Finance & Development

/Finance & Development

Finance & Development

Dream Hotel Group Partners With 18Main to Bring Dream Hotels Brand to Downtown Memphis

Dream Hotels | July 31, 2019

Set to open in 2022, Dream Memphis joins cultural vibrancy and record-breaking tourist experience of Downtown Memphis New York, New York (July 31, 2019) – Renowned hotel and brand management company Dream Hotel Group today announced plans to bring its Dream Hotels brand to Downtown Memphis, set to open in 2022. In partnership with Memphis real estate developer 18Main, the group is proud to introduce a new boutique hotel that both reinvents the traditional hotel experience and celebrates the city’s rich history, dynamic food and entertainment scene, and growing demand for innovation. Representing a major milestone for the hospitality ...

Midas Hospitality and InSite Development to Develop Residence Inn in Lancaster, California

Midas Hospitality | July 30, 2019

Lancaster, CA, July 30, 2019 -- After successfully raising $35 million in only four months for its first opportunity zone project, Midas Hospitality is going westward to stake its next claim. Midas Hospitality, a leading hotel development, management and investment firm, recently announced its second opportunity zone fund that seeks to raise $12 million for a new Residence Inn located in Lancaster, Calif. Midas will co-develop the $25 million, 107-room hotel along with Los Angeles-based InSite Development. Located at 857 W. Lancaster Blvd. in Lancaster, Calif., the hotel has a targeted groundbreaking date in late 2019 with a grand openi...

Kuala Lumpur Metro Group to Build Lexis Hibiscus 2 in Port Dickson

Kuala Lumpur Metro Group | July 30, 2019

Port Dickson, July 30, 2019 – Kuala Lumpur Metro Group, in a joint venture with Menteri Besar Incorporated (Negeri Sembilan government investment arm) recently announced the development of its latest resort, Lexis Hibiscus 2, in an official signing ceremony, witnessed by YB Dato’ Seri Anwar Ibrahim, Member of Parliament for Port Dickson. Scheduled to open in 2024, the 5-star luxury resort which will be situated adjacent to Lexis Hibiscus in Port Dickson, has an estimated gross development value of RM 500 Million and will feature 760 rooms, comprising of 582 water villas and 178 sky pool villas. Just like the Lexis Hibiscus, each villa ...

NexGen Hotels & Genuine Hospitality Break Ground on New TownePlace Suites by Marriott in Waukegan, Illinois

Genuine Hospitality LLC. | July 29, 2019

SAINT LOUIS, IL, July 29, 2019 – Chicago, IL based hotel developer, NexGen Hotels & St. Louis-based hotel operator, Genuine Hospitality, LLC announces the groundbreaking of a new 96-room TownePlace Suites by Marriott – Waukegan, IL. Located at 402 Lakehurst Rd. Waukegan, IL, the hotel is ideally located at the Southeast corner of I-94 and Route 120, 4-miles southwest of downtown Waukegan, IL. The TownePlace Suites by Marriott – Waukegan will open Q3, 2020 and will be operated by Genuine Hospitality, LLC. The TownePlace Suites by Marriott – Waukegan, IL will make the third Marriott asset within the 7-hotel Genuine Hospitality...

Creating a Financially Engaged Team: What to Avoid

David Lund | July 29, 2019

By David Lund Creating a financially engaged leadership team takes time, commitment, respect for fair play, resources and a sense of adventure. When creating something new, for me there was always an element of the unknown. In writing my book, it occurred to me that if I had a book like this 25 years ago, some of the guesswork would not have existed. The adventure however always remained and that was the great part about embarking on a mission that had a team working together in an attempt to score big. But, I was cognizant that when working with people, I was the example that got watched, yes, everything I did was watched. It was cl...

Chesapeake Lodging Trust Announces Agreement to Sell New York Hotels for $138 Million or $450K Per Room

Chesapeake Lodging Trust | July 25, 2019

ARLINGTON, Va. -- Jul. 25, 2019 -- Chesapeake Lodging Trust (NYSE:CHSP) (the “Trust”) announced today that it has entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for an aggregate sale price of $138.0 million, or approximately $450,000 per key, subject to customary pro-rations at closing. The proposed sale by the Trust of these New York hotels is anticipated to occur in mid-to-late September 2019 prior to completion of the Trust’s proposed merger with Park Hotels & Resorts Inc. (“Park”). The proposed merger rema...

IHG® Signs With Angora Birikim A.S. for New Crowne Plaza for Ankara, Turkey

IHG | July 25, 2019

IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, is continuing to expand its footprint across Turkey with the signing of Crowne Plaza Ankara. The hotel is planned to open in 2022 and is signed under a franchise agreement with first-time IHG partner Angora Birikim A.S. Crowne Plaza® Ankara will be located right at the heart of the fast-growing Yenimahalle metropolitan district in Turkey’s capital Ankara. Set on Fatih Sultan Mehmet Boulevard, one of the most important arterial roads in Ankara, the modern 4-star upscale hotel will be within walking distance of popular Gimart Outlet and Wonderland Eurasia...

First Delta Hotel by Marriott in Las Vegas Selects Crescent Hotels & Resorts as Manager

Crescent Hotels & Resorts | July 24, 2019

Las Vegas, NV (July 24, 2019) – Las Vegas’ first Delta Hotel by Marriott will be managed by Crescent Hotels & Resorts. Crescent Hotels & Resorts is an award winning, nationally recognized operator of major hotels and resorts throughout the United States & Canada. A groundbreaking ceremony was held on Wednesday June 26, and the hotel is expected to open at the end of 2021. “Crescent has extensive management experience in Las Vegas” said Michael George, Chief Executive Officer of Crescent Hotels & Resorts. “As an award-winning Marriott manager, Crescent will maximize upon the potential of this great property.” ...

Radisson Hotel Group Signs Agreement With Zdrojowa Invest & Hotels for Radisson Resorts in Poland

Radisson | July 23, 2019

Brussels/Warsaw - July 23, 2019 - Radisson Hotel Group is pleased to announce an agreement with Zdrojowa Invest & Hotels group for two new-build Radisson resorts in Poland. The hotels span the country, from the foothills of the Karkonosze Mountains in Szklarska Poręba to the northern Baltic coast in Kołobrzeg. The hotels will be part of the upscale Radisson brand, bringing the group's portfolio in Poland to 18 properties across five brands – including Radisson Collection, Radisson Blu, Radisson RED, Radisson and Park Inn by Radisson. Zdrojowa Invest & Hotels and Radisson Hotel Group have been partners since the 2017 opening of ...

Hyatt and T2 Hospitality Developing Thompson Denver Marking Brand Debut in Colorado

Thompson Hotels | July 23, 2019

CHICAGO (July 23, 2019) – Hyatt Hotels Corporation (NYSE: H) has announced plans for Thompson Denver, the first Thompson Hotels property in the state of Colorado, expected to open in 2021. Currently under development, Thompson Denver recently broke ground at 1600 Market Street in LoDo, a bustling downtown neighborhood in the heart of the city that is steps from iconic Union Station. “Denver has been a priority market for our Thompson Hotels brand and we are excited to have the opportunity to be bringing it to this vibrant city,” said David Tarr, senior vice president, development, Hyatt. “We are looking forward to introduc...

Cross Hotels & Resorts Signs Management Agreement With PT Three Land for X2 Vibe Phuket Patong Center

Cross Hotels & Resorts | July 22, 2019

Bangkok, Jul 22, 2019 – Leading hotel management company Cross Hotels & Resorts has continued its strategic expansion into the global visitor hot spot of Phuket, announcing today its third hotel management agreement on the Thai island. Phuket has been included in the ‘World’s Best Places to Visit’ and ‘Best Places to Visit in Asia’ 2019 rankings released by U.S. News & World Report. Phuket was ranked number eight out of 30 in the ‘World’s Best Places to Visit’ list and number three out of 15 in the ‘Best Places to Visit in Asia’ list. Cross Hotels & Resorts is very pleased to announce the signing of a hote...

Kempinski Hotels Expands in Americas With October Opening of Cabrits Resort & Spa Kempinski on Caribbean Island of Dominica

Cabrits Resort & Spa Kempinski Dominica | July 22, 2019

PORTSMOUTH, Dominica, July 22, 2019 -- Europe's oldest luxury hotel group is proud to bring its rich heritage of attentive personal service and unparalleled hospitality to its newest destination in the Americas. The long awaited Cabrits Resort & Spa Kempinski Dominica will open its doors to guests and exclusive clientele on the 14 October 2019. The resort will be Kempinski's second Caribbean venture and Dominica's first-ever five-star resort. "Bringing this project to fruition is another remarkable milestone for Kempinski Hotels," says Michael Schoonewagen, General Manager, Cabrits Resort & Spa Kempinski Dominica. "We are especiall...

Wyndham Enters Agreement With Profusion Group to Bring La Quinta by Wyndham Brand to Dominican Republic

Wyndham Hotel Group | July 22, 2019

Santo Domingo, Dominican Republic, July 22, 2019 - Wyndham Hotels & Resorts, the largest hotel franchise company in the world, shows great progress as it continues to expand its hotel portfolio, reaching the Caribbean for the first time through the Dominican development company "PROFUSION GROUP." Profusion Group is a private equity firm dedicated to development, investment, asset management in the real estate and hotel sector, and limited service and luxury. The company's target markets are concentrated in the Caribbean and northern Latin America (LACAR). Through a team of highly qualified professionals, the company seeks to generate v...

QHotels Breaks Ground on Springhill Suites by Marriott Slidell

QHotels | July 19, 2019

LAPLACE, LA. JULY 19, 2019 - The city of Slidell, Louisiana welcomes QHotels as the chosen developers with rich experience and sustained success in hospitality. Their 21-year history of hotel operations has produced strong results with both high occupancy percentages and fair room rates throughout their portfolio. Through the partnership, LD Capital, QHotels has secured $4 million in funding for the hotel from the EB-5 Investment Program. LD Capital is proud to bolster the local economy with international capital, 94 new full-time jobs and additional construction jobs in a target employment area. “We look forward to the completion of ...

Hotel Franchising in Europe 2019 – The Push Continues for New Ways to Expand

Stephen Collins | July 18, 2019

Hotel Franchising in Europe is an update of our previous report published in 2014. The report aims to assist owners in increasing their understanding and awareness of the franchise business model and current market trends. The fees outlined in this report apply solely to hotels operating in Europe. By Stephen Collins, Sophie Perret Introduction The slew of acquisitions and mergers in the hotel industry over the past few years has rapidly changed the landscape. The ‘big’ brands are larger than ever and must continue to drive growth, lest they fall behind their peers. Their coverage, loyalty programmes and distribution channels are ac...

Omni Hotels & Resorts Named as Flag for New Hotel at Viking Lakes Developed With MVE Hotel

Omni Viking Lakes Hotel | July 18, 2019

EAGAN, MINN. (July 18, 2019) – Omni Hotels & Resorts announced today its newest hotel with Omni Viking Lakes Hotel, a four-star, full-service hotel located in the Viking Lakes development in Eagan, Minnesota. Omni joins MV Eagan Ventures; Ecolab; the Davis Family of Cambria; and Viking Lakes Hotel Physician Partners as ownership partners of MVE Hotel, LLC. “Omni Hotels & Resorts has extensive experience and a strong record in designing and operating luxury hotels and resorts across the country,” said MV Eagan Ventures Owner Mark Wilf. “The company’s expansion into Minnesota is a testament to this market and to the overa...

Radisson Hotel Group and Bülow AG Sign Deal for Porsche Design Tower Stuttgart

Radisson Blu | July 18, 2019

Brussels/Stuttgart - July 18, 2019 -- Radisson Hotel Group is pleased to announce the signing with Bülow AG for a new Radisson Blu hotel at the Porsche Design Tower Stuttgart, Germany. The Radisson Blu Hotel at Porsche Design Tower Stuttgart represents an exciting collaboration with developer Bülow AG. The design of the Porsche Design Tower Stuttgartwas developed in close collaboration with Studio F. A. Porsche, Zell am See. With its excellent location in the heart of Europe, the south German metropole is a perfect fit for Radisson Blu, Europe’s leading hotel brand in the upper upscale segment. Elie Younes, Executive Vice President &am...

YOTEL Signs With Cornerstone Partners Group for First Australian Hotel: YOTEL Melbourne

July 18, 2019

MELBOURNE, Australia, July 18, 2019 -- YOTEL today announced its first hotel in Australia: YOTEL Melbourne, slated to open in 2022. The hotel has been signed under a management agreement with Cornerstone Partners Group, an integrated hospitality asset owner and developer with offices in Malaysia, Taiwan and Australia. The 244-room property will be located on 63-69 City Road in Southbank – within walking distance of Melbourne's CBD, the Arts Precinct, Federation Square and the Melbourne Cricket Ground – to name a few. YOTEL Melbourne will be a flagship property for YOTEL in Australia, featuring the brand's latest generation of cabins...

Pebblebrook Hotel Trust Completes Sale of Hotel Amarano Burbank

Pebblebrook Hotel Trust | July 17, 2019

BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 132-room Hotel Amarano Burbank in Los Angeles, California for $72.9 million. The sale price of $72.9 million 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 rate (after an assumed annual capital ...

Island Developers Plan August Groundbreaking for illa Bimini Resort & Residences

illa Bimini Resort & Residences | July 17, 2019

BIMINI, BAHAMAS (July 17, 2019) – You do not have to stray too far to come across your own piece of paradise; find serenity and barefoot luxury at one of the first world-class designed developments in Bimini – illa Bimini Resort & Residences. Designed by Island Developers, a leading Caribbean real estate development firm, globally recognized Oppenheim Architecture + Design and renowned landscape architect Raymond Jungles, the beachfront eco-chic resort is set to break ground August 2019 and feature residential villas and a five-star boutique hotel situated on three private islands, just north of Bimini. “Today’s high-net-worth-...

IHG Signs With Pro-Invest to Open Holiday Inn Express & Suites Sunshine Coast in Maroochydore Town Centre

IHG | July 17, 2019

Leading Australian hotel investment and development company, Pro-Invest, will open a Holiday Inn Express & Suites Sunshine Coast in Maroochydore Town Centre in 2020, following the purchase of a prime site in Maroochydore and lodgement of a development application with Economic Development Queensland for a new select-service upper midscale hotel. The 167- room hotel will be located in the heart of the new Maroochydore CBD, which is set to become the commercial and administrative hub of the rapidly growing Sunshine Coast region. Pro-Invest has a Master Development Agreement with InterContinental Hotels Group (IHG®) to develop and ope...

IHG and Lima Hotels Break Ground on New-Build Holiday Inn Express in Downtown Washington, D.C.

IHG | July 17, 2019

IHG® (InterContinental Hotels Group), one of the world's leading hotel companies, today announces the groundbreaking of a new-build Holiday Inn Express® hotel in downtown Washington, D.C. Scheduled to open in Q4 2020, the 247-room hotel will be owned by Washington, D.C.-based developer Habte Sequar with Lima Hotels LLC. Urgo Hotels & Resorts will manage the new property. Joel Eisemann, Chief Development Officer, Americas, IHG, said: “We are pleased to further establish the Holiday Inn Express brand presence in a premiere urban market such as Washington, D.C., and to serve the visitors of this historic city. We are also very plea...

Kimpton Hotels & Restaurants to Make 2020 Debut in Mexico With Opening of Two Boutique Hotels in Polanco

IHG | July 17, 2019

16 July 2019 -- Kimpton® Hotels & Restaurants announced today that the company will unveil their first properties in Mexico in 2020 with the opening of two high-end boutique hotels in the upscale neighborhood of Polanco in Mexico City. Both projects are deemed adaptive reuse, an area that Kimpton holds decades of experience in. The company is known for transforming historic or non-hotel buildings into highly stylized and unique boutique spaces that honor the building’s original character. The two hotels are owned by ZKC, a real estate investment fund specializing in Mexico City real estate developments. ZKC is developing the hote...

Hotel Equities and Horizon North Break Ground on New Fairfield by Marriott® Hotel in British Columbia

Hotel Equities | July 17, 2019

ATLANTA, GA – July 17, 2019 – Today, Hotel Equities and Horizon North Logistics Inc. (Horizon North) announced they broke ground on a fully-modular Fairfield by Marriott in Kitimat, British Columbia, Canada. The 120-room hotel is phase II of an entirely modular-built, mixed-use community development by owners, Horizon North. Hotel Equities has been selected as the managing partner to operate the new hotel. The anticipated opening date is Q1 2020. With valley views and a mountain backdrop, the Fairfield by Marriott Kitimat is ideally situated along the city’s major entrance and in close proximity to industrial development in th...

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