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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
Residential Portfolio: Upscale Income Producing Portfolio »June 2009 - Closed
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.
for complete projects list.
Monthly Archives: August 2010
Double-digit RevPAR for extended-stay?
Extended-stay hotel demand posted two consecutive quarters of growth above 16% in the first half of 2010. Demand is growing faster than the overall hotel industry, as it was emerging out of the previous downturn starting in 2002. What is very different this time is the change in supply. The growth rate in extended-stay supply [...]
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Immutable Laws of Lodging Investment
The immutable laws of lodging investment by Rich Warnick (slim version)
Hotels are not an appropriate asset class for a long-term hold
Never fall in love with real estate
Location is and always will be the most important criteria
Leave some chips on the table. No one is smart enough to know when the bottom or the [...]
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Omni to build Nashville hotel at music convention center
Omni Hotels & Resorts has reached an agreement with the city of Nashville to build a downtown hotel. The Omni Nashville Hotel will be adjacent to the 1.2 million-square-foot Music City Convention Center, which is scheduled to be complete in 2013. The hotel is expected to open later the same year. The Omni Nashville will [...]
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Arizona Hotel Report: Immigration Law affecting convention business materially
Arizona’s SB 1070 immigration law went into effect a week ago, albeit with its most contested provisions blocked until November, at least. But the law’s economic impact on the state may be lingering. After the law was announced, boycotts of the state sprang up around the country, and officials from the tourism industry worried they’d be [...]
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Richfield and Falcon Complete Acquisition of Renaissance Syracuse Hotel
Richfield Hospitality, a leading hotel management company, today announced that it has completed the acquisition of the 279-room/suite Renaissance Syracuse Hotel in a 50-50 joint venture with Shelbourne Falcon Investors for an undisclosed amount. The complex transaction involved acquiring the hotel’s loan and negotiating a deed in lieu of foreclosure exchange with the owner. Richfield [...]
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Westin Charlotte: stresses exposed in commercial sector
Uptown’s sleek, high-end Westin has suffered in the downturn, with more than 40 percent of rooms empty last year and profits tumbling. The hotel fell at least $1 million short of the money needed for payments on its $185 million loan. The Westin, which has remained current on payments, is one of a growing number [...]
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Q&A with CBRE’s Hotel Guru Dan Lesser
A flurry of transaction activity suggests that the first half of the year may have been an inflection point for the US hotel sector. OurNYC reporter Amanda Marsh sat down with CBRE hotel guru Dan Lesser, senior managing director of the firm’s hospitality & gaming group, who tells us that long-anticipated green shoots are now slowly appearing.
B: What’s the hospitality [...]
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Foreclosed South Beach hotel sold at auction
The Royal Palm Resort Hotel, a South Beach property that had been mired in debt and drama for years, found a new owner at a foreclosure auction Monday. California-based Sunstone Hotel Investors submitted the $126.1 million high bid at an online auction held through the Miami-Dade clerk of courts. The company, which owns 30 other [...]
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Sea Island files for bankruptcy, announces sale
This gilded coastal resort favored by generations of affluent Atlantans emerged Wednesday from months of debt and doubt with the announcement that two out-of-state investment firms will pay roughly 30 cents on the dollar for the Georgia jewel. But the purchase raises new questions about the direction of the resort, which fell into financial ruin after [...]
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U.S. Extended-Stay Lodging Mid-Year Report
The extended-stay hotel recovery continues to gain momentum and set new records, according to The Highland Group’s 2010 U.S. Extended-Stay Lodging Mid-Year Report. Extended-stay hotel demand was up more than 16% for the second successive quarter and extended-stay hotel room nights accommodated were the highest ever reported for the first half of any year. Rates [...]
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Hotel Chain Explores Bankruptcy
A real-estate investment firm led by Joseph E. Robert Jr., one of the most successful deal makers during the industry’s crisis in the 1990s, is exploring a potential bankruptcy filing for Highland Hospitality Corp. that would mark yet another collapse of a major hotel company as the economy struggles, according to people familiar with the [...]
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Hotel demand rebound differs for big cities, small cities
Weak hotel demand in smaller cities is slowing the U.S. hotel industry’s rebound, and hotels in smaller markets likely won’t be able to start raising rates before the summer of 2011. That’s good news if you travel to places like Bakersfield, Calif., or Allentown, Penn., and not-so-good news if you own or operate hotels in [...]
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Trump SoHo condo buyers allege fraud in lawsuit
Hotel-condominium tower in New York City filed suit against developer Donald Trump and others involved for inflating sales figures to entice them to buy units, several media outlets reporting. Previous reports said that sales of the 391 residential units in the 46-story, condo-hotel tower were slow – even though the project had been announced on an [...]
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Moscow Has Most Expensive Hotel Rates in World, Report Shows
Moscow retained its ranking as the city with the most expensive average hotel room rate in the world, a survey by business travel agency Hogg Robinson Group Plc showed. The average rate in the city in the first half was 256.83 pounds ($407), Hogg Robinson said in a report on its website today. Geneva followed as the [...]
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Three Atlanta hotels to close; Marriott Renaissance among them
Three Atlanta hotels – including the 502-room, upscale Marriott Renaissance hotel on the edge of the city’s downtown business district – are slated to close this year amid a hotel glut that’s been driving down rates. The closures come at a time when Atlanta hotels are struggling to fill beds and keep rates from sinking. [...]
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Innkeepers bankruptcy raises alarm
Sniff test 1 – Bankruptcy court to reduce loan balances? – A bankruptcy court proposal to cut $300 million owed to Innkeepers USA Trust’s securitized lenders is creating major national fear. Holders of commercial mortgage-backed securities (CMBS) worry that approval of the hotel company’s plan would set a precedent and make them more vulnerable nationally [...]
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Palm Beach hotel in $60M foreclosure
Swiss bankers want to strip Ceebraid-Signal Corp. of its Omphoy Ocean Resort in Palm Beach over a $60 million defaulted mortgage. Stabfund USA filed a foreclosure against CSC PB Beach over the 134-room hotel at 2842 S. Ocean Blvd. Ceebraid-Signal redeveloped the hotel and reopened it in early 2009. The hotel has 101,384 square feet on [...]
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Extended-stay still in Jack DeBoer’s blood