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Manchester Arts District »NEW 2010 - Active
Daniell Development To Take On Largest Penthouse Project »July 2009 - Closed
Residential Portfolio III: Income Producing Portfolio »October 2009 - Closed
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Bond structure on new hotel: Sheraton Atlanta »May 2009 - Active
Subdivision Portfolio: 40 New Homes: Performing »April 2009 - Closed
Bank Partner Golf Course Portfolio »April 2009 - ClosedFeb 2009 Subdivision Portfolio: Townhome Partnership Performing »February 2009 - ClosedCountry Club Portfolio: Performing, Partnership »February 2009 - ClosedPlease contact Daniell Development, Inc.
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Monthly Archives: November 2009
Hotels squirm as debt pressure mounts
A big hotel near Hartsfield-Jackson Atlanta International Airport may be about to change hands — a harbinger for the industry as more and more hotel owners find themselves deep in debt and unable to avoid drastic financial negotiations.
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) [...]
Posted in Market News, Uncategorized Comments closed
US Airport Hotel Performance: Insulation to Market Woes
Smith Travel Research classifies nearly 2,200 U.S. hotels representing about 301,000 rooms as “airport” locations. These hotels usually are within three miles of an airport and primarily serve demand generated by airport traffic.
Based on the 12 months ending September 2009, airport hotels generated more than US$6 billion in room revenue, about 6 percent of the [...]
Posted in Hotels, Market News Comments closed
Distressed Sheraton Orlando sold, changes brands 1-16-2010
ORLANDO-Making its first deal, Resolution Services LLC has paired with Glenmont Capital Management to acquire the lender-owned Sheraton Orlando Downtown hotel. The new owners will invest an additional $4 million into the 1980s, 341-unit hotel; and a flag change is in the asset’s near future.
Jay Litt, partner with Resolution Services tells GlobeSt.com that the play [...]
Posted in Hotels for Sale, Uncategorized Comments closed
InterContinental Hotels Q3 profit down 25 pct
InterContinental Hotels Group PLC, operator of Holiday Inn hotels, on Tuesday reported a 25 percent drop in third-quarter net profit as it continued to cut its rates due to intense competition and weak demand.
InterContinental, the world’s largest hotel company by room count, posted a net profit of $68 million, compared to $91 million a year [...]
Posted in Market News, Uncategorized Comments closed
Accor to decide by end of year on demerger
PARIS (Reuters) – Europe’s largest hotel group, Accor (ACCP.PA), said it would decide by the end of the year whether to split up its two main businesses — hotels and pre-paid services like hotel vouchers and bank cards.
The board met on Monday to review an analysis of the potential benefits of a demerger and its [...]
Posted in Uncategorized Comments closed
Morgan’s Hotel Group reports RevPAR down 32.2%, ADR down 25.5% over ‘08
Morgans Hotel Group Reports Third Quarter 2009 Results
RevPAR at System-Wide Comparable Hotels decreased by 32.2% (30.6% in constant dollars) in the third quarter of 2009 compared to the third quarter of 2008. Occupancy declined by 8.9% and average daily rate declined by 25.5% (23.8% in constant dollars) compared to the same period in the prior [...]
Posted in Uncategorized Comments closed
Hyatt Hotels IPO price at $25 per share
NEW YORK (Reuters) – Hyatt Hotels priced its initial public offering of 38 million shares at $25 per share on Wednesday, within its expected range.
Hyatt shares will start trading on Thursday under the ticker “H” (H.N) on the New York Stock Exchange.
Chicago-based Hyatt had said it would sell its shares for between $23 and $26 [...]
Posted in Uncategorized Comments closed
REITs preparing for potential flood of hotel foreclosures
REPORT FROM THE U.S.—Victims of the economic downturn, foreclosed hotel properties soon could be flooding the real-estate market and real-estate investment trusts are gearing up to take advantage.
Problem is, some REIT experts believe the flood might end up being more of a trickle.
Several REITs have notified the U.S. Securities and Exchange Commission during the past [...]
Posted in Funds Comments closed
Hotel deals seen picking up in 2010
NEW YORK (Reuters) – The hotel industry, battered by the drop in corporate spending this year, is expected to see improved demand in 2010, which could fuel more deals in the sector, Jones Lang LaSalle Hotels said on Wednesday.
The consulting firm expects low interest rates, greater clarity about the demand for hotels and improving debt [...]
Posted in Hotels, Market News Comments closed
New Orleans leads ADR, RevPAR declines in STR weekly numbers
FROM HNN/STR: The market’s ADR dropped 32.7 percent to US$109.43, and RevPAR fell 46.0 percent to US$61.30.
Overall, in year-over-year measurements, the industry’s occupancy fell 6.4 percent to end the week at 52.6 percent, ADR dropped 9.9 percent to US$95.86, and RevPAR decreased 15.7 percent to finish at US$50.47.
Among the Top 25 Markets, San Francisco/San Mateo, [...]
Posted in Uncategorized Comments closed
Man In Black: Mr. Doom and Gloom – yet he is also Mr. Right
“Steve Van, Wine Man, Vegan”
JLD NOTE: I love this, The bottom falling out of the bottom. If you look at what the media is saying, we might avoid a huge commercial pitfall and “extend and pretend” just may string us along until economy turns. However, if you really look at the market data, it [...]
Posted in Hotels, Market News Comments closed
Hot Deal in Windy City
One thousand two hundred and nine rooms! Remodeled in 2006 for whopping huge amount, debt is at 141 MM and just classified in “default” our CMBS sources (non-disclosed) have informed us. We believe their is a second for about 18MM. If our numbers are correct, we can successfully negotiate this awesome asset for around 87MM [...]
Posted in Uncategorized Comments closed
When compared to the same time last year, the top 10 hotel price reductions for November 2009 include:
MARKET DROP
US$ / Night:
1 Houston, TX 24% 4-star $74
2 Tampa, FL 24% 4-star [...]
Posted in Hotels, Market News Comments closed
Hotel Auction: The Eola sold to a high bidder for $4.8 million in private auction Tuesday morning
Built in 1927, renovated in 1998, and listed on the National Register of Historic Places, the Natchez Eola Hotel offers its guests the ambiance and charm of the Old South with the convenience of modern amenities.
The Natchez Eola Hotel is graced with elegant interiors, arched doorways, crystal chandeliers, marble trim, stately columns, Mississippi River view [...]
Posted in Hotels, Hotels for Sale, Uncategorized Comments closed
Distressed hotels become more prevalent
GRAPEVINE, Texas—As the wave of distressed hotel assets in the United States moves west, special servicers and other experts speaking at the ninth annual Fishing for Solutions: Servicing Hotel Loans conference believe there is still a long way to go before the situation gets any better. And don’t assume the only distressed hotels are ones [...]
Posted in Market News Comments closed
Wilbur R. Ross: Time for Commercial to BUST
By John Gittelsohn and Thomas R. Keene
(Bloomberg) — Billionaire investor Wilbur L. Ross Jr., said today the U.S. is in the beginning of a “huge crash in commercial real estate.”
“All of the components of real estate value are going in the wrong direction simultaneously,” said Ross, one of nine money managers participating in a government program [...]
Posted in Investments Comments closed
Hotel Industry Leading and HIP indicators from STR
The Hotel Industry Leading indicator is a tool that predicts future turning points in the HIP index. What does a leading indicator do? It helps you see the expected future direction of the industry by combining the growth or decline of individual components that typically have led hotel industry expansions and recessions in the past. [...]
Posted in Hotels, Market News Comments closed
New construction largely on hold
INTERNATIONAL REPORT—Adding hotels to the existing construction pipeline isn’t likely to for another year, and when such building activity revives, it’ll more often happen in the limited-service and economy segments, said North American developers, construction specialists and consultants.
At the same time, opportunities for new-builds in the US$3-million-to-US$10-million range are available, particularly if you follow the [...]
Posted in Hotels, Market News Comments closed
Atlanta’s first Cambria Suites lands at airport
BREAKING NEWS: Cambria in serious distress. All work has stopped, word is that moldy walls and leaky roof the culprit, other news, lenders backed out and took over deal….
Here is old PR kit: Atlanta soon will get its first look at Cambria Suites, a brand of Choice Hotels International Inc. Construction will begin this summer [...]
Posted in Hotels for Sale Comments closed
New STR hotel forecast: 2011 can’t get here too soon