Finance & Development

/Finance & Development

Finance & Development

Noble Breaks Ground on Courtyard by Marriott & Element by Westin in Midtown Atlanta

Courtyard by Marriott | June 11, 2019

Atlanta, GA (June 11, 2019) – Noble Investment Group (“Noble”) today celebrated the groundbreaking of the Courtyard by Marriott & Element by Westin in Midtown Atlanta. Expected to open in mid-2021, the dual-branded hotel with a combined 282 guestrooms and suites will be the first-ever combination of the Courtyard by Marriott and Element by Westin brands under one roof. The upscale hotels will be located on the southwest corner of the famed intersection of Peachtree Street and Ponce de Leon Avenue. Peachtree Street is Atlanta’s primary north-south thoroughfare, while the intersection with Ponce de Leon in Midtown is home to Atla...

IHG Signs With Al Sraiya Hotels & Hospitality Group to Debut Hotel Indigo in Qatar

IHG ® | June 11, 2019

InterContinental Hotel Group (IHG®), one of the world’s leading hotel groups, has signed a Management Agreement with Qatari holding company, Al Sraiya Hotels & Hospitality Group which is under Al Sraiya Holding Group, to debut its global upper-upscale boutique brand, Hotel Indigo, in Qatar. A new built property, Hotel Indigo Doha Lusail is due to open in 2023 and will feature 200 rooms. Established in 2004, Hotel Indigo now has a presence in more than 15 countries with over 100 hotels, and nearly another 100 hotels in the pipeline. Just as no two neighbourhoods are alike, no two Hotel Indigo properties are the same, taking inspirati...

What Is TRevPAR (Definition and Why It Matters)?

David Eisen | June 10, 2019

By David Eisen In a previous blog post, I took aim at RevPAR. My pursuit: to puncture the long-held notion that it’s the most exemplary data point to consult within the hospitality industry. And, according to one comment, I succeeded in doing so (thank you, Don Weintraub, you made my mother very proud). My thesis was not that RevPAR is obsolete; following it is still necessary, especially since RevPAR tracks revenue derived from the rooms department, the largest source of revenue for a hotel. It’s akin to tracking cap rates when investing in hotels—one data point but not the end-all. RevPAR (a combination of rate and occupancy) is...

TraknProtect Selected to Present Location-Based Employee Security Platform During Entrepreneur 20X (E20X) Competition at HITEC 2019

TraknProtect | June 10, 2019

The pioneer of employee safety button technology chosen to participate in annual startup competition and showcase at the launch of HITEC Minneapolis 2019 Minneapolis – HITEC Booth #3017 – June 10, 2019 – TraknProtect, a leading provider of real-time location technology purpose-built for the hospitality environment, has been selected by HFTP (Hospitality Technology Financial Professionals) to present its award-winning solution during the Entrepreneur 20X (E20X) competition at this year’s HITEC Minneapolis on June 17, 2019. During E20X, selected companies prepare and deliver four-minute presentations which are then judged by a panel...

Hospitality Financial Leadership: Conducting Financial Operations Reviews

David Lund | June 10, 2019

By David Lund Hands down one of the best experiences I ever had in my career was being part of the team that reviewed the financial performance of the hotels in my region. The reason I enjoyed it so much, and have such great memories, is because I learned so much at each one and not only did I learn about the business of hotels, I had a lesson in people. The review team consisted of my boss, the hotel GM, the hotel Controller and me. In addition to the four of us, one by one the other executives or department heads would be in attendance or be called when it was their turn to review their area. The examination was a low-tech event. No P...

Mountain Shore Properties Named Hyatt’s 2019 Developer of the Year

Mountain Shore Properties (MSP) | June 10, 2019

June 10, 2019. Charleston, SC. Mountain Shore Properties, a Charleston, South Carolina-based developer, has been named Developer of the Year by Hyatt as part of Hyatt’s owner awards. Through this series, Hyatt recognizes owners and developers for their contributions and shared commitment to deliver a superior level of care. The awards were presented by Hyatt’s leadership team in April at Hyatt’s Americas owners conference in Nassau, Bahamas at Grand Hyatt Baha Mar. In receiving Developer of the Year, Mountain Shore Properties was recognized for its excellent construction quality, efficiency, and hotel development in strategic locatio...

Choice Hotels Signs With Legacy Partners to Develop Five Sleep Inn Hotels Outside of Houston, Texas

Sleep Inn® Dream Better Here® | June 10, 2019

ROCKVILLE, Md., June 10, 2019 -- Choice Hotels International, Inc. (NYSE: CHH) has signed an agreement with Legacy Partners, LLC to develop five Sleep Inn hotels outside of Houston, Texas. The first hotel is slated to open in 2020. "With more than 550 Sleep Inn properties currently open or in the pipeline worldwide, Sleep Inn continues to be a strong leader in the midscale segment that appeals to business-savvy developers and guests alike," said Brian Quinn, head of development, new construction, Choice Hotels. "The brand's Designed to Dream prototype offers developers the lowest cost-to-build in the midscale segment, while guests love its...

MSD Partners Closes Sale of 1,047-Room Boca Raton Resort & Club From Blackstone Group for $461.6 Million

MGM Resorts International | June 10, 2019

Jeff Ostrowski | The Palm Beach Post, Fla. June 07--In the biggest property sale in Palm Beach County history, the Boca Raton Resort & Club sold this week for $461.6 million, according to deeds made public Thursday. A company affiliated with billionaire Michael Dell announced in April that it would buy the iconic club from Blackstone Group, but the buyer and seller didn't disclose the price at the time. Dell's MSD Partners is the new owner of the 1,047-room hotel. Dell himself visited the hotel several times from 2000 to 2004, when the Boca Resort hosted annual meetings of The Business Council, an organization made up of the heads of th...

Briad Group Holds “Top-Off” Celebration for AC Marriott Bridgewater, New Jersey

The Briad Group® | June 10, 2019

Bridgewater, NJ, June 7, 2019 – AC Hotels by Marriott, an upscale lifestyle hotel, celebrated a major construction milestone yesterday with a “top-off” party marking the completion of the property’s roof. Conveniently located off of Route 202 and I-287, the hotel is minutes away from the Bridgewater Commons Mall and features a walkway to Zinburger Wine & Burger Bar, a boutique burger restaurant.  AC Marriott Bridgewater will be the brand’s first property in New Jersey and will employee approx. 100 people. The property is owned and managed by Briad Lodging Group, LLC, the hotel division of Livingston, New Jersey-based The Briad ...

Parisi Udvar Hotel Budapest Officially Joins The Unbound Collection by HyattThe Unbound Collection by Hyatt

The Unbound Collection by Hyatt | June 10, 2019

CHICAGO (June 7, 2019) Hyatt Hotels Corporation (NYSE:H) announced today the opening of Párisi Udvar Hotel Budapest as part of The Unbound Collection by Hyatt, following major restoration and full-scale renovation. The hotel is managed by Mellow Mood Hotels. It features 110 guestrooms and is situated on Ferenciek Square, between the River Danube and the bustling city center. As part of a collection of distinct hotels with their own unique stories, Párisi Udvar Hotel Budapest will offer an ideal location from which to explore the city’s rich history. Once home to Budapest’s most fashionable shops and cafés, the one-of-a-kind building...

Aiden by Best Western Opens in Austin, Texas Marking U.S. Brand Debut

Best Western Hotels & Resorts | June 9, 2019

Phoenix, Arizona (June 7, 2019) – Best Western® Hotels & Resorts today announced the arrival of Aiden® by Best Western in Austin, Texas. The first U.S. location for the company’s modern, suburban boutique brand, Aiden by Best Western @ Austin City Hotel will reflect Austin’s distinctive vibe while bringing comfort and convenience to guests. “We are excited to expand the footprint of Aiden to North America, and especially to the city of Austin, whose quirky vibe is perfectly reflected in the brand’s exciting style,” said Brad LeBlanc, Senior Vice President and Chief Development Officer for Best Western Hotels & Resorts...

Hyatt Enters Agreement for Hyatt Regency Coco Beach Resort in Puerto Rico

Hyatt Hotels Corporation | June 5, 2019

CHICAGO (June 5, 2019) - Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise agreement with Coco Hotel 1 LLC for a new hotel, expected to open July 2019 as a Hyatt affiliated hotel and then become Hyatt Regency Coco Beach Resort after an extensive renovation is completed this fall. The 486-room hotel with 93 branded residencies will be managed by Aimbridge Hospitality and signifies Hyatt's continued brand growth on the island of Puerto Rico and across the Caribbean region. The hotel will be the brand's only full-service property in Puerto Rico. The hotel will operate as The Resort at Coc...

Hilton Partners With OSK Property and Employees Provident Fund Malaysia for Hilton Melbourne Square

Hilton Hotels & Resorts | June 5, 2019

SYDNEY and MCLEAN, Va. - Hilton (NYSE: HLT) today announced the signing of Hilton Melbourne Square. Hilton Melbourne Square will be a major meetings and events hotel and will join the recent signing of Hilton Melbourne Little Queen Street, reinforcing Hilton's push to strengthen its presence in the Melbourne market. Hilton will manage the 600-room hotel under a management agreement with Yarra Park City, the joint venture company between OSK Property and EPF, and is slated to open in early 2023, with construction to commence 2020. Located in the centre of Melbourne's Southbank precinct, on the corner of Power and Kavanagh Streets, the ne...

Oxygen Hospitality to Renovate and Rebrand Palm Springs’ Ivy Palm Resort to Welwood Hotel

Dr. Welwood Murray | June 5, 2019

Palm Springs, CA (June 5, 2019) – Oxygen Hospitality's new vision for the Ivy Palm Resort near downtown Palm Springs today began to emerge as property renovations officially commenced. Repositioning of the 100-room hotel also took a step forward with the announcement of the hotel's new name, logo and identity: Welwood Hotel. Its name, Welwood Hotel, taps the rich history of this iconic city and from Palm Springs' first hotelier and important philanthropic founders, Dr. Welwood Murray. The words 'Wel' also suggests wellness, an ever-growing lifestyle choice and 'Wood' describing the natural design elements within the hotel. Renovat...

Concord Hospitality Plans August Opening of Cambria Hotel Milwaukee Downtown

Cambria Hotel Milwaukee Downtown | June 5, 2019

MILWAUKEE, Wis. (June 5, 2019) – Cambria Hotel Milwaukee Downtown, 503 N. Plankinton Ave., will officially open its doors this August. The new, sophisticated hotel serves as a hip destination in the up-and-coming metropolitan area, and was built by Chicago development company, Murphy Development Group (MDG). The hotel will be managed by Concord Hospitality, an award-winning hotel management company, and Murphy Asset Management (MAM), a subsidiary of MDG, will act as the Asset Manager. Located within walking distance of the Historic Third Ward, shores of Lake Michigan, Walker's Point, and the RiverWalk District, Cambria Hotel Milwa...

Hotel Equities Adds Resort-Style Holiday Inn Canmore to Management Portfolio in Canada

Hotel Equities | June 5, 2019

Atlanta, GA – June 5, 2019 – Today, hotel owner, operator and developer, Hotel Equities (HE), announced their appointment as the management firm for the Holiday Inn Canmore, located at 1 Silvertip Trail in Canmore, AB. The resort-style hotel is situated next to the TransCanada Highway and features stunning views of nearby Three Sister Mountain. The hotel is owned by 3G Equity Inc. of APX Hotels Group. In early 2019, APX Hotels Group established a strategic expansion partnership with Hotel Equities. At that time, HE assumed management of eight branded hotels developed and owned by 3G Equity/APX Hotels. In May, APX acquired Be...

Schulte Hospitality Group Opens Newly Renovated Embassy Suites by Hilton in Auburn Hills, Michigan

Embassy Suites by Hilton | June 5, 2019

June 5, 2019 - AUBURN HILLS, Mich. and MCLEAN, Va. - Embassy Suites by Hilton, a global brand of upscale, all-suite hotels from Hilton (NYSE: HLT), announced today the opening of a newly renovated hotel located in the Detroit area. Owned and operated by Schulte Hospitality Group, the hotel is perfectly situated to allow guests easy access to businesses, shopping and entertainment. Embassy Suites by Hilton prides itself on offering guests an approachable and stress-free experience at each of its spacious, all-suite hotel properties. Fresh off a modern renovation of the Hilton Suites Auburn Hills hotel, the newly branded Embassy Suites by...

Fairfield Inn & Suites Asheville Airport/Fletcher Opens in North Carolina Following Renovation and Rebranding

Fairfield Inn & Suites | June 5, 2019

Fletcher, NC – June 5, 2019 – The 113-room Fairfield Inn & Suites by Marriott in Fletcher, North Carolina is scheduled to open on Wednesday, June 5, 2019 with a new décor that provides guests with a feeling of warmth and calm while traveling. Located at 155 Underwood Road, the Fairfield Inn & Suites Asheville Airport/Fletcher will operate as a Marriott franchise, owned by Kodak Hospitality, LLC and managed by Blue Star Hospitality of Fletcher, North Carolina. The Fairfield Inn & Suites Asheville Airport/Fletcher is located in the Blue Ridge Mountains and just one mile from the Asheville Regional Airport. T...

The Hotel Group Opens Home2 Suites by Hilton - Yakima Airport, Washington

The Hotel Group | June 4, 2019

Seattle, WA, June 4, 2019 — The Hotel Group (THG), a leading national hotel management and investment company, announced today that the Home2 Suites by Hilton - Yakima Airport, located in Washington State, is now open for business. Yakima based Hogback Development built the four-story, 107-room, property to feature both studio and one-bedroom suites. The hotel is geared to savvy cost-conscious travelers, staying one night or one month, and features an in-suite kitchen, free breakfast, innovative Spin2Cycler laundry and the Home2 Suites guarantee of comfort and satisfaction. "We are pleased to partner with Hogback Development on TH...

New Dual-Branded Hilton Garden Inn and Homewood Suites by Hilton Property Opens in Chicago Downtown South Loop

Hilton Garden Inn | June 4, 2019

CHICAGO and MCLEAN, Va. – June 4, 2019 – Hilton (NYSE: HLT) today announced the opening of its newest hotel, the dual-branded Hilton Garden Inn Chicago Downtown South Loop and Homewood Suites by Hilton Chicago Downtown South Loop. The new property brings a total of 342 new rooms and suites (many featuring scenic lakeshore views) to downtown Chicago's bustling South Loop neighborhood along with 95 new hospitality jobs. The dual-brand hotel adds even more versatile options for guests visiting the Windy City, which attracted a record number of nearly 58 million tourists in 2018.* "The popularity of Chicago and its flourishing S...

Hilton Partners With Lucror Resources and Sixty West Funds for 125-Room Motto Hotel in Atlanta’s Old Fourth Ward Neighborhood

Motto by Hilton | June 4, 2019

June 4, 2019 - MCLEAN, Va. - Hilton (NYSE: HLT) today announced the first U.S. signing of a Motto by Hilton hotel in the Old Fourth Ward neighborhood of Atlanta, Ga. in partnership with Lucror Resources and Sixty West Funds. Motto by Hilton, Hilton's newest lifestyle hotel brand launched in October 2018, introduces a fresh approach to modern travel, bringing together efficient, micro-guest rooms, activated social spaces, centrally located urban destinations, locally inspired design and a communal vibe to cater to travelers looking for value and one-of-a-kind experiences. Situated at 40 Boulevard NE, the 125-room Motto by Hilton Atlanta ...

Hilton Signs With PanJam Investment Limited for First Tapestry Property in the Caribbean, ROK Hotel, Kingston

Tapestry Collection by Hilton | June 4, 2019

MCLEAN, Va. and KINGSTON, Jamaica – June 04, 2019 – Hilton (NYSE: HLT) today announces the signing of ROK Hotel, Kingston, Tapestry Collection by Hilton, representing the brand's debut in the Caribbean. Slated to open in 2020, the 168-room property, owned by PanJam Investment Limited, sits in a multi-purpose complex on the Kingston Waterfront and will include retail, on-site entertainment and commercial office spaces. "Strategically focused on our expansion across the Caribbean and Latin America, we value the opportunity presented with Tapestry Collection by Hilton," said Juan Corvinos, vice president, development, Caribbean...

Pebblebrook Hotel Trust to Sell LA’s 132-Room Hotel Amarano Burbank for $72.9M

Pebblebrook Hotel Trust | June 3, 2019

BETHESDA, Md.-- 6/3/2019 -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it executed a contract to sell the 132-room Hotel Amarano Burbank in Los Angeles, California for approximately $72.9 million to a third party. The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 16.9x EBITDA multiple and a 5.3% net operating income capitalization ra...

RIU Hotels & Resorts Plans Two Property Development on Recently Acquired Site in Pointe Sarène Area on Senegal’s West Coast

RIU Hotels & Resorts | June 3, 2019

Palma de Mallorca, 3 June 2019 The international chain's investment in Pointe Sarène amounts to 150 million euros The project will take place as part of the local authorities' drive to develop tourism in this destination The RIU Hotels & Resorts chain has announced the purchase of a 25-hectare site in the Pointe Sarène area on Senegal's west coast, a paradise destination that is in the midst of the tourist development process. With it, the chain strengthens its commitment to the continent of Africa, where it already owns six hotels (five in Cape Verde and one in Tanzania) and runs a further five hotels in Morocco. ...

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