Finance & Development

/Finance & Development

Finance & Development

Reuben Brothers Acquire Historic Property in Rome to Be Developed and Operated by Corinthia Hotels

THE REUBEN BROTHERS | October 24, 2019

Oct. 24, 2019 -- The Reuben Brothers have acquired a historic property in the centre of Rome and entered into contractual arrangements with Corinthia Hotels, the five-star hotel portfolio, to develop, lease and operate it as an ultra-luxury hotel. The property is the former seat of the Central Bank of Italy on Parliament Square. Plans are in hand for the conversion of the 7,500m2 property into a luxury destination, featuring, in addition to guest suites and bedrooms, restaurants and bars wrapping around a central garden as well as a spa and rooftop amenities. Jamie Reuben, a principal at Reuben Brothers, said: “This acquisition and dev...

U.S. Virgin Islands Hotel Expansion Gets a Boost With New Hotel Development Law

October 24, 2019

CHARLOTTE AMALIE, U.S. Virgin Islands -- Oct. 24, 2019 -- The U.S. Virgin Islands took another in a series of strategic moves to encourage economic development under the leadership of Governor Albert Bryan, Jr. The expanded Hotel Development Bill, No 33-0104, signed into law on Oct. 7 allows hotel developers to channel a percentage of room revenue to finance renovating existing properties and building new hotels. Administered through the U.S. Virgin Islands Economic Development Authority (USVIEDA), the bill was created to encourage and promote economic growth in the Territory and incentivize construction of new hotels and resorts incl...

Construction Underway on Ambiente, North America’s First Landscape Hotel

Ambiente, a Landscape Hotel | October 23, 2019

SEDONA, Ariz. (Oct. 23, 2019) – North America’s first “landscape hotel” is now underway with sitework and construction amidst the red rocks of Sedona, Ariz., offering a new way for travelers to embrace sustainable tourism in one of the rarest and beautiful places in America. Ambiente, A Landscape Hotel, will begin to take shape following the official site dedication yesterday by developer Two Sister Bosses and the City of Sedona. The highly anticipated hotel features 40 cube-shaped, luxury guest Atriums elevated above the ground by steel piers and encased in bronze glass to give the appearance that the structures are floating. Ambi...

Sonnenblick-Eichner Company Arranges $13,750,000 of Construction and Interim Financing for L’Horizon Resort & Spa, Palm Springs, CA

Sonnenblick-Eichner Company | October 23, 2019

Beverly Hills, CA (October 23, 2019) -- Sonnenblick-Eichner Company has arranged $13.75 million in construction and interim financing for the world-renowned L’Horizon Resort and Spa, a full-service, luxury resort located in Palm Springs, CA. The five-year LIBOR-based loan provides funds to refinance the existing debt on the 25-room resort as well as for the ground-up construction of an additional 24 bungalow-style guestrooms on an adjacent parcel. Widely considered one of the premiere destinations in Palm Springs, L’ Horizon Resort and Spa was ranked #1 Resort in the United States in 2018 and #2 in the world in 2019, according to Co...

IHG Signs With Thanishq Grande Hotels & Resorts for Holiday Inn Express Bengaluru Bommasandra

IHG® | October 22, 2019

InterContinental Hotels Group® (IHG), one of world’s leading hotel companies has signed a management agreement with Thanishq Grande Hotels & Resorts Private Limited for Holiday Inn Express Bengaluru Bommasandra. The new-built hotel will feature 170 keys and is expected to be operational by Q4 2022. IHG currently operates three Holiday Inn Express hotels in Bengaluru, and the recent signing will further strengthen the brand’s presence in the city. The Holiday Inn Express brand has recently gained significant momentum in the country with the opening of 10 hotels, across key cities, positioning IHG as one of the leading hospitality p...

Hyatt Partners With Cariari Premium Outlets to Develop New 120-Room Hyatt Place Hotel in Costa Rica

Hyatt Place | October 22, 2019

CHICAGO (October 22, 2019) - Hyatt Hotels Corporation (NYSE:H) announced today that Hyatt has entered into a management agreement with Cariari Premium Outlets S.A. and affiliates for a new Hyatt Place hotel in the province of Heredia in Costa Rica. The 120-room Hyatt Place San Jose Cariari will be located less than one mile away from the recently opened Costa Rica Convention Center, in the heart of the country’s most important economic center. With construction expected to begin in early 2020, Hyatt Place San Jose Cariari is projected to open in the second quarter of 2021, and will join the already open Hyatt Place San Jose Pinares a...

Hilton Signs With Garfield to Bring Full-Service Doubletree by Hilton to Abilene Convention Center

October 22, 2019

ABILENE, TX -- Oct. 22, 2019 -- It will be a homecoming of sorts when a full-service convention Hilton property returns to the heart of downtown Abilene in late 2021. From 1927-1945, Abilene’s Hilton Hotel – only the second in the country to bear that iconic name  -- brought a new standard of luxury to west Texas. Fast forward 76 years, as Abilene eagerly prepares to welcome the new Doubletree by Hilton. The hotel is poised to become a popular home-base for visitors, just steps from the Convention Center as well as all of downtown’s dining offerings and historic attractions. In a special ceremony on Friday, October 18th, the City of...

Edwardian Hotels London Plans June 2020 Opening of Flagship Hotel, The Londoner

Edwardian Hotels | October 22, 2019

NEW YORK, NEW YORK -- October 22, 2019 -- The newest property and flagship hotel under Edwardian Hotels London, The Londoner will open in June 2020 as the world’s first super boutique hotel, situated within the heart of London’s West End in the world-famous Leicester Square neighborhood. Boutique in feeling yet staggering in scale, The Londoner offers a multifaceted experience combining the best aspects of a luxury boutique hotel with a thoughtful range of bespoke meetings and events spaces, to deliver an enhanced new concept that meets the needs of travel buyers and corporate travelers. The hotel will set a new standard for contempora...

IHG Signs With The Arabian Hospitality Company to Develop Holiday Inn Madinah West

IHG | October 21, 2019

The hotel will cater to the increasing number of religious tourists visiting the country IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, has signed a Management Agreement with leading hospitality supplier, The Arabian Hospitality Company, to open Holiday Inn Madinah West in 2022. The new property will cater to the influx of religious tourists expected as part of Vision 2030 and reinforces IHG’s commitment to expand its presence and diversify its portfolio across the Kingdom. Once completed, the 700-key property will be IHG’s fourth hotel in Madinah, joining InterContinental Dar Al Hijra, InterCon...

Radisson Brand Signs With Prospect Group to Make Russia Debut in Perm

Radisson | October 17, 2019

Radisson Hotel Group is proud to announce the signing of the first Radisson-branded hotel in Russia. Set to arrive in the Urals region of the country, the newly built Radisson Hotel Perm will have 150 rooms and is due to open in late 2021. This new signing brings the group’s Russian portfolio to a total of 39 hotels and 10,320 rooms in operation or under development. Last year, traffic at Perm International Airport reached 1.2 million passengers and continues to grow from both local and international destinations. It is rapidly developing as a destination for both leisure and business travelers. Elie Younes, Executive Vice President ...

Wyndham Hotels & Resorts Signs With Image Developments to Develop Wyndham Garden Suites in Brisbane

Wyndham Garden | October 17, 2019

BRISBANE, Australia, Oct. 17, 2019 -- Wyndham Hotels & Resorts, the world's largest hotel franchisor with more than 9,200 hotels in more than 80 countries, has unveiled plans to introduce its Wyndham Garden® brand to Australia with the signing of a stylish new hotel in Brisbane. The 120-room Wyndham Garden Suites Spring Hill Brisbane, scheduled to open in September 2021, is a fresh and inviting new concept for Australian travellers featuring a collection of spacious suites for guests on both short and extended stays in the city. The new-build hotel is owned by Image Developments and will operate under a franchise agreement with Wyndha...

Vision Hospitality Breaks Ground on Aloft by Marriott in Chattanooga, Tennessee

Vision Hospitality | October 15, 2019

The new 135-room Aloft by Marriott Chattanooga/Hamilton Place is part of the Sears redevelopment project at Hamilton Place. CHATTANOOGA, TENN., OCT. 15, 2019 — Vision Hospitality Group, Inc., and CBL Properties announced that construction has commenced on the 135-room Aloft by Marriott in Chattanooga, Tennessee. The new hotel marks the brand’s entrance into the Chattanooga market. “For some time now we have been working to find an opportunity to partner with our friends at CBL, and we are very excited to be moving forward with the development of the Aloft by Marriott at Hamilton Place” said Mitch Patel, president & CEO, Visi...

Struggling to Afford New AV Equipment in 2020? Financing Options Now Available Through AVaStar

AVaStar | October 15, 2019

Don’t wait for CapEX funds to be available to improve your audiovisual offering; Hoteliers can transition the expense of building/improving AV services from CapEx to OpEx, plus add SaaS to manage self-operating AV to generate more revenue from this investment [Gaithersburg, Md.—October 15, 2019]— AVaStar has teamed with industry funding sources to enable hoteliers to purchase or upgrade Event Technologies (ET) that meet rapidly evolving customer expectations on attractive capital or operating lease terms. Operators needing to become more profitable can now implement new, state-of-the-art equipment and automatically implement best pract...

Olshan Properties Breaks Ground on New Aloft Hotel at Easton Town Center, Columbus, Ohio

Olshan Properties | October 11, 2019

NEW YORK, NY – October 11 -- Olshan Properties, one of the country’s leading private owners, developers and operators of commercial real estate, today announced that it has broken ground on a new, 136-key Aloft Hotel at Easton Town Center located in Columbus, OH. The new Aloft will become Olshan’s fourth hotel at Easton and part of the company’s large national hotel portfolio. The Aloft, which is expected to open spring 2020, is owned in partnership with L Brands and The Georgetown Company. Once completed, the Aloft will become a centerpiece of the $500 million expansion that is underway at the Easton Town Center, one of the countr...

Radisson Hotel Group to Bring New Hotel to Tunisia in 2023

Radisson | October 10, 2019

Brussels/Tunis - October 10, 2019 Radisson Hotel Group is proud to announce the signing of the Radisson Hotel Tunis in Tunisia’s capital city. It will be the first Radisson branded hotel in the city of Tunis and the Group’s fourth hotel in the country. This brings Radisson Hotel Group’s African portfolio to almost 100 hotels in operation and under development. As the economic and commercial capital of Tunisia, Tunis not only hosts an array of major international companies and institutions it also boasts a rich cultural heritage – along with beautiful landscapes. Part of an area that is fast growing in popularity, the city is gener...

Marriott International Signs Deal to Introduce The Luxury Collection to Saudi Arabia in 2020

Assila Investments | October 10, 2019

Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with Assila Investments to bring its Luxury Collection brand for the first time to the Kingdom of Saudi Arabia. Situated in the heart of Jeddah, Assila Hotel is anticipated to join The Luxury Collection’s portfolio of more than 100 world-renowned hotels and resorts in 2020. “We are thrilled to have Marriott International manage the beautiful Assila Hotel, under the Luxury Collection brand,” said Bader Alissa, CEO, Assila Investments. “This only affirms Assila Hotel’s position as a premier luxury hotel in Jeddah.” “We are delighted to announce plan...

Avison Young Announces Recent 2019 Closings

Avison Young | October 10, 2019

ATLANTA –October 9, 2019 – Avison Young Hospitality Group announced that the firm recently closed several hotel transactions. A full-service hotel in Memphis, a Hyatt Place in Augusta GA and a Marriott hotel in Lancaster PA. The firm has 35 other transactions totaling 622 million dollars under sale agreement with expected closings throughout the 4th quarter 2019....

Vision Hospitality Group Breaks Ground on Hampton Inn & Suites by Hilton in Downtown Huntsville, Alabama

Hampton by Hilton | October 9, 2019

HUNTSVILLE, AL – October 9, 2019 – Chattanooga-based Vision Hospitality Group, Inc., is pleased to announce the Hampton Inn & Suites by Hilton in downtown Huntsville Alabama has broken ground. The 150-room hotel marks Vision’s entrance into the Huntsville market and is slated to open in early 2021. “We are excited to partner with Hilton to develop the Hampton Inn & Suites in downtown Huntsville,” said Mitch Patel, Vision Hospitality Group President & CEO. “Huntsville continues to see significant growth with new developments such as the Toyota/Mazda and Blue Origin manufacturing plants, which create a demand for qua...

Kempinski Signs With Umm Al Qura to Develop Kempinski Hotel Makkah

Umm Al Qura for Development and Construction and King Abdulaziz Road Project in Makkah | October 9, 2019

DUBAI -- October 9, 2019 -- Kempinski Hotels has announced a new luxury project in Makkah, Saudi Arabia. The signing ceremony with the partnering company, Umm Al Qura for Development and Construction Company (UAQ), took place end of last week at Emerald Palace Kempinski Dubai. The property will entail a luxury hotel and will be the flagship edifice within the new boulevard on King Abdul Aziz Road mega project. Kempinski Hotel Makkah will include 380 rooms and suites, each of them offering at least 42 net square meters – unprecedented in the segment in this region. The hotel is equipped with plenty of top-notch amenities catering for a l...

DiamondRock Hospitality Announces Return of The Frenchman’s Reef Marriott Resort & Spa and the Debut of Noni Beach Resort in St. Thomas

DiamondRock Hospitality Company | October 8, 2019

ST. THOMAS, U.S. Virgin Islands, Oct. 8, 2019 -- DiamondRock Hospitality is pleased to announce the highly anticipated return of the Frenchman's Reef Marriott Resort & Spa and a new, adjacent resort under Marriott's Autograph Collection, Noni Beach, a St. Thomas Resort. The $200+ million project is well underway and the re-envisioned resorts are expected to open in 2020. "DiamondRock is creating two truly unique resorts in the Virgin Islands. The irreplaceable location and superlative quality of DiamondRock's resort property in concert with Marriott's world-class brands will create an unparalleled and authentic island guest experience...

Donohoe Development and Koucar Management Break Ground on Cambria Hotel Washington D.C. Capitol Riverfront

Cambria Hotels | October 8, 2019

ROCKVILLE, Md., Oct. 8, 2019 -- Choice Hotels International, Inc. (NYSE: CHH), Donohoe Development Company and Koucar Management announce the official start of construction on the Cambria Hotel Washington D.C. Capitol Riverfront. The new-construction, nine-story, 154-room upscale hotel, which is expected to open in early 2021, will become the Cambria brand's fifth location in the Washington, D.C., metro area. Eight Cambria locations have already opened their doors this year — together representing over 1,100 upscale rooms. Up to four additional Cambria hotels are expected to open in top-tier markets across the country by year-end....

Kimpton Hotels & Restaurants Partners With Portman Holdings to Bring New Boutique Hotel to Atlanta’s Buckhead Neighborhood in Late 2020

Kimpton Hotels & Restaurants | October 8, 2019

SAN FRANCISCO (October 8, 2019) – Today Kimpton Hotels & Restaurants announces plans for a second property in Atlanta, a 216-room adaptive reuse hotel in the heart of the city’s Buckhead neighborhood. When it opens in late 2020, the Kimpton Buckhead will join the Kimpton Overland Atlanta Airport to offer rewards club members, travelers and locals two highly curated, locally programmed and thoughtfully designed stay experiences in Georgia’s capital. IHG® (InterContinental Hotels Group), Kimpton’s parent company, maintains its Americas headquarters in Atlanta, and the new Kimpton Buckhead marks an important expansion for the bran...

Radisson Hotel Group Signs With Friedemann Kunz Family Foundation for New Radisson Hotel Rostock in Germany

Radisson | October 7, 2019

Brussels/Frankfurt - October 7, 2019 Radisson Hotel Group is proud to announce the signing of the first Radisson branded hotel in Germany. Located in the 800-year-old heart of the Hanseatic university city, directly in the seaport of Rostock, the property is set to open in Q3-2022. The new Radisson Hotel Rostock strengthens the group´s position in the region as part of its strategy to roll out further brands in Germany, a key focus country for our expansion with a remarkable development profile. As a destination with more than two million overnight visitors each year – while featuring maritime and high-tech industries, as well as the U...

Hospitality Financial Leadership: How to Use 21-Point Flow Thru Inspection

David Lund | October 7, 2019

Just like your auto mechanic checks your car’s health you can completely review your hotel’s financial performance and get a clear reading on as many as 21 different flow thru performance points. Further to that you can even see what you need to do in most cases to correct the results! It’s what I call super revealing. And, the best point is you don’t need anyone’s help to do it because I’m going to give you the list! Flow thru is an essential concept to understand. If you are new to the idea read, my blog on flow first. https://hotelfinancialcoach.com Checking performance is a step-by-step exercise and we start at the most vit...

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