Hospitality

DoubleTree-by-Hilton-Austin-Northwest-Arboretum

HFF Negotiates Sale of 194-Room Hilton-Branded Hotel in Austin

by Taylor Williams March 29, 2018

AUSTIN, TEXAS — HFF has negotiated the sale of the 194-room DoubleTree by Hilton Hotel Austin Northwest Arboretum on Austin’s north side. The property is situated adjacent to two mixed-use developments, The Domain and The Arboretum, and features a 24-hour business center, outdoor pool and 6,600 square feet of meeting and event space. John Bourret, Austin Brooks and Daniel Peek of HFF represented the seller, Florida-based Driftwood Hospitality Management, in the transaction. San Diego-based Pinnacle Hotels USA purchased the property for an undisclosed price.

March 29, 2018

Development Hospitality Texas

NewcrestImage Opens 134-Room Hyatt-Branded Hotel in Oklahoma City’s Bricktown District

by Taylor Williams March 29, 2018

OKLAHOMA CITY — Dallas-based hospitality development firm NewcrestImage has opened a 134-room Hyatt Place hotel in the Bricktown district of Oklahoma City. The five-story property features a 24-hour fitness center and 1,800 square feet of meeting space. The Hyatt Place is the third hotel operated by NewcrestImage in Oklahoma City.

March 29, 2018

Features Georgia Hospitality Southeast

Strong Economy Propels Hotel Industry Forward, But Construction Lenders Remain Cautious

by Camren Skelton March 29, 2018

ATLANTA — Despite possible headwinds from Capitol Hill, the hospitality industry is poised for a healthy 2018. The combination of a strong economy, tax cuts and rising consumer confidence is boosting demand for hotels across the country. Meanwhile, lenders are tightening their purse strings when it comes to new development, leaving hoteliers confident that the industry is on solid footing. Those points were among the big takeaways stemming from two separate panel discussions held last Friday morning, March 23, during the Hunter Hotel Conference. The 30th annual event drew 1,700 attendees to the famed Atlanta Marriott Marquis hotel downtown designed by the late John C. Portman. In February, the unemployment rate remained unchanged at 4.1 percent, a 17-year low. The Consumer Confidence Index is at its highest level since 2000. “Domestically, things are great,” said Chip Rogers, president and CEO of the Asian American Hotel Owners Association (AAHOA). “This past holiday season was the most traveled holiday season on record.” Rogers said some credit goes to the low cost of gasoline. The price per gallon has been under $3 for four consecutive years, he pointed out. “You can see a direct relationship between how willing people are to travel and the …

March 29, 2018

Development Hospitality Iowa Midwest

Weitz Delivers 330-Room Convention Center Hotel in Des Moines

by Kristin Harlow March 28, 2018

DES MOINES, IOWA — The Weitz Company has completed construction of the Hilton Des Moines Downtown. The 330-room convention center hotel spans 322,000 square feet. The $101 million project was financed with a mix of public and private money, according to the Des Moines Register. The Iowa Events Center Hotel Corp., a nonprofit established by Polk County in partnership with Bankers Trust, oversaw the project. The Waldinger Corp. and Baker Electric served as local subcontractors.

March 28, 2018

Acquisitions Hospitality Northeast Pennsylvania Top Stories

RLJ Lodging Sells 364-Room Hotel in Philadelphia for $95.5M

by David Cohen March 28, 2018

PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …

March 28, 2018

Features Hospitality

This Will Be Record Year for Hotel RevPar, Occupancy, Says STR’s Freitag

by Taylor Williams March 27, 2018

ATLANTA — American hotels posted record levels of revenue per available room (RevPAR) and occupancy in 2017. According to one industry researcher who recently spoke at a national hotel conference, 2018 is shaping up to be even better. Jan Freitag, senior vice president of lodging insights at Tennessee-based research firm STR, was the first panelist to deliver a “state of the union” presentation at the Hunter Hotel Conference. The event drew 1,700 industry experts to downtown Atlanta on March 22. Freitag noted that the U.S. hotel sector closed 2017 with RevPAR of $84 and an occupancy rate of 66 percent. These figures represent year-over-year increases of 3.1 percent and 1 percent, respectively. Both of these metrics are functions of demand for hotel rooms, which rose by 3 percent from 2016 to 2017. STR’s data projects a 2.3 percent increase in demand for hotel rooms in 2018. Specifically, the company forecasts RevPAR growth of 2.7 percent and occupancy growth of 0.3 percent in 2018. What Happened in 2017 Freitag opened his discussion by noting that growth in demand for hotels in 2017 was tied to Hurricanes Irma and Harvey, which accounted for more than $130 billion in combined property damages. RevPAR for hotels in Florida …

March 27, 2018

Acquisitions Hospitality Washington Western

Hodges Ward Elliot Negotiates $87M Sale of 234-Bed Hotel in Bellevue, Washington

by Amy Works March 23, 2018

BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.

March 23, 2018

Acquisitions Hospitality Oregon Western

Crystal Investment Property Negotiates Sale of 43-Room Hotel in Newport, Oregon

by Amy Works March 22, 2018

NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.

March 22, 2018

Features Georgia Hospitality Property Type Southeast Southeast Feature Archive

Battle for Market Share: Leading Hotel Companies Expand Via Acquisitions, New Brands

by John Nelson March 22, 2018

ATLANTA — The world’s largest hotel company, Wyndham Hotel Group, made a splash in January when parent company Wyndham Worldwide Corp. purchased La Quinta’s franchise and management business for nearly $2 billion. Speaking at the 30th annual Hunter Hotel Conference in Atlanta Wednesday, Geoff Ballotti, president and CEO of Wyndham Hotel Group, spoke about how the acquisition has helped expand the company’s platform. “It is our 21st brand. We’re the company that operates more hotels than any other company today at 9,100 hotels,” says Ballotti at the three-day conference, which is drawing 1,700 attendees. “La Quinta is a brand that franchises well — 85 percent of La Quinta’s franchisees score four stars or above on TripAdvisor. It’s a great value for our shareholders.” The past few years have seen mega transactions like this, none bigger than Marriott International’s $13 billion acquisition of Starwood Hotels & Resorts in 2016. Joining Ballotti on the stage during the President’s Panel, held at the Atlanta Marriott Marquis in downtown Atlanta, was Patrick Pacious, president and CEO of Choice Hotels International Inc. The Rockville, Maryland-based company is the second-largest hotel group by property count at 6,800 hotels in 40 countries. Similar to Wyndham, Choice Hotels …

March 22, 2018

Acquisitions Hospitality New York Northeast

HREC Arranges Sale of 81-Room Hampton Inn in Upstate New York

by David Cohen March 21, 2018

SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.

March 21, 2018

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