News Most Viewed
Andy Ingraham, NABHOOD President/CEO
ATLANTA—While talk of recession blows across the lodging landscape, the mood remains positive and the attitude is one of can-do by the members of The National Association of Black Hotel Owners, Operators and Developers, Inc. (NABHOOD), who are holding their 12th annual International Multicultural Tourism/Hotel Ownership Summit and Trade Show here at the Atlanta Marriott Century Center.
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Encore Hospitality Acquires Sterling Resorts, Realty
DALLAS—Encore Hospitality, a subsidiary of Encore Enterprises, has acquired Destin, FL-based Sterling Resorts, LLC and Sterling Realty, LLC from The Sterling Companies via a stock purchase agreement.
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DALLAS—Encore Hospitality, a subsidiary of Encore Enterprises, has acquired Destin, FL-based Sterling Resorts, LLC and Sterling Realty, LLC from The Sterling Companies via a stock purchase agreement.
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IHG's Steve Porter Dies
NEW YORK—Stevan Porter, who had served as president, the Americas, for InterContinental Hotels Group, has died. He was 53.
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NEW YORK—Stevan Porter, who had served as president, the Americas, for InterContinental Hotels Group, has died. He was 53.
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ING Clarion Closes On $200M Fund Targeting Hotels, Other Asset Types
NEW YORK—ING Clarion Partners, LLC has closed on its new ING Clarion Development Ventures III fund, which is the third fund in a series and has raised more than $200 million from seven institutional investors.
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NEW YORK—ING Clarion Partners, LLC has closed on its new ING Clarion Development Ventures III fund, which is the third fund in a series and has raised more than $200 million from seven institutional investors.
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IHG's 'Critically Ill' Stevan Porter Relinquishes Position
NEW YORK—HOTEL BUSINESS® has learned that Stevan Porter, who serves as president, the Americas, for InterContinental Hotels Group, has been reported as critically ill following several weeks of hospitalization, with a condition described as deteriorating.
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NEW YORK—HOTEL BUSINESS® has learned that Stevan Porter, who serves as president, the Americas, for InterContinental Hotels Group, has been reported as critically ill following several weeks of hospitalization, with a condition described as deteriorating.
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Condo Hotel Market Fallout Seen In $24.8M Sale Of Miami Asset
MIAMI BEACH, FL— In what could be construed as fallout from the great condo hotel overbuilding and market collapse that occurred during the past few years, the Breakwater Edison condo hotel here, which was once destined to become one of Nicky Hilton’s Nicky O-branded hotels, has been sold by the property lender, Oaktree Capital, for $24.8 million.
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MIAMI BEACH, FL— In what could be construed as fallout from the great condo hotel overbuilding and market collapse that occurred during the past few years, the Breakwater Edison condo hotel here, which was once destined to become one of Nicky Hilton’s Nicky O-branded hotels, has been sold by the property lender, Oaktree Capital, for $24.8 million.
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St. Regis Fort Lauderdale Up For Sale
TAMPA, FL— The 197-key St. Regis Resort, Fort Lauderdale, which opened in May of 2007 and includes condo hotel units, has been put on the sales block. The Plasencia Group is handling the disposition. Castillo Grand, LLC developed the resort for an estimated $135 million.
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TAMPA, FL— The 197-key St. Regis Resort, Fort Lauderdale, which opened in May of 2007 and includes condo hotel units, has been put on the sales block. The Plasencia Group is handling the disposition. Castillo Grand, LLC developed the resort for an estimated $135 million.
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PKF Predicts Lodging Demand Will Decline For Next Two Years
ATLANTA—According to a new PKF Hospitality Research study, demand for U.S. hotel rooms is expected to fall for the next two years.
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ATLANTA—According to a new PKF Hospitality Research study, demand for U.S. hotel rooms is expected to fall for the next two years.
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PKF Capital Unveils Hotel Financing Program
SAN FRANCISCO—PKF Capital has launched a hotel finance program designed to help hospitality investors and owner secure funding for acquisitions, refinancing or renovations.
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SAN FRANCISCO—PKF Capital has launched a hotel finance program designed to help hospitality investors and owner secure funding for acquisitions, refinancing or renovations.
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Jay Schultz, sr. vp, hospitality group, Hotel Business
Is hotel design becoming “too cool”? Are properties being designed and built without the guest’s wants and needs really being taken into account? These questions will be front and center during the annual New Look™ magazine Designer Roundtable taking place during HD Boutique later this month in South Beach. Look for coverage of the Roundtable in the November/December issue of New Look™ magazine. In the meantime, allow me the opportunity to offer my two cents on the subject.
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New York’s Surrey Hotel Undergoing Liquidation Sale
NEW YORK—The 131-room Surrey Hotel in New York is being put through a liquidation sale tomorrow, Sept. 18. Following the sale, the hotel will undergo an extensive renovation and reopen in the fall of 2009.
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NEW YORK—The 131-room Surrey Hotel in New York is being put through a liquidation sale tomorrow, Sept. 18. Following the sale, the hotel will undergo an extensive renovation and reopen in the fall of 2009.
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Jim Butler, JMBM
HENDERSON, NV— The affects of the credit crunch and the cyclical hotel industry downturn have been discussed across the lodging industry ad infinitum for the past few months, with doom and gloom scenarios the subsequent by product. Today, at the 18th annual Meet The Money conference here, it seemed as if the hotel investment and lending community finally came to grips with these facts and, more importantly, made the first proactive steps toward actually figuring out how to handle it all.
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Leading Names McManus, Teng To Exec. Posts
NEW YORK??Jean-Jacques Gauer, chairman of the executive committee of The Leading Hotels of the World, has named Paul McManus, president/CEO of the organization, to vice chairman of Leading Ventures, effective September 1.
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NEW YORK??Jean-Jacques Gauer, chairman of the executive committee of The Leading Hotels of the World, has named Paul McManus, president/CEO of the organization, to vice chairman of Leading Ventures, effective September 1.
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Sunstone Names Buser President
SAN CLEMENTE. CA— Sunstone Hotel Investors has appointed Arthur Buser to be president, effective next month.
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SAN CLEMENTE. CA— Sunstone Hotel Investors has appointed Arthur Buser to be president, effective next month.
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Dennis Nessler, Editor, Hotel Business
With a sputtering economy and hotel financing almost non-existent, most of us in the media showed up at the New York University International Hospitality Industry Investment Conference earlier this month with little expectations in terms of significant news or major deal announcements. And for the most part, we were right.
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Hotel Loans Exhibit Sharpest Year-To-Date Decline
WASHINGTON—Commercial real estate loan originations continue to tumble in the wake of the credit crunch with the hotel sector leading the way, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
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WASHINGTON—Commercial real estate loan originations continue to tumble in the wake of the credit crunch with the hotel sector leading the way, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
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Kronos Hotels Set To Add Eight Assets To Portfolio For $45M
ATLANTA— For approximately $45 million, Kronos Hotels, LLC will acquire eight midscale hotels in two deals.
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ATLANTA— For approximately $45 million, Kronos Hotels, LLC will acquire eight midscale hotels in two deals.
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Boyd Gaming Postpones Echelon Project; Morgans Might End Current JV
LAS VEGAS—Boyd Gaming Corp., citing the troubled economy and difficult credit markets, has postponed its $4.8-billion Echelon project on the Las Vegas Strip here.
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LAS VEGAS—Boyd Gaming Corp., citing the troubled economy and difficult credit markets, has postponed its $4.8-billion Echelon project on the Las Vegas Strip here.
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McKibbon Opens Hilton Garden Inn Tampa Airport
TAMPA, FL— McKibbon Hotel Management, Inc., based here, has opened the Hilton Garden Inn Tampa/Westshore.
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TAMPA, FL— McKibbon Hotel Management, Inc., based here, has opened the Hilton Garden Inn Tampa/Westshore.
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Carlton Latest Debt Investor To Jump Into Extended Stay Hotels Portfolio
NEW YORK—Debt investors continue to become a part of the Extended Stay Hotels portfolio financial makeup. The latest is Carlton Group’s Carlton Strategic Ventures, which has acquired a $214-million participation in the M7 mezzanine loan tranche of the portfolio.
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NEW YORK—Debt investors continue to become a part of the Extended Stay Hotels portfolio financial makeup. The latest is Carlton Group’s Carlton Strategic Ventures, which has acquired a $214-million participation in the M7 mezzanine loan tranche of the portfolio.
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$13.6M Construction Loan Clears Way For Sheraton In Augusta, GA
AUGUSTA, GA—Stevens Creek Developments has obtained a $13.6-million construction loan for the development of a Sheraton Hotel in Augusta, GA. Jones Lang LaSalle Hotels arranged the financing.
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AUGUSTA, GA—Stevens Creek Developments has obtained a $13.6-million construction loan for the development of a Sheraton Hotel in Augusta, GA. Jones Lang LaSalle Hotels arranged the financing.
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Hilton Bolsters Development Team
BEVERLY HILLS, CA—Increasing its focus on development, Hilton Hotels Corp. has named veterans Bill Fortier and Craig Mance to more senior positions.
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BEVERLY HILLS, CA—Increasing its focus on development, Hilton Hotels Corp. has named veterans Bill Fortier and Craig Mance to more senior positions.
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Watermark, W.P. Carey Venture Seeks REIT Status
NEW YORK—According to filings with the United States Securities and Exchange Commission, a newly formed venture between W.P. Carey and Watermark Capital Partners—Carey Watermark Investors Inc.—is seeking real estate investment trust (REIT) status in order to acquire, own and dispose of lodging and lodging-related properties.
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NEW YORK—According to filings with the United States Securities and Exchange Commission, a newly formed venture between W.P. Carey and Watermark Capital Partners—Carey Watermark Investors Inc.—is seeking real estate investment trust (REIT) status in order to acquire, own and dispose of lodging and lodging-related properties.
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Hilton Executive Changes Also Involve Carter, Keltner, Wang and Harvey
BEVERLY HILLS, CA— In conjunction with its appointment of ex-Sunstone Hotel Investors President and CEO Steven Goldman as its new president of global development and real estate, Hilton Hotels Corp. has also promoted three other executives.
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BEVERLY HILLS, CA— In conjunction with its appointment of ex-Sunstone Hotel Investors President and CEO Steven Goldman as its new president of global development and real estate, Hilton Hotels Corp. has also promoted three other executives.
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HOTEL BUSINESS® Roundtable Analyzes Potential Impact Of Bailout
PHOENIX— At a brokers/lenders/owners roundtable convened here last week by HOTEL BUSINESS®, participants described the proposed $700 billion Federal bailout of Wall Street banks and investment firms as a necessary evil.
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PHOENIX— At a brokers/lenders/owners roundtable convened here last week by HOTEL BUSINESS®, participants described the proposed $700 billion Federal bailout of Wall Street banks and investment firms as a necessary evil.
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HB ON THE SCENE: Google Flexes Its Hotel Sector Muscle
NEW YORK— In a display of its growing commitment to the hospitality industry as well as its business-enhancing capabilities for the industry, Google hosted an event titled Digital Discovery Day this week at its New York offices.
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NEW YORK— In a display of its growing commitment to the hospitality industry as well as its business-enhancing capabilities for the industry, Google hosted an event titled Digital Discovery Day this week at its New York offices.
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SEC’s WexTrust Fraud Case Puts Chicago Hotel On Sales Block
CHICAGO—The dominoes have begun to fall in the U.S. Securities and Exchange Commission’s fraud case against WexTrust Capital, LLC, owner of a diverse portfolio of real estate assets, including several hotels.
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CHICAGO—The dominoes have begun to fall in the U.S. Securities and Exchange Commission’s fraud case against WexTrust Capital, LLC, owner of a diverse portfolio of real estate assets, including several hotels.
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Harp Group Acquires Sheraton LAX
LOS ANGELES— The Harp Group and two equity partners has acquired the 802-room Sheraton Gateway Hotel at Los Angeles International Airport for $97 million.
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LOS ANGELES— The Harp Group and two equity partners has acquired the 802-room Sheraton Gateway Hotel at Los Angeles International Airport for $97 million.
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Cornell Report Finds ‘Private’ Hotel REITs Put Shareholders At Disadvantage
ITHACA, NY—According to a report from Cornell’s Center for Hospitality Research, non-traded public REITs, or what are also referred to as “private” REITs, can put their long-term investors at a disadvantage through their unique structure.
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ITHACA, NY—According to a report from Cornell’s Center for Hospitality Research, non-traded public REITs, or what are also referred to as “private” REITs, can put their long-term investors at a disadvantage through their unique structure.
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Joie de Vivre Transforms Former Radisson Into Domain Hotel
SUNNYVALE, CA— Joie de Vivre Hospitality, based here, has converted the former Radisson Sunnyvale in Sunnyvale, CA, into the Domain Hotel.
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SUNNYVALE, CA— Joie de Vivre Hospitality, based here, has converted the former Radisson Sunnyvale in Sunnyvale, CA, into the Domain Hotel.
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