ALIS Conference Awards Finalists Announced
Most Noteworthy Hospitality Investment Deals and Executives Honored at ALIS Conference
Executives and companies responsible for the most influential hospitality industry developments in 2011 will be honored during the Americas Lodging Investment Summit (ALIS), January 23-25 at the JW Marriott and Nokia Theatre at LA LIVE. Nominees are considered for the awards based on outstanding business performance in various industry sectors. Nominees for the 2011 awards include:
Development of the Year 2011
- The 1,005-room, $320 million JW Marriott Indianapolis in Indianapolis, Indiana, was developed and managed by the White Lodging Services Corporation.
- The 270-room Mondrian Soho in New York, New York, developed at a cost of $250 million by Cape Advisors, Inc., and managed by Morgans Hotel Group.
- The 334-room Radisson Blu Aqua Hotel in Chicago, Illinois, developed at a cost of $126 million as a joint venture between Carlson Hotels Management Corporation and Magellan Development Group.
Single Asset Transaction of the Year 2011
- A joint venture between Equity Group Investments, Hilton Worldwide, and Elysian principals purchase of the 188-room Elysian Hotel Chicago from Arcapita.
- Host Hotels & Resorts, Inc., purchase of the 1,625-room Manchester Grand Hyatt in San Diego, CA, for $570 million or approximately $351,000 per room from the Manchester Financial Group.
- Pebblebrook Hotel Trust purchase of the 235-room W Boston, for $89.5 million, or approximately $381,000 per room, at bankruptcy auction, from SW Boston, LLC.
Merger & Acquisition of the Year 2011
- A joint venture between Ashford Hospitality Trust Inc and Prudential Financial Inc., acquired the hotel portfolio of Highland Hospitality Corp, a McLean, VA-based REIT. The acquisition and restructuring were completed through a $1.3 billion consensual foreclosure.
- A joint venture between Chatham Lodging Trust and Cerberus Capital Management LP, acquired 64 hotels from Innkeepers USA Trust, a Palm Beach-based REIT and a majority-owned unit of Apollo Investment Corp., for an estimated $1.02 billion.
- New World Hospitality Ltd. acquired Rosewood Hotels & Resorts LLC, a privately held ultra-luxury hotel management company based in Dallas, from Rosewood Corp. and Maritz Wolff & Co LLC, for $229.5 million. One day after the deal closed, the family of Hong Kong billionaire Cheng Yu-Tung, which controls New World Development Co., acquired five luxury hotels, including Manhattan's Carlyle, from Rosewood Corp. and Maritz, Wolff & Co. for $570 million. The combined transaction is approximately $799.5 million.
Jack A. Shaffer Financial Advisor of the Year 2011
- Jon Kurnit, Senior Managing Director, Beacon Hospitality Partners
- Herb Warmbrodt, Principal, Warmbrodt Hotel Investments
- Robert J. Webster, Managing Director, Jones Lang LaSalle Hotels
Co-hosted by the American Hotel & Lodging Association (AH&LA) and Burba Hotel Network (BHN), the two-and-a-half-day ALIS event features an extensive array of seminars and panels hosted by leading experts and investors discussing important trends and identifying new opportunities. The conference attracts the lodging industry's leading hotel executives, investors, lenders, developers, and professional advisory community. Proceeds from ALIS benefit the educational, research, and training missions of the American Hotel & Lodging Education Foundation (AH&LEF), AH&LA's nonprofit affiliate.
About the American Hotel & Lodging Association
Serving the hospitality industry for more than a century, the American Hotel & Lodging Association (AHLA) is the largest national association solely representing all segments of the 8 million jobs the U.S. lodging industry supports, including hotel owners, REITs, chains, franchisees, management companies, independent properties, bed and breakfasts, state hotel associations, and industry suppliers. Headquartered in Washington, D.C., AHLA focuses on strategic advocacy, communications support, and educational resources for an industry that advances long-term career opportunities for employees, invests in local communities across the country and hosts more than one billion guests" stays in American hotels every year. AHLA proudly represents a dynamic hotel industry of more than 54,000 properties that supports $1.1 trillion in U.S. sales and generates nearly $170 billion in taxes to local, state and federal governments. Learn more at www.AHLA.com.