Sonnenblick-Eichner Company Arranges $26,750,000 of First Mortgage Financing for Two Northern California Hotels
Sonnenblick-Eichner Company | January 10th, 2023
Hilton to Bring First Waldorf Astoria Property to Costa Rica
Hilton | November 15th, 2022
Meyer Jabara Hotels and Vivid Capital Bring People Together to Get Deals Done
Meyer Jabara Hotels | July 21, 2022
More than 70 hotel developers, owners, brokers, consultants, franchise reps, financiers, designers, and construction experts met downtown Nashville to discuss new hotel projects at their joint commercial real estate networking event [Danbury, Conn., and Nashville, July 21, 2022] — Hotel development is alive and well and business partners are eager to get deals done. That was the take-away from the 2nd quarter Commercial Real Estate Networking Event held at the TownePlace Suites by Marriott Nashville Downtown/Capitol District, co-hosted by Meyer Jabara Hotels and Vivid Capital. More than 70 hotel developers, owners, consultants, franch...
Agilysys to Report Fiscal 2023 First Quarter Results July 26th and Host Conference Call and Webcast
Agilysys | July 13, 2022
ALPHARETTA, GA. — July 13, 2022 — Agilysys, Inc. (AGYS), a leading global provider of next-generation, cloud-native SaaS and on-premise hospitality software solutions and services, announced today that it will release its fiscal 2023 first-quarter results after the market closes on Tuesday, July 26th, 2022 and host a conference call and webcast at 4:30 p.m. ET that day. Both the call and webcast are open to the general public. All participants should register for the call using the participant registration URL: https://register.vevent.com/register/BIbcadd579f9d0440a90b3adb201ba0636 Once registered, participants will receive a conf...
Sonnenblick-Eichner Company Arranges $50,000,000 of Acquisition and Renovation Financing for The Inn at Rancho Santa Fe, California
Sonnenblick-Eichner Company | July 12, 2022
Beverly Hills, CA (July 12, 2022) – Sonnenblick-Eichner Company on behalf of Steve Herman Hotels, has arranged $50 million in first mortgage debt for the acquisition of Inn at Rancho Santa Fe, an 82-room, full-service, luxury boutique resort located in north San Diego County’s exclusive enclave of Rancho Santa Fe, CA A portion of the loan proceeds will be used by the sponsor to fund an extensive $15 million “top-to-bottom” renovation that will reposition the resort as one of the most prominent and exclusive destinations in California. The non-recourse floating rate loan, which provided for 85% of total costs including the renovatio...
NYU Investment Conference Takeaways
David J. Sangree | June 21, 2022
David Sangree, MAI, CPA, ISHC had the opportunity to attend the NYU International Hospitality Industry Investment Conference on June 6-7 at the New York Marriott Marquis. The following are some key highlights from the conference. ADR growth: The growth in ADR in 2022 has exceeded everyone’s projections for the industry. The actual ADR is above 2019 levels for the U.S. for the past 10 months although the inflation-adjusted ADR is just getting back to 2019 levels since March 2022. In some markets, such as the Florida Keys or northern New England, ADR growth has been well above the nation. Other urban and commercial-oriented markets have se...
Sonnenblick-Eichner Company Advises on $35 Million of Interim Leasehold First Mortgage Financing for Moxy Oakland Downtown, Oakland, California
Sonnenblick-Eichner Company | June 14, 2022
Beverly Hills, CA, (June 14, 2022) -- Sonnenblick-Eichner Company announced today that it was the exclusive advisor to the Borrower for the placement of $35 million of first mortgage interim financing for the leasehold interest in the Moxy Oakland Downtown, a 172-room hotel located in the Uptown Arts and Entertainment District of Oakland, California. The hotel opened in March of 2021. Proceeds from this non-recourse financing were used to retire the construction loan and provide fresh capital to advance the hotel towards stabilization. The property was developed by Tidewater Capital and Graves Hospitality and is managed by Graves Hospitali...
Remote Accounting Is a Breeze for Treasure Island’s Fusion Resort and First Choice Hotel Management
Aptech Computer Systems | June 8, 2022
Financial services firm Grachan & Company relies on PVNG by Aptech to manage the hotel’s accounts payable, accounts receivable, and general ledger processes and share statistical data with operator First Choice Hotel Management PITTSBURGH, June 8, 2022 — Not every hotel has a full-service accounting department; some outsource financial services to a third-party to streamline processes and keep overhead to a minimum. Such is the case at Fusion Resort in Treasure Island, Fla. Operated by First Choice Hotel Management (FCHM), the company partnered with Grachan & Company, Certified Public Accountants, to oversee the property’s ...
Projects Counts in the Middle East Hotel Construction Pipeline Remain Unchanged at the End of Q1 ‘22
Lodging Econometrics | May 31, 2022
May 31, 2022 – PORTSMOUTH, NH According to Lodging Econometrics’ (LE) Construction Pipeline Trend Report for the Middle East, at the end of 2022’s first quarter, the region’s hotel construction pipeline stands at 536 projects/138,915 rooms, unchanged by project counts and down 9% by rooms year-over-year (YOY). At Q1 ‘22, projects currently under construction stand at 331 projects/91,421 rooms, down 4% by projects and 16% by rooms YOY. Projects scheduled to start construction in the next 12 months are at 78 projects/22,041 rooms, an 11% decrease by projects and 8% increase by rooms YOY. Projects in the early planning stage are at...
Agilysys Fiscal 2022 Fourth Quarter Revenue Rises 28.1% to Record $46.6M
Agilysys | May 18, 2022
Expects Fiscal 2022 Record Revenue of $162.6M to Grow to $190M to $195M in Fiscal 2023 Alpharetta, GA – May 18, 2022 - Agilysys, Inc. (NASDAQ: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2022 fourth quarter and period ended March 31, 2022. Summary of Fiscal 2022 Fourth Quarter Financial Results Total net revenue was $46.6 million, compared to total net revenue of $36.3 million and $39.7 million in the fourth quarters of fiscal 2021 and 2020, respectively. Recurring revenue (which is comprised of support, maintenance and subscrip...
Kimpton Hotels & Restaurants Breaks Ground on First Newly Constructed Non-Gaming Hotel in Reno
Kimpton Hotels & Restaurants | May 17, 2022
SAN FRANCISCO (May 17, 2022) – Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, joined CAI Investments, key stakeholders and local officials on Friday, May 13 for a ceremonial groundbreaking event to mark the progress on its new hotel in Reno, Nevada. When it opens in late 2024, the new Kimpton in Reno will become the first newly constructed non-gaming hotel built in the city. With a prime location in the heart of Downtown and across the street from the Truckee River and Wingfield Park, the hotel will become a beacon for boutique hospitality in the “Biggest Little City in the World.�...
Hospitality Financial Leadership: The Bridge
David Lund | May 16, 2022
By David Lund In our lives we are continuously evolving as people. When thought of most of the time, this evolution seems like a continuous stream of challenges to overcome. This persistent development is both personal and professional. The bridge is what I refer to when I think of my advancement in the hotel profession from a 20-something leader who knew nothing about the financial goings on in the hotel to a 30-something controller who was on fire. This is all about what it takes to cross that financial bridge and what it looks and feels like once you are on the other side. I have said this is my articles many times: The hotel bus...
Choice Hotels International Reports 2022 First Quarter Results
Choice Hotels International | May 13, 2022
First quarter domestic RevPAR exceeded 2019 levels by 10.4%; applications for new domestic franchise agreements increased 46% year-over-year ROCKVILLE, Md., May 13, 2022-- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, reported its results today for the three months ended March 31, 2022. "Building on the record year we had in 2021, where we surpassed 2019 RevPAR and profitability levels, Choice Hotels' proven business model once again delivered impressive quarterly results, and we expect this momentum to continue as we approach the summer leisure travel season," said Patrick Pacious, pre...
Hyatt Reports First Quarter 2022 Results
Hyatt Hotels Corporation | May 13, 2022
System-wide RevPAR Surges in March, Strengthens Further in April; Over 40% of $2.0B Asset Disposition Commitment Closed or Under Contract CHICAGO (May 13, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2022 financial results. Net loss attributable to Hyatt was $73 million, or $0.67 per diluted share, in the first quarter of 2022, compared to a net loss attributable to Hyatt of $304 million, or $2.99 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Hyatt was $36 million, or $0.33 per diluted share, in the first quarter of 2022, compared to Adjusted ne...
Hilton Reports First Quarter Results; Resumes Capital Return to Shareholders
Hilton | May 13, 2022
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2022 results. Highlights include: Diluted EPS was $0.75 for the first quarter, and diluted EPS, adjusted for special items, was $0.71 Net income was $211 million for the first quarter Adjusted EBITDA was $448 million for the first quarter System-wide comparable RevPAR increased 80.5 percent, on a currency neutral basis, for the first quarter compared to the same period in 2021 System-wide comparable RevPAR was down 17.0 percent, on a currency neutral basis, for the first quarter compared to the same period in ...
IHG: First Quarter Trading Update to 31 March 2022
IHG Hotels & Resorts | May 13, 2022
Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level Average daily rate up 27% vs 2021 and in line with 2019 Americas and EMEAA saw sequentially improved trading in February and March after a challenging January Greater China trading in March impacted by tightening of localised travel restrictions Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021 Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and...
Marriott International Reports First Quarter 2022 Results and Reinstates Quarterly Cash Dividend
Marriott International, Inc. | May 13, 2022
First quarter 2022 comparable systemwide constant dollar RevPAR increased 96.5 percent worldwide, 99.1 percent in the U.S. & Canada, and 88.5 percent in international markets, compared to the 2021 first quarter; First quarter 2022 comparable systemwide constant dollar RevPAR declined 19.4 percent worldwide, 14.5 percent in the U.S. & Canada, and 31.7 percent in international markets, compared to the 2019 first quarter; First quarter reported diluted EPS totaled $1.14, compared to reported diluted loss per share of $0.03 in the year-ago quarter. First quarter adjusted diluted EPS totaled $1.25, compared to first quarter 202...
Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for the Cliffs Hotel & Spa, Pismo Beach, California
Sonnenblick-Eichner Company | May 11, 2022
Beverly Hills, CA – May 11, 2022 – Sonnenblick-Eichner Company has arranged $50 million of long term fixed rate first mortgage financing for the Cliffs Hotel & Spa, a 162-room, full-service, luxury boutique hotel located on a bluff overlooking the Pacific Ocean in Pismo Beach, California. The non-recourse loan was funded by an investment bank and priced at 4.8 percent with interest-only payments for the entire term of the loan. Proceeds from the loan provided for a return of equity to the Borrower in order to purchase a partnership interest. Located along California’s central coast, the Cliffs Hotel & Spa features direct...
Rivers Casino Portsmouth Celebrates Construction Milestone With Topping-Off Ceremony
Rivers Casino Portsmouth | May 10, 2022
PORTSMOUTH, Va.--Rivers Casino Portsmouth announced the completion today of the steel framing for the new gaming and entertainment complex on Victory Boulevard, which will open in early 2023. At a Topping-Off Ceremony this morning, a Rivers-yellow steel beam — signed by the Ballard-Yates construction teams, Rivers Casino Portsmouth leadership, and local officials — was raised against the backdrop of celebratory music and hoisted into place. The beam marks a significant construction milestone for the property since its groundbreaking in December 2021. “We began moving dirt and setting the stage less than a year ago, and we are maki...
IHG Extends Multiple Development Agreement Across Northern Europe With tristar GmbH
IHG Hotels & Resorts | May 10, 2022
The agreement sees the partnership grow to 60 hotels with IHG Hotels & Resorts by 2025 with developments planned in Germany, Austria, Switzerland, Poland, and Italy IHG® Hotels & Resorts, one of the world’s leading hospitality companies, today announces the extension of its multi-property development agreement for the DACH region (Germany, Austria and Switzerland) and expands the growth ambition to Italy and Poland. In 2022 alone, tristar GmbH will open four new Holiday Inn Express hotels and a Hotel Indigo in Vienna, marking the brand's entry into the Austrian market. The announcement is a further development of IHG’s str...
Developer’s EB-5 Handbook for Construction Financing — New 3rd Edition
Jim Butler | May 9, 2022
By Jim Butler and the Global Hospitality Group® JMBM’s Global Hospitality Group® and EB-5 Finance Group™ are pleased to publish an updated edition of The Developer’s EB-5 Handbook for Construction Financing. This new and improved handbook provides essential resources for developers considering EB-5 financing for their next project. The recent EB-5 Reform and Integrity Act of 2022 and the reauthorization of the Regional Center Program, a crucial part of EB-5’s success, has generated renewed interest in the program’s low-cost funding opportunities. The Global Hospitality Group® has developed an approach to guide clients thr...
Orient Express Will Open Second Hotel in Italy at Palazzo Donà Giovannelli in Venice
Orient Express | May 5, 2022
Legendary travel brand Orient Express, part of the world-leading Accor group, has signed a partnership agreement with Italian hospitality group Arsenale S.p.A to open the second Orient Express hotel in Italy at the spectacular Palazzo Donà Giovannelli in Venice. The Groups have selected architect and interior designer Aline Asmar d’Amman and her studio Culture in Architecture to design and decorate the space. Venice, once the gateway to Constantinople and a mythical stop on the legendary Orient Express train – that opened its doors in 1919 with the completion of the Simplon tunnel linking Switzerland to Italy – will be the home of t...
IHG Signs With Oscars Group for Crowne Plaza Shell Cove Marina on the NSW South Coast
IHG hotels & Resorts | May 5, 2022
IHG Hotels & Resorts is excited to announce the signing of its first hotel on the NSW South Coast, with the contemporary and inspiring Crowne Plaza Shell Cove Marina planned to open in 2025, following an agreement with Oscars Group. Crowne Plaza Shell Cove Marina will be part of a $1.5 billion master-planned coastal residential, commercial and tourist project within the Shellharbour region. The overall development will include a man-made in-shore harbour and a 270-berth marina, as well as a vibrant town centre that features a supermarket, retail outlets, restaurants, library, community centre, parklands – and the hotel. ...
Pelligra Group Breaks Ground on Holiday Inn and Suites Mawson Lakes in Adelaide, Australia
IHG Hotels & Resorts | May 3, 2022
The growing partnership between IHG Hotels & Resorts and the Pelligra Group has accelerated today with an Adelaide ground-breaking ceremony marking the announcement of the signing of Holiday Inn & Suites Mawson Lakes. Heralding ambitious growth plans for the partnership, the two groups announced the signing of the new-build hotel on the eve of the Australia’s Australasian Hotel Industry Conference and Exhibition (AHICE), which is also being held in Adelaide for the second consecutive year. To mark the occasion, and to signal the great progress already being made, the Mawson Lakes project was officially unveiled at a ...
Avison Young Closes 29 Hotel Transactions
Avison Young | May 3, 2022
ATLANTA – May 3, 2022 – Avison Young Hospitality Group announced today that the hotel brokerage firm has closed 29 separate hotel transactions over that last 150 days totaling just under ½ billion of value. 12 of the hotels were either Hilton, Marriott or Hyatt assets and were located in most US regions. Most notable was the Fall River Resort - Estes Park CO, Hotel Monaco - Chicago, 15 story IHG - Downtown Nashville, Hyatt Place/ Hyatt House dual brand – Scottsdale AZ and the Courtyard Oceanfront – Ocean City Maryland. Three of the sales represented pricing between 400k and 500k per room....
Banyan Tree Group Expands Mexico Portfolio With Signing of Banyan Tree Veya Bacalar
Banyan Tree Veya | May 3, 2022
Singapore, May 3, 2022 – Today, Banyan Tree Group announces the signing of Banyan Tree Veya Bacalar, set to open early 2025 in Mexico’s Bacalar Lagoon region located in the southern part of Quintana Roo. The $28 million, 40-key resort marks Banyan Tree Group’s sixth location in Mexico and third in the Yucatán Region, where the Group continues to expand its multi-brand portfolio of hotels, resorts, galleries, golf, spas and residences. Situated a few hours south of traditional tourist destinations and 30 minutes north of the Belize border, Bacalar is best known for its crystal-clear waters that native Mayans call “the Lagoon of the...