LODGING Staff - 10 Minutes News for Hoteliers - Page 139

2 min

Peachtree Group Surpasses $1 Billion in Loan Originations Year to Date

🏦 Peachtree Group in Atlanta, Georgia, surpassed $1 billion in loan originations year-to-date and projects to exceed $1.75 billion in 2024. Hotels lead sector growth with $639 million in credit transactions, a 176% increase from last year, while multifamily originations follow. Notable deals include a $47.0 million loan in Bradenton, Florida, and a $41.9 million loan for the Kimpton Sylvan hotel in Atlanta. Private credit lenders are filling a capital gap as debt maturities may reach $1.5 trillion through 2025. Peachtree is the seventh-largest U.S. commercial real estate investor-driven lender.

2 min

Cendyn: Chattanooga Ranks in Top Secondary Markets for the First Time

🏢 Las Vegas leads top 25 markets with 34.2% year-over-year growth in event volume, while Chattanooga ranks second in top five secondary markets with 62.7% growth. Louisville tops secondary markets with 80.4% increase. Events in Las Vegas average 5,596 square feet and 209 attendees, with weddings comprising 10%. Secondary markets use an average of 3,850 square feet with 127 attendees. Key industries include healthcare, state government, and national associations.

1 min

CoStar: Holidays and Natural Disasters Impact U.S. Hotel Performance

🏨 U.S. hotel industry saw occupancy at 65.6% (↓3.4%), ADR at $156.25 (↓4.4%), and RevPAR at $102.44 (↓7.7%) for September 29-October 5, 2024, as per CoStar. Tampa recorded the highest increases with occupancy up 24.1% to 81.3% and RevPAR up 22.1% to $125.39 due to Hurricane Helene. Las Vegas and Chicago faced the largest RevPAR declines with 25.9% (to $118.51) and 25.8% (to $115.05), respectively.

1 min

Brittain Resorts & Hotels Partners With Provident Hotels & Resorts

🏖️ Brittain Resorts & Hotels partnered with Provident Hotels & Resorts to operate eight hotels and resorts in Florida. CEO Matthew Brittain announced the expansion, aiming to enhance their presence on the East Coast and pursue aggressive growth. The properties include Ocean Pointe Suites at Key Largo, Provident Oceana Beachfront Suites, Sunset Vistas Beachfront Suites, Crystal Palms Suites in Treasure Island, Sailport Waterfront Suites in Tampa, Provident Grand Luxury Short-Term Residences, Provident Doral at the Blue in Doral, and The Mutiny Hotel in Miami.

4 min

Hyatt Partners With Mind Share Partners for Workplace Mental Health

🙂 Hyatt, in partnership with Mind Share Partners, is enhancing workplace mental health culture, focusing on understanding, support, and a mentally healthy environment. During the week of October 7, Hyatt offers virtual sessions with Mind Share on mental health practices. Hyatt provides Headspace subscriptions since 2019, MasterClass content, meditations, and the Hyatt Well-Check tool. World Mental Health Day activities include complimentary meditation classes, Headspace and Peloton integrations, and over 600 FIND experiences for wellbeing journeys.

4 min

Hospitality America Updates Tech Infrastructure

📌 Hospitality America, based in Greenville, South Carolina, is enhancing its technology infrastructure for real-time insights and forecasting in hotel management, led by Wes Cargen, the new VP of Business Intelligence. Cargen, with a background from Actabl and ProfitSword, aims to utilize AI and automated tools for labor and operational efficiency. The tech upgrade involves integrating data into Microsoft 365 and creating dashboards for agile decision-making. This strategy will also aid in anomaly detection for performance, compliance monitoring, and long-term market forecasting to optimize resources and readiness for market changes. Cargen brings 15 years of experience in the hospitality industry and aims to drive data-centric innovation at Hospitality America.

2 min

This Week’s Comings & Goings

📌 Makeready expands leadership with Eric Gavin as President of Operations. HRI Hospitality appoints Adnan B. Virani as Senior VP. Courtyard by Marriott Los Angeles Pasadena/Old Town names Nathaniel Johns General Manager. Lüm Hotel announces Stephen Chavez as General Manager. Otis Harbor Springs appoints Kamron Bijeh-Apple as General Manager. 106 Jefferson hires Sam Buchanan as Executive Chef. St. Regis Bora Bora appoints Nathan Barone as Chef de Cuisine. Mainsail Lodging & Development promotes Henry Tapia to Director of Food and Beverage at Epicurean Atlanta. Ritz-Carlton, Half Moon Bay appoints Maurice Tax as Director of Food and Beverage. Waldorf Astoria Atlanta Buckhead names Girlie Joseph Director of Spa and Wellness. Fairmont Breakers Long Beach announces culinary team and Natalie Smith as Spa Director. Tanzerra Resorts hires Brett Briseno as VP of Sales and Marketing and Shannon Walters as Director of Sales and Marketing. Inspirato Incorporated promotes Michael Arthur to CFO as Robert Kaiden transitions out on November 8, with three new board members announced.

2 min

City Express by Marriott Expands into the United States and Canada

📌 Marriott International, Inc. expands the City Express brand into the United States and Canada, targeting the affordable midscale transient segment. Acquired City Express in May 2023, adding over 17,000 rooms in the CALA region, boosting Marriott's presence by 45%. With successful growth in Mexico, Costa Rica, Colombia, and Chile, the brand eyes Bolivia, Nicaragua, and Brazil for further expansion. City Express by Marriott aims for a light operational model, conversion-friendly designs, and anticipates signed agreements and hotel openings in the coming months. Properties will integrate into the Marriott Bonvoy program for booking and loyalty rewards.

2 min

Wyndham Launches Accelerator Circle as Networking Platform for Diverse Hoteliers

📌 In Parsippany, New Jersey, Wyndham's networking initiative for BOLD and Women Own the Room franchisees includes peer-to-peer connections and mentorship to advance hotel openings and performance. More than 90 hotel deals have been made with Black and women hoteliers, resulting in over 20 hotels now open. Wyndham's Accelerator Circle, kicking off this fall with WaterWalk CEO Mimi Oliver, will feature quarterly virtual meetups led by industry professionals. Mimi Oliver has raised over $100 million in equity and brings extensive hospitality experience to the initiative.

3 min

Choice Hotels Introduces Lobby in a Box Design Package

🏨 In Maryland, Choice Hotels introduced Lobby in a Box for Suburban Studios and MainStay Suites, promising lobby transformations in 120 days. The modular design enables hoteliers to cater to extended-stay guests with multifunctional, income-generating spaces. Following the success of Kitchen in a Box, which has been implemented in over 30 hotels since spring 2022, Lobby in a Box supports franchisees in expanding into high-barrier extended-stay markets. Hotel owner Rushi Vaidya reported a 43% increase in RevPAR and a 10.2% rise in guest satisfaction after conversion. Choice Hotels is set to open its 500th extended-stay property this year.

Input your search keywords and press Enter.