Radisson Hotel Group Signs With Silver Beach Hotel for First Beach Resort in Dubai
Radisson | March 24, 2020
Accor Signs With MIT Group Holdings to Develop SO/Melbourne
Accor | February 27, 2020
Finance & Development
Avison Young Transactions, March 2020
Avison Young | March 31, 2020
ATLANTA – March 31, 2020 – Avison Young Hospitality Group announced the firm closed two hotel transactions in Pennsylvania and Illinois last week. One property was a select service hotel in Allentown PA and the other was a Springhill Suites in Illinois. Pricing for both hotels represented the new normal during the coronavirus situation....
COVID-19 and Hospitality: 7 Alternative Ways to Cut Costs and Save Your Business…BEFORE Resorting to Layoffs
Nicole Dehler, Vice President of Product Management | March 26, 2020
By Nicki Dehler The hospitality industry is entering uncharted territory. As concerns surrounding the continued transmission of COVID-19 continue to mount, we find ourselves isolated in our homes, unsure of when this pandemic will pass. What does the future hold for our communities? Moreover, what will this crisis mean for those businesses who have ceased operations due to recent recommendations and mandates for complete shutdowns? There is no denying that from a business perspective, travel and hospitality have taken the brunt of the pandemic’s economic impact. Hotels and airline companies have suffered unprecedented losses as escala...
Hospitality Financial Leadership – Creating Asset Value Even in These Turbulent Times
David Lund | March 25, 2020
By David Lund That’s right, your eyes and the headline are not fooling you. I learned an incredibly valuable lesson from a client in a backwards kind of way and now I want to share it with you. It is a simple way to create something valuable and powerful even in a completely down market like were in now. Use this story to show your teams what they are leaving on table in the way of profits and asset value if they are not always looking for the upside in their hotel. Here is my story. I had just finished a half-day hospitality financial leadership workshop for a client, one of a series of six that they had contracted me to do. The Gene...
Radisson Hotel Group Signs With Silver Beach Hotel for First Beach Resort in Dubai
Radisson | March 24, 2020
Brussels/Dubai - March 24, 2020 - Radisson Hotel Group is proud to announce the signing of the Radisson Resort Dubai Palm Jumeirah, its first beach resort in Dubai and third Radisson hotel in the United Arab Emirates, bringing its UAE portfolio to 23 hotels in operation and under development. Home to some of Dubai's top resorts, the Palm Jumeirah is built from reclaimed land in a series of artificial archipelagos and shaped like a palm tree when viewed from above. Located on the Jumeirah shoreline, Radisson’s latest resort is perfect for both leisure and business travelers and is ideally located, providing travelers with easy access to th...
The Ambrose Hotel Caters to Latest Guest Online Needs by Implementing Advanced Wi-Fi Network Technology with Hotel Internet Services
Hotel Internet Services, Inc. | March 24, 2020
Upscale boutique property ensures ability to fully accommodate multiple guest devices while guaranteeing a fast, reliable and secure online experience. SANTA MONICA, Calif. — March 24, 2020 — Hotel Internet Services (HIS), a full-service provider of internet services and solutions for the hospitality industry, has announced the successful implementation of the latest in Wi-Fi network connectivity at The Ambrose Hotel. A luxury boutique location in Santa Monica, California, that caters to every guest need with an array of upscale amenities, The Ambrose Hotel can now ensure that its ability to fulfill guest expectations extends to demand...
COVID-19 Financing Strategic Options for Hotel Owners
Harry G. Spirides | March 19, 2020
By Harry G. Spirides, President & CEO of Spirides Hospitality Finance Company Along with all the other industries around the world the U.S. hotel industry has been blindsided by the COVID-19 Global Pandemic Black Swan Event. Instantly, hotel owners have found themselves with empty hotels, depleted cash reserves, and wondering how they will be able to make their monthly mortgage payments and payroll which were hardly ever considered to be a problem in the expansionary period leading up to COVID-19. Due to the recent unprecedented sharp interest rate cuts by the Federal Reserve, the Prime Rate is now set at 3.25% which sets the table fo...
Crescent Hotels & Resorts Adds DoubleTree by Hilton Hotel Berkeley Marina to Management Portfolio
Crescent Hotels & Resorts | March 19, 2020
Berkeley, CA (March 19, 2020) – The DoubleTree by Hilton Hotel Berkeley Marina is now being managed by Crescent Hotels & Resorts. Crescent, based in Fairfax, Virginia is a nationally recognized operator of major hotels and resorts throughout the United States and Canada. The 378-room DoubleTree overlooks Berkeley Marina with views of the San Francisco Bay. The hotel is a 10-minute drive from University of California Berkeley and provides free shuttle service to the closest BART station and Tideline Ferry for quick trips into San Francisco. “The DoubleTree by Hilton Hotel Berkeley Marina is a great addition to the Crescent po...
Sonnenblick-Eichner Company Arranges $20,500,000 of First Mortgage Financing for the Carriage Inn, Sherman Oaks, California
Sonnenblick-Eichner Company | March 19, 2020
Beverly Hills, CA (March 19, 2020) – Sonnenblick-Eichner Company announced today that it has arranged $20,500,000 of first mortgage financing for the 178-room Carriage Inn, located at the intersection of Burbank Boulevard and the San Diego Freeway (I-405) in Sherman Oaks, California. The non-recourse 10-year fixed rate loan was priced at 3.36%, with interest-only payments for the entire loan term. The hotel, affiliated with the Best Western Plus brand, features meeting space, a pool and Jacuzzi, a fitness center and surface parking for 160 cars. The hotel is conveniently located within close proximity to Universal Studios/Hollywood, the ...
Avison Young Transactions
Avison Young | March 17, 2020
ATLANTA – March 17, 2020 – Avison Young Hospitality Group announced the firm closed five separate hotel transactions last week. The property closings were in Connecticut, Pennsylvania, North Carolina and one closing at the Atlanta Airport. Brands ranged from Marriott select service hotels to various other brand families. The hotels were all under 200 rooms each and were in suburban and tertiary markets reflective of the ever-changing investment cycle....
Palisades Resorts Plans Summer 2020 Opening of Adero Scottsdale as Part of Marriott’s Autograph Collection
Autograph Collection Hotels | March 16, 2020
SCOTTSDALE, AZ – March 16, 2020 – Following an extensive $100-million investment by Palisades Resorts LLC, Marriott International’s Autograph Collection Hotels will celebrate the grand opening of ADERO Scottsdale in summer 2020. With its elevated views of Arizona’s famed Four Peaks and McDowell Mountain Range, ADERO will be Scottsdale’s only Dark Sky Zone resort with a modern guest experience inspired by the surrounding Sonoran Desert. The complete development is led by Allen + Philp Partners Architecture and Interior Design, MONOGRAM Hospitality Interiors at BBGM, branding agency Sixteenfifty and Aqua-Aston Hospitality, a l...
Radisson Hotel Group Signs With GERCHGROUP to Develop Radisson Red Cologne in Germany
Radisson RED | March 12, 2020
Brussels/Cologne - March 12, 2020 - Radisson Hotel Group is proud to announce the signing of the first Radisson RED hotel in Germany with developer GERCHGROUP. The new Radisson RED Cologne will be located in a central city location, just a stone's throw from the UNESCO World Heritage Site, the Cologne Cathedral. The new development will integrate well into the "Laurenz Carré", a modern urban district that also features office and retail spaces. An existing, listed hotel property is being redesigned and supplemented with a new building for the Lifestyle brand of the Radisson Hotel Group. The Radisson RED Cologne will boast a total of 262 g...
First Hospitality and Weyland Ventures Break Ground on Flagship Tempo by Hilton Hotel in Louisville
Tempo by Hilton | March 12, 2020
MCLEAN, Va. – March 11, 2020 – Hilton (NYSE: HLT) today announced the start of construction of its very first Tempo by Hilton property, hosting a groundbreaking ceremony in Louisville, Kentucky’s trendy NuLu neighborhood. The 130-key, six-story hotel is located at 710 East Jefferson Street and is co-owned by First Hospitality and Weyland Ventures. This inaugural Tempo by Hilton property is slated to open in time for the 2021 Kentucky Derby. Breaking ground less than eight weeks from the Tempo by Hilton brand launch, this milestone marks one of the shortest time periods from brand announcement to groundbreaking in Hilton history. ...
Access Point Financial Provides $11M in Financing for Sheraton Chicago Northbrook Renovation
Access Point Financial | March 12, 2020
Recognized leader in hospitality-focused lending steps in to assist with the continued repositioning of the Sheraton brand with Chicago hotel update CHICAGO – March 12, 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 a Chicago-based ownership group to provide $11 million in financing for the renovation of the Sheraton Chicago Northbrook Hotel. The Sheraton Chicago Northbrook Hotel opened in 2008, and is located in Northbrook, Illinois, a suburb of Chicago. The 161-room hotel selected Acce...
Hyatt, Terra Group and Turnberry Announce Plans for the First Grand Hyatt Hotel in Miami Beach Adjacent to the Newly Renovated Convention Center
Grand Hyatt | March 11, 2020
CHICAGO (March 11, 2020) - Hyatt Hotels Corporation (NYSE:H), Terra Group and Turnberry announced plans today for a new 800-room Grand Hyatt hotel in Miami Beach, Fla that will be managed by Hyatt. Slated to open in 2023, Grand Hyatt Miami Beach will offer elevated experiences for leisure and business travelers alike. Its prime location adjacent to the Miami Beach Convention Center, which completed a $600 million renovation last year, offers visitors convenient access to the city’s most anticipated tradeshows and events. The 17-story hotel will be situated at the intersection of 17th Street and Convention Center Drive, within walking d...
Hilton Expands Presence in Central America With Signing of Hilton Hotels & Resorts Property in El Salvador
Hilton | March 11, 2020
SAN SALVADOR, El Salvador and MCLEAN, Va. – March 11, 2020 - Hilton (NYSE: HLT) today announced the signing of an agreement to debut a Hilton Hotels & Resorts hotel in El Salvador. The 198-room Hilton San Salvador is scheduled to open in July 2020, representing a new country for Hilton’s growing portfolio of 160 hotels and resorts welcoming guests across the Caribbean and Latin America. Officially forming part of the World Trade Center Complex, Hilton San Salvador is owned and developed by Grupo Agrisal, and will welcome guests to the country’s capital, known for its black-sand beaches, surfing and vibrant nightlife. “Welcomin...
RLH Completes Sale of Red Lion Hotel Anaheim for $21.5 Million
RLH Corporation | March 10, 2020
DENVER, March 10, 2020 -- RLH Corporation (NYSE:RLH) announced today that it has closed on the sale of its Red Lion Hotel Anaheim for $21.5 million in gross proceeds. Red Lion Hotel Anaheim was wholly owned by the Company and unencumbered by a mortgage. Proceeds after broker fees and customary closing costs will be used to repay the $10 million credit facility. The remaining funds of $10.8 million will be used to fund franchise growth opportunities and for general business purposes. This transaction marks the final closing of four hotels announced in September 2019 as under contract to be sold. The net proceeds from these four assets af...
Hospitality Financial Leadership: What to Do in a Financial Crisis
David Lund | March 9, 2020
By David Lund A lot has been said about the flu outbreak and the devastating effects it will have on the travel and hotel industry. But what can you do about it? The old saying, “You can’t save your way to prosperity,” still holds true, but you can be the best of class when it comes to being the least affected. Occupancy and rates are going to fall, they always do. The question is, where will the market go and how can we keep our REVPAR index? I’ll leave that piece for the revenue and marketing pundits. Here is a list of the top 10 things you can do today to mitigate the financial tsunami that’s coming. I have lived and manage...
Crestline Hotels & Resorts Adds Two Hotels to Management Portfolio
Crestline Hotels & Resorts | March 5, 2020
FAIRFAX, VA – March 5, 2020 James Carroll, President and CEO of Crestline Hotels & Resorts, LLC (“Crestline”) announced today that it has been appointed to manage two additional hotels: the 129 guestroom Hampton Inn Birmingham/Mountain Brook in Birmingham Alabama and the 65 guest suite Homewood Suites by Hilton in Augusta, Georgia. The Hampton Inn Birmingham/Mountain Brook is located at 2731 US Highway 280 South, Birmingham, AL. Tucked into the foothills of the Appalachian Mountains, and only four miles from downtown Birmingham, the hotel is the perfect base to navigate this dynamic city. It is in close proximity to the Birming...
Sofitel London Heathrow Turn Around Their Daily Operations With Knowcross
Knowcross | March 5, 2020
London March 05th, 2020 - KNOWCROSS, the global leader in providing service quality and optimization solutions for hotels, is thrilled to share that Sofitel London Heathrow, has decided to implement the Knowcross platform to increase operational productivity and enhance the quality of guest service. This addition further reinforces the company’s position as the most preferred service quality management platform of hotels all across Europe. Connected to Heathrow Terminal 5, 21 minutes from London city center and close to sightseeing attractions including Windsor Castle, Royal Ascot, and Legoland, this luxury Heathrow hotel is the choice f...
Access Point Financial to Finance Hitalk Hotels’ Acquisition of Hyatt Place Mohegan Sun in Connecticut
Access Point Financial | March 5, 2020
Leading hospitality industry lender selected to finance hotel acquisition near the famed Mohegan Sun Casino in Uncasville, Connecticut ATLANTA – March 5, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with Hitalk Hotels to provide financing for the company’s acquisition of the Hyatt Place Mohegan Sun in Uncasville, Connecticut. Access Point Financial provided $10.1 million in financing for the acquisition of the property, which will be managed by Aimbridge Hospitality. The hotel is expected to now undergo a ren...
The Hotel Group Adds New Residence Inn by Marriott in Wenatchee, Washington to Management Portfolio
The Hotel Group | March 4, 2020
Seattle, WA, March 4, 2020 — The Hotel Group (THG), a leading national hotel management and investment company, announced the addition of the five-story Residence Inn by Marriott in Wenatchee, Washington, to its growing portfolio of hotels under management. The property has broken ground and is scheduled to open in Q4 2020. As a co-investment project between Stream Real Estate of Seattle, owner and developer, and THG, the property will contain 127 suites. Each suite will be outfitted with a fully equipped kitchen, spacious window facing workspace, plush bedding and linens. It will feature a complimentary breakfast to comfortably host fam...
DiamondRock Hospitality Plans June 2020 Opening of Barbary Beach House Key West
March 3, 2020
KEY WEST, Fla., March 3, 2020 -- DiamondRock Hospitality Company (the "Company") has announced an anticipated June opening of the Barbary Beach House Key West (2001 South Roosevelt Boulevard), a 184-room oceanfront hotel inspired by the island's natural landscape and legendary maritime history. Following an extensive, top-to-bottom conversion, the Barbary Beach House Key West has been transformed into a lush, tropical haven where free-spirited adventurers can discover an unrivaled Key West experience along the famed southernmost shores of the United States. "Without a doubt, Barbary Beach House Key West will be a prized addition to ...
Novotel Sriracha & Koh Si Chang Marina Bay Opens First Phase of Its Dual-Location Hotel on the Gulf of Thailand
Novotel Hotels | March 3, 2020
SRIRACHA, THAILAND, 3 MARCH 2020 - The much-anticipated opening of Novotel Sriracha & Koh Si Chang Marina Bay offers business and leisure travellers the opportunity to enjoy the ocean views of Sriracha and island paradise retreat on Koh Si Chang. Nestled along the east coast of the Gulf of Thailand, the main hotel building in Sriracha comprises 235 rooms. Another 40 guest rooms, including 16 villas will open on Koh Si Chang later this March, complete with private pier and speedboat services to shuttle guests between the two locations. The new sea front hotel is conveniently situated between Bangkok’s Suvarnabhumi International Air...
Sonnenblick-Eichner Company Arranges Financing for Lone Star Court, Austin, Texas
Sonnenblick-Eichner Company | March 3, 2020
Beverly Hills, CA (March 3, 2020) -- Sonnenblick-Eichner Company has arranged first mortgage debt to refinance the Lone Star Court, a 123-room boutique hotel located within The Domain, a 303-acre master planned development in Austin, TX. The CMBS loan, funded by a Wall Street investment bank pays 3.49% interest only over the entire 10-year term. Loan proceeds were utilized to retire existing debt and provide working capital. Hotel amenities include The Water Trough Restaurant and Bar, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, swimming pool, and 154 parking spaces. Lone Star Court is ran...
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