LODGING Staff - 10 Minutes News for Hoteliers - Page 116

3 min

Denver Union Station and The Crawford Hotel Complete Renovation

🏡 The Crawford Hotel at Denver Union Station, originally established in 1881, reopened in July 2014 following a $54 million renovation. The latest refresh includes updates to the Great Hall and 112 guestrooms. The redesign was led by Sage Studio and DLR Group, with public spaces revamped by Goodrich. The Crawford introduced The Parlour, a new lobby with private elevator access. Guestrooms feature custom-made furniture in jewel tones, local art, and Grown Alchemist bath products. Upgrades include Loftie alarm clocks with custom content. Denver Union Station is owned by Union Station Alliance and hosts various shops and restaurants, with new additions set for early 2025.

2 min

Cendyn: Secondary Markets Surpass Primary Markets for YOY Meetings Growth

📈 Knowland by Cendyn reported that St. Louis, MO/IL led top 25 markets with 125.8% YOY growth, while Nashville, TN followed with 28% growth. In secondary markets, Louisville, KY stood out with 135.6% YOY growth. St. Louis hosted events from various sectors, averaging 2,112 sq ft and 97 in group size. Louisville's spike was partly due to the Women’s Final Four College Volleyball, averaging 4,700 sq ft and 154 in group size. Secondary markets slightly exceeded the top 25 with 3,052 sq ft and 122 in group size.

3 min

CoralTree Hospitality Adds Two Utah Hotels to Managed Portfolio

🏖 CoralTree Hospitality expands its portfolio, managing Black Desert Resort and Red Mountain Resort in Greater Zion, Utah. Black Desert, spanning 600 acres, offers 800 rooms, a 45,000-square-foot convention center, a 15,000-square-foot spa, an infinity pool, seven restaurants and bars, and a 19-hole golf course. The resort, opening for preview stays, plans a boardwalk, pickleball complex, and water park. Red Mountain Resort, operational for 30 years on 55 acres, provides wellness-focused amenities, including 130 rooms and a spa.

1 min

CoStar: Calendar Shifts, Weather Events Impact U.S. Hotel Performance

🏨 In Washington, CoStar's data revealed a decline in U.S. hotel industry performance for the week of January 5-11, 2025, compared to the same period in 2024. Occupancy dropped by 7.7% to 49.2%, ADR decreased by 5.9% to $144.03, and RevPAR fell by 13.2% to $70.92. Tampa experienced the highest gains with occupancy up 18.2% to 79.1%, ADR rising 7.6% to $178.42, and RevPAR increasing 27.2% to $141.20. Los Angeles saw occupancy grow by 5.7% to 65.0% and RevPAR by 8.6% to $122.63 due to fire displacement demand, while San Francisco's RevPAR plunged 78.1% to $85.89, affected by the J.P. Morgan Healthcare Conference calendar shift.

2 min

Aimbridge Hospitality Enters Restructuring Support Agreement

💰 In Plano, Texas, Aimbridge Hospitality announced a Restructuring Support Agreement to convert over $1.1 billion in debt to equity and add $100 million in new capital. Supported by over 80% of first lien lenders, 100% of second lien lenders, and its existing sponsor, the deal reduces total debt from $1.3 billion to a maximum of $210 million. Aimbridge, led by CEO Craig S. Smith, anticipates a stronger financial position to boost long-term strategy. The restructuring, maintaining current operations, is expected to complete in Q1 2025.

3 min

Reeco Secures $15 Million in Series A Funding

💵 In Miami, Florida, Reeco secured $15 million in Series A funding to enhance its procurement platform for hospitality operations, adding to a previous $10 million seed round for a total of $25 million. Led by Aleph VC, with Net Capital Ventures and Joule Ventures participating, the investment will fuel growth initiatives, technology development, and customer acquisition. Reeco's AI-driven platform saves time and cost by integrating procurement, inventory, recipe management, and accounts payable, allowing users to manage operations more efficiently.

1 min

Crestline Assumes Management of Five Senses Hospitality Portfolio

🏡 Crestline Hotels & Resorts LLC assumed management of Five Senses Hospitality's 13 hotels across Colorado, Kansas, and Arkansas, adding 1,240 keys to their portfolio. The company now manages 135 properties in 29 states plus DC. The portfolio features big-brand hotels like six Marriott, two Hilton Tapestry, one IHG, one Hyatt House, two Choice Hotels, and an independent hotel. Additionally, Crestline will manage a new Tapestry by Hilton Hotel in Fort Worth, Texas, set to open later this year.

1 min

Mumford Company Closes 2024 With Multiple Hotel Transactions

🏨 Mumford Company completed key hotel transactions in 2024 and expects strong deal flow into 2025, despite labor shortages and inflation. Transactions included the 125-room Hampton Inn Manassas, VA; 103-room Hyatt Place Rogers/Bentonville, AR; 71-room Holiday Inn Express & Suites Fairmont, WV; 81-room Comfort Suites at Isle of Palms Connector in Mount Pleasant, SC; and the 24-room Motel 6 Colorado City, TX. The firm is optimistic for 2025, citing a strong buyer market and hotel industry recovery.

2 min

This Week’s Comings & Goings

📈 Kristie Rasheed appointed as VP of Operations at Olympia Hospitality. CoralTree Hospitality expands global sales team. Charlie Loomis named Executive Chef at St. Gregory Hotel, D.C. Ricardo Suárez becomes GM of NIZUC Resort & Spa with 20+ years' experience. The Pierre NY, A Taj Hotel, hires Jae Kim and Jill K. Fox for their F&B and sales/marketing teams, respectively. Johnny Thorsen joins Serko Ltd. as VP of Strategic Business Development. Hotel Equities reveals new leadership with Clint DeLee and Karen Mendez as VPs of Operations, Lindsay Meadows and Brad Read as SVPs, Michaelanne Colarelli as Procurement Manager, and Angela Phillips as Regional Director of Sales. Rosen Hotels & Resorts promotes Josh Rosen to EVP of Operations, appoints Jack Rosen and Shayna Rosen as VPs, and advances multiple staff including Derek Baum, Jim Bina, Dan Giordano, Dorea Mays, Jennifer Rice-Palmer, Glenn Rosen, Fernando Ching, and Martin Bonventre to key leadership roles.

3 min

Driftwood Secures Financing for Westin Cocoa Beach Resort & Spa

🏖️ Driftwood Capital secured $207 million financing for the Westin Cocoa Beach Resort & Spa in Florida, broke ground in September 2024, and anticipates a 2027 opening. City National Bank and Bayview PACE provided $70 million and $137 million, respectively, with an additional $50 million credit from Amerant Bank. The $420 million, 502-key resort aims to bolster the region's hospitality, featuring 11 food and beverage venues, a spa, wave pool, and sports facilities. It will offer 72,000 square feet of open-air venues and 51,500 square feet of indoor meeting spaces. Upon completion, Driftwood Capital will own 62% of the region’s beachfront inventory and create approximately 1,800 jobs, projecting $3 million in tourist taxes initially and $4.5 million annually by the fifth year.

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