Group items tagged

STONEBRIDGE COS. HAS acquired the Le Méridien New Orleans hotel for $84 million from Park Hotels & Resorts Inc. It is the second acquisition in the city in 12 months for the Denver-based company, started by CEO Navin Dimond. The 410-room, full-service upscale hotel on Poydras Street is near the city's French Quarter, Bourbon Street and Warehouse Arts District. Also nearby are the New Orleans Ernest N. Morial Convention Center, Mercedes-Benz Superdome, Smoothie King Center and the Port of New Orleans Cruise Ship Terminal. Amenities include a rooftop pool, onsite restaurants and more than 13,000 square feet of event space. With the new purchase, Stonebridge's portfolio stands at 63 hotels and more than 10,000 guest rooms, including select-service, extended-stay, mid-scale and full-service hotels in several states. It is the first Le Méridien hotel for the company, Dimond said. "Last year we purchased the Embassy Suites by Hilton New Orleans," Dimond said. "New Orleans is truly a great American city, and the Le Méridien is ideally located for both leisure and business travelers alike visiting downtown New Orleans."

The TownePlace Suites by Marriott Amarillo West/Medical Center is scheduled to open in Amarillo, Texas, on July 30. It is owned and managed by Ram Hotels led by Kush Nathu, operations manager. The 104-suite hotel is six miles from downtown and 15 miles from Rick Husband Amarillo International Airport. Nearby attractions include Cadillac Ranch, Palo Duro Canyon State Park, Don Harrington Discovery Center, Northwest Medical Center and Baptist St. Anthony Hospital. Hotel amenities include an indoor swimming pool and hot tub, a fitness center and 1,800 square feet of meeting space.

AURO HOTELS RECENTLY ACQUAIRED the Residence Inn by Marriott Atlanta Buckhead/Lenox Park. Hunter Hotel Advisors helped broker the deal, which it said is another example of the strength of the extended-stay segment that has been seeing increased interest from major hotel companies such as Wyndham Hotels & Resorts. The 150-room Residence Inn is in Atlanta's upscale Buckhead neighborhood near shopping and dining outlets, such as Lenox Square Mall and Phipps Plaza, according to Hunter. Also, the hotel is across from AT&T corporate offices. "We are thrilled that the stars aligned on this acquisition - a smooth process with a highly professional seller, another collaboration with a trusted equity partner, and a further expansion of our relationship with Marriott," said D.J. Rama, CEO of Auro Hotels. "With the expertise brought by our investment, operations and design and construction resources, we believe strongly in the property's future performance potential."

VISION HOSPITALITY GROUP, led by Mitch Patel as president and CEO, recently broke ground on a dual-branded Home2 Suites and Tru by Hilton in Cleveland, Tennessee. The upcoming development, slated for completion in mid to late 2025, will comprise a combined total of 140 keys across five stories. The project will include 768 square feet of flexible meeting space and an outdoor pool, Vision Hospitality said in a statement. "We are thrilled to continue to strengthen our partnership with Hilton by expanding our portfolio with the addition of these two thriving brands and grow in a city that means so much to us," said Patel. "This development reflects our commitment to hospitality excellence and our dedication to providing our guests with exceptional service and experiences." Founded a quarter century ago, Chattanooga, Tennessee-based Vision Hospitality Group manages more than 4,500 rooms across 40+ hotels in nine states.

WHITESTONE CAPITAL RECENTLY partnered with PJD Capital to purchase the 152-room Holiday Inn East Mountain in Wilkes Barre, Pennsylvania, marking the first joint venture between the two real estate companies. Whitestone Capital, a division of Whitestone Companies, is led by CEO Jay Batra, while PJD Capital is headed by CEO Prakash Datwani. The Holiday Inn East Mountain features 152 guestrooms and more than 6,000 square feet of event space, the companies said in a joint statement. "We are excited about our new partnership with PJD Capital to reposition this property into a product the Wilkes Barre community has been craving," said Batra. "We expect the transformation to happen in two phases, with the first phase starting later this year. The property will be converted to a very select class of DoubleTree Hotels. A DoubleTree in name, driven by the power of Hilton, but not a typical DoubleTree. This property will feel more like a soft brand with design centered around a community-focused, light resort feel."

STARWOOD CAPITAL GROUP, a US-based private equity firm, recently purchased10 Radisson Blu Edwardian properties in London, totaling 2,053 rooms, from Edwardian Hotels London, a U.K. hospitality group with Jasminder Singh as chairman. The financial details of the deal remain undisclosed, but a Bloomberg report estimated the transaction at around $1 billion (£800 million). Edwardian Group will continue to manage the portfolio during a transitional period, the company said in a statement. Edwardian Hotels London will retain operational control and continue managing The Londoner Leicester Square, launched in September 2021, along with its two Radisson Collection hotels-The May Fair in Mayfair and The Edwardian Manchester in Manchester. Jasminder Singh is chairman of Edwardian Group. "Following the successful launch of The Londoner and a period of strong trading across the portfolio, this sale represents an opportunity to refocus the group and position it for its next chapter," said Inderneel Singh, CEO of Edwardian Group and son of Jasminder Singh. "Our three landmark properties - The Londoner, The May Fair Hotel, and The Edwardian Manchester - are perfect showcases of our vision for the future, and we remain committed to investing in and delivering distinctive experiences for guests in high-end, purpose-built, city-centre hotels."

AT THE 2024 AAHOA Convention & Trade Show held last week in Orlando, Florida, history was being made at the same time it was being recalled. Miraj Patel assumed his role as the youngest chairman the association has had, while his predecessor Bharat Patel and AAHOA President and CEO Laura Lee Blake spoke on the legacy that led to the association's current success. AAHOACON24, the 35th national conference for the association, saw more than 7,000 registered attendees and 524 exhibitors at the Orange County Convention Center, blocks away from Disneyworld and Universal Studios. It included more than 44 education sessions and had two times the number of sponsors than in 2023 with 26. Event revenue was 6 percent higher than 2023 and 31 percent higher than in 2022. The tradeshow sprawled over more than 84,500 square feet of exhibit space. In a speech during the first general session, Bharat presented his theory on what led to AAHOA's current status: compound success.

SOUTHERN HOSPITALITY, LED by Nikesh Shah as president, recently broke ground on the first Extended Stay America Select Suites prototype in Wildwood, Florida. The 124-room, 4-story property is slated to open in early 2025, Extended Stay America said in a statement. "As the extended-stay segment leader, we are excited to unveil the Extended Stay America Select Suites prototype as we begin construction on the first property," said Mark Williams, ESA's managing director of franchise development. "The new construction prototype represents the next phase in the strategic growth of our economy extended-stay brand." The Extended Stay America Select Suites prototype aims to provide efficiency and practicality for longer-stay guests, the statement said. The property, spanning slightly over 50,000 square feet and constructed on 1.75 acres, includes apartment-like suites with full kitchens and on-site laundry.

Peachtree Group's hospitality management division was recently selected to manage the Merrill Hotel, Muscatine in Iowa. The hotel has 122 guest rooms, 13,000 square feet of meeting and event space, a heated indoor saltwater pool, and a fitness center, Peachtree said in a statement. "We're truly delighted to have been chosen by Jim and Rebecca Howe to be the hotel's management operator," said Patrick Short, Peachtree's president for hospitality management. "The Howe family embodies a steadfast dedication to unparalleled hospitality experiences. We will carry on their commitment to excellence by delivering exceptional guest experiences, enhancing and elevating the hotel's reputation while generating results commensurate with this exceptional hotel's status, which continues to serve as one of the city's economic foundations." The hotel was opened in March 2018 along the Mississippi River in downtown Muscatine and is located near cities like Davenport and Bettendorf in Iowa, and Rock Island and Moline/East Moline in Illinois, the statement said.

Moxy Boulder, a new hotel on University Hill in Boulder, Colorado, is now open. It is the first hotel to open in Boulder since 2018. The hotel was developed by Vision Hospitality Group, led by Mitch Patel as president and CEO, The Nichols Partnership, led by President and Founder Randy Nichols, and BMC Investments, led by Jarret Posner as chairman and founding partner. "We are thrilled to collaborate with The Nichols Partnership and BMC Investments on this project in this sought-after location and continue our longstanding partnership with Marriott," said Patel. "We look forward to introducing this unique experience to the Boulder community." Moxy Boulder has 189 rooms, 5,300 square feet of indoor and outdoor space and a fitness center. Marriott International's Moxy Hotels brand operates more than 125 properties in 25 countries.

NEW YORK LEADS the top 50 U.S. markets in hotel construction with 47 projects and 7,655 rooms currently underway, according to Lodging Econometrics. The city has a total of 78 projects and 13,549 rooms in its hotel construction pipeline, the 10th largest in the U.S. Projects set to start in the next 12 months include eight projects with 1,079 rooms, while early planning includes 23 projects with 4,815 rooms, according to LE's Q1 2024 Market Trend Report for New York, released before the NYU International Hospitality Industry Investment Conference. Within the New York market, the three submarkets with the largest hotel construction pipelines are the New York City area (including Brooklyn East, the Bronx, and Staten Island) with 25 projects and 2,096 rooms, the report said. Similarly, the Midtown South area features 11 projects and 2,535 rooms, while the Midtown West/Times Square area has 10 projects and 4,131 rooms. Combined, these submarkets account for 59 percent of the projects and 65 percent of the rooms in the market's total construction pipeline.

THE FIRST PROPERTY representing Wyndham Hotels & Resorts' ECHO Suites Extended Stay by Wyndham brand opened recently in Spartanburg, South Carolina. Among the attendees at the grand opening, along with executives from Wyndham and more, were the first two Indo American developers who are building upcoming ECHO hotels. Wyndham also brought on Mandeep Singh as vice president for extended stay operations, overseeing ECHO Suites and the new Waterwalk Extended Stay by Wyndham brands. Singh has a more than 20-year background in extended-stay hotels, corporate housing, serviced apartments and multi-family properties. The 124-room ECHO Spartanburg is owned by Cox Universal Group, led by Philip Cox as co-CEO and co-founder and is managed by Sandpiper Hospitality. The prototype for the all new-construction brand is designed to fit on less than two acres at 50,000 square-feet, 79 percent of which is designed for generating revenue.

PEACHTREE GROUP RECENTLY originated its first commercial property assessed clean energy financing in Tennessee, providing a $10.7 million loan for a Class-A office development in Nashville. Nashville's Division Street Development is developing the four-story, 75,000-square-foot project, slated for completion by October 2024, Peachtree said in a statement. "For eligible projects, CPACE financing remains one of the most attractive options to bring a project to completion," said Jared Schlosser, Peachtree's executive vice president and head of CPACE. "We are pleased to assist Division Street Development in securing the final piece needed to complete the financing puzzle for their office development."

APERTURE HOTELS AND Satori Collective recently reopened the 120-room Hilton Garden Inn in Columbus, Georgia, following a multimillion-dollar renovation. The updates included public spaces, guestrooms, meeting space and fitness center, as well as parking improvements with EV charging stations. The full-service hotel also features an indoor pool with a hot tub and 3,500 square feet of flexible meeting space. Satori Collective is led by Andy Chopra as co-founder and managing partner. "With the completion of this full makeover, the Hilton Garden Inn Columbus now enjoys 'like-new' status, effectively making it the newest Hilton-branded hotel in Central Western Georgia," said Charles Oswald, Aperture Hotels' president and CEO. "We look forward to hosting a proper grand re-opening ceremony on Aug. 25 to fully embrace our position as a member of the community and to share our new offerings with guests and neighbors."