real estate
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) 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...
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...
Middle East Hotel Construction Pipeline Continues to Show Signs of Decline* at Close of Q2 2020
Lodging Econometrics (LE) | August 20, 2020
August 20, 2020 – PORTSMOUTH, NH – According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the second quarter of 2020, the hotel construction pipeline in the Middle East decelerated once again to 591 projects/169,538 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fourth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. However, projects currently under construction stand at an all-time high of 363 projects/117,458 rooms. Projects ...
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...
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...
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