Finance & Development

/Finance & Development

Finance & Development

IHG Appoints Oliver Bonke as Chief Commercial Officer for the Americas

IHG (InterContinental Hotels Group) | September 17, 2013

ATLANTA, GA - 17 September, 2013 – InterContinental Hotels Group (IHG) announces the recent appointment of Oliver Bonke to the position of Americas Chief Commercial Officer (CCO), effective September 3, 2013. He will be responsible for leading Brand Management and Sales and Marketing in the Americas, as well as will serve on the region's senior leadership committee. Oliver comes to IHG after 24 years with Starwood® Hotels and Resorts Worldwide, Inc. He most recently served as senior vice president of Sales and Marketing for Europe, the Middle East and Africa, a position he held since 2008. During his tenure, his innovative and perfor...

Hyatt Regency Houston Installs InvoTech Uniform System

Hyatt Regency Houston | September 17, 2013

InvoTech Creates "100% More Efficient Operation;" High-Occupancy Business Hotel Automates Uniform Management for Staff of 400; Tracks 2,000 Uniforms with Easy-to-Use System LOS ANGELES, CA - September 17, 2013 - InvoTech Systems, Inc. announced that the Hyatt Regency Houston installed the InvoTech Uniform System for more efficient uniform tracking for its staff of 400. The 947-room business hotel uses InvoTech to reduce labor hours and uniform losses through its management of more than 2,000 uniforms. Click here for more information on InvoTech's Linen, Uniform, Laundry, and Security Systems. "Hyatt Regency Houston has a large staff. So...

TCC Hotels Group & IHG to Open the 184-room Holiday Inn Express Bangkok Sathorn in Thailand

TCC Hotels Group | September 17, 2013

Bangkok, 17 September 2013: Leading Thai conglomerate TCC Hotels Group and InterContinental Hotels Group (IHG), one of the world's leading hotel companies, have signed an agreement for the Holiday Inn Express Bangkok Sathorn. It will be the first of the Holiday Inn Express brand to be owned by TCC Hotels Group, who also own InterContinental and Crowne Plaza hotels under IHG's brand portfolio. Located in Bangkok's up-and-coming district of Sathorn, which is in the centre of the central business district and diplomatic area, the newly-built 184-room hotel will be near numerous embassies and major multinationals. With location being a key ...

Top 4 Hotel Financing Obstacles And How to Get Around Them / Brian Holstein

Brian Holstein | September 16, 2013

Do you have upcoming hotel financing needs? Whether you are in the market for a simple refinance or acquisition financing, a discounted-payoff (DPO) financing or a PIP-induced recapitalization, the same rules apply. The hotel loan market has been on a good run for the last twelve months with competition among lenders heating to a point not seen since prior to the financial crisis. Lenders are beginning to focus increasingly on areas outside of pricing and leverage in order to preserve loan profitability and keep mortgage leverage below the aesthetically pleasing 70% loan-to-value level. SIMPLY PUT, WHAT THIS MEANS FOR HOTEL LOAN BORROWE...

Blackstone Banking on Success: Hilton Worldwide Files for Initial Public Offering

Hilton Worldwide | September 16, 2013

MCLEAN, Va. - September 16, 2013 - Hilton Worldwide today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Deutsche Bank Securities Inc., Goldman, Sachs & Co., BofA Merrill Lynch, and Morgan Stanley & Co. LLC are acting as the joint book-running managers for the offering. When available, copies of the preliminary prospectus related to the offering may be obtained from: Deutsche Bank Securities Inc., Attention: Pro...

Robert T. Koger of Molinaro Koger is Arrested and Put Behind Bars

September 12, 2013

A shocking course of continuing fraudulent conduct is unveiled by the JMBM Global Hospitality Group® For the most recent update on this topic, click here By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 12 September 2013 Hotel Lawyer with the latest on the arrest and jailing of Rob Koger, formerly of Molinaro Koger There are some significant new developments in the saga of Robert T. ("Rob") Koger and the high profile civil and criminal cases surrounding him. Here is the latest. (Earlier articles are cited below.) On Monday, September 9, 2013, Robert T. Koger, 47, was arrested and brought ...

Revenue Management is Not Inventory Management

Duetto | September 11, 2013

By Marco Benvenuti, co-Founder and Chief Analytics + Product Officer, Duetto September 11, 2013 Revenue management is not inventory management. And inventory management is definitely not revenue management. Confusing the two, is not just an intellectual faux pas - it is a sure way to leave money on the table, as you attempt to optimize rate at your property. Revenue management is a dynamic function, where the target-demand-changes, literally, every second - and the strategy and pricing must change to reflect it. Inventory management is managing rates to meet budgeted goals. It's pricing to sell rooms that fit into predetermined allotmen...

IHG Partners with Nor1, Inc. for Multi-Brand, Multi-hotel Implementation of Upsell Solutions

eStandby Upgrade | September 11, 2013

September 11, 2013 - Atlanta, GA and Santa Clara, CA - Silicon Valley's Nor1, Inc. and InterContinental Hotels Group (IHG) have strengthened their strategic partnership with the global rollout of Nor1's pre-arrival upsell solution, eStandby Upgrade®, making it available across the hospitality giant's family of nine brands, over 4,600 hotels and in almost 100 countries and territories worldwide. Expanding the collaboration with Nor1 will enable IHG, one of the world's leading hotel companies, to resolve perishable inventory and optimize incremental revenue opportunities, as well as enhance the guest experiences at the hotel. The initial...

Hotel Equities and Alliance Hospitality Form Joint Venture Creating 55 Hotel Portfolio; Plans Growth

Hotel Equities (HE) | September 10, 2013

Atlanta, GA-September 10, 2013 - Atlanta-based Hotel Equities (www.hotelequities.com) formed a joint venture with Raleigh-based Alliance Hospitality (www.alliancehospitality.com) to create a portfolio of 55 hotels with a room count exceeding 6,500 in 14 states. Corporate headquarters will be located at the Atlanta, Georgia offices of Hotel Equities with regional offices remaining in Raleigh, North Carolina. The joint venture pairs Fred Cerrone, President and CEO of Hotel Equities, with Rolf Tweeten, President and CEO of Alliance Hospitality, two iconic industry leaders in a strategic partnership between two highly acclaimed, award-winni...

Architect Announced for 150-Room Downtown Asheville Hyatt Hotel

BuildCentral | September 9, 2013

Hotel-Online and BuildCentral Add/Update 100 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. September 9, 2013 - Hotel-Online and BuildCentral have added or updated 100 hotel projects in the last two weeks to Hotel Construction, a nationwide database of hotel construction projects, openings, and key decision makers (Owner/Developers, Architects and Contractors). These proposed hotels are still in the planning stages. Now is the perfect time to have your product drawn into plans, or offer construction services: Hampton Inn (Tallahassee, FL) Industrial District Hotel (Plymouth Charter Township, MI) UC Irv...

Aptech Business Intelligence and Accounting Selected by 9 Hotel Companies with 120 Properties

Aptech Computer Systems | September 9, 2013

Multi-Property Operators Tap Aptech for Execuvue® Enterprise Business Intelligence with Easy to Use Reporting; Targetvue Corporate Budgeting; Profitvue® and Webvue® Centralized Back Office Accounting to Manage with Real Numbers for Growth and Better Business Decisions Pittsburgh, PA - September 9, 2013 - Aptech Computer Systems, Inc., the leading provider of hospitality software for business intelligence and enterprise financial accounting, announced 9 hotel companies with a total of more than 120 properties selected Aptech's business intelligence, budgeting and accounting solutions. Click here for more on Aptech's products and servi...

Through a Conversion, IHG to Open First Hotel in Turkey, the Holiday Inn Diyarbakir – City Center

IHG | September 6, 2013

September 6, 2013 - InterContinental Hotels Group (IHG), one of the largest hotel companies in the world, continues to grow its presence in Turkey with the signing of its sixteenth hotel in the country and its first in Diyarbakir: Holiday Inn Diyarbakir – City Center. The 161-room hotel will be converted from an existing building under a franchise agreement with BED Turizm Company and coordinated by POYA Hotel Project Management Company. Due to open in 2015, the hotel's facilities will include a gym, spa, bar, restaurant, five meeting rooms on the mezzanine level, and a banqueting area on the roof terrace. The hotel will also feature ...

1H 2013 Total Hotel Transactions Increase Slightly (YoY); Portfolio Transactions Begin to Accelerate

Lodging Econometrics | September 5, 2013

September 5, 2013 - Lodging Econometrics' (LE's) report: For 1H 2013 Total Hotel Transactions and Property Transfers improved to 604 hotels/ 85,200 rooms, up 240 hotels over the 1H 2012 total of 364 hotels. Of the 240 hotels, 216 were for hotels sold within portfolios. Individual transactions at 334 hotels are up only 32 hotels Year over Year (YoY). M&A Property Transfers are non-existent but are expected to accelerate as the first leg of the real estate cycle is likely to draw to a close over the next 12 – 18 months. Transaction volume is a long way from the record of 3,218 hotels/ 441,617 rooms set in 2007, just as the financial...

NATHIC 2013 Moves to Chicago, Becoming Midwest’s Sole Investment Event

Questex Hospitality + Travel | September 4, 2013

NEW YORK (Sept. 4, 2013) ─ Questex Hospitality + Travel, the world's largest multinational media, event and e-commerce company serving the global hospitality and travel industry, today announced that its North America Hotel Investment Conference (NATHIC) will be held Nov. 20-22 at the newly renovated Hyatt Chicago Magnificent Mile, becoming the only event of its kind in the Midwest. Now in its fifth year, the two-day event, previously held in Washington, has been re-energized with a new venue and enhanced agenda including a hospitality real estate showcase with top brokers and a "hotel shark tank" competition based on the popular real...

Hotel Assets Group Closes Five Hotel Transactions in August

Hotel AG | September 3, 2013

ATLANTA - September 3, 2013 - Hotel AG announced today the firm closed 5 hotel transactions in the month of August. The hotels sold consisted of 1 Hilton, 1 Marriott, 2 Choice brands and 1 bank-owned independent property. All 5 assets were select service hotels located from the Northeast to the Mid West. Brad Sinclair, a senior partner with Hotel AG, commented, "The market today is very transaction friendly and buyers are still able to realize accretive value." Andy Broad, also a senior partner with the firm, further commented, "With the recent movement in the public debt markets, the buying community seems to have accelerated in the de...

HITEC Video Report: InvoTech Showcases Latest Labor Saving UHF-RFID Linen and Uniform Systems

InvoTech Systems | September 3, 2013

InvoTech Launches New Touch-Screen Controls for Bulk Laundry Cart Reading Station; Demonstrates Mobile Software and Wi-Fi Handheld Reader that Simplifies Uniform and Linen Inventory Management, Reduces Labor Hours LOS ANGELES, CA - September 3, 2013 - – InvoTech Systems, Inc., the leading provider of solutions that increase profitability for hotels, casinos, laundries and related industries, produced a 2-minute video highlighting its newest UHF-RFID System for Hotel Uniform and Linen management at the recent HITEC tradeshow in Minneapolis, MN. InvoTech celebrated 20 years of industry service and customer focused technology development...

The 281-room Hilton Capital Grand Abu Dhabi Opens Following Renovation and Conversion

Hilton Hotels & Resorts | September 3, 2013

DUBAI, UAE and MCLEAN, Va. -September 03, 2013 - Hilton Hotels & Resorts, the most recognised hospitality brand in the Middle East, today announced the opening of Hilton Capital Grand Abu Dhabi following a refurbishment and rebranding programme. The hotel joins the company's burgeoning UAE portfolio and will add an additional 281 rooms to Hilton Worldwide's growing 3000+ UAE room total. Hilton Capital Grand Abu Dhabi is a visually stunning, curved glass property ideally located close to Abu Dhabi International Airport as well as the city's National Exhibition Centre and in the heart of Abu Dhabi's new Capital District. With an abund...

IHG and Omaxe to Develop the Holiday Inn New Chandigarh Sector 4B in India

Omaxe Ltd. | September 3, 2013

New Delhi, 02 September 2013: IHG (InterContinental Hotels Group), one of the world's leading hotel companies and India's leading premier real estate developer Omaxe, have signed an agreement for the new-build Holiday Inn New Chandigarh Sector 4B. The hotel will add to IHG's strong pipeline of properties of the Holiday Inn brand family, which represent 85% of the hotel group's growth in India. Located within a 1,000 acre township known as Omaxe New Chandigarh, the 150-room hotel will be part of a mixed-use development which includes commercial, retail and residential establishments, answering to New Chandigarh's demand for both business...

New Property Manager for 411-Room The Westin Chicago North Shore

BuildCentral | September 3, 2013

Hotel-Online and BuildCentral Have Updated 215 Hotels in the Last Two Weeks with Changes in Personnel, Property Management or Ownership Chicago, IL. September 3, 2013 - Hotel-Online and BuildCentral have reported 215 changes in personnel, property management and ownership in the Hotel Profiles database over the last two weeks. Many hotels are getting a fresh start with a new Owner, Property Manager or General Manager. Recommend your product or service to someone who might be looking for a change. Hotels Under New Management: Dallas Marriott Suites Medical/Market Center (Dallas, TX) Residence Inn Palm Desert (Palm Desert, CA) Resid...

Pebblebrook Hotel Trust Acquires the 174-room Hotel Modera in Portland, Oregon for $47.5 Million

Pebblebrook Hotel Trust | August 29, 2013

BETHESDA, Md. - August 29, 2013 - Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it has acquired the Hotel Modera for $47.5 million. The 174-room, urban, boutique, upper upscale, full service hotel is located in downtown Portland, Oregon. The property will be managed by OLS Hotels and Resorts ("OLS"). As a part of this transaction, the Company is assuming a $23.7 million secured, non-recourse loan, with the balance of the purchase price being funded by the Company with available cash. "We're thrilled to acquire the Hotel Modera in the west coast gateway city of Portland and expand our presence in the highly des...

$24 Million 179-room Holiday Inn Lima Airport to be Developed in Peru by the Pinasco Family

the Holiday Inn brand | August 27, 2013

MIAMI - August 27, 2013 - IHG (InterContinental Hotels Group), continues to increase the Holiday Inn® brand's footprint in Latin America with the signing of the new-build Holiday Inn Lima Airport hotel. The $24 million hotel will be located adjacent to the city's Jorge Chavez International Airport, and is being developed by the Pinasco family, who will also manage the hotel under the Operaciones Turisticas Peruanas S.A.C. entity. The organization has been working with IHG for many years and also owns and manages the Crowne Plaza® Lima hotel. "We see great potential for our brands in Peru," said Joel Eisemann, chief development officer...

Hotel Equities Promotes Brad Rahinsky to Chief Operating Officer

Hotel Equities | August 27, 2013

ATLANTA (August 27, 2013) -Atlanta-based Hotel Equities (www.hotelequities.com) recently promoted Brad Rahinsky to the position of Chief Operating Officer. With a comprehensive 20-plus year background in hospitality operations, sales and marketing and business development, Brad sets the strategic path for Hotel Equities overseeing all aspects of the organizations day-to-day activities with the assistance of an industry-best support team. Prior to HE, Brad's experience includes several executive level positions with multiple brands and hotel management firms. He joined the firm in early 2012. "Since joining Hotel Equities, Brad has becom...

IHG and Makkah Real Estate Company to Build the 1,238-room Holiday Inn Makkah in Saudi Arabia

IHG (InterContinental Hotels Group) | August 26, 2013

Makkah, Saudi Arabia, 26 August 2013: InterContinental Hotels Group (IHG) and Makkah Real Estate Company have signed an agreement to build the world's largest Holiday Inn, the 1,238-room Holiday Inn Makkah, due to open in Saudi Arabia in 2016. This landmark agreement responds to the boom in religious tourism to the Kingdom of Saudi Arabia. Over 3 million pilgrims participated in Hajj in 2012, up eight percent on the previous year, and more than half of all inbound tourists to Saudi Arabia travel to the religious cities of Makkah and Medinah throughout the year. The total number of tourists travelling to Saudi Arabia is expected to conti...

The 128-suite Residence Inn by Marriott Opens in Needham, Massachusetts

Residence Inn | August 26, 2013

Needham, Massachusetts - August 26, 2013 - The 128-suite Residence Inn by Marriott in Needham, Massachusetts opened on Friday, August 23, 2013. Located at 80 B Street, the Residence Inn Boston Needham operates as a Marriott franchise, owned by SXC Needham Inn, LLC and managed by Colwen Management, Inc of Portsmouth, New Hampshire. Located 25 minutes from downtown Boston and 20 miles from Logan International Airport, the Residence Inn Boston Needham offers its guests convenient access to Boston College, Babson College, Mount Ida College, Legacy Place and Chestnut Hill Mall. Rates vary depending on length of stay. "We are pleased to intro...

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