Finance & Development

/Finance & Development

Finance & Development

Marriott International Signs With Asset World Corporation for Three Hotels in Thailand

Asset World Corporation | November 19, 2019

November 19, 2019 -- Marriott International, Inc. (NASDAQ: MAR) today announced it has signed agreements with Asset World Corporation (AWC), Thailand's leading integrated lifestyle real-estate group, to introduce three of its global hospitality brands to Thailand. The agreement would fuel the company’s expansion in Thailand with the addition of three hotels comprised of nearly 1,550 rooms expected to open between late 2020 and 2024. Under the agreements, AWC is expected to open a 248-room Courtyard by Marriott in late 2020 in Phuket, as well as a 900-room Marriott Marquis hotel and a 398-room JW Marriott hotel both in Pattaya. “We...

IHG to Enter New Caledonia With Signing of Three Hotels Opening 2021 to 2024

IHG | November 18, 2019

IHG will make a grand entrance into New Caledonia with the signing of three hotels that will open between 2021 and 2024, bringing the world’s biggest and best hotel brands to the region. The new-build InterContinental® Lifou Wadra Bay Resort will be a 50-room luxury hotel located on the scenic Lifou, the largest island of the Loyalty Islands. Designed by both local architect, Atelier 13, and renowned interior designer, Chada, the resort is already under construction and will open in November 2021, featuring luxurious rooms, lagoon-front suites, all-day dining, a fine dining restaurant and bar, along with a gym, spa and an outdoor pool. ...

Hospitality Financial Leadership: Chapter Two – Incompetence

David Lund | November 18, 2019

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 weekly executive committee meeting in my hote...

Hard Rock International Signs With EP Real Estate for Hard Rock Hotel Prague

Hard Rock | November 18, 2019

Hard Rock International continues the growth of its ever-expanding European hotel portfolio with the exciting announcement of Hard Rock Hotel Prague, set to open its doors in the energetic capital in 2023.  Augmenting its 75-country brand presence, Hard Rock has announced its latest venture into the Czech Republic, bringing the signature Hard Rock energy to this dynamic cultural hub. Located within the wider city center, the expansive hotel, with an impressive 523 rooms and suites, will boast magnificent views overlooking Letna Park and the spectacular Prague Castle from the hotel’s sophisticated rooftop Sky Bar. Alongside the Sky B...

Four Seasons and Oakmont Break Ground on Resort and Private Residences in Cabo Del Sol

November 14, 2019

Toronto, Canada - November 14, 2019 -Four Seasons Hotels and Resorts, the world’s leading luxury hospitality company, and Oakmont Corporation, a Los Angeles-based family office, today announced plans for Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol. Situated on the southern tip of Mexico’s Baja California Peninsula, nestled in the centre of the famed Los Cabos Corridor between Cabo San Lucas and San José del Cabo, the new-build 80-key Resort with 40 Private Residences is targeted to open in 2022 and will sit on more than 50 oceanfront acres (20 hectares) within Cabo Del Sol’s new private beachfront community, Th...

Motto by Hilton Atlanta Old Fourth Ward Celebrates Groundbreaking in Atlanta

Motto by Hilton | November 14, 2019

MCLEAN, Va. - This week, Hilton (NYSE: HLT) celebrated the groundbreaking of one of the first Motto by Hilton hotels, in the Old Fourth Ward neighborhood of Atlanta. The 146-room Motto by Hilton Atlanta Old Fourth Ward (O4W), slated to open in 2021, will join Waldo’s, an $80 million modern mixed-use development project that will include food and beverage outlets and commercial and residential spaces. The development is led by Lucror Resources and equity partner Sixty West. The hotel will be operated by Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company. To commem...

Marriott to Expand Its All-Inclusive Portfolio to Jamaica and Curaçao With Signings of Two New-Build Oceanfront Resorts

Marriott International | November 14, 2019

Marriott International, Inc. (NASDAQ: MAR) today announced it has signed contracts with hotel developers to open two all-inclusive, oceanfront resorts in the Caribbean – an 800-room Marriott Hotel in Jamaica and a 283-room Autograph Collection on Curaçao. The 800-room Marriott Hotel Al Amaterra is planned on a beachfront site within the Amaterra Resort, a mixed-use development along the North coast of Trelawney, Jamaica. The site features about three miles of pristine beachfront. The hotel’s owner/developer, Amaterra Group, expects to commence construction in early 2020. “The signings for these two incredible, all-inclusive resor...

IHG Partners With Ho Tram Project for Two Hotels on Vietnam’s Ho Tram Strip

IHG | November 12, 2019

IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, signed agreements with Ho Tram Project Company Limited (HTP) to rebrand The Grand Ho Tram at the Ho Tram Strip integrated resort to InterContinental Grand Ho Tram within a year after refurbishments. A new build Holiday Inn Resort Ho Tram Beach will also open in 2020. The signing reinforces IHG’s growth in resort locations in Vietnam, and strengthens its presence in the region. Serena Lim, Vice President, Development for IHG South East Asia & Korea, commented: “This signing marks a new milestone in our growth in Vietnam, as we welcome our first Holida...

Hilton Signs With M&L Hospitality for New 244-Room Hilton Melbourne Little Queen Street in Australia

M&L Hospitality | November 12, 2019

SYDNEY and MCLEAN, VA - Hilton (NYSE: HLT) today announced the signing of Hilton Melbourne Little Queen Street, adding to Hilton Hotels & Resorts’ portfolio of 106 world-class properties in the Asia Pacific region. Under a management agreement with M&L Hospitality, Hilton will manage the 244-room new-build hotel. Centrally located on the corner of Little Queen Street and Bourke Street in Melbourne’s CBD, the new Hilton Melbourne Little Queen Street will be situated between the developing Docklands precinct and the established “Paris end” of Melbourne, making it an ideal location for both corporate and leisure travellers. ...

JMJ Development Bringing Mandarin Oriental Hotel and Resdiences to Dallas, Texas

JMJ Development | November 12, 2019

Dallas, November 12, 2019 -- JMJ Development has announced that it will be the developer and owner of a luxury hotel in Dallas, Texas which will be managed by the prestigious Mandarin Oriental Hotel Group. The project, which will also feature branded residences, is scheduled to open in 2022. The new development will comprise a 25-story mixed-use tower located in the exclusive Turtle Creek neighborhood, one of Dallas’s wealthiest and most attractive neighborhoods. The project is within close proximity to the central business district and a number of cultural attractions including the Dallas Theatre Centre and Arts District. The hotel will...

LHM Canada Breaks Ground on Holiday Inn Express & Suites – Toronto Airport South

Holiday Inn Express | November 12, 2019

Toronto, Ontario (November 12, 2019) – LHM Canada Inc. broke ground today on a new 120-room Holiday Inn Express & Suites hotel in the Toronto Pearson International Airport area. The new hotel will be called, the Holiday Inn Express & Suites – Toronto Airport South. LHM Canada has had a long history with the InterContinental Hotels Group (IHG) and has developed and managed several other IHG branded hotels over the years. The hotel is slated to open in the fourth quarter of 2020. InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, is the parent company of the Holiday Inn Express brand. The hotel ...

Phoenix Development Partners Acquires Historic Chicago Office Building to Redevelop as 350-Key Dual-Branded Hilton Property

Phoenix Development Partners | November 11, 2019

CHICAGO – November 5, 2019 – Phoenix Development Partners (“Phoenix”), as the lead sponsor, in partnership with Green Door Capital, Crowdstreet, Polaris, among other minority investors, announced the acquisition of 226 West Jackson (Chicago), a 238,000sf historic office building. This property will be restored and transformed to become a 350-room dual flag Hilton property (a Canopy by Hilton – 215 rooms - on the upper floors and a Hilton Garden Inn – 135 rooms - on the lower floors). John Mangel, Founder and CEO of Phoenix Development Partners commented that “the restored property will include a new 4,800sf rooftop restaurant...

Hospitality Financial Leadership: Controlling Food Cost – Top 10 List

David Lund | November 11, 2019

By David Lund Food cost is a never-ending battle in a war that does not end. You can never take your foot off the gas, if you do you will slow down. When you slow down in the food cost world it is costly. Back in the day I cut my teeth as a receiver, F&B cost control clerk and ultimately an F&B cost controller. Here is my top 10 list of food cost control strategies you can either put in place, re-commit to doing, or ask yourself why it is not already being done.😊 Shop Around Check Your Receiving Lock it Up Menu Costings Embrace Contribution Margin Separation of Duties After Hours Invoice Approval ...

Tapestry Collection by Hilton Hotel on the Way for Pappas Properties’ Midtown Charlotte Development

Pappas Properties | November 7, 2019

CHARLOTTE, N.C., Nov. 7, 2019 -- Pappas Properties today unveiled details for the next phase of development at its 7-acre property in Midtown Charlotte, including a Tapestry Collection by Hilton Hotel and new office and retail space that will complement the two state-of-the-art medical office buildings already being built for Atrium Health. The 150-room hotel will be the first Tapestry Collection by Hilton location in the Charlotte area. Launched in 2017, Tapestry Collection by Hilton is a collection of hotels that embraces the distinctive, local culture of each hotel's environment, ensuring that each property in the collection offers a un...

The Luxury Collection Debuts in Qatar With Opening of Al Messila in Doha

The Luxury Collection® Hotels & Resorts | November 7, 2019

The Luxury Collection today announced the opening of Al Messila, A Luxury Collection Resort & Spa in Doha, marking the debut of the brand in Qatar. Only 25 minutes from Hamad International Airport and 15 minutes from Doha’s city centre, West Bay, Al Messila is an urban oasis designed to respect the area’s natural surroundings. The ‘private palace’ setting is a celebration of a verdant retreat in the heart of the desert, offering attentive service infused with age-old Qatari hospitality. A cherished reflection of the local spirit, Al Messila is anchored by holistic wellness and epicurean journeys for each guest to embark on during ...

70-Room, Limited-Service Hotel in New Mexico to Hit Online Auction Block via RealINSIGHT Marketplace, This December

RealINSIGHT Marketplace | November 7, 2019

Aztec, NM Presidential Inn is being offered significantly below replacement cost with 1.72 Acres included in the sale. This December, Presidential Inn, a 70-room, limited-service hotel located in Aztec, New Mexico, will be auctioned through the online commercial real estate auction platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, is unencumbered of management and the current lender will consider financing a new buyer. The new buyer will also have the opportunity to affiliate the Hotel with a new major brand, including Microtel, Comfort Inn, Sleep Inn, Red Lion, Red Roof Inn, o...

Briad Group Breaks Ground on AC by Marriott San Diego

The Briad Group | November 7, 2019

San Diego, CA, Nov. 7, 2019 – AC Marriott, an upscale lifestyle hotel, celebrated the groundbreaking of AC San Diego today. Located at 743 Fifth Avenue, the hotel is in the heart of the Gaslamp Quarter and provides guests easy access to the San Diego Convention Center, Petco Park, Seaport Village, USS Midway Museum, Waterfront Park and a variety of shops and restaurants. AC by Marriott San Diego is owned and managed by Briad Lodging Group, LLC, the hotel division of Livingston, New Jersey-based The Briad Group. The hotel is one of 11 new properties Briad will open in the next three years. Community representatives joined Briad executives...

Choice Hotels and Koucar Management Break Ground on Detroit’s First Cambria Hotel

Cambria Hotels | November 4, 2019

ROCKVILLE, Md., Nov. 4, 2019 -- Choice Hotels International, Inc. (NYSE: CHH) and Koucar Management celebrate the official start of construction on Detroit's first Cambria hotel: the Cambria Hotel Detroit Downtown. Slated to open in 2020, the modular-construction, six-story, 158-room upscale hotel will become the Cambria brand's second location in Michigan. Nine other Cambria hotels have already opened their doors this year, together representing over 1,200 upscale rooms. Three more Cambria hotels are expected to open in top-tier markets across the country by year-end. This milestone was marked at an event attended by local dignitaries an...

Winter Opening Planned for New AC Hotel Atlanta Airport Gateway Led by General Manager Jeff Fowler

AC Hotels by Marriott | October 30, 2019

ATLANTA (October 30, 2019) – AC Hotels by Marriott® announces today the newest addition to its Atlanta portfolio, AC Hotel Atlanta Airport Gateway, with plans to open this winter in the developing Gateway Center in College Park, Ga. Set just beside the Georgia International Convention Center (GICC) and a few steps off of Hartsfield-Jackson Atlanta International Airport’s ATL SkyTrain, the new-build property provides unprecedented convenience and affordable luxury for both weekday and weekend Atlanta travelers alike. AC Hotel Atlanta Airport Gateway is thoughtfully designed for today’s entrepreneurial business travelers alongside vac...

McWhinney to Begin Construction of New Hyatt Centric Hotel in Austin, Texas

McWHINNEY | October 30, 2019

AUSTIN, Texas (Oct. 30, 2019) – McWHINNEY a Colorado-based real estate investor and developer with expertise in mixed-use, hospitality, commercial, multifamily and residential assets, will begin construction next month on Hyatt Centric Congress Avenue Austin, a new full-service lifestyle hotel in a prime downtown Austin location.  Expected to open in Fall 2021, Hyatt Centric Congress Avenue Austin will offer 246 modern guestrooms, including a nearly 1,400 square foot Presidential Suite that will also be available as private event space. The hotel will be managed by Hyatt. The hotel’s interior spaces will be inspired by Austin’s b...

Hospitality Financial Leadership: The Ultimate Hotel P&L

David Lund | October 28, 2019

By David Lund I know a lot of people have some confusion and a slight frustration when it comes to the financial information that’s available in a hotel and the way it’s presented. The 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) is rock solid in its acceptance and use in our industry for those who know about it and choose to use it. But what if there is a better way to look at the financial information that helps operators see their results (and better still their budgets and forecasts) in a different light? A light that shines on the various different levels of profitability by business type. ...

Hilton Signs Franchise Agreements for Trio of Hotel Brands in Madrid, Spain

HIP Hotel Investment Partners | October 25, 2019

MADRID and MCLEAN, Va. - Hilton today announced the signing of three hotel franchise agreements with strategic investor partners, bringing three new brands to Madrid, of which two mark brand entries to the country. The addition of Canopy by Hilton Madrid Castellana; El Metropol Madrid, Curio Collection by Hilton; and Atocha Hotel Madrid, Tapestry Collection by Hilton represents a significant milestone for the global hospitality company, illustrating Hilton’s continued investment in Madrid as a premier tourist destination and its ambitions to further expand across Spain. Patrick Fitzgibbon, senior vice president, development, EMEA, Hilto...

Highgate Opens The Candler Hotel, Curio Collection by Hilton in Downtown Atlanta

CURIO COLLECTION BY HILTON | October 24, 2019

ATLANTA and MCLEAN, Va. -- October 24, 2019 -- A new chapter begins for a beloved, iconic landmark with the debut of The Candler Hotel, Curio Collection by Hilton — one of the most highly anticipated hotel openings in Atlanta this year. The first Curio Collection by Hilton property to open in the city, the majestic property opens its doors today at 127 Peachtree Street NE in Downtown Atlanta. “Centrally located in one of the most innovative and diverse cities in the U.S.,The Candler Hotel is an exciting addition to our collection of one-of-a-kind hotels,” said Jenna Hackett, global head, Curio Collection by Hilton. “As we conti...

Reuben Brothers Acquire Historic Property in Rome to Be Developed and Operated by Corinthia Hotels

THE REUBEN BROTHERS | October 24, 2019

Oct. 24, 2019 -- The Reuben Brothers have acquired a historic property in the centre of Rome and entered into contractual arrangements with Corinthia Hotels, the five-star hotel portfolio, to develop, lease and operate it as an ultra-luxury hotel. The property is the former seat of the Central Bank of Italy on Parliament Square. Plans are in hand for the conversion of the 7,500m2 property into a luxury destination, featuring, in addition to guest suites and bedrooms, restaurants and bars wrapping around a central garden as well as a spa and rooftop amenities. Jamie Reuben, a principal at Reuben Brothers, said: “This acquisition and dev...

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