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August 22, 2016 4:48 pm
Published by dg_admin
Detroit, Mich., August 22, 2016 – WoodSpring Hotels, the nation’s fast growing extended stay hotel brand has partnered with M2B2, LLC to build a new prototype WoodSpring Suites hotel in Wixom, Michigan. The property will be located between Grand River Avenue and Highway 96 near South Wixom Avenue. This new franchised location is the first of three that M2B2 plans to build in the region.
“When we first approached WoodSpring Hotels to explore building hotels in the Michigan area our intention was to build Value Place hotels. Our diverse development group with strong experience in property development were very impressed with the operational efficiencies and very healthy NOI of the brand. It was during our site location process that WoodSpring Hotels announced the new WoodSpring Suites prototype. After seeing what WoodSpring had planned and learning about how much research and effort they put into their new strategy we could not be more excited about the company’s new direction and what we think might be the best opportunity in the lodging industry,” said Mike Huszti, Managing Partner of M2B2. “The support we have received from WoodSpring Hotels throughout the process has been exceptional and we have seen firsthand the way the company treats and values its franchisee partners”.
The projected opening date for the hotel is Q4 of 2018. Once completed, the new four-story, 122-room hotel will feature many guest amenities, such as in-room kitchens, free high-speed internet, guest laundry and the 99-point cleaning process that the WoodSpring Suites brand provides to every guest.
“It’s always important for us to not only select the right locations but we also carefully choose the right franchise partners. In M2B2, we are gaining an excellent partner that meets both of these criteria. We’re excited to welcome another top quality development group to our franchises base,” said Ron Burgett, Executive Vice President of Franchise Development & Operations for WoodSpring Hotels. “The upper midwest has proven to be an area of high guest demand for our brands and we have aggressive growth plans with both corporate and franchised properties in the region.”
About WoodSpring Hotels
WoodSpring Hotels is the company behind the nation’s fastest growing value extended-stay hotel brand with over 200 hotels system-wide located in over 30 states. The company owns 90 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpring.com.
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August 22, 2016 4:41 pm
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Company Provides Advisory Services in Acquisition of The Anza and Courtyard Atlanta Airport West
IRVING, Texas/LOS ANGELES, Calif./ATLANTA, Ga., August 22, 2016—Officials of Solid Rock Group, an investment and advisory firm focused on the hospitality, healthcare and media sectors, today announced that it successfully led the acquisition, in separate transactions, of the 122-room Anza boutique hotel and the 128-room Courtyard Atlanta Airport West on behalf of a private investment group for an undisclosed sum. Solid Rock also has been retained to provide on-going advisory and asset management services for the two properties on behalf of ownership. The deals were brokered by Eastdil Secured, LLC, and Hunter Hotel Advisors, respectively.
“Our institutional investors, high net worth family offices and sovereign fund clients are seeking highly experienced advisors in this phase of the hotel real estate cycle,” said Charlie Muller, who recently joined Solid Rock as a principal and managing director of its Dallas office. “While the outlook for the hotel industry remains positive over the next few years, there are a number of unknowns, such as moderating RevPAR growth, BREXIT and the upcoming presidential election, that can impact investor sentiment of the industry. Investors seek acquisition candidates that have strong upside, as well as the ability to withstand an economic downturn. As a result, we have seen a significant uptick in the need for acquisition and asset management advisory services.
“With these two hotels, we have advised on more than $675 million of hotel transactions year-to-date and are actively engaged in negotiations on behalf of investors for an additional $510 million,” he noted. “Due to our long-standing relationships with hotel owners, operators, investors and brokers, we are able to move quickly to identify, negotiate and close on both on and off-market transactions.” With more than 100 combined years of hospitality expertise by its principals, Greg Rice, Salim Damji and Charlie Muller, Solid Rock assists owners and investors by identifying acquisition candidates that not only reflect the buyer’s investment strategies, but that also take into consideration potential debt negotiations, flag and management company selection, operations oversight and exit strategies that maximize return on investment.
“Our clients continue to have a healthy appetite for hotels in the top 50 MSAs,” Muller added. “Concurrently, they seek advisory services to acquire existing or develop new properties and execute plans to optimize value, both near term and long term.”
The Anza
Located at 23627 Calabasas Road in Calabasas, Calif., one of L.A.’s most affluent suburbs, the upscale, boutique hotel is surrounded by numerous dining, retail and business office outlets and adjacent to the 101 Ventura Freeway. Demand generators include the 215,000 square-foot Commons at Calabasas, a regional lifestyle center and entertainment destination, and the Warner Center Office Concentration in neighboring Woodland Hills, the corporate and commercial hub of the San Fernando Valley.
Guest rooms feature upscale furnishings, complimentary wireless Internet access, spacious bathroom with walk-in shower and rain shower head, microwave, refrigerator and coffeemaker. Hotel amenities include the Graze Bistro & Bar, heated pool, 24-hour fitness center, state-of-the-art business center and access to 1,000 square feet of private meeting space able to accommodate up to 50 people.
“Through our long-standing relationships with national, regional and local banks, we negotiated a long-term loan for the hotel with historically attractive rates, which will enhance returns,” Muller commented. “This property is located in an impossible-to-replicate location in the southwestern San Fernando Valley. Our analysis of the property revealed it will benefit from strategic capital improvements, enhanced asset management and greater focus on marketing and operating margin control.” The improvements are expected to commence in the fourth quarter with a targeted completion date of the second quarter 2017.
Courtyard Atlanta Airport West
Situated three miles from Hartsfield-Jackson International Airport, the Courtyard Atlanta Airport West is just a 10-minute drive from downtown Atlanta. Across the street from the more than 1.2 million square feet of premium retail space Camp Creek Marketplace, the hotel is situated within Camp Creek Pointe, at the entrance of Camp Creek Business Center an industrial development of four million square feet of developed space.
The four-story hotel features a recently renovated lobby and guest rooms, the Courtyard Bistro & Bar, 24-hour fitness center, 24-hour business center, outdoor pool and complimentary wireless and parking. Additionally, the Courtyard provides nearly 2,000 square feet of meeting space that can accommodate up to 150 people.
“We are working with our new management company to implement an effective capital expenditure plan,” Muller said. “The hotel will be in ‘like new’ condition in the near future, creating an opportunity for upside. The Atlanta airport submarket is strong, and the hotel’s close access to downtown Atlanta gives us greater demand generators, positioning the hotel well in all phases of the real estate cycle.”
About Solid Rock Group
Founded in 1991 by 45-year real estate veteran Greg Rice, Solid Rock Group is an investment advisory and asset management firm that serves the hotels/resorts, healthcare and media sectors. Its hospitality practice specializes in providing advisory services to third-party clients that do not have the desire to create the high-level infrastructure required. Solid Rock’s extensive experience in acquisitions, development, asset management, consulting, brokerage and financing has involved more than 200 properties and $8.25 billion of market value over the past 25 years. Solid Rock Group has offices in New York, Dallas, Denver, Santa Barbara and Honolulu. Please visit www.solidrockgroup.com for additional information.
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August 16, 2016 4:54 pm
Published by dg_admin
GREENBELT, MD./MYRTLE BEACH S.C., August 16, 2016—Officials of Coakley & Williams Hotel Management Company (C&W), a leading, nationwide, full-service hotel management company, today announced that its development department, headed by Mark A. Williams, CHT, vice president of development, is leading the third-generation firm into a new growth phase, adding 18 third-party management agreements totaling 1,589 rooms in the past 12 months. The latest addition to the company’s management portfolio is the signing of the 60-room Comfort Inn in North Myrtle Beach, SC.
“With roots in the greater D.C. metro area, our national company traces its roots back nearly 60 years, and it is gratifying to see the next generation in our family business initiate a new era of growth,” said Gary S. Williams, president. “We have experienced unparalleled expansion under Mark’s efforts, more than doubling our portfolio in the last year. He has done an outstanding job establishing long-term relationships to build our own portfolio, but more importantly, brought opportunities to our experienced team of professionals who impact bottom line profitability for our owners.
“We continue to seek full- and limited-service hotel management opportunities, both branded and independent, that will benefit from enhanced operational efficiencies in markets throughout the United States, particularly on the East Coast, but also including such diverse locations as South Dakota, Texas and California. Mark has played a key role in positioning the company to take on new growth while continuing to generate superior results for our existing owners.”
Comfort Inn North Myrtle Beach
Situated near the Myrtle Beach International Airport, the Comfort Inn North Myrtle Beach is centrally located to such local attractions as the Golden Strand, nearly 100 golf courses, Big M Casino and Sun Cruz Aquafina. The family-friendly guest rooms feature refrigerators and microwaves. Hotel amenities include free Wi-Fi, 24-hour lobby coffee service, gratis hot breakfast, outdoor swimming pool and sundeck.
“The focused-service Comfort Inn North Myrtle Beach reflects the largest segment of our expanding management portfolio,” Mark Williams stated. “We also are adding significantly full-service and independent hotels. We have the in-depth management team and expertise, more than 250 combined years with the senior management team, to operate all the major brands and segments.”
In addition to the Comfort Inn North Myrtle Beach, some of the 17 additional hotels added in the past 12 months include:
1. 150-room Radisson Rockville, Md.
2. 82-room Comfort Suites Bloomsburg, Pa.
3. 70-room La Quinta Union City, Ga.
4. 322-room Daytona Beach Resort Hotel & Suites – Daytona Beach, Fla.
5. 21-room Hotel Sutter, Sutter Creek, Calif.
6. 56-room Sleep Inn Dumfries, Va.
7. 28-room Island Inn & Suites, Piney Point, Md.
8. 107-room Sleep Inn Rockville, Md.
9. 4 Hotel portfolio in South Dakota (Mt. Rushmore) – Travelodge, Super 8, and 2 independents, 149 Rooms total
10. 70-room Barton Hill Hotel & Spa – Lewiston, N.Y.
11. 110-room Holiday Inn Warren, Pa.
“In preparation for this growth, we have added bench depth to our sales & marketing and accounting departments and are in the early stages of vetting additional operational assistance to accommodate our healthy appetite for new third-party management contracts,” Mark Williams stated. “With many believing that the industry has reached peak occupancy, the most meaningful way to increase profits is through superior operations, modern sales and marketing initiatives and room rate growth. This creates a perfect opportunity for companies like C&W to work with owners who wish to take advantage of this stage of the cycle.
“It is equally important to C&W that we provide ample opportunities for our associates to have the same growth opportunities we do as a company,” Mark noted. “As a third-generation family business, we strive to be good employers that see its people not as mere employees, but extensions of the family. This mentality has allowed us to recruit and retain some of the best players in the industry today.
“We have the infrastructure to double in size again over the next three to five years,” he noted. “Barring any black swan events, most prognosticators believe the industry should enjoy at least another two years of growth, albeit at a slower rate than the past few years,” Mark added. “With our successful and proven track record achieving market share premiums and strict margin controls, we believe we have a strong competitive advantage at this phase of the hotel operating cycle.”
ABOUT COAKLEY & WILLIAMS HOTEL MANAGEMENT COMPANY
Headquartered in Greenbelt, Md., in suburban Washington, D.C., Coakley & Williams Hotel Management Company is a full-service, third-party hospitality management company that operates full-service and limited-service hotels, both branded and independent, across the nation. The company is authorized to operate hotels in the Hilton, Marriott, InterContinental Hotel Group, Vantage, Wyndham, Choice, Best Western, Carlson-Rezidor and LaQuinta brand families. C&W provides such advantages as operational oversight, sales and marketing, IT services, HR support, revenue management accounting, F&B and training services. The company’s portfolio currently includes more than 4,000 rooms in the form of 39 hotels and one franchised restaurant in 12 states and D.C.
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August 11, 2016 4:51 pm
Published by dg_admin
Wichita, Kan., August 11, 2016 – WoodSpring Hotels today announced they have secured $275 million to refinance a portfolio of their WoodSpring Suites extended stay hotels. The diversified portfolio contains properties located across 20 states, including many of the fastest growing lodging markets in the country. J.P. Morgan provided the five-year floating-rate loan to WoodSpring Hotels.
“This financing, along with our private equity sponsorship, demonstrates the significant institutional interest in WoodSpring Hotels,” said Kyle Rogg, Chief Financial Officer for WoodSpring Hotels. “Our properties’ high margins and stable cash flows make them particularly attractive to lenders.”
The non-recourse loan replaces existing debt and provides the company with approximately $70 million for additional development and accelerated distributions.
About WoodSpring Hotels
WoodSpring Hotels is the company behind the nation’s fastest growing value extended-stay hotel brand with over 200 hotels system-wide located in over 30 states. The company owns 90 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpring.com.
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August 8, 2016 5:49 pm
Published by dg_admin
SALISBURY, Md., August 8, 2016—Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today announced that it has signed 14 third-party hotel management agreements in a total of seven different states since January of this year. The company now boasts 6,346 rooms in its portfolio of select- and full-service hotels across the country.
“Averaging two hotels a month since January, we are on pace to enjoy record growth in 2016,” said Mike Marshall, president and CEO. “These new additions are a mixture of existing hotels seeking better results and new builds looking to ramp up quickly, a testament to our ability to operate virtually all segments in all stages of a hotel’s lifecycle. We continue to have a healthy appetite for underperforming hotels that will benefit from improved management and cash infusions.
“Our aggressive growth strategy taps into all major U.S. markets, with our sweet spot tending to be in the Mid-Atlantic and surrounding states,” added Marshall. “We target markets with high barriers to new growth with multiple demand generators. We are confident that our operating expertise, excellent relationships with leading hotel brands and proven track record managing independent resort and urban properties will allow us to continue our aggressive growth goals.”
Marshall Hotels has signed management contracts for the following properties in the first half of 2016:
1. 207-room DoubleTree by Hilton in Binghamton, N.Y.
2. 112-room Staybridge Suites Royersford Valley Forge, Pa.
3. 88-room Four Points by Sheraton Long Island City Queensboro Bridge, N.Y.
4. 81-room Holiday Inn Express Rehoboth Beach Hotel, Del.
5. 100-room Holiday Inn Express Bethany Beach, Del.
6. 103-room La Quinta Inn & Suites Cleveland Airport West in North Olmsted, Ohio
7. 88-room Hampton Inn by Hilton Clemson-University Area, S.C.
8. 124-room Altoona Grand Hotel in Altoona, Pa.
9. 162-room Riverfront Hotel Grand Rapids, Mich.
10. 98-room Microtel Inn & Suites by Wyndham in Winston Salem, N.C.
Additionally, the company has opened the following properties:
11. 56-room Appomattox Inn & Suites in Appomattox, Va.
12. 16-room Anchored Inn at Hidden Harbor in Deale, Md.
13. 61-room Best Western Plus Hammondsport Hotel, N.Y.
14. 50-room Wyndham Garden Rego Park, N.Y.
The company is on schedule to transition into the second half of the year with equal fervor in growth prospects.
About Marshall Hotels & Resorts, Inc.
Salisbury, Md.-based Marshall Hotels & Resorts, Inc. has special expertise operating three- and four-star branded hotels and resorts, averaging 100 to 500 rooms, in urban and central business districts, as well as suburban/drive-to and resort locations. In addition, the company has a proven track record managing independent resort and unique urban properties. Marshall Hotels & Resorts has managed a wide array of leading hotel brands, including those under the Hilton, Marriott, Starwood, InterContinental Hotel Group, Hyatt, Carlson, Choice, Best Western and Wyndham flags. Additional information may be found at the company’s Web site: www.marshallhotels.com.
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August 8, 2016 5:47 pm
Published by dg_admin
Hotels to Receive Combined $30 Million in Property Improvements
ATLANTA, Ga. (August 8, 2016) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company, today announced it has formed a joint venture with True North Management Group of White Plains, N.Y., to acquire the 282-room Marriott Century Center in Atlanta, Ga., and the 226 two-room suite Hilton Phoenix Suites in Midtown Phoenix, Ariz. HVMG will operate both hotels, bringing its portfolio to 35 operated hotels with 7,572 rooms nationwide. The deal was brokered by Atlanta-based Hunter Hotel Advisors for $50.75M, inclusive of the hotels’ capital reserve accounts.
Each hotel will undergo a major renovation program of approximately $15 million to upgrade property exteriors, public space, back-of-house areas and guest rooms. HVMG will oversee both renovations which are expected to begin in 2017.
“We continue to work with best-in-class partners to pursue underperforming hotels that can benefit from improved management, better operating margins, an infusion of capital investments and repositioning,” said Robert S. Cole, HVMG president and CEO. “Our management team has extensive repositioning experience and an aggressive, yet targeted, approach to maximize value creation within the full-service segment, which now accounts for more than 90 percent of our total portfolio’s revenue.
“With the addition of this joint venture, we have added three upscale hotels and resorts within the last three weeks to our rapidly growing, national hotel portfolio,” Cole added. “With approaching debt maturities as well as franchise license agreement expirations, a substantial number of hotels will likely change hands in the near future, creating additional acquisition and third-party management opportunities for proven operators. HVMG has experience in virtually all segments of the hospitality industry, from select-service to premium-branded upscale and independent boutique hotels and resorts, allowing us to move quickly and be successful in the various categories.”
Marriott Century Center/Emory Area
Conveniently located off of I-85, the Marriott Century Center/Emory Area is just minutes from the downtown area and accessible to Brookhaven, Atlantic Station, Georgia Tech, Buckhead and the CDC. Guests can unwind in “The Greatroom,” Marriott’s communal space that offers complimentary Wi-Fi, space for socializing and a relaxed atmosphere.
The property provides 25,000 square feet of luxury event and business meeting space that can accommodate up to 600 guests. Other amenities include a state-of-the-art fitness center and outdoor pool. Visitors can select from such dining options as the Stackstone Grille, a casual dining experience featuring American Cuisine, the Stackstone Lounge, with seven flat-panel HDTVs and one of the only locations in the area to feature Wii, and the Century Café, a gourmet coffee shop showcasing We Proudly Brew Starbucks, as well as grab-and-go pastries, sandwiches and salads.
Hilton Phoenix Suites
Adjacent to the Metro Light Rail, the Hilton Phoenix Suites is located conveniently in the Midtown district, a few short miles from Chase Field, home of the Arizona Diamondbacks, and Phoenix Sky Harbor International Airport. Spacious two-room suites include a separate living room, an expansive work area, refrigerator and microwave, while conference suites also provide a meeting table that seats up to eight people.
The atrium lobby is shrouded with greenery, ponds, fountains and an atrium lounge surrounded by five large screen TVs and billiard tables. Guest can enjoy casual, American fare at the Great American Grille. Additional amenities include a fitness center, indoor pool and whirlpool, a 24-hour business center and meeting space that can host up to 100 guests.
“Following their upgrades, both hotels will offer guests ‘like-new’ facilities, providing a significant competitive advantage,” Cole noted. “Combined with our proven track record in enhancing operating margins and increasing revenue soon after transition, we believe these hotels quickly will become market leaders”.
About Hunter Hotel Advisors
Hunter Hotel Advisors is the nation’s leading investment advisory firm focused exclusively on the hotel industry. Their seasoned team of investment professionals and offices nationwide consistently provide clients with optimal results in hotel brokerage, financial advisory and capital markets services of any size or complexity. With over 35 years of experience in both full- and select-service single assets and portfolios, the firm’s capacity in valuation, economic analysis and industry relationships has allowed Hunter to consistently maximize value regardless of market conditions.
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 premium branded and independent boutique hotels. It currently operates 35 hotels in 15 states totaling 7,572 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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August 3, 2016 5:43 pm
Published by dg_admin
Stockbridge, Ga., August 3, 2016 – WoodSpring Hotels, the nation’s fastest-growing extended-stay hotel company, has partnered with Pragat 1921 to build a new prototype WoodSpring Suites hotel. The property will be located on Highway 138 in Stockbridge, Ga. This will be the fourth WoodSpring Hotels property either open or under development in Metro Atlanta.
“We’re excited to build the beautiful new WoodSpring Suites prototype in Stockbridge and to provide our guests an exceptionally positive experience at a consumer friendly price point,” said Kiran Patel, principal with Pragat 1921. “WoodSpring Hotels has proven their model can drive strong occupancy and profitability in the Atlanta market. We also appreciate the very strong emphasis the company places on maximizing profitability and net operating income.”
The projected opening date for the hotel is Q1 of 2018. Once completed, the new four-story, 122-room hotel will feature many guest amenities, such as in-room kitchens, free high-speed internet, guest laundry and the 99-point cleaning process that the WoodSpring Suites brand provides to every guest.
“We have found a great partner in Pragat 1921, and they have done a wonderful job in selecting an excellent location within one of the top markets in America. Atlanta has a strong and consistent demand for economy extended stay hotel rooms and our brand meets it in a highly profitable manner,” said Ron Burgett, executive vice president of franchise development & operations at WoodSpring Hotels. “We believe we offer one of the most lucrative opportunities in hospitality, and we’re excited to bring another location to the state of Georgia.”
About WoodSpring Hotels
WoodSpring Hotels is the company behind the nation’s fastest growing value extended-stay hotel brand with more than 200 hotels system-wide located in over 30 states. The company owns 90 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpringFranchise.com.
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