U.S. hotels saw a 5.7 percent occupancy increase from last year and a 2 percent year-over-year uptick in daily room rates during the week that ended Jan. 8, according to the latest data from Smith Travel Research. Occupancy is now at nearly 43 percent and rates are at an average of $93.43. Revenue per available room, the third of the three key performance metrics for the hotel industry, saw a 7.8 percent year-over-year increase during the week, finishing at $40, STR said. TRD
Posts Tagged ‘Hotels’
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From left: CBRE’s Ron Danko and two hotels in the deal: a Branchburg Residence Inn and a Long Island Spring Hill Suites[Updated 12:39 p.m.] MCR Development has acquired a portfolio of 10 Marriott and Hilton hotels for $164 million, marking one of the largest hotel deals in the country so far this year, according to commercial real estate services firm CB Richard Ellis, which brokered the deal. The collection of mostly extended-stay hotels includes 1,100 rooms across New York, New Jersey, Connecticut and Pennsylvania.
The seller, developer Briad Group, held onto the portfolio longer than it intended, according to CBRE broker Ron Danko, who was involved in the deal. Briad, who built the hotels between 2007 and 2010, chose to ride out the recession before unloading the properties. [more]
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A British hotelier who vacated the country after becoming the target of tax evasion charges in the U.S. is hopping mad at her former butler, whom she says is living in her Midtown East co-op illegally, according to the New York Post. The butler, Arthur Gilliam, tendered his resignation to Beatrice Tollman, the head of the Red Carnation hotel chain, in 2001 and vacated the apartment she provided for him during his employment on the corner of Park Avenue and 50th Street shortly thereafter. [more]
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The nationwide hotel market showed considerable positive momentum in the third quarter, according to a report from Lodging Econometrics, released today. The average selling price per room climbed to $107,988 in the third quarter, marking an 86 percent increase over 2009′s average selling price per room, $58,190. Although the average selling price per room isn’t back to peak levels — it hit $119,553 in 2007 — the rebound in pricing has managed to occur without disrupting the number of transactions. This year, so far, has seen 466 reported transactions, up from the same time period a year ago, which saw 405 transactions. [Hotel-Online]
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Financing woes may loom for Cowboys legend-turned-possible-hotelier Emmitt Smith, whose proposed Harlem hotel will cost $81 million to develop, according to the Wall Street Journal. The football great has a Dec. 31 deadline to get going on construction, before a federal financing package will expire. The hotel, which is slated for a lot on the corner of 125th Street and Lenox Avenue, is expected to created around 81 permanent jobs and 129 construction jobs, if the project comes to fruition. The proposed hotel would include retail and community establishments, according to Smith’s firm, ESmith Legacy — a supermarket and YMCA are among the tenants expected for the development. [WSJ]
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The average daily rate for hotels nationwide remained relatively flat for the week ending Oct. 9, compared to a week earlier, data from Smith Travel Research showed. The ADR climbed just 2.2 percent week-over-week, according to Hotel News Now, reaching $101.58. The revenue per available room showed more considerable gains, climbing 8.8 percent week-over-week to $64.62. The luxury segment, however, showed significant increases in its ADR and revpar, increasing 7.7 percent to $261.43 and 13.8 percent to $190.93, respectively. The luxury segment was the only part of the market to seen an ADR increase of more than 5 percent. Occupancy across the entire market climbed 6.5 percent last week, reaching 63.6 percent. TRD
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A new, Penn Station-adjacent hotel is set to go up on West 33rd Street, according to Crain’s. After purchasing a $21.9 million parcel, located across from the James Farley Post office between Eighth and Ninth avenues, South Carolina-based hotel company OTO Development said that it would build the new hotel, its first-ever in Manhattan. The company currently has 33 hotels in its portfolio. OTO did not provide any details on the potential hotel and did not say when it would begin construction. OTO’s hotels operate under several different brand names, including Hyatt Place and Residence Inn. [Crain's]
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There were 322 hotel sales and property transfers in the first half of the year, according to hotel real estate tracking firm Lodging Econometics. The hotel market activity so far this year – encompassing individual transactions, portfolio transactions and merger and acquisition transfers — is on track to surpass 2009′s activity level, when just 506 such transactions occurred. In 2007, the peak year, 3,543 transactions and property transfers occurred. Leading the sales were “larger, well-located hotels,” the report says, with 52 of the hotels selling for more than $10 million. Of those, 29 sold for more than $20 million — “an unusually high” sale price, the report shows. The increase in sales volume is tied to a stabilization on Wall Street, according to the report, with an uptick in mortgage banking activity facilitating the rebound. TRD
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A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain's] -
A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain's]
