Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Sonnenblick-Eichner Company Arranges $46,000,000 of First Mortgage Financing for Maison Dupuy, New Orleans, Louisiana
Sonnenblick-Eichner Company | August 13, 2019
Finance
Avison Young Closes Hotel Loan Portfolio
Avison Young | March 25, 2021
ATLANTA – March 25, 2021 – Avison Young Hospitality Group announced today that the firm has closed on a hotel loan portfolio led by Avison Young principal, Andrew Broad. The portfolio consisted of multiple hotel loans in the Carolinas secured by upper midscale Marriott branded hotels. Andrew Broad, Principal said, “This portfolio loan sale represents what could be the next transaction market cycle. MCR Development was the purchaser of the portfolio and we have deep history with them. In the 2021 hotel transaction market, the greatest character traits a buyer can have is, credibility, capability, and the willingness to do what they sa...
Knighthead Funding Originates $61 Million Loan to Refinance Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico
Knighthead Funding LLC | March 17, 2021
Greenwich, CT (March 17, 2021) – Knighthead Funding has provided a $61 million first mortgage loan secured by Dorado Beach, a Ritz-Carlton Reserve, in Dorado Beach, Puerto Rico. The five-year, floating-rate, non-recourse loan from Knighthead Funding refinances maturing debt. As the first Ritz-Carlton Reserve Hotel in the Americas and one of only five in the world, Dorado Beach, a Ritz-Carlton Reserve, is one of the most luxurious properties under the Ritz-Carlton Reserve flag. Opened in 2012, Dorado Beach, a Ritz-Carlton Reserve, is situated in the exclusive gated neighborhood of Dorado Beach, on the former Laurence Rockefeller estate...
Fitch Maintains 14 US CMBS Single Borrower Hotel Transactions on Negative Watch Due to Pandemic
Fitch Ratings | February 22, 2021
Fitch Ratings - Chicago - 22 Feb 2021: Fitch Ratings has maintained 79 classes from 14 U.S. CMBS single borrower transactions on Rating Watch Negative (RWN). Fitch originally placed the classes on RWN on March 19, 2020. KEY RATING DRIVERS The 14 transactions represent the entire portfolio of Fitch-rated single borrower hotel transactions. The transactions were issued in 2019 (four) and 2018 (10). The majority are secured by an individual hotel property; the underlying properties are located in Florida (six deals), Hawaii (four), Arizona (two) and California (one). There is one transaction secured by a portfolio of La Quinta hotels. Three tr...
Hotel Lawyer: PACE Financing – Now an Accepted Tool for Hotel Lenders and Borrowers
Jim Butler | February 22, 2021
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors or www.HotelLawBlog.com Hotel finance lawyer: PACE Financing is now mainstream About five years ago, my partner David Sudeck, a senior member of JMBM’s Global Hospitality Group®, spoke at a hotel industry conference about the attractive features of PACE financing as an innovative financing technique. David has extensive experience with virtually all kinds of real estate financing from senior debt to joint ventures. At the time, he had just finished working on a hotel financing that included components of a senior construction loan from a private lender, Mello ...
Podcast: Why Every Hotel Leader Needs to be a Financial Leader
David Lund | February 15, 2021
By David Lund Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn’t as sexy (to some) as other parts, but it is, of course, what determines success and that’s super sexy! In the hotel world, knowing the numbers translates to individual and organizational success. KEY POINTS Financial leadership should pertain to every hotel department. Knowing the basics of your numbers is the first step. A multi-functional leadership model is more successful than silos. Click below to listen to David’s podcast. ...
Pebblebrook Hotel Trust Executes Contract to Sell Sir Francis Drake
Pebblebrook Hotel Trust | February 3, 2021
BETHESDA, Md. -- February 3, 2021 -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it had executed a contract to sell the 416-room Sir Francis Drake in San Francisco, CA to a third party, which the Company expects will generate $157.6 million of proceeds after customary closing costs. Based on the hotel's net operating income for the year ended December 31, 2019, such proceeds after customary closing costs reflect a 7.2% net operating income capitalization rate. The net operating income capitalization rate is after an assumed annual capital reserve of 4.0% of total hotel revenues. The sale of Sir Francis...
Agilysys Reports Fiscal 2021 Third Quarter Revenue of $36.7M
Agilysys | January 27, 2021
Reports Record Recurring Revenue of $22.8M Inclusive of Subscription Revenue Growth of 18% Reports Positive Adjusted EBITDA of $7.6M Quarterly Free Cash Flow of $7.8M and Cash Balance Increase of $6.9M to $92.6M Alpharetta, GA – January 26, 2021 - Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2021 third quarter and period ended December 31, 2020. Summary of Fiscal 2021 Third Quarter Financial Results Total net revenue was $36.7 million, compared to total net revenue of $42.0 million in the comparable prior-year peri...
Sonnenblick-Eichner Company Arranges $30,500,000 of First Mortgage Financing for Little Palm Island Resort & Spa, Florida Keys, Florida
Sonnenblick-Eichner Company | January 12, 2021
Beverly Hills, California – – Sonnenblick-Eichner Company announced today that it has arranged $30,500,000 of interim first mortgage financing for Little Palm Island Resort & Spa, an iconic 30-suite, full service, luxury resort located in Little Torch Key, Florida. The loan refinanced a recently matured fixed rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing. The Resort is located on an exclusive 4.12-acre private island in the world famous Florida Keys. Accessibility to the Resort is by private boat from Little Torch Key, located approximately 3 miles to the north. Am...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | January 12, 2021
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their fourth Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The Webinar is Wednesday January 13th at 9:00 AM PST - 12:00 PM EST ~ we have added Ms. Tanya Pierson, MAI, Senior Managing Director, HVS and 35-year friend Mr. William H Reynolds Jr.,...
Spirides Provides $13.5 Million Hotel Construction Loan for New Comfort Suites in Lake Buena Vista-Orlando, FL
Spirides Hospitality Finance Company | January 11, 2021
TAMPA, FL—Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $13.5 million construction and permanent mortgage loan made by a Southeast U.S. headquartered bank to finance the development of a new Comfort Suites in Lake Buena Vista, Orlando, Florida. This new 127-suite, 5-story Comfort Suites will be built on 2.5 acres of land located at 11942 Ravello Resort Drive. Located in Lake Buena Vista and just off of Interstate 4, the site is a short drive from the entrance to Walt Disney World’s Disney Springs shopping, dining, and entertainment complex near the City of Orlando, in Orange C...
2021 Hotel Financing Predictions
Brian Holstein | January 7, 2021
By Brian Holstein Positive Big Picture It is obvious that hotel operating performance will be much better in 2021 than 2020. It is, perhaps, less obvious that hotel lending has already begun staging a comeback that will accelerate throughout the year while continuing to stay ahead of actual hotel performance. Hotel CMBS Lending Rebounds Prior to Hotel Performance Leverage for hotel CMBS loans is currently available in the 55% +/- LTV range as lenders are beginning to close hospitality loans prior to the full return of cash flow. They are using the same forward-looking underwriting tactics that were prevalent in The Great Recession...
Improving the Hotel Bottom-Line Begins With Knowing How to Read a P&L
HotStats | December 7, 2020
By Aggie Wojciechowska "Here's the bottom line..." It's a familiar turn of phrase that is succeeded by the speaker getting to the sum or crux of the issue—the overarching point. In running a hotel, getting to the bottom line means getting to what matters: profit. In order to arrive at that point, there are many inputs, both revenue and expense related, which mingle together to produce an outcome. The telling of that dance is recorded in the profit and loss statement (P&L), a signpost that records the story, of which the bottom line is the finale. How to read the story is the first step toward financial success. The P&L (al...
Access Point Financial Secures $8.85 Million to Refinance the Grand Rapids’ Delta Hotel by Marriott
Access Point Financial | November 16, 2020
Recognized leader in hospitality-focused lending completes full loan funding for Grand Rapids’ Delta by Marriott airport hotel ATLANTA - November 16, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT to refinance the Delta by Marriott in Grand Rapids, Michigan. As part of the deal, Access Point Financial secured $8.85 million for the Delta by Marriott Grand Rapids Airport property. Lodging Opportunity Fund REIT approached Access Point Financial to provide th...
Aptech to Showcase Its Hospitality-Specific Finance & Accounting Software at HFTP’s CYBER HITEC
Aptech Computer Systems, Inc. | October 26, 2020
Five reasons why hoteliers should purchase their finance and accounting software from a technology supplier with 50 years of hospitality experience; See why Aptech is the industry standard for hospitality financial management at CYBER HITEC PITTSBURGH, OCT. 26, 2020 — In today’s economic climate, hoteliers are looking for ways to reduce costs across the board. To know where to cut, they must have the ability to access, view, compare, and dynamically analyze the performance data of their single hotel or multi-property, multi-branded portfolios. Without access to this vital information, operators may find themselves unable to make effect...
Hospitality Financial Leadership: Chapter 11 – Being
David Lund | October 12, 2020
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. The first two days at the Norton...
Budgeting Season Is Here: Oy Vey! But It Doesn’t Have to Be
HotStats | October 9, 2020
By now, most hoteliers are in the throes of budget season. Only this year’s version is unlike any before. COVID-19 has made it so. Hearing from hoteliers and other industry stakeholders, this year’s budget planning is not only cumbersome, but many, including one owner I spoke to, told me they have no idea where to even start. To borrow a line from hands down one of the greatest films of the 20th century, The Big Lebowski, “This is our concern, dude.” Luckily, for all of us, The Dude is not preparing budgets. Still, it may be anyone’s guess as to what 2021will bring as the virus shows no signs of ceasing, the potential of a s...
Aptech Offers Hoteliers Six Budgeting Tips for 2021
Aptech Computer Systems Inc. | September 29, 2020
At a time when revenues are at their lowest, it’s critical that operators understand where to trim costs and how to track spending per occupied room using historical drivers PITTSBURGH, Sept. 29, 2020 — With operating budgets thrown out the window by second quarter this year, hoteliers are scrambling to find useful historical data to help guide them through the 2021 budgeting and forecasting process. Aptech, a provider of budgeting and forecasting, enterprise accounting, and business intelligence solutions for hotels, is advising operators to rely on historical drivers rather than bottom line revenues to help them better plan for the d...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | September 29, 2020
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their third Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The panel features a world-class crew of veterans: Mr. Gregory Mount, Founder, the Victory Hotel Group Ms. Suzanne Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director...
Property Taxes Post COVID-19
Brian F. Bisema | September 28, 2020
By Brian Bisema, Suzanne Mellen After realizing record-high RevPAR levels with over 100 consecutive months of growth, the lodging industry continued to strengthen through 2019, albeit at a significantly more tempered rate. Then, in the first quarter of 2020, COVID-19 struck. The unimaginable pandemic erased years of RevPAR gains virtually overnight, leaving owners and operators scrambling to strategize the forthcoming steps. While logistics pertaining to reopening hotels, new sanitation standards, and controlling variable operational expenses are on the forefront of hoteliers’ minds, fixed expenses, particularly an asset’s property tax...
Benchmarking 101: The Bottom Line on Utility Costs
HotStats | September 22, 2020
In the age of COVID, numerous operating costs have decreased, as hoteliers have done all they can to reduce expenses to help offset the extreme reduction in revenue. Still, there’s never zero cost. Even a closed hotel has expenses. So, too, do hotels operating at reduced capacity. One of the areas that hoteliers should always be mindful of is utilities, which in the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) are recorded in the Property & Maintenance schedule. Utilities include electricity, gas, propane, oil and water/sewer. Utilities can have a massive impact on a hotel’s profit. And even...
Caesars Entertainment and VICI Properties Enter Into $400 Million Mortgage
Caesars Entertainment, Inc. | September 21, 2020
RENO, Nev. and LAS VEGAS, Sept. 21, 2020 -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars," or "Caesars Entertainment") announced today its subsidiary's entry into a $400 million mortgage with a subsidiary of VICI Properties Inc. (NYSE: VICI) ("VICI Properties" or "VICI") that is secured by the CAESARS FORUM Conference Center in Las Vegas, in accordance with the previously announced letter of intent (the "LOI") entered into on June 15, 2020. The five-year mortgage will initially bear interest at a rate of 7.7% and will be pre-payable beginning in year three, subject to certain conditions (and may be prepaid earlier in the cas...
How Turning to Benchmarking Can Stave Off Financial Ruin
HotStats | September 1, 2020
When the winds of crisis whip, and a hotel’s cash begins flying away, it’s easy to panic. During a crisis, it might feel like the whole market has been pulled out from under you. However, there is hope even in the worst financial crisis. With hotel benchmarking, it’s possible to fight off financial ruin, even in the middle or during the aftermath of financial turmoil. Wondering how? In this article, we dive into ways hoteliers can use benchmarking to keep a hotel out of the red and steer operations to long-term profit amid a nightmarish market. First, What Happens During a Financial Crisis? Every financial crisis will be diff...
Federal Per Diem: Fiscal 2020/21 & Historical Trends
Chelsey Leffet | September 1, 2020
By Chelsey Leffet Government per-diem rates are set for a number of locations, many applying to multiple regions or localities in each state. A per-diem rate is made up of three components: a lodging allowance, meals allowance, and incidental expense allowance[1]; however, this article and the data presented below focus solely on the lodging allowance. The per-diem lodging rates, which provide a maximum amount that a federal traveler can reimburse, are based on the costs of mid-priced hotels, and are set annually by the U.S. General Services Administration (GSA). The following article examines the per-diem trends of the top lodging markets...
Why Professional Asset Management Adds Value to Hotel Investors?
Ajay Mehtani | August 24, 2020
By Ajay Mehtani & Dipti Mohan The role of a professional Asset Manager has traditionally been underplayed in India, even though the expertise brought in by a quality Asset Manager can yield great results for Investors. This is already a proven fact in several mature markets where Hotel Investors extensively use their services. The role of the Asset Manager has become even more crucial in the current times of uncharted waters. How do professional Asset Managers add value to Hotel Investors? Asset Managers work with owners to maximize the asset value and potential by optimizing operational efficiencies to deliver better ROI. ...
1
Industry Happenings
2
Technology
3
Operations
4
All Things Independent
5
Market Reports
Today's News
Cycas Hospitality Secures Three Hotels Deals Across Europe in First Quarter of 2021
Hyatt Regency Hill Country Appoints Steven J. Smith as General Manager
WTTC Reveals U.S. Travel & Tourism Sector Suffered Loss of $766 Billion in 2020
Phonesuite Direct Promotes Jamie Prestileo to VP of Sales & Marketing
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.