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Hotel Brand Conversions
Hotel Brand Conversions: What Works and What Doesn’t by Chekitan S. Dev EXECUTIVE SUMMARY s many as one-third of U.S. hotels have been converted from one brand to another in recent years, a process that frequently improves the hotel’s financial performance—although that is not always the case. Using data collected between 1994 and 2012 from PKF Hospitality Research, an analysis of brand conversions by 260 hotels shows that hotels moving downscale generallyA improved their occupancy, and thus their top-line revenue and profit ratios, compared to a control group of 2,750 hotels that did not change brands. However, hotels that moved upscale did not see notable changes in revenue or profit, nor did hotels that moved across their tier, especially when they stayed within their brand family. Two factors seem to drive the financial results for converted hotels—the relative strength of the brand and the fit between the brand and the property. Cornell Hospitality Report • November 2015 • www.chr.cornell.edu • Vol. 15, No. 21 1 ABOUT THE AUTHOR Chekitan S. Dev, Ph.D., is associate professor of strategic marketing and brand management at the School of Hotel Administration. Recognized as a leading authority on strategic marketing and brand management, His award-winning research has been published in several peer reviewed journals, including the Journal of Marketing and Harvard Business Review. He has won all major hospitality research awards including the 2002 John Wiley & Sons award for lifetime contribution to hospitality and tourism research. Additionally, he has received several teaching excellence awards. A former corporate executive with Oberoi Hotels & Resorts, he has served corporate, government, education, advisory and private equity clients in over 35 countries on five continents as consultant, seminar leader and expert witness. -
Proposed Downtown Berryville Hotel
Proposed Downtown Berryville Hotel Berryville, Virginia 22611-1315 NKF Job No.: 19-0004412 Feasibility Study Prepared For: Mr. Nathan Stalvey President Berryville Main Street 23 East Main Street Berryville, VA 22611-1315 Prepared By: Newmark Knight Frank Hospitality, Gaming & Leisure Group Valuation & Advisory 1350 Euclid Avenue, Suite 300 Cleveland, OH 44115 1350 Euclid Avenue, Suite 300 Cleveland, OH 44115 July 19, 2019 Mr. Nathan Stalvey President Berryville Main Street 23 East Main Street Berryville, VA 22611-1315 RE: Feasibility Study of a Proposed Downtown Berryville Hotel Downtown Berryville , Berryville, Virginia NKF Job No.: 19-0004412 Newmark Knight Frank Valuation & Advisory, LLC has prepared a feasibility study of the referenced property in the following report. Summary of the Proposed Subject Property The feasibility study considers development of a proposed hotel in Downtown Berryville on or proximate to Main Street. The subject site has average access to major roadway (State Route 7) because of its proposed location in downtown Berryville's Main Street district, limiting its visibility and ease of ingress and egress from a major roadway. While the proposed site is proximate to some demand generators, the low density of commercial developments in the area is projected to be a weakness. Leisure attractions in Berryville and Clarke County including vineyards, historic manors and event venues, and Barns of Rose Hill will help mitigate this weakness. Visibility is considered to be average, relative to other historic downtown locations, due to its proposed multi- level configuration, assumed signage, and on or proximate to Main Street. State Route 7, which connects Berryville to neighboring Winchester and Leesburg, is less than a mile north from central downtown. -
Back INN Style?
HYLodging2002.qxd 1/16/02 12:54 PM Page 3 High Yield Lodging Research January 2002 High Yield Lodging Outlook 2002 Back INN Style? Jason N. Ader (212) 272-4257 Jason M. Kroll CFA (212) 272-9621 Trip McCoy (212) 272-8821 High Yield Lodging Outlook 2002 January 18, 2002 Table of Contents Investment Thesis .............................................................................................. 4 Is the Lodging Industry Poised for a Turnaround?.................................................... 5 What is the Credit Outlook?................................................................................ 10 How Are Current Trends? ................................................................................... 13 Relative Value Analysis...................................................................................... 15 Company Updates Boca Resorts, Inc.............................................................................................. 17 Extended Stay America, Inc................................................................................. 24 FelCor Lodging Trust .......................................................................................... 34 Host Marriott, LP .............................................................................................. 45 MeriStar Hospitality Corp. ................................................................................... 56 Prime Hospitality Corp........................................................................................ 66 Starwood Hotels & Resorts -
Lodging Feasibility Study
Payette, ID Lodging Feasibility Study For more information regarding this report, contact: [email protected] [email protected] Table of Contents Introduction/Objective …………………………………………………..…………………………………………….3 Executive Summary …………………………………………………………………………………………………………………………4-10 Property Segment Property Size Room Rate Property Features, Amenities, and Services Recommended Sleeping Room Configuration Economic Impact Potential Lodging Demand Analysis Ramp Up Year Projections 1-5 Year Projection Market Demand Area SWOT: Community Feedback Site Analysis ………………………………………………………………………………………………………………………….11-16 Development Sites & Maps AADT - Annual Average Daily Traffic Economic Overview ……………………………………………………………………………………………………………17-20 Population Effective Buying Income Workforce/Employment Distribution Unemployment/Labor Supply/Wage Pressures Transportation Information Lodging Demand …………………………………………………………………………………………………………………..21-30 Market Segmentation Events and Attractions Community Interviews Lodging Supply ……………………………………………………………………………………………………………………..31-50 Competitive Hotel Properties Peak and Low Season Projected Average Daily Room Rate & Positioning Historical and Projected Market Performance Local and Competitive Set Surveyed Lodging Details STRDRAFT Data Trends & STR Chain Scales Hotel Market Feasibility Study Introduction Payette, ID The following Comprehensive Lodging Feasibility Study Report will review the potential development of a hotel in Payette, ID. Core Distinction Group LLC (CDG) has been -
We Are America's Travel Industry, A
The Honorable Mitch McConnell The Honorable Nancy Pelosi Majority Leader Speaker of the House of Representatives United States Senate United States House of Representatives Washington, DC 20510 Washington, DC 20510 The Honorable Charles Schumer The Honorable Kevin McCarthy Minority Leader Minority Leader United States Senate United States House of Representatives Washington, DC 20510 Washington, DC 20510 March 20, 2020 Dear Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy: We are America’s travel industry, an economic sector that directly employs 9 million American workers and supports a total of 15.8 million jobs. The travel and tourism industry—including but not limited to transportation, lodging, recreation and entertainment, food and beverage, meetings, conferences and business events, travel advisors, destination marketers—is comprised of businesses of all sizes, but the vast majority, 83%, are small businesses. Together we are grappling with the immediate and devastating impact of the current health crisis. Furloughs of American travel workers are happening right now. Travel to and within the United States has essentially ground to a stop due to the actions needed to halt the spread of coronavirus. Aggressive financial relief is needed immediately. Taking care of our employees will always be our top priority, but the hard fact is we cannot continue supporting them through this disaster without relief. To that end, we greatly appreciate and strongly support provisions in the ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ that provide: • $300 billion for enhanced Small Business Administration (SBA) loans distributed through an expedited process and can be partially forgiven for employee retention; and • Tax relief to mitigate economic losses, including deferral of tax liability, extension of the Net Operating Loss deduction, and delay of estimated tax payments. -
Market Feasibility Study Report for the Wolverine Dilworth Hotel 300 E
MARKET FEASIBILITY STUDY REPORT FOR THE WOLVERINE DILWORTH HOTEL 300 E. WATER STREET BOYNE CITY, CHARLEVOIX COUNTY, MICHIGAN Date of Report: June 4, 2010 FOR Ms. Elisabeth Knibbe, FAIA Principal Quinn Evans Architects 219 N. Main Street Ann Arbor, Michigan 48104 June 4, 2010 Ms. Elisabeth Knibbe, FAIA Principal Quinn Evans Architects 219 N. Main Street Ann Arbor, Michigan 48104 RE: Wolverine Dilworth Hotel Boyne City, Charlevoix County, Michigan Dear Ms. Knibbe: In fulfillment of our engagement letter, we have completed our study of the market demand and economic feasibility for the proposal to redevelop the Wolverine Dilworth Hotel in Boyne City, Charlevoix County, Michigan. The developer plans to open the hotel as a 29-unit property with two restaurants and meeting space. The property is located at 300 E. Water Street. The consultants have prepared more than 1,000 similar studies over the past 20 years with various firms. The study is based upon market conditions observed as of the date of our market inspection on May 19, 2010 and research conducted in May and June, 2010. Assumptions The conclusions contained in this report are based upon a review of information provided by you, Landmark Development, and on-site field work in the market area that is described in the Scope of Assignment section. As in all studies of this type, the conclusions reached do not take into account, or make provisions for, the effect of any sharp rise or decline in local or general economic conditions not presently foreseeable. The estimated results are based on competent and efficient management of the proposed hotel, as well as an aggressive marketing program prior to and after the opening of the proposed hotel. -
Restaurant and Hotel
MERRILL LYNCH GA TE S T D. PA . J R O UNIVERSITY OF TR K St. John’s Towncenter List of Hotels on the West side I-95 W HNS NORTH FLORIDA (not shown on map-off of JTB HOTEL INDIGO A Y JAMESON INN BELFOR B LUF MASTERS INN HOMEWOOD SUITES STUDIO PLUS F TAPESTRY RD WINGATE PARK . COURTYARD G A ST. LUKES TE EXTENDEDSTAY BLUE CROSS RED ROOF HOSPITAL GATE PARKWAY BLUE SHIELD LA QUINTA P Baymeadows COMPASS ARK COSTCO HOMESTEAD STUDIO SUITES HOTEL W A HOLIDAY INN Y J. TURNER BUTLER BOULEVARD MARRIOTT SHERATON HOTEL ADP East HOMESTEAD CANDLEWOOD SUITES BELLSOUTH CEVA J a c ks o nv ille , Flo r ida – Duva l Co unt y PHH CIT HAMPTON INN WACHOVIA RESIDENCE INN KOGER CENTER 9A LOCATI ON: RADISSON INN CHASE DEERWOOD WINN DIXIE Intersection of 9A and Baymeadows PARK SOUTH OFFICES FLAGLER IN VISTAKON CARRIAGE CLUB MA PL EGEN D OF JACKSONVILLE T SOUTHSIDE ER VISTAKON S OFFICES TA T HOTELS E 9 BO U L RETAIL/ENTERTAINMENT 5 EV AR D RESTAURANTS POPULATI ON: 76,672 (5 mile radius) Source :AGS OFFI CE SPACE: BAYMEADOWS INN & SUITES CYPRES 15,726,005 sft (3 mile radius) S GREEN DR. STUDIO 6 HOLIDAY INN EMBASSY SUITES HOTEL TOTALDAYTI ME EMPLOYMENT: BAYMEADOWS ROAD HAMPTON INN AMERICA’S BEST SNEAKERS 69,231 (5 mile radius) La QUINTA INN STEIN MART STICKY FINGERS Source :AGS CARRABBA’S AMERI SUITES WINN DIXIE BAYMEADOWS OUTBACK STEAKHOUSE WESTE ROAD RN WAY CIRCL QUALITY INN E WALGREENS HOMESTEAD STUDIO COMMUNITY FIRST NUMBER OF BUSI NESS ES : PEOPLES FIRST BANK FIRST GUARANTEE BANK 4,233 (5 mile radius) BAYMEADOWS ROAD WENDY’S NATIVE SUN HOTELROOMS : SHELL GAS REE 3,708 (3 mile radius) BANK OF AMERICA Baymeadows East DY BRANC Baymeadows East PUBLIX WACHOVIA C TRAFFI CCOUNTS : AN O H PY DR OA Baymeadows West of 9A IVE KE 25,000 AADT DRI VE 9A 9A North of Baymeadows 74,500 AADT Contact Rachel Shrader 904-886-0602 [email protected] Joyce Development Group 1 2 4 4 3 S a n J os e Blvd., S uite 1 0 0 2 J a c ks onville ,FL 3 2 2 2 3 Te l: ( 9 0 4 ) 8 8 6 - 0 6 0 2 • Fa x : ( 9 0 4 ) 8 8 6 - 0 6 0 4 www. -
Beatrice, NE Lodging Feasibility Study
Beatrice, NE Lodging Feasibility Study For more information regarding this report, contact: [email protected] [email protected] Table of Contents Introduction/Objective …………………………………………………..…………………………………………….3 Executive Summary …………………………………………………………………………………………………………………………4-10 Property Segment Property Size Room Rate Property Features, Amenities, and Services Recommended Sleeping Room Configuration Economic Impact Potential Lodging Demand Analysis Ramp Up Year Projections 1-5 Year Projection Market Demand Area SWOT: Community Feedback Site Analysis ………………………………………………………………………………………………………………………….11-16 Development Sites & Maps AADT - Annual Average Daily Traffic Economic Overview ……………………………………………………………………………………………………………17-20 Population Effective Buying Income Workforce/Employment Distribution Unemployment/Labor Supply/Wage Pressures Transportation Information Lodging Demand …………………………………………………………………………………………………………………..21-27 Market Segmentation Events and Attractions Community Interviews Lodging Supply ……………………………………………………………………………………………………………………..28-50 Competitive Hotel Properties Peak and Low Season Projected Average Daily Room Rate & Positioning Historical and Projected Market Performance Local and Competitive Set Surveyed Lodging Details STR Data Trends & STR Chain Scales Hotel Market Feasibility Study Introduction Beatrice, NE The following Comprehensive Lodging Feasibility Study Report will review the potential development of a hotel in Beatrice, NE. Core Distinction Group LLC (CDG) has been engaged -
Family Tree: Global Hotel Companies and Their Brands
Family Tree: Global hotel companies and their brands This family tree is organized by parent company and lists hotel brands that had properties open as of 31 December 2014. PARENT COMPANY BRAND PARENT COMPANY BRAND 25Hours Hotels 25Hours Hotels Arcadia Hotels Af Arcadia Hotels Af 7 Days Inn 7 Days Inn Archipelago International Aston International A Victory Hotels A Victory Hotels Archipelago International Fave Hotels Abad Group Abad Hotels & Resorts Archipelago International Kamuela Villas Abba Abba Archipelago International Neo Hotels Abotel Abotel Archipelago International Quest Hotels Abou Nawas Abou Nawas Arcona Hotels Arcona Hotels Absolute Hotel Services Group Eastin Arcotel Hotels Arcotel Hotels Absolute Hotel Services Group Eastin Easy Aristos Hotels Aristos Hotels Absolute Hotel Services Group U Hotels & Resorts Arora Arora Accor Adagio City Aparthotel Aryaduta Hotel Group Aryaduta Hotel Accor All Seasonshotels As Hotels As Hotels Accor Caesar Park Hotels Ascott Group Ascott Accor Coralia Ascott Group Citadines Accor Etap Hotel Ascott Group Somerset Hotels Accor Grand Mercure Ashok Ashok Accor Hotel F1 Atahotels Atahotels Accor Hotel Formule 1 Atlantic Hotels Atlantic Hotels Accor Hotel Ibis Atton Hotels S.a. Atton Hotel S.a. Accor Ibis Budget Austria Trend Hotels & Resorts Austria Trend Hotels & Resorts Accor Ibis Styles Avari Hotels Avari Hotels Accor Libertel Axel Hotels Axel Hotels Accor Mercure Hotels Ayre Hoteles Ayre Accor Mgallery Hotel Collection Ayres Hotels Ayres Accor Novotel Hotels Azalai Hotels Azalai Hotels Accor -
2008 Analyst Summit Hartford Marriott Downtown March 6, 2008
Page 1 of 14 ITF 2008 Analyst Summit Hartford Marriott Downtown March 6, 2008 Created by: Karen Kucio Prepared: October 10, 2007 Page 2 of 14 Market Analysis Hartford, CT has a total of 22,463 Hotel Rooms The Hartford Hotel is classified as a Luxury Hotel. The Luxury segment of the total housing available accounts for 4,633 rooms, or 21% of the market. z Visitor numbers in the first half of 2008 overall were flat compared to 2007. Growth in Overseas and Domestic markets has been offset by the decline in U.S. visitors. z Both the Fairmont and InterContinental hotels are located in the Downtown area, where both Occupancy and Daily Rates are up about 2.5% in 2008 over 2007 Occupancy and Rate Trends for 2006-2008 Monthly occupancy figures reveal that August and September are the busiest months across the region for hotels, with December and January the quietest. 2006 saw noticeable increases in May and August over 2005, driven in part by large conventions. Page 3 of 14 Average Daily rates increased in 2008 every month except for July. A 13% rise in May was due to convention activity in the city. Page 4 of 14 2008 Chain Scales LUXURY MIDSCALE W/ F & B ECONOMY COLONY BEST WESTERN 1ST INTERSTATE INN CONRAD CLARION ADMIRAL BENBOW FAIRMONT HOTEL DOUBLETREE CLUB AMERICA’S BEST INNS FOUR SEASONS GOLDEN AMERICA’S BEST SUITES AMERICA’S BEST HOTEL SOFITEL TULIP VALUE INTER-CONTINENTAL HARVEY HOTEL BUDGET HOST INN LOEWS HAWTHORN INN & SUITES COUNTRY HEARTH INN LUXURY COLLECTION HOLIDAY INN CRESTWOOD SUITES MANDARIN ORIENTAL HOLIDAY INN SELECT CROSS COUNTRY INN PAN PACIFIC HOWARD JOHNSON CROSSLAND SUITES PREFERRED JOLLY HOTELS DAYS INN THE PENINSULA GROUP LITTLE AMERICA DOWNTOWNER MOTOR INN PRINCE HOTELS MARC E-Z 8 ST. -
2016 Lodging Market Analysis (PDF)
Las Cruces, New Mexico Hotel/Hospitality Market Study Gibbs Planning Group, Inc. 09 February 2016 Figure 1: The Hilton Garden Inn in Las Cruces is one of the three Upper Midscale hotels in the Las Cruces marketplace. Executive Summary This study finds that the Las Cruces study area lodging market cannot statistically support any additional lodging facilities at this time, because of the two existing hotel projects which are projected to come on line in 2016 and 2017. However, lodging revenue growth and existing room depletion caused by obsolesce over the next five years will create unmet demand for $3.25 million dollars in lodging revenue, supporting 100 new midscale class rooms by 2021. In 2026, the Las Cruces study area’s lodging market can support an additional 130 midscale rooms, generating $4.51 million in revenue. This forecast is based on the 2026 revenue per available room (RevPAR) in the submarket expanding to just less than the $49.75 level, and occupancy stabilizing at today’s level of about 55 percent. This Las Cruces study area is projected to capture just over $2.3 million dollars of unmet lodging demand revenue in 2016, most of which will be absorbed by the upper midscale project scheduled to open in March 2016. Numerous midscale national chain hospitality brands including America’s Best Suites, Best Western, Hawthorn Suites by Windham and MainStay Suites are among the hotels that meet the industry’s 2.0 to 2.5 star midscale rating. This analysis takes into account the 178 rooms in the pipeline at the construction stage in the overall Las Cruces market. -
Kalibri Labs/CBRE Chains Scales (Price Tiers) - United States
Kalibri Labs/CBRE Chains Scales (Price Tiers) - United States Luxury (Upper-Priced) Hard Rock Four Points Clarion Best Western Budget Host 21C Museum Hotels Hilton Grand America Cobblestone Hotels Cabot LodgeClarion Budget Suites of America AKA Hilton Grand Vacations Great Wolf Lodge Comfort Inn Canadas Best Value Inn Budgetel Andaz Hotel Indigo Heartland Inn Comfort Suites Candlewood Suites Country Hearth Inn Concorde Hyatt Hesperia Country Inn & Suites Citrus Days Inn Conrad Hyatt Centric Hilton Garden Inn Diamond Resorts Clarion Suites Downtowner Inn Fairmont Hyatt Regency Homewood Suites Dolce ClubHouse Econo Lodge Four Seasons Joie De Vivre Hotel Monterey Group Doubletree Club Crossings by GrandStay Econo Lodge and Suites Grand Hyatt Kimpton Hyatt House Drury Inn Crystal Inn Extended Stay America InterContinental Le Meridien Hyatt Place Drury Inn & Suites Executive Hotels E-Z 8 Jurys Luxe Worldwide Iberostar Hotels & Resorts Drury Plaza Hotel Extend a Suites Family Inn JW Marriott Marriott James Hotels Drury Suites Fairbridge Inns Good Nite Inn Loews Marriott Conference Center Larkspur Landing Elba Fiesta Inn Green Tree Inn Luxury Collection Millennium Marriott Vacation Rentals Eurobuilding Hotels Future Inns GuestHouse Inn Mandarin Oriental New Otani Miyako Fairfield Inn GrandStay Residential Suites Haven Hotels ME Omni Monte Hampton Inn Greystone Hotels Home-Towne Suites Noble House Hotels & Resorts Pan Pacific Monte Carlo Inns Hampton Inn Suites Hawthorn Suites by Wyndham Howard Johnson Park Hyatt Red Carnation Morgans Hotel Group