Image Hotels, a fully integrated hotel development and management company based in Savannah, Georgia and operating through the coastal South since 1978, today announced the acquisition of the Courtyard by Marriott North Charleston Airport/Coliseum in North Charleston, South Carolina.
The hotel transaction market continues to face significant headwinds. Investors are still concerned about the prohibitive cost of debt, and with the chances of a summer rate cut from the Fed becoming slimmer, expensive debt may remain for the foreseeable future. Additional challenges to getting deals done are the bid-ask spread, rising operational costs, and extensive change-of-ownership property improvement plans (PIPs). As ownership groups consider placing their hotel assets on the market, they should consider how these headwinds are affecting buyer underwriting so that they have realistic pricing expectations.
Placemakr, a flexible-use hospitality and multifamily operator, today announced a major expansion across Texas with four new property launches, bringing the company's total operations to over 800 units in the state. The expansion includes the acquisition of Placemakr Downtown Austin, formerly named 3Waller, a 259-unit property in the heart of downtown Austin, marking the 6th property acquisition for Placemakr. The expansion also includes Placemakr's first smaller property launch (24 units) as part of a new brand concept, "Hosted by Placemakr." Lastly, Placemakr will also manage its first two exclusively residential properties in Texas. With these launches, Placemakr is investing in Texas as a destination for both work and play, where the tech scene continues to grow.
Questex, a leading information services and event company, today announces the opening of registration for the NYU International Hospitality Industry Investment Conference (NYU IHIIC) to be held on June 2-4, 2024 at the Marriott Marquis in New York.
Officials of Ashburton Hospitality, a full-service consultancy firm focused on asset management, today announced the addition of ten hotels to its rapidly expanding portfolio. The Marriott-, Hilton- and IHG-branded hotels are located throughout the Midwest, Eastern seaboard and southeastern U.S.
NexGen Hotels, a hotel development and management company based in Itasca, Illinois, today announced the acquisition of the Hotel Versey in Chicago, Illinois. Located at 644 W Diversey Parkway, the 137-room hotel will be managed by Genuine Hospitality Group of St. Louis, Missouri.
The latest Hotel Construction Pipeline Trend Report for Canada from Lodging Econometrics (LE) reveals, at Q1 2024, there are 314 projects/39,628 rooms in the total pipeline. This new record-high in project counts represents an impressive 11% increase in project counts and a 5% increase in room numbers year-over-year (YOY).
The recent U.S. Construction Pipeline Trend Report from Lodging Econometrics (LE) reports that, at the close of the first quarter, the top five markets with the largest hotel construction pipelines are led by Dallas with 185 projects/21,882 rooms, slightly below record-highs recorded at the end of Q4 2023. Next is Atlanta, with an all-time high of 153 projects with 17,929 rooms, then Nashville with 127 projects/16,199 rooms. Phoenix follows with 123 projects/16,198 rooms, and the Inland Empire with a new record-high 121 projects/12,324 rooms.
As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
stayAPT Suites, the innovative apartment-style hotel brand, is pleased to announce a significant expansion initiative in partnership with Powerhouse Hotels, a joint venture between JCap Realty Group and Cullinan Holdings. This collaboration involves signing a multi-unit development agreement, adding 30 new locations to stayAPT Suites' portfolio, and expanding the brand footprint to 25 states over the next five years, with six locations that will break ground in 2024.
Valor Hospitality Partners continues to expand its North American portfolio through a recent management acquisition with DoubleTree Suites by Hilton Hotel Huntsville South in Huntsville, Alabama. With extensive hotel management experience in the southeastern region of the United States, Valor will infuse innovative strategies and operational excellence aimed at driving revenue growth and guest satisfaction in this new location.
hihotels by Hospitality International, a recognized leader in franchising conversion and new-build hotels for economy lodging, expands its family of brands by signing eight new properties in five states.
Hospitality America, a leading hotel development and management company, announces the opening of TownePlace Suites by Marriott Raleigh-Durham Airport / Morrisville in North Carolina. The new 112-suite hotel is built for travelers looking for a simple and friendly place where they can settle in, keep to their routines, and easily connect to Raleigh Durham International Airport and Raleigh’s Research Triangle area. Located at 1021 Carrington Mill Blvd., it will operate as a Marriott franchise, managed by Hospitality America of Greenville, S.C. General Manager Emily Pearce and Director of Sales, Donna Oglesby lead the management team at the property for Hospitality America.
Following its annual investor conference, Driftwood Capital, a leading vertically integrated commercial real estate firm, is proud to announce its hotel development pipeline has now exceeded $1 billion in projected value. This robust portfolio includes $800 million worth of strategically pursued projects either under construction or scheduled to break ground in 2024, showcasing Driftwood Capital's robust and strategic growth in the hospitality sector.
A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Investments (“Trinity”), announced today the acquisition of The Scottsdale Plaza Resort & Villas (the “Resort”), located in Paradise Valley, Arizona.
Leading global hospitality company, Hilton (NYSE: HLT), continues to accelerate its development efforts in Canada. Following a year of rapid multi brand, multi destination growth with 10 new hotel openings, including the first Canopy by Hilton in Canada, Hilton ended 2023 with 180 open hotels in the country spanning more than 28,000 rooms across 11 brands. With nearly 20 deals signed in 2023, Hilton’s Canada pipeline consists of approximately 90 hotels and more than 11,000 rooms and will introduce Spark by Hilton and Motto by Hilton into Canada in 2024. Hilton will soon surpass 200 hotels in Canada, and plans to increase its portfolio of hotels by 50% over the next several years.
Sonesta International Hotels Corporation (Sonesta) announced the opening of two new upper-midscale Sonesta Essential hotels in March. Sonesta Essential Morgantown is a 57-room hotel located at 15 Lawless Road in Morgantown, West Virginia, and Sonesta Essential Gonzales is a 52-room hotel located at 2019 Water Street in Gonzales, Texas.
Following the highly-anticipated opening in Naples, Margaritaville announces an expansion of the brand’s Compass by Margaritaville collection of boutique hotels.
Yesterday, Hotel Equities, (“HE”) announced they have been selected by Beechwood Pinnacle to operate the highly anticipated AC Hotel, situated in the historic Rialto Building at 906 Grand Blvd, in downtown Kansas City. Beechwood Pinnacle is the co-owner and developer. With an estimated opening date set for this June, the AC Hotel is expected to bring sophistication and luxury to the iconic location.
Red Roof®, the leader in economy lodging, has announced the opening of the dual-branded HomeTowne Studios® Auburn Hills and Red Roof Inn® Auburn Hills in Auburn Hills, Mich., and the dual-branded HomeTowne Studios Flint and Red Roof Inn Flint in Flint, Mich.