Colebrook Financial Announces Receivable Loan to Latitude Vacation Club
Colebrook Financial Company | May 20, 2021
Hilton Signs With Shimao Group Holdings to Launch Four Luxury Hotels in China
Hilton | April 30, 2021
Finance & Development
Parks Hospitality Group to Open DoubleTree by Hilton Asheville Downtown
Parks Hospitality Group | July 8, 2021
Asheville, N.C. - July 8, 2021 - Parks Hospitality Group, owners of the former Hyatt Place Asheville/Downtown, announced the property’s conversion to DoubleTree by Hilton Asheville Downtown, which will join the Hilton portfolio in July 2021. The hotel will continue to be operated by Parks Hospitality Group. “We are thrilled to continue to be part of the vibrant Asheville community and excited to partner with this iconic hospitality brand,” said Chris Hardy, vice president of sales & revenue strategy, Parks Hospitality Group. Located in downtown Asheville, the hotel features 140 guest rooms – including specialty corner-vi...
TAFER Hotels & Resorts Further Invests in Mexico Through Major Resort Expansion Over Next Five Years
TAFER Hotels & Resorts | July 8, 2021
PUERTO VALLARTA — July 8, 2021 — TAFER Hotels & Resorts - a leisure and hospitality company with an ever-growing and evolving collection of award-winning hotels, luxury resorts, and boutique villas located throughout Mexico’s most coveted beach destinations - is pleased to announce its ambitious investment initiative, encompassing the development of thousands of hotel rooms, and the introduction of several new luxury properties. Under its new Management Services division, TAFER will double its portfolio to 8,000 hotel rooms, while generating well over 6,000 direct and indirect jobs over the next five years. The expansion will incl...
Baird/STR Hotel Stock Index Dropped 3.0% in June
Baird | July 7, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — July 7 2021 — The Baird/STR Hotel Stock Index dropped 3.0% in June to a level of 4,993. Year to date through the first six months of 2021, the stock index was up 9.2%. “Hotel stocks declined again in June and continued their relative underperformance versus the benchmarks for the fourth consecutive month,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Despite continued sequential fundamental improvement and strengthening demand trends, especially domestically, hotel stocks have been laggards since the reopening momentum peaked in March. Investors remain f...
IHG Signs With RIVA Development Company to Develop InterContinental Riyadh King Fahed Road
IHG Hotels & Resorts | July 6, 2021
IHG® Hotels & Resorts, one of the world’s leading hotel companies, has announced the signing of InterContinental Riyadh King Fahed Road, as part of a Master Development Agreement (MDA) with RIVA Development Company via its wholly owned subsidiary RIVA Hospitality for Hotel Services Company. The latest development follows the signing of Hotel Indigo Riyadh King Abdallah Road, and is the second of at least 7 hotels to be announced with the partner, with all openings set to take place in Saudi Arabia across IHG’s portfolio of brands in the coming years. Pioneering luxury travel since 1946, this year, the iconic InterContinental b...
MGM Resorts International Enters Agreement to Purchase Infinity World’s 50% Interest in CityCenter for $2.125 Billion
MGM Resorts International | July 1, 2021
LAS VEGAS - July 1, 2021 - MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced that it has entered into a definitive agreement to purchase Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa. "CityCenter ...
Asset World Corporation and Nobu Hospitality Announce Plans to Expand Nobu Hotels and Restaurants in Thailand
Nobu Hospitality | July 1, 2021
Asset World Corp Public Company Limited (AWC), Thailand's leading integrated lifestyle real estate group and Nobu Hospitality, the global lifestyle brand founded by Nobu Matsuhisa, Robert De Niro and Meir Teper, are delighted to announce a new partnership established to meet the needs of existing and future travellers by creating new unique experiences. Both parties have signed a memorandum of understanding to complete an area development agreement covering Thailand with intent to open multiple Nobu Hotels and Restaurants exclusively with AWC in Thailand’s most compelling destinations, including Bangkok’s first ever Nobu restaurant, ex...
Pendry Hotels & Resorts Partners With NuovoRE for Pendry Cincinnati
Pendry Hotels & Resorts | July 1, 2021
ORANGE COUNTY, CA – July 1, 2021 – Pendry Hotels & Resorts in partnership with NuovoRE, today announced plans for Pendry Cincinnati, located within the historic Gwynne Building, at the intersection of Main Street and East 6th Street in downtown Cincinnati. The historic office building that for decades housed Procter & Gamble Company’s global headquarters was awarded a $5 million historic tax credit by the Ohio Services Development Agency. This is a large step forward in the rehabilitation of the property and will preserve the unique history of the building while also providing an array of new offerings and opportunities for the ...
Radisson Hotel Group Signs New Radisson Hotel at Beijing Daxing International Airport
Radisson Hotel Group | June 30, 2021
Beijing - 30 June 2021 - Radisson Hotel Group continues to expand its presence in China’s most dynamic destinations with the signing of a brand-new Radisson hotel at Beijing Daxing International Airport, the spectacular new global gateway that opened in 2019 and is expected to become one of the world’s busiest airport. Scheduled to start welcoming guests in Q1, 2022, Radisson Hotel Beijing Daxing Airport is a modern and stylish upscale hotel located within the Airport Economic Zone, just 1.2km from the international terminal. The hotel will form part of an eco-friendly, mixed-use development that is set to receive the LEED Pl...
Radisson Hotel Group Signs Seven Hotels in Italy
| June 30, 2021
Brussels, Milan - June 30, 2021 - Radisson Hotel Group is proud to announce the signing of seven new hotels in tier 1 locations as part of the Group’s ambitious expansion plan and successful brand architecture footprint. Set to open in 2021, the new properties include two premium lifestyle Radisson Collection hotels in Milan and Venice, the debut of Radisson Hotel Group’s latest brand, Radisson Individuals with two properties in Piedmont and Sicily, two new Radisson hotels in Ferrara and Nola, as well as Radisson Blu’s latest hotel in Florence. Chema Basterrechea, Executive Vice President and Chief Operating Officer of Radisson Hotel...
IHG Signs With Mediterranean Investment Group for Crowne Plaza Durrës, Albania
IHG Hotels & Resorts | June 30, 2021
IHG® Hotels & Resorts (IHG®), one of the world's leading hotel companies, has today announced the signing of Crowne Plaza Durrës, Albania. This franchised agreement with Mediterranean Investment Group will be a country debut for IHG Hotels & Resorts and the Crowne Plaza brand. Expected to open in 2024, Crowne Plaza Durrës will offer 140 guest rooms, as well as a restaurant, bar and lounge, meeting room facilities and a wellness area including a spa, fitness centre and indoor swimming pool. Located in the centre of this coastal city, the hotel will form part of Durrës’ new waterfront investment project, which promises to tran...
Is C-PACE the “New EB-5″ Financing? Doesn’t the Latest Court Decision (Behring v. Wolf) Revitalize EB-5?
Jim Butler | June 29, 2021
By Jim Butler On June 22, 2021, in the case of Behring Regional Center LLC v Chad Wolf, a federal court in the Northern District of California effectively invalidated the final rules for EB-5 which became effective in 2019. These rules raised the minimum foreign immigrant investment from $500,000 to $900,000 and imposed other restrictions. Many commercial real estate developers are hoping this development will launch a new surge of EB-5 financing that could fuel their projects, as was the case for years (until a few years ago when the music stopped). Don’t get too excited about reliable EB-5 financing coming back – but ...
IHG Signs With ASRE Limited to Bring voco Brand to Dubai’s Iconic Palm Jumeirah
IHG Hotels & Resorts | June 29, 2021
IHG® Hotels & Resorts , one of the world’s leading hotel companies, has signed a management agreement with ASRE Limited to introduce its premium brand, voco into Dubai’s exquisite destination, Palm Jumeirah. voco Dubai Palm Jumeirah will feature 141 rooms and open its doors to guests in December 2021. The new hotel joins the voco family in Dubai, with voco Dubai on Sheikh Zayed Road and the soon to open voco Bonnington Jumeirah Lakes Towers Dubai. Palm Jumeirah is a manmade island built on reclaimed land resembling a stylised palm tree if viewed from above. voco Dubai Palm Jumeirah will be a part of a trendy, newly launched are...
Paramount Lodging Advisors Successfully Transacts Las Vegas Hotel
Paramount Lodging Advisors | June 29, 2021
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the property at located at 1440 E Craig Rd, North Las Vegas was represented by Associate, Suzanna Farley Aldrich. “The My Place Hotel Franchise added a new franchisee to its family with the sale of the North Las Vegas My Place Hotel. Congratulations to both the seller and the buyer! This property is a great addition to the buyers’ growing portfolio and allows the franchise to continue its impressive growth even in this challenging market,” stated Suzanna. The four-story, 63-room, MyPlace Hotel opened in 2018 in one of Nevada’s fastest-growing cities. The Hotel i...
Playa Hotels & Resorts N.V. Completes Sale of Capri Hotel for $55M and Executes New Hotel Management Contract
Playa Hotels & Resorts N.V. | June 28, 2021
FAIRFAX, Va. - June 28, 2021 - Playa Hotels & Resorts N.V. (the "Company") today announced that it has completed the sale of the Capri Hotel for a total consideration of $55 million in cash. In conjunction with the closing of the transaction, the new owner has signed a franchise agreement with Hyatt Hotels to rebrand the resort as the Hyatt Zilara Riviera Maya following renovations. "We are incredibly thrilled to be adding the Hyatt Zilara Riviera Maya to our managed resort portfolio, alongside our other category-defining Hyatt All-Inclusive resorts," said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. "I am exci...
Accor Plans Q4 2021 Opening of Raffles the Palm Dubai
Accor | June 25, 2021
Accor, a world-leading augmented hospitality group with more than 600 hotels and resorts across India, Middle East, Africa and Turkey, is opening its first Raffles Resort in the Middle East, on the iconic Palm Jumeirah. Set to open in the last quarter of 2021, Raffles the Palm Dubai will be the first ultra-luxury addition to Accor’s existing diverse portfolio in Dubai. The group is partnering with Emerald Palace group (EPG), which has been successfully developing and constructing residential projects in Ukraine, UAE and Russia since 1996. At present, EGP has 8 new developments under construction, with a further 10 at project stage. “W...
Impact of Gallagher Amendment Repeal on Property Taxes for Colorado Hotels/Motels
Bethany Cronk | June 24, 2021
By Bethany Cronk Introduction Local government authorities use property tax revenues to fund services including police and fire protection, hospitals, transportation, and schools for municipalities. For tax purposes, property is considered residential or nonresidential, with nonresidential property constituting commercial businesses, farms, ranches, and oil/gas operations. In 1982, the Gallagher Amendment was implemented in Colorado to hold the proportion of taxable value derived from residential property at approximately 45%. According to the Legislative Council of the Colorado General Assembly, “Gallagher sought to protect homeow...
Hilton Reveals Plans to Bring LXR Hotels & Resorts and Curio Collection by Hilton to Tel Aviv
Curio Collection by Hilton | June 24, 2021
TEL AVIV, and MCLEAN, Va. - June 24, 2021 - Hilton (NYSE: HLT) has signed an agreement for the development of two new hotels totalling 577 guest rooms in a prime beachfront location in Tel Aviv. The ambitious new development will see the introduction of Hilton’s LXR Hotels & Resorts and Curio Collection by Hilton to the dynamic Israel market, joining Hilton Tel Aviv, Vista at Hilton Tel Aviv and Waldorf Astoria Jerusalem. Patrick Fitzgibbon, senior vice president, development, EMEA, Hilton said: “For more than half a century, Hilton has played a critical role in hosting both local and international visitors at our iconic Hilto...
Menin Hospitality Set to Open The Gale Chicago
Menin Hospitality | June 24, 2021
MIAMI, FL – June 24, 2021 – Today, Menin Hospitality and Maxwelle Real Estate Group announces the Gale Chicago, opening on July 1, 2021. Gale Chicago is the former Raffaello Hotel, recently given luxurious updates to its guestrooms. Menin Hospitality will continue to manage and operate the property as the Gale brand expands to new markets outside of Florida. “For nearly a decade the Gale Hotel brand has created a bold statement in the travel industry, offering unparalleled experiences for those who are seeking an immersive vacation or business trip,” said Jared Galbut, managing principal at Menin Hospitality. “Due to the su...
Could REIT M&A Be on Track for a Record Year?
JLL | June 23, 2021
CHICAGO – June 23, 2021 – REIT M&A activity has totaled $70 billion year-to-date, putting it on track to be a record-breaking year as companies emerge from the COVID-19 pandemic. JLL Capital Markets’ M&A and Corporate Advisory group’s latest M&A and Strategic Transactions Monitor report shows how the positive themes in the public capital markets space are contributing to this M&A surge. “The record in this economic cycle was set in 2006 when REIT M&A volume reached $103 billion for the year,” said Steve Hentschel, head of JLL M&A and Corporate Advisory. “REITs have enjoyed a strong run ...
BuildCentral Announces Geospex™, a New Planned Construction Visualization Tool for Real Estate Market Opportunity and Risk Analysis
BuildCentral | June 23, 2021
Real estate, finance and construction industry pros can now use planned construction data visualization to better understand opportunities and risks in key markets. CHICAGO, June 23, 2021 -- BuildCentral today announced Geospex™, a new planned construction visualization tool built for real estate, finance and construction industry professionals. Geospex™ provides a new way for construction industry, finance and real estate professionals to better evaluate their key markets for growth opportunities and potential risks. Using ESRI geospatial technology, Geospex™ pairs planned real estate development data from BuildCentral with ...
Downtown Los Angeles’ Iconic Hotel Figueroa Joins The Unbound Collection by Hyatt Brand
Hotel Figueroa | June 23, 2021
CHICAGO – June 23, 2021 – Hyatt Hotels Corporation (NYSE: H) announced today the newest addition to The Unbound Collection by Hyatt brand: downtown Los Angeles’ iconic 95-year-old Hotel Figueroa—a one-of-a-kind urban oasis and award-winning boutique hotel deeply rooted in L.A. history. Currently, The Unbound Collection by Hyatt brand includes 27 unique hotels – located in key destinations around the world – each with its own distinct story. Hotel Figueroa is the first hotel in L.A. and the third hotel in California within The Unbound Collection by Hyatt brand, joining Mar Monte in Santa Barbara, Calif., and Carmel Valley Ranch...
IHG Signs With Asset World Corporation for Three Thailand Hotels
IHG Hotels & Resorts | June 22, 2021
IHG Hotels & Resorts, one of the world’s leading hospitality companies, is proud to announce the signing of three hotels in Thailand with long-standing partner Asset World Corporation (AWC), the country’s leading integrated lifestyle real-estate group. The multi-property agreement includes the new-build InterContinental Bangkok Chinatown – the first luxury hospitality development in the area – and two further projects in Chinatown and Pattaya, totalling 629 rooms. Rajit Sukumaran, Managing Director, South East Asia & Korea, IHG, said: “We’re excited to work with our long-standing partner Asset World Corporation...
Radisson Signs With Salaam Properties for Hotel Djibouti in Africa
Radisson Hotel Group | June 21, 2021
DJIBOUTI CITY, Djibouti - June 21, 2021 - Radisson Hotel Group is proud to announce the signing of Radisson Hotel Djibouti. The hotel marks the Group’s entry into the country and brings its East African portfolio to 18 hotels and over 2700 rooms in operation and under development, strengthening its strategic position in the region. This new signing further underscores the Group’ presence as the hotel company active in the most countries on the African continent with close to 100 hotels in operation and under development. This new-build 144-room hotel, scheduled to open in 2024, will comprise not only of modern standard rooms and suite...
Diaoyutai MGM Hospitality Launches New Brand, Mhub by MGM
June 21, 2021
BEIJING - June 21, 2021 - Diaoyutai MGM Hospitality officially released a new concept entertainment and lifestyle hotel brand – Mhub by MGM, further enriching its brand matrix; at the same time, it laid down the foundation for a choice on the road for the new generation of consumers. With the rise of the "Generation Z" consumers, they are gradually becoming the main travelers. In this context, the experience of the entertainment lifestyle advocated by MHub by MGM meeting the local cultures is well suited to satisfy young guests' pursuit of individuality and differentiated travel experience; based on its key concept of "1+N", this is the fir...
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