LODGING Magazine’s Post

Four-Star Hotel in Parramatta’s heart for sale by Savills Hotels A Holiday Inn & Suites hotel Parramatta for sale with the benefit of a franchise agreement with InterContinental Hotels Group (IHG) under the globally successful Holiday Inn & Suites brand. Holiday Inn & Suites Parramatta Marsden for sale by Nikola S.Sasic, and Selin Ince of Savills Hotels. Selin Ince, Senior Executive, Hotels at Savills stated, “The Holiday Inn & Suites Parramatta Marsden is a strongly trading asset presenting a high- yielding investment opportunity sure to attract significant interest from a range of potential purchasers.” Nikola Sasic, Executive, Hotels at Savills added, “Given the growth of Western Sydney and Parramatta’s core, owners of accommodation assets in Parramatta are no doubt set to benefit from the forecasted record level trading incoming, on the back of the sector’s recovery and the suburb’s market fundamentals. Sherry Ge Mark Durran Leon Alaban Taylor Morris Adelaide Munro Max Cooper Nick Lower Joseph Ganim Nick Butler Hugo Weston Savills Savills Australia & New Zealand Kathryn Brassington Rob Williamson #savills #savillshotels #hotelsforsale #hotel #hotels #hotelinvestment #hotelnews #hotelmanagement #hotelbusiness #hotelier #hoteloperations #hoteldevelopment #sydney

People on the Move: Ferit Ferhangil has been named CEO of Waramaug Hospitality. Read about this and other recent appointments in the hospitality industry here: #HOTELS #hotelnews #hospitality #hospitalityindustry #hotelindustry #hospitalitynews #hospitalityjobs #hoteliers #appointments

- 💼 CL Hotels acquired Circa 39 Hotel in Miami Beach for $25.55 million. - 🏨 Circa 39 Hotel is an Art Deco-style building with 97 rooms located at 3900 and 3924 Collins Avenue. - 💰 The deal translates to approximately $263,400 per room. - 🔄 The property was sold by a joint venture between Black Salmon Capital and AMS Hospitality Group. - 🏢 Black Salmon shifted focus from hospitality to housing and industrial markets. - 🏗️ Originally built in 1939, Circa 39 Hotel will undergo a multimillion-dollar renovation by CL Hotels. - 🤝 CL Hotels entered a franchise agreement with IHG Hotels and Resorts to rebrand the property under IHG's Vignette Collection. - 🌆 Miami-Dade's hotel market ranked as the best-performing market in the U.S. with an 88.2 percent occupancy rate in February. RISE Realty #miamibeach #hospitality #realestate #realestateagent #realestatemarket

What’s really interesting about the two Kasa assets mentioned in the article, is the totally unique approach Kasa took to bringing these hotels online compared to a typical operator. In partnership with patient and might I say awesome Owners, we were able to strip down these assets Ops wise to an MVP operating model, insanely labor light. But we didn’t stop there, we studied the Quality impacts of doing so, and tested various new programs from Capex investments to labor additions. In so doing, we didn’t spend owner dollars until we were able to much more clearly measure the impact of a marginal program, role or investment by building an ROI based case rather than just assuming that because a prior operator did something, it was a good idea. This has led to margins that don’t just start high, but steadily improve over time as well.

Nice report from Rachael Rothman, CFA, ISHC and team. We have been tracking the blurring of lines between multifamily and hospitality since before covid. There will continue to be new and innovative business models that are created to meet the growing consumer demand for furnished, flexible living. Some of the novel approaches may indeed come from multifamily players, not just the hospitality companies. We remain highly interested in pursuing deals that live somewhere between the multifamily and hospitality industries. #hospitality #multifamily #commercialrealestate #furnishedapartments #flexibleliving #hotels #aparthotel #apartments #hybrid #realestateinvestment #realestatedevelopment

The JACKSONVILLE (FL) Hospitality Market Update Year End 2023 2023 YTD Occ 68.4% ADR $147.69 Revpar $97.50 Boasting 22 miles of beaches, Jacksonville, on Florida’s northeast coast, is a city of diverse neighborhoods with a top-notch arts and culture scene, unbeatable food, and a wide variety of family-friendly attractions, parks, and nature preserves. JAXPORT recently completed its harbor deepening project several years ahead of the original schedule. The project was necessary to meet the needs of larger cargo ships transiting from the Suez and Panama canals, and the new 47-foot depth for the channel will position JAXPORT as the first U.S. East Coast port of call for fully loaded new Panamax class vessels. Jacksonville had an inventory of about 30,000 hotel rooms at the end of 2023. It is experiencing a robust expansion of its hotel inventory. Eight properties totaling about 900 rooms were scheduled to open by the end of 2023. Inventory growth will remain elevated in 2024, with nearly 800 rooms under construction and scheduled to open during the year. Seven of the eight openings in 2023 were Upper Midscale or Upscale properties. Upscale openings included the 120-room SpringHill Suites Jacksonville Baymeadows that opened in February, the 156-room SpringHill Suites Jacksonville Beach Oceanfront that opened in April, the largest addition in 2023, and the 120-room Hyatt Place St. Augustine that opened in October. The 122-room WoodSpring Suites Jacksonville Orange Park was the only addition not in the Upper Midscale or Upscale hotel classes. Hotel performance is expected to remain weak in early 2024 before improving in the second half of the year. RevPAR is projected to decline about 2% in 2024, despite modest growth in ADR, due to the supply-side pressure on occupancy. For the complete year end market report, comment below with your email or send me a message.

A study from The Highland Group Hotel Investment Advisors Inc. also found that while most boutiques are in urban centers, there is also increased demand in tertiary markets. #hotelinvestmenttoday #hotel #hospitalitynews #hotelnews #hospitalityindustry #hospitality #boutiquehotels

In the 1990's and early 2000's, hospitality companies executed spin-offs and divestitures as specialization helped align business models with investor expectations: - Hilton/Caesars Entertainment, Inc. (Park Place) - Marriott International/Host Hotels & Resorts - Marriott International/Sunrise Senior Living/ExecuStay - Timeshare spin-offs: Marriott Vacations Worldwide - IHG Hotels & Resorts/Mitchells & Butlers PLC, etc. Specialization then kicked off a wave of consolidation. - Marriott International/Starwood Hotels & Resorts Worldwide, Inc. - InterContinental Hotels & Resorts/Kimpton Hotels & Restaurants - Accor/Fairmont Hotels & Resorts - Pebblebrook Hotel Trust (NYSE: PEB)/LaSalle Hotel Properties - Benchmark.Global/Pyramid Global Hospitality, to name a few What do the following have in common? - Marriott International/Vacasa - Hyatt Hotels Corporation/Small Luxury Hotels of the World/Under Canvas Inc. - LVMH/Belmond - Travel + Leisure Co./Wyndham Hotels & Resorts - WaterWalk - Selina - Soho House & Co - The Hoxton They are all examples of convergence. What's old, is new again. As the traditional lodging industry matures and competition for guests intensifies, to drive ROI, hotel brands and owners need to: - Expand services to existing customers, and/or - Attract new customers, and/or - Engage with their core customer outside of their typical peak travel years. One of our themes for the next few years is #convergence. We expect hospitality partnerships with retail, (Field & Stream), media (Sports Illustrated), and traditional residential real estate companies to create trusted and amenitized living options (Rosewood Residence), as well as student housing, co-living, senior-communities (Latitude Margaritaville) and vacation homes (Timbers) to continue to accelerate in an effort to increase each silo's total addressable market. Read more as my colleagues, Christine Bang, Ronald Chan, Laura Peláez Corredor and I explore the topic in our latest report, Maturation of the Hotel Industry Drives Convergence with Other Sectors to Facilitate Growth. https://lnkd.in/gwbwR6Ky

The requirement of hotel property-improvement plans (PIPs) is going to become more frequent but also more expensive going forward. PIPs now cost between $35,000 to $40,000 per key for a mid-market, select-service hotel. While costly, owners who don’t invest in PIPs are at risk of losing their brand. #hotels #PIP Newmark Newmark Valuation & Advisory

#Frasers #Hospitality, a strategic #business unit of Frasers #Property, is fortifying its #international #expansion through collaborations with #capital partners and third-party #hotel #operators that complement its operational #excellence within the extended stay segment. https://lnkd.in/gv-pQ58S