Paramount Lodging Advisors (PLA) Leads the Sale of the Hampton Inn Houston NW
Paramount Lodging Advisors | October 7, 2020
Paramount Lodging Advisors Successfully Transacts the Spanish Garden Inn Santa Barbara
Paramount Lodging Advisors | September 30, 2020
Real Estate
Investors Targeting Distressed Assets Work to Get “Dry Powder” Off the Sidelines
Turnbull Capital Group | November 30, 2020
Firms waiting for an opportunity to invest in distressed assets are looking at different avenues to approach their goals. Turnbull Capital Group is one player in an increasingly crowded field of capital jockeying for opportunity to take advantage of potential distress that may emerge in the commercial real estate market in the wake of the pandemic. Over the past nine months, the commercial real estate investment banking firm has partnered with more than $20+ billion in dry powder that it plans to aim at investment opportunities in distressed assets. Specifically, it has aligned itself with a half dozen domestic family offices and Ameri...
Estatefy Chooses NextPax as Exclusive Channel Manager
Estatefy | November 3, 2020
Barcelona, November 2020 - Estatefy, a leading all in one software solution for property managers, real estate brokers, vacation home owners and vacation rental management companies selects NextPax, provider of one of the most advanced worldwide channel management technologies for hotels, resorts and vacation rentals as its exclusive channel manager. One of the main selling points for the Estatefy and NextPax combination is that real estate agents can now combine their real estate sales software with vacation rental software capabilities. This powerful combination will provide brokers with much more added value and income. ‘Our partnership...
Avison Young Announces Weekly Open Forum Results
Avison Young | October 27, 2020
ATLANTA – October 27, 2020 – Two weeks ago, Avison Young Hospitality Group launched a weekly virtual forum for every Monday at 2pm eastern time running through the end of the year. The main focus of the 45-minute virtual forum is to answer live questions from the participants who are private and public hotel investors, lenders, owners and operators. The hotel investment world has changed since COVID and we want to be a resource to the marketplace. Keith Thompson said, “This forum is not a sales pitch for our company. It is simply a resource. With hundreds already registered for each Monday, the questions and answers seem to be driven...
New Hospitality Group, Long Weekend, Launches Hotel Portfolio
Long Weekend | October 26, 2020
Properties include The Lake House on Canandaigua, The Seagate Hotel & Beach Club and The Elbow Cay Club in Abaco, Bahamas New York, NY (October 26, 2020) – Launching today is Long Weekend, a new hospitality group with three projects under its flag. The independent collective will bring together award-winning designers, architects, restaurateurs and operators to create thoughtfully designed properties located in unexpected destinations. Each Long Weekend property, a mixture of existing and yet to be built, will be unified by a common goal. To create spaces and experiences that hold lasting memories. Long Weekend properties redef...
Avison Young Announces Weekly Open Forum
Avison Young | October 14, 2020
ATLANTA – October 14, 2020 – Avison Young Hospitality Group announces the firm launched a weekly virtual forum for every Monday at 2pm eastern starting with next Monday, October 19th. The forum will start with a very short overview of the previous week lodging performance at the property level as well as at the publicly traded level. The main focus of the 45-minute virtual forum is to answer live questions from the participants. Keith Thompson said, “This forum is for private and public hotel investors, owners, operators who needs clear answers and sound advice. The hotel investment world has changed since COVID and we want to be a r...
Paramount Lodging Advisors (PLA) Facilitates the Sale of the Four Points College Station
Paramount Lodging Advisors | October 13, 2020
Paramount Lodging Advisors (PLA) successfully led the sale of the Four Points located in College Station, TX. The marketing efforts were led by Managing Director Kami Burnette, Senior Managing Director Scott Griemsmann and Associate Mason McDavid. The 126-room hotel is adjacent to Texas A&M University, the largest university in Texas and one of the biggest employers in the region. The university also provides infrastructure and research for a growing engineering, agriculture and biomedical sector. The upscale hotel also has a 92-seat restaurant that operates for breakfast and dinner services. "This acquisition highlights the buyer...
Paramount Lodging Advisors (PLA) Leads the Sale of the Hampton Inn Houston NW
Paramount Lodging Advisors | October 7, 2020
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Hampton Inn NW (Subject) located in Houston, TX. PLA was exclusively engaged to represent the seller in the transaction of the 62-room property. The marketing efforts were led by Managing Director Kami Burnette, Senior Associate Subu Thiagarajan and Associate Mason McDavid. The Houston hotel is located in the northwest Houston MSA and ideally situated at the intersection of US Route 290 and TX State Highway 6. The Buyer plans to renovate and maintain the Subject as a Hampton Inn for the remainder of the term. “There has been much discussion over the near-term...
Paramount Lodging Advisors Successfully Transacts the Spanish Garden Inn Santa Barbara
Paramount Lodging Advisors | September 30, 2020
Santa Barbara, CA - Paramount Lodging Advisors (PLA) has successfully executed on the sale of the Spanish Garden Inn. The Spanish Garden Inn is an award-winning luxury boutique hotel located within walking distance to many of Santa Barbara’s renowned cultural centers and restaurants. The hotel's 24 luxuriously-appointed guestrooms and suites are spread throughout 5 buildings surrounding a central courtyard with fountain and lush gardens. Scott Griemsmann, Eric Gunderson and Subu Thiagarajan represented the Seller in the transaction. “In spite of the challenges surrounding Covid-19, this asset generated tremendous interest which is a...
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...
Paramount Capital Advisors Welcomes Matt Mitchell to the Team
Paramount Capital Advisors | September 28, 2020
Paramount Capital Advisors is pleased to announce the addition of Matt Mitchell to the team as Managing Director. Mitchell brings over 20 years of experience in commercial real estate, having worked in roles financing complex real estate transactions throughout the U.S. Most recently, Mitchell served as Senior Vice President with Hall Structured Finance (Hall) where his responsibilities included loan origination for their construction and bridge lending program. Mitchell was responsible for executing over $500 million of real estate transactions primarily focused on funding loans for the construction of hotels, multifamily and condo proj...
Critical Components of an Effective “Order to Appoint a Receiver” – From the Lender’s Perspective
Victoria 'Vicki' S Richman | September 17, 2020
By Vicki Richman It is inevitable – many hotels will go into receivership and/or foreclosure in the coming months. Some owners cannot afford to fight any longer, some lenders cannot kick the can down the road any longer, or any number of other reasons will start them down this path. Receiverships can be extremely beneficial to the lender or they can be problematic. The three tools central to establishing a receivership which is beneficial to the lender are: 1) the right Receiver 2) the right Receiver’s attorney, and 3) a strategically drafted “Order to Appoint a Receiver.” This article addresses the third tool in a lender’s to...
Paramount Lodging Advisors (PLA) Leads the Successful Sale of the Houston Area Candlewood Suites
Paramount Lodging Advisors | September 9, 2020
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Candlewood Suites in Kingwood, TX. PLA was exclusively engaged to represent the seller in the transaction of the 73-room property. The marketing efforts were led by Managing Director Kami Burnette and Associate Mason McDavid. The 77-room property is in the heart of Kingwood and is ideally located near the Kingwood Medical District. Future plans include converting the property to an Extended Stay America branded hotel. “This is an unprecedented environment with numerous headwinds including COVID-related travel restrictions and frozen capital markets. We are excit...
Reaction to the Recent Florida Fifth District Court of Appeal Disney Yacht & Beach Club Resort Decision
Daniel Lesser | August 19, 2020
By Daniel Lesser The monograph “The Valuation of Hotels and Motels” by Stephen Rushmore, published by the American Institute of Real Estate Appraisers in 1978, posited the first accepted methodology for separating out income attributable to business (“intangible asset”) and income attributable to personal property from the entire income stream of a lodging facility. The procedure, which to this day continues to reflect the thinking and actions of hotel sector market participants, has been termed the “Rushmore Approach” within the property tax arena. On June 19th, 2020, The Florida Fifth District Court of Appeal issued a fl...
How Much Is a Hotel Worth?
Pinnacle Advisory Group | July 15, 2020
By Allison Fogarty In the case of property tax assessments in Florida, probably somewhat less than the county property appraiser assumes. A recent court decision invalidated the method used by many county property tax appraisers in Florida to develop “just” values for hotels. The Background Walt Disney Parks and Resorts successfully argued that the Orange County Property Appraiser improperly considered income from the business activities conducted on the premises in establishing the just value of the Disney Yacht & Beach Club Resort which includes restaurants, retail shops, a spa and convention center in addition to its 1,197...
Hunden Partners Seeks Hotel Developer for High-Traffic Site at I-74 and IL-54
Hunden Strategic Partners | June 25, 2020
CHICAGO - June 25, 2020 - Hunden Strategic Partners (HSP), a leading advisor in destination real estate development, is issuing a Request for Qualifications (RFQ) on behalf of the City of Farmer City (City) from developers and/or development teams regarding the ultimate development of all or part of a 20-acre parcel (Project) at Interstate 74 and IL-54 in Farmer City, Illinois. The site has a daily traffic count of 22,000 along I-74 and 4,000 along IL-54. Located halfway between Champaign-Urbana and Bloomington-Normal, the development site sits approximately 1.5 miles from downtown Farmer City within a Business Improvement District, establ...
Post-COVID Brokers Opinion of Value
Avison Young | May 14, 2020
ATLANTA – May 14, 2020 – Avison Young Hospitality Group presents a new Post-COVID Brokers Opinion of Value Format. The hospitality industry has been shaken to its core over last several months by the Covid-19 pandemic and the global economic shutdown the virus has left in its wake. Markets across the country and the world have seen business grind to a halt, with hoteliers in every corner of the globe feeling immense economic pressure from the drastic loss in business. We at Avison Young understand the hotel owner’s need for a property specific presentation they can use for their partners, investors and lenders that demonstrates vi...
From Density to Distancing
H. Keith Thompson | May 12, 2020
By H. Keith Thompson, Principal Avison Young Hospitality Group Ten short weeks ago, business was about packing in as much density with as many people as possible. From hotels, conventions, sports venues, air travel, resorts, retail, and office buildings - down to going to a Costco. Now, ten weeks later, it is all about staying separate and distancing yourself from other people. How can this be possible? Because COVID-19 (‘CV”) has caused a shift in the paradigm of personal life and commercial life that no one saw coming. Ten weeks in, we now judge every face-to-face interaction differently than we used to. Behind closed doors, al...
Hampton Inn Mobile CLOSED on RealINSIGHT Marketplace
RealINSIGHT Marketplace | March 3, 2020
RealINSIGHT Marketplace and Berkadia Hotels & Hospitality are pleased to announce the closing of the Hampton Inn in Mobile, Alabama at 104% of Reserve. Located along Interstate 10, the 80-room limited-service hotel was built in 1994. Due for a renovation, Berkadia and RealINSIGHT Marketplace marketed the property with a focus on maximizing profits and closing within a tight timeframe. The Broker and the Seller selected RealINSIGHT Marketplace to assist in developing a sales strategy which provided investors the confidence to enter into a non-contingent purchase agreement with a 10% hard deposit on day one. By ensuring investors had ...
Avison Young Announces January and February Closings
Avison Young | February 26, 2020
ATLANTA – February 26, 2020 – Avison Young Hospitality Group announced that the firm has closed 20 hotel transactions during January and February. The property closings ranged from Hilton select service hotels to various other brands located throughout the northeast, upper Midwest, south central and southeast. Most all the hotels are under 200 rooms each and represent the ever changing hospitality investment market. The sellers represented in these transactions range from US investment companies, management companies and overseas investors. The buyers were mostly private investment companies and private family office money with the str...
Avison Young Announces 2020 Closings
Avison Young | February 10, 2020
ATLANTA – February 10, 2020 – Avison Young Hospitality Group announced that the firm closed fourteen hotel transactions during January and the first week of February. The property closings ranged from Hilton select service hotels to various other brands and were located from the northeast US through the south and central US markets. The firm expects to close nine other transactions over the next 20 days located from Chicago to Raleigh....
Hyatt Hotels Signs With Reitir to Develop First Hyatt Branded Hotel in Iceland
Hyatt Centric | December 9, 2019
Expected to debut in 2022, the Hyatt Centric Reykjavík will offer 169 guestrooms located on Laugavegur, the main street of Reykjavík Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with H176 Reykjavík ehf, a fully owned subsidiary of Icelandic real estate company Reitir fasteignafelag hf, to open the first Hyatt branded hotel in Iceland. Expected to debut in 2022, the 169-room Hyatt Centric Reykjavík will bolster Hyatt’s lifestyle portfolio and the Hyatt Centric brand’s presence in Europe. Hyatt Centric Reykjavík will offer modern accommodations, three food and b...
Value-Add Quality Inn & Suites in Tennessee Will Be Available in Online Auction Via RealINSIGHT Marketplace This December
RealINSIGHT Marketplace | November 12, 2019
This December, Quality Inn & Suites, a full-service hotel located in Centerville, Tennessee, will be auctioned through the online commercial real estate platform, RealINSIGHT Marketplace. The Quality Inn & Suites is a fee-simple interest opportunity offered unencumbered by management and holds a prime location in the County Seat of Hickman County, the Western Gateway to Metro Nashville. About the Property: 39 Rooms Full Service Two Floors Built in 1977 Unencumbered of Management The Quality Inn & Suites also offers a restaurant with complimentary breakfast, a business center, seasonal outdoor ...
70-Room, Limited-Service Hotel in New Mexico to Hit Online Auction Block via RealINSIGHT Marketplace, This December
RealINSIGHT Marketplace | November 7, 2019
Aztec, NM Presidential Inn is being offered significantly below replacement cost with 1.72 Acres included in the sale. This December, Presidential Inn, a 70-room, limited-service hotel located in Aztec, New Mexico, will be auctioned through the online commercial real estate auction platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, is unencumbered of management and the current lender will consider financing a new buyer. The new buyer will also have the opportunity to affiliate the Hotel with a new major brand, including Microtel, Comfort Inn, Sleep Inn, Red Lion, Red Roof Inn, o...
Fort Worth, TX Holiday Inn Hotel for Sale on RealINSIGHT Marketplace This December
RealINSIGHT Marketplace | November 5, 2019
This December, Holiday Inn Fossil Creek, a 126-room, full-service hotel is available for purchase through the online commercial real estate sales platform, RealINSIGHT Marketplace. The offering, presented by Paramount Lodging Advisors, provides potential investors with the opportunity to acquire the fee simple interest in a receiver controlled and operated 126-room Holiday Inn hotel with the opportunity to convert to a new Doubletree by Hilton franchise agreement upon sale. About the Hotel: 126 Rooms Five Floors Full Service 2,801 SFof Function Space Built in 2008 Unencumbered of Management and Brand A...
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