Finance & Development

/Finance & Development

Finance & Development

How to Add Value to Your Hotel Asset

Carrie Russell | May 16, 2019

By Carrie Russell At the most basic level, the value of a hotel is based on the property's net income divided by a capitalization rate. As such, one has two possible levers to adjust as a means of increasing a property's value: either increase the property's net income or decrease the capitalization rate. The capitalization rate, which is a factor that represents both the risk and the desired return associated with a given asset, is in actuality difficult to influence. Firstly, returns are market driven, which means that the capitalization rate is determined by market forces, not the will of owners. Secondly, it is the buyer's perceptio...

IHG Partners With Linzhu Australia for voco Sydney Central Set for 2020 Opening

May 16, 2019

IHG has signed its fifth voco™ in Australia since the brand's global launch in June of 2018, partnering with Linzhu Australia Pty Ltd to open voco Sydney Central by 2020. Part of Linzhu Australia's 430 Pitt Street mixed-use development, the property boasts a stunning seventeen-storey tower with a sloping roof featuring unique "green waterfalls". Guests will be treated to the ultimate upscale voco experience, that celebrates the individuality of the hotel, stunning location and local people, with each stay tailored to deliver a unique and memorable experience. The property was originally slated as a Holiday Inn in 2017, however as ...

RevUp Revenue Management Consulting

May 16, 2019

RevUp Revenue Management Consulting in conjunction of RLS Revenue Consulting is a innovative hospitality and revenue management consulting firm, providing professional services to hotel and resort owners. Focused on adding value to owner's investments and transforming underperforming assets into greater success. RevUP Revenue Management offers a complete list of consulting services and we tailor our packages property-specific. Our experienced group provides an unbiased analysis of asset performance; including in-depth financial review and budget planning. We focus on revenue enhancement, improving market share and re-positioning the...

IHG Opens New Kimpton Blythswood Square Hotel in Glasgow, Scotland

IHG | May 15, 2019

San Francisco, May 15, 2019: Consistently voted as one of the top cities to visit in 2019, Glasgow is the perfect blend of sophistication and grit, and is now home to the latest property from global leader in boutique luxury, Kimpton® Hotels & Restaurants. Kimpton Blythswood Square Hotel is situated in a landmark location with a storied past. The hotel exudes class and elegance with original architectural features, such as marble fireplaces, rich wood paneling and lofty ceilings. In true Kimpton style, the hotel offers a luxury experience full of signature perks, brought to life with Glaswegian charm and personality. The exterio...

How Modular Construction Is Changing Commercial Real Estate

JLL Real Views | May 15, 2019

Regions across the U.S. faced their snowiest, coldest and warmest February in history this year, with volatile weather disrupting the flow of life across the country. That included construction projects. Yet there was one setting where the unpredictable winter didn't slow down work — the vast indoor spaces where firms have increasingly been creating homes, offices and hotels. The method of modular construction — where pieces of buildings are manufactured in one place, and then delivered to construction sites for assembly — has boomed in recent years. The business in the U.S. has doubled in size to US$8 billion over the...

IHG Launches New All-Suites Brand, Atwell Suites

May 15, 2019

IHG® (InterContinental Hotels Group) today revealed its new all-suites brand, Atwell Suites™, to thousands of IHG owners and operators at its Americas Investors & Leadership Conference in Las Vegas. The new upper-midscale hotel brand will target an estimated $18 billion industry segment with strong guest and owner demand. The Atwell Suites brand builds on IHG's heritage of pioneering new growth opportunities for hotel owners and operators that better serve travelers. Through this strategy, IHG has successfully cultivated a dynamic portfolio of unique midscale and upper-midscale brands across the mainstream category includi...

Hard Rock International Partners With ASG for €200 Million New Hotel in Barcelona

Hard Rock International | May 15, 2019

May 15, 2019 – Hard Rock International continues growing its European hotel portfolio, announcing the development of Hard Rock Hotel Barcelona. The brand is set to bring its signature musical flair to the shores of Barcelona in a €200 million new hotel to be developed on the last available seaside plot in metropolitan Barcelona. Construction of the 504-room hotel will begin in late 2019, set to open on the shores of Barcelona in early 2022. "This is set to be another ambitious project for Hard Rock International, alongside ASG," comments Todd Hricko, senior vice president and head of global hotel development at Hard Rock Inte...

IHG’s Holiday Inn Express, Hilton’s Home2 Suites, and Marriott’s Fairfield Inn Claim 20% of U.S. Construction Pipeline Projects

Lodging Econometrics (LE) | May 14, 2019

May 13, 2019 – PORTSMOUTH, NH -- In the Lodging Econometrics (LE) first quarter report for 2019, analysts detailed the leading franchise companies and their brands in the construction pipeline. Leading in the pipeline is Marriott International with 1,499 projects/196,771 rooms and Hilton Worldwide with 1,386 projects/154,349 rooms, both at all-time record highs. InterContinental Hotels Group (IHG) follows with 980 projects/99,115 rooms. These three franchise companies alone comprise 68% of the projects in the total pipeline. The leading brands in the construction pipeline by project count for each of these three companies are IHG'...

Autograph Collection Hotels Welcomes Ireland’s National Treasure, The Shelbourne

The Shelbourne | May 14, 2019

Bethesda, Maryland (May 14, 2019) – Autograph Collection Hotels, Marriott International's diverse and dynamic portfolio of more than 170 independent hotels around the world, today announced the addition of The Shelbourne, the enduringly iconic hotel that's been at the heart of Dublin society since 1824. Proudly overlooking Dublin's grandest square, St. Stephen's Green, The Shelbourne is just a stone's throw from some of the city's most celebrated landmarks: Trinity College, parliament building Dáil Éireann, and the National Gallery. Recently renovated by Guy Oliver of design firm Oliver Laws, the timelessly elegant i...

Sonnenblick-Eichner Company Arranges $21,000,000 of First Mortgage Leasehold Financing for Palihotel Seattle, Washington

Sonnenblick-Eichner Company | May 14, 2019

Beverly Hills, CA (May 14, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $21 million of non-recourse first mortgage leasehold financing, on behalf of a partnership between Los Angeles based Lighthouse Investments, LLC and KCB Management, for the 96-room Palihotel Seattle. Operated by Palisociety, the hotel is located across the street from the world-famous Pike Street Market in downtown Seattle, WA. The newly renovated hotel opened in November of 2018 and the initial funding was sized to a debt yield less than 6% on the first year's projected net operating income. The five-year interim loan also provided...

Hospitality Financial Leadership: Engage Their Hearts and Minds First

David Lund | May 13, 2019

By David Lund Getting your hotel leadership team excited about accounting is like someone thinking it's fun to go to the dentist. Your average person wants nothing to do with it because they have a predisposed notion that it's yucky, boring and better left for someone who has a hard time walking and talking at the same time. What I have learned about getting your average hotel leader excited about the numbers is just the opposite. Let me explain. Hotel leaders ALL want to have the "financial where-with-all" to dazzle their peers. They know it's the secret sauce to propel their career. They all want their seat at the captain's table. Bei...

JMBM’s Global Hospitality Chairman Jim Butler Will Speak About Hotel Investment at 2019 Institutional Real Estate Forum

May 13, 2019

By Jim Butler and the Global Hospitality Group® Authors of www.HotelLawBlog.com LOS ANGELES—Jim Butler, Chairman of JMBM's Global Hospitality Group®, along with Jack Westergom of Manhattan Hospitality Advisors, will speak at the 4th Annual West Institutional Real Estate Investor Forum on June 5, 2019 in San Francisco on the topic of hotel investment. They will also conduct a roundtable discussion for investors who may be new to the hotel investment. "Many institutional investors, family offices and other sophisticated real estate investors are looking to hotels to increase investment returns. While hotel investments can of...

Hotel Equities Promotes Bryan DeCort to Executive Vice President

Hotel Equities | May 13, 2019

ATLANTA, GA (May 13, 2019) – Atlanta-based hotel owner, operator and development firm, Hotel Equities (HE), named Bryan DeCort to the position of executive vice president. He reports directly to Brad Rahinsky, HE's president & CEO. Bryan has over 25 years of experience in hospitality and operations. Since joining Hotel Equities in 2017, he has helped restructure the organization's operational platform to aid in HE's growing portfolio of hotels. He worked closely with Hotel Equities' executive team to ensure a consistent approach to implementation and developed a long-term strategy to promote performance-based growth. His e...

Park Hotels & Resorts Appoints Christopher Akoury as General Manager of Hilton Short Hills

Hilton Hotels & Resorts | May 13, 2019

SHORT HILLS, NJ - Hilton Short Hills, owned by Park Hotels & Resorts and managed by Hilton Management Services, today appointed Christopher Akoury as the hotel's new general manager. Most recently, Akoury served as general manager of Embassy Suites by Hilton Parsippany. In his new role, Akoury will be responsible for overseeing the day-to-day operations of the newly redesigned property, including guest services, hotel administration and marketing efforts. Akoury began his career in food and beverage, working a variety of positions, such as director of food and beverage, banquet manager and fine dining restaurant manager at a number ...

Hotel Indigo® Debuts in Shakespeare’s Hometown of Stratford-upon-Avon

May 13, 2019

IHG® (InterContinental Hotels Group) is proud to announce the opening of Hotel Indigo® - Stratford upon Avon, marking the brand's debut in the heart of the historic market town. A slice of bygone England, Stratford-upon-Avon is a magnet to visitors from around the world who make the pilgrimage to visit the birthplace of William Shakespeare and marvel at one of the most famous theatres in the world; Royal Shakespeare Theatre. Hotel Indigo – Stratford upon Avon is home to 93 stylish guest rooms with designs inspired by the history of the local neighbourhood. Each guest room pays homage to the town's heritage, by using classi...

Wyndham Hotels & Resorts Partners With Wellworth Properties to Develop Wyndham Garden Hotel in Quezon City

May 13, 2019

QUEZON CITY, PHILIPPINES (May 13, 2019) – Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,200 properties worldwide, is bringing a fresh approach to hospitality in the Philippines with the launch of the country's first Wyndham Garden hotel in Quezon City. The new-construction Wyndham Garden Quezon City, located directly opposite the ABS-CBN communications and broadcasting center in the heart of Quezon City, Metro Manila, is expected to start welcoming guests in 2021. Upon opening, this modern 25-story hotel will feature 235 sleek and stylish rooms and suites, plus an extensive selection of ...

The U.S. Hotel Construction Pipeline Continues to Grow in the First Quarter as the Economy Shows Surprising Strength

Lodging Econometrics | May 13, 2019

May 13, 2019 – PORTSMOUTH, NH - At the end of the first quarter of 2019, analysts at Lodging Econometrics (LE) reported that the total U.S. construction pipeline continued to expand with 5,647 projects/687,941 rooms, up a strong 7% by projects and 8% by rooms year-over-year (YOY). Pipeline totals are a mere 236 projects, or 4%, shy of the all-time high of 5,883 projects/785,547 rooms reached in the second quarter of 2008. The record should be pierced later in the year. Conversions and renovations are already at record levels. Projects currently under construction stand at 1,709 projects/227,924 rooms with projects scheduled to sta...

Global Connections Releases New Cabin Model at White Oak Lodge and Resort

Global Connections, Inc. | May 10, 2019

GATLINBURG, TN-- (May 13, 2019) – Global Connections, Inc. (GCI) a well-known resort developer, travel club fulfillment and service provider of Global Discovery Vacations has introduced a new single story cabin with double master bedrooms at White Oak Lodge and Resort. Located in Gatlinburg, Tennessee, the GCI owned White Oak Lodge and Resort, tucked against the Great Smoky Mountains, is ideal for families. An RCI Gold Crown Resort for its condominiums and winner of the TripAdvisor® Certificate of Excellence for the past four years, the resort features both log cabins and condos for a combination of rustic charm and modern el...

IIG Partners With Good Shepherd Hospitality for New Boutique Hotel in Downtown Clemson, South Carolina

Interior Image Group | May 9, 2019

CLEMSON, S.C. -- Good Shepherd Pavilion LLC, recently announced boutique hospitality design firm IIG as the company that will design The Shepherd Hotel, a hotel set to open to the public in late 2020. Located in downtown Clemson and within view of Clemson University, the hotel will provide an opportunity to employ a large percentage of its workforce to those with learning and intellectual disabilities. The design of the hotel will reflect The Shepherd Hotel mission to inspire and welcome all guests. The idea for the hotel originated with co-founder Rick Hayduk, a seasoned luxury hotel leader. His daughter Jamison, who has Down syndrome,...

Hospitality Properties Trust Acquires Wisconsin’s Crowne Plaza Milwaukee West for $30 Million

May 8, 2019

NEWTON, Mass. -- Hospitality Properties Trust (Nasdaq: HPT) today announced it has completed the purchase of the 198-room Crowne Plaza Milwaukee West in Milwaukee, WI for $30.0 million, or approximately $151,500 per key. The hotel will be added to HPT's existing agreement with Intercontinental Hotels Group. "The Crowne Plaza Milwaukee West is ideally located in an economically vibrant suburban community just west of downtown," said John Murray, Hospitality Properties Trust's President and Chief Executive Officer. "Built in 2008, this full service hotel is supported by strong demand generators from the area's healthcare, technology and i...

The 2019 LIIC Top Ten — Hotel Real Estate: Mostly Sunny Days Clouded by Labor Issues

Jim Butler | May 8, 2019

By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 08 May 2019 Greetings from Los Angeles and the beautiful Hyatt Regency LAX! Yesrerday, we kicked off Meet the Money® 2019 – the National Hotel Finance & Investment Conference hosted by JMBM's Global Hospitality Group® – with the LIIC Top Ten. Presented by my friend, Mike Cahill, CEO and Founder of HREC and one of LIIC's co-chairmen, the LIIC Top Ten reflects the perspectives of the industry's most active members in the hospitality market. — Jim About the LIIC Top Ten For the past 15 years, the members of the ...

Concord Hospitality Taps Thom Stewart as Director of Sales and Marketing at The Ben, Opening in West Palm Beach

The Ben | May 8, 2019

West Palm Beach, Fla. - May 2019 – Hospitality hotshot Thom Stewart will join the executive team at The Ben as Director of Sales and Marketing. This highly anticipated 208-room design forward hotel is all the buzz at the corner of North Narcissus Avenue and Banyan Street and the centerpiece of the new Flagler Banyan Square, a stone's throw from downtown West Palm Beach and Clematis Street, and will debut in December 2019. With nearly 15 years of experience with Concord Hospitality, the management company of The Ben, Stewart is no stranger to the tricks of the trade. After making his mark in several positions in just about every ar...

Birchington to Break Ground on 247-Room Holiday Inn Express in Washington, DC’s Mount Vernon Triangle Neighborhood

May 7, 2019

Washington, DC, May 7, 2019 – A 247-room Holiday Inn Express hotel will break ground this month in Washington, DC's Mount Vernon Triangle neighborhood. Birchington LLC, owned by Habte Sequar, closed on a construction loan from Atlanta-based Stonehill Strategic Capital to commence construction on the $93 million project. Projected to open in the fourth quarter of 2020, the 14-story hotel will be located at 317 K Street, NW on the northeast corner of 4th and K. This site is just three blocks east of the highly anticipated downtown Apple Store in the historic Carnegie Library, scheduled to open this week, as well as the Walter E. Was...

Radisson Hotel Group Partners With Allianz Real Estate for New Radisson Collection Hotel in Milan, Italy

May 7, 2019

Radisson Hospitality AB, part of Radisson Hotel Group, is pleased to announce the signing of a new Radisson Collection property in Milan, Italy. Working in conjunction with Allianz, the group will redevelop the former Allianz Italia headquarters in Milan into the Radisson Collection Hotel, Santa Sofia Milan. Set to open in 2022, the hotel will be managed by Allianz Real Estate on behalf of Allianz group companies. The hotel, located at via Santa Sofia 37 in the central Corso Italia district, will be part of the highly prestigious Radisson Collection portfolio. It will join other landmark Collection properties in Rome, Venice and the rec...

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