Archive for Lodging

Aug
29

Home2 Suites by Hilton Rock Hill / Charlotte Sold

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RH home2 suitesNoble Investment Group has announced the acquisition of the Home2 Suites by Hilton Rock Hill | Charlotte. The contemporary, extended stay hotel opened in May 2017 in Rock Hill, South Carolina – a suburb of Charlotte.

The hotel location offers easy circulation to the greater I-77 corridor which links Rock Hill directly to downtown Charlotte. The hotel is within walking distance to numerous restaurants and shops, as well as popular attractions such as the Rock Hill Galleria Mall. The hotel is also convenient to Winthrop University, Historic Downtown Rock Hill and Piedmont Medical Center.

The Home2 Suites by Hilton Rock Hill | Charlotte features 105 studio and one-bedroom suites, each with a full kitchen, work space, storage area, and a living area with sleeper sofa. The hotel also offers complimentary breakfast, complimentary high-speed wireless internet access, a fully-equipped, 24-hour business center and flexible meeting space for small meetings or events. Guests can also enjoy a heated indoor saline swimming pool, outdoor patio with lounging and grill areas, and Home2 Suites innovative Spin2Cycle laundry and fitness facility.

Categories : Rock Hill
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Aug
29

Wells Fargo Securities Releases Lodging Report

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Click on the Report to access it.

WF lodging

Categories : National News
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Jun
05

Myrtle Beach Hotel Sold for $45,075/Room

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mb hotelLodging Partners, LLC has announced it has arranged the sale of the Quality Inn & Suites Myrtle Beach, South Carolina. The 66-Unit, two-story Quality Inn & Suites Myrtle Beach is very well located directly across the street from the Atlantic Ocean and within walking distance to Family Kingdom Amusement Park, Splashes Water Park, and the Myrtle Beach Boardwalk. The Hotel, which sold for the $2,975,000 asking price, was acquired by a regional hotel investor.

Ford C. Barton, Principal, exclusively represented the seller, a locally-based group, on this transaction. “We have known and worked with the Seller over many years, and we’re delighted to have structured a very successful sale of this asset at the full asking price,” noted Ford Barton.

Categories : Myrtle Beach
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May
16

CBRE: April 2016 Lodging Insights (video)

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Categories : National News
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Mar
01

Integra’s 2016 Hospitality Report (video)

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IRR | Viewpoint | Hospitality Teaser from Integra Realty Resources (IRR) on Vimeo.

Categories : INTEGRA NEWS
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Oct
15

Hotel Sales Market: ‘Active and Liquid’

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thumbs-up1The lodging sector’s performance lately and over the long term is giving rise to “unvoiced hopes” that this cycle will be different from its predecessors, Marcus & Millichap says in a new report. One macroeconomic trend that could create turbulence in the months ahead, though, is stock market volatility, the firm states.

“The recent turmoil in global equity markets illustrates the difficulty involved in anticipating unforeseen events capable of disrupting positive trends,” according to MMI’s report, with input from a team led by Peter Nichols, director, national hospitality group. In particular, the Federal Reserve’s timing on an interest rate increase, as well as the extent of its actions, could be affected by the markets’ uncertainty, triggering “a reconsideration among hotel owners of near-term objectives. An inevitable rise in the Fed Funds rate will likely affect the prime rate, a frequently used benchmark in hotel debt.”

At the moment, the hotel investment market remains liquid, with “considerable equity and competitive debt providers” both helping to sustain a high volume of transactions that are holding cap rates near cycle lows. MMI sees a tilt toward the upper midscale, with more properties trading in this bracket than in any other chain segment during the first half of the year. “More than half of these deals occurred in the 100 largest metros, but one-fourth took place in much smaller interstate, college and military markets to illustrate the ongoing search for yield,” according to MMI.

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Categories : National News
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Aug
26

U.S. Hotel Industry is Approaching a Construction Boom

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construction reflectionThe hotel industry in the United States is back into a construction mode. According to Lodging Econometrics, the U.S. development pipeline included 4,038 hotels with 507,221 rooms at the end of the second quarter. That’s an increase of more than 20 percent in both properties and rooms over the second quarter of 2014.

Nearly 70 percent of rooms in the development pipeline are either under construction (146,743 rooms) or will start construction within the next 12 months (198,506).

“There’s no question there’s more construction going on,” said Chris Nassetta, president and CEO of Hilton Worldwide Holdings, during a second-quarter earnings call with analysts. “Not just in hotels, but across the board there’s more infrastructure spending going on. You’re also seeing construction in other areas of real estate and home building is picking up.”

During the second quarter, Hilton approved 24,000 new rooms for development, and the company’s development pipeline included 1,510 hotels with more than 250,000 rooms. A little bit less than half the rooms in the Hilton pipeline are in the U.S.

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Categories : National News
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Aug
11

HDP Acquires Three Charleston Hotels

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sold_sign_postcardHotel Development Partners (HDP) and funds managed by the real estate group of Ares Management, L.P. recently announced the purchase of three select service hotels with a total of 248 rooms in North Charleston, South Carolina. The hotels include two carrying the Marriott brand – the Residence Inn by Marriott Charleston North/Ashley Phosphate and the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate – as well as a third that is part of the Choice Hotels portfolio of brands.

Clustered together in an area just 15 minutes from Historic Downtown Charleston, the hotels provide an opportunity for both leisure and business travelers to enjoy on-site amenities as well as access to many businesses, local attractions and several popular local restaurants.

“We are excited to be investing in these three well-established hotel properties with a partner that has both broad local and regional experience as well as a proven track record in managing high-quality hospitality properties,” said Steve Wolf, Partner in the Ares Real Estate Group. “Investments in stable assets that can be further enhanced fit nicely into our longstanding value-add strategy, and we look forward to working with HDP on their repositioning.”

In conjunction with this transaction, Atlanta-based Hotel Equities, which has a joint venture partnership with HDP, assumed management of the three hotels.

 

Categories : Charleston
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Jun
16

SC Statewide Hotel Revenue Up 10%

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sales up graphStatewide hotel occupancy and average daily room rates were both up in March, which led to a nearly 10% increase in revenue per available room — known as revpar — according to the S.C. Department of Parks, Recreation and Tourism.

Revpar in the Greenville and Grand Strand areas increased more than 15% in March, the most recent data released by the department, while North Charleston, Rock Hill and the Walterboro-Hardeeville areas were up 10%.

In March, hotel revpar statewide was $63.16; year to date, the average was $48.93, the department said.

Smith Travel Research forecasts statewide occupancy growth for much of the summer. Occupancy rates are predicted to hit 73.9% in June and 75.4% in July, a 2.7% and 1.4% increase, respectively, from the same months in 2014. In August, the company predicts the rate will be 69.5%, which is the same as August 2014, according to the department.

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Categories : South Carolina News
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Jun
04

Holiday Inn at Greenville Airport Sold

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holiday inn gville airportThe Ehmer Group, a San Francisco-based member of Hotel Brokers International, has announced the sale of the Holiday Inn Express & Suites Greenville Airport located at 2681 Dry Pocket Road in Greer, South Carolina. The Buyer, Waramaug Hospitality Group, acquired the hotel and has retained Interstate Hotels & Resorts to operate the hotel. Richard Ehmer, President of The Ehmer Group, arranged the sale.

The Holiday Inn Express & Suites Greenville Airport is an 83-room, three-story limited service hotel sitting on a 2.2 acre lot. It is located just ten miles from downtown Greenville and three miles from the Greenville-Spartanburg International Airport. The hotel underwent a complete PIP renovation in 2009 and the Buyer has announced plans to initiate a comprehensive refurbishment to reflect updated brand standards.

The Holiday Inn Express & Suites Greenville Airport“The Holiday Inn Express & Suites presented an attractive opportunity to invest in a quality branded select-service property in the Greenville area – a reliable lodging market, a market that has experienced substantial improvements in Occupancy, ADR, and RevPAR over the last three years, a trend that will likely continue into the foreseeable future,” said Mr. Ehmer.

Categories : Greenville, Greer
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May
04

Greenville CBD Hotels Performing Well

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greenville westinCharleston lawyer Richard Burke hadn’t been to Greenville on a business trip for about five years until last week, when he came to town for a mediation and spent Thursday night at the Hampton Inn & Suites downtown.

Burke said he knew the RiverPlace area was popular and that there was a jazz festival taking place downtown over the weekend. Even so, he was surprised to get billed $299 for a single night in a standard room.

“It seemed a little bit higher than I would expect for what’s typically associated with Greenville,” Burke said as he ate breakfast in the hotel’s lobby. “But Greenville seems to be coming up in the world.”

For the five hotels along Main Street, Greenville’s strongest hotel market, business is very good. An online check by The Greenville News showed that some of them sometimes charge more than what Burke paid. A check last Friday found $399 the best available price at the Hampton Inn and the Courtyard by Marriott for a single guest on Saturday, May 9, during the weekend of the Artisphere festival and local college graduations.

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Categories : Greenville
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Feb
02

Hotel Rates Reach New Record; More Guest Fees to Come

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sales up graphIf hotel rates seemed a bit more expensive last year, it wasn’t your imagination.

The average U.S. hotel rate in 2014 was the highest ever — up 4.6% to $115 per night — and industry experts are predicting a 5.2% increase by the end of this year. On top of higher rates, you can also expect hotels to add more guest charges, such as early check-in fees.

A new report by STR Inc., a hospitality research firm, also shows that the average revenue collected by hotels per available room rose by 8.3% to a record $74, and occupancy jumped 3.6% to 64.4%.

The highest room rates in 2014 were in New York, where hotel guests paid an average of $263 a night, according to STR. The second-highest average rate was on Oahu Island in Hawaii ($221 a night), followed by San Francisco ($207) and Miami ($185). The average hotel rate in Los Angeles last year was $147, about $10 higher than the average for 2013, according to STR. That’s a boost of about 7%, which outpaced the national increase.

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Categories : National News
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Dec
05

Lodging Fundamentals Look Strong Through 2017

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In a case of rising tide actually lifting all boats, a rallying US economy is giving a lift to RevPAR for all classes of product in the hotel sector, says PKF Hospitality Research. Increasingly, that’s the case across a broader geographic swath of the country, thus helping propel RevPAR growth ahead of long-term averages across all chain-scales through 2017.

“No matter what hotel performance indicator you look at for any type of hotel, we foresee extremely favorable movements the next few years,” says R. Mark Woodworth, president of Atlanta-based PKF-HR, a CBRE company. “Our firm is projecting demand growth to outpace changes in supply in the U.S. through 2016. That will result in industry wide occupancy levels at, or above, all-time record levels through 2017.”

Further, PKF-HR’s Hotel Horizons report for December forecasts ADR to increase by an annual average of 5.4% through ‘17. That will drive an average 11.8% annual rise in unit-level NOI during the same period, including a 13.2% year-over-year increase projected by 2015.

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Categories : National News
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Dec
04

SC Lodging Revenue up 7.8% in September

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Hotel revenue was up in September across South Carolina, while admissions tax collections and state park revenue were both down, according to a monthly report from the S.C. Department of Parks, Recreation and Tourism.

Statewide, hotel occupancy increased 2.8% in September from the previous year, and average daily room rates were up 4.8%, creating a 7.8% increase in revenue per available room, to $58.56, the report said. Year-to-date, average revenue per available room has been $66.17, an increase of nearly 11% from the previous year.

The Walterboro-Hardeeville and Columbia areas saw revenue per room increase more than 20% during the month; Greenville, Spartanburg and North Charleston saw an increase of 10% or more, according to the report.

Smith Travel Research, which tracks hotel industry data, predicts a 1% decrease in hotel occupancy rates in December, to 41.4%. The company forecasts that hotels will rebound in January to 43.2%, a 2.2% increase from the previous January, and in February to 54.7%, a 1.9% increase.

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Categories : South Carolina News
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Jul
28

Hotel Sales Prices Per Room up 28%

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Strong competition among large-scale buyers has helped fuel double-digit increases in per-room selling prices for hotels. Lodging Econometrics reported last week that average selling price per room soared 28% year-over-year to $150,223 per room in the first half of 2014, compared to $117,300/room in 1H 13. Prices for the first half of this year were also up 17% over the year-end average of $128,352 for ‘13.

“A complete economic recovery, a forecast for continued steady economic growth, receptive capital markets and a docile pipeline make it an interesting time for investors,” according to Portmouth, NH-based LE’s mid-year forecast. “Based on the makeup of their portfolios, it could be an ideal time to be both a seller of hotels, or conversely, an acquirer of additional assets. It could also be opportune to be a holder of existing assets seeking additional operating improvement and asset appreciation too.”

Competition is especially strong for higher-end assets,, as REITs and private equity groups with similar investment objectives vie for larger properties in the CBDs of major cities. The competition has been similar for hotels in the top resort destinations, which have been a little slower to recover. “As a result, these assets still have considerable earnings and appreciation potential ahead,” according to LE.

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Categories : National News
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