real estate
Boston/Cambridge Lodging Market – Outlook Is for Positive Growth for 2024
Rachel J. Roginsky | November 15, 2023
By Rachel Roginsky After spending the last 32 years tracking and analyzing the Boston/Cambridge (“the City”) lodging market, Pinnacle Advisory Group (“Pinnacle”) is quite comfortable forecasting top line (occupancy and ADR) revenue for the City. But projecting the future with precision can be complicated. Here’s our perspective on the City’s lodging market for 2024: • Convention and Group Demand – This segment of demand comprises approximately 23% of total demand in the City. According to Signature Boston, the Boston Convention and Exhibition Center will generate approximately 500,000 room nights in 2024, which will be a...
When the Pendulum Stops Swinging
H. Keith Thompson | November 10, 2023
By H. Keith Thompson I have been a hotel broker for 33 years and during all past cycles, the markets would simply swing from being either a seller’s market or a buyer’s market and then after a correction, swings back again. Using a swinging pendulum as a metaphor for the hotel real estate market today, the pendulum has almost stopped swinging. In my history as a hotel broker, the only time the pendulum almost stopped swinging was just after 911 and this new interest rate cycle we all find ourselves in today. In 2023, new transactions in the hotel space are down 50-70 percent depending on the brand and the market. Today it is neither...
Pebblebrook Hotel Trust Executes Contract to Sell 221-Room Hotel Zoe Fisherman’s Wharf for $68.5M
Pebblebrook Hotel Trust | October 16, 2023
BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced today that it executed a contract to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco, California for $68.5 million to a third party. The property sale is subject to normal closing conditions. The Company offers no assurances that the sale will be completed on these terms or at all. The sale is targeted to be completed later in the fourth quarter of 2023. For the trailing twelve months ended September 30, 2023, the hotel’s net loss is estimated at ($1.2) million, its net operating income is estimated at $2.2 million, and its earnings before...
The Mogharebi Group Advises Sunstone Development on Acquisition of Budget Inn Near Disneyland Park in Anaheim
The Mogharebi Group | August 3, 2023
Anaheim, CA (August 3, 2023) – The Mogharebi Group has arranged the sale of the 60-year-old Budget Inn, a 24-key limited-service hotel located at 1042 Ball Road in Anaheim, announced Mogharebi’s Executive Vice President Otto Ozen. The buyer was local private investor Sunstone Development which intends to explore long-term alternative strategies for the site including full-service hotel uses. The off-market transaction completes Sunstone’s 1.1-acre land assemblage at the gateway to Disneyland Park that included the purchase of the adjacent 44-key Days Inn by Wyndham last year. Sunstone recognized that together, these properties comb...
The Mogharebi Group Brokers $16.25 Million Sale of 32-Room Hotel on California’s Central Coast
The Mogharebi Group | January 25, 2023
Costa Mesa, CA (January 25, 2023) — The Mogharebi Group (TMG) has arranged the sale of the Inn at Avila, a 32-room beachfront hotel property in the Central Coast city of Avila Beach, CA, for $16.25 million. Ben Ketel, of TMG, represented the seller of the hospitality property that traded to a Los Angeles-based private investor. Built in 1965, the Inn at Avila Beach offers eight different suite types, ranging from modern spa rooms to the exclusive “owner’s suite.” The property includes a rooftop coffee house, grilling area, a business center and laundry services. “The Buyer was certainly attracted to the fact that the Inn at Av...
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
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...
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