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
Agilysys Reports Fiscal 2022 First Quarter Revenue of $38.7M
Agilysys | July 28, 2021
Reports Record Recurring Revenue of $23.2M Inclusive of Subscription Record Revenue of $10.2M Reports Adjusted EBITDA of $6.9M and Positive GAAP EPS of $0.06 With Quarterly Free Cash Flow of $7.7M and Cash Balance Increase of $4.7M to $103.9M Alpharetta, GA – July 28, 2021 – Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 first quarter ended June 30, 2021. (Please click here for complete financial information.) Summary of Fiscal 2022 First Quarter Financial Results ...
Hospitality Financial Leadership: GOPPAR Characteristics
David Lund | July 26, 2021
By David Lund If you only use RevPAR index, then you are missing the bulk of the story From time immemorial, revenue per available room, or RevPAR, has been the go-to key performance indicator in the hotel industry. A simple calculation of average daily rate and occupancy rate, it is often thought of as the barometer of health for a hotel by those who work in the industry and those who make a living analyzing it. Right or wrong, it has obtained monolithic stature. Is it time for it to be shattered? Most scholarly studies note limitations in the research. These are weaknesses within a research design that may influence outc...
Sonnenblick-Eichner Company Arranges $38,000,000 of Interim First Mortgage Leasehold Financing for The Portofino Hotel & Marina, Redondo Beach, C...
Sonnenblick-Eichner Company | July 21, 2021
Beverly Hills, California – July 21, 2021 – Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full-service hotel located in Redondo Beach, California. The new five-year floating-rate LIBOR-based loan replaces a maturing loan. The hotel features a full-service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space. Amenities also include an outdoor pool, a jacuzzi and a fitness and business center. The property includes a 181-slip marina and 19 apartments. The hotel is located within Los A...
Baird/STR Hotel Stock Index Dropped 3.0% in June
Baird | July 7, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — July 7 2021 — The Baird/STR Hotel Stock Index dropped 3.0% in June to a level of 4,993. Year to date through the first six months of 2021, the stock index was up 9.2%. “Hotel stocks declined again in June and continued their relative underperformance versus the benchmarks for the fourth consecutive month,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Despite continued sequential fundamental improvement and strengthening demand trends, especially domestically, hotel stocks have been laggards since the reopening momentum peaked in March. Investors remain f...
Is C-PACE the “New EB-5″ Financing? Doesn’t the Latest Court Decision (Behring v. Wolf) Revitalize EB-5?
Jim Butler | June 29, 2021
By Jim Butler On June 22, 2021, in the case of Behring Regional Center LLC v Chad Wolf, a federal court in the Northern District of California effectively invalidated the final rules for EB-5 which became effective in 2019. These rules raised the minimum foreign immigrant investment from $500,000 to $900,000 and imposed other restrictions. Many commercial real estate developers are hoping this development will launch a new surge of EB-5 financing that could fuel their projects, as was the case for years (until a few years ago when the music stopped). Don’t get too excited about reliable EB-5 financing coming back – but ...
Impact of Gallagher Amendment Repeal on Property Taxes for Colorado Hotels/Motels
Bethany Cronk | June 24, 2021
By Bethany Cronk Introduction Local government authorities use property tax revenues to fund services including police and fire protection, hospitals, transportation, and schools for municipalities. For tax purposes, property is considered residential or nonresidential, with nonresidential property constituting commercial businesses, farms, ranches, and oil/gas operations. In 1982, the Gallagher Amendment was implemented in Colorado to hold the proportion of taxable value derived from residential property at approximately 45%. According to the Legislative Council of the Colorado General Assembly, “Gallagher sought to protect homeow...
Could REIT M&A Be on Track for a Record Year?
JLL | June 23, 2021
CHICAGO – June 23, 2021 – REIT M&A activity has totaled $70 billion year-to-date, putting it on track to be a record-breaking year as companies emerge from the COVID-19 pandemic. JLL Capital Markets’ M&A and Corporate Advisory group’s latest M&A and Strategic Transactions Monitor report shows how the positive themes in the public capital markets space are contributing to this M&A surge. “The record in this economic cycle was set in 2006 when REIT M&A volume reached $103 billion for the year,” said Steve Hentschel, head of JLL M&A and Corporate Advisory. “REITs have enjoyed a strong run ...
Avison Young May 2021 Transactions
Avison Young | June 2, 2021
ATLANTA – June 2, 2021 – Avison Young Hospitality Group announced that the firm closed 10 hotel transactions for the month of May. The transactions covered many geographical areas and covered many hotel brands. Sellers represented large cap companies, lenders, banks and CMBS special servicers. The last deal of the month to close was a 400-room full-service Marriott in the northeast US led by Michael Bernath and Brad Sinclair. Keith Thompson said, “The closings for May were widespread and leaned toward the upper tier brands in commercial areas. It was good to see corporate hotels transacting at a more brisk pace than over the last 15...
Oakmont Corporation Breaks Ground on Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol
Cove Club at Cabo Del Sol | May 24, 2021
CABO SAN LUCAS, MX (May 24, 2021) – California-based Oakmont Corporation and Four Seasons Hotels and Resorts, an international leader in luxury hospitality, celebrates two major milestones for the new Four Seasons Resort and Residences Cabo San Lucas at Cabo Del Sol. The prominent oceanfront development along the famed Los Cabos Corridor has secured more than $100 million in reservations from its initial, private pre-sale launch of the residences, and just began construction on site. “It is an honor to be in partnership with Four Seasons Hotels and Resorts, an iconic brand we know will bring an unparalleled level of luxury to the Golde...
Hospitality Financial Leadership: How to Create an Accounting Policy Manual
David Lund | May 24, 2021
By David Lund After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure. I know it is a big challenge to get a policy manual together for a hotel or hotel company. The big brands have resources to get the job done but the smaller brands and management companies do not have the same bandwidth. It is a project that always gets kicked down the calendar to another month or quarter. Check out an article here that I have written on why creating a hotel accounting policy manual is so challenging. Confusing detai...
Ryman Hospitality Properties, Inc. Reports First Quarter 2021 Results
Ryman Hospitality Properties | May 14, 2021
NASHVILLE, Tenn. - May 14, 2021 - Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2021. First Quarter 2021 Highlights and Recent Developments: Through the end of first quarter 2021, rebooked 1.6 million room nights, or approximately 60% of total room nights cancelled as a result of COVID-19 Average monthly cash burn for the first quarter of 2021 was approximately $17.9 million, better than the expected range of $23-26 millio...
Sunstone Hotel Investors Reports First Quarter 2021 Results
Sunstone Hotel Investors, Inc. | May 14, 2021
IRVINE, CA – May 14, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021. First Quarter 2021 Operational Results (as compared to First Quarter 2020): Resumption of Hotel Operations: 15 of the Company’s 17 hotels were in operation for the entirety of the first quarter 2021. Net Loss: Net loss was $55.3 million as compared to $162.5 million. 17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19. Adjusted EBITDAre: Adjusted ...
Summit Hotel Properties Reports First Quarter 2021 Results
Summit Hotel Properties | May 14, 2021
AUSTIN, Texas - May 14, 2021 - Summit Hotel Properties, Inc., has announced results for the first quarter ended March 31, 2021. "Hotel demand, particularly leisure demand, improved significantly during the latter part of the first quarter driving March RevPAR to a new high of more than $65 since the onset of the pandemic, which exceeded February's previous high by nearly 30%," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "We also completed the contribution of six hotels to our existing joint venture with GIC for $172 million subsequent to quarter end which generated net proceeds of $83 million. The trans...
Marriott International Reports First Quarter 2021 Results
Marriott International | May 14, 2021
BETHESDA, MD — May 14, 2021 — Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2021 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19). Tony Capuano, Chief Executive Officer, said, “We were pleased to see demand improve meaningfully during the first quarter. We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe. While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level. Occupan...
Choice Hotels International Reports 2021 First Quarter Results
Choice Hotels International, Inc. | May 13, 2021
ROCKVILLE, Md. - May 13, 2021 - Choice Hotels International, Inc., one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2021. "The strategic decisions we have made in recent years and our targeted actions amid the pandemic to support our franchisees drove impressive first quarter results that position the company to further capitalize on growth opportunities in 2021 and beyond," said Patrick Pacious, president and chief executive officer, Choice Hotels. "Our results are a testament to the success of our long-term growth strategy to invest in brands built for the customer of tomor...
Wynn Resorts, Limited Reports First Quarter 2021 Results
| May 13, 2021
LAS VEGAS - May 13, 2021 - Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2021. Operating revenues were $725.8 million for the first quarter of 2021, a decrease of 23.9%, or $227.9 million, from $953.7 million for the first quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $281.0 million, or $2.53 per diluted share, for the first quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $402.0 million, or $3.77 per diluted share, in the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increase...
Hotel Sector Has Weathered the Pandemic Storm but Financing Remains Tough as Lenders Become Cautious
HVS | May 12, 2021
London - May 12, 2021 - Hotels have weathered the pandemic storm well with support from lenders, with a bounce back of trade expected, although for some this may take three to four years to achieve. This was one of the key conclusions heard at a webinar on hotel financing held yesterday [11 May 2021] attended by over 400 senior industry executives organised by global hotel consultancy HVS, legal expert Bird & Bird, publishing group EP Business in Hospitality and restructuring advisory firm AlixPartners. The webinar, moderated by Bird & Bird’s James Salford, kicked off by polling the audience, finding that most expected a 0.5% ...
Hotel Investment Guide: How to Buy and Sell Hotel Real Estate?
Catherine Rey | April 28, 2021
By Catherine Rey It’s not on the average person’s to-do list to buy a hotel, or sell one, for that matter. Therefore finding trusted guidance and information on how to buy and sell hotel real estate can be difficult or outdated. Whether you’re interested in this topic because you’re doing research on how to go about buying a hotel property in the future, or whether you’re actively buying or selling a hotel at the moment and need to answer some burning questions, or you’re simply curious about the hotel real estate market and the hotel industry itself - this guide will put you on the right track. This article aims to answer t...
A Year Later, the Hotel Industry Recalibrates, Reassesses
HotStats | April 27, 2021
Just over a year after the World Health Organization declared COVID-19 a pandemic, the global hotel industry is—slowly—stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12-month headache. In the U.S., which saw performance calve last March, before bottoming out in April, small gains continued to be made in most key performance indicators in March 2021—though the strides only shined a light on the decrepitude that was 2020. Consider gross operating profit per available room, which was up 328.9...
Arbor Lodging Management Is Emerging Strong From Pandemic With Aptech Financial Solutions
Aptech Computer Systems Inc. | April 27, 2021
Leveraging Execuvue and Targetvue for business intelligence and budgeting and forecasting since 2020, this hotel management group is retrieving relevant data in real time and making smarter business decisions that impact its profitability and growth PITTSBURGH — April 27, 2021 — Prior to the 2020 pandemic, Arbor Lodging Management made a critical financial decision; the hotel management group operating Marriott, Hilton, Hyatt, and InterContinental Hotel Group brands partnered with Aptech, the industry standard for hospitality financial management. With 12 new hotels entering its system in January 2020, Aptech’s Execuvue business intell...
PACE Financing on a Roll: $6 Million Loan for Kimpton La Peer Hotel in West Hollywood
David Sudeck | April 26, 2021
By Jim Butler, David Sudeck Hotel finance lawyer: PACE Financing is now mainstream Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers. Our lawyers are at the leading edge of this important new trend. And we think that sharing some of our client’s successes with PACE financing may help others evaluate this t...
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...
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