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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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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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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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Three San Francisco-Area Hotels Now Up For Sale
SAN FRANCISCO—Nob Hill Properties, Inc. has put three San Francisco Bay-area hotels up for sale. Holliday Fenoglio Fowler, LP is marketing the three iconic assets.
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SAN FRANCISCO—Nob Hill Properties, Inc. has put three San Francisco Bay-area hotels up for sale. Holliday Fenoglio Fowler, LP is marketing the three iconic assets.
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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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Six Hotels Added To New York Pipeline
NEW YORK–Six hotels have been added to the New York City development pipeline in the database maintained by NYC & Co., the city's tourism marketing organization.
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NEW YORK–Six hotels have been added to the New York City development pipeline in the database maintained by NYC & Co., the city's tourism marketing organization.
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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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HB ON THE SCENE: Meet The Money Predicts Dramatic Increase In Hotel Sales
LOS ANGELES, CA–On the second day of the Meet the Money conference here, speakers said they expected the dollar amount of hotel sales this year to almost double from last year's number.
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LOS ANGELES, CA–On the second day of the Meet the Money conference here, speakers said they expected the dollar amount of hotel sales this year to almost double from last year's number.
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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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HB ON THE SCENE: HTNG Shows Hotel Companies Way To Future Is In The ‘Clouds.’
ORLANDO—The hotel technology leaders over at Hotel Technology Next Generation (HTNG), which held its annual North American Members’ Meeting today here at the Hilton located in the Walt Disney World Resort, now have their heads stuck firmly in the clouds when it comes to the future of hospitality technology infrastructure and systems.
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ORLANDO—The hotel technology leaders over at Hotel Technology Next Generation (HTNG), which held its annual North American Members’ Meeting today here at the Hilton located in the Walt Disney World Resort, now have their heads stuck firmly in the clouds when it comes to the future of hospitality technology infrastructure and systems.
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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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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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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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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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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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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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