LODGING Staff - 10 Minutes News for Hoteliers - Page 129

2 min

Amadeus Reports Q3 2024 Financial Results

📈 Amadeus reported Q3 2024 financial results: Air distribution revenue grew by 10% to €2,230.5M; Air IT solutions revenue up 16.2% to €1,636.2M; Hospitality and other solutions revenue increased 12.9% to €733.9M; Group revenue rose 12.6% to €4,600.6M; EBITDA expanded by 13.3% to €1,806.3M; Operating income surged 16.9% to €1,314.8M; Adjusted profit climbed 17.4% to €1,028.2M; Free cash flow reached €975.2M, a 7.3% increase; Net financial debt stood at €2,511.0M or 1.09 times EBITDA on September 30, 2024.

1 min

Mesa West Capital Provides Loan to Refinance Thompson Savannah

🏠 Joint venture led by Regent Partners and Mariner Group refinanced Thompson Savannah, a luxury hotel, with a $50 million short-term first mortgage from Mesa West Capital. The loan replaces the initial construction loan for the 193-key hotel, opened in August 2021. Located at the Savannah River’s southern bank, the Thompson Savannah offers a restaurant, bakery, bars, pool, fitness center, and 11,000 square feet of meeting space. Since its opening, the hotel has shown growth in occupancy, RevPar, and ADR. Financing was arranged by Berkadia’s Hotel and Hospitality Group in New York.

2 min

Courtyard by Marriott Reno Sparks Opens

🏠 Galaxy Hotels Group, located in Frisco, Texas, opened the Courtyard by Marriott Reno Sparks in northern Nevada, featuring 127 rooms and suites. This four-story hotel is the company’s sixth in Nevada and is near the Tahoe Reno Industrial Center. The hotel offers various amenities including a 1,700-square-foot fitness center, The BISTRO, an outdoor courtyard, and 845 square feet of meeting space. Galaxy is an approved Marriott International franchisee and operates hotels across nine U.S. states.

3 min

CBRE: Commercial Real Estate Lending Improved in Q3 2024

🏢 In Q3 2024, Dallas, Texas saw a 13% quarter-over-quarter and 15% year-over-year increase in commercial real estate lending, with the CBRE Lending Momentum Index hitting 214. Average spread on closed loans was 183 bps; multifamily loans tightened to 168 bps. Life companies led non-agency loan closings with 43%, followed by alternative lenders at 34% and banks at 18%. CMBS issuance reached $29 billion, tripling year-over-year. Government agency lending on multifamily assets rose 40% to $28 billion, with the Agency Pricing Index at 5.8%.

1 min

5 Products to Enhance Operations and Guest Offerings

🚿 Actabl launched Alice Housekeeping Refresh in September, introducing Advanced Auto-Assign, Credit Rules, Room Attendant Daily Summary, Guest Preferences & Ticket Automation, and Do Not Disturb by Automation to automate and manage daily housekeeping tasks. More at actabl.com.

2 min

Cendyn: Phoenix Ranks as Top Market Selected by Meeting Planners

🏢 Phoenix, Arizona led the top 25 markets in year-over-year growth at 19.7% according to Cendyn's Sales Intelligence, with Las Vegas, Nevada close behind at 17.7%. The data from October 2024 showed Phoenix's event volume growth driven by sectors like national association, technology, healthcare, and financial/banking, with an average event size of 5,612 square feet and 174 attendees. Secondary markets showed significant growth with South Michigan at 99.2% and Kauai, Hawaii at 72%, with the former likely boosted by football-related activities and the latter by weddings among other events. The top secondary markets had an average space usage of 3,841 square feet and an average of 128 attendees per event.

1 min

CoStar: U.S. Hotel Industry Shows Positive Comparisons for Third Consecutive Week

🏨 U.S. hotel industry saw occupancy rise to 60.8% (up 1.9%) with an ADR of $154.99 (up 1.2%) and RevPAR of $94.22 (up 3.1%) in the week of October 27-November 2, 2024. Tampa experienced a 34.7% occupancy increase to 80.5% due to Hurricane Milton. New Orleans reported ADR and RevPAR spikes of 27.7% to $222.51 and 53.3% to $169.73, respectively, attributed to Taylor Swift's tour and a major conference. Las Vegas and San Francisco faced RevPAR drops of 28.8% to $151.47 and 14.9% to $123.16, respectively.

1 min

Ashford Trust Refinances Mortgage Loan Secured by Marriott Crystal Gateway Hotel

💰 Ashford Hospitality Trust refinanced a $121.5 million loan for the 703-room Marriott Crystal Gateway Hotel in Arlington, Virginia. The new loan matures in three years with two one-year extensions, bearing a SOFR plus 4.86% interest. The deal freed $31 million to reduce the company’s strategic financing, enabling a reduction in the exit fee from 15% to 12.5% if the balance drops below $50 million by November 15, 2024. The current CEO, Stephen Zsigray, aims to clear the debt by year-end.

2 min

Hilton Shares Details of Anticipated Hotel Openings for 2025

🏨 Waldorf Astoria New York set to reopen Spring 2025 after restoration by Skidmore, Owings & Merrill, interior by Pierre-Yves Rochon. It will feature 375 guestrooms, 375 residences, a 30,000 sq ft spa, fitness center, Chef Michael Anthony's restaurant, and a 43,000 sq ft event space. Other Hilton openings for 2025 include properties across the Americas, Europe, Middle East, Africa, and Asia-Pacific, such as Waldorf Astoria Costa Rica Punta Cacique (Spring 2025), Canopy by Hilton Cape Town Longkloof (Q1 2025), and Waldorf Astoria Osaka (Q2 2025).

1 min

Sonesta Essential Savannah Opens in Georgia

🏡 Sonesta International Hotels Corporation opened Sonesta Essential Savannah in Newton, Massachusetts, near Savannah, Georgia. The 41-room upper-midscale hotel, located near I-95, offers proximity to Coastal Georgia Botanical Gardens, Ogeechee River, Henderson Golf Club, Historic District of Savannah, River Street, Savannah/Hilton Head International Airport, and Hunter Air Force Base. Executive VP Keith Pierce highlighted the brand's expansion, aiming to provide affordable, clean, and dependable accommodations with essentials like sleep program, WiFi, hot breakfast, all-day coffee, and a fitness center.

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