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December 21, 2015 12:47 pm
Published by dg_admin
Historic Hotel to Undergo Multi-Million Renovation to Upgrade to Latest Standards and Amenities
BOSTON, (Dec. 21, 2015) – -Representatives of Gencom, one of North America’s leading luxury hospitality and residential / mixed-use real estate investment and development firms, today announced that, through its new partnership with Gemstone Hotels and Resorts, it has acquired the 114-room Ames Boston Hotel in the heart of downtown Boston. The property will be operated by Gemstone Hotels & Resorts, a full-service hotel management company that specializes in operating luxury and upscale urban hotels and resorts. Gencom and Gemstone will immediately undertake and jointly oversee a multi-million dollar renovation to re-position and reinvigorate the hotel. RobertDouglas was the exclusive advisor to the seller, a private investment group, in the sale.
“The Ames Boston Hotel is an irreplaceable asset with a prime location in the heart of Boston,” said Alessandro Colantonio, senior vice president of acquisitions at Gencom. “We continue to have a healthy appetite for quality assets, located in major urban areas with high barriers to entry and with high return on investment potential. Following the completion of the renovation and the implementation of Gemstone’s proprietary marketing and operations programs, the hotel will be well positioned to become the leading destination for upscale, discerning travelers to this market.”
The renovation will transform the hotel from top to bottom to bring business and leisure travelers some of the finest accommodations Boston has to offer. Guest rooms will receive significant enhancements, including new case goods, soft goods and some unique technology. The ground floor will see significant changes which will highlight the property’s rich history and unique location in the heart of Boston. Additionally, the hotel’s existing meeting space will be expanded and substantially modernized.
Considered to be Boston’s first skyscraper, the Ames Boston Hotel is listed on the National Register of Historic Places and is the second tallest masonry load bearing wall structure in the world. Originally constructed in 1893, the hotel enjoys a prime location within the Government Center, within walking distance to the financial district and next to the renowned Faneuil Hall Marketplace.
“We have a long history of operating hotels in Boston and throughout New England,” said Thomas Prins, Gemstone’s principal. “This property, along with the Copley Square Hotel we currently manage, will give us significant economies of scale and ability to capitalize on all the Boston hospitality marketplace offers.”
“The Boston hotel economy is quite vibrant and continues to expand,” said Jeff McIntyre, Gemstone’s principal. “We will bring to bear some unique approaches to create one of a kind guest experiences—taking advantage of everything this hotel and its special location have to offer. The Ames is truly a one-of-a-kind hotel, and we intend to clearly distinguish it in a marketplace known for its iconic hotels and hospitality.”
About Gencom
Gencom was founded in 1987 by Mr. Karim Alibhai and is one of North America’s leading hospitality and residential-mixed use real estate investment and development firms, offering expertise in many distinct areas of the industry including finance and capital markets, asset management, design and development, M&A and equity management and residential sales & marketing. Since its inception, Gencom has focused on executing turnaround and repositioning strategies that involved portfolio and single asset transactions within a variety of hospitality segments including luxury, limited-service and full-service assets. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, family offices and strategic partners both in the Unites States and internationally. Gencom is based in Coral Gables, Florida with representative offices in Houston, Texas.
About Gemstone Hotels & Resorts LLC
Headquartered in Park City, Utah, with offices in Stamford, Connecticut, Gemstone is a full-service management company that specializes in luxury and upscale hotels and complex resorts. Gemstone currently manages 19 hotels and resorts throughout the United States. For more information about Gemstone, please visit www.gemstoneresorts.com.
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December 16, 2015 12:48 pm
Published by dg_admin
NEWARK, Del., December 16, 2015—Officials of PM Hospitality Strategies, Inc. (PMHS), a leading, national hotel management company, today announced that the Embassy Suites by Hilton Newark Wilmington South has completed its multi-million dollar renovation ahead of schedule. The renovation encompassed all aspects of the hotel, returning it to “like-new” status.
“With the industry experiencing unprecedented demand growth, it is vital for existing hotels to continually refresh and update their offerings to meet the requests of today’s business and leisure travelers,” said Joseph Bojanowski, president of PMHS, operators of the hotel. “Our hotel is going through its most demanding makeover since its inception in 1999. The transformation to a more contemporary design with upgraded amenities, coupled with our proprietary marketing and management systems, has optimized our competitive advantage.”
The hotel recently underwent a complete makeover of its meeting and banquet spaces, as well as the hotel’s corridors and other public spaces. The hotel’s154 guest suites received all new amenities, beds, bedding, furniture, and artwork. The spacious two-room suites with separate living and sleeping areas are ideal for extended stays offers additional space with a sleeper sofa, two TVs, a refrigerator, microwave and internet access for families to utilize. For business travelers, the hotel now provides an expanded executive suite, providing a higher level of comfort and extra workspace. The décor consists of a contemporary finish, providing an innovative and comfortable lodging experience.
“The hotel’s renovations have added market share value and market leadership, reinforcing the level of standing of our third-party hotel management portfolio,” added Bojanowski. “We are confident that the new and improved suites will add significant profit to the property.”
Located at 654 South College Avenue in Newark, Del., in the Brandywine Valley, the hotel resides among country mansions and scenic nature views. The University of Delaware is adjacent to the property and provides opportunities to attend sporting activities. Nearby attractions include the Winterthur Museum, the Delaware Art Museum, showcasing pieces from the British Pre-Raphaelites, and the historic district of New Castle. Guests can shop at the Christiana Mall or dine at the hotel’s feature restaurant, TGI Fridays, tax free.
Amenities include complimentary breakfast, an indoor pool, Jacuzzi, fitness center, meeting rooms and ballrooms, as well as a complimentary “Evening Reception” for cold drinks and snacks. The hotel received the 2014 TripAdvisor Certificate of Excellence Award.
About PMHS
PMHS is an award-winning, independent hotel management company, operating full-service and select-service hotels in the Hilton, Starwood, Marriott, and Choice families of brands. The company’s expertise covers all aspect of hotel operations, including development, technical consulting, marketing, accounting, pre-opening services and on-going management. PMHS currently manages over 35 hotel and development projects, comprised of more than 5,800 rooms, throughout the United States. Based in Washington, D.C., PMHS has participated in the development and acquisition/renovation of dozens of hotels with a market capitalization in excess of $1 billion. PMHS is an approved management company for all leading hotel brands. Additional information about the company may be found at www.pmhs.com.
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December 10, 2015 12:49 pm
Published by dg_admin
PALM BEACH, Fla., December 10, 2015—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.10 for December 2015. The common dividend is payable January 29, 2016, to shareholders of record on December 31, 2015.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale extended-stay hotels and premium-branded, select-service hotels. The company owns interests in 134 hotels totaling 18,418 rooms/suites, comprised of 38 properties it wholly owns with an aggregate of 5,675 rooms/suites in 15 states and the District of Columbia and a minority investment in three joint ventures that own 96 hotels with an aggregate of 12,743 rooms/suites. Additional information about Chatham may be found at chathamlodgingtrust.com.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as “expects,” “believes” or “will,” which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company’s filings with the Securities and Exchange Commission.
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December 8, 2015 12:49 pm
Published by dg_admin
ATLANTA, Ga., December 8, 2015 – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today revealed that it has more than $200 million in its current development and construction pipeline. The assignments are a mixture of new build and renovation projects.
“With the hotel industry enjoying some of its highest periods of occupancy and ever increasing ADR, savvy hoteliers are getting ahead of the game by either building new product or improving what already is in the portfolio to meet the demands of today’s travelers,” said Robert S. Cole, HVMG president and CEO. “The leading industry experts continue to predict robust industry growth in the near term. We are positioning our strategy and portfolio to maximize this growth.”
HVMG has the following projects in its pipeline:
- SpringHill Suites Orange Beach—Located at the Wharf, an 80,000 square foot, mixed-use entertainment destination in Orange Beach, Ala., the new build hotel began construction in June 2015, with the grand opening scheduled for the spring 2016.
- Hilton Houston Southwest—HVMG is overseeing an extensive renovation of the hotel, including guest rooms, public space and exterior upgrades. As part of the value-add repositioning strategy, HVMG has developed a new concept for the lobby bar and restaurant called “Veranda,” offering a creative menu of classic American cuisine and a cocktail program featuring fresh and natural ingredients.
- Embassy Suites Atlanta Galleria— Situated near the new home of the Atlanta Braves, the hotel has just embarked on a major renovation that will encompass a complete redesign of all guest rooms, the Atrium, meeting space and the building’s exterior. The hotel also will introduce Hilton’s new food and beverage program, E’terie. The project is expected to be finished by the spring of 2016.
- Marriott Greensboro–Acquired by HVMG in December 2014, the 300-room, full-service hotel located at the Piedmont Triad International Airport will receive extensive guest room and exterior improvements, featuring a state-of-the-art design of the new Marriott guest room. Renovations have just started and will conclude in the summer of 2016.
- Hotel Indigo Downtown Denver (LoDo)—Currently under construction, the 188-room hotel is expected to open in Dec. 2016. Located within Union Tower West, a 200,000 square foot mixed-use, office/retail space development, the hotel is adjacent to Denver Union Station. Upon opening, the hotel will feature approximately 1,950 square feet of meeting space, a fitness center, business center, bar and restaurant.
- Hotel Indigo Atlanta Downtown—With a planned opening date of Dec. 14th, 2015, the under construction hotel will welcome guests with 206 rooms, high end specialty bar & restaurant and approximately 5,000 square feet of meeting space.
- O4W boutique hotel project—The 140-room, high-end hotel is expected to open in the fourth quarter of 2018 in the thriving Old Fourth Ward district of Atlanta. Located at the intersection of Irwin Street and Auburn Avenue, the Atlanta BeltLine’s first hotel will have direct access to the Eastside Trail and be within walking distance of the Martin Luther King, Jr. Historic Site, Krog Street Market and the Inman Quarter.
In addition to the major projects noted above, HVMG has earmarked approximately $20 million for significant improvements to nine other assets in its portfolio.
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 31 hotels in 15 states totaling 6,448 guest rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, Starwood, and IHG brands. Visit www.hvmg.com for more information.
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