Finance & Development

/Finance & Development

Finance & Development

Access Point Financial Continues Growth Trajectory With Senior Management Team Additions

Access Point Financial | September 11, 2019

Recognized leader in hospitality-focused lending taps seasoned real estate and finance executives for further expansion of management team  ATLANTA - September 10, 2019 - Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of two new managing directors to its senior leadership team, including Justin Perry as Managing Director/Legal Affairs and Lori Tirado as Managing Director/Business Development. The new appointments come on the heels of senior leadership announcements made earlier this year, and are part of an overal...

Radisson Signs With Astri Group to Debut Radisson RED Tallinn in Estonia

Radisson | September 10, 2019

Brussels/Tallinn - September 10, 2019 - Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world, is pleased to announce the signing of another Radisson RED property in Europe – continuing the brand’s global expansion. Due to open in late 2023, the Radisson RED Tallinn (Estonia) will arrive in the heart of the country’s lively capital as the group’s third hotel brand – alongside Radisson Blu and Park Inn by Radisson. The Estonian capital is a destination that’s rapidly growing in popularity. Last year, 4.65m international visitors traveled to Tallinn, taking the opportunity to experience the many crea...

Aleph Hospitality Signs Franchise Agreement for New Protea Hotel by Marriott in Kenya

Aleph Hospitality | September 10, 2019

DUBAI, United Arab Emirates, September 10, 2019 -- Dynamic independent hotel management company Aleph Hospitality has signed a franchise agreement with global hotelier Marriott International for a new Protea Hotels by Marriott hotel in Kisumu, Kenya. On behalf of the hotel owner, Bluewater Hotels, Aleph Hospitality will operate the new-build property under the Protea Hotels by Marriott brand. Bani Haddad, Founder and Managing Director of Aleph Hospitality, commented: “We are thrilled to work with Marriott International to bring the first internationally branded hotel to Kisumu, Kenya’s third largest city. “As Aleph Hospitality ...

Hospitality Financial Leadership: Creating Agreements vs. Having Expectations

David Lund | September 10, 2019

There is a popular saying in American spurned on by the slogan for a doughnut and coffee chain, "America Runs on Dunkin’." In this piece I am going to write about another thing that our western culture runs on even more than coffee and doughnuts, and that’s expectations. And just like coffee, and especially doughnuts, expectations are really bad for you. You are probably thinking I am nuts even creating the title Creating Agreements vs. Having Expectations. It sounds kind of Pollyanna. But I want to encourage you to read on. This is my second article on this topic, and I am especially passionate about showing you the distinction betwee...

Sonnenblick-Eichner Company Arranges First Mortgage Financing for Post Ranch Inn, Big Sur, California

Sonnenblick-Eichner Company | September 10, 2019

Beverly Hills, CA (September 10, 2019) – Sonnenblick-Eichner Company announced today that it has arranged first mortgage financing for the Post Ranch Inn, an iconic 39-room, full-service, luxury resort located in Big Sur, CA. The 10-year, interest-only, non-recourse loan has a fixed interest rate of 3.29 percent. The credit spread was sub-120 basis points. Overlooking the Pacific Ocean from the cliffs of Big Sur, Post Ranch Inn is internationally recognized as one of the finest destination resorts in the world. Situated on approximately 90 acres, the property features 39 guestrooms in 27 buildings, a spa, two cliff-top infinity-edge p...

Townhouse Hotel Miami Beach Builds Flexible Ownership Reporting With Aptech’s PVNG

Aptech Computer Systems, Inc. | September 10, 2019

Easy Upgrade from Profitvue® to PVNG Adds Multi-Property Cloud Accounting, Versatile Reporting for Excel and PDF PITTSBURGH, September 10, 2019 – Aptech Computer Systems, the industry standard for hospitality financial systems announced the Townhouse Hotel Miami Beach implemented the PVNG Enterprise Hotel Accounting System to move its back office to the Cloud for multi-property accounting. Townhouse Hotel Miami Beach is minutes from downtown Miami and combines modern design and authentic hospitality that make it an ideal retreat getaway. Aptech is an IBM Premier Solution Provider as well as a Prophix Premier Business Partner offering we...

Hyatt Plans First Two Hyatt-Branded Hotels in Manchester: Hyatt Regency Manchester Oxford Road and Hyatt House Manchester/Oxford Road

Hyatt Hotels Corporation | September 9, 2019

CHICAGO (September 9, 2019) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Ewart Manchester Properties Limited, a majority owned subsidiary of M&L Hospitality, for Hyatt Regency Manchester Oxford Road and Hyatt House Manchester/Oxford Road, both of which will be located in Manchester, UK. The 212-room Hyatt Regency hotel and the 116-room Hyatt House hotel will both be located in the landmark building “The Lume,” and are expected to open in 2020, which would bring the total number of Hyatt-branded hotels in the U.K. to 11 by 2022. “We are excited to announ...

McKibbon Breaks Ground on Two Hyatt House Hotels in Tampa and Orlando

Hyatt House | September 9, 2019

TAMPA, Fla. (Sept. 9, 2019) — Tampa-headquartered McKibbon Hospitality and Georgia-based McKibbon Places announced today the groundbreaking of two new top-tier extended-stay hotels: Hyatt House Tampa Airport Westshore, located in Westshore’s Avion Park at the corner of O’Brien St. and Laurel St., and Hyatt House Orlando Airport, located in Orlando’s Gateway Village. As with all Hyatt Houses, guests of the Tampa and Orlando properties will have the option to book rooms and suites featuring separate areas to work and relax, in addition to a full kitchen with ingredients available in the 24-Hour Market. Amenities and everyday comforts...

Developer’s Plan for 112-Room Hotel in Park Ridge, Illinois Moves One Step Closer

September 6, 2019

A developer’s plan to build a four-story, 112-room hotel along a stretch of Higgins Road in Park Ridge has moved another step forward, though the project is still far from a done deal. The Park Ridge City Council on Sept. 3 voted 4-2 to approve a special-use permit for the planned development of a hotel at 1440 Higgins Road, the site of Mr. K Garden and Material Center. Fifth Ward Ald. Charlie Melidosian and 6th Ward Ald. Marc Mazzuca voted against the project, and 4th Ward Ald. Roger Shubert, who had voted “no” on the first reading last month, was absent. Mazzuca, who has objected to the height of the building and the number of o...

Radisson Hotel Group Signs With Aegean Investments for First Radisson Blu Hotel in Sakarya, Turkey

Radisson Blu | September 6, 2019

Brussels/Sakarya - September 5, 2019 - Radisson Hotel Group is delighted to announce the signing of the first ever Radisson Blu hotel in Sakarya, one of the largest automotive and industrial hubs in Turkey. With the signing of the Radisson Blu Hotel, Sakarya (Turkey), the group is getting closer to 30 hotels in operation and under development across the country – further accelerating its ambition to have more than 50 properties within the next five years. Expected to open before the end of the year, the hotel will be the perfect place for business travelers and leisure guests seeking the best possible hotel experience. In addition to ...

Life House to Open North Denver’s First Boutique Hotel and Hostel in Early 2020

September 6, 2019

Walk a few blocks in any direction in Lower Highland, and you’re sure to come across a coffee shop or cafe or retail store. But traverse the same postcard picture of a Denver neighborhood, and you’d be hard-pressed to find any vacation lodging outside Airbnb rentals. By early 2020, the first boutique hotel of its kind will open in north Denver, and over the next five years, the venture capital-backed brand Life House has plans to build as many as 10 similar small hotels in neighborhoods around the city. “(Lower Highland) is obviously rich in history and culture,” said Rami Zeidan, Life House’s New York-based CEO and founder. ...

Ascent Hospitality Opens New SpringHill Suites Following $14M Transformation of Montgomery’s Historic Bishop-Parker Store

September 5, 2019

SpringHill Suites plans to welcome its first guests Friday in downtown Montgomery after developers nearly three years and $14 million transforming a historic downtown building. The unique, wedge-shaped building at 152 Coosa St. is across the street from Riverwalk Stadium and a short walk from the new Equal Justice Initiative facility. It was built in 1905 by Schloss & Kahn Wholesale Grocers and most recently served as a furniture store and warehouse for Bishop-Parker. Workers designed and built the new hotel with nods to features such as the original high ceilings, brick walls and exposed beams. General Manager Debbie Bozeman said t...

IHG Partners With RIKAZ Properties for Holiday Inn Al Khobar King Fahd Road

IHG | September 5, 2019

IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, has signed a Management Agreement with real estate company RIKAZ Properties to develop its fourth Holiday Inn hotel in Al Khobar. Having signed two Holiday Inn properties in Madinah and Jeddah earlier this year, this latest development is part of IHG’s dedicated efforts to increase its midscale portfolio in the region and cater to a diverse guest profile visiting the country. Expected to open in January 2021, Holiday Inn Al Khobar King Fahd Road will be located in close proximity to the King Fahd Causeway, making it the ideal choice for leisure guests du...

NewcrestImage Breaks Ground on AC Hotel by Marriott in Downtown Phoenix

NewcrestImage | September 5, 2019

Dallas-based NewcrestImage broke ground today for its first hotel in the western United States – a 199-room, 13- floor AC Hotel by Marriott in the heart of downtown Phoenix that is a joint venture with Las Vegas-based LaPour Partners. The hotel, scheduled to open in early 2021, is located at Arizona Center, a million-square-foot mixed use site that features shopping, entertainment, dining, and prime office space. “This property is a powerful new crown jewel for downtown Phoenix, and it is an important step in expanding our company’s leadership nationwide, beyond our traditional home in the south and southwest,” said Mehul Patel,...

Marriott International Signs With Larco to Debut the W Hotels Brand in Toronto Following $40M Transformation

W Hotels Worldwide | September 4, 2019

Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with Larco to bring W Hotels’ bold design, signature Whatever/Whenever® service and innovative programming to Toronto for the first time, underscoring growing demand for luxury in Canada and the brand’s boundary-breaking approach to design. The 9-story, 255-room property located at 90 Bloor Street East in Toronto’s fashionable Yorkville neighbourhood, will be surrounded by high-end boutiques, galleries and design studios as well as chic cafes, polished bars and fine-dining restaurants. The property is undergoing a $40 million design transformation to the property’s...

BMC Investments and Vision Hospitality Group Break Ground on Hyatt House Denver/Aurora, CO

Vision Hospitality Group, Inc. | September 4, 2019

DENVER, CO., SEP. 4 2019— Denver-based BMC Investments(BMC) in partnership with Chattanooga-based Vision Hospitality Group, Inc., has broken ground on a 140-key extended stay Hyatt House hotel at the Fitzsimons Medical Campus in Aurora, which will include 8,000 square feet of ground level retail. BMC acquired the property, which is located at the southeast corner of Colfax and Peoria – also known as the Gateway at Fitzsimons – in 2013. The project will be one of the first opportunity zone projects in the Denver metro area to break ground. The Hyatt House hotel will be managed by Vision Hospitality Group. The 8,000 square feet on the gro...

Accor Celebrates Groundbreaking of Dual-Branded Melbourne Airport Hotel

Accor | September 3, 2019

Key points Dual-branded 464-room hotel operating under Accor’s Novotel and ibis Styles’ brands. 120 job opportunities created when open. 450 jobs created during construction. Total project cost $163 million. The first sod was turned today on the construction of a brand new hotel at Melbourne Airport to support growing traveller numbers and address constraints in hotel occupancy. The 464-room hotel, created to serve Melbourne’s burgeoning conference and tourism markets, will be conveniently located steps from Terminal 4 within a brand new precinct known as ‘The Hive’. The 10-storey hotel will be dual-branded o...

Radisson Hotel Group Signs With Nine Hotel Group for Radisson RED London Greenwich in the UK

Radisson Red | September 3, 2019

Brussels/London -- September 3, 2019 -- Radisson Hotel Group is delighted to announce the signing of the Radisson RED London Greenwich in the UK. It will be the first property to bring the group’s upscale, lifestyle select-service hotel brand to the English capital, joining other UK landmark Radisson RED hotels in Glasgow and Liverpool. Home to the world’s busiest concert and events venue, the iconic O2 Arena, Greenwich puts guests at the heart of the action. From Elton John to Roger Federer, it boasts the biggest names in music, sport and entertainment. Elie Younes, Executive Vice President & Chief Development Officer, Radisson...

Choice and Koucar Management Break Ground on Cambria Hotel in Portland, Maine

Cambria® Hotels | August 28, 2019

ROCKVILLE, Md. -- August 28, 2019 -- Choice Hotels International, Inc. (NYSE: CHH) and Koucar Management celebrate the official start of construction on the state's first Cambria hotel in Portland, Maine. Slated to open in 2021, the new-construction, six-story, 102-room hotel broke ground yesterday during a strong year for the upscale Cambria brand in which six hotels have already opened their doors, with up to seven more hotels representing over 1,100 rooms expected to open in top-tier markets across the country before the year's end. The milestone was marked in an event attended by state and local dignitaries as well as prominent...

Wyndham Hotels & Resorts Enters Denmark in Collaboration With Danish Chain Comwell Hotels

Comwell Hotels | August 28, 2019

Copenhagen -- August 28, 2019 -- Wyndham Hotels & Resorts – the world’s largest hotel franchising company with approximately 9,200 hotels in more than 80 countries – and Comwell Hotels – an award-winning hotel chain in Denmark – today announced the signing of an exclusive agreement to open multiple hotels under the Dolce Hotels and Resorts by Wyndham brand in Denmark. The collaboration, which marks Wyndham’s first entry in the country, will initially include two openings in Copenhagen and Aarhus. One of Wyndham Hotels & Resorts’ 20 iconic hotel brands, Dolce by Wyndham is designed to inspire and delight guests by tur...

Sentry Insurance to Build On-Course, Boutique Hotel at SentryWorld in Stevens Point, Wisconsin

Sentry | August 28, 2019

STEVENS POINT, Wis. -- August 28, 2019 -- In the wake of hosting a successful USGA championship, Sentry today announced plans to build a boutique hotel at SentryWorld, its premier destination golf course located across the street from the mutual insurer’s Stevens Point headquarters. The charming, upscale hotel will serve the company’s business clientele, golfers and visitors to the community. It’s scheduled to open in the spring of 2021. The hotel will be built just off the championship golf course’s 18th fairway, providing beautiful views of the course and its peaceful parkland setting. The hotel will feature spacious suites and in...

The St. Joe Company and Key International Commence Construction of 255-Room Embassy Suites Hotel in the Pier Park Area of Panama City Beach, Florida

The St. Joe Company | August 28, 2019

WATERSOUND, Fla -- August 28, 2019 --The St. Joe Company (NYSE: JOE) (“St. Joe”) and Key International, Inc. (“Key International”) today announce the commencement of construction of a 255-room Embassy Suites hotel in the Pier Park area of Panama City Beach, Florida. The hotel is currently under construction adjacent to the Pier Park lifestyle center at Front Beach Road. St. Joe and Key International, a Miami-based real estate investment and development company, intend to construct the hotel on land currently owned by St. Joe with unobstructed views of the Gulf of Mexico. Once complete, St. Joe will manage the day-to-day operations ...

Pan Pacific Hotels Group Debuts PARKROYAL Brand in China With Opening of PARKROYAL Dalian in 2020

Pan Pacific Hotels Group | August 27, 2019

27th August 2019, Beijing — Pan Pacific Hotels Group will debut its deluxe brand, PARKROYAL Hotels & Resorts, in China with the opening of PARKROYAL Dalian in Liaoning Province, China, in Q4 2020. This is an important milestone as the Group brings its deluxe brand into China, providing guests with a new experience of hospitality. This was announced at a signing ceremony held at Pan Pacific Beijing last Friday. [Seated on front row, from left to right] Mr Michael Ong, Vice-President, Business Development, Pan Pacific Hotels Group; Mr Neo Soon Hup, Executive Vice-President, Operations, Pan Pacific Hotels Group; Mdm Yu Ling, Chairman,...

Developer Lorenzo Doumani Plans May 2020 Groundbreaking of Majestic Las Vegas

August 26, 2019

LAS VEGAS, Aug. 26, 2019 -- Majestic Las Vegas, the brainchild of Las Vegas native and uber-developer Lorenzo Doumani, is now set to break ground following the project's unanimous approval in May by the Clark County Commissioners, and subsequent approvals earlier this month. The revolutionary $850 million-dollar, 620-foot-tall contemporary architectural masterpiece is scheduled to commence construction in May 2020, and is slated for completion in early 2023. The five-star, non-gaming, 720 room, all-suite ultra-luxury branded resort will sit on the over six-acre site formerly occupied by the Clarion Hotel, which Doumani famously imploded i...

As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.