Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Sonnenblick-Eichner Company Arranges $46,000,000 of First Mortgage Financing for Maison Dupuy, New Orleans, Louisiana
Sonnenblick-Eichner Company | August 13, 2019
Finance
Hotel Investment Guide: How to Buy and Sell Hotel Real Estate?
Catherine Rey | April 28, 2021
By Catherine Rey It’s not on the average person’s to-do list to buy a hotel, or sell one, for that matter. Therefore finding trusted guidance and information on how to buy and sell hotel real estate can be difficult or outdated. Whether you’re interested in this topic because you’re doing research on how to go about buying a hotel property in the future, or whether you’re actively buying or selling a hotel at the moment and need to answer some burning questions, or you’re simply curious about the hotel real estate market and the hotel industry itself - this guide will put you on the right track. This article aims to answer t...
A Year Later, the Hotel Industry Recalibrates, Reassesses
HotStats | April 27, 2021
Just over a year after the World Health Organization declared COVID-19 a pandemic, the global hotel industry is—slowly—stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12-month headache. In the U.S., which saw performance calve last March, before bottoming out in April, small gains continued to be made in most key performance indicators in March 2021—though the strides only shined a light on the decrepitude that was 2020. Consider gross operating profit per available room, which was up 328.9...
Arbor Lodging Management Is Emerging Strong From Pandemic With Aptech Financial Solutions
Aptech Computer Systems Inc. | April 27, 2021
Leveraging Execuvue and Targetvue for business intelligence and budgeting and forecasting since 2020, this hotel management group is retrieving relevant data in real time and making smarter business decisions that impact its profitability and growth PITTSBURGH — April 27, 2021 — Prior to the 2020 pandemic, Arbor Lodging Management made a critical financial decision; the hotel management group operating Marriott, Hilton, Hyatt, and InterContinental Hotel Group brands partnered with Aptech, the industry standard for hospitality financial management. With 12 new hotels entering its system in January 2020, Aptech’s Execuvue business intell...
PACE Financing on a Roll: $6 Million Loan for Kimpton La Peer Hotel in West Hollywood
David Sudeck | April 26, 2021
By Jim Butler, David Sudeck Hotel finance lawyer: PACE Financing is now mainstream Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers. Our lawyers are at the leading edge of this important new trend. And we think that sharing some of our client’s successes with PACE financing may help others evaluate this t...
Avison Young Closes Hotel Loan Portfolio
Avison Young | March 25, 2021
ATLANTA – March 25, 2021 – Avison Young Hospitality Group announced today that the firm has closed on a hotel loan portfolio led by Avison Young principal, Andrew Broad. The portfolio consisted of multiple hotel loans in the Carolinas secured by upper midscale Marriott branded hotels. Andrew Broad, Principal said, “This portfolio loan sale represents what could be the next transaction market cycle. MCR Development was the purchaser of the portfolio and we have deep history with them. In the 2021 hotel transaction market, the greatest character traits a buyer can have is, credibility, capability, and the willingness to do what they sa...
Knighthead Funding Originates $61 Million Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico
Knighthead Funding LLC | March 17, 2021
Greenwich, CT (March 17, 2021) – Knighthead Funding has provided a $61 million first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico. The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt. As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate...
Fitch Maintains 14 US CMBS Single Borrower Hotel Transactions on Negative Watch Due to Pandemic
Fitch Ratings | February 22, 2021
Fitch Ratings - Chicago - 22 Feb 2021: Fitch Ratings has maintained 79 classes from 14 U.S. CMBS single borrower transactions on Rating Watch Negative (RWN). Fitch originally placed the classes on RWN on March 19, 2020. KEY RATING DRIVERS The 14 transactions represent the entire portfolio of Fitch-rated single borrower hotel transactions. The transactions were issued in 2019 (four) and 2018 (10). The majority are secured by an individual hotel property; the underlying properties are located in Florida (six deals), Hawaii (four), Arizona (two) and California (one). There is one transaction secured by a portfolio of La Quinta hotels. Three tr...
Hotel Lawyer: PACE Financing – Now an Accepted Tool for Hotel Lenders and Borrowers
Jim Butler | February 22, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors or www.HotelLawBlog.com Hotel finance lawyer: PACE Financing is now mainstream About five years ago, my partner David Sudeck, a senior member of JMBM’s Global Hospitality Group®, spoke at a hotel industry conference about the attractive features of PACE financing as an innovative financing technique. David has extensive experience with virtually all kinds of real estate financing from senior debt to joint ventures. At the time, he had just finished working on a hotel financing that included components of a senior construction loan from a private lender, Mello ...
Podcast: Why Every Hotel Leader Needs to be a Financial Leader
David Lund | February 15, 2021
By David Lund Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn’t as sexy (to some) as other parts, but it is, of course, what determines success and that’s super sexy! In the hotel world, knowing the numbers translates to individual and organizational success. KEY POINTS Financial leadership should pertain to every hotel department. Knowing the basics of your numbers is the first step. A multi-functional leadership model is more successful than silos. Click below to listen to David’s podcast. ...
Pebblebrook Hotel Trust Executes Contract to Sell Sir Francis Drake
Pebblebrook Hotel Trust | February 3, 2021
BETHESDA, Md. -- February 3, 2021 -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it had executed a contract to sell the 416-room Sir Francis Drake in San Francisco, CA to a third party, which the Company expects will generate $157.6 million of proceeds after customary closing costs. Based on the hotel's net operating income for the year ended December 31, 2019, such proceeds after customary closing costs reflect a 7.2% net operating income capitalization rate. The net operating income capitalization rate is after an assumed annual capital reserve of 4.0% of total hotel revenues. The sale of Sir Francis...
Agilysys Reports Fiscal 2021 Third Quarter Revenue of $36.7M
Agilysys | January 27, 2021
Reports Record Recurring Revenue of $22.8M Inclusive of Subscription Revenue Growth of 18% Reports Positive Adjusted EBITDA of $7.6M Quarterly Free Cash Flow of $7.8M and Cash Balance Increase of $6.9M to $92.6M Alpharetta, GA – January 26, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2021 third quarter and period ended December 31, 2020. Summary of Fiscal 2021 Third Quarter Financial Results Total net revenue was $36.7 million, compared to total net revenue of $42.0 million in the comparable prior-year peri...
Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Beverly Hills, California – – Sonnenblick-Eichner Company announced today that it has arranged $30,500,000 of interim first mortgage financing for Little Palm Island Resort & Spa, an iconic 30-suite, full service, luxury resort located in Little Torch Key, Florida. The loan refinanced a recently matured fixed rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing. The Resort is located on an exclusive 4.12-acre private island in the world famous Florida Keys. Accessibility to the Resort is by private boat from Little Torch Key, located approximately 3 miles to the north. Am...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | January 12, 2021
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their fourth Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The Webinar is Wednesday January 13th at 9:00 AM PST - 12:00 PM EST ~ we have added Ms. Tanya Pierson, MAI, Senior Managing Director, HVS and 35-year friend Mr. William H Reynolds Jr.,...
Spirides Provides $13.5 Million Hotel Construction Loan for New Comfort Suites in Lake Buena Vista-Orlando, FL
Spirides Hospitality Finance Company | January 11, 2021
TAMPA, FL—Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $13.5 million construction and permanent mortgage loan made by a Southeast U.S. headquartered bank to finance the development of a new Comfort Suites in Lake Buena Vista, Orlando, Florida. This new 127-suite, 5-story Comfort Suites will be built on 2.5 acres of land located at 11942 Ravello Resort Drive. Located in Lake Buena Vista and just off of Interstate 4, the site is a short drive from the entrance to Walt Disney World’s Disney Springs shopping, dining, and entertainment complex near the City of Orlando, in Orange C...
2021 Hotel Financing Predictions
Brian Holstein | January 7, 2021
By Brian Holstein Positive Big Picture It is obvious that hotel operating performance will be much better in 2021 than 2020. It is, perhaps, less obvious that hotel lending has already begun staging a comeback that will accelerate throughout the year while continuing to stay ahead of actual hotel performance. Hotel CMBS Lending Rebounds Prior to Hotel Performance Leverage for hotel CMBS loans is currently available in the 55% +/- LTV range as lenders are beginning to close hospitality loans prior to the full return of cash flow. They are using the same forward-looking underwriting tactics that were prevalent in The Great Recession...
Improving the Hotel Bottom-Line Begins With Knowing How to Read a P&L
HotStats | December 7, 2020
By Aggie Wojciechowska "Here's the bottom line..." It's a familiar turn of phrase that is succeeded by the speaker getting to the sum or crux of the issue—the overarching point. In running a hotel, getting to the bottom line means getting to what matters: profit. In order to arrive at that point, there are many inputs, both revenue and expense related, which mingle together to produce an outcome. The telling of that dance is recorded in the profit and loss statement (P&L), a signpost that records the story, of which the bottom line is the finale. How to read the story is the first step toward financial success. The P&L (al...
Access Point Financial Secures $8.85 Million to Refinance the Grand Rapids’ Delta Hotel by Marriott
Access Point Financial | November 16, 2020
Recognized leader in hospitality-focused lending completes full loan funding for Grand Rapids’ Delta by Marriott airport hotel ATLANTA - November 16, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT to refinance the Delta by Marriott in Grand Rapids, Michigan. As part of the deal, Access Point Financial secured $8.85 million for the Delta by Marriott Grand Rapids Airport property. Lodging Opportunity Fund REIT approached Access Point Financial to provide th...
Aptech to Showcase Its Hospitality-Specific Finance & Accounting Software at HFTP’s CYBER HITEC
Aptech Computer Systems, Inc. | October 26, 2020
Five reasons why hoteliers should purchase their finance and accounting software from a technology supplier with 50 years of hospitality experience; See why Aptech is the industry standard for hospitality financial management at CYBER HITEC PITTSBURGH, OCT. 26, 2020 — In today’s economic climate, hoteliers are looking for ways to reduce costs across the board. To know where to cut, they must have the ability to access, view, compare, and dynamically analyze the performance data of their single hotel or multi-property, multi-branded portfolios. Without access to this vital information, operators may find themselves unable to make effect...
Hospitality Financial Leadership: Chapter 11 – Being
David Lund | October 12, 2020
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. The first two days at the Norton...
Budgeting Season Is Here: Oy Vey! But It Doesn’t Have to Be
HotStats | October 9, 2020
By now, most hoteliers are in the throes of budget season. Only this year’s version is unlike any before. COVID-19 has made it so. Hearing from hoteliers and other industry stakeholders, this year’s budget planning is not only cumbersome, but many, including one owner I spoke to, told me they have no idea where to even start. To borrow a line from hands down one of the greatest films of the 20th century, The Big Lebowski, “This is our concern, dude.” Luckily, for all of us, The Dude is not preparing budgets. Still, it may be anyone’s guess as to what 2021will bring as the virus shows no signs of ceasing, the potential of a s...
Aptech Offers Hoteliers Six Budgeting Tips for 2021
Aptech Computer Systems Inc. | September 29, 2020
At a time when revenues are at their lowest, it’s critical that operators understand where to trim costs and how to track spending per occupied room using historical drivers PITTSBURGH, Sept. 29, 2020 — With operating budgets thrown out the window by second quarter this year, hoteliers are scrambling to find useful historical data to help guide them through the 2021 budgeting and forecasting process. Aptech, a provider of budgeting and forecasting, enterprise accounting, and business intelligence solutions for hotels, is advising operators to rely on historical drivers rather than bottom line revenues to help them better plan for the d...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | September 29, 2020
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their third Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The panel features a world-class crew of veterans: Mr. Gregory Mount, Founder, the Victory Hotel Group Ms. Suzanne Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director...
Property Taxes Post COVID-19
Brian F. Bisema | September 28, 2020
By Brian Bisema, Suzanne Mellen After realizing record-high RevPAR levels with over 100 consecutive months of growth, the lodging industry continued to strengthen through 2019, albeit at a significantly more tempered rate. Then, in the first quarter of 2020, COVID-19 struck. The unimaginable pandemic erased years of RevPAR gains virtually overnight, leaving owners and operators scrambling to strategize the forthcoming steps. While logistics pertaining to reopening hotels, new sanitation standards, and controlling variable operational expenses are on the forefront of hoteliers’ minds, fixed expenses, particularly an asset’s property tax...
Benchmarking 101: The Bottom Line on Utility Costs
HotStats | September 22, 2020
In the age of COVID, numerous operating costs have decreased, as hoteliers have done all they can to reduce expenses to help offset the extreme reduction in revenue. Still, there’s never zero cost. Even a closed hotel has expenses. So, too, do hotels operating at reduced capacity. One of the areas that hoteliers should always be mindful of is utilities, which in the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) are recorded in the Property & Maintenance schedule. Utilities include electricity, gas, propane, oil and water/sewer. Utilities can have a massive impact on a hotel’s profit. And even...
1
Industry Happenings
2
Technology
3
Operations
4
All Things Independent
5
Market Reports
Today's News
Canada’s Hotel Construction Pipeline Wraps Q1’21 With 259 Projects and 35,432 Rooms
New Report Shows Value of IP to the Tourism Sector
Four Seasons Hotel Ritz Lisbon Reveals Extensive Renovation in 2021
Hotel Tech Report Launches the 2021 HotelTechIndex Market Leaders Report to Help Hotels Identify Top Technology Solutions in the Recovery
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.