The St. Regis Cap Cana Resort & Residences Celebrates Groundbreaking in the Dominican Republic
St. Regis Hotels & Resorts | October 14, 2020
Paramount Lodging Advisors (PLA) Leads the Successful Sale of the Houston Area Candlewood Suites
Paramount Lodging Advisors | September 9, 2020
Finance & Development
How Turning to Benchmarking Can Stave Off Financial Ruin
HotStats | September 1, 2020
When the winds of crisis whip, and a hotel’s cash begins flying away, it’s easy to panic. During a crisis, it might feel like the whole market has been pulled out from under you. However, there is hope even in the worst financial crisis. With hotel benchmarking, it’s possible to fight off financial ruin, even in the middle or during the aftermath of financial turmoil. Wondering how? In this article, we dive into ways hoteliers can use benchmarking to keep a hotel out of the red and steer operations to long-term profit amid a nightmarish market. First, What Happens During a Financial Crisis? Every financial crisis will be diff...
Federal Per Diem: Fiscal 2020/21 & Historical Trends
Chelsey Leffet | September 1, 2020
By Chelsey Leffet Government per-diem rates are set for a number of locations, many applying to multiple regions or localities in each state. A per-diem rate is made up of three components: a lodging allowance, meals allowance, and incidental expense allowance[1]; however, this article and the data presented below focus solely on the lodging allowance. The per-diem lodging rates, which provide a maximum amount that a federal traveler can reimburse, are based on the costs of mid-priced hotels, and are set annually by the U.S. General Services Administration (GSA). The following article examines the per-diem trends of the top lodging markets...
Shiji Group and MCR Announce Agreement on the $46 Million Purchase of StayNTouch
Shiji Group | August 31, 2020
Shiji Group announces it's definitive agreement to sell StayNTouch for $46 Million to MCR, the fifth-largest hotel owner-operator in the United States. Shiji Group, a global hospitality technology provider, today announces it has reached a definitive agreement to sell StayNTouch to MCR, the fifth-largest hotel owner-operator in the United States, for the purchase price of $46 Million, including potential earnouts. The much anticipated announcement follows months of negotiations between the two parties after the U.S Administration, in March of 2020, ordered Shiji to divest of StayNTouch, a leading cloud hotel property management system ...
Walt Disney World Swan and Dolphin Resort Celebrated Topping Off of New 14-Story Tower
The Walt Disney World Swan and Dolphin Resort | August 31, 2020
LAKE BUENA VISTA, Fla. – Aug. 31, 2020 – The newest addition to the Walt Disney World Swan and Dolphin Resort has reached a key construction milestone with the topping off of the project’s top floor. The achievement was honored with the installation of a steel beam on the 14th story. As the beam was raised, it carried a tree and an American flag, as is construction industry tradition. The new tower is scheduled to open summer 2021 as a 349-room hotel to complement the iconic Walt Disney World Swan and Dolphin’s two original hotels. The occasion also marks a change to the project’s name. The new tower will now be called The Walt D...
The St. Joe Company Bringing New Hotel and Restaurant to Panama City’s Downtown Waterfront District
The St. Joe Company | August 28, 2020
PANAMA CITY BEACH, Fla. - The St. Joe Company (NYSE: JOE) (“St. Joe”) and the City of Panama City, Florida (“the City”) execute a long-term land lease to bring a new hotel and restaurant to Panama City’s downtown waterfront district. Under the terms of the lease St. Joe will lease a City-owned parcel to develop, construct and operate a waterfront hotel and standalone restaurant on a portion of the Panama City Marina property fronting beautiful St. Andrews Bay, which has a deep water channel to the Gulf of Mexico. This agreement comes after nearly two years of planning, discussions and public meetings between St. Joe, the City an...
Service Properties Trust to Transfer 103 Hotels to Sonesta From IHG
Service Properties Trust | August 25, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation, or Sonesta, from InterContinental Hotels Group plc (NYSE: IHG), or IHG. As previously announced, SVC sent notices of termination to IHG for failure to pay SVC’s minimum returns and rents due for July and August 2020 totaling $26.4 million, plus accrued interest, and IHG had until August 24, 2020 to avoid termination by making payment to SVC. SVC did not receive any payment from IHG by August 24, 2020, nor does SVC expect to receive any payments from IHG ...
The Lake House on Canandaigua Opens in New York Following First Phase of Development
The Lake House on Canandaigua | August 25, 2020
Canandaigua, NY (August 14, 2020) – The Lake House on Canandaigua, a new Finger Lakes hotel created by the Sands Family, has officially opened its doors to guests following its first phase of development. The hotel, designed by New York-based firm Studio Tack in collaboration with family-owned design house The Brooklyn Home Company, presents a residentially inspired and design-forward hospitality experience, creating a new destination for travelers seeking an active wellness retreat in Western New York. The property currently offers room availability to guests in its Main House with dining accommodations at the reimagined Sand Bar. Add...
Why Professional Asset Management Adds Value to Hotel Investors?
Ajay Mehtani | August 24, 2020
By Ajay Mehtani & Dipti Mohan The role of a professional Asset Manager has traditionally been underplayed in India, even though the expertise brought in by a quality Asset Manager can yield great results for Investors. This is already a proven fact in several mature markets where Hotel Investors extensively use their services. The role of the Asset Manager has become even more crucial in the current times of uncharted waters. How do professional Asset Managers add value to Hotel Investors? Asset Managers work with owners to maximize the asset value and potential by optimizing operational efficiencies to deliver better ROI. ...
Hospitality Financial Leadership: What Everyone Needs to Know About Hotel Financial Skills 1-10
David Lund | August 24, 2020
By David Lund On the eve of starting my financial leadership course for the third year with Royal Roads University it occurs to me that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It’s almost like they think that a mechanic is the only person who can drive a car. On that note many great drivers possess great knowledge about how the car works but they’re not mechanics; it’s not a requirement to be a great driver. You would never take your Ferrari to the driver for a repair, but man can they drive it. The exact same goes for financial skills and understanding. You ...
Middle East Hotel Construction Pipeline Continues to Show Signs of Decline* at Close of Q2 2020
Lodging Econometrics (LE) | August 20, 2020
August 20, 2020 – PORTSMOUTH, NH – According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the second quarter of 2020, the hotel construction pipeline in the Middle East decelerated once again to 591 projects/169,538 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fourth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. However, projects currently under construction stand at an all-time high of 363 projects/117,458 rooms. Projects ...
IHG Signs With Riteway and Medha Projects to Develop Holiday Inn Resort in India
IHG | August 19, 2020
InterContinental Hotels Group® (IHG), one of world’s leading hotel companies, has signed a management agreement with Riteway and Medha Projects to bring a Holiday Inn Resort to the state of Karnataka. Offering 126 well appointed rooms, Holiday Inn Resort Sakleshpur Western Ghats is expected to open its doors to guests in Q1 2023. Underscoring industry confidence despite challenging times, this is the second signing announced by IHG in India in last three months. Located on the Western Ghats mountain range, in the state of Karnataka, Sakleshpur is in close proximity to Bengaluru, and is a great destination for leisure travellers looki...
Aimbridge Hospitality Portfolio Expansion Continues
Aimbridge Hospitality LLC | August 18, 2020
DALLAS, Aug. 18, 2020 - Aimbridge Hospitality, the leading, global, third-party hotel management company with more than 1,400 branded and independent properties across 49 states and 20 countries, is continuing to expand with new additions to its portfolio across all verticals. Since March 2020, Aimbridge Hospitality has added more than 40 properties with over 5,000 guest rooms to its portfolio in addition to over 30 properties in the pipeline as of August 15, 2020. CEO Dave Johnson said, "We are excited about our robust portfolio growth and look forward to a continued positive trajectory." The new additions to Aimbridge's managed po...
The Owner’s Obligation – Cash
Robert Mandelbaum | August 17, 2020
By Robert Mandelbaum The COVID-19 virus has had an extreme negative impact on the U.S. lodging industry. According to CBRE’s June 2020 edition of Hotel Horizons®, lodging demand in the U.S. will decline by 37.0 percent in 2020. This will cause a 38.0 percent drop in the national occupancy level, along with a 22.5 percent fall in average daily room rates (ADR). The net result is a projected 51.9 percent fall off in revenue per available room (RevPAR) for the year. Using historical data from the CBRE Trends® in the Hotel Industry database of operating statements, the most likely consequence of a 51.9 percent RevPAR decline is a G...
LNW Hospitality Celebrates Topping Out of Dual-Branded Courtyard by Marriott & Residence Inn by Marriott on Jekyll Island, GA
LNW Hospitality | August 14, 2020
August 14, 2020 - LNW Hospitality and New Castle Hotels, the developers of the new dual-branded Courtyard/Residence Inn coming to Jekyll Island, announced the formal topping out of the building. This important construction milestone, the completion of the support structure of the roof, was marked by a ceremony on site. The 209-key property, scheduled to open in the spring of 2021, features 120 Courtyard by Marriott rooms and 89 Residence Inn by Marriott rooms. Sitting on 5.8 acres of oceanfront land, this hotel will provide an exceptional guest experience. Amenities include the largest pool on Jekyll Island, a large hot tub, a splash pad ...
Radisson Collection to Debut in China With First Destination Resort in Nanjing
Radisson Hotel Group | August 5, 2020
Shanghai, China - August 5, 2020 - Radisson Collection, Radisson Hotel Group’s anthology of iconic lifestyle hotels, will arrive in China for the first time next year when it opens an outstanding low-rise resort, which will form a key part of a brand new integrated tourism complex in the Jiangsu Horticultural Exposition Park. Scheduled to launch in Q2 2021, Radisson Collection Resort, Nanjing will be set on the banks of a lake, amid an enchanting landscape of floral gardens. This elegant retreat will feature 151 spacious and stylish rooms and suites, ranging from 43 to 336 square meters. Suite guests will also enjoy exclusive amenities at...
HFTP Offers New Digital Format for the Uniform System of Accounts for the Lodging Industry (USALI), 11th Revised Edition
HFTP | August 4, 2020
Hospitality Financial and Technology Professionals (HFTP®) has just released a new format for the USALI, 11th revised edition: a digital version that is available through a subscription service. The popular guide is widely used internationally and its primary purpose is to offer operating statements formatted to provide hotel owners, managers and other interested parties with operational information pertinent to the lodging industry. The USALI was first published in 1926 and is currently in its 11th edition. The subscription will make it easy to access on multiple digital devices. "In 2018, HFTP purchased the copyright to the USALI with t...
Rosewood Shanghai to Break Ground in 2022
Rosewood Hotels & Resorts | July 30, 2020
Rosewood Hotels & Resorts® has been appointed by Shanghai-based property development company, Lonsen Land Group, to manage Rosewood Shanghai, a new hotel in mainland China set to break ground in 2022, with an expected opening in 2028. Ideally situated in the heart of Shanghai’s Jing’An District and Suhewan area, an emerging business and cultural hub, Rosewood Shanghai will offer travelers unparalleled access to the city. The announcement of Rosewood Shanghai underscores the brand’s careful, selective growth strategy in Asia and across the globe, as well as the strength of its impressive property pipeline, which is now the most rob...
Pebblebrook Hotel Trust Completes Sale of Union Station Hotel Nashville, Autograph Collection
Pebblebrook Hotel Trust | July 30, 2020
BETHESDA, Md. - Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 125-room Union Station Hotel Nashville, Autograph Collection in Nashville, TN for $56.0 million to a third party on July 29, 2020. Proceeds from the sale of Union Station Hotel Nashville, Autograph Collection will be utilized for general business purposes which may include reducing the Company’s outstanding debt....
Archipelago International Adds Two Hotels to Its Cuban Portfolio
Archipelago International | July 29, 2020
JAKARTA, Indonesia, July 29, 2020 - Archipelago International, Southeast Asia's largest privately owned and independent hotel operator, today announced that it has been awarded the management contracts for a further two hotels in Cuba. The first of these is the iconic Panorama Hotel in Havana. To be rebranded as the ASTON Panorama Hotel, the property, which first opened its doors in 2002, comprises 320 rooms and is best known for its impressive architectural design and superb location, facing the sea in the city's Miramar district. The second hotel is the Holguin Costa Verde Hotel, which will be rebranded as the ASTON Costa Verde Beach ...
M&R Hotel Management and Magnuson Hotels Rebrand 285-Room New Jersey Conference Center
M&R Hotel Management | July 29, 2020
M&R Hotel Management, a top US management company with operations across 5 states, has selected Magnuson Hotels, the fast-growing franchise alternative, to rebrand its 285 room Magnuson Grand & Conference Center Somerset-Bridgewater located in New Jersey. Formerly affiliated with Fairbridge Inns, the Magnuson Grand & Conference Center Somerset-Bridgewater is a full-service hotel featuring 8,000 sq. feet of meeting/banquet space for up to 300 guests. The hotel is located close to Rutgers University, corporate offices of Somerset, Bridgewater, New Brunswick, NJ Transit in New Brunswick, an hour from New York City. Through th...
Kyle Bass to Acquire 50% of the Assets of Fiamma Partners
Kyle Bass | July 27, 2020
DALLAS - Kyle Bass, Founder and Chief Investment Officer of Hayman Capital Management, has acquired a 50% equity stake in four real estate development and management companies owned by Frank Zaccanelli. Bass’ company, Mossad Bass, LLC, acquired 50% of Fiamma Partners, Fiamma Management, and Fiamma Statler, which have ownership interests in The Statler Hotel in Downtown Dallas. Bass also acquired 50% of the Zaccanelli-held company FZ WLRW, which owns part of the Entrada development in Westlake, Texas and the Riverwalk at Central Park development in Flower Mound, Texas. The deal will enhance the go-forward strategy of Zaccanelli’s...
Hard Rock Hotel New York Celebrates “Topping Out” at Future Times Square Location
Hard Rock | July 23, 2020
HOLLYWOOD, Fla., July 23, 2020 - Hard Rock International, one of the world's most iconic dining, entertainment and hospitality brands, and nationally acclaimed real estate developer Extell Development Company, celebrated their latest construction milestone with a "topping out" ceremony at the site of the future Hard Rock Hotel New York. This achievement marks the completion of the fundamental framework atop the 35th floor terrace of what is soon to be another marquee Hard Rock property. To celebrate this momentous occasion, Hard Rock, Extell and AECOM Tishman representatives hoisted the U.S. flag high above Times Square and hosted a socially...
Radisson Hotel Group Adds Six New Hotels in Africa
Radisson Hotel Group | July 23, 2020
CAPE TOWN, South Africa, July 21, 2020 -- Radisson Hotel Group (www.RadissonHotels.com) is proud to announce the addition of six new hotels to its African portfolio, bringing the total to almost 100 hotels across 32 African markets. Building on the recent announcement of its reinforced African development team structure, the announcement of the six new hotels further demonstrates the Group’s commitment to the continent. Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group, said: “We believe in the vast potential of Africa. The addition of the six hotels, following the announcement of Radisson H...
Marriott Signs With PB Puerto Bahia Residence for Conversion of Grand Matlali Hills Resort & Spa
Marriott International | July 21, 2020
Marriott International, Inc. (NASDAQ: MAR) today announced it has signed an agreement to manage the first all-inclusive Delta Hotels by Marriott resort in the world, signaling that interest by investors for the all-inclusive platform launched by the company in August 2019 continues to be strong. Under the agreement, the current 117-room Grand Matlali Hills Resort & Spa resort, located in Riviera Nayarit (Mexico), is slated to undergo a significant transformation in order to meet the new all-inclusive brand extension concept of Delta Hotels by Marriott and is anticipated to be subsequently rebranded and managed by Marriott International in...
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Today's News
Radisson Hotel & Conference Center Green Bay Completes Extensive $23 Million Renovation
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Pendry Hotels & Resorts Plans Spring 2021 Opening of Pendry Chicago
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