Noble Investment Group ("Noble") today announced the acquisition of the Courtyard by Marriott Jacksonville Beach Oceanfront. Located on the shores of Jacksonville Beach, the hotel will undergo a comprehensive enhancement to all hotel guestrooms and suites, public areas, and meeting and event spaces.
Host Hotels & Resorts, Inc. (NASDAQ: HST) (“Host” or the “Company”), the nation’s largest lodging real estate investment trust, today announced that it has acquired the fee simple interest in the 234-room 1 Hotel Central Park (the “Property”) for approximately $265 million in cash. The acquisition price represents an 11.1x EBITDA multiple or a cap rate of approximately 8.1% on the Property’s 2024 estimated results1.
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it has acquired the fee simple interest in the 110-room Hotel Teatro in Denver (the “Hotel”) for a purchase price of $35.5 million. The Hotel was redeveloped into an independent boutique lifestyle hotel following the transformational conversion of the historic Denver Tramway Company office building, built circa 1911. The hotel is expected to generate over a 10% stabilized yield.
Choice Hotels International, Inc. (NYSE: CHH) has opened four Cambria Hotels in popular U.S. destinations. The newly opened properties, located in Niagara Falls, NY; Rehoboth, DE; North Conway, NH; and Denver, CO, join a collection of more than 70 open Cambria Hotels located around the country and an upscale portfolio of eight brands, including Radisson Blu, the Ascend Hotel Collection, Radisson, Radisson Individuals, Radisson RED, with hotels around the world. These openings continue to cement Choice Hotels as a challenger in the upscale segment and opened just in time for the summer travel season, with a recent Deloitte survey sharing that nearly half of Americans are planning on taking a trip this summer. These Cambria hotels offer guests a full-service upscale experience with amenities such as restaurants, bars, meeting and event spaces, and more.
According to the recent Q2 2024 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines are led by Dallas with 189 projects, just four projects shy of its record-high at the end of Q4 2023, and a new record-high 22,392 rooms. Atlanta follows with a record-high 159 projects/18,522 rooms, then the Inland Empire with a record-high 124 projects/12,569 rooms, Nashville with 123 projects/15,924 rooms, and Phoenix with 120 projects/15,627 rooms.
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners, has acquired the Hilton Garden Inn Courthouse Plaza Arlington Courthouse Plaza. The 193-room, premium select-service hotel marks HHP’s 12th property and its first venture into the Washington DC metro area.Situated in Arlington’s Rosslyn-Ballston corridor, the hotel is ideally situated in Northern Virginia’s stable and growing demand generators, including the Pentagon, Amazon’s HQ2 and the burgeoning defense and tech corporate sectors. The hotel is also conveniently located within walking distance of the Court House stop on the DC Metro,
As seen in the Q2 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the second quarter, there are 6,095 projects with 713,151 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and an 8% YOY increase in rooms compared to Q2 2023 totals.
Valencia Hotel Group is thrilled to announce a major achievement in its growth trajectory with the successful completion of its largest equity raise to date. This landmark investment facilitates the acquisition of Cavalry Court and The George, two premier boutique hotel properties located in the heart of College Station, Texas.
While many U.S. markets have experienced a slowdown in hotel development amid rising construction costs, increasing financing costs, and general uncertainty, the greater Jacksonville market area has continued to support a robust hotel development pipeline. Factors contributing to this growth include ongoing infrastructure projects in the market, such as the JAXPORT dredging project and Interstate 295 expansion; the ongoing work of the Jacksonville Downtown Investment Authority (DIA) to broaden the city’s appeal as an international business destination; and the availability of land suitable for development.Thus, contrary to other large U.S. markets, Jacksonville did not experience a slowdown of new supply in the post-pandemic period, with over 9% of Duval County’s roughly 20,000 guestrooms being added from January 2021 through June 2024. The following properties represent some of the market’s most noteworthy additions during that period:
B&B HOTELS is pleased to announce that it has completed its second U.S. deal for a hotel in Jacksonville, Florida. This marks another milestone for B&B HOTELS which brings its highly successful lease model to the United States. The successful opening of the first hotel in Orlando, only four months ago, has led to a growing interest in Europe's fastest-growing midscale hotel brand with its real estate investor Batipart, which has supported the hotel chain since day one in this new U.S. project.
Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has entered into a cooperation agreement (the "Cooperation Agreement") with Blackwells Capital LLC ("Blackwells").
Lodging Econometrics (LE) has released the Q1 hotel development data for the Charlotte, NC market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC).The Q1 2024 LE Market Trend Report for the Charlotte market highlights that Charlotte has a total of 67 hotel projects and 7,772 rooms in the construction pipeline, positioning it fifteenth among the top 25 U.S. markets for the largest hotel construction pipeline by project count. Within the Charlotte market, at the close of the first quarter, hotels presently under construction stand at 11 projects/1,435 rooms. Projects scheduled to start construction in the next 12 months stand at 31 projects
A few months ago CBRE Hotels conducted a survey of executives whose primary responsibility is investing in U.S. hotels. Survey participants were asked to describe their U.S. hotel investment preferences for 2024 by geography, chain-scale, and type of hotel. In addition, they were asked about the factors that influenced their priorities.
FIAF Florence Gould Hall Theater was bustling in early June with another successful Boutique Hotel Investment Conference. Kudos to the BLLA team for executing a great event! This article presents some key takeaways from HVS attendees Patricia Shih (HVS Consulting & Valuation) and Marcus Lee (HVS Asset Management & Advisory).
Plamondon Hospitality Partners, headquartered in Frederick, Maryland, is excited to announce their purchase of the Holiday Inn Express & Suites Johnstown in Johnstown, Pennsylvania. The acquisition of the Holiday Inn Express & Suites marks the beginning of Plamondon’s transition into the region’s market.
They say everything’s bigger in Texas, and for IHG Hotels & Resorts (IHG), it just keeps getting bigger. Texas already is a booming state for transplants and travelers alike, with its growing population and diverse range of attractions drawing in hundreds of millions of visitors each year. This surge in tourism has led to an increased demand for guest accommodations, with more than 11,000 hotel rooms set to be built in the state this year alone. Economic impact from these new hotels will trickle down into the surrounding community, with guests venturing out to frequent restaurants, bars, shopping locations and attractions.
Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, continues to expand its Everhome Suites brand with recent groundbreakings in Portsmouth, New Hampshire; Rochester, New York; and Somerset, New Jersey, developed in collaboration with Highside Companies. The extended stay demand fundamentals make these locations an ideal fit for the Everhome Suites midscale brand, catering to both business and leisure travelers. Within the category, Choice has nearly 480 hotels open and more than 400 properties in the pipeline across its four extended stay brands, as of the first quarter of 2024.
Marriott International, Inc. [Nasdaq: MAR] announces plans to convert three iconic luxury properties in the U.S. to brands within the Marriott Bonvoy portfolio. Located in some of the most sought-after destinations in the country, The Resort at Pelican Hill, Turtle Bay Resort, and a luxury Midtown hotel in New York City are all expected to join Marriott Bonvoy’s luxury brands this summer.
The BLLA Team sat down with Ben Rafter, President & CEO at Springboard Hospitality to chat about the upcoming Boutique Hotel Investment Conference taking place on June 5 at Florence Gould Hall in NYC.
The BLLA Team sat down with Marcus Lee, Executive Vice President, Development at HVS Asset Management & Advisory to chat about the upcoming Boutique Hotel Investment Conference taking place on June 5 at Florence Gould Hall in NYC.