Group items tagged

THE RADISSON RED Miami Airport, a 157-room property located east of Miami International Airport, was sold for $22 million at a price per key of $140,127. Kabani Hotel Group, led by CEO and Founder Ahmed Kabani and partner Suraj Dalal, brokered the deal. Kabani Hotel Group used a traditional marketing approach for the transaction, recording a 3.22 percent cap rate. The company received nine offers from domestic and international investors and closing the deal within 30 days of being under contract, the company said in a statement. "We are confident the new ownership will excel at this location," Kabani said. "Our strategic marketing efforts garnered over 150 confidentiality agreements. Despite elevated interest rates and financing challenges, the right buyer was identified, assuming existing debt and closing efficiently."

THERE WAS A slight slip in U.S. hotel performance in the third week of October compared to the week before, according to STR. However, numbers improved during the week when compared to 2019. Occupancy was 69.9 percent for the week ending Oct. 22, down from 70.3 percent the week before and down 0.5 percent from 2019. ADR was $157.43 during the week, slightly dropped from $157.52 the week before and up 16.7 percent from three years ago. RevPAR reached $110.11 in the third week of Oct. 22, just dipped from $110.78 the week before and up 16.1 percent from 2019. Among STR's top 25 markets, Tampa reported the largest increase in occupancy during the week, up 7.4 percent to 75.9 percent and RevPAR, increased 39.2 percent to $117.28, over 2019. It has been one of the markets in Florida that have seen a performance lift associated with post-Hurricane Ian demand.

DALLAS LEADS THE U.S. hotel construction pipeline for the fourth consecutive quarter, according to Lodging Econometrics. Among brands, Marriott International led the pipeline. Dallas had a record 173 projects with 20,707 rooms in the second quarter of this year, followed by Atlanta with 140 projects containing 18,131 rooms, Los Angeles with 124 projects with 20,365 rooms, New York, with 113 projects with 19,238 rooms and Phoenix with 108 projects containing 14,964 rooms, Marriott had 1,355 projects with 167,034 rooms, up 4 percent by projects year-over-year, tops the pipeline during the period. The Q2 2022 U.S. Construction Pipeline Trend Report said that major markets and popular tourist destinations in the U.S. reported highest occupancy rates since the pandemic began in early 2020 in the second quarter mainly due to robust leisure travel, group, and international travel. New York City with 78 projects with 13,063 rooms, Atlanta with 25 projects containing 3,905 rooms, Dallas with 25 projects with 3,725 rooms, Phoenix with 23 projects with 4,955 rooms and Los Angeles with 22 projects with 3,606 rooms are the top five markets with the most projects under construction during the end of June. They account for 22 percent of rooms under construction in the U.S.

U.S. HOTEL PERFORMANCE rose from the previous week, while occupancy and RevPAR levels reached the second highest of the year, behind the week ending 18 March, according to STR's latest data through 22 April. Occupancy for the week ending April 22 came in at 67.2 percent, up from 64.2 percent the week before, and increased 2.3 percent than the comparable week in 2022. ADR stood at $155.76, up from $155.33 the previous week and 4.2 percent over the same period in 2022. RevPAR was $104.64, also up from $99.67 the week before and 6.6 percent rise over 2022. Among the Top 25 Markets, Chicago posted the highest year-over-year increases in each of the key performance metrics: occupancy rose 23.9 percent to 72.2 percent, while ADR increased 29.6 per cent to $174.71. RevPAR also rose 60.6 percent to $126.13. Notably, New York City (82.1 percent) and Las Vegas (80.8 percent) were the only two markets to report occupancy above 80 percent.

PEACHTREE GROUP SECURED a $73 million construction loan and C-PACE financing to fund the development of a 263-key dual-brand Home2 Suites and Tru by Hilton Hotel in San Diego, California, on behalf of the locally based Baxter Hotel Group. Baxter is set to commence construction on its 16-story, dual-branded hotel this month, with a projected 22-month construction timeline, Peachtree said in a statement. Peachtree facilitated a $50.4-million floating-rate construction loan with a three-year term and secured $22.6 million in fixed-rate C-PACE financing, amortized over 25 years. Collectively, these funds covered 64 percent of the total development cost, the statement said. "We were able to execute an innovative capital stack with the addition of C-PACE in an otherwise challenging financing market, providing ample capital for the construction to begin while saving the sponsor 200 basis points in interest rate spread," said Jared Schlosser, Peachtree's senior vice president, head of hotel origination and C-PACE.

In case you do not have a US passport or an enhanced driver's license. This is the time to apply for one. As US Homeland Department has announced the final implementation date for Real ID Act (January 22, 2018), all US citizens would need to follow the Real ID requirements for domestic flights. What is Real ID Act and why every US citizen need to be aware of it? Read the post to get complete information.

In case you do not have a US passport or an enhanced driver's license. This is the time to apply for one. As US Homeland Department has announced the final implementation date for Real ID Act (January 22, 2018), all US citizens would need to follow the Real ID requirements for domestic flights. What is Real ID Act and why every US citizen need to be aware of it? Read the post to get complete information.

These amazing nature places are secluded from the whole world. If you would love to visit some strange and amazing places this summer, than you can try one of these. All of them are something that you will remeber for the rest of your life.

Nepal is a nation which is straightforward on one hand and courageous on the other. It confirms to be a Catch 22 with two complete unmistakable angles. Nepal involves the most lifted mountain crest of the world - Mt. Everest which stands tall at the most astounding elevation.

The "Manaslu via Tsum valley" trek is also known as the hidden valley trekking a land of living Museum with mainly Gurungs and Tibetan inhabitants. Tsum Valley is on the Northern parts Gorkha District of Manaslu Himalayan regions used to be a control area until 2008. "The Manaslu" via "Tsum Valley" trekking offers an enjoyable trip thorough Manaslu area to the beautiful Tsum valley. Deceitful under the delightful views of Ganesh Himal and Sringi Himal, amazing Tibetan cultural traditional local villages within Nepal, The Buddhism influences Manaslu and Tsum valley region. Tsum Valley is still less tourist trails Tsum valley is new trekking route in the Nepal Himalayan region. Tsum Valley is one of the famous for (Local Houses) Home stay trek to Tsumba Group of people, one of the Minority ethnic Groups of Nepal Himalayan regions.

MORE THAN EIGHT in ten hotels in the U.S. experienced difficulties in operations due to supply chain disruptions, according to a survey. Nearly three in four hotel operators say the disruptions are negatively impacting their business revenue. The American Hotel & Lodging Association conducted the survey among more than 500 AHLA members during Nov. 8 to 22. More than half, 52 percent, of respondents said that the problem became worse over the past three months, and 74 percent said supply chain issues are having a negative impact on business revenue. The impact on operations could have repercussions for employment, underscoring the need for targeted federal relief for hotel employees, such as the Save Hotel Jobs Act, according to AHLA. "Hotels have a complex supply chain that requires regular procurement of a wide range of goods and services each day. And whether it's production backups or shipping delays, supply chain disruptions are compounding hotels' existing problems and increasing operating costs during an already tough time," said Chip Rogers, president and CEO of AHLA. "This survey highlights just how widespread these challenges are for hoteliers. That's why now is the time for Congress to pass the Save Hotel Jobs Act, so hotel employees can get the relief they need during these difficult times."

U.S. HOTEL PERFORMANCE persisted in its downward trend during the last week of August, influenced by seasonal patterns in contrast to the previous week, according to CoStar. However, year-on-year comparisons improved while Maui Island, Hawaii, still recovering from deadly wildfires, showed signs of recovery. Occupancy came in at 65 percent for the week ending Aug. 26, down from the previous week's 67 percent, but it showed a 0.4 percent increase compared to 2022. ADR stood at $150.23, a decrease from the previous week's $154.10, though it displayed a 1.7 percent growth compared to the same period last year. RevPAR was $97.62, below the prior week's $103.22, yet it still indicated a 2.1 percent rise from 2022. Among the top 25 markets, Las Vegas achieved the largest year-over-year occupancy increase as August ended, rising by 7.9 percent to reach 76.3 percent. Houston achieved the highest ADR at $112.08, with a 10.5 percent increase, and the highest RevPAR at $64.45, reflecting a 17.8 percent increase.

REFLECTING THE POSITIVE side of the Easter calendar shift, U.S. hotel performance during the second week of April increased from the previous week, according to STR. Year-over-year comparisons also were up. Occupancy was 64.2 percent for the week ending April 15, up from 61.3 percent the week before, and increased 3.7 percent than the comparable week in 2022. ADR stood at $155.33, up from $153.3 the week before, jumped 4.7 percent against 2022. RevPAR came in at $99.67, increased from $94 in the last week, and rose 8.6 percent over the same month in 2022. Among the top 25 markets, Minneapolis saw the highest year-over-year increase in occupancy, up 17.4 percent to 54.5 percent during the Easter week. Washington, D.C., reported the most substantial ADR, up 22.5 percent to $200.99, and RevPAR, increased 38.1 percent to $146.73 year-over-year.

A TOTAL OF 8,000 attendees gathered at the Los Angeles Convention Center for the 2023 AAHOA Convention & Trade Show saw more than 20 education sessions, 500 exhibiting companies, keynote speakers and four networking events, including the Welcome Reception at the world-famous LA Coliseum. The conference broke various records from AAHOA's 34-year history, AAHOA said in a statement. AAHOACON23 culminated in a gala event in the form of AAHOA Awards, celebrating excellence in the field of hospitality. However, several large hotel companies boycotted AAHOACON23 over AAHOA's support for franchising reform. "With a record level of booth sales for the trade show, it was the largest trade show in AAHOA's 34-year history, and a 22 percent increase over 2022," AAHOA said. "There were nearly 520 total exhibiting companies, the second largest exhibitor total in AAHOACON history," it said. Now past AAHOA Chairman Neal Patel officially turned over the reins to his successor, Florida hotelier Bharat Patel. According to AAHOA, the AAHOACON23 Trade Show was sold out, and a wait list was created - the first time ever in AAHOA history. The event also generated a very strong number of first-time exhibitors, 167, which is the second-largest number of first-time exhibitors in AAHOA history, AAHOA said. "The exhibit sales team achieved a new record in exhibit booth sales for AAHOACON24. A total of 170 exhibitors have rebooked and will return for AAHOACON24 in Orlando next year. This number represents more than 40 percent of the show floor space and 100 percent of all exhibiting hotel brands rebooked for AAHOACON24," the statement added. "The adjectives and praise to describe AAHOACON23 and our remarkable AAHOA Team keep pouring in," said Laura Lee Blake, AAHOA president and CEO. "I could not be prouder of how AAHOACON23 turned out, and we are so thankful for all the sponsors, exhibitors, speakers, and attendees who helped make this convention and trade show one of the very b

THE REPRESENTATION OF Black and women members on hotel industry boards is on the rise, signaling progress in board diversity, according to recent research commissioned by AHLA Foundation and conducted by Penn State's School of Hospitality Management. The surge surpasses the 2022 averages for firms in the Russell 3000 Index, while indicating multiple gains for the industry. The 2022 data analysis involved 230 board members from 28 companies spanning the years 2016 to 2022, the AHLA Foundation said. Key findings from the report include: In 2022, women held 31.3 percent of independent board seats on hotel public company boards, a notable surgefrom 22.5 percent in 2021. This surpasses the 2022 Russell 3000 Index average of 28.4 percent for women representation.

HOTELS ARE THE top lodging choice for holiday travelers who are certain to take trips in the next three months, according to a survey commissioned by the American Hotel & Lodging Association. AHLA also announced a new system for indexing bookings. The new national Hotel Booking Index Survey, conducted by Morning Consult for AHLA, revealed that 31 percent of Thanksgiving travelers plan to stay in a hotel during their trip, compared to 22 percent who planned to do so last year. The survey of 4,000 adults, conducted between Oct. 14 to 16, said that 28 percent of Christmas travelers plan to stay in a hotel during their trip, compared to 23 percent in 2021. As many as 54 percent of those who are certain to travel for leisure in the next three months plan to stay in a hotel.

THE U.S. HOTEL industry is "beginning to get back to getting back to it," according to a speaker at The Lodging Conference 2022, held Sept. 19-22 in Phoenix. More than 2,500 people attended the event at the JW Marriott Desert Ridge Resort, continuing the industry's return to normalcy after more than two years of pandemic. Talk of the economy during the conference was mostly positive, though concerns about the labor shortage remained high as well as some apprehension about overall economic stability. Women were strongly represented on the stage with the awarding of the annual Castell Award. AAHOA's leadership team also contributed to the conference conversation.

INTERNATIONAL INBOUND TRAVEL is expected to slow down in the fall after surging over the summer, according to the latest U.S. Travel Association forecast. USTA also expects it may take until 2025 for the travel segment to recover to pre-pandemic levels. Inbound travel recovery picked up in summer and reached a pre-pandemic high of 35 percent below 2019 levels in July 2022, said U.S. Travel Association. It improved from a 41 percent decrease in May and declines of more than 50 percent earlier in 2022. The latest report by Aaron Szyf, economist, USTA, said that inbound travel recovery continued from Europe and Latin America in the past few months, which was 22 percent below 2019 levels in July. Meanwhile, Asian markets declined 66 percent in July, largely due to stagnation from China and a very slow return from Japan.

U.S. HOTEL PERFORMANCE has increased in the second week of September compared to the previous week, according to CoStar. However, year-over-year comparisons remained mixed. Occupancy stood at 68.5 percent for the week ending on Oct. 14, a slight uptick from the previous week's 67.8 percent, and a marginal year-over-year decline of 2.3 percent. ADR increased to $164.25, up from the previous week's $163.19, marking a 3.2 percent surge compared to the previous year. RevPAR also showed improvement, reaching $112.51, surpassing the previous week's $110.68, and reflecting a 0.8 percent rise from 2022. Among the top 25 markets, Oahu Island experienced the highest year-over-year growth in occupancy, rising by 17.8 percent to reach 85.2 percent, while RevPAR increased by 29.7 percent to $243.22.