COVID-19 has been devastating for the hospitality industry. Hotel occupancy rates are still well below normal. While some lenders are still granting relief to borrowers, lenders increasingly have been foreclosing on properties.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce the successful closing of the sale of our client Prism Hotels & Resorts (prismhotels.com) to Aimbridge Hospitality (aimbridgehospitality.com). Prism specializes in hotel management, resort development management, and management of hotels in receivership and Ambridge is a leading global hospitality company.
Hard Rock International, the legendary hospitality and entertainment company, today announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.
VICI Properties Inc. (“VICI Properties” or “VICI” or the “Company”) announced today that, in connection with MGM Resorts International’s (“MGM Resorts”) agreement to sell the operations of The Mirage Hotel & Casino (the “Mirage”), located in Las Vegas, NV, to Hard Rock International (“Hard Rock”), VICI has agreed to enter into a new separate lease with Hard Rock related to the operations of the Mirage (the “Mirage Lease”) and also enter into an amendment to the Master Lease to be made by and between VICI Properties and MGM Resorts (the “MGM Master Lease”).
MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced it has reached an agreement to sell the operations of The Mirage Hotel & Casino ("The Mirage") to Hard Rock International ("Hard Rock") for $1.075 billion in cash, subject to customary working capital adjustments.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”), incorporated in the state of Maryland, today announced that its Board of Directors has approved a special dividend liquidation distribution of $7.94 per share of the Company’s common stock (the “Common Stock”), to its stockholders of record as of the close of business on December 27, 2021.
RobertDouglas announced today that it advised Waterton in securing a $30-million, non-recourse senior mortgage for the acquisition and renovation of the Sierra Nevada Resort and Spa in Mammoth Lakes, California. The floating-rate financing was provided by a leading alternative credit manager focused on high-quality, floating-rate debt.
The Global Hospitality Group® (GHG) of Jeffer Mangels Butler & Mitchell LLP (JMBM) has released an updated version of its Hospitality Credentials, detailing unsurpassed experience by providing representative clients and properties the GHG has worked on over the past 30 years. These Credentials show how the GHG has helped clients with more than 4,500 hospitality properties, valued at more than $112 billion.
Given the significant traction in distribution of the COVID-19 vaccines throughout the United States and general international travel restrictions, leisure travel has begun to recover in 2021 and is expected to continue increasing, with Americans seeking so-called “revenge travel” to a domestic getaway. Business travel is also beginning to show signs of recovery, and some group business related to conference attendance is returning.
NEW YORK — The total amount of U.S. lodging industry capital-expenditure spending is forecast to increase by approximately 70% in 2022 from the record lows of approximately $2 billion in 2020 and 2021 to $3.4 billion in 2022, after an unprecedented decline in response to demand and the financial effects of COVID-19.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing.
Hotels Owners Interested in Interest To analyze the impact that declining EBITDA levels had on the ability of hotel owners to pay their interest expense, CBRE studied a sample of 1,121 hotels that reported interest payments in their operating statements for the years 2019 and 2020.
LBA Hospitality, based in Dothan, Ala., and 3H Group, headquartered in Chattanooga, Tenn., announced the formation of their new strategic alliance, which empowers LBA Hospitality and 3H Group to enlarge their respective companies while remaining focused on expansion of their hotel management platform. As evident from historic accomplishments, both companies are leaders in hospitality management and development, and this alliance sets them up for continued success as they merge their shared vision and expertise.
Spirides Hospitality Finance Company has successfully provided and the borrower has officially closed a $4.1 million loan to refinance the existing mortgage debt of the Best Western SureStay in San Angelo, Texas.
M3, the hospitality sector’s #1 cloud-based accounting, financial and data management platform in North America, has been named a winner in the 13th Annual 2021 Golden Bridge Business and Innovation Awards in the Business Intelligence Innovation category for its dedicated business intelligence solution, Insight.
Hotel real estate investors need to measure both the absolute and relative financial performance of their properties. A 10% annual return may appear solid unless a collection of comparable investments earned 15%. Risk-adjusted returns measured against the appropriate index provide a way to assess managers’ abilities to generate excess returns. Measures of investment return come in many flavors.
Inspirato LLC (“Inspirato” or the “Company”), the innovative luxury travel subscription brand, and Thayer Ventures Acquisition Corp. (“Thayer”) (Nasdaq: TVAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Inspirato becoming a publicly listed company. The transaction values the pro forma company at an estimated enterprise value of $1.1 billion. Upon closing, the combined company will operate as Inspirato, and its Class A common stock is expected to be listed on Nasdaq under the ticker symbol “ISPO.”
See how JMBM’s Global Hospitality Group® can help you.Click here for the latest articles on EB-5 Financing here for C-PACE Financing.
M3, the hospitality sector’s #1 cloud-based accounting, financial reporting and data management platform, onboarded over 25 hotel management companies onto its entry-point software, Accounting Core, in Q1 and Q2 2021. The addition amounts to 320 new hotel properties utilizing M3 to drive cost savings and increase efficiencies.
Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it completed its acquisition of the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR). As part of the transaction, Bally's also acquired the unencumbered rights to the Evansville operations' sports betting and iGaming skins, which will provide the Company with greater access to the growing Indiana gaming market.