Several hotel industry leaders will host a conference call on Thursday, June 12, 2014 at 2:00 PM EDT for management companies and hotel owners to discuss the implementation process of the 11th Edition of the Uniform System of Accounts for the Lodging Industry ("11thEdition"). The panelists on the conference call will include:
RobertDouglas announced today that it advised KHP Fund I, L.P., a Kimpton sponsored hotel real estate fund, in the $44 million refinancing of the Nine Zero Hotel, a Kimpton Hotel, in Boston, Massachusetts. The 5-year, floating-rate financing was provided by Mesa West Capital.
Magnuson Hotels, the world"s largest independent hotel group, announced today the complete rebranding of the Magnuson Hotel Brownsville
The holidays may be over, but for the U.S. hotel and motel industry, the good times could continue into 2014. Privately held hotels and motels saw their third year of solid sales and profit growth, according to recent data from Sageworks, a financial information company, and net profit margins have turned nicely positive in recent years as tourism and business travel continue to improve from the depths of the recession.
Inland American Lodging Group, Inc. ("Inland American"), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., today announced the acquisition of three luxury boutique hotels from Kimpton's Hotel Monaco collection for a purchase price of $189 million. The acquisition includes the Hotel Monaco Chicago, the Hotel Monaco Denver and the Hotel Monaco Salt Lake City, totaling 605 rooms. All three properties are part of Kimpton Hotels & Restaurants' prominent boutique brand, Hotel Monaco, a collection of high quality, luxury boutique hotels that are converted from iconic, historic buildings and feature upscale bars and restaurants.
Today, the Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP) officially begin their 2013-2014 term. The association leaders represent a variety of hospitality industry segments (clubs, hotels, academics and management companies), and will use their professional expertise to help guide the association as it carries out its strategic plan. Upcoming goals for the association include growing globally, successfully serving the current global membership and continued development of the Global Hospitality Accounting Common Practices (GHACP), and maintaining the top-notch education and resources for the hospitality finance and technology professional community.
Today, Jerry Trieber, CPA, CHAE, CFE, CFF, CGMA officially starts his term as Global President for Hospitality Financial and Technology Professionals (HFTP), with a directive to lead the association in carrying out its strategic goals. Trieber is regional director of accounting for Crestline Hotels and Resorts based out of Virginia. A member for 16 years, Trieber was recently honored at the HFTP Annual Convention & Tradeshow this past October in Dallas, Texas.?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /
Jonathan Nehmer + Associates, Inc. (JN+A) and HVS Design are proud to announce the completion of the 2013 Hotel Cost Estimating Guide. The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations.
Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company") yesterday held a webcast for shareholders to discuss the commitment of the Company's board slate to promptly initiate a process to sell the Company upon reelection at the Company's 2013 annual shareholder meeting on June 14th.
Revel AC Inc. announced today that the U.S. Bankruptcy Court for the District of New Jersey (Camden) has confirmed Revel's prepackaged plan of reorganization (the "Plan") under Chapter 11 of the Bankruptcy Code. The Plan was unanimously accepted by creditors voting on the plan in connection with the Company's voluntary pre-packaged solicitation of votes. Revel expects to emerge from Chapter 11 before the end of May after the conditions to effectiveness of the plan are satisfied.
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that the joint venture between Pebblebrook Hotel Trust and Denihan Hospitality Group, which owns six upper upscale hotels (the “Manhattan Collection”) in New York, New York, has successfully executed a new $50.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.14 percent. The interest-only loan has a term of five years and is secured by a first mortgage on the upper upscale, 242-room Affinia Dumont. Proceeds from the loan will be used for general business purposes.
Morgans Hotel Group Co. (NASDAQ: MHGC) ("Morgans" or the "Company"), theNew York-based hospitality management company, today announced that it has signed agreements with The Yucaipa Companies ("Yucaipa") to cancelYucaipa's interests in the Company's convertible notes, preferred stock and stock warrants in exchange for the Company's ownership interests in Delano South Beach and The Light Group. This marks the culmination of a 15-month exploration process by a Special Committee of the Board to review strategic alternatives.
The 2012 Lodging Tax Study, commissioned to provide current information on state lodging tax structures, total lodging tax collections, and lodging taxes in the largest cities, has been released by the American Hotel & Lodging Educational Foundation (AH&LEF). The study was funded by AH&LEF and conducted by STR Analytics and RRC Associates with assistance from the International Society of Hotel Association Executives (ISHAE) Lodging Tax Taskforce.
WICHITA, Kan. (January 22, 2013) – Value Place, the nation's leading Short-Term Residential Property franchisor, developer, operator and owner, announced today that it has secured a $100 million capital investment from Lindsay Goldberg LLC, aprivate equity firm with $10 billion of total capital under management.
HVS Convention, Sports, & Entertainment Facilities Consulting (HVS CSE) is pleased to announce the release of it's first U.S. lodging tax study which explores the current status and historical trends in the imposition of lodging taxes in the United States.The HVS U.S. Lodging Tax Study identifies the lodging tax rates levied at the state, county, city, and special district levels, and the collection and distribution of revenue from lodging taxes in all 50 states and in the 100 largest cities in the United States.HVS used comprehensive annual financial reports, annual adopted budgets, revenue reports, media sources, and interviews with government finance officials to determine the tax rates and amounts of lodging tax collections at the state, county, city, and special district level. This data collection effort allowed HVS to rank the 100 largest cities in the United States according to their lodging tax rates in their urban center.
The Baird/STR Hotel Stock Index reported a 3.3-percent increase in September to 2,475 and is up 22.2 percent year-to-date 2012. The index ended 2011 at 2,025. Robert W. Baird & Company and STR partnered to create the Baird/STR Hotel Stock Index—the first widely available U.S. hotel stock index in the hotel industry. The index combines Baird's financial markets expertise, the data processing of STR and the up-to-the-minute distribution capabilities of HotelNewsNow.com, the industry's leading hotel news website.
Accor today announces the completion of the sale of its Motel 6 / Studio 6 hotels in North America to an affiliate of Blackstone Real Estate Partners VII, for an amount of US 1.9 billion dollars. This transaction allows Accor to reduce its adjusted net debt by c. €780m. Following the divestment, Accor operates 17 Sofitel and Novotel hotels in North America, of which 9 in the United States and 8 in Canada.
Between February and July of 2012, ten HVS consulting and valuation offices hosted a series of hotel valuation summits in U.S. hotel markets from coast to coast. Panels of hospitality experts from HVS and other hotel brokerages, firms, and companies spoke to regional hoteliers on topics ranging from hotel lending parameters to performance trends and value projections for U.S. hotels. The following summarizes what came to light about the mindsets and ambitions of hotel owners, lenders, buyers, and sellers in 2012.
Prism Hotels & Resorts, one of the fastest growing hotel management companies in the country, will host its 12th annual "Fishing for Solutions" conference on Oct. 10 and 11, 2012 at the Embassy Suites Outdoor World in Grapevine, Texas. Focused solely on servicing hotel loan defaults, this event is the only conference in the country that brings together hotel industry leaders and hotel lending experts to share best practices. Steve Van, president and CEO of Prism Hotels & Resorts, made the announcement.
The Baird/STR Hotel Stock Index reported a 2.9-percent increase in August to 2,397 and is up 18.4 percent year-to-date 2012. The index ended 2011 at 2,025. Robert W. Baird & Company and STR partnered to create the Baird/STR Hotel Stock Index-the first widely available U.S. hotel stock index in the hotel industry. The index combines Baird's financial markets expertise, the data processing of STR and the up-to-the-minute distribution capabilities of HotelNewsNow.com, the industry's leading hotel news website.