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...
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