acquisitions
A Flurry of Hotel Tech Company Mergers and Acquisitions Marks the End of 2021
Fran Worrall | December 2, 2021
By Fran Worrall Since early 2020, the hospitality sector has witnessed a sea change. The worldwide disruption triggered by the COVID-19 pandemic forced almost every technology company in the industry to review their portfolios, reassess their strategies and redirect resources into areas with the greatest growth potential. Some businesses became targets for opportunistic deals, while others struggled to operate in ‘new normal’ mode. Yet for companies with solid balance sheets and a willingness to take calculated risks, the pandemic provided unprecedented opportunities for growth through mergers and acquisitions. Mergers enabled some ...
Benchmark Pyramid Adds 34 Hotels to Management Portfolio
Benchmark Pyramid | November 18, 2021
BOSTON and THE WOODLANDS, Texas – November 18, 2021 – Benchmark Pyramid has added 34 hotels to its management portfolio in recent months, as the company sees a surge of demand across all areas of its business in both acquisitions and new management contracts. The new properties in the U.S. include both select- and full-service brands by Marriott, Hilton and IHG, and range in location from Michigan to Texas. In Europe, additions to the portfolio have included three English properties: Staverton Estate in Daventry, Yotel in Manchester, and London EDITION in the capital. Benchmark Pyramid has also taken on new assignments in Spain’s Mallo...
Crescent Hotels & Resorts Adds DoubleTree by Hilton Bloomfield Hills Detroit
Crescent Hotels & Resorts | March 25, 2021
Detroit, MI – March 25, 2021 – Crescent Hotels & Resorts has added the DoubleTree by Hilton Bloomfield Hills Detroit to its award-winning suite of major hotels and resorts. The hotel, formerly known as the Kingsley Inn, underwent a stunning renovation and reopened under its new brand in 2018. Now, its elegant atmosphere will be further enhanced with the Crescent stamp of luxury. Crescent, based in Fairfax, Virginia operates more than 100 hotels and resorts in the United States and Canada. Part of the landmark hotel’s upgrade includes a two-story expansive atrium lobby, featuring sweeping natural light. The space lends itself well...
NewcrestImage Acquires Magnolia Hotel in Downtown Dallas From Stout Street Hospitality
NewcrestImage | March 2, 2021
March 2, 2021 - The Magnolia Hotel in downtown Dallas begins the latest chapter in its long and rich history when Dallas-based NewcrestImage acquires the 325-room, 29-floor property today from Denver-based Stout Street Hospitality. It’s the first investment by NewcrestImage’s new $100 million real estate fund, which has raised more than $25 million since being announced on January 4th of this year. The hotel is one the most recognized buildings in downtown Dallas, opening in 1922 as the headquarters offices for Magnolia Petroleum. It was the city’s first skyscraper and the first high-rise in the United States to hav...
Will COVID-19 Be a Catalyst for More Hotel Mergers and Acquisitions?
Linchi Kwok | September 10, 2020
By Linchi Kwok COVID-19 has put many restaurants and hotels out of business. A recent example is the permanent closure of the iconic Hilton Times Square Hotel. Several restaurant chains recently rolled out new store designs to embrace the contactless self-service and delivery trends demanded by customers. Additionally, when more schools and businesses are reopening, the restaurant industry has already shown signs of recovery. There was a 2% increase in spending year-over-year in the week ending August 30. The outlook for hotels, however, is not as optimistic. The hotel industry is still struggling. According to the latest U.S. hot...
Travel & Tourism Sector Witnessed 4.5% Growth in Deal Activity During August
GlobalData | September 9, 2020
A total of 115 deals were announced in the global travel and tourism sector during August 2020, which is an increase of 4.5% over 110 deals announced during the previous month, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “August marks the third consecutive month of growth in deal activity for the sector. This also assumes more significance as the travel and tourism sector remains one of the worst hit industries due to the COVID-19 pandemic and has witnessed several months of decline in deal activity in 2020. However, with several countries attempting to revive the t...
The Current Impact of Brand PIP Requirements on Hotel Sales
Eric Guerrero | November 22, 2019
By Eric Guerrero The most consistent issue HVS Brokerage & Advisory has encountered during transactions is whether a group is budgeting sufficient capital for prospective asset acquisitions that require PIP renovations. An incorrect estimate means buyer groups must increase their capitalizations or request a price reduction on a dollar-for-dollar basis relative to their cost increases. This ultimately changes many metrics late in acquisition processes and lowers IRRs because any extra capital is drawn entirely from equity and not a blend of equity and debt. Recent observations are detailed below. The lesson is that accurate PIP estimat...
Paramount Lodging Advisors Sells Bakersfield, CA Four Points by Sheraton Hotel
Paramount Lodging Advisors | January 25, 2019
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on ~7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for futur...
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