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Hilton Returning To Panama With Four Properties
BEVERLY HILLS, CA—Hilton Hotels Corp. has made a significant return to Panama with the signing of four multi-year agreements involving franchises and corporate management contracts.
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BEVERLY HILLS, CA—Hilton Hotels Corp. has made a significant return to Panama with the signing of four multi-year agreements involving franchises and corporate management contracts.
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Kimpton Schedules Baltimore Debut
BALTIMORE, MD—Kimpton Hotels & Restaurants enters the Baltimore market this summer with the opening of a 202-room Hotel Monaco.
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BALTIMORE, MD—Kimpton Hotels & Restaurants enters the Baltimore market this summer with the opening of a 202-room Hotel Monaco.
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PKF Forecasts Deep, Long Recession For Hotel Industry
ATLANTA—According to the latest report from PKF Hospitality Research, U.S. hotels have entered the initial stages of one of the deepest and longest recessions in the history of the U.S. lodging industry.
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ATLANTA—According to the latest report from PKF Hospitality Research, U.S. hotels have entered the initial stages of one of the deepest and longest recessions in the history of the U.S. lodging industry.
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Red Roof’s First NextGen Prototype Property Opens
LOCUST GROVE, GA—Red Roof’s first new NextGen prototype property has made its premier here. The 64-room, newly constructed property is a franchise.
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LOCUST GROVE, GA—Red Roof’s first new NextGen prototype property has made its premier here. The 64-room, newly constructed property is a franchise.
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Jones Lang LaSalle Hotels Forecasts New RevPAR Record By 2013
CHICAGO—According to Jones Lang LaSalle Hotels, based on its five-year forecast, RevPAR will reach $68.28 in 2013, thereby exceeding the previous RevPAR peak in 2007.
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CHICAGO—According to Jones Lang LaSalle Hotels, based on its five-year forecast, RevPAR will reach $68.28 in 2013, thereby exceeding the previous RevPAR peak in 2007.
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Hotel Foreclosures Seen In '09 Outlook
TAMPA, FL—A hotel foreclosure environment will exist in 2009 if negative RevPAR trends continue, according to the Plasencia Group and several analysts’ declining RevPAR forecasts.
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TAMPA, FL—A hotel foreclosure environment will exist in 2009 if negative RevPAR trends continue, according to the Plasencia Group and several analysts’ declining RevPAR forecasts.
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PKF Capital Forms Distressed Hotel Solutions Program
SAN FRANCISCO—In response to the increasing number of financially troubled U.S. hotels, PKF Capital has launched a Distressed Hotel Solutions Program.
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SAN FRANCISCO—In response to the increasing number of financially troubled U.S. hotels, PKF Capital has launched a Distressed Hotel Solutions Program.
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W Scottsdale Enters Foreclosure
SCOTTSDALE, AZ—Open less than six months, the 224-room W Hotel & Residences here has entered foreclosure.
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SCOTTSDALE, AZ—Open less than six months, the 224-room W Hotel & Residences here has entered foreclosure.
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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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Residence Inn Opens In Covington, LA
COVINGTON, LA—A 125-suite Residence Inn by Marriott has opened here. Marriott International will manage the property, which is formally known as the Residence Inn New Orleans Covington/Northshore.
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COVINGTON, LA—A 125-suite Residence Inn by Marriott has opened here. Marriott International will manage the property, which is formally known as the Residence Inn New Orleans Covington/Northshore.
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Fitch: Most Upper Tier Hotels With CMBS Loans Could Face Default
NEW YORK—According to Fitch Ratings, more than 50% of upscale and luxury hotels in recent vintage, fixed-rate, U.S. commercial mortgage-backed securities may be unable to generate sufficient cash flow to pay debt service by the end of this year.
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NEW YORK—According to Fitch Ratings, more than 50% of upscale and luxury hotels in recent vintage, fixed-rate, U.S. commercial mortgage-backed securities may be unable to generate sufficient cash flow to pay debt service by the end of this year.
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Terranea Resort Defaults
RANCHO PALOS VERDES, CA— Open two months, the 360-room Terranea Resort faces separate foreclosure filings by two of its lenders.
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RANCHO PALOS VERDES, CA— Open two months, the 360-room Terranea Resort faces separate foreclosure filings by two of its lenders.
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Trigild Takes On More Distressed Hotels Via Receivership
SAN DIEGO—Trigild has been appointed as receiver for six distressed hospitality and residential projects in the Western U.S. that represent more than $80 million in defaulted mortgages.
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SAN DIEGO—Trigild has been appointed as receiver for six distressed hospitality and residential projects in the Western U.S. that represent more than $80 million in defaulted mortgages.
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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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Hammons Adds Courtyard To Nebraska Complex
LA VISTA, NE— John Q. Hammons Hotels & Resorts has opened a 246-room Courtyard by Marriott in this Omaha suburb adjacent to its existing conference center.
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LA VISTA, NE— John Q. Hammons Hotels & Resorts has opened a 246-room Courtyard by Marriott in this Omaha suburb adjacent to its existing conference center.
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HEI Earmarks $1.5 Billion Toward Hotel Acquisitions
NORWALK, CT—Owner/operator HEI Hotels & Resorts, based here, has revealed plans to deploy up to $1.5 billion of its third fund during 2009.
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NORWALK, CT—Owner/operator HEI Hotels & Resorts, based here, has revealed plans to deploy up to $1.5 billion of its third fund during 2009.
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PKF: Q2 2010 Will Be End Of Hotel Demand Decline
ATLANTA—PKF Hospitality Research is now forecasting that the U.S. hotel industry’s nine consecutive quarters of declining demand will come to an end in the second quarter of 2010. However, the only problem is price discounting has firmly taken hold and, as result, room rates are expected to decline again in 2010.
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ATLANTA—PKF Hospitality Research is now forecasting that the U.S. hotel industry’s nine consecutive quarters of declining demand will come to an end in the second quarter of 2010. However, the only problem is price discounting has firmly taken hold and, as result, room rates are expected to decline again in 2010.
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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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Hilton's Goldman Placed On Administrative Leave
MCLEAN, VA— HOTEL BUSINESS® has learned that Hilton Worldwide has placed Steven Goldman, president of global development and real estate, on administrative leave.
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MCLEAN, VA— HOTEL BUSINESS® has learned that Hilton Worldwide has placed Steven Goldman, president of global development and real estate, on administrative leave.
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Millennium Bostonian Hotel Completes $25M Renovation
BOSTON—The Millennium Bostonian Hotel has put the finishing touches on its $25 million renovation with the opening of North 26 Restaurant and Bar, a progressive dining concept.
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BOSTON—The Millennium Bostonian Hotel has put the finishing touches on its $25 million renovation with the opening of North 26 Restaurant and Bar, a progressive dining concept.
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Lodgian In Default On Loan Pool & Giving Lender Back Another Asset
ATLANTA—Lodgian, Inc. is now in the process of making several strategic decisions on many of its properties and their associated loans in light of the recession. Among them are further negotiations with a lender on a fixed-rate loan pool secured by six hotels that is now in default.
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ATLANTA—Lodgian, Inc. is now in the process of making several strategic decisions on many of its properties and their associated loans in light of the recession. Among them are further negotiations with a lender on a fixed-rate loan pool secured by six hotels that is now in default.
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Marriott And Schrager Choose Waikiki For First Edition Brand Hotel
HONOLULU—The first Edition Hotel will open in the Waikiki section of Honolulu in 2010 through a conversion of an existing hotel, HOTEL BUSINESS® has learned.
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HONOLULU—The first Edition Hotel will open in the Waikiki section of Honolulu in 2010 through a conversion of an existing hotel, HOTEL BUSINESS® has learned.
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Hyatt's Abrahamson To Join IHG As President, The Americas
ATLANTA—InterContinental Hotels Group PLC has named hospitality veteran Jim Abrahamson as president of its Americas region.
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ATLANTA—InterContinental Hotels Group PLC has named hospitality veteran Jim Abrahamson as president of its Americas region.
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Sunstone Walks Away From Two More Hotels
SAN CLEMENTE, CA—After stopping debt payments on the W San Diego, Sunstone Hotel Investors has taken the same step with the Marriott Ontario Airport in Ontario, CA, and the Renaissance Westchester in West Harrison, NY.
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SAN CLEMENTE, CA—After stopping debt payments on the W San Diego, Sunstone Hotel Investors has taken the same step with the Marriott Ontario Airport in Ontario, CA, and the Renaissance Westchester in West Harrison, NY.
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Country Inn & Suites Opens In Harrisburg, PA
HARRISBURG, PA— A 78-room Country Inn & Suites by Carlson has opened four miles from downtown Harrisburg.
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HARRISBURG, PA— A 78-room Country Inn & Suites by Carlson has opened four miles from downtown Harrisburg.
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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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Industry Veterans Launch New Acquisition Fund
NEW YORK—Three senior hotel executives have launched a hotel investment fund to acquire hotels. Fairwood Hospitality Investors, LLC is capitalized with $150 million in equity contributed by the principals of Fairwood Capital LLC, a newly formed private equity fund, and two institutional investors.
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NEW YORK—Three senior hotel executives have launched a hotel investment fund to acquire hotels. Fairwood Hospitality Investors, LLC is capitalized with $150 million in equity contributed by the principals of Fairwood Capital LLC, a newly formed private equity fund, and two institutional investors.
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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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Morgans Hotel Group Rolls In The Dough On Two Fronts
NEW YORK—Morgans Hotel Group Co. has received positive financial news on two fronts regarding its Hudson Hotel here as well as a capital infusion.
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NEW YORK—Morgans Hotel Group Co. has received positive financial news on two fronts regarding its Hudson Hotel here as well as a capital infusion.
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