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July 28, 2016 6:44 pm
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ATLANTA, Ga. (July 28, 2016) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company, today announced it has acquired two downtown Winston Salem, North Carolina hotels, both adjacent to the Benton Convention Center which is currently under an $18 million renovation: the 315-room Marriott and the 146-room Embassy Suites. The company will invest significant capital to dramatically enhance the product of both hotels.
“North Carolina continues to be one of the more attractive hotel marketplaces in the U.S., with domestic travelers spending more than $20 billion across the state according to the latest available data,” said Robert S. Cole, HVMG president and CEO. “While the Marriott and Embassy Suites mark our entry into Winston-Salem, they also are our fifth and sixth North Carolina properties, adding greater depth to our state and regional market insights and providing economies of scale we can leverage immediately.
“We are working a very active acquisitions and development pipeline, with these two properties becoming the fifth and sixth hotels added to our portfolio over the last seven weeks,” Cole added. “2016 is shaping up to be one of HVMG’s most successful growth years in its history.
“We continue to be optimistic as transaction activities are expected to increase in the second half of 2016, fueled by improving capital markets,” Cole continued.
Winston-Salem Marriott
Located in the downtown area at 425 North Cherry Street, the full-service hotel is part of the Twin City Quarter and connected to the 100,000 sq. ft. Benton Convention Center. Nearby attractions include the Piedmont Triad Research Park, City Hall, Downtown Arts District (DADA), Fourth Street’s restaurant row, Old Salem and the LJVM (Joel) Coliseum.
The guest rooms are amenity-rich and include the new Marriott Revive Beds with 300-count linens, fluffier pillows and down comforters, as well as a 37” flat panel televisions. Dining options include the Graze Restaurant and Lounge, offering seasonal and sharable American breakfast, lunch and dinner options, as well as room service and two private dining rooms. Additional dining options include the concierge level lounge offering complimentary breakfast and hors d’oeuvres during the evening. Event space is comprised of 15,067 sq. ft. and 14 event rooms with a maximum capacity of 600 people. Other amenities include free Wi-Fi, 24-hour business and fitness centers and indoor pool.
Embassy Suites Winston-Salem
Strategically located at 460 North Cherry Street, 10 minutes from Smith-Reynolds Airport and 20 minutes from Piedmont Triad International Airport, the Twin City Quarter property is connected to the Benton Convention Center. Nearby attractions include the Winston-Salem arts district, Delta Arts Center, Piedmont Craftsmen Gallery, Reynolda House Museum of American Art, Old Salem and more than 75 parks for outdoor activities.
The hotel boasts spacious suites with private bedroom, separate living room with a sofa bed, armchair, work desk, wet bar, refrigerator, microwave, coffeemaker, flat-screen TV and free Wi-Fi. Dining options include the Grille Restaurant and Bar and complimentary, made-to-order breakfast, as well as free drinks and snacks at the evening reception. The hotel offers more than 57,000 sq. ft. of event space, including an eight-story atrium that accommodates 600 people, the Gaines Ballroom for weddings and the Grand Pavilion Ballroom for banquets, allowing for 1,200 people. Other amenities include the Glass Door Salon & Spa, a 24-hour fitness center and an indoor pool.
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 35 hotels in 16 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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July 26, 2016 6:40 pm
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ATLANTA, Ga., July 26, 2016 – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced that it was awarded management of the 124-room Courtyard by Marriott Atlanta Airport West.
“This new addition to the HVMG portfolio demonstrates the breadth of our hotel management expertise across multiple brands and segments,” said Robert S. Cole, HVMG president and CEO.“HVMG is proud to be a preferred third party operator for Marriott International. We are excited to bring our proven operational platform and deliver premium performance in revenue, market share, guest experience and profitability to the Courtyard by Marriott Atlanta Airport West.”
“The addition of this property marks our sixth property in Atlanta and our seventh Marriott-branded hotel,” he added. “We have a strong relationship with Marriott as well as all of the other leading brands including Hilton, Hyatt, IHG and Starwood, which aids significantly in seamless takeovers. Coupled with our in-depth knowledge of the Atlanta market, we look forward to adding immediate value to this property’s owner.”
The hotel is conveniently located near the Hartsfield-Jackson Airport, off of Camp Creek Parkway. Nearby is Atlanta’s downtown area, the Georgia International Convention Center, Turner Field and the Georgia Aquarium, among other attractions. Well-known shopping options, restaurants, entertainment and prominent businesses also reside nearby.
The property’s lobby bistro offers breakfast and dinner options as well as Starbuck’s® coffees and teas. Other amenities include a lobby convenience store, free Wi-Fi, an outdoor pool, a patio with a fire pit and a fitness center. Additionally, the hotel provides three event rooms and a breakout room, totaling over 2,600 sq. ft. of event space that can comfortably accommodate up to 130 guests.
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 33 hotels in 15 states totaling 7,111 guest rooms. HVMG develops, owns, and operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands. Visit www.hvmg.com for more information.
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July 25, 2016 6:55 pm
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Professional Hotel Asset Managers and Senior Executives across the region attend the inaugural General Assembly hosted by Hospitality Asset Managers Association MEA (HAMA MEA) during the Arabian Hotel Investment Conference (AHIC)
July 25, 2016 – The Middle Eastern affiliate of the globally renowned Hospitality Asset Managers Association (HAMA) hosted its first annual general assembly during AHIC 2016. The event was attended by professional asset managers & senior executives from leading Hospitality real estate investment organizations from across the region.
“We are excited about today’s milestone event, which now allows us to act upon our mission of the enhancement of hospitality asset managers through education, advancement of the profession, and serving as the collective industry voice of hospitality ownership” says René Beil, President of HAMA MEA.
HAMA represents the interests of more than 400 professionals who are responsible for proactively increasing asset values on behalf of hotel owners worldwide. The newly-formed MEA affiliate is headquartered in Dubai, with members across the Middle East and Africa. HAMA MEA will seek to support the evolution of the hotel asset management profession across the region while furthering the Association’s global footprint, which currently has established affiliates in the USA, Asia Pacific, Japan, China and Europe.
In a region where hotels require shorter periods of time to stabilize, ensuring that performance is sustainable is paramount, and HAMA MEA aims to deliver both the stability and the invaluable experience necessary in order to ensure sustainability and maximize value for hotel owners and investors. HAMA members are directly involved in hotel asset management, acquisitions, development support, financing and disposition of hotels and resorts and are immediately responsible for making decisions concerning capital investments, renovations, asset repositioning, operational policies and brand as well as management selection.
“‘Expanding into the Middle East and Africa is a huge step forward for our organization as asset managers and owners worldwide face similar challenges and trends including branding, proliferation of OTA’s, financial performance, capital investment decisions, impact of growth in home rentals, etc. We are extremely excited to have HAMA MEA join HAMA and our other affiliate chapters and we look forward to a long and productive partnership.” said Maxine Taylor, Board Member & International Chair HAMA USA.
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July 21, 2016 6:52 pm
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Dubai, July 21, 2016: The Emirates Academy of Hospitality Management (EAHM), one of the world’s leading hospitality management schools and part of Jumeirah Group, recently signed a cooperation agreement with the Hospitality Asset Managers Association of Middle East and Africa (HAMA MEA).
HAMA is the pre-eminent organization of professionals responsible for proactively increasing asset values on behalf of hotel owners worldwide with more than 400 professionals worldwide representing an estimated 5,000 hotels. The MEA affiliate is based out of Dubai within the Dubai International Financial Centre (DIFC), covering the Middle East and Africa, with members reaching as far as South Africa. HAMA MEA will seek to support the evolution of the hotel asset management profession across the region while furthering the Association’s global footprint, which currently has established affiliates in the USA, Asia Pacific, Japan, China and Europe.
This agreement with EAHM serves to educate students on the possibility of Asset Management as a career path and further helps to bridge the gap between an increasingly complex industry and education. In a region where maximisation of value for hotel owners and investors is key, it is critical to educate future hoteliers so that they enter the industry with an investor ready mind-set.
Commenting on the new partnership between EAHM and HAMA MEA, Judy Hou, Managing Director of The Emirates Academy of Hospitality Management, said: “We are proud of this partnership as this collaboration will give our students the invaluable experience needed before they enter the industry.”
“We are delighted with this collaboration agreement which is in line with our mission of the enhancement of Hospitality Asset Management through education, advancement of the profession, and highlighting the viability of Asset Management as a professional career path” says René Beil, President of HAMA MEA & Managing Director of Beaufort Global Partners.
About The Emirates Academy of Hospitality Management:
The Emirates Academy of Hospitality Management (EAHM) in Dubai is one of the world’s leading hospitality business management schools and an integral part of the global luxury hotel company, Jumeirah Group. It is a leading provider of University-level hospitality business education and offers both undergraduate and postgraduate degrees designed to develop the hospitality leaders of the future. EAHM works in academic association with Ecole hôtelière de Lausanne and all programmes of study are fully accredited by the Ministry of Higher Education and Scientific Research in the United Arab Emirates, the Institute of Hospitality in the United Kingdom and THE-ICE (International Centre of Excellence in Tourism and Hospitality Education) in Australia. It is also a higher education member of the Council of International Schools (CIS). For further information and enrolment requirements, please visit The Emirates Academy of Hospitality Management online: www.emiratesacademy.edu
About Jumeirah Group:
Jumeirah Group, the global luxury hotel company and a member of Dubai Holding, operates a world-class portfolio of hotels and resorts including the flagship Burj Al Arab Jumeirah. Jumeirah Hotels & Resorts manages properties in Dubai and Abu Dhabi, UAE, and Kuwait in the Middle East; Baku, Bodrum, Frankfurt, Istanbul, London, Mallorca (Spain) and Rome in Europe; the Maldives and Shanghai in Asia. Jumeirah Group also runs the luxury serviced residences brand Jumeirah LivingTM with properties in London and Dubai; the new contemporary lifestyle hotel brand VenuTM; the wellness brand TaliseTM; Jumeirah Restaurant Group DubaiTM; Wild Wadi WaterparkTM; The Emirates Academy of Hospitality ManagementTM; and SiriusTM, its global loyalty programme. Future openings include luxury and lifestyle hotels in China, India, Indonesia, Jordan, Mauritius, Oman, Russia and the UAE. www.jumeirah.com
ABOUT Hospitality Asset Managers Association Middle Ease East & Africa
Established in 1992, the Hospitality Asset Managers Association (HAMA) has a global footprint with affiliates in USA, Europe, Asia Pacific, China, Japan & MEA. HAMA MEA aims to deliver both the stability and the invaluable experience necessary in order to ensure sustainability and maximize value for hotel owners and investors. HAMA members are directly involved in hotel asset management, acquisitions, development support, financing and disposition of hotels and resorts and are immediately responsible for making decisions concerning capital investments, renovations, asset repositioning, operational policies and brand as well as management selection. Through its members presence at HAMA meetings and industry events as well as having established a strong networking and educational foundation the organization continues to further advance its stated purpose to promote the enhancement of hotel asset values. www.hamamea.org
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July 13, 2016 6:38 pm
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Atlanta, GA (June 13, 2016): The International Society of Hospitality Consultants (ISHC) today announced that nominations now are open for the second annual Lori Raleigh Award for Emerging Excellence in Hospitality Consulting. Launched last year in honor of Lori Raleigh, founder of the Travers Group and executive director of ISHC 2000-2013, the award honors young, successful industry professionals with leadership qualities in hospitality consulting.
“The Lori Raleigh Award for Emerging Excellence in Hospitality Consulting gives young professionals with early career success a chance to be recognized for their leadership qualities and efforts,” said Kristie Dickinson, ISHC award committee chair and senior vice president of CHMWarnick. “For any industry to succeed, there must be a constant influx of new talent and voices. The ISHC would like to recognize the best-of-the-best in the emerging class of today’s hospitality consultants as the nominees and winner help to mold tomorrow.”
This year, ISHC is looking to expand their reach for nominations with new criteria and more emphasis on third-party consulting. Nominations are due by August 1, 2016. The winner will be announced in mid-August and presented at the ISHC Annual Conference in Seattle, Washington, September 22 – 24, 2016 at the Fairmont Olympic Hotel. Winners will receive a one-year associate membership in ISHC, where networking opportunities with the industry’s top consultants become available with this invitation-only group of hospitality experts, as well as an all-expense invitation to attend the event itself.
Candidates for The Lori Raleigh Award must be 35 years of age or younger at the time of the award presentation and have five years’ experience in a hospitality-related field with a minimum of three years of specific hospitality consulting experience. They must also be recognized by leaders within their company or other industry constituents familiar with their work as an exceptional example of a future leader within the field of hospitality consulting. At the time of nomination, a candidate must be working for a company that provides third-party consulting or advisory services to the hospitality industry and be actively involved or responsible for providing advisory services to clients of the firm (e.g., hospitality consulting firms, third party asset managers, architects, designers, food and beverage consultants, hospitality lawyers, purchasing companies, etc.). Prior award winners are not eligible for nomination, while prior nominees who have not previously won remain eligible.
Last year’s inaugural winner, Jonathan Jaeger, is managing director at LW Hospitality Advisors, a provider of advisory, valuation, feasibility, investment counseling, asset and property management and transactional services focused exclusively on hotels, resorts, gaming properties and conference center assets worldwide. Jaeger has progressed in his career early on with a strong work ethic, having completed more than 1,000 consulting and valuation assignments on behalf of a variety of clients across North America and the Caribbean. As an adjunct professor for New York University’s Tisch Center for Hospitality and Tourism, Mr. Jaeger enjoys giving back and working with students aspiring to be future hotel investment and consulting professionals. Prior to joining LWHA, Jaeger was vice president at Pinnacle Advisory Group based in Boston, MA and New York, NY. He received his B.A. in hospitality administration from the Boston University School of Hospitality Administration and his MAI designation from the Appraisal Institute. He also is an active member of the Young Hospitality Investment Professionals Group, the Metro NY Chapter of the Appraisal Institute and the NYC & Company Hotel Committee.
“Not only is Jonathan an exceptional talent, particularly for his age, but perhaps more importantly, he constantly gives back to the industry, as evidenced by his numerous mentoring and industry speaking efforts,” said Andrea Belfanti, executive director of ISHC. “He has proven his resilience as a leader in hospitality, and I am confident that he will continue to grow as an important and influential figure in the industry.”
“I am deeply humbled to have been selected as the inaugural recipient of the Lori Raleigh Award, the impact of which continues to positively influence my career on a daily basis,” Jaeger said. “Everything from attending the 2015 ISHC Annual Conference in Berlin, Germany to having the opportunity to interact and network with top names in the industry has been an unforgettable experience. I encourage all young hospitality consulting professionals to become involved in ISHC by going to as many events as possible, and developing relationships with the group’s distinguished members, which is what I have done over the past year. It’s a unique experience for someone under 35 and I am so grateful to have been given this opportunity. I also look forward to meeting future Lori Raleigh Award winners for many years to come.”
For more information on The Lori Raleigh Award, please visit www.ishc.com/awards or go directly to the nomination form here.
About ISHC
The International Society of Hospitality Consultants is truly the leading source for global hospitality expertise, represented by over two hundred of the industry’s most respected professionals from across six continents. Collectively, ISHC members provide expert services in over fifty functional areas and have specialized skills in virtually every segment of the hospitality industry. ISHC is dedicated to promoting the highest quality of professional consulting standards and practices for the hospitality industry. Candidates undergo a rigorous screening process, ensuring that all ISHC members have a reputation of integrity and are qualified by their experience, training and knowledge to develop and express sound judgment on industry issues. Additional information about the organization, along with a directory of ISHC members, is available on the ISHC website at www.ishc.com.
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July 12, 2016 6:48 pm
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With Over 110 Years In The “Remaking,” Old New York Meets New New York This July
(NEW YORK, NEW YORK – July 12th) – Alfa Development, one of Manhattan’s leading real estate companies, will be opening its first boutique hotel project, HGU New York. Alfa Development has invested $18 million in renovations of HGU New York, located in the NoMad District at 34 East 32nd Street. The hotel will manifest the city’s history through its original architecture, curated art programming and multifaceted eclectic design.
The hotel lobby preserves the history of the 1905 landmark Beaux-Arts structure designed by architect Frederick C. Browne. To inject a modern New York sensibility to the property, Alfa Development has enlisted hospitality designer Peter Guzy of Asfour Guzy Architects as well as DD Allen of Pierce Allen Design. The fusion of these two visions is a mindfully designed and eco-conscious hotel, where guests enjoy in the ambience of communal spaces. Alfa Development brings a sensibility in design and modern infrastructure to hospitality, including a state of the art HVAC system decreasing the carbon footprint by 50%.
“We look forward to introducing our motto, history, architecture, and sustainability on a human scale into one of the world’s most robust hotel markets,” adds Michael Namer, CEO of Alfa Development. “While the renovation brings new life to this landmark hotel, we are preserving the historic elements to what we believe the hotel would have offered, providing guests with an experience grounded in a century-long New York point of view.”
HGU New York has also partnered with Gallery 151, a premier contemporary art gallery based in lower Manhattan. The curated art will showcase contemporary pieces, drawing inspiration from urban backdrops of New York City’s emerging artists and feature icons such as Fab 5 Freddy and Liz Markus, among many others.
Sanctuary Spaces:
Highlighting a residential style of living, the entryway to guest rooms serves as a place to decompress, with soft tones creating a serene atmosphere, while wood cabinets and furniture are complimented by hand-woven patchwork Turkish rugs and plush velvet headboards. Luxury 300-thread count Frette bedding, bath and beauty products from C.O. Bigelow Apothecaries, 24-hour room service and complimentary high speed Wi-Fi and in room iPad minis are just some of the amenities available to guests.
Communal Spaces:
HGU New York’s lounge aptly called 1905 is complete with a fireplace from the building’s original structure. 1905 will serve as the perfect place for meetings and events, offering guests the opportunity to enjoy live entertainment, intimate recording artist sessions, Q&A series, and private film screenings.
The ten-story hotel will feature 90 well-appointed guest rooms, ranging from a Standard Queen to King Suite. Room rates will start from $329 and reservations can be made at www.hgunyc.com, or by calling 212.779.3432.
About HGU New York
Alfa Development’s first hotel property, HGU New York, is situated in New York City’s coveted NoMad district. The 90-room boutique hotel offers guests a truly authentic experience of New York City showcasing the history of the 1905 Beaux-Arts foundation, complimented by contemporary art and modern renovations and amenities. Located at 34 East 32nd Street between Park and Madison Avenues, the property is set to open July 2016. For additional information, please visit www.hgunyc.com, or call 212.779.3432.
About Alfa Development
Always mindful of how their buildings will become part of the fabric of their community, Alfa Development’s guiding principle is best articulated by the theme line: “History, architecture, and sustainability on a human scale.” With an aesthetic attuned to the unique harmonies of each neighborhood, their buildings combine architecturally contextual exteriors with fine appointed modern interiors. Alfa Development has produced close to a billion dollars of luxury residential condominium and developments—all in downtown Manhattan. In 2007, the company launched its commitment to sustainability with there Green Collection of Sustainable Properties, all targeted for LEED-Gold certification. Alfa Development has now established an expertise in green building and continues to follow their mission of creating more sustainable living experiences in all of their future projects. Michael Namer, Founder and CEO of Alfa Development, has been developing real estate in downtown New York for the
last 36 years. As the founder, principal, and Managing Member of Alfa Development, Michael brings his attention to detail, construction expertise, and hands-on approach to real estate development to every project.
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June 16, 2016 6:35 pm
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MEMPHIS, Tenn., June 16, 2016—Officials of the Southern Lodging Summit, an annual gathering of hoteliers specializing in development and operations in the southern United States, today announced it will host its 14th annual conference August 16-17 in Memphis, Tenn. The conference will commence with the organization’s signature luncheon at the world famous Rendezvous BBQ Restaurant, offering networking opportunities with industry experts and event speakers. Among them is keynote speaker and distinguished hospitality professional, Fred Kleisner. Other conference features include a tour of the TRU by Hilton model hotel room and lobby, providing attendees a more interactive experience.
“Industry professionals and financial experts across the board agree that we are at or near peak growth and now are at a steady growth rate with modest demand and supply,” said Chuck Pinkowski, owner of Pinkowski & Company and conference co-founder. “The Southern Lodging Summit allows hospitality professionals to network and exchange ideas with other hoteliers, strengthening the fundamentals of the industry for future growth.”
The conference kicks off with its “Lunch with the Speakers” at the renowned Rendezvous Restaurant for one-on-one networking opportunities with distinguished guests and event speakers. This will be followed by a tour of a TRU-Hilton Worldwide hospitality model room and lobby. TRU by Hilton is a midscale product and part of a portfolio of 13 independent yet complementary hotel brands. It is forward-thinking and innovative, with four zones for lounging, working, eating and playing. The zones include the hive, the play zone, command center and a build-your-own breakfast area, all offering an interactive and spacious, millennial mindset design. The day will close with a “March of the Ducks” at the Peabody and an evening cocktail reception and dinner.
The following day will take place at the Memphis Cook Convention Center and will kick off its sessions with a presidents panel. Mark Carrier, senior officer of the B. F. Saul Company Hospitality Group, then will provide a legislative update for the American Hotel & Lodging Association (AH&LA). Other sessions include an outlook on future design planning, F&B trends and profitability, and an STR presentation of industry trends.
With five decades of hospitality experience, keynote speaker Fred Kleisner has worked in nearly every sector in hospitality, from individual hotels and resorts to worldwide branded hospitality companies. During his career, Kleisner has held such varied positions as chairman, president and CEO of Wyndham International and Morgans Hotel Group, president and COO of Starwood Hotels & Resorts Worldwide and Westin Hotels & Resorts, president and director of Hard Rock Holdings and director, executive committee member and treasurer of the board at the Museum of Arts and Design in New York City. He currently serves as an independent director of Caesars Entertainment Corporation and member on Aimbridge Hospitality’s board of managers.
Celebrating its 14th year, the Southern Lodging Summit was co-founded by Pinkowski & Company, an independent hotel industry consulting firm headquartered in Memphis, and Metropolitan Memphis Hotel & Lodging Association. The hospitality industry event brings together hotel professionals who target the southern and mid-south region of the United States for development and operations. The annual event draws a diverse group of owners, operators, sales executives, financial institutions, architects, attorneys, and hotel company representatives.
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June 13, 2016 6:13 pm
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ATLANTA, Ga., June 13, 2016 – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced that it had signed a management agreement to operate the 100-room and suites Borrego Springs Resort & Spa in Borrego Springs, Ca. The property recently was acquired by Borrego Nazareth LLC.
“The Borrego Springs Resort & Spa marks the sixth independent full-service hotel and second hotel in Southern California to be managed by HVMG,” said Robert S. Cole, HVMG president and CEO. “With most industry experts predicting that overall occupancy and room rates will continue to grow but at a much slower rate, the real opportunity for savvy owners at this phase of the cycle is to maximize profitability through improved operations and service delivery, aggressive and distinctive revenue management and marketing, and a laser focus on costs and margins.
“This is a singular resort offering a full range of amenities from a world-class spa to fine dining, two swimming pools, an 18-hole golf courses and six tennis courts. We believe implementing our unique and customized hotel management and marketing systems and processes will result in substantially enhanced operations and profit. We consider this resort to have excellent upside.”
Borrego Springs Resort & Spa is a full-service golf and spa resort situated in the Anza-Borrego Desert, at the foothills of the Santa Rosa Mountains, and located a short drive from Palm Springs, San Diego and Los Angeles. The resort boasts deluxe rooms with spacious bathrooms, while the suites offer living rooms, two televisions, a mini refrigerator, and microwave. Each guestroom and suite also offers outdoor seating on a private terrace or balcony with either a poolside or mountain view. As for dining options, the Arches Restaurant and Lounge offers an exceptional dining experience offering American and Southwestern inspired menu, while enjoying panoramic views of the golf course and breathtaking views.
The Spa Serenity features its own swimming pool and private cabanas. It offers a range of treatments from massages, facials, wraps and scrubs to manicures and pedicures.
Additionally, the resort caters to small to mid-sized business and social groups with more than 5,000 sq. ft. of meeting space. The versatile layout can accommodate up to 250 guests in a business meeting format and weddings and other social events of up to 150 guests.
“We believe several factors favor the outlook for increased activity in hotel acquisitions and third-party management contracts over the next several years,” Cole said. “In addition to forecasts of slowing RevPAR growth, there is a significant, multi-billion-dollar portfolio of CMBS loans coming due over the next two years. There also will be another wave of required franchisor property improvement plans. These factors will encourage some owners to sell now and harvest their returns while a new generation of owners will look for the upside that this phase of the cycle creates. This environment positions HMVG well, with expertise spanning all sectors and segments of the industry, to take full advantage of this stage of the industry cycle.”
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 30 hotels in 14 states totaling 6,470 guest rooms. HVMG develops, owns, and 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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June 13, 2016 6:12 pm
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Company Places Four Hotels Under Contract and Six Under Development
ATLANTA, Ga., June 6, 2016 — Officials of Peachtree Hotel Group (PHG), one of the nation’s fastest growing hotel investment and management platforms, today announced that it is adding ten hotels to its expanding portfolio of select-service properties nationwide. Four hotels are under contract for acquisition and are expected to close within the next 60 days. The company also has six additional properties in various stages of development. PHG’s management arm will operate all ten hotels upon consummation of the transactions/openings. Aggregate investment across the ten hotels is approximately $183 million.
“Although the outlook for the hotel industry is positive over the next several years, we’re seeing more motivated owners selling both non-core and assets requiring significant capital reinvestment due to the recent volatility in the capital markets coupled with tightening debt markets.,” said Brian Waldman, senior vice president of investments. “With RevPAR at or near its peak, we continue to be very selective about the opportunities we pursue and target hotels that can benefit from either improved management or are in need of capital investments. This plays well to our strengths as both owners and operators.”
“This scenario creates opportunities for savvy owner/operators,” he noted. “Although transaction levels were low in the first quarter, we anticipate an increase in acquisition volume through both on and off market deals. Impacting transaction volume will be a major wave of PIPs on the near horizon and billions of dollars of CMBS loans coming due in the next few years. We have considerable ‘dry powder’ to continue to acquire both individual properties and portfolios, as well as for development.”
The four properties under contract for acquisition, representing nearly 600 rooms, include two Hampton Inns, an aloft and a Doubletree conversion opportunity. Geographically, the investment footprint spans from the Southeast to the Midwest.
The five hotels under development represent nearly 700 rooms across four states and include Marriott, Hilton, IHG and Starwood brand affiliations.
“Our prolific pipeline is a testament to our platform of aggressive, but prudent, expansion in select-service hotels within secondary and tertiary markets,” said Jatin Desai, chief investment officer. “We continue to seek hotels that can benefit from strategic cash infusions and/or better operating practices, as well as development opportunities in markets with multiple demand generators, limited new supply and a positive business environment.”
“To support our aggressive growth plans, we have added greater depth to our bench on the operations and finance sides,” said Greg Friedman, chief executive officer. “We will continue to scale our platform to provide superior services for our investors, guests and team members as we expand.”
About Peachtree Hotel Group
Peachtree Hotel Group operates, develops and invests in premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Starwood, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has acquired, developed or originated more than $965 million of hotel properties and first mortgage notes. Peachtree’s current portfolio is comprised of 65 hotel assets totaling 6,672 rooms, including 27 real estate assets and 38 notes. For more information, please visit www.peachtreehotelgroup.com.
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June 6, 2016 6:08 pm
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U.S. Lodging Market Forecast To Grow, But At Slower Pace
Atlanta – June 6, 2016 – The U.S. hotel market suffered a 0.5 percent decline in occupancy during the first quarter of 2016. This is the first year-over-year decline in occupancy since the fourth quarter of 2009 according to STR.
Based upon the recently released June 2016 edition of Hotel Horizons®, the annual occupancy rate for U.S. hotels is forecast to decline in both 2016 and 2017, the result of supply increases outpacing growth in demand. U.S. occupancy levels will persist above the 65 percent mark, thus providing pricing leverage for hotel operators. For 2016, average daily room rates (ADR) are projected to increase by 4.3 percent, followed by a 4.9 boost in 2017. The gains in ADR will offset the declines in occupancy, thus resulting in revenue (RevPAR) gains of 4.2 and 4.7 percent the next two years.
“The first quarter decline in occupancy is a concern for U.S. hotel owners and operators,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. “The industry has been on a good run for the past five years, and there were no obvious economic warning signs foreshadowing a decline in occupancy. That being said, the slight pull-back from the record occupancy level achieved in 2015 is not particularly surprising.”
The cause of the decline in occupancy was a 1.5 percent increase in supply, accompanied by an increase in demand of just 1.0 percent. “It is important to note that U.S. lodging demand did grow during the first quarter of 2016. While ADR increases are starting to mute demand growth, the economy remains healthy and will generate increases in lodging demand for the foreseeable future. We are simply at that point in the cycle when supply growth is outstripping demand,” Woodworth noted.
“Compared to the 6.0 to 8.0 percent annual increases in RevPAR the industry has enjoyed the past five years, our forecasts of RevPAR growth for the next two years seem quite modest. However, we are still projecting growth in RevPAR, and in real terms, revenue gains will occur at more than twice the pace of inflation,” Woodworth added.
Deceleration
“Lodging is a cyclical industry. The pace of RevPAR growth seen during the recovery phase of the cycle cannot be sustained forever,” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels’ Americas Research. “The deceleration in RevPAR growth is a natural economic occurrence as the market operates at the top of the cycle.”
Concurrent with the deceleration of industry performance, CBRE Hotels’ Americas Research has adjusted its forecast for 2016 downward. The current RevPAR change forecast of 4.2 percent for 2016 is down 130 basis points from our March 2016 projections. Half of the reduced forecast can be attributed to the contraction that has already taken place during the first quarter, while the remaining adjustment was triggered by the persistence of low inflation.
“Given the outlook for business and consumer expenditures throughout the remainder of the year, our projections for demand growth during the final three quarters actually are slightly greater than what we were envisaging three months ago,” Corgel stated. “What has changed is our outlook for ADR. Low inflation, new competition in select markets, and enhanced consumer empowerment created by technology and the sharing economy have contributed to a reduction in our forecast for ADR.”
Natural Supply
After achieving all-time record levels of occupancy, the industry is attracting the attention of developers who have been sitting on the sidelines for an extended period of time. The latest edition of Hotel Horizons® forecasts the nationwide supply growth rate will surpass the long-run annual average rate of 1.9 percent in 2017.
The declines in occupancy that are contributing to the deceleration cleary are attributable to changes in supply. The five U.S. lodging markets forecast to see the greatest declines in occupancy in 2016 simultaneously will average a 6.3 percent increase in supply during the year. Concurrently, upscale hotels are forecast to experience the greatest decline in occupancy among all the chain-scales primarily because of the 5.3 percent increase in competitive rooms.
“Supply growth is occurring, but our projections do not approach the historical levels of new construction activity observed in the late 1980s, 1990s and 2000s. We do not foresee a supply-driven industry downturn,” Woodworth predicted.
“The industry has passed the uphill recovery phase of the cycle, and we are now in a prolonged period at the top. Looking forward two to three years, we do not see any reason why U.S. hotels should not continue to enjoy gains on both the top and bottom lines, albeit at a more modest pace compared to the past two or three years,” Woodworth concluded.
To purchase copies of the June 2016 editions of Hotel Horizons® for the U.S. lodging industry and 60 major markets, please visit: https://pip.cbrehotels.com
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 375 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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