New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
Colebrook Financial Company Finalizes $12 Million Hypothecation Loan for InnSeason Resorts
Colebrook Financial Company | September 21, 2021
Finance & Development
Aptech Customer Service Hailed as ‘Unparalleled’ and ‘Flawless’ by The Battery
Aptech Computer Systems, Inc. | October 19, 2021
User of Aptech’s PVNG enterprise accounting solution says the 50-year-old financial management company’s support team is extremely responsive, intelligent, and knowledgeable PITTSBURGH, PA — October 19, 2021 — Finding the right hotel accounting software can be challenging but finding a hospitality financial management partner that offers “unparalleled” and “flawless” customer service is a real coup. The Battery, a private social club with a handful of guestrooms in San Francisco, has done just that with Aptech. Serving 5,000 members, The Battery is leveraging PVNG from Aptech to manage its enterprise accounting. In ad...
New Hotel to Rise in Los Angeles’ Miracle Mile
CGI+ Real Estate Investment Strategies | October 19, 2021
The transit-oriented development will bring first institutional-quality hotel to the area Woodland Hills, CA (October 19, 2021) -- CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District. The transit-oriented development at 639 S. La Brea, which takes up nearly half a city block along the west side of La Brea, is immediately adjacent to Metro’s Wilshire/La Brea subway station now under construction. The eight-story development is the result of nearly...
Deutsche Hospitality and the Porsche Design Group Launch Unique Hotel Concept
Steigenberger Porsche Design Hotels | October 15, 2021
Zeitgeist, Design and Service Excellence Deutsche Hospitality and the Porsche Design Group are joining forces to present the Steigenberger Porsche Design Hotels brand, an innovative hotel concept in the Luxury Lifestyle Segment. Steigenberger Porsche Design Hotels will bring together design, technology and lifestyle at the very highest level. The result will be a unique brand experience created from the design philosophy and values of the exclusive Porsche Design lifestyle brand. This will be combined with the excellence and experience of Steigenberger, which boasts a representative tradition stretching back for more than 90 years. Invest...
JMBM’s Global Hospitality Group® Announces $210 Million in Completed C-PACE Transactions for Clients
the Global Hospitality Group | October 14, 2021
LOS ANGELES – October 14, 2021 – The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing. "David and his team have been structuring these transactions since the beginning of the C-PACE program, and have...
Olympics Impact on Hotel Development
STR | October 14, 2021
Every industry experiences change, growth and evolution over time. The tourism and hospitality sectors are no exception, especially when major events come to town. In a previous article, we analyzed UEFA Euro 2020’s impact on hotel inventory and how landing a major event is like “hitting the jackpot” with a significant influx of visitors needing accommodation for a specified time period. Most of the time, hosting a “mega event” means opportunity to ensure the accommodation infrastructure can support the event. With that in mind, we took a look at how hotel supply has grown around the Summer Olympics during the past two decade...
Q3 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | October 14, 2021
By Daniel Lesser The U.S. economy is expected to grow roughly six percent for the year, however with one quarter to go in 2021, this year has done its best to be as tumultuous and volatile as the last. It feels like we’ve been on this road for a while, with the same kinds of bumps to navigate including COVID, deepening supply chain issues, higher energy prices, a recent cutback in consumer spending, and the scarcity of materials. What everyone had hoped would be a more normalized environment has turned out to be anything but that. After a rapid rebound in U.S. economic growth during Q2 2021, news of the fast-spreading Delta coronaviru...
Marriott International Signs Agreement With Hotéis Deville to Debut Westin Hotels & Resorts in Brazil
Marriott International | October 14, 2021
Marriott International, Inc. today announced it has signed a franchise agreement with Hotéis Deville to introduce the first Westin Hotels & Resorts in São Paulo, Brazil. Slated to feature 187-rooms and suites, the property expects to welcome its first guests in the spring of 2024. “We are delighted to announce this exciting new-build project in a prime location within the city to be developed by Hotéis Deville,” said Laurent de Kousemaeker, Chief Development Officer, Caribbean and Latin America, Marriott International. “São Paulo is a key South American gateway city with great opportunity for new quality branded upper...
IHG Hotels & Resorts Signs With Yongchang Industry Co. for voco Gangnam
IHG Hotels & Resorts | October 13, 2021
IHG Hotels & Resorts is proud to announce the signing of voco Gangnam. The 151-key hotel – scheduled to open in Q2 2022 – is the second voco property IHG has signed in South Korea this year, following voco Pyeongtaek City. voco Gangnam will be the first voco to open and it further supplements a portfolio of nine hotels in the country which strongly reinforces the company’s continued expansion in South East Asia & Korea. voco Gangnam is perfectly located at the heart of Seoul’s energetic Gangnam district – one of its main tourist areas and economic hubs, renowned for its trendy restaurants, upscale and designer-brand sh...
Baird/STR Hotel Stock Index Rose 5.2% in September
Baird | October 12, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — October 12, 2021 — The Baird/STR Hotel Stock Index rose 5.2% in September to a level of 5,167. Year to date through the first nine months of 2021, the stock index was up 13.0%. “Hotel stocks rebounded strongly in September and finally broke their streak of six consecutive months of relative underperformance,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Delta variant concerns mostly subsided during the month, and hotel stocks benefited from higher interest rates and the broader market rotation that lifted all travel-related stocks.” “The post-Lab...
Loews Hotels & Co Breaks Ground on New $550 Million Loews Arlington Hotel and Convention Center
Loews Hotels & Co | October 12, 2021
ARLINGTON, Texas – October 12, 2021 – Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation, has officially broken ground on the new $550 million Loews Arlington Hotel and Convention Center. Executives from the company were joined by Arlington Mayor Jim Ross, former Mayor Jeff Williams, Chairman & Managing Partner of the Texas Rangers Ray Davis, The Cordish Companies' Director of Communications, Cari Furman, along with members of the Arlington City Council and other community and business leaders, to recognize and celebrate this milestone. The addition of the Loews Arlington Hotel and Convention Center, a fu...
IHG Signs With Pelligra Group for Hotel Conversion to Holiday Inn Dandenong
IHG Hotels & Resorts | October 11, 2021
IHG Hotels & Resorts is excited to be continuing its push into suburban and regional Victoria with the signing of Holiday Inn Dandenong with hotel owners, the Pelligra Group. This will be IHG’s fifth hotel with the Pelligra Group, making them one of IHG's largest owners in Australasia. It signifies the continued, successful partnership between the two groups, building on other open or signed hotels which include Holiday Inn Melbourne Airport, the newly opened Holiday Inn Werribee, and upcoming Holiday Inn Melbourne Richmond and Crowne Plaza Melbourne Carlton. Formerly the Ramada Encore by Wyndham Dandenong, the hotel will undergo ...
Hospitality Financial Leadership: Money Never Looks After Itself
David Lund | October 11, 2021
By David Lund I do not know about your experience, but for me growing up in the hotel world, and especially my first decade working in F&B and rooms, the adage, “Look after the guests and the money will look after itself,” was literally beat into my head. But not so fast, now I know the truth and it is this: The money never looks after itself. You, me and everyone else must have a plan and a system to “look after the money.” That’s what this piece is all about. What is the plan to look after the money in the hotel and better still – What exactly is the system we need to use and follow to make it work? My pledge to you...
Hyatt and EuroAtlantic Announce Plans for Hyatt Place Düsseldorf Mercedesstrasse at Tadao Ando Campus & Tower
Hyatt Hotels Corporation | October 7, 2021
MUNICH – October 7, 2021 – Hyatt announced today that a Hyatt affiliate has entered into a franchise agreement with EuroAtlantic Group for Hyatt Place Düsseldorf Mercedesstrasse at Tadao Ando Campus & Tower. The hotel will mark the second Hyatt Place hotel in Germany, joining Hyatt Place Frankfurt Airport. Together with Hyatt House Frankfurt Eschborn, Hyatt’s select service brands continue a strong growth trajectory across Germany and Europe, expanding in markets that matter most to guests and World of Hyatt members. Slated to open in 2024, the 300-room hotel will feature the Hyatt Place brand’s intuitive design, approach...
The REIT M&A Boom Continues With Record-Breaking Year
JLL | October 7, 2021
CHICAGO, IL – October 6, 2021 – Outperforming strong expectations and driven both by strategic and private capital, 2021 has already been a record year for REIT M&A, which hit $108 billion in transaction volume as of September 30, 2021. JLL’s Capital Markets M&A and Corporate Advisory group’s new M&A and Strategic Transactions Monitor report details the positive themes in the public capital markets space contributing to this unprecedented M&A surge. REITs have shown strong earnings growth in 2021, with 63% of REITs beating consensus FFO estimates in the second quarter of 2021. This has contributed to REITs out...
Wyndham Unveils All-Inclusive Resort Brand – Wyndham Alltra – Through New Strategic Alliance With Playa Hotels & Resorts
Playa Hotels & Resorts N.V. | October 6, 2021
Wyndham's 22nd Brand Debuts with Two Beachfront Resorts in Cancun and Playa Del Carmen, with More Resorts to Follow PARSIPPANY, N.J., Oct. 6, 2021 -- Wyndham Hotels & Resorts (NYSE: WH), the world's largest hotel franchising company with approximately 9,000 hotels across nearly 95 countries, and Playa Hotels & Resorts (NYSE: PLYA), a leading owner, operator and developer of all-inclusive resorts in popular vacation destination in Mexico and the Caribbean, announced today the launch of a new all-inclusive resort brand, Wyndham Alltra. The announcement marks Wyndham's 22nd brand and its first dedicated entirely to the fast-growing,...
Hotels Owners Interested in Interest
Robert Mandelbaum | October 1, 2021
By Robert Mandelbaum, Mark K. Owens The decline in the operating performance of U.S. hotels during 2020 has been well documented. According to the results of CBRE’s 2021 edition of Trends® in the Hotel Industry, total operating revenue during the year declined by 62.2 percent, which resulted in an 82.6 percent drop in gross operating profits (GOP). Similar to the decline in total operating revenues, the 30-day average annual LIBOR rate declined by 68.9 percent. 30-day LIBOR is historically the benchmark rate used by lenders for floating-rate loans, which are a preferred loan type of most institutional hospitality investors. Dec...
U.S. Hotel Profitability Dipped in August
STR | September 30, 2021
HENDERSONVILLE, Tennessee — September 30, 2021 — With the end of the summer travel surge, estimated gross operating profit for U.S. hotels came in lower than the previous month, according to STR‘s August 2021 monthly P&L data release. August GOP was lower on a per-available-room basis as well as when indexed to the comparable month from 2019. Estimated GOP was 111% of 2019 levels in July but just 94% in August. The only key profitability metric to increase month over month was labor per available room. GOPPAR: US$49.31 TRevPAR: US$146.22 EBITDA PAR: US$32.13 LPAR (Labor Costs): US$47.99 “Lower profita...
Lightstone Celebrates Topping Out of Two Additional New York City Marriott Moxy Hotels, Moxy Lower East Side and Moxy Williamsburg
Lightstone | September 30, 2021
NEW YORK, NY – September 30, 2021 – National real estate investor and developer Lightstone today announced the topping out of construction of two Moxy hotels in New York City. Moxy Lower East Side and Moxy Williamsburg, set to open in late 2022, add to Lightstone’s growing hospitality portfolio, which includes four open Moxy hotels: Moxy Times Square, Moxy Chelsea, and Moxy East Village in New York, and Moxy South Beach in Miami. Located at 145 Bowery Street, between Grand Street and Broome Street, Moxy Lower East Side reached its pinnacle at 18 stories. Moxy Williamsburg, located at 353 Bedford Ave, between 4th Street and 5th Stree...
NewcrestImage Sells Hyatt Place in Amarillo, Texas to an Affiliate of KAMP Hotels, LLC
NewcrestImage | September 30, 2021
September 30, 2021 – NewcrestImage has sold its 91-room, four-floor Hyatt Place in western Amarillo to an affiliate of KAMP Hotels, LLC. The hotel opened in December of 2019. “The Hyatt Place is an attractive opportunity for us because of its high-traffic, high-visibility location in the heart of the city’s medical district,” said Kevin Nelson of KAMP Hotels, which is headquartered in Amarillo. Another affiliate of KAMP Hotels recently purchased a nearby property from NewcrestImage – the 90-room, 4-floor Tru by Hilton, located immediately adjacent to the Hyatt Place and open since August of 2018. KAMP Hotels also owns and ...
MGM Resorts International Closes Purchase of Infinity World’s 50% Interest in CityCenter for $2.125B
MGM Resorts International | September 29, 2021
LAS VEGAS, NV - September 28, 2021 - MGM Resorts International today announced the closing of the previously announced purchase of Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion. Following the transaction, MGM Resorts has leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. In connect...
IHG Expands in Coastal France With Five New Properties
IHG Hotels & Resorts | September 29, 2021
IHG Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in one of its primary markets of France, with four new hotel signings and an exciting opening. Situated on France’s charismatic coastline, the five-strong collection of new properties bring three of IHG Hotels & Resorts’ brands to the region for the first time, including Staybridge Suites, Holiday Inn Express, Crowne Plaza and Hotel Indigo. Expansion is a key strategic growth driver for IHG, and the new signings in Cannes, Cagnes-sur-Mer, Arachon-La Teste and Marseilles further cement the company’s presence in continental Europe acro...
Marriott International Plans to Expand Footprint in South Asia With 22 New Signings in the Past 18 Months
Marriott International | September 29, 2021
Leading with rooms in the region, company expects to add more than 2,700 rooms to its portfolio MUMBAI, INDIA — September 29, 2021 — On the heels of the 16th Hotel Investment Conference - South Asia (HICSA 2021), Marriott International today announced it has signed 22 new hotel agreements in South Asia – comprising India, Bhutan, Bangladesh, Sri Lanka, Maldives and Nepal – in the past 18 months, expecting to add more than 2,700 rooms to its fast-growing portfolio. Marriott International currently is the hotel chain with the largest number of rooms in the South Asia region and expects to continue its solid growth with these new signi...
MGM Resorts Selected by Osaka as Integrated Resort Partner
MGM RESORTS INTERNATIONAL | September 29, 2021
LAS VEGAS, NV – September 29, 2021 – MGM Resorts International today announced that MGM Japan, together with its joint-venture partner ORIX, has been selected by Osaka as the region's integrated resort partner. Osaka's selection of the MGM-ORIX consortium marks an important step in MGM's long-term bid to develop one of Japan's first integrated resorts. Details of the proposed approximately $10 billion development were also unveiled, showcasing MGM's vision to bring a world-class resort experience to Osaka that is designed to transform the region into one of the world's top entertainment and hospitality destinations and that ...
JMBM Is Hotel Counsel for Condor Hospitality in $305 Million Hotel Portfolio Sale
Global Hospitality Group® | September 29, 2021
LOS ANGELES, CA – September 29, 2021 – The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce its representation of Condor Hospitality Trust in the sale of the company's entire portfolio to Blackstone Real Estate Partners. The $305 million deal was announced September 23, 2021 and is expected to close by the end of the year. Condor Hospitality Trust (NYSE American:CDOR) is a publicly-traded real estate investment trust specializing in the ownership of premium-branded select-service, extended stay, and limited-service hotels franchised under brands including Hilton, Marriott, and IHG. J...
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