Hilton to Bring First Waldorf Astoria Property to Costa Rica
Hilton | November 15, 2022
With Deal Leverage Shifting to Buyers and Financial Sources, All Eyes are On Hospitality Prognosis for 2023
Keith Worsham | November 15, 2022
Finance & Development
Sonnenblick-Eichner Company Arranges $22 Million of First Mortgage Leasehold Financing for DoubleTree by Hilton Los Angeles-Commerce, Los Angeles, CA
Sonnenblick-Eichner Company | November 29, 2022
Beverly Hills, CA (November 29, 2022) -- Sonnenblick-Eichner Company announced today that it has arranged $22 million of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles. The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership. Amenities at the hotel include a full-service restaurant and bar...
Nobu Hospitality and Aldar Properties Plan Nobu Hotel, Restaurant, and Residences in Abu Dhabi
Nobu Hospitality | November 28, 2022
NEW YORK, November 28, 2022 - Nobu Hospitality, the fastest growing luxury lifestyle brand, and Aldar Properties (PJSC), one of the leading real estate developers and managers in the UAE, announce plans to create the Nobu Hotel, Restaurant, and Residences in Abu Dhabi. Opening in 2026 on Saadiyat Island, a world class cultural hub, Nobu Hotel will boast 165 luxuriously spacious guest rooms and suites, including a stunning Nobu Villa. As one would only expect from the legendary culinary brand, the hotel will offer unrivalled destination dining including a magnificent Nobu restaurant with spectacular waterfront and Guggenheim Abu Dhabi views...
Larger Scale Projects Dominate the Middle East Hotel Construction Pipeline at Q3 Close
Lodging Econometrics (LE) | November 28, 2022
November 28, 2022 – PORTSMOUTH, NH According to the Q3 2022 Middle East Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the quarter, the hotel construction pipeline in the region stands at 535 projects/134,897 rooms. At the close of the third quarter, projects presently under construction stand at 320 projects/87,149 rooms. Projects scheduled to start construction in the next 12 months are at 87 projects/21,713 rooms, up 12% and 16% respectively, year-over-year (YOY). Projects in the early planning stage are at 128 projects/26,035 rooms. The Middle East has the largest average room size for new cons...
Accor Signs New ibis Styles hotel in Indonesia’s BSD City
Accor | November 23, 2022
JAKARTA - Accor has continued to expand its portfolio of hotels and resorts in Indonesia with the signing of a new ibis Styles hotel in BSD City, the rapidly emerging urban center in Greater Jakarta. Scheduled to open its doors in the second quarter of 2024, ibis Styles Serpong BSD will be located just 15 minutes drive from Indonesia’s largest convention center and surrounded by major business, retail, and lifestyle centers. Downtown Jakarta and Soekarno-Hatta International Airport are less than an hour’s drive away. This brand-new, design-led economy hotel will feature unique, creative, and playful interiors and international facilit...
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...
Hotel Conversions in Europe’s Hotel Construction Pipeline Reach All-Time High
Lodging Econometrics (LE) | November 21, 2022
November 21, 2022 – PORTSMOUTH, NH According to the Q3 2022 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of the third quarter, Europe’s hotel construction pipeline stands at 1,660 projects/258,476 rooms. Projects under construction in Europe stand at 790 projects/126,899 rooms, while projects planning to start construction in the next 12 months recorded 408 projects/60,085 rooms. Projects in the early planning stage have 462 projects/71,492 rooms. Travel activity in Europe has been rebounding over recent months and is expected to continue through the end of the yea...
Marriott International Signs Agreement With GURNER to Debut the St. Regis Brand in Australia
St. Regis Hotels & Resorts | November 18, 2022
Marriott International, Inc., today announced it has signed a management agreement with visionary property development company GURNER™ to bring the St. Regis brand to Australia’s Gold Coast. The landmark signing of The St. Regis Gold Coast Resort will bring the brand’s timeless glamour, rich heritage, bespoke Butler Service, and signature rituals to one of Australia’s fastest-growing cities upon its expected opening in 2027. “This signing of The St. Regis Gold Coast Resort in Australia is momentous for Marriott International, and a wonderful advancement for the destination. The St. Regis brand promises a vanguard spirit steeped i...
Extended Stay America Breaks Ground on Premier Suites Duncan in South Carolina
Extended Stay America | November 18, 2022
Charlotte, NC, November 18, 2022— Extended Stay America celebrated today's official groundbreaking of the Extended Stay America Premier Suites Duncan property located in Duncan, South Carolina. The franchised property is being developed and managed by VMV Capital and is located off I-85 in Spartanburg County between Greenville and Spartanburg. The four-story, 88-room Extended Stay America Premier Suites will feature complimentary Wi-Fi, a free healthy breakfast, premium cable, a fitness room, onsite guest laundry, and our signature spacious lobby with additional vending options. In addition, the rooms include fully equipped kitchens with ...
Pullman Hotels & Resorts Continues Expansion in China With Two Recent Openings and a New Development Signing
Accor | November 17, 2022
Pullman Hotels & Resorts, an Accor premium hospitality brand, announced the opening of Pullman Jinhua – a 322-room hotel in the heart of Jinhua City in Zhejiang Province, one of the major cities in the Yangtze River Delta G60 Science and Technology Innovation Corridor. The opening of Pullman Jinhua comes less than two weeks after Pullman Shenzhen North began welcoming guests – a superbly located hotel, high among the uppermost floors of the landmark North Station Huide Tower in the Longhua District of Shenzhen. Accor is also set to open Pullman Huai’an Falcon before year-end, while a new Pullman hotel development has just...
Ruby Hotels Expands to Scotland With Planned Hotel in Edinburgh
Ruby Group | November 17, 2022
The expansion of the Ruby Group, under the leadership of founder and CEO Michael Struck, is progressing rapidly despite the challenges in the European hotel market. The new Ruby Hotel in Edinburgh is located directly on the famous shopping street of Princes Street, opposite Princess Street Gardens Park, and comprises around 300 rooms across seven floors. The hotel features a rooftop terrace with panoramic views of both the World Heritage Edinburgh Castle and Edinburgh Old Town. Public areas include a 24/7 bar which, like the rooms themselves, follows Ruby's Lean Luxury philosophy. The new Ruby Hotel will be a conversion with partial new co...
Asia Pacific’s Hotel Construction Pipeline, Excluding China, is Up 7% by Projects and 5% by Rooms Year-Over-Year
Lodging Econometrics (LE) | November 17, 2022
November 17, 2022 – PORTSMOUTH, NH According to the recent Q3 2022 close of the Construction Pipeline Trend Report for the Asia Pacific region from Lodging Econometrics (LE), Asia Pacific’s total construction pipeline, excluding China, stands at 1,881 projects/401,545 rooms, up 7% by projects and 5% by rooms Year-Over-Year (YOY). At the Q3 close, there are 946 projects/206,629 rooms under construction, up 10% by projects YOY. Projects scheduled to start construction in the next 12 months stand at 300 projects/63,221 rooms. Projects in early planning reached peak room counts and closed the quarter at 635 projects/131,695 rooms, up 26...
China’s Hotel Construction Pipeline Has Record High Project & Room Counts in Early Planning
Lodging Econometrics (LE) | November 16, 2022
November 16, 2022 – PORTSMOUTH, NH In the recent China Construction Pipeline Trend Report from Lodging Econometrics (LE), LE analysts report that China's total hotel construction pipeline, at the close of Q3 2022, stands at 3,604 projects/684,288 rooms, up 1% by projects and unchanged by rooms year-over-year (YOY). Currently, the country has 2,543 projects with 462,132 rooms under construction, with projects scheduled to start construction in the next 12 months at 417 projects with 78,990 rooms. Projects and room counts in the early planning stage reached record highs in the third quarter, up 13% by projects and 8% by rooms YOY, stand...
Hilton to Bring First Waldorf Astoria Property to Costa Rica
Hilton | November 15, 2022
GUANACASTE, Costa Rica and MCLEAN, Va. – (November 15, 2022) – Today, Hilton (NYSE: HLT) announced the signing of the first Waldorf Astoria Hotels & Resorts property in Costa Rica, the new-build Waldorf Astoria Guanacaste, currently under construction and expected to open in 2025. Exceptionally located on a peninsula with unobstructed ocean views, Waldorf Astoria Guanacaste will offer 190 guest rooms and 25 Waldorf Astoria branded residences in the tropical paradise of Guanacaste known for its dramatic scenery, lush forests and beautiful beaches. The property will focus on sustainable luxury with an emphasis on architecture that blend...
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...
Tommy Bahama Launches Resort Concept With Re-Imagined Miramonte Resort & Spa
Tommy Bahama | November 15, 2022
SEATTLE, Nov. 15, 2022 -- Tommy Bahama has announced plans for the debut of a new resort concept with the introduction of the Tommy Bahama Miramonte Resort & Spa in Indian Wells, California. For 30 years Tommy Bahama has brought the resort lifestyle to its guests through a wide range of products, combined with extraordinary hospitality in its retail stores, bars and restaurants. This expertise has uniquely positioned the authentic lifestyle brand to cross over into the resort business. The first Tommy Bahama resort will debut in Late 2023. Tommy Bahama is partnering with Lowe, a national commercial and hospitality real...
IHG Hotels & Resorts’ Vignette Collection Brand Lands in Patong, Thailand
IHG Hotels & Resorts | November 15, 2022
Bangkok, Thailand – 15 November 2022: IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, is proud to announce that its Luxury & Lifestyle collection brand, Vignette Collection, will come to the famed beach destination of Patong in partnership with Dinso Resort Co., Ltd in mid-2023. The sustainability focused Dinso Resort Phuket, Vignette Collection will be IHG’s fourth opened or pipeline Vignette Collection property in Thailand, following the launch of its 17th and newest brand last year. Built mainly through the use of wooden materials, the luxury escape is seamlessly integrated into its hillside ...
Hyatt Plans 2024 Opening of Dreams Madeira Resort Spa & Marina in Portugal
Apple Leisure Group | November 14, 2022
CHICAGO (November 14, 2022) – Hyatt Hotels Corporation (NYSE: H) today announced plans for the expansion of Hyatt’s Inclusive Collection – a new global portfolio of distinct luxury all-inclusive resort brands – to Portugal with Dreams Madeira Resort Spa & Marina. On the heels of Hyatt’s recently announced expansion plans for five all-inclusive resorts in Bulgaria, the planned debut of Dreams Madeira Resort Spa & Marina will mark the Inclusive Collection brand portfolio’s entry into Portugal, following existing all-inclusive brand presence in Spain and Greece and introducing the signature Unlimited-Luxury® concept to...
Six Senses to Open First Australian Property in the Dandenong Ranges Outside Melbourne
Six Senses | November 14, 2022
BANGKOK – November 14, 2022 – Six Senses will open its first Australian property at Burnham Beeches, the heritage mansion and 22-hectare estate designed by architect Harry Norris in 1933 for the Nicholas “Aspro” Family. Located 24 miles from Melbourne in the fern glades and forested hills of the Dandenong Ranges and neighboring Alfred Nicholas Memorial Gardens, the mansion is one of the finest examples of domestic Art Deco in Australia. Romance Reborn Led by the brief to capture “fresh air, sunshine and an outlook of command, yet under control,” the original three-story Art Deco Streamline Moderne mansion is reminiscent of an oc...
At Q3 2022 Close, Projects in the Early Planning Stage in Latin America’s Hotel Construction Pipeline Are Up 22% Year-Over-Year
Lodging Econometrics (LE) | November 14, 2022
November 14, 2022 – PORTSMOUTH, NH In the Q3 2022 Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report the total construction pipeline stands at 548 projects/90,728 rooms, down 5% by projects and 12% by rooms, year-over-year (YOY). At the end of the third quarter, projects currently under construction stand at 239 projects/44,837 rooms. Projects scheduled to start construction in the next 12 months are up 6% by projects YOY, standing at 165 projects/24,648 rooms and those in the early planning stage stand at 144 projects/21,243 rooms, up 22% and 14% respectively. Five countries in Latin A...
Controlling U.S. Hotel Utility Costs
Robert Mandelbaum | November 10, 2022
By Robert Mandelbaum and Ethan Gabany Annual changes in U.S. hotel utility costs and in the Consumer Price Index (CPI), or inflation, have historically proven to be strongly correlated. As of August 2022, CBRE is forecasting CPI growth to be 7.7 percent in 2022, followed by another 3.6 percent in 2023. Since inflation has averaged just 2.2 percent since 2000, these inflation projections have hoteliers concerned about operating costs. Given that rising energy costs are a significant driver of the current rise in CPI, hotel managers are especially worried about utility department expenses. Over the past 50 years, utility department expens...
Weller Development Partners and Pegasus Capital Advisors Bringing Six Senses to Grand Bahama
IHG Hotels & Resorts | November 10, 2022
BANGKOK – Six Senses is coming to Grand Bahama as part of a project that will boost local tourism, development, and investment. With social and environmental responsibility at its heart, the new resort and residences will create employment opportunities for Grand Bahamians, encourage sustainability and regenerative activity on the island, and engage the surrounding community while protecting the land for future generations of locals and visitors to Grand Bahama. Resort village Designed by architects 3XN, the resort village will comprise 45 waterfront and canal villas enjoying 2,400 feet (732 meters) of beach frontage and water on thr...
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 ...
Choice Partners With Noble Investment Group to Develop Nine WoodSpring Suites
WoodSpring Suites | November 10, 2022
ROCKVILLE, Md. (November 10, 2022) – Choice Hotels International, Inc. (NYSE: CHH) recently signed an agreement with Noble Investment Group (Noble) to develop nine WoodSpring Suites hotels in Georgia and South Carolina over the next two years, signaling increased institutional interest in the largest economy extended-stay brand in the market. "When we acquired WoodSpring Suites four years ago, few other hotel brands were competing in the extended stay segment in a meaningful way. Choice Hotels not only breathed new life into this category--innovating new ways to deliver exceptional value to extended stay developers and longer-term guests...
BD Hotels and Sean MacPherson Join Development of New Hotel in West Palm Beach District
NDT Development | November 10, 2022
West Palm Beach, Fla. (November 10, 2022) – BD Hotels, founded by Richard Born and Ira Drukier, and Sean MacPherson join NDT Development, Place Projects, and Wheelock Street Capital to develop and operate a hotel on North Railroad Avenue in the Nora District. Born, Drukier, and MacPherson are collectively behind some of New York City’s most iconic hotels like The Bowery, The Jane, The Ludlow, and The Maritime. In 2016, the trio, in partnership with Wheelock Street Capital, took over the historic Chelsea Hotel, which recently reopened. The partners are well-known for implementing timeless designs and strong culinary programs to go wi...
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