As the industry’s leading developer of electronic locks continues to introduce new, design-centric security solutions for hotels and resorts, the company will assess an 8 percent end-user price increase, from Jan1st 2007, to offset dramatic price hike for brass components in the last two years.
Basar International Group in partnership with First Data Corporation have created a system that allows Hotels and other real estate enities to generate income from their network of Hotels under management.
DALLAS, TX | The owners of the Comfort Suites in Stafford, TX recently closed on the refinance of their 68-room hotel. In addition to paying off the existing 10-year conduit/CMBS loan one year early, the borrowers both achieved their target leverage and extracted equity to add 15 additional suites to the property. The 10-year fixed-rate refinancing program carried par pricing, allows for free pre-payment after 5 years, and provided an early rate-lock at application.
SANTA CLARA, Calif. | SideStep, Inc. (www.sidestep.com), the Internet's leading travel search company, today announced the completion of its acquisition of TravelPost.com (http://www.travelpost.com/), the largest independently owned site for hotel reviews and ratings. The transaction was finalized on Tuesday, October 31, 2006.
Des Moines, Iowa | Principal Real Estate Investors, the real estate investment arm of Principal Global Investors, is launching a new hotel investment capability, further enhancing its already strong investment platform in the traditional sectors of retail, office, multifamily and industrial.
COLUMBIA, Md. | MICROS Systems, Inc. (Nasdaq: MCRS), a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2007 first quarter ended September 30, 2006.
CHICAGO | Consumers continue a three-year upward trend of shopping for hotels online and booking electronically, according to TravelCLICK's consolidated second quarter eTRAK results, released today. The data shows the Internet contributed 37.3 percent, or 7,605,440 reservations, of the total Central Reservation Office (CRO) reservations at major hotel brands, a 19.9 percent increase compared to the same period in 2005. The data also highlights the continuing importance of Global Distribution System (GDS) e-commerce with 36.4 percent, or 7,425,301 bookings, of CRO reservations coming through those channels, a 4 percent increase over Q1 2006. This is the first quarter that Internet reservations surpassed GDS reservations, or bookings made through the travel agent-focused Global Distribution System (GDS).
DALLAS, TX | First American Realty Associates, LLC recently arranged a $2,100,000 acquisition loan on a Ramada Inn in Kilgore, Texas. The 85% LTV loan included $300,000 for an extensive renovation of the 80-room property. The Wyndham Worldwide-franchised Kilgore Ramada is the 510th hotel financed by First American Realty.
Destination Properties Co., Ltd. announces its acquisition of Felix Resort, a 125 room beachfront resort in Karon Beach, Phuket. The property will be branded with an international operator yet to be announced.
Munich, Germany | After only twelve months - one and a half months ahead of schedule - the rollout for the 40 City Lodge hotels spanning the one to four star segment and branded as Courtyard, City Lodge, Town Lodge and Road Lodge, has been completed in mid-May 2006. By now all 4,365 rooms are available on one single central platform. The technology behind it: Amadeus Hotel Multiproperty (Hogatex).
CORAL SPRINGS, Fla., Inc. magazine added Vantage Hospitality, the 12th largest hotel company worldwide, to its INC. 500 list of fastest-growing private companies. Posting a revenue growth of over 307 percent between 2002 and 2005, Vantage is the only hotel company featured on the prominent list and is ranked 492. Former honorees of this prestigious list include Microsoft, Timberland, and Dominos pizza.
Athens, Greece and Minneapolis, Minnesota | IDeaS, the leading provider of revenue optimization solutions and one of the industry’s fastest growing technology companies today announced that Classical Hotels, the city-hotels within Grecotel, Greece’s largest hotel chain, has signed a deal with IDeaS to install IDeaS v5i revenue optimization solution at several of its city hotels including locations in Athens, Thessaloniki and Sofia.
DALLAS, TX | First American Realty Associates, LLC has finalized a $6,500,000 conduit-refinancing loan on the 8-month old Hampton Inn & Suites in Yuma, Arizona. The 10-year loan carried a 30-year amortization schedule. The Hilton-franchised Yuma property is the 507th hotel financed by First American Realty.
Donohoe/Corfac International, one of the leading, independent commercial real estate service providers in the Mid-Atlantic successfully represented seller OTAP, INC. in the sale of the Morrison House Hotel located in Old Town Alexandria, Va. The hotel was purchased by CLPF-Morrison House Venture, L.P. for $14.4 million.
Scottsdale, AZ | The Las Vegas condo hotel market is sizzling hot with record sales and consumers appear to embrace the condo hotel concept with open arms and open wallets according to the recent market review of the Las Vegas strip completed by the National Association of Condo Hotel Owners. With little historical data to draw from, since this is the first time residential real estate has been made available on the Strip, the National Association of Condo Hotel Owners is truly surveying virgin territory on behalf of its membership.
SAN FRANCISCO, The Hyatt Regency Jacksonville Riverfront, which is owned by Oxford Lodging Advisory & Investment Group, LLC and was the headquarters hotel for Super Bowl XXXIX, purchased a two-year subscription to a hospitality forecasting software developed by Carnus Systems after a successful trial period in which the “Carnus F&B Forecaster” yielded accurate restaurant and room service cover and labor forecasts.
Hollywood, Florida | GuestInvest, the UK’s first condo hotel company, is expanding its portfolio of London-based properties to meet growing demand from US investors for European real estate.
London, United Kingdom | Molinaro Koger (MK) announced today that it acted on behalf of joint owners, Conran Holdings and the Blackstone Group, in the successful sale of the Great Eastern Hotel, London. The grade II-listed property on Liverpool Street was sold to Global Hyatt Corporate and JER Partners for £150 million. It is expected that the hotel will re-brand as a Hyatt in January 2007.
Portsmouth, NH -- Sean O’Neill, President and Chief Executive Officer of Newmarket International, the leader in group sales and catering software solutions for the hospitality industry, announced today that the company has acquired Daylight Software.
Evry, France -- Optims-Amadeus Hospitality (Evry, France), the leading global provider of Revenue Management Systems (RMS) and IT-enabling solutions dedicated to the tourism, hospitality and catering industries has been selected by JJW Hotels & Resorts France to implement FrontRes and RestoRes management solution for eight of its prestigious Paris hotels.