the plasencia group
The Lost Hotels Of Midtown New York
Dexter Wood | January 12, 2023
By Dexter Wood Several legendary properties remain closed in Midtown New York, and most will never reopen. Luxury hotel demand staged a respectable resurgence last year as the dreadful impact of the pandemic continued to fade. Trailing twelve-month RevPAR for luxury hotels in NYC, as of November 2022, has already surpassed its pre-pandemic benchmark from December 2018. This was a welcome improvement for prominent Midtown hotels that had reopened after many months of closure, including the Mandarin Oriental, Ritz-Carlton, The Plaza, St. Regis, The Peninsula, and the Lotte New York Palace. However, some well-known properties that enjoy...
In High Demand: Florida Hotels and Resorts (Again)
Nick Plasencia | January 4, 2023
By Nick Plasencia In an article we published in February 2021, before the COVID-19 vaccines were broadly rolled out, we suggested to owners of hotels in Florida, and waterfront hotels in the Sunshine State in particular, that their assets would soon be in high demand. In the nearly two years since, new pricing records have dotted the Florida peninsula, from the Panhandle to the Keys, Tampa Bay to Jacksonville, and Orlando to South Beach. Investors have flocked to the seemingly bulletproof fundamentals of Florida’s hotel industry. While healthy deals inked in the late spring and summer 2022 have found their way to the finish line, th...
Still Stuck in the Hotel Debt Quagmire
Dexter Wood | November 17, 2022
By Dexter Wood Little has improved in the realm of lodging debt maturities and the hotel refinancing environment since we last reported in August. Perhaps it will be the passage of time that gets us closer to the other side of the current period of difficulty and insecurity. There are simply too many variables at play at the moment and a lack of confidence in the near-term future of the debt markets. As Lou Plasencia, CEO of The Plasencia Group, recently wrote, “markets hate uncertainty.” Debt markets only work when lenders can effectively and appropriately price risk, and that is very difficult to do right now. Many lodging industr...
The 2023 Annual Budget – A Captivating Story of Intrigue and Suspense
Gary Isenberg | November 10, 2022
By Gary Isenberg As summer tumbles into fall, hotel asset managers are challenged with reviewing and approving annual budgets. As they analyze page after page of next year’s proposed budgets from their management companies with input from all facets of hotel operations — from housekeeping and F&B to maintenance and marketing — hotel and resort asset managers ought to look beyond the spreadsheets and revenue projections before concluding whether they have a best-seller on their hands. In the case of a hotel budget, the primary focus is on the revenue goal and the strategy of how it will be achieved. Since all good stories have ...
A Hotel Debt Quagmire: Borrowers With Maturing Loans Have Increasingly Fewer Options
The Plasencia Group | August 26, 2022
By Dexter Wood New Debt Has Vanished New debt for hotel acquisitions has all but vanished, but a bigger problem may be the wave of existing debt facilities of all types that are scheduled to mature this year and next. Beginning at the start of 2022 and through the end of 2023, nearly 45,000 CMBS hotel loans totaling about $30 billion in value were set to mature as illustrated in the graph at right. Although the lodging industry has made great progress since the depths of the COVID-19 pandemic, the recovery has proven to be uneven, selective, and vulnerable to a plethora of external factors. ...
SCG Hospitality Acquires St. Pete’s Historic Vinoy Renaissance Resort and Golf Club From RLJ Lodging Trust
August 29, 2018
Aug. 29--ST. PETERSBURG -- SCG Hospitality, whose principal is Tampa Bay Buccaneers' owner Bryan Glazer, has bought the venerable Vinoy Renaissance Resort and Golf Club in downtown St. Petersburg. The deed had not been recorded as of today and the price has not been revealed. The sale includes a marina and golf club as well as the 362-room hotel. "The Vinoy is a crown jewel for the City of St. Petersburg and the entire Tampa Bay area," Glazer said in a release. "I look forward to the Vinoy being just as iconic on its upcoming 100th anniversary as the day it opened in 1925." The seller is RLJ Lodging Trust, which ...
The Plasencia Group Facilitates Sale of Hotel Indigo San Antonio-Riverwalk
The Plasencia Group | December 4, 2017
Tampa, Fla. (December 4, 2017) – The Plasencia Group is pleased to announce the sale of the Hotel Indigo located in the Riverwalk district of San Antonio, Texas. The firm represented LNR Property in the sale of the 149-room hotel to Phoenix Hospitality Group, a San Antonio-based hospitality investment, development and management company. The Plasencia Group's Senior Vice President Robert Wiemer and Vice Presidents Paul Williams and Joe Corcoran advised the client in this disposition. "The new owners of this asset will be able to capitalize on its tremendous potential as a prominent lodging destination in San Antonio's thriving Ri...
Sale of Sheraton Metairie – New Orleans Hotel Facilitated by The Plasencia Group
The Plasencia Group | June 6, 2017
Tampa, Fla. (June 6, 2017) – The Plasencia Group is pleased to announce the sale of the Sheraton Hotel located in the New Orleans suburb of Metairie. The firm represented a joint venture of Songy Highroads, JDC Holdings and Aimbridge Hospitality in the sale of the 181-room hotel to Hotel Capital, LLC, a private equity real estate investment firm. Hotel Capital LLC's Chief Executive Officer, Michael Collier, commented on the transaction, "We are very excited to invest in New Orleans which continues to positively transform into more of an international and institutional marketplace for commercial real estate owners while the annual...
