Fort Lauderdale, a staple South Florida beach destination, is shifting its focus beyond leisure tourism with a $1.3-billion investment in the Broward County Convention Center and adjoining Omni Hotel. Following this project, Fort Lauderdale will position itself as both a vacation destination and a commercial city.
The South’s award-winning collection of hotels and clubs has found new ownership in James and Jessica Whitley of Athens, Georgia. On Friday, June 14, 2024, the sale of Old Edwards Hospitality Group’s assets was completed between long-time owners Art and Angela Williams and the Whitleys.
CapitaLand Ascott Trust (CLAS) has acquired the remaining 10% stake in Standard at Columbia, a freehold student accommodation property in South Carolina, United States of America (USA). The earnings before interest, taxes, depreciation and amortisation (EBITDA) yield on total development cost is expected to be approximately 7%. This is higher than the 6.2% EBITDA yield that was projected in 2021 on the basis that the property has achieved stable performance. The acquisition is funded by proceeds from CLAS’ earlier divestments.
Over the past couple of months, it has become increasingly clear that interest rates for hotel financing, and just about everything else, may stay higher for longer. As markets adjust to this expectation, many investors are realizing that they may not be able to delay deals until rates drop back down to so-called “normal” levels. There is mounting pressure for financing decisions that will need to be made in the coming months. In this article, we have compiled and analyzed historical hotel interest rate data, as well as indications from the Federal Open Markets Committee (FOMC or “Fed”) on the anticipated direction of future interest rates, to help provide some context for the past, present, and future of the hotel financing market.
The Ernest N. Morial New Orleans Exhibition Hall Authority (the Authority) has approved two resolutions critical to moving forward with the development of a 1,000-room headquarters hotel for the New Orleans Ernest N. Morial Convention Center (NOENMCC). In addition to accepting a formal letter of intent (LOI) with Omni Hotels & Resorts (Omni) to own and operate the headquarters hotel, today the Authority voted to approve a purchase and sale agreement for property at Convention Center Boulevard and Andrew Higgins Boulevard. The site, currently operated as the Sugar Mill event venue, is immediately across the street from the Convention Center and is the preferred site for the new headquarters hotel.
Last week at JMBM’s Meet the Money® national hotel finance conference, The Lodging Industry Investment Council (“LIIC”) released its much-anticipated LIIC Top Ten – the 2024 update of its an annual survey of investment sentiment survey.
America’s hotels are projected to generate record levels of federal, state, and local tax revenue this year while paying employees historic totals of wages, salaries, and other compensation, according to state-by-state projections released today by the American Hotel & Lodging Association.
The Meet the Money® 2024 program has launched on MeetTheMoney.com, and we’re excited to bring you a conference packed with the experts you want to hear from. Join us in Los Angeles for three days of high-level discussion panels and special industry presentations focused on financing, investment, deal-making, and success in this year’s market.
Milestone Inc. announces its integration with Olo, a leading restaurant technology provider, as an official Olo Connect Developer Partner. This integration enables businesses to expand website management beyond Milestone's platform and incorporate the restaurant capabilities provided by Olo.
HVS was a proud sponsor of this year’s ALIS conference, where the sentiment was upbeat and optimistic for the year ahead. This article provides our key takeaways from the conference.
The Hunter Hotel Investment Conference, Noble Investment Group, and Cecil B. Day School of Hospitality Administration, Georgia State University, are pleased to announce Leslie Hale, President and CEO of RLJ Lodging Trust, will join Mit Shah, CEO of Noble Investment Group, for the 10th Annual Bharat Shah Leadership Speaker Series.
American Hotel & Lodging Association (AHLA) President & CEO Chip Rogers is speaking out today in support of the No Hidden FEES Act, which was introduced in the U.S. House of Representatives by Reps. Young Kim, R-Calif., and Kathy Castor, D-Fla.
New federal disclosure requirements for your businesses and entities will become effective January 1, 2024 – the reporting requirements are burdensome, can be triggered multiple times in a single calendar year and are subject to both civil and criminal liability. Accordingly, you should prepare to comply with the new law now.
M3 Accounting Services, Inc. (“M3”), the pioneer of hospitality-specific accounting software and the hospitality industry's #1 rated cloud-based accounting, financial reporting, and data management platform, has announced the launch of its new and intuitive, web-based accounting platform, M3 CoreSelect™. Leveraging the voice of the hospitality sector customer, this new, state-of-the-art solution is designed from the perspective of a hotelier and built to facilitate hotel accounting from start to finish. M3’s new CoreSelectTM software introduces a new era of hospitality tech advancement and innovation crafted by hoteliers for hoteliers.
After buying Radisson Americas in 2022 (67,000 keys) the franchisor is interested in its closest competitor Wyndham Hotel group (802,269 rooms as of January 1st, 2023). But the project is not that easy this time, Wyndham having rejected several times the offer. One question is to be asked, would Choice become too big on the American market regarding its competitors.
Based on a sample of more than 3,000 hotels from CBRE’s Trends® in the Hotel Industry database, U.S. hotel property tax expenditures averaged $2,626 per available room (PAR) in 2022. This is 10.8% less than the $2,943 PAR recorded in 2019, before the COVID-19 pandemic. Concurrently, the earnings before interest, taxes, depreciation, and amortization (EBITDA) for these same properties fell by 1.7%.
Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2022 HVS Lodging Tax Study, nearly all lodging markets have reached or exceeded pre-COVID levels of revenue generation. Revenue per available room (“RevPAR”), the product of average daily room rate and occupancy rate, is a standard industry metric that combines the effects of occupancy and average daily room rate changes on hotel revenue performance. The figure below compares the amounts of RevPAR in the 25 US urban markets for each month from January 2019 through July 2023.
RobertDouglas announced today that it represented MCR in its sale of three premium select-service properties to the Braintree Group, which will be managed by Resolute Road Hospitality, The Braintree Group’s preferred management team.
Earlier this week, the Global Hospitality Group® co-hosted a breakfast briefing in Los Angeles with CREDE, a leading real estate development and project management firm. The program focused on how hotel owners and developers can reduce their cost of capital and costs of construction while filling in gaps in their capital stack through a few critical construction management techniques and exploitation of both traditional and alternative financing options.
As exclusive advisor, RobertDouglas announced today that it successfully refinanced Chartwell Hospitality and Soundview Real Estate Partners’ dual-branded Residence Inn & Courtyard Kansas City Downtown Convention Center in Kansas City, MO. RobertDouglas secured roughly $36,000,0000 of fixed-rate debt with highly attractive pricing from a balance sheet lender. The loan carries a 3-year term with open pre-payment after an initial 12-month lockout.