finance

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finance

Industry Veteran Greg Myers Joins IDeaS as Chief Client Officer to Advance Best-in-Class Client Experience

IDeaS | June 6, 2019

30-plus years of innovation, ongoing evolution of client relationships and a passion for being the "voice of the client" drive selection of Myers Tweet This: @IDeaS_RevOpt announces the selection of Greg Myers as its chief client officer. With 30+ years of experience in the software field, Myers will bring a new level of excellence to the leader and pioneer of revenue management software. www.ideas.com/news #revenuemanagement MINNEAPOLIS—June 6, 2019—IDeaS, the leader and pioneer of revenue management software announced today the selection of Greg Myers as its chief client officer effective June 3, 2019. Myers brings more t...

Pebblebrook Hotel Trust to Sell LA’s 132-Room Hotel Amarano Burbank for $72.9

Pebblebrook Hotel Trust | June 3, 2019

BETHESDA, Md.-- 6/3/2019 -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it executed a contract to sell the 132-room Hotel Amarano Burbank in Los Angeles, California for approximately $72.9 million to a third party. The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 16.9x EBITDA multiple and a 5.3% net operating income capitalization ra...

Pebblebrook Hotel Trust to Sell LA’s 132-Room Hotel Amarano Burbank for $72.9M

Pebblebrook Hotel Trust | June 3, 2019

BETHESDA, Md.-- 6/3/2019 -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it executed a contract to sell the 132-room Hotel Amarano Burbank in Los Angeles, California for approximately $72.9 million to a third party. The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 16.9x EBITDA multiple and a 5.3% net operating income capitalization ra...

Hospitality Financial Leadership: Journey “Don’t Stop Believin”

David Lund | June 3, 2019

By David Lund What does your hospitality career and the band Journey have in common? Lots. How I met the band and how you can get what you want in life if you're willing to work hard, never give up and most importantly "repeat" never give up and work hard. Journey first got together in 1973 in San Francisco. The band didn't really have any commercial success until 1978 and the real results came together in 1981 with their seventh album Escape. Steve Perry was the band's vocalist as of 1977 and the group saw a lot of success in the early 80's and mixed results well into the 90's. Steve's voice and the band's power sound became the anthem...

Avison Young Announces Recent Closings

Avison Young | May 30, 2019

ATLANTA – May 30, 2019 – Avison Young Hospitality Group announced that with several closings over the last three weeks the firm has closed one hotel a week since January 2019 totaling $355,000,000 year to date in asset value. Additionally the firm has $401,000,000 under sale agreement with closings scheduled over the summer. Since 2013, the Avison Young Hospitality Group has closed 106 Marriott branded hotels, 72 Hilton branded assets, 50 IHG branded assets and 163 historic, upscale boutique, resort and other branded hotels. ...

Pebblebrook Hotel Trust Completes Sale of Boston’s Onyx Hotel for $58.3 Million

Pebblebrook Hotel Trust | May 30, 2019

5/30/2019 -- BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") announced that it closed on the sale of the 112-room Onyx Hotel in Boston, Massachusetts for $58.3 million on May 29, 2019. The sale price of $58.3 million reflects a 15.3x EBITDA multiple and a 5.9% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Proceeds from the sale of the Onyx Hotel will be utilized for general business purposes which may include reducing the Company's outstanding debt. As a result of this completed sale, the Company...

Construction Is Underway on the Cambria Fort Lauderdale Beach, an MJH Managed Hotel

Meyer Jabara Hotels | May 30, 2019

[Danbury, Conn., May 30, 2019]—Hotel franchisor Choice Hotels International, Inc. (NYSE: CHH), developer Hotel Motel Inc., and property manager Meyer Jabara Hotels (MJH) broke ground here last week on the five-story, 104-room Cambria, scheduled to open in 2020. The asset, located at 2231 N. Ocean Blvd., will be one of the only hotels within walking distance to public beaches in the city's North Beach area. The hotel will boast ocean views and convenient access to The Strip, the city's popular waterfront promenade with dining and retail options, and will be a short drive from the Broward County Convention Center; Port Everglades, o...

Shaner Silver Spring Hotel, LLC Breaks Ground on 108-Room Fairfield Inn by

Shaner Hotels | May 30, 2019

MECHANICSBURG, Pa., May 30, 2019—Officials of Shaner Silver Spring Hotel, LLC, a partnership between Shaner Hotels, an award winning, international hotel owner, operator and developer, and Quarryville, Pa.-based Paul Risk Construction, a fourth generation, family-owned construction company, today announced the groundbreaking of the 108-room Fairfield by Marriott Mechanicsburg in Pa. The hotel is expected to open during the third quarter of 2020. Pennian Bank, based in Mifflintown, Pa., provided the construction financing. "The Fairfield Inn by Marriott Mechanicsburg meets all of our qualifications for an ideal portfolio addition: ...


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