LODGING Staff - 10 Minutes News for Hoteliers - Page 140

1 min

CoStar: U.S. Hotel Industry Showed Mixed Performance During August

🏨 In August 2024, the U.S. hotel industry saw a year-over-year increase in occupancy by 1.5% to 66.9%, while the average daily rate (ADR) rose by 2.3% to $157.84, and revenue per available room (RevPAR) increased by 3.9% to $105.67. New York City led the Top 25 Markets with an occupancy spike of 5.2% reaching 87.3%, whereas New Orleans and Phoenix recorded the lowest occupancies at 54.1% and 58.4%, respectively. The Top 25 Markets outperformed others in both occupancy and ADR.

1 min

CooperWynn Capital Modifies Doubletree Suites Fort Shelby Loan

🏢 CooperWynn Capital secured a loan modification for the Doubletree Suites Fort Shelby in Detroit, Michigan. The hotel boasts 203 suites, over 18,000 square feet of meeting space, three food and beverage outlets, and a fitness center. This financial maneuver allows the hotel's ownership to maintain their loan with replaced covenants as the property's performance improves. Marc Sallette, principal at CooperWynn, led a marketing process to benefit the owners with the incumbent lender providing the most advantageous solution.

1 min

Rockbridge Celebrates 25th Anniversary With Brand Refresh

💰 Rockbridge, founded in 1999 in Columbus, Ohio, celebrates 25 years and unveils a refreshed brand identity. CEO Jim Merkel, leading since 2008, has developed the firm into a national platform with a $4.3 billion portfolio in assets under management. The investment firm boasts 307 real estate and hospitality investments across 39 states, with a total capitalization exceeding $11 billion.

2 min

Choice Hotels Opens 17 MainStay Suites and Suburban Studios This Year

🏨 Between January 1 and September 17, 2024, Choice Hotels International, Inc. opened 17 MainStay Suites and Suburban Studios, penetrating markets in Las Vegas, Nevada; Moreno Valley, California; and Orlando and Tampa, Florida. Notably, 16 of the hotels are conversions with an average transition time of 120 days. Nearly 35 of the 70 properties in the pipeline for both brands, scheduled to open by March 2025, are also conversions. The “Kitchen-in-a-Box” concept facilitates these transformations within 3-4 months.

3 min

Hyatt Expands Luxury and Lifestyle Hotel Pipeline in the Americas

🏡 Hyatt Hotels Corporation is expanding with over 20 new openings across the Americas by 2025. Since 2017, Hyatt doubled luxury rooms, tripled resort rooms, and quintupled lifestyle rooms globally. 88% of consumers showed intent to travel for leisure in 2024. New lifestyle brands and experiences will be added through the acquisition of Standard International. Notable openings include Grand Hyatt Indian Wells Resort & Villas (Sep 9, 2024), Hyatt Centric San José Escazú (Oct 2024), and Park Hyatt Los Cabos (Spring 2025).

2 min

OYO Parent Company to Acquire G6 Hospitality

📌 In a $525 million all-cash deal, Oravel Stays, OYO's parent, will acquire G6 Hospitality from Blackstone Real Estate. OYO, in the US since 2019, operates over 320 hotels across 35 states and plans to add about 250 more in 2024. Motel 6, under G6, generates $1.7 billion in gross room revenues. The transaction is set to close in Q4 2024, with Goldman Sachs & Co. LLC being the lead advisor for Blackstone.

1 min

Sonesta Hotel Houston IAH Airport Opens

🏨 Sonesta International Hotels Corporation opened Sonesta Hotel Houston IAH Airport, a 335-room upscale property, in 2024 near Houston Zoo, Toyota Center, and George Bush Intercontinental Airport. This marks the fifth Sonesta hotel launched in Houston in 2024, contributing to the company's portfolio of over 50 properties in the area. The hotel, owned by Veritas International Capital, offers an onsite restaurant, event spaces, airport shuttle service, and an outdoor swimming pool.

2 min

Raines to Introduce Lodging Market to York, South Carolina

🌆 In partnership with the City of York, South Carolina, Raines is facilitating economic development downtown, introducing a lodging market to boost growth, jobs, and tourism. York’s first hotel, a 97-room Hampton Inn & Suites, will be on South Congress Street in the historic district, designed to match the area's architecture, featuring expanded meeting spaces. Managed by Raines and owned by York Hotel Group, LLC, the opening is slated between late 2025 and early 2026.

1 min

JLL Secures Financing for Five Full-Service Hotels Totaling 1,140 Keys

📍 JLL’s Hotels & Hospitality Group secured $153 million for five full-service hotel properties with 1,140 keys in California, Arizona, Colorado, and Georgia. Properties, acquired between 2016-2018 and renovated from 2018-2020, cater to corporate and leisure travel, benefitting from diverse local demand drivers. The deal, arranged for a three-year, floating-rate loan, aims to season cash flow and features cross-country diversification. Mike Huth and Shalin Patel from JLL led the transaction.

2 min

AHLA Releases Statement About HOTEL Act

🔒 In Washington, the American Hotel & Lodging Association (AHLA) supports the HOTEL Act introduced by Reps. Chris Smith and Raja Krishnamoorthi, aiming to encourage federal workers to book hotels with anti-trafficking programs. The legislation requires hotel training developed with state governments or recognized trafficking experts. Since 2019, over 1.8 million hotel employees have undergone AHLA's No Room for Trafficking (NRFT) training. Additionally, AHLA's Survivor Fund, established in 2022, has raised $3.7 million, with a matching commitment by AHLA Foundation up to $5 million towards a $10 million goal.

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