becoming victims of the pandemic. Famed names like the Renaissance Grand & Suites Hotel in St. Louis, the iconic Fairmont Hotel in San Jose, Washington, D.C.’s century-old Marriott Wardman Park, and The Blakely New York have all fallen into bankruptcy. More hotel bankruptcies may be on the horizon as lenders lose patience with defaulting property...
Six Warning Signs Your Hotel Is Overdue for a Renovation
Cicero's Development Corporation | December 2, 2019
PLAINFIELD, IL, DECEMBER 2, 2019 -- Perhaps you've been there before: After checking into a hotel, you head to your room and open the door only to find yourself in a decor best described as Early American Garage Sale. Carpets are dirty and frayed. Wallpaper looks dingy. The bathroom has mold. You vow never to return. It can happen to the best hotel. Hotels that enjoy higher occupancy experience greater use of their guestrooms, translating into more wear and tear. The environment also plays a role. For instance, resorts near the beach will be adversely impacted by sand, saltwater, and the sea air that can destroy carpeting, rust metal fu...
The Current Impact of Brand PIP Requirements on Hotel Sales
Eric Guerrero | November 22, 2019
By Eric Guerrero The most consistent issue HVS Brokerage & Advisory has encountered during transactions is whether a group is budgeting sufficient capital for prospective asset acquisitions that require PIP renovations. An incorrect estimate means buyer groups must increase their capitalizations or request a price reduction on a dollar-for-dollar basis relative to their cost increases. This ultimately changes many metrics late in acquisition processes and lowers IRRs because any extra capital is drawn entirely from equity and not a blend of equity and debt. Recent observations are detailed below. The lesson is that accurate PIP estimat...
The Dark Side of Hotel Brand PIPs
Thomas Magnuson | August 25, 2016
By Thomas Magnuson, Co-Founder & CEO Magnuson Hotels It is claimed that PIPs (property improvement plans) exist to ensure all franchisees are brand compliant and to drive customer satisfaction. However, it appears big brands such as Choice, Holiday Inn, Wyndham and BEST WESTERN, often use them to push hoteliers out of a market to benefit corporate expansion strategies. So are PIPs really in the best interests of franchisees? Refreshing a Brand Brand refreshes, defined by Property Improvement Plans (PIPs), are initiatives that many major chains have undertaken in recent years and by default, are an essential part of branded hotel own...