RobertDouglas announced today that it advised VanTrust Real Estate LLC on the sale of Hotel Sorella Country Club Plaza. Hotel Sorella was acquired by a partnership between a real estate investment management firm and a privately-held hotel management company.
The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the first quarter of 2017, according to data from STR. Compared with Q1 2016:
IHG values the relationship it has with its guests and understands the importance of protecting payment card data. Many IHG-branded locations are independently owned and operated franchises, and certain of these franchisee operated locations in the Americas were made aware by payment card networks of patterns of unauthorized charges occurring on payment cards after they were legitimately used at their locations. To ensure an efficient and effective response, IHG hired a leading cyber security firm on behalf of franchisees to coordinate an examination of the payment card processing systems of franchise hotel locations in the Americas region.
TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged and its client has closed on a $7.5 million senior loan facility from a southeast U.S. headquartered bank to finance the development of a new Hilton Tru Hotel in Florence, SC. The terms of the financing are as follows: The first 18 months during construction will have mortgage payments which are interest only, priced at the prime interest rate plus .50% (currently 4.50%) per annum, adjusted quarterly. Upon completion of construction, the loan payments will convert to a 25 year fully amortizing principal and interest monthly loan payment schedule. The interest rate of the permanent loan will be fixed for five years, then adjusting every 5 years. The interest rate will be priced using the 5 year SWAP rate plus 3.55% (currently 5.55%) per annum. The loan amount was sized using a 75% Loan to Cost ratio, and there is no prepayment penalty after the first five years of the loan.
Quebec has announced a 70-million-dollar tourism investment to be used over a three year period in order to “diversify, enrich, and develop” Quebec tourism offer. This news pleased especially the owners of ski resorts in Quebec. For most of them, the modernization of facilities and equipment is at the top of their priority list.
The money will be invested in the form of subsidies, “to support and help to materialize Quebec tourism projects, for a total of 300 million dollars”, Julie Boutlet, the Minister responsible for the project indicated, during a press conference.
Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they arranged refinancing for the Inn at Northrup Station, a one of a kind boutique hotel located along Portland's celebrated streetcar line.
RobertDouglas announced today that it advised on the $57 million refinancing of the Marriott St. Louis Grand hotel. The five-year, floating rate financing was provided by a debt fund managed by Apollo Global Management.
FelCor Lodging Trust Incorporated (NYSE:FCH)'s Board of Directors today sent the following letter to Montgomery J. Bennett, Chairman of Ashford Hospitality Trust (NYSE:AHT), regarding AHT's proposal to combine its business with FelCor. The full text of the letter is as follows:
Global hospitality association Hospitality Financial and Technology Professionals (HFTP®), producers of the world's largest hospitality technology conference Hospitality Industry Technology Exposition and Conference (HITEC®), is pleased to announce its exhibit space for HITEC Toronto is officially sold out. A waiting list is available on a first-come, first-served basis for booth space – an updated floor plan is available on the HITEC Toronto website. HFTP's HITEC Toronto is the second, and largest, of three HITEC events planned for 2017, and will take place June 26–29 at the Metro Toronto Convention Centre in Toronto, Ontario Canada.
Hospitality Financial and Technology Professionals (HFTP®), producers of Hospitality Industry Technology Exposition & Conference (HITEC®), has announced that attendee registration for its HITEC Toronto is now available online. Also available on the HITEC Toronto website is information on travel and hotel reservations. HITEC is the world's largest hospitality technology exposition and conference, and this year will be HFTP's 45th anniversary since it produced its first HITEC event in 1972. HITEC Toronto is the second, and largest, of three HITEC events planned for 2017, and will be June 26–29, 2017 at the Metro Toronto Convention Centre in Toronto, Ontario Canada.
Financial planning typically involves deciding how much savings to place in stocks, bonds and other assets while weighing the risks associated with each element of a diversified investment portfolio. A new study from Cornell University examines risk-return profiles and finds that investors see different purposes for real estate investment trust (REIT) common stock and preferred stock depending on their tolerance for risk.
The story is a familiar one. A hotel that formerly outperformed its competitive set is now struggling to maintain market position. Rate and occupancy penetration indexes are headed in the wrong direction, and online reviews regularly contain comments such as "needs a refresh" or "feels dated."
Most hospitality firms do not consider managing stock portfolios to be a main part of their operations. They are in the service business, using their real assets and the services provided by employees to create valuable experiences for guests. However, the need to focus on stock investments arises through those employees. Employees consistently rank benefits, including retirement benefits, among the top five contributors to job satisfaction and as a key consideration in accepting a job.1 It is not surprising, then, that more than 90 percent of companies with 500 or more employees offer retirement plans. The five largest hotel companies in the U.S. have over $10 billion in assets under management in their retirement plans, making these plans a key component in retirement investment decisions.
RobertDouglas is pleased to announce that it advised Denihan in procuring $320 million of senior debt to refinance the Benjamin, Shelburne NYC, Fifty NYC, and Gardens NYC. The five-year financing was provided by Broad Street Real Estate Credit Partners II, L.P., a credit fund managed by the Merchant Banking Division of Goldman Sachs.
Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton"), HNA Group ("HNA") and Blackstone (NYSE: BX) announced today that HNA will acquire an approximate 25 percent equity interest in Hilton from affiliates of Blackstone, establishing a long-term strategic investment in Hilton and Hilton's planned spin-offs of Park Hotels & Resorts ("Park") and Hilton Grand Vacations ("HGV").
According to the study of Allen et al., (1998), USA rural resident's overall subjective well-being is influenced by seven factors: public services, economics, environment, medical services, citizen involvement, formal education, and recreation services. Among them, residents' satisfaction with environmental concern, citizen involvement and public services are the most sensitive to tourism. This finding is consistent with a more recent study which expanded the sample to residents in both urban and rural areas (Andereck & Nyaupane, 2010). Andereck and Nyaupane (2010) identified that tourism related subjective well-being of local residents consists of eight domains: recreation, community pride, economic strength, natural/cultural preservation, community well-being, way of life, crime and substance, and urban issue.
RobertDouglas announced its presence in the market loudly with its #7 national ranking in Real Estate Alert's "Top Brokers of Hotels in the First Half." The firm closed five transactions totaling $320 million and only nar rowly missed beating out real estate giants HFF and C&W in the rankings. For more details, please visit the following link:
John Q. Hammons Hotels & Resorts (JQH) today announced that the family of companies, the Revocable Trust of John Q. Hammons, and their related affiliates have filed voluntary petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court of the District of Kansas at Kansas City. JQH held a press conference this morning in Springfield to announce the filing. JQH is a leading private, independent owner and manager of hotels in the United States, including operating more than 1 million square feet of superb meeting space.
To identify and discuss the primary issues faced by hospitality finance professionals today, the Hospitality Financial and Technology Professionals' (HFTP®) Hospitality Finance Advisory Council (HFAC) held its inaugural hospitality operations finance roundtable on Wednesday, May 18, 2016 at the Hilton McLean Tyson Corner in McLean, Va. USA. The goal for the meeting is to gather hospitality finance executives to identify the key issues they are currently facing and discuss how they are being addressed. Based on the discussion, HFTP will develop educational programming and resources to support its hospitality finance members and industry at large.
RobertDouglas announced today that it advised Castleton Hotel Partners I, LLC in the sale of the ultra-luxury Capella Washington, D.C. to an affiliate of CTF Development International for $65 million. Following the acquisition, CTF Development International plans to rebrand the hotel under Rosewood Hotels & Resorts, its first ever in the nation's capital.