Finance USA & Canada Press Releases

September 18, 2009

Shaner And Five Arrows Realty Securities V, L.P. Form Shaner Mortgage Reit For Acquisition Of Hotel Debt

Lance Shaner, Chairman and CEO of Pennsylvania-based Shaner Hotel Group, is pleased to announce the formation of Shaner Mortgage REIT ("the REIT"). The REIT will initially be capitalized with cash contributions made by Mr. Shaner and Five Arrows Realty Securities V, L.P. ("Five Arrows") and will target the acquisition of first mortgage debt secured by hospitality assets. The REIT`s primary investment strategy is to acquire such debt at discount to par value and, generally, to hold it to maturity or earlier repayment.

Shaner

United States

Press Release

September 11, 2009

STR Reports U.S. Hotel Performance For Week Ending 5 September 2009

The U.S. hotel industry posted declines in all three key performance measurements during the week of 30 August-5 September 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 1.4 percent to end the week at 53.4 percent. Average daily rate dropped 8.6 percent to finish the week at US$92.20. Revenue per available room for the week decreased 9.9 percent to finish at US$49.28.

CoStar

United States

Press Release

September 10, 2009

The Hongkong and Shanghai Hotels, Limited Assumes Full Ownership of The Peninsula Chicago

The Hongkong and Shanghai Hotels, Limited (HSH) today confirmed that its wholly-owned subsidiary, HSH Chicago, Inc. has entered into a Membership Interest Purchase Agreement with Tower Summit LLC, whereby HSH purchased the remaining 7.5% of the ownership interest in Peninsula Chicago LLC, which it did not previously hold. Prior to this transaction, HSH Chicago, Inc. owned 92.5% of the ownership interest in Peninsula Chicago LLC. Peninsula Chicago LLC owns The Peninsula Chicago.

Peninsula

Chicago, Illinois, United States

Press Release

September 4, 2009

2010 Hospitality Law Conference To Feature Latest Trends And Most Pressing Industry Issues

HospitalityLawyer.com, the industry’s web-based resource for legal, safety, and security solutions, today announced that the 2010 Hospitality Law Conference will explore the latest trends and issues in the hospitality industry – ranging from alcohol and food liability to labor and employment law.

HospitalityLawyer.com

United States

Press Release

September 4, 2009

HFTP's Annual Convention & Tradeshow Education to Empower Attendees

Hospitality Financial and Technology Professionals' (HFTP®) 2009 Annual Convention & Tradeshow offers attendees a way to find cost-effective solutions to their current work challenges, stay informed on the hottest industry topics, expand their network, increase their professional value and become empowered. The convention's education program focuses on empowering attendees professionally to assure success in the workplace. In addition to three general sessions, the education schedule includes industry-specific concurrent sessions, along with several bonus educational opportunities. The 2009 Annual Convention & Tradeshow is September 16 – 19 at the Green Valley Ranch Resort in Las Vegas, Nev. HFTP's 2009 Annual Convention & Tradeshow

HFTP

United States

Press Release

August 24, 2009

HVS Publishes the 2009 U.S. Hotel Franchise Fee Guide: A Comparative Analysis of Hotel Brands

HVS, the leading global hospitality consulting and services firm, has just released the 2009 U.S. Hotel Franchise Fee Guide – a survey of the fees charged by major hotel franchisors in the economy, mid-rate, and first-class market segments. This guide enables hotel owners to easily compare the total cost of one hotel franchise with that of another.

HVS

United States

Press Release

August 24, 2009

Molinaro Koger Sells Four Hotels for Host Hotels & Resorts

Molinaro Koger announced today the firm arranged the sale of four hotels on behalf Bethesda, Maryland-based Host Hotels & Resorts, Inc. The Washington Dulles Marriott Suites, the Boston Marriott Newton, the Marriott Hotel Hanover and the Sheraton Stamford were sold to private, hospitality-focused investors.

Molinaro Koger

United States

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Hospitality Net

Press Release

August 24, 2009

HEI Hotels & Resorts Acquires Hanover Marriott in New Jersey, Marking First Acquisition of HEI Hospitality Fund III, L.P.

HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, today announced that it had acquired the 353-room Hanover Marriott in Whippany, N.J., from Host Hotels & Resorts, Inc. for $27 million. The hotel will undergo a $20 million renovation to upgrade all public and private spaces, including the introduction of Marriott's Great Room concept.

HEI Hotels

United States

Press Release

August 21, 2009

Randy Smith To Receive ALIS Lifetime Achievement Award

Randell A. Smith, CEO of STR, based in Hendersonville, Tenn., will be honored with the prestigious Lifetime Achievement Award at the Americas Lodging Investment Summit (ALIS), January 25-27, 2010, in recognition of his legacy in pioneering global hotel benchmarking, the foundation of the company he co-founded.

AH&LA

San Diego, California, United States

Press Release

August 12, 2009

STR reports US pipeline for July 2009

The total active U.S. hotel development pipelineincludes 4,554 projects with 487,831 rooms, according to the July 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 26.2-percent decrease in the number of rooms in the total active pipeline compared to July 2008. The total active pipeline data includes projects in the In-Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.

CoStar

United States

Press Release

August 11, 2009

U.S. Select-Service Investors To Focus On Distressed Assets | Jones Lang LaSalle Hotels Reports

Over the next six months, 54 percent of select service hotel investors are targeting acquisitions of distressed properties as their primary investment focus, according to Jones Lang LaSalle Hotels’ bi-annual U.S. Select Service Hotel Investor Survey. This move marks a full six percent increase since the last survey was conducted. Jones Lang LaSalle Hotels’ proprietary survey was completed by more than 300 of the nation’s top select service hotel owners and investors.

JLL

United States

Press Release

July 28, 2009

Revised Hospitality Law Textbook Alerts Hoteliers to Legal Issues

The legal issues involved in running a lodging operation can be overwhelming. Scores of federal laws and regulations affect the lodging industry. The fifth edition of Understanding Hospitality Law, by Jack P. Jefferies, J.D., LL.M., J.S.D., and Banks Brown, J.D., published by the American Hotel & Lodging Educational Institute, provides a handy reference for hotel managers about potential legal pitfalls and problems.

Educational Institute

United States

Press Release

July 28, 2009

Interstate Hotels & Resorts Successfully Appeals NYSE Ruling

Interstate Hotels & Resorts (OTC:IHRI) (BULLETIN BOARD: IHRI) , a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that the company has successfully appealed a NYSE ruling in March under which Interstate's stock was suspended from trading for failing to meet the minimum $15 million market capitalization requirement. The NYSE has now determined that Interstate's stock will resume trading on Wednesday, July 29 under its previous symbol IHR.

Aimbridge EMEA

United States

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Hospitality Net

Press Release

July 15, 2009

Hersha Hospitality Announces Sale of Non-Core Properties

Hersha Hospitality Trust (NYSE: HT), owner of select service and upscale hotels in major metropolitan markets, today announced the sale of three properties. The properties include a Mainstay Suites and a Comfort Inn in Frederick, MD and a Four Points in Revere, MA. On a trailing twelve month property-level earnings before interest, taxes, depreciation, and amortization (“Hotel EBITDA”) basis, the Company sold the Frederick properties for 12.3 times and the Revere property for 12.4 times.

Hersha Hospitality Trust

United States

Press Release

July 7, 2009

Starwood Signs an Agreement to Sell the W San Francisco for $90 Million

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has signed an agreement to sell the W San Francisco for $90 million to Keck Seng Investments (Hong Kong) Limited, a hotel investment and property development company listed on the Hong Kong stock market. The sales price is immediately accretive to earnings and represents a multiple of over 14X anticipated 2009 EBITDA. The buyer is well-known to Starwood and currently owns three other Starwood hotels.

Starwood

San Francisco, California, United States

Press Release

July 7, 2009

Lodgian Provides Further Update on Remaining Maturing Mortgage Debt

Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation's largest independent hotel owners and operators, today announced that the company has obtained an extension of the maturity date for the Merrill Lynch Fixed Rate Pool #3 ("Pool #3"). As of July 1, 2009, the principal amount of Pool #3 was $45.7 million.

Lodgian

United States

Press Release

July 1, 2009

Travel & Lodging Stocks for the Second Half of '09 | cnbc.com

Will Truelove, of UBS, and Rod Petrik, of Stifel Nicolaus, take a look at travel and lodging stocks that might get a boost from the summer travel season.

cnbc.com

United States

Press Release

June 30, 2009

Hotel & Motel Management Magazine Launches Summit for Distressed Hotels

Hotel & Motel Management magazine, part of the HotelWorld Network, is pleased to announce the launch of The Distressed Hotel Summit for hospitality industry professionals to be held October 12-13, 2009, in Washington D.C.

Questex

United States

Press Release

June 26, 2009

Big Hotel Planned Next to Sears Tower | wsj.com

A real estate investment group that owns the Sears Tower said it is pushing forward with plans to build a 500-room environmentally friendly hotel next door to North America's tallest building, but released few details on financing for a project that will cost as much as $225 million. The group, which includes investors Yisroel Gluck, John Huston, Joseph Chetrit and Joseph Moinian, said they would spend $350 million to make the 110-story tower more environmentally friendly and reduce the amount of energy it uses. It plans to cut the equivalent of about 150,000 barrels of oil used annually by such steps as replacing the tower's 16,000 windows with more energy-efficient alternatives, adding solar panels, more efficient gas boilers and motion detectors so that escalators operate only as needed.

WSJ

Chicago, Illinois, United States

Press Release

June 22, 2009

Red Lion Hotels Corporation Set to Join Russell 2000(R) Index

Red Lion Hotels Corporation (NYSE: RLH) today announced that it anticipates being added to the U.S. small-cap Russell 2000(R) Index based upon preliminary disclosures by the index. The official addition is planned to occur after the Russell Investment Group reconstitutes its comprehensive family of global indexes on June 26, 2009. Membership in the Russell 2000, which remains in place for one year, is based on membership in the broad-market Russell 3000(R) Index. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007. Red Lion would also be added systematically to the appropriate growth and value indexes.

United States