Finance & Development

/Finance & Development

Finance & Development

Choice Hotels and Weintraub Real Estate Break Ground on Cambria Hotel Calabasas – Malibu

Cambria® Hotels | July 11, 2019

ROCKVILLE, Md., July 11, 2019 -- Choice Hotels International, Inc. (NYSE: CHH) and Weintraub Real Estate Group announced the official start of construction on the Cambria Hotel Calabasas – Malibu. Expected to open in early 2021, the three-story, 125-room upscale hotel will further the brand's Golden State presence, which includes the Cambria Hotel LAX and will expand to Anaheim, Sonoma, and Napa by year end, with the Cambria LA Spring Street under development. The Cambria Hotel Calabasas – Malibu is being built at 26300 Rondell Rd. along the 101 Freeway, which connects Los Angeles and San Francisco. Once open, the hotel will offer upsc...

Marriott International Enters Agreement With GNV Group to Debut the First W Hotel in Argentina

Marriott International | July 11, 2019

Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with GNV Group to bring its iconic W Hotels Worldwide brand to Argentina for the first time in dynamic Buenos Aires, underscoring growing demand from developers and consumers alike for W Hotels’ bold design, signature Whatever/Whenever® service and innovative programming. The hotel – expected to open in 2024 – and its planned residences will be located within a $100 million, 34-story, mixed-use tower poised to rise in the heart of the captivating Puerto Madero neighborhood, the ideal location for the brand’s passion for what’s new/next. “We are thrilled to be w...

Accor Plans Two New Raffles in Bali and Singapore

Raffles | July 11, 2019

Singapore, July 11, 2019 – Since acquiring the legendary Raffles brand in 2016, Accor has announced plans to almost double the iconic collection, with recent openings including Raffles Maldives Meradhoo and Raffles Shenzhen, as well as upcoming projects including Raffles Udaipur and Raffles Jaipur. The illustrious brand is pleased to announce the addition of two new landmark projects to the pipeline with Raffles Bali set to open in 2020 and Raffles Sentosa Resort & Spa Singapore planned for 2022. With at least four hotels in the development pipeline, the Group will grow the brand by at least 50% in Asia, while planning further flagsh...

Mountain Shore Properties Selects Olympia Hotel Management as Operating Partner

Mountain Shore Properties | July 11, 2019

A Leader in US Hospitality Management Joins Forces with Hyatt’s Developer of the Year July 11, 2019. Portland, ME. Olympia Hotel Management (OHM) has announced a partnership with Mountain Shore Properties (MSP), a Charleston, South Carolina-based developer who was recently named Developer of the Year by Hyatt as part of Hyatt’s annual owner awards. Olympia won Hyatt’s Operating Excellence Award in 2016. MSP, which was recognized for its excellent construction quality, efficiency, and hotel development in strategic locations, has decided to focus exclusively on hotel development and has elected to partner with OHM, a leader in dist...

Radisson Blu Expands Cyprus Portfolio With New Serviced Apartments Signing in Larnaca

Radisson Blu | July 10, 2019

Brussels/Larnaca - July 10, 2019 -- Radisson Hotel Group is delighted to announce the signing of the first branded serviced apartments in Cyprus with the Radisson Blu Serviced Apartments, Larnaca; its third property in the city. The new serviced apartments – signed as part of a Master Development Agreement with Sunnyseeker Hotels and Quality Group – will reinforce the group’s leading position as the largest operator on the island, with four properties and more than 550 rooms in operation or under development. The third-largest island in the Mediterranean, Cyprus is a major year-round destination for tourists and business travelers. ...

Six Senses Signs With RoundShield Partners for Loire Valley Resort Development in the ‘Garden of France’

IHG | July 10, 2019

Just over a 90-minute drive south of Paris is the breathtaking Loire Valley, a UNESCO World Heritage region renowned for historic chateaux, medieval towns, fine wines, great food and unspoiled landscape. At the heart of the region sits the village of Saint-Laurent-Nouan, which will be home to Six Senses Loire Valley. Developed to embrace the environmental and community values that are core to Six Senses, the resort sits within the Les Bordes Estate, a 1,400-acre (560-hectare) site in the Sologne forest, home to Les Bordes Golf Club, one of the most prestigious golf clubs in the world. The development will incorporate equestrian and tennis ...

Curio Collection by Hilton Adds Five New Hotels in Western United States

| July 10, 2019

MCLEAN, Va. – July 10, 2019 – Coming off the heels of its five-year milestone as a brand, Curio Collection by Hilton is significantly expanding its presence in the western United States with the addition of five hotels in Washington, New Mexico, California and Utah. This expansion brings Curio Collection’s portfolio to more than half of all U.S. states, providing travelers with one-of-a-kind accommodations in new climates, landscapes and elevations across the country. “For those looking for relaxing desert getaways at the historic Hotel Andaluz Albuquerque or for rigorous adventures while hiking and rock climbing in the surround...

Park City Marriott Becomes Sheraton Park City Following Renovation

Sheraton Hotels & Resorts | July 10, 2019

Park City, Utah – July 10, 2019 – The Park City Marriott is now the Sheraton Park City, effective today. Leveraging the experience and prestige of Marriott International’s most global brand, the hotel will continue to serve as the ideal year-round home base for leisure and business travelers. “2019 marks a new chapter for our hotel. New guest rooms, new meeting spaces, a new restaurant concept and now, a new relationship with Marriott International as we transition to the Sheraton Park City,” said Jason Ford, the hotel’s general manager. “While much is new – one thing remains the same. Our team members will continue to pro...

CAI Investments Celebrates Groundbreaking of Las Vegas’ First Delta Hotels by Marriott

CAI Investments | July 10, 2019

LAS VEGAS, July 10, 2019 -- On Wednesday, June 26, CAI Investments broke ground on the future site of Las Vegas' first Delta Hotels by Marriott, located at 3883 West Flamingo Road. To celebrate the project, Clark County Commissioner Michael Naft, CAI Investments' founder, Christopher Beavor, and executives from Marriott International and Crescent Hotels & Resorts, posed for a ceremonial shovel dig and June 26, 2019 was officially declared "CAI INVESTMENTS – DELTA HOTEL DAY." The high-end, 24-floor hotel will offer tourists and convention guests a full-service, functional experience through approximately 10,000 square feet of meeting ...

Sonnenblick-Eichner Company Arranges $29,000,000 of Construction Financing for Cambria Hotel Calabasas, Calabasas, California

Sonnenblick-Eichner Company | July 10, 2019

Beverly Hills, CA (July 9, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $29,000,000 of construction financing for the Cambria Hotel Calabasas, a 125-room, select-service hotel to be located on Las Virgenes Road, just one block south of U.S. Highway 101/Ventura Freeway in Calabasas, CA. Amenities at the hotel will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars. The loan provided funding in excess of 65% of total project costs and was provided by an international commercial bank. The hotel’s excelle...

Opening a Hotel? An Asset Manager Can Help!

Saurabh Gupta | July 9, 2019

By Saurabh Gupta Hotel openings are an elaborate affair that seek focused inputs from the ownership at a pre-opening stage. While the hotel management company and operations team are largely responsible for the pre-opening preparation, the owner also has his/her tasks cut out. Here’s a look at the very basic set of expectations from an owner of a managed-hotel at this stage: Approve pre-opening budgets Approve annual business plans along with revenue and expense budgets Approve the recruitment of key personnel like the GM Approve capital expenditure and FF&E spends Objectively assess the readiness of the operations ...

Pacifica Capital to Open Kyoto’s First “Moxy” in Spring 2021

Pacifica Capital K.K. | July 9, 2019

TOKYO-- July 9th, 2019 -- Nijo Hospitality Limited Liability Company, an affiliate of Tokyo-based developer Pacifica Capital K.K., has signed a franchise agreement with Marriott International to open the first “Moxy” lifestyle hotel in Kyoto. Construction of the 158-room “Moxy Kyoto Nijo” starts in July 2019 and the hotel is expected to open in spring 2021. The hotel is just a two-minute walk from Nijo Station, with quick and direct access to Kyoto Station by JR Line as well as links to major tourist sites throughout the city via the Tozai Line of the Kyoto Municipal Subway. Most guestrooms at the property are about 20 square me...

Crescent Hotels & Resorts Adds Mayfair at Coconut Grove to Crescent’s Latitudes Collection

Crescent Hotels & Resorts | July 9, 2019

Miami, FL (July 9, 2019) – The renowned Mayfair Hotel at Coconut Grove will join Crescent Hotels & Resorts “Latitudes” collection of lifestyle resorts. Crescent & Latitudes, based in Fairfax, Virginia is a nationally recognized operator of major hotels and resorts throughout the United States and Canada. With Panoramic Views of Miami's Biscayne Bay, the Mayfair hotel is located in Miami’s most elegant enclave at Coconut Grove surrounded by Biscayne Bay, shopping at Coco Walk and other trendy boutiques, the Vizcaya Museum and Gardens, theaters and parks. The boutique hotel blends architectural and design elements to create a...

Two Sister Bosses to Develop Ambiente, A Landscape Hotel in Sedona, Arizona

Ambiente, a Landscape Hotel | July 9, 2019

SEDONA, Ariz. (July 9, 2019) – Travelers from around the world will have a new reason to visit the soaring, majestic red rocks of Sedona, Ariz. when Ambiente, A Landscape Hotel opens in late 2020 as the first of its kind in North America. Developed, owned and managed by Two Sister Bosses, a Sedona family-owned and -operated company, Ambiente is uniquely designed to blend in with the surrounding geological wonderland and gives guests the opportunity to experience and embrace the natural beauty that surrounds them in what USA Today named among the “Most Beautiful Places in America”. Ambiente is comprised of 40 cubed-shaped, guest At...

Radisson Hotel Group Signs With Block Invest to Bring First Radisson-Branded Hotel to Georgia

Radisson | July 8, 2019

Brussels/Tbilisi - July 8, 2019 - Radisson Hotel Group is proud to announce the signing of the first Radisson-branded hotel in Georgia, further driving the expansion of the group’s upscale brand across Europe, the Middle East & Africa (EMEA). The Radisson Tbilisi City Centre is set to arrive in Georgia’s capital in 2021. Elie Younes, Executive Vice President & Chief Development Officer for Radisson Hotel Group, said:“We are excited to bring a Radisson to Georgia which will complement the three existing properties that we have in the country, including the recently opened Radisson Collection. A warm welcome for our owners, Bl...

Cedar Fair Acquires 236-Key Sawmill Creek Resort Located Within Minutes of Its Flagship Amusement Park Cedar Point

Cedar Fair | July 3, 2019

SANDUSKY, Ohio -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced it has acquired Sawmill Creek Resort located in Huron, Ohio. Financial terms of the transaction were not disclosed. Commenting on the acquisition, Cedar Fair President and CEO Richard Zimmermann said, “We are excited about the opportunity to add Sawmill Creek to our growing portfolio of resort properties serving Cedar Point, Cedar Point Shores Waterpark and the Cedar Point Sports Center, which is currently being expanded to include an indoor sports facility. Along with Hotel Breake...

Radisson Hotel Group Opens New Radisson Resort Paracas in Peru

Radisson Hotel Group | July 3, 2019

Minneapolis - July 3, 2019 - Radisson Hotel Group today announced it has recently become the fastest growing global hotel company in Peru with the opening of Radisson Resort Paracas. The newly constructed hotel is located on Peru’s coastline with incredible views of the Pacific Ocean. Radisson Hotel Group is rapidly expanding in Peru with five hotels now in operation and another hotel set to open this summer. Peru will soon feature three of Radisson Hotel Group’s brands; Radisson, Park Inn by Radisson and Radisson RED. Many of the hotel’s are located within the flourishing Lima District, including Radisson Hotel Decapolis Miraflores...

RIU Acquires Second Hotel in Tanzania to Be Marketed Under Riu Palace Brand

RIU Hotels & Resorts | July 3, 2019

RIU Hotels & Resorts has acquired its second hotel in Tanzania, to accompany the other one the chain already has in the country. This new property will be marketed as part of the sophisticated Riu Palace range, as Riu Palace Zanzibar already is. The new hotel is located in the Nungwi Beach area and it has all the facilities needed to enjoy this paradise destination. It sits on a spectacular white-sand beach with crystalline waters, at the far north of Unguja, the main island of the Zanzibar archipelago, at a little over an hour by car from the airport and the capital city. Its 149 rooms are five-star rated and they offer maximum...

AJ Capital Partners Plans Fall 2020 Opening of Graduate Hotel in Tuscon, Arizona

AJ Capital Partners | July 3, 2019

Tucson, Ariz. – Adventurous Journeys (AJ) Capital Partners announced today its plan to open Graduate Tucson, part of the Graduate Hotels® collection, in Tucson, Arizona. The 14-story, 164-room ground-up hotel development will be located on 2nd Street, just off Park Avenue and University Boulevard. The hotel will be part of a mixed-use development that includes retail, residential apartments and a public plaza slated to open in fall 2020. Prominently located just steps from the University of Arizona, Graduate Tucson will be in the heart of Main Gate Square and the campus restaurants, shops and office space making it the perfect offering ...

Ormond Hotels to Debut Its First Boutique Property, The Chow Kit, in Kuala Lumpur

Studio Tack | July 3, 2019

3 July 2019 - Opening in the heart of old Kuala Lumpur, The Chow Kit - an Ormond Hotel, will boast 113 rooms and suites in the eponymous Chow Kit neighborhood. Known for its bustling market and local businesses, Chow Kit will now be home to the first property from Ormond Hotels. With two further sites set to open in Melbourne and Dublin by 2022, Ormond Hotels is rethinking the notion of luxury for the contemporary traveller. Ormond Hotels believe that life’s greatest luxury is one lived with comfort, purpose and balance. In a world filled with excess, extravagance no longer evokes desire, so Ormond Hotels has edited out the unnecessary a...

RLJ Lodging Trust Completes Sale of Kingston Plantation for $156 Million ($244K/Key)

RLJ Lodging Trust | July 2, 2019

BETHESDA, Md. -- RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that the Company sold two hotels located in Myrtle Beach consisting of the 385-room Hilton Myrtle Beach Resort and 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort (“Kingston Plantation”) for $156.0 million or approximately $244,000 per key. “We are pleased with the solid execution and attractive multiple generated by the sale of these two beachfront hotels,” commented Leslie D. Hale, President and Chief Executive Officer. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into m...

Gehr Hospitality Acquires the 129-Room Hyatt Place, King of Prussia

Gehr Hospitality | July 2, 2019

LOS ANGELES -- Gehr Hospitality, a division of The Gehr Group (www.Gehr.com), announced the acquisition of the 129-room Hyatt Place, located in King of Prussia, PA, through a joint venture with Oakhurst Advisors, LLC. The acquisition was financed by Wells Fargo, and The Plascencia Group represented the seller. Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company. We like the Philadelphia market, and in particular the local demand generators in the King of Prussia sub-market,” said David Lifschitz, President and CEO of The Gehr Group, “and we welcome the addition of this property to our...

Renaissance New York Chelsea Coming to Manhattan Fall 2019

Renaissance Hotels | July 1, 2019

NEW YORK (July 1, 2019) - Come Fall 2019, Renaissance New York Chelsea Hotel will officially open its doors as one of the tallest properties in Manhattan’s enchanting Flower District rising 430-feet-high. Located on the site of the former Antique Garage, a beloved indoor flea market, the impeccably appointed hotel is set to become the Chelsea neighborhood’s prime address. “This project brings together the past and present of Chelsea,” said General Manager of Renaissance New York Chelsea Hotel Chris Rynkar. “Not only will guests experience the heart of the neighborhood, from the ground level to the skyline, every detail intentiona...

What Is “Hospitality Financial Leadership Anyway?”

David Lund | July 1, 2019

By David Lund This is a question I have been asked many times. Exactly what is financial leadership and why hospitality? Finding the three words together “HFL” in a sentence three years ago was not possible. I know because I tried to google them and came up with a bunch of leadership consultants and courses. Even the words “financial leadership” revealed surprisingly little. Some tidbits about CEO’s and their role but nothing any broader. Financial leadership is in my opinion the cornerstone of any manager, executive or leader’s business acumen. It enables the individual to see the importance of being plugged into the strate...

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