Molinaro Koger (MK) announced today they facilitated the marketing and sale of the former Fairfield Inn Virginia Beach Town Center on behalf of Virginia Beach Hotel, LLC. The well-located asset was acquired by Accor North America for an undisclosed sum and converted to their rapidly expanding Motel 6 brand.
Magnuson Hotels, the world’s largest independent hotel group, announced today an industry-shattering 48% reservation performance increase over same period 2007. Magnuson Hotels’ 48% reservation revenue increase represents a growth rate nearly seven times higher than the 7.2% US total room revenue increase reported for 2007 by Smith Travel Research, the global leader in lodging industry benchmarking/reporting.
Following five years of unprecedented growth, Oxford Lodging Advisory & Investment Group, LLC (OLAIG), has announced a change back to its original name, The Chartres Lodging Group, LLC, following a recapitalization of the San Francisco-based lodging investment and asset management company. The new name is intended to differentiate the company from its original partners, Oxford Capital Group, LLC, and better position it for its next chapter of accelerated portfolio and investor development. The announcement was made today by Rob Kline and Maki Bara, co-founders of OLAIG, who, along with Bruce Blum, partner, will continue their leadership role with The Chartres Lodging Group.
As predicted by MKG Hospitality at the beginning of the year, 2007 was excellent for the French hotel industry. With an occupation level up 1.8 points and an average rate which increased by 6.4%, the evolution of RevPAR reached 9.2% over the year. The month of December ended the year in style, with a 10.3% increase in RevPAR. The whole of this performance is reflected in a turnover increase of 11% for hotel chains, or 8.5 billion euros.
Valamar Hotels & Resorts, the largest Croatian hotel company, managing 38 tourist facilities in four leading Adriatic coast destinations, has published sales results for the previous year and announced new investments for business expansion.
The Capital Markets Group of Molinaro Koger (MK Capital Markets) announced today they have arranged a €20 million re-financing for Amanresorts Le Mélézin in Courchevel 1850 in the French Alps on behalf of the resort’s existing owner, Canyon Equity. The funding was provided by Europe Arab Bank plc. In 2006, MK Capital Markets handled the financing for the original purchase on behalf of Canyon Equity, securing funds through Bear Stearns.
Washington, DC | Hospitality veterans Richard Pastorino and Randall Carroll announced today that they have merged and consolidated their respective companies (both based in Washington, DC) into a new, full-service hotel asset management and advisory firm that will operate as REVPAR International. The merged company is the largest of its kind in the Mid-Atlantic region. REVPAR International delivers benefits to hotel owners and lenders, nationwide and internationally, through an experienced and dedicated hospitality asset management and consulting team that provides incisive advice to its clients, with the objective of driving profitability and optimizing asset value.
DALLAS, TX | Cameron Larkin today announced the launch of hotel investment bank Larkin Hospitality Finance. The new firm will focus exclusively on meeting the debt financing needs of hotel owners and developers.
ATLANTA | Hotel Booking Solutions Incorporated (HBSi), a B2B travel technology and services firm that enables hotel and eTravel distribution companies to integrate their technologies and manage inventory distribution through connectivity and sophisticated Channel Management tools, announced today that is has received an additional $3 million investment from Crosslink Capital.
(Coral Springs, FL) It’s been said that if an idea is worth having once, it’s worth having twice, and with Vantage Hospitality, twice is always nice when it comes to being recognized on the Inc. 500/5000 List of Fastest Growing Private Companies in the United States.
Madrid, Spain | Amadeus, a global leader in technology and distribution solutions for the travel and tourism industry, today announces business results for the six months ending 30 June 2007.
Atlanta, Georgia | Specialty Finance Group, a subsidiary of The Bankers Bank, announced today that they closed a $51 million construction/mini perm loan with Impact Properties for Impact’s Westin Tampa Bay resort project. Specialty Finance Group executed the entire process from proposal to closing, in under 50 days.
Atlanta, Georgia | Molinaro Koger (MK) announced today the closing of the Holiday Inn Atlanta Downtown, which they facilitated. The 260-room property was acquired by a joint venture of Alex Brown Realty, Inc (ABR) and Piedmont Hospitality. The hotel will remain a Holiday Inn following the sale and is scheduled to receive further renovations.
New York, New York | The Capital Markets Group of Molinaro Koger (MK) announced today that the firm secured debt totaling $14.9 million for the acquisition and renovation of a 220-room Quality Inn Hotel, Reno (Sparks), Nevada, by an affiliate of the Navnish Group. The loan was provided by Ascent Real Estate Advisors, a private equity lending fund based in New York which specializes in the hotel industry. Navnish has retained Crescent Hotels & Resorts to manage the hotel which is undergoing a $6 million renovation and conversion to a Holiday Inn.
Washington, DC | The Capital Markets Group of Molinaro Koger (MK) announced today that the firm secured debt and equity for the Glenmont Capital Management/American Hotel Development Partners joint venture to construct three Candlewood Suites properties in select U.S. markets. The first development property of Sarasota-based American Hotel Development Partners, LLC (AHDP) and affiliates of New York-based real estate investment firm Glenmont Capital Management, LLC, is a 112-room Candlewood Suites Hotel located in Columbia, South Carolina, which broke ground last month.
Atlanta GA, Spokane WA | For decades, independent US hotel owners have been told that a major hotel franchise is required to qualify for bank financing. Banks have unilaterally stood by the rationale that the big hotel brands are needed to guarantee a predictable cash flow for a safe loan.
BOCA RATON, Fla., Agilysys, Inc. (NASDAQ:AGYS) , a leading provider of innovative IT solutions and hospitality software solutions, today announced it has entered a definitive agreement to acquire InfoGenesis, a privately held, independent software vendor (ISV) and solution provider to the hospitality market. Based in Santa Barbara, Calif. and at approximately $42 million in annual revenues, InfoGenesis offers enterprise-class point-of-sale (POS) solutions that provide end users a highly intuitive, secure and easy way to process customer transactions across multiple departments or locations, including comprehensive corporate and store reporting.
DALLAS, TX | First American Realty Associates announced that it secured conduit refinancing on the 68-room Hampton Inn located in Victoria, TX. The full leverage, fixed-rate loan carried 30-year amortization with interest-only payments for the first year. The loan additionally allowed for stepped FF&E reserves the first 3 years of the loan. The hotel has been open for only 22 months and captures 168% of Smith Travel Research RevPAR Index.
MINNEAPOLIS -- SoftBrands, Inc. (Amex:SBN), a global supplier of enterprise application software, today announced its financial results for the second quarter ended March 31, 2007. Revenues for the second quarter of fiscal 2007 were $21.4 million, an increase of 23% compared with revenues of $17.4 million in the second quarter fiscal 2006. The year-over-year increase in revenue was primarily the result of the acquisition of HIS in fourth quarter fiscal 2006.
MANHATTAN/ITHACA, N.Y. | HQuant LLC today announced at the Morgan Stanley CMBS New Products Conference in Manhattan, the introduction of the HQuant Lodging Index (HLI), a new sophisticated investment tool for investors who wish to participate in the future performance of the hotel industry without investing in the underlying real estate. The HQuant Lodging Index, the first of its kind, will provide detailed information on seasonally adjusted hotel average daily rates (ADR) based on data collected on more than 3 million U.S. hotel rooms, or approximately 68 percent of the nation’s total.