Gaylord Entertainment Co. (NYSE:GET) today announced that it proposes to offer, subject to market and other conditions, $200 million in aggregate principal amount of convertible senior notes due 2014 in a private placement. Gaylord intends to grant the initial purchasers of the notes a 30-day option to purchase up to $40 million in principal amount of additional notes to cover over-allotments, if any.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.