Development USA & Canada News - Hospitality Net

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Opinion Article

March 25, 2023

Hunter Conference Takeaways – A Well-Performing Hotel Industry Lives Through a Tough Financing Environment

Another exceptional Hunter Conference is in the rearview mirror, with much thanks to Lee Hunter and his team, as well as the Atlanta Marriott Marquis, for pulling off a terrific event. Never a dull moment in the hotel industry, which is why many of us never leave the sector, with attendees having such varied opinions on how this year may play out.

By Rodney Clough, President - HVS Americas, Denver, HVS

March 24, 2023

Joint Venture of NewcrestImage & Hospitality Capital Partners Acquires 16-Hotel Portfolio for $137 Million

In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta.

NewcrestImage, LLC

March 23, 2023

Texas hotel owner adds a second property to Magnuson Hotels Independent Collection

Magnuson Hotels announces the Regency Inn Hondo as the latest addition to the Magnuson Hotels Independent Collection portfolio. This complements the group’s strategic growth plans to onboard distinctive hotels offering exceptional value in key cities across the country.

Magnuson Hotels

Texas, United States

March 21, 2023

Extended Stay America Signs Deal with BASK Development for Eight New Extended Stay America Premier Suites Locations

Extended Stay America announced today that it entered into an agreement with BASK Development for eight new Extended Stay America Premier Suites located throughout major markets in Florida.

Florida, United States

March 21, 2023

Wyndham Ramps Up ECHO Development, Pipeline Grows to Over 200 Hotels in Year One

Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,100 hotels spanning more than 95 countries, today announced the continued expansion of its innovative ECHO Suites Extended StaySM by Wyndham brand, which in just one year, now has more than 200 hotels in its development pipeline.

March 20, 2023

Highgate and Flynn Properties Acquire The Huntington Hotel

Highgate, a leading hotel management, investment and development company, and Flynn Properties, a San Francisco-based owner of luxury resorts, commercial real estate and select service hotel properties in America and abroad, today announced the acquisition of The Huntington Hotel. Located in San Francisco’s Nob Hill neighborhood, the storied property has long been a nostalgic symbol of a bygone era, having originally been constructed in 1924 as the first steel and brick high rise west of the Mississippi.

Highgate Hotels, L.P.

San Francisco, California, United States

March 20, 2023

Red Roof will open 50 new properties in 2023, representing 60 percent year on year growth

Red Roof®, an award-winning leader in the lodging industry, will open 50 properties — new builds and conversions — in 2023, representing 60 percent year on year growth. The company attributes this strong growth to continued demand for the brand.

The next-gen metrics that move hotel P&L

Hotel tech has changed what's possible – and measurable. RevPAR and ADR aren't enough; discover the metrics that really matter.

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March 14, 2023

Delmonte Hotel Group Acquires Moxy Chatanooga Downtown

DelMonte Hotel Group, an award-winning hotel management and development company headquartered in Rochester, New York, has acquired the Moxy Chattanooga Downtown. Currently located in Chattanooga's flourishing Southside neighborhood, Moxy Chattanooga Downtown offers ample opportunity to work hard and play hard during visits to the Scenic City with access to the best ships, dining, entertainment and nightlife activity. Additionally, it is a short drive from the Chattanooga Convention Center.

DelMonte Hotel Group

Chattanooga, Tennessee, United States

March 10, 2023

The St. Joe Company Plans to Open 5 New Hotels in the First Half of 2023 Adding 646 Keys to Portfolio

The St. Joe Company (NYSE: JOE) (“St. Joe”) anticipates completing and opening five new hotels in the first half of 2023. These hotels include The Lodge 30A, an 85-room boutique hotel located on Scenic Highway 30A that opened in February. Over the next four months the Company anticipates opening the 255-suite Embassy Suites by Hilton Panama City Beach Resort; the waterfront 124-room Hotel Indigo Panama City Marina; the 107-room Home2 Suites by Hilton Santa Rosa Beach; and Camp Creek Inn, a 75-room boutique hotel overlooking Camp Creek golf course. Once complete, these properties will more than double the number of available hotel rooms in St. Joe’s portfolio, from 531 to 1,177 rooms.

The St. Joe Company

March 9, 2023

Magnuson Hotels Independent Collection welcomes Wafer 450 in Santa Clara California

Magnuson Hotels today announced the addition of Wafer 450 to its Independent Collection portfolio. The 31-room hotel located in Santa Clara is the fourth property added to Magnuson Hotels by California’s Stay Cal Hospitality since 2020, and the 19th hotel the group represents in California.

Magnuson Hotels

Santa Clara, California, United States

Opinion Article

March 6, 2023

Key Takeaways from the GF Hotels Forum, Q1 2023

It’s a difficult lending environment across the nation at the moment, but RevPAR is expected to continue to rise in the foreseeable future, particularly supported by ADR growth. Debt, while very expensive, is available, and one lesson learned from the pandemic is the importance of sponsorship, including relationships with the brands.Below is the SWOT analysis for the U.S. hotel real estate and investment industry as outlined at the GF Hotels Forum in Towson, Maryland.

By Jerod Byrd, Senior Vice President, Partner and Director of Operations of the HVS Philadelphia Consulting and Valuation division, HVS

External Article

March 2, 2023

RLJ Executives Wait To 'Pull the Right Lever' on Hotel Investment

RLJ Lodging Trust executives said a strong balance sheet gives the company multiple investment levers to potentially pull this year.

Opinion Article

March 2, 2023

New York City’s 2018 & 2021 Hotel Zoning Amendments

Hotels are a vital part of New York City’s economy, accounting for approximately $13 billion of revenue per year. In recent years, however, the City Planning Commission has adopted certain amendments to New York City’s Zoning Resolution in an attempt to curtail hotel development. These changes have been top-of-mind for owners and developers involved in the New York City hotel real estate market.

By Cole Masler, Senior Manager, New York, HVS

New York, New York, United States

Opinion Article

February 24, 2023

The Miami Market Rises to the Occasion

Nicknamed “the Magic City,” Miami has maintained its position as a world-class destination despite the national economic challenges experienced since 2020. At the height of the pandemic, Miami’s favorable weather and relaxed restrictions attracted new residents and businesses from all corners of the country and the world. In the post-pandemic era, the greater Miami area remains a top U.S. market. In 2022, hotels in this market realized year-over-year growth in all metrics across each submarket. Furthermore, new hotel supply continues to be added, with numerous recently opened hotels and countless proposed developments.

By Emeldina Paratusic, Project Manager, Miami, HVS

Miami, Florida, United States

February 23, 2023

Aspen Hospitality Forms Strategic Joint Venture With Continuum Partners

Continuum Partners LLC, a Denver-based real estate developer specializing in building urban, mixed-use projects, announced today that it has sold an interest in the Hotel Born to Aspen Hospitality, the hospitality division of Aspen Skiing Company. The newly formed joint venture marks the beginning of the hotel's future conversion to Limelight Denver under the operation of Aspen Hospitality in 2023. Rick Rush of CBRE represented Continuum in the deal. Hotel Born will continue to operate as usual until the conversion to Limelight occurs, with the partners ensuring a seamless transition for hotel staff and booked guests.

Aspen Hospitality

Denver, Colorado, United States

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February 15, 2023

Magnuson Hotel Ironwood and Ironwood Indianhead open in Michigan

Magnuson Hotels has announced the addition of two stellar properties within the Penokee Range in Upper Peninsula Michigan, making a total of 17 Magnuson Hotel locations in Michigan today.

Magnuson Hotels

Michigan, United States

February 15, 2023

5 Senses Hospitality Invests in the Waters Hotel, Tapestry Collection By Hilton®

Denver-based hotel company 5 Senses Hospitality has announced their substantial investment in The Waters Hotel, Tapestry Collection by Hilton®. 5 Senses Hospitality has been actively managing the property since early 2022. Under the management of 5 Senses Hospitality, The Waters Hotel received the honor of being named the “Best Hotel in Arkansas” by AY Magazine.

5 Senses Hospitality

Hot Springs, Arkansas, United States

February 14, 2023

Chartwell and Southstar Break Ground on $500M Mixed-Use Aureum Project in Franklin, Tennessee

Chartwell Hospitality, in a joint venture with co-developer Southstar, broke ground on their $500 million Aureum Project. Aureum is a 22-acre mixed-use project that will offer residents unique living, working, and entertainment options in one premier location known as the “Golden Corner” of Franklin, TN.

Chartwell Hospitality

Franklin, Tennessee, United States

February 10, 2023

LuxUrban Hotels Inc. Signs Master Lease Agreements for the O Hotel in Los Angeles and 101 Bogart Street in Brooklyn, New York

LuxUrban Hotels Inc. (Nasdaq: LUXH) (or “the Company”), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it has signed separate, multi-year Master Lease Agreements (MLAs) to operate two short-term stay hotels: The O Hotel in downtown Los Angeles, CA via a 20-year MLA, inclusive of options; and 101 Bogart Street in Brooklyn, NY via a 10-year MLA.

LuxUrban Hotels Inc.

February 9, 2023

Azora Strengthens Its Position in the U.S. With $78 Million Commercial Portfolio Acquisiton

Azora, through its subsidiary Azora Exan, has strengthened its position in the U.S. market by executing a number of transactions in the residential and commercial sectors in 2022, bringing its total investment to more than $450 million last year.