Slightly more Americans will be hitting the highways, skyways, railways and waterways over the Memorial Day weekend and holiday this year as compared to 2010, but higher transportation and leisure costs will influence their travel plans, according to a new survey from Deloitte.
M3 Hotel Accounting has relocated its corporate offices to 340 Jesse Jewell Parkway SE, Suite 600 in Gainesville, Georgia. The move doubles operations space for the growing hotel accounting and payroll services company, where more than 15 jobs have been added in the last few years. Enhanced customer service, data center and training facilities have been designed to support improved company operations and workflow, in a facility that offers 24-hour security features and an on-site maintenance staff.
Hospitality Financial and Technology Professionals (HFTP®) will honor Brian L. Hightower, CHTP, as the 2011 CHTP (Certified Hospitality Technology Professional) of the Year during the Opening Session of the 2011 Hospitality Industry Technology Exposition and Conference (HITEC®) on Monday, June 20. In its 14th year, the CHTP of the Year honors the individual that scored the highest on the CHTP certification exam in a given year.
If guests are going to criticize hotels for "nickel and diming" them by charging resort fees and surcharges, then they should also be aware of the services and amenities that U.S. hotels provide on a complimentary basis. In 2009, a select sample of hotels that routinely offer gratis services to their guests spent an average of $723 per available room (PAR) to provide complimentary food, newspapers, and cocktails. This is the actual cost to the hotel, not the theoretical "retail value" of savings afforded to the guest.
Marriott's Chief Financial Officer Carl Berquist says business is picking up overseas but that demand in North America is less than expected and the hotel operator believes revenue per available room will come in at the low end of its guidance. Marriott's stock fell 5 percent Monday, or $1.82, to $35.84 in early trading.
A potential fire sale by the United States government could be a boon for hotel developers looking for adaptive reuse projects. The Real Estate Channel on Wednesday reported the proposed 2012 federal budget from President Obama includes cuts that could result in the largest real-estate sale in U.S. history by potentially selling 69,000 government-owned buildings. Admittedly, some of the buildings could be saved from the auction block by being turned over to other government agencies, but imagine the boon it could be for specialists who turn old buildings into hotels.
Robert W. Baird & Co. (Baird) and STR partnered to create the Baird/STR Hotel Stock Index-the first widely available U.S. hotel stock index in the hotel industry. The index combines Baird's financial markets expertise, the data processing of STR and the industry's leading news website, HotelNewsNow.com.
HVS has tracked hotel construction costs throughout the United States since 1976. The survey considers data for six lodging types: Economy/Budget Hotels, Midscale Hotels w/o F&B (without Food and Beverage), Extended-Stay Hotels, Midscale Hotels w/ F&B (with Food and Beverage), Full-Service Hotels, and Luxury Hotels and Independent Resorts. The 2009/10 hotel development survey reports updated per-room development costs for through the end of 2010.
The increase in hotel transactions and low cost of debt and equity have driven down rates of return to pre-recession levels. This article sets forth an overview of recent hotel cap and discount rate trends and provides an outlook for 2011. The hotel investment market has taken a 180 degree turn over the past 24 months. On the heels of the financial crisis in late 2008, the market became virtually paralyzed in 2009. Investor return requirements surged, reflecting high risk in the face of collapsing hotel earnings, a capital freeze and market uncertainty.
Officials of Pyramid Hotel Group, a Boston-based hotel management, asset management and project management firm, today announced that the company added 11 hotels and resorts aggregating more than 3,300 rooms to its managed and asset managed portfolio in 2010. These ranged from city center commercial hotels to large destination resorts in multiple markets across the U.S.
Officials of the upcoming Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences, today unveiled its agenda noting that it will focus primarily on strategies hoteliers can use to take full advantage of the rebounding hotel economy. The 23rd annual event will take place on March 6-8, 2011, at the Atlanta Marriott Marquis in Georgia.
The “Extend and Pretend” era is rapidly giving way to “Get Real to Heal,” and this article explores the complexities surrounding workouts of securitized hotel mortgages. Since 2003, roughly $110 billion of lodging mortgage debt has been originated and securitized into Real Estate Mortgage Investment Conduits (REMICs) in the United States, collateralized by slightly over 18,000 lodging properties.
While there has been a new start to CMBS lending and hotel lending in general, do not get lulled into believing it is all sunny and you can easily refinance at 5% or less. There are only a few lenders who are active. Besides capacity issues, as rates have begun to rise, rates for borrowing are rising as well. The CMBS lenders all have capacity issues right now since there still is very limited bond issuance and hotels are only 10% or so of a given pool. Underwriting is still what it should be: tight. Lenders are seeking debt yields of 14%, although there are some deals being done at 12% where the borrower is very strong and the property is very good.
After suffering through the all-time worst year of performance in 2009, U.S. hotel owners and operators are eager for growth. The domestic lodging industry has experienced a definite turnaround in 2010. Considering the drags on the economy such as the depressed housing market, high unemployment, and Federal deficit worries, the swift pace of recovery in the lodging industry has been remarkable. Recently released updated forecasts from Colliers PKF Hospitality Research (“PKF-HR”) reveal that a base has been established for very strong gains in both revenue and profits in the years to come. The near-term future could be that much brighter if certain elements of President Obama’s recent tax proposal are enacted into law.
Some years ago, we coined the term "hotel-enhanced mixed-use" to describe those dynamic mixed-use properties where the hotel acts as the "spark plug" that energizes the entire project.Hotels can be the "ultimate amenity" for mixed-use projects because they can distinguish the project, provide a great driver of traffic, and offer an integrating hub for residential and retail customers.
Domain Properties, a well-respected NYC company offering real estate broker, consultant, and advisory services, is interested in buying hotels. This knowledgeable team buys hotels in New York City, Long Island City, Brooklyn, NY, and Queens. Domain Properties has extensive knowledge as well as proven experience in Manhattan real estate.
The Baird/STR Hotel Stock Index ended October at 2,162, a 6.3-percent increase for the month and a 34.8-percent increase for year-to-date 2010. The Index ended 2009 at 1603.
Phelps Lane, President & CEO of Lane Industries, Inc., has announced the formation of an exciting new partnership with the leadership team of Lane Hospitality as a result of their substantial investment in Lane's hotel ownership and management business. This transaction – which closed October 29, 2010 – allows Lane to focus its combined talents and energies to ensure a successful future.
Eighty-one percent of investors surveyed actively are pursuing acquisitions, even though 28 percent currently hold delinquent assets, according to the Hotel Investors’ Gauge, a survey from STR Analytics and HotelNewsNow.com.
Starwood Hotels & Resorts Worldwide Inc. lost money in its third quarter, dragged down by a hefty charge tied to a hotel sale. Adjusted results topped Wall Street's expectations as occupancy improved. The owner of Sheraton, Westin and other brands also raised its 2010 earnings outlook Thursday. Starwood reported a net loss of $6 million, or 3 cents per share, compared with net income of $40 million, or 22 cents per share, a year ago.