Hospitality

Extended Stay America Opens 92-Room Hotel Near Richmond

by Alex Tostado May 5, 2020

COLONIAL HEIGHTS, VA. — Extended Stay America Inc. has opened Extended Stay America-Colonial Heights, a 92-room hotel in Colonial Heights. Each room features kitchens with full-size refrigerators, microwave ovens, cooktops, platform beds with storage space beneath, recliners and high-speed Wi-Fi. Amenities include a fitness center, laundry room and a lobby. Kara Hospitality is managing the property. The new building is located at 441 Charles H Dimmock Parkway, 23 miles south of downtown Richmond.

May 5, 2020

Company News Hospitality Texas

Ashford Hospitality Trust to Return PPP Loan, Appoints New CEO

by Taylor Williams May 4, 2020

DALLAS — Ashford Hospitality Trust (NYSE: AHT) announced this weekend that it will return all funds from loans it received from the Small Business Administration’s Paycheck Protection Program (PPP), citing recently changed rules that would have put the Dallas-based company at compliance risk. Ashford, whose portfolio includes some 120 U.S. hotels totaling nearly 25,000 rooms, has also made a change in leadership, replacing CEO Douglas Kessler with J. Robison Hays III as the company’s new president and top executive effective May 14. According to The Dallas Morning News (DMN), Ashford originally applied for $126 million in PPP loans, seeking relief for each hotel with 500 or fewer employees. Per the DMN, the company originally said that it had laid off or furloughed 90 percent of its workforce and would be using the funds to help get those employees back to work. The PPP was established as part of the CARES Act to provide relief to owner-operators amid the COVID-19 pandemic.

May 4, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.7M Sale of Quality Inn & Suites Hotel in Wisconsin

by Kristin Harlow May 4, 2020

EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.

May 4, 2020

District of Columbia Hospitality Southeast

Hotels Require More PPP Loan Funding to Save Jobs, Declares Major Trade Association

by Alex Tostado April 29, 2020

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) sent a letter to the U.S. Congress on Monday requesting more funds for small business hotels across the country. According to a report from AHLA, small business hotels won’t be able to bring back laid off employees or prevent further layoffs with the current funds offered by the Paycheck Protection Program (PPP), the Small Business Association (SBA) initiative established by the CARES Act. The PPP funds cover 47 percent of a hotel’s operating costs, the AHLA says in the letter. The Washington, D.C.-based organization also reports 61 percent of U.S. hotels, approximately 33,000 properties — are defined as small businesses. The letter was signed by more than 13,000 hotel owners. AHLA projects that 2020 hotel occupancy will go as low as 38 percent, the lowest figure since the Great Depression. Furthermore, the report finds that hotel staff nationwide has been cut by 70 percent since mid-March. AHLA states even after recovery begins, the hotel sector will not generate significant revenue to cover costs, given that hotel occupancy is not projected to return to pre-crisis levels before 2021 and revenue won’t return to pre-crisis levels until 2022.

April 29, 2020

Acquisitions Hospitality Indiana Midwest

Thompson Thrift Retail Group Sells Hotel Pad Within $60M Mixed-Use Development Near Indianapolis

by Kristin Harlow April 29, 2020

FISHERS, IND. — Thompson Thrift Retail Group (TTRG) has sold the hotel pad site at The Stations, a $60 million mixed-use development in the Indianapolis suburb of Fishers. The buyer, Indiana-based Dunn Hospitality, plans to open a $20 million, 145-room Courtyard by Marriott hotel in late 2021. The Courtyard hotel will include meeting space, fitness facilities, an indoor pool and bistro bar. Later this year, TTRG plans to break ground on a Class A, four-story office building within The Stations. The company is also completing initial site work on the back portion of the project for Pulte Homes to begin development of 37 three-story, for-sale townhomes. The Stations is adjacent to Fishers District, a TTRG project with more than 100,000 square feet of retail and dining space, 260 multifamily units and a dual-branded Hyatt Place and Hyatt House hotel.

April 29, 2020

Company News Hospitality Southeast Virginia

Hilton Hotels Teams Up with Lysol, Mayo Clinic to Launch ‘CleanStay’ Program

by Alex Tostado April 28, 2020

MCLEAN, VA. — As COVID-19 continues to sweep across the United States, Hilton Hotels has teamed up with Lysol and Mayo Clinic to implement its new Hilton CleanStay with Lysol Protection program this summer. The new initiative aims to “provide guests with assurance and peace of mind” when they visit a Hilton property. RB, Lysol’s parent company, will work with the McLean-based hotel chain to launch a cleaning system in an effort to keep guests safe and healthy. Experts from Mayo Clinic’s Infection Prevention and Control team will advise and assist in enhancing Hilton’s cleaning and disinfection protocols. Some features of the program include a Hilton CleanStay Room Seal, a seal on doors notifying guests the room has not been entered since it was thoroughly cleaned; extra disinfectant on what Hilton deems high-touch areas, including light switches, doors handles, TV remotes and thermostats; removing items such as pens, paper and guest directories, which will be available digitally or upon request; and the Clean and Clean Again program, which increases the frequency of cleaning in public areas. Hilton’s portfolio includes 18 brands and 6,100 properties worldwide. Others in the hospitality sector taking extra measures include Marriott International and Airbnb. Marriott created …

April 28, 2020

Acquisitions Hospitality Illinois Midwest

North Park Ventures, MF Development Buy Chicago Land Site for $19M, Plan Hotel Project

by Kristin Harlow April 28, 2020

CHICAGO — A partnership between North Park Ventures and MF Development has purchased a nearly 20,000-square-foot land site in Chicago’s Fulton Market district for $19 million. The partnership plans to redevelop the site into a hotel and retail project. The sale included three existing properties: a two-story restaurant building at 204 N. Halsted St., a three-story restaurant building at 804-808 W. Lake St., and a two-story retail building and adjacent parking lot at 810-816 W. Lake St. Marty Casey and Matt Scales of @properties Commercial arranged the sale and worked with three different sellers to assemble the site.

April 28, 2020

District of Columbia Hospitality Southeast

AHLA Survey: 70 Percent of Hotel Workers Furloughed, Vacancy Rates Lowest Since Great Depression

by Alex Tostado April 24, 2020

WASHINGTON, D.C. — The outbreak of the novel coronavirus has continued to clobber the hotel sector as industry experts say 70 percent of workers have been furloughed and eight in 10 rooms are vacant, according to a survey conducted by the American Hotel & Lodging Association (AHLA). The data from the survey also leads the AHLA to project that vacancy rates in 2020 will be the lowest (38 percent) since the Great Depression. The vacancy rate was 66 percent from 2017 to 2019. “Hotels were one of the first industries affected by the pandemic and will be one of the last to recover,” said Chip Rogers, president and CEO of AHLA. The survey also reports that the full-service hotels that are remaining open are operating on average with a 14-person staff, a fraction of the average 50-person staff pre-crisis. Resort hotels, which often operate seasonally based on peak tourism months and averaged about 90 employees per location as recently as March 13, are down to an average of five employees per resort today. As of this writing, there were 49,963 deaths and 869,172 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU).

April 24, 2020

Acquisitions Hospitality Midwest Missouri

Mumford Co. Negotiates Sale of 60-Room Hotel in Missouri

by Kristin Harlow April 22, 2020

KINGDOM CITY, MO. — Mumford Co. has negotiated the sale of a 60-room Super 8 hotel in Kingdom City, approximately 25 miles east of Columbia. The sales price was not disclosed. The three-story property is located near I-70. George Arvanitis of Mumford represented the seller, CapeInn LLC, and procured the buyer, Americas Value Inn LLC. The buyer intends to rebrand the property as Amerihost Inn & Suites.

April 22, 2020

Evergreen-Aviation-Space-Museum-McMinnville-OR

Acquisitions Civic Hospitality Oregon Retail Western

McMinnville Properties Acquires 285-Acre Entertainment Campus in Oregon’s Willamette Valley for $9.5M

by Amy Works April 21, 2020

MCMINNVILLE, ORE. — McMinnville Properties, which Bill Stoller of Stoller Wine Group owns, has purchased a 285-acre campus in McMinnville. The site houses Evergreen Aviation & Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, 220 acres of established vineyards and farmland, and a development site designed to accommodate a 99,000-square-foot hotel. The campus is located at 500 NE Captain Michael King Smith Way, 23 miles southwest of Portland and 30 minutes north of Salem. Salt Lake City-based Falls Event Center sold the asset for $9.5 million. Adam Taylor and Buzz Ellis of JLL Capital Markets represented the seller in the deal. The five-parcel property was been a tourist attraction since the aviation portion of the museum, which was not included in the sale, opened in 1991. Currently, the campus features original aviation museum plus the 120,000-square-foot Evergreen Aviation & Space Museum, which was added in 2008; Wings & Waves Waterpark, an all-season, family-friendly park that opened in 2011; and The Lodge, a former chapel with a 150-person capacity and event space. The asset also includes established agricultural land featuring a mix of vines and feed grass that is harvested by a third party. Additionally, the campus …

April 21, 2020

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