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.
Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced it has entered into a definitive agreement to acquire the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C" or the "Property"). In addition, the Company is also acquiring five luxury condominium residences adjacent to the hotel. The acquisition is expected to close on or prior to July 9, 2021, subject to customary closing conditions. Because the acquisition is subject to customary closing conditions, the Company can give no assurance that the transaction will be consummated by such date or at all.
Following the toughest year on record for our industry, Pathfinder Development positioned itself for success by focusing on providing value and Platinum Service, paving the way for an incredible first quarter of 2021. We are thrilled to report that we had 4 out of our 6 hotels rank in the top 8% out of 6,143 Texas hotels in REVPAR. We couldn’t have achieved this without the outstanding staff, both on-property and behind the scenes providing unmatched service to our guests and associates.
Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.
PACE financing guidelines are finally available for New York City, and while the program has not officially launched yet, hotel owners and developers in the area should start planning how to use these loans to retrofit their properties. My Partner David Sudeck discusses the program requirements, below.
As the hospitality industry awaits the return of travelers, the government's Paycheck Protection Program has helped many hotels weather the COVID-19 storm. D.J. Rama, Auro Hotels, Chip Rogers, American Hotel & Lodging Association, and CBRE's Bob Webster, join Spencer to discuss PPP's impact and the potential timing of the sector's recovery.
My hometown is St Andrews, New Brunswick in eastern Canada. The town overlooks Passamaquoddy Bay and to the south we are flanked by the great state of Maine. Every year in this part of the world the US governors and the Canadian provincial premiers get together for bilateral talks, some good food, and fun. This story is about one of those meetings, The Algonquin Hotel, and how I met our then Premier, Richard Hatfield who is partially responsible for my hotel career.
The once-in-a-century pandemic has caused hoteliers to endure a firestorm that decimated the hotel and leisure industries.
Hotel finance lawyer: PACE Financing is now mainstream
The COVID-19 crisis consumed the United States for approximately three-quarters of the past year. In December 2020, the U.S. Food and Drug Administration issued emergency use authorization for the Pfizer-BioNTech COVID-19 vaccine.[1] The development and distribution of an effective COVID-19 vaccine, alongside other public health measures, should allow us to combat the health effects of the global pandemic. With certainty coalescing around the health solutions to the pandemic, attention must turn to economic solutions.
We have a new PPP Loan authorization bill out of Washington, after months of political wrangling. Congress could have done more, but they did provide for up to $2,000,000 in additional forgivable loans per borrower, along with provisions which specifically cater to the hospitality industry.
It is obvious that hotel operating performance will be much better in 2021 than 2020. It is, perhaps, less obvious that hotel lending has already begun staging a comeback that will accelerate throughout the year while continuing to stay ahead of actual hotel performance.
The Cambria Hotel Milwaukee Downtown located at 503 N. Plankinton Avenue utilized $3.55 Million of Commercial Property Assessed Clean Energy (C-PACE) capital to retroactively finance the water and energy efficient improvements incorporated within its design. Completed in 2019, the four-story, 132-room hotel was designed with the modern traveler in mind, including design elements and artwork that celebrate the local area's wooded parks, regional flora and unique freshwater history as well as protect that natural environment by maximizing water and energy efficient technologies.
Months of empty rooms and discounted rates are catching up with hotel owners in Denver and across the country. Unless Congress steps in with more financial assistance or travel spending finds a way to surge, a big shakeout looms next year, industry insiders warn.
Travel spending in the U.S. is expected to finish the year 45% down from 2019 levels, and will still not have returned to its pre-pandemic strength by 2024, according to the latest figures released by the U.S. Travel Association.
The 2020-2021 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term at the start of this month. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, academics, hotels, finance, technology and more. The HFTP Global Board volunteers its time and professional expertise to help guide and progress the association to the forefront of the industry as it carries out its strategic plan.
On election day this year, voters in California will be choosing between maintaining the existing Prop 13 which has been in place for 42 years (since 1978) and Prop 15, the first meaningful adjustment to tax laws with regard to assessing real estate in California for property tax purposes.
Bill Navas, a 30-year hotel industry veteran has launched Rich-Port Hospitality Development, an innovative advisory firm primarily focused on executing capital projects for clients. Rich-Port also assists institutional investors with pre-acquisition due-diligence and provides hotel companies with outsourced brand representation and technical services.
While prior HVS annual lodging tax studies have looked back on tax rates and revenues across the United States, this ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities.