Using Soft Metrics to Guide Hotel Operations
Larry and Adam Mogelonsky | April 27th, 2022
Traveler Trends and Hotel Guest Behavior – What’s Changed, What’s New, What’s Next?
Preetham Shetty | April 26th, 2022
News Top: April 2022
Island Capital Group and MCR Acquire Sheraton New York Times Square Hotel for $373M
Island Capital | April 20, 2022
Joint venture marks the second high-profile hotel transaction between Island Capital and MCR and demonstrates continued optimism in the recovery of New York City's hospitality industry NEW YORK, April 20, 2022 -- MCR, a leading hotel investor and the third-largest hotel owner-operator in the United States, and Island Capital Group LLC ("Island Capital"), a leading international real estate merchant bank that controls a diverse group of real estate services companies engaged in fund management, principal investment, and financial advisory and consulting services, today announced that they have jointly acquired the Sheraton New York Times ...
Remington Hotels Acquires Chesapeake Hospitality
Remington Hotels | April 18, 2022
DALLAS, TX — April 18, 2022 — Remington Hotels, a dynamic and growing hotel management company, has acquired Chesapeake Hospitality’s hotel management expertise, and legacy of excellence. With 65 years of experience helping hotel owners and real estate investors in the eastern United States discover their properties’ full potential, Chesapeake joins Remington with a complementary vision and mission. The acquisition expands Remington’s footprint to Midwestern markets, including Pittsburgh, Milwaukee, Detroit, and St. Louis. Additionally, Remington will expand its portfolio of IHG & Independent properties in several locations ...
Trinity Investments and Oaktree Acquire 530-Key Hyatt Regency Indian Wells Resort & Spa
Trinity Real Estate Investments LLC | April 4, 2022
INDIAN WELLS, CA - April 4, 2022 - A joint venture among funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced the acquisition of Hyatt Regency Indian Wells Resort & Spa, a 530-key hotel located in the Greater Palm Springs area, one of the top drive-to resort markets in the country. Trinity and Oaktree intend to undertake a multi-million-dollar capital improvement plan to reposition the resort, and Hyatt Corporation will continue to manage Hyatt Regency Indian Wells Resort & Spa under a long...
Electra America Hospitality Group Purchases Brand New West Palm Beach Property to Transform to Luxury Hotel Residence
Electra America | April 14, 2022
West Palm Beach, FL – April 14, 2022 – Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a brand new property in downtown West Palm Beach that will be transformed into an upscale, hotel residence catering to the city’s rapidly growing corporate and leisure travel community. The joint venture purchased the newly built, six- story building located at 695 S. Olive Avenue, for $84 million from developer Transwestern Development Company. It is conveniently located within walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and...
What Hotel Guests Really Want: It Might Surprise You
Venkatesh Sakamuri | April 6, 2022
You don't need the resources of a large global brand or chain to take the steps that will keep your guests coming back for more By Venkat Sakamuri What do hotel guests really want from the hotels they frequent? And what are they willing to pay more for? As we collectively move beyond the challenges presented by the pandemic, hoteliers view these questions with renewed interest. Not only has the industry changed, but the world at large has changed. So what does that mean? Surely, travel behaviors have changed to adapt to the new normal, and what guests want from hotels today might be different. Guests now crave a more customizable exper...
Customer Satisfaction With Hotels Continues Free Fall, While Online Travel Agencies Bounce Back Slightly
ACSI | April 26, 2022
ANN ARBOR, Mich.--Customers have started to scratch their travel itch once again, but expectations aren’t being met. According to the American Customer Satisfaction Index (ACSI®) Travel Study 2021-2022, satisfaction with airlines is flying in the wrong direction, hotels aren’t hosting happy guests, and car rentals can’t get back on track. Online travel agencies are the only industry to improve customer satisfaction, but not by much. “Many folks ventured out to travel for the first time since the pandemic hit only to be met with lackluster service and dashed hopes,” says Forrest Morgeson, Assistant Professor of Marketing at M...
2022 Update: EB-5 Is Back! What Every Real Estate and Hotel Developer Needs to Know
Jim Butler | April 4, 2022
By Jim Butler and the Global Hospitality Group® Click here for the latest articles on EB-5 Financing, and here for C-PACE Financing. The hotel development and financing world is buzzing with the news that the EB-5 program has been renewed, creating new opportunities for upcoming projects. My partner David Sudeck and I have written the short update below to help get you up to speed. EB-5 Reform and Integrity Act of 2022 EB-5 is revitalized and renewed by Jim Butler & David Sudeck In case you haven’t heard, EB-5 is back! On March 15, President Biden signed the Omnibus Spending Bill, which included the “EB-5 Reform...
Meyer Jabara Hotels to Host Extended Stay Development Seminar
Meyer Jabara Hotels | April 13, 2022
Experts in hotel development, finance, construction, and asset management will meet in Nashville to discuss why the thriving extended-stay market is ripe for ongoing development; Event to be held April 20 at Fountains at Gateway Danbury, CT — April 13, 2022 — Next week Meyer Jabara Hotels will host its first Extended Stay Development Seminar to educate people wanting to build, own or supply hotels in this thriving market segment. The event will be held at 1:00 p.m. on Wednesday, April 20th, at The Fountains at Gateway, Plaza Room, 1500 Medical Center Parkway, in Murfreesboro, Tenn. “If you want to get a deal done in the extende...
When It Comes to Inspiring Loyalty and Direct Bookings, FOMO Marketing Is Out, and Instant Gratification Is In
Ellis Connolly | April 20, 2022
In today’s fast-paced and competitive landscape, guests have high expectations of convenience and a low tolerance for delays, gimmicks, or friction By Ellis Connelly What is the best way to incentivize behavior? This line of questioning keeps marketers and business owners up at night. Why? Because brands can’t protect their bottom line without generating revenue, and they can’t generate revenue without nudging their customer toward a desired purchase. Hospitality professionals, especially, are familiar with this challenge, as travelers are constantly inundated with options and competing product offerings at every stage of their...
Benchmark Pyramid Adds 126-Room Hotel 83 to Its Third-Party Management Portfolio
Benchmark Pyramid | April 27, 2022
Former Origin Hotel Raleigh to Begin Conversion to Marriott Tribute Portfolio Hotel Raleigh, N.C., April 27, 2022—Benchmark Pyramid today announced the company has assumed management of the 126-room Hotel 83 in Raleigh, N.C. Benchmark Pyramid also will oversee the conversion of the Hotel 83 (a former Origin Hotel) to a Tribute Portfolio Hotel, Marriott’s upscale collection brand of independent, boutique hotels. The conversion process is expected to be completed by late Summer. Located at the intersection of the Warehouse and Glenwood South districts in downtown Raleigh, the seven-story hotel is within walking distance of the North...
Grand Orlando Resort at Celebration Under New Ownership, Management; Announces $35 Million Renovation
Tishman Hotel Corporation | April 13, 2022
CELEBRATION, FL – April 13, 2022 – The Grand Orlando Resort at Celebration is under new ownership and management. The 718-room property, located just 1.5 miles from Walt Disney World, was recently purchased by Tishman Hotel Corporation. StepStone Hospitality has been named the management company and will oversee the property. The resort is currently undergoing a $35 million renovation, which includes guest rooms and suites, outdoor pool areas, a restaurant and on-site conference center, with completion expected in early 2023. The room renovation construction is contained to one of the hotel’s six towers at a time, to avoid interruption...
The Ranch at Rock Creek Appoints Jeremy Belnap as General Manager
The Ranch at Rock Creek | April 7, 2022
Philipsburg, Montana – April 7, 2022 – The Ranch at Rock Creek is pleased to announce the appointment of Jeremy Belnap as General Manager. Belnap’s career spans nearly 20 years of experience in the hospitality industry. Most recently, Belnap was the General Manager of Magee Homestead, part of the Brush Creek Luxury Ranch Collection in Saratoga, Wyoming. Throughout his five-year tenure, Jeremy initiated Magee Homestead into the Relais & Chateaux collection and achieved a Forbes Travel Guide 5-Star rating within his first year and each year since under his direction. The Brush Creek Luxury Ranch Collection also received notable recog...
Q1 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | April 20, 2022
By Daniel Lesser As the world was emerging from a once in century pandemic, global and national events during the first three months of 2022 have resulted in a transformative quarter unlike any for nearly 80 years. During the nuclear superpower age, the notion of an unprovoked brutal attack and invasion of a sovereign state was the stuff of fiction. "Never again" is a phrase associated with the Holocaust, the genocide of European Jews during World War II. Unfortunately, the phrase is merely two words as history is currently repeating itself in Eastern Europe. As of the end of Q1 2022, skyrocketing energy and food costs have greatly ...
KSL Capital Partners Invests in The Pig Hotels
The Pig Hotels | April 1, 2022
London – April 1, 2022 – The Pig Hotels announced today that an affiliate of the specialist travel and leisure private equity firm KSL Capital Partners, LLC (“KSL”) has acquired the parent company of The Pig Hotels in partnership with its co-founder Robin Hutson. Robin will continue as Chairman of the company and will retain a stake in the business. Tom Ross, previously Group Operations Director, has taken on the role of Managing Director. Terms of the transaction were not disclosed. Founded in 2011, The Pig Hotels are a much-loved collection of award-winning rural boutique hotels with acclaimed restaurants built on a commitment t...
Benchmark Pyramid to Acquire Portland-Based Provenance Hotels
Benchmark Pyramid | April 18, 2022
BOSTON, THE WOODLANDS, TX and PORTLAND, OR – April 18, 2022 – Benchmark Pyramid and Provenance Hotels (Provenance) today announced the signing of a definitive agreement under which Benchmark Pyramid will acquire Portland, Oregon-based Provenance, adding 12 unique hotels to Benchmark Pyramid’s portfolio of more than 240 properties across the U.S., Europe and the Caribbean. Terms of the transaction were not disclosed. “We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, Benchmark Pyramid’s chief executive officer. “The decades of highly s...
Travel + Leisure Announces the It List of Best New Hotels 2022
TRAVEL + LEISURE | April 12, 2022
NEW YORK, NY - April 12, 2022 - Dotdash Meredith's Travel + Leisure names the 100 most unforgettable new and reimagined properties in 35 countries around the world in its 17th annual It List of best new hotels, announced today. The Travel + Leisure 2022 It List of the most exciting hotel and resort openings of the past year, including 35 properties in the United States, is featured now on www.travelandleisure.com/it-list and in the May issue of Travel + Leisure, on newsstands April 22. Jacqui Gifford, Editor in Chief of Travel + Leisure, said, "The hotels on this year's It List represent 100 reasons to travel now, from luxury escap...
Southall Set for July Opening in Franklin, Tennessee
SOUTHALL | April 1, 2022
FRANKLIN, TN – April 1, 2022 – Located less than 20 miles south of Nashville in historic Franklin, Tenn., Southall is now accepting reservations ahead of its opening this July. The farm-centric property is nestled within 325 acres of rolling Tennessee hills and will be a unique escape that salutes the agricultural heritage of the area while advancing innovative practices for a sustainable future. Set on a working farm dedicated to education, preservation and exploration, Southall will provide ample sustenance for the mind, soul and body. “Southall started as a dream to create a place for people to stay and experience all a fa...
The Development Boom in the Dominican Republic
CHICOS 2022 | April 5, 2022
By Kristina M. D'Amico Historical Demand to the Dominican Republic The Dominican Republic is one of the fastest growing economies in the Caribbean and the most popular tourist destination in the Caribbean region. Its tropical climate, white-sand beaches, diverse mountainous landscape, and colonial history attracts visitors from around the world. The country has 28 provinces spread across six main regions, with the East & Southeast region, which encompasses the cities of Punta Cana and Bávaro, serving as the most popular tourist destination and offering nearly 50% of all hotel rooms in the country. Over the last 20 ye...
Radisson Individuals Signs The Cocoa Village Hotel Near Florida’s Fastest Growing Cruise Terminal
Radisson Individuals | April 19, 2022
Minneapolis, MN— Radisson Hotel Group Americas today announced the signing of The Cocoa Village Hotel, a member of Radisson Individuals in the stunning city of Cocoa, Florida. Set to open in 2023, this will be the first newly constructed hotel for the brand. Located in the heart of Cocoa, guests will be able to explore the historic downtown and enjoy the new hotel and its many amenities. The hotel is also just minutes from Port Canaveral, the fastest growing cruise terminal in the nation and second largest in North America. Whether in town for business, pleasure, or to jump start a vacation before embarking on a world class cruise, The Coc...
SP Square Selected by OYO Hotels as The Company Standard for Performance Management Platform
SP Square Systems | April 11, 2022
World’s third-largest hotel brand to implement SP Square’s advanced operations management technology platform as Company Standard Palm Beach, FL (April 11, 2022) – SP Square, provider of the industry’s fastest-growing platform for true asset management, operations management and AI-powered guest engagement, announced today that OYO Hotels, Inc. has selected SP Square’s advanced operations management platform as its Company Standard. An India-based hospitality brand company, OYO is currently the third-largest hotel chain in the world, with 23,000 hotels, 850,000 rooms and 46,000 vacation homes in more than 800 cities worldwide. T...
Traveler Trends and Hotel Guest Behavior - What's Changed, What's New, What's Next?
Preetham Shetty | April 26, 2022
By Preetam Shetty There is no denying it – the COVID-19 pandemic inspired a global shift that very few of us saw coming, ushering in a period that was affectionately (and later, tirelessly) referred to as the new normal. For the better part of two years, the public stayed home, donned masks, limited social contact, traded in-person meetings for Zoom meetings, postponed events and celebrations, and, en masse, canceled travel plans for the foreseeable future. While the global economy was under immense pressure with each passing lockdown and new restrictions, few industries were more gravely impacted than travel and tourism. Seemingly ...
Largest U.S. Hotel Markets Showed Considerable RevPAR Gains as Spring 2022 Began
STR | April 20, 2022
More than two-thirds of STR-defined U.S. hotel markets (113 of 165) outperformed their 2019 comparables over the four weeks ending 9 April 2022, which is reflective of the industry’s rebound toward normalcy as well as some influence from inflation. Only seven markets in total over the 28-day period reported revenue-per-available-room (RevPAR) indices below 80 (20% below 2019 levels). Late March into early April 2022 also marked a key turnaround in the number of major markets making appreciable performance gains toward historical performance levels. A dozen of the Top 25 Markets experienced RevPAR that was 20% or higher month over month. ...
Construction Underway for Caesars Republic Scottsdale in Arizona
HCW Development | April 4, 2022
SCOTTSDALE, AZ - April 4, 2022 - National real estate development and property management company, HCW, is excited to announce above-ground construction is currently underway for the highly anticipated Caesars Republic Scottsdale luxury brand hotel. The 11-story, 265-room hotel is on schedule to open in Q1 2024. Prior to its opening, Caesars Republic Scottsdale is now accepting reservations for its indoor/outdoor event spaces that offers a one-of-a-kind experience unlike any other hotel in the Valley of the Sun with best-in-class amenities. Booking inquiries for Q2 2024 can be made directly on the website, caesarsrepublicscottsdale.com...
Rockbridge Appoints Tom Healy as President and COO of Rockbridge Hospitality and Bridgepoint Hospitality
April 20, 2022
COLUMBUS, Ohio – APRIL 20, 2022 – Rockbridge announced the hiring of Tom Healy, President and Chief Operating Officer of Rockbridge Hospitality and existing operational affiliate, Bridgepoint Hospitality. Tom brings more than 30-years of hospitality leadership experience to this new role. Rockbridge Hospitality and Bridgepoint Hospitality are responsible for the execution of our hospitality portfolio strategy, day-to-day asset management, and hotel management company oversite, integration, and value creation. “As our investments have grown and expanded into a larger, more complex hospitality portfolio, we have been looking for a lea...
Omni Hotels & Resorts Becomes First Brand to Launch Seamless Instant Booking Experience for Both Group Rooms and Meeting Space
Omni Hotels & Resorts | April 14, 2022
Groups360 empowers event organizers to book rooms and space in a single transaction on GroupSync™ DALLAS, TX – April 14, 2022 – Omni Hotels & Resorts and Groups360 today announced that Omni is the first ever hotelier to offer instant booking for both group rooms and meeting space on GroupSync™. GroupSync is Groups360’s proprietary online booking marketplace, with instant booking capabilities that enable anyone organizing a meeting or event to book both group guest rooms and event spaces online. This functionality is now available at the Omni Frisco Hotel (Frisco, TX), and soon across Omni’s more than 50 properties in the U.S...
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