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How to Add Value to Your Hotel Asset

Carrie Russell | May 16, 2019

By Carrie Russell At the most basic level, the value of a hotel is based on the property's net income divided by a capitalization rate. As such, one has two possible levers to adjust as a means of increasing a property's value: either increase the property's net income or decrease the capitalization rate. The capitalization rate, which is a factor that represents both the risk and the desired return associated with a given asset, is in actuality difficult to influence. Firstly, returns are market driven, which means that the capitalization rate is determined by market forces, not the will of owners. Secondly, it is the buyer's perceptio...

Rockbridge and Makeready Open The Alida Hotel, a Tribute Portfolio Hotel in Savannah, Georgia

Tribute Portfolio | May 16, 2019

05/16/2019 – Savannah, GA -- Tribute Portfolio, Marriott International's newest collection of independent, characterful hotels, together with Rockbridge and Makeready, has further expanded its portfolio with the recent addition of The Alida Hotel in Savannah, Georgia. As the brand's second hotel in Georgia, The Alida joins modern design with timeless Southern charm, ideally located on Savannah's revitalized riverfront. Designed by Gunn Meyerhoff Shay Architects, the boutique hotel was named after Alida Harper Fowlkes, a celebrated local entrepreneur who worked tirelessly to preserve the cities heritage. Like the city itself, the 1...

Gurney’s Star Island Resort & Marina Opens in the Hamptons With 107 Guestrooms

Gurney's Resorts | May 16, 2019

MONTAUK, N.Y., May 16, 2019 -- Gurney's Star Island Resort & Marina, the newest waterfront retreat in the Hamptons, has officially opened as the premier destination for summer getaways, seasonal boating and standout dining experiences. Home to the largest marina in the Hamptons, Gurney's Star Island is a luxury resort featuring preeminent guest accommodations, unique dining concepts including the highly anticipated Showfish restaurant, outdoor amenities and an array of private spaces for events centered around the water. Owned by George Filopoulos of Metrovest and Lloyd Goldman of BLDG Management, the opening of Gurney's Star Island marks...

IHG Partners With Linzhu Australia for voco Sydney Central Set for 2020 Opening

May 16, 2019

IHG has signed its fifth voco™ in Australia since the brand's global launch in June of 2018, partnering with Linzhu Australia Pty Ltd to open voco Sydney Central by 2020. Part of Linzhu Australia's 430 Pitt Street mixed-use development, the property boasts a stunning seventeen-storey tower with a sloping roof featuring unique "green waterfalls". Guests will be treated to the ultimate upscale voco experience, that celebrates the individuality of the hotel, stunning location and local people, with each stay tailored to deliver a unique and memorable experience. The property was originally slated as a Holiday Inn in 2017, however as ...

Next Story Group Acquires Melbourne Property to Establish the First LinQ Hotel

Next Story Group | May 16, 2019

SINGAPORE, May 16, 2019 -- International hospitality company Next Story Group has acquired a new-build hotel at 167 City Road in Melbourne's vibrant waterfront hub of Southbank. The soft opening of the 16-storey, 162-room property is scheduled for 1 September 2019. After a complete fit-out, the hotel will deliver a guest experience that is reflective of the Group's upper midscale LinQ Hotels brand from 1 November 2019. This will be the Group's first hotel under its LinQ Hotels brand, which offers unconventional independent hospitality for the next generation of travellers. It also delivers a hassle-free experience and offers...

IHG Opens New Kimpton Blythswood Square Hotel in Glasgow, Scotland

IHG | May 15, 2019

San Francisco, May 15, 2019: Consistently voted as one of the top cities to visit in 2019, Glasgow is the perfect blend of sophistication and grit, and is now home to the latest property from global leader in boutique luxury, Kimpton® Hotels & Restaurants. Kimpton Blythswood Square Hotel is situated in a landmark location with a storied past. The hotel exudes class and elegance with original architectural features, such as marble fireplaces, rich wood paneling and lofty ceilings. In true Kimpton style, the hotel offers a luxury experience full of signature perks, brought to life with Glaswegian charm and personality. The exterio...

How Modular Construction Is Changing Commercial Real Estate

JLL Real Views | May 15, 2019

Regions across the U.S. faced their snowiest, coldest and warmest February in history this year, with volatile weather disrupting the flow of life across the country. That included construction projects. Yet there was one setting where the unpredictable winter didn't slow down work — the vast indoor spaces where firms have increasingly been creating homes, offices and hotels. The method of modular construction — where pieces of buildings are manufactured in one place, and then delivered to construction sites for assembly — has boomed in recent years. The business in the U.S. has doubled in size to US$8 billion over the...

Marriott International Debuts JW Marriott Hotel in Qufu, Birthplace of Legendary Chinese Philosopher Confucius

Marriott International, Inc. | May 15, 2019

JW Marriott, part of Marriott International Inc. (NASDAQ:MAR), today announced the opening of the new JW Marriott Hotel Qufu in Shandong province, China. Owned by Shandong Luneng, this is the first JW Marriott hotel in Shandong and the 16th in China. The new hotel is an architectural masterpiece that will showcase the brand's philosophy of welcoming guests to this exciting destination with modern luxury and authentic, exceptional service. JW Marriott Hotel Qufu is located in the old city. The brainchild of Kai Cui, the academician of the Chinese Academy of Engineering, the building is a masterpiece of design that celebrates Chinese arch...

Caesars Entertainment to Sell Interest in Emerald Resort & Casino to South Africa-Based Peermont Hotels, Casinos and Resorts for $49 Million

Caesars Entertainment Corporation | May 15, 2019

LAS VEGAS, May 15, 2019 -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or "Caesars" or the "Company") today announced that it has agreed to sell its South African property Emerald Resort & Casino to Peermont Hotels, Casinos and Resorts, a Johannesburg based hospitality and entertainment company for total proceeds of $49.0 million, which implies a 7.9x multiple on 2018 EBITDA of $6.2mm. Caesars owns 70% of this property while the remaining 30% is owned by local minority partners. Total cash proceeds to Caesars for its 70% ownership and other adjustments total $39 million. "While Emerald Resort & Casino i...

Hard Rock International Partners With ASG for €200 Million New Hotel in Barcelona

Hard Rock International | May 15, 2019

May 15, 2019 – Hard Rock International continues growing its European hotel portfolio, announcing the development of Hard Rock Hotel Barcelona. The brand is set to bring its signature musical flair to the shores of Barcelona in a €200 million new hotel to be developed on the last available seaside plot in metropolitan Barcelona. Construction of the 504-room hotel will begin in late 2019, set to open on the shores of Barcelona in early 2022. "This is set to be another ambitious project for Hard Rock International, alongside ASG," comments Todd Hricko, senior vice president and head of global hotel development at Hard Rock Inte...

Owned and Managed by DelMonte Hotel Group, Fairfield Inn & Suites by Marriott Set to Open in Albany, New York

Fairfield Inn & Suites | May 14, 2019

Albany, NY – May 14, 2019 – The 78-room Fairfield Inn & Suites by Marriott in Albany, New York is scheduled to open this Wednesday, May 15, 2019 with a new décor that provides guests with a feeling of warmth and calm while traveling. Located at 168 Wolf Road, the Fairfield Inn & Suites Albany Airport will operate as a Marriott franchise, owned and managed by DelMonte Hotel Group of Rochester, New York. Located four miles from Albany International Airport and 20 minutes from downtown, the Fairfield Inn & Suites Albany Airport offers guests convenient access to the Times Union Center, the University at Albany, the New York S...

Daly Seven Acquires Hilton Garden Inn Roanoke in Virginia

Daly Seven, Inc. | May 14, 2019

GREENSBORO, N.C., May 14, 2019 -- Daly Seven, Inc. announces acquisition of the company's 40th hotel, the Hilton Garden Inn Roanoke. The 80,000-square-foot, 117-room hotel offers travelers stunning views of the Roanoke Valley from the south-side of Roanoke, VA in the upscale community of South Peak. "We chose the Hilton Garden Inn Roanoke because we have considerable experience working with Hilton, and we are confident in our ability to successfully manage this beautiful hotel." The hotel marks the fourth Hilton Garden Inn in the Daly Seven hotel portfolio, with two other properties in Greensboro and one in Raleigh, NC. &q...

CoralTree Hospitality Group to Manage Steamboat Springs’ 77-Room Ptarmigan Inn

CoralTree Hospitality Group | May 14, 2019

Steamboat Springs, Colo. – May 14, 2019 – The Ptarmigan Inn, the only true ski in/ski out resort in Steamboat Springs, has closed for the 2019 summer season to undergo a comprehensive $5 million renovation. Denver-based CoralTree Hospitality Group has added Ptarmigan Inn to its growing collection of distinctive, lifestyle resorts and hotels and will help oversee improvements to the 77-room local landmark. "The Ptarmigan Inn is one of Steamboat Ski Resort's original ski-in/ski-out hotels and enjoys an unparalleled location at the base of the mountain," said Tom Luersen, president of CoralTree Hospitality. "The renovation will...

Autograph Collection Hotels Welcomes Ireland’s National Treasure, The Shelbourne

The Shelbourne | May 14, 2019

Bethesda, Maryland (May 14, 2019) – Autograph Collection Hotels, Marriott International's diverse and dynamic portfolio of more than 170 independent hotels around the world, today announced the addition of The Shelbourne, the enduringly iconic hotel that's been at the heart of Dublin society since 1824. Proudly overlooking Dublin's grandest square, St. Stephen's Green, The Shelbourne is just a stone's throw from some of the city's most celebrated landmarks: Trinity College, parliament building Dáil Éireann, and the National Gallery. Recently renovated by Guy Oliver of design firm Oliver Laws, the timelessly elegant i...

Hospitality Financial Leadership: Engage Their Hearts and Minds First

David Lund | May 13, 2019

By David Lund Getting your hotel leadership team excited about accounting is like someone thinking it's fun to go to the dentist. Your average person wants nothing to do with it because they have a predisposed notion that it's yucky, boring and better left for someone who has a hard time walking and talking at the same time. What I have learned about getting your average hotel leader excited about the numbers is just the opposite. Let me explain. Hotel leaders ALL want to have the "financial where-with-all" to dazzle their peers. They know it's the secret sauce to propel their career. They all want their seat at the captain's table. Bei...

AJ Capital Partners Acquires 112-Key Hilton Garden Inn Across From University of Tennessee

AJ Capital Partners | May 13, 2019

Knoxville, Tenn. – Adventurous Journeys (AJ) Capital Partners announced today that it has acquired the Hilton Garden Inn on Cumberland Avenue across from the University of Tennessee. The hotel will operate independently as The Volunteer Hotel prior to and during renovations, which will begin in December 2019. Once complete in spring 2020, the 112-key hotel will debut as Graduate Knoxville, part of the Graduate Hotels® collection. Saloon 16, opening in partnership with University of Tennessee graduate and former NFL quarterback, Peyton Manning, will bring a western-inspired, high-end watering hole to Graduate Knoxville. The nam...

JMBM’s Global Hospitality Chairman Jim Butler Will Speak About Hotel Investment at 2019 Institutional Real Estate Forum

May 13, 2019

By Jim Butler and the Global Hospitality Group® Authors of www.HotelLawBlog.com LOS ANGELES—Jim Butler, Chairman of JMBM's Global Hospitality Group®, along with Jack Westergom of Manhattan Hospitality Advisors, will speak at the 4th Annual West Institutional Real Estate Investor Forum on June 5, 2019 in San Francisco on the topic of hotel investment. They will also conduct a roundtable discussion for investors who may be new to the hotel investment. "Many institutional investors, family offices and other sophisticated real estate investors are looking to hotels to increase investment returns. While hotel investments can of...

Hotel Indigo® Debuts in Shakespeare’s Hometown of Stratford-upon-Avon

May 13, 2019

IHG® (InterContinental Hotels Group) is proud to announce the opening of Hotel Indigo® - Stratford upon Avon, marking the brand's debut in the heart of the historic market town. A slice of bygone England, Stratford-upon-Avon is a magnet to visitors from around the world who make the pilgrimage to visit the birthplace of William Shakespeare and marvel at one of the most famous theatres in the world; Royal Shakespeare Theatre. Hotel Indigo – Stratford upon Avon is home to 93 stylish guest rooms with designs inspired by the history of the local neighbourhood. Each guest room pays homage to the town's heritage, by using classi...

Wyndham Hotels & Resorts Partners With Wellworth Properties to Develop Wyndham Garden Hotel in Quezon City

May 13, 2019

QUEZON CITY, PHILIPPINES (May 13, 2019) – Wyndham Hotels & Resorts, the world's largest hotel franchising company with approximately 9,200 properties worldwide, is bringing a fresh approach to hospitality in the Philippines with the launch of the country's first Wyndham Garden hotel in Quezon City. The new-construction Wyndham Garden Quezon City, located directly opposite the ABS-CBN communications and broadcasting center in the heart of Quezon City, Metro Manila, is expected to start welcoming guests in 2021. Upon opening, this modern 25-story hotel will feature 235 sleek and stylish rooms and suites, plus an extensive selection of ...

Owned and Managed by Baywood Hotels, Fairfield Inn & Suites Opens in Metairie, Louisiana

Fairfield Inn & Suites | May 10, 2019

Metairie, LA – May 10, 2019 – The 124-room Fairfield by Marriott Inn & Suites in Metairie, Louisiana is scheduled to open this Wednesday, May 15, 2019 with the Fairfield Inn & Suites newest design and décor. Located at 2710 Severn Avenue, the Fairfield Inn & Suites New Orleans Metairie will operate as a Marriott franchise, owned and managed by Baywood Hotels of Columbia, Maryland. Whether traveling for business or pleasure, the Fairfield Inn & Suites New Orleans Metairie offers guests convenient access to the French Quarter, Louis Armstrong International Airport, the Mercedes-Benz Superdome, Tulane University, Loyola U...

Maya Hotels Celebrates Grand Opening of Hilton Garden Inn Gastonia / Charlotte West

Maya Hotels | May 10, 2019

Charlotte, North Carolina – May 10, 2019 –The newly opened Hilton Garden Inn Gastonia / Charlotte West celebrated its grand opening with a "Spring Into the Garden" event that featured a reception with garden-themed hors d'oeuvres, a ribbon-cutting ceremony, property tours, raffle prizes, and entertainment by the Synergy Twins. Special guests included Mayor Walker Reid, members of the Gastonia City Council, and members of the Gaston Regional Chamber. "The development of the Hilton Garden Inn Gastonia / Charlotte West is a testament to Maya Hotels' commitment to Gaston County. We are delighted to celebrate the addition of ...

Mr. C Coconut Grove Debuts in South Florida

Mr. C Hotels | May 10, 2019

MIAMI, Fla. - May 10, 2019 – The highly anticipated Mr. C Coconut Grove, the first Mr. C hotel to debut in Florida from the fourth-generation hospitality leaders, brothers Ignazio and Maggio Cipriani, has officially opened its doors to begin welcoming guests. Alongside their premier hotel, the brothers are additionally introducing their contemporary Italian restaurant, Bellini, which will be serving guests morning into night daily. Mr. C Coconut Grove is the third property operated by the Cipriani brothers, who currently operate a 138 key luxury property in Beverly Hills, California and a 66 key luxury property located in the lowe...

Civitas Capital Group Closes on Dual-Branded Hampton Inn by Hilton & Homewood Suites by Hilton in Silver Spring, Maryland

Civitas Capital Group | May 9, 2019

SILVER SPRING, Md., May 9, 2019 -- Civitas Capital Group ("Civitas"), a leading independent specialty asset management and financial services firm, has closed on the acquisition of a dual-branded Hampton Inn by Hilton Silver Spring and Homewood Suites by Hilton Silver Spring property in Maryland. Hampton Inn by Hilton Silver Spring and Homewood Suites by Hilton Silver Spring is a 239-room hotel that integrates the corporate and leisure icon Hampton Inn by Hilton with the top-tier, extended-stay brand Homewood Suites by Hilton. The property was originally developed as an office building in 1969 and converted to a hotel in 2009. "Silver S...

IIG Partners With Good Shepherd Hospitality for New Boutique Hotel in Downtown Clemson, South Carolina

Interior Image Group | May 9, 2019

CLEMSON, S.C. -- Good Shepherd Pavilion LLC, recently announced boutique hospitality design firm IIG as the company that will design The Shepherd Hotel, a hotel set to open to the public in late 2020. Located in downtown Clemson and within view of Clemson University, the hotel will provide an opportunity to employ a large percentage of its workforce to those with learning and intellectual disabilities. The design of the hotel will reflect The Shepherd Hotel mission to inspire and welcome all guests. The idea for the hotel originated with co-founder Rick Hayduk, a seasoned luxury hotel leader. His daughter Jamison, who has Down syndrome,...

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