GREENWICH, Conn., July 15 /PRNewswire-FirstCall/ -- Starwood Property Trust (NYSE: STWD) (the "Company") announced today that the Company has recently committed to invest approximately $175 million of capital in three separate transactions. In July, the Company sourced and was the lead lender in the origination of a $138.0 million renovation loan (the "Hotel Loan") for the Hyatt Regency New Orleans (the "Hotel") and was the purchaser of an $85.0 million subordinate first mortgage loan (the "Mall Loan") secured by a regional mall located in suburban Columbus, Ohio (the "Mall") for a discounted purchase price of $68.6 million. In addition, the Company has committed to purchase an additional $45.5 million participation in a B-note secured by four resorts in the United Kingdom (the "Corporate Loan") for a discounted purchase price of $37.4 million.
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Friday, July 16, 2010
Morgans Hotel Refinances Debt
Morgans Hotel Group Co. (MHGC - Snapshot Report) announced recently that it has refinanced in full the existing mortgage debt secured by two hotels in London. The company enjoys a 50% ownership through a joint venture with an affiliate of Walton Street Capital in these two hotels. Morgans Hotel Group’s operates the two hotels – Sanderson and St Martins Lane in London under a long-term management contract.
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Feds charge developer's brother with Hotel 71 fraud
(Crain’s) — Federal prosecutors have filed criminal charges against the brother of fallen hotel developer Robert Falor, alleging that he siphoned at least $4 million from the failed redevelopment of Hotel 71 on Wacker Drive.
Christopher Falor, who oversaw the renovation of the riverside hotel nearly five years ago, falsified invoices and other documents to divert money from the project to other real estate investments and to cover personal expenses including cars and credit-card bills, according to a complaint filed June 23 in U.S. District Court in Chicago.
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Christopher Falor, who oversaw the renovation of the riverside hotel nearly five years ago, falsified invoices and other documents to divert money from the project to other real estate investments and to cover personal expenses including cars and credit-card bills, according to a complaint filed June 23 in U.S. District Court in Chicago.
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Erin Andrews sues seven hotels for giving stalker her room number
ESPN reporter Erin Andrews, who was videotaped nude in hotel rooms by a stalker, filed a lawsuit Thursday (July 15) against seven hotels for giving out her room numbers to her stalker.
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Marriott International Reports Second Quarter 2010 Results
Second quarter diluted earnings per share (EPS) totaled $0.31, ahead of expectations and prior year results;
Total fee revenue increased 13 percent to $287 million as a result of strong revenue per available room (REVPAR) and unit growth. Incentive fees climbed 31 percent;
Worldwide company-operated comparable REVPAR rose 9.9 percent (an 8.2 percent increase using constant dollars). Average daily rate rose 1.6 percent (a 0.1 percent increase using constant dollars);
North American company-operated comparable REVPAR increased 7.9 percent (a 7.5 percent increase using constant dollars) with a 1.2 increase in average daily rate (a 0.8 percent increase using constant dollars);
The company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled nearly 95,000 rooms, including over 36,000 rooms outside North America;
Over 6,500 rooms opened during the second quarter, including over 1,800 rooms in international markets and nearly 1,300 rooms converting from competitor brands. At the end of the second quarter, Marriott’s newest brand, The Autograph Collection, included 10 hotels with over 1,500 rooms.
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Total fee revenue increased 13 percent to $287 million as a result of strong revenue per available room (REVPAR) and unit growth. Incentive fees climbed 31 percent;
Worldwide company-operated comparable REVPAR rose 9.9 percent (an 8.2 percent increase using constant dollars). Average daily rate rose 1.6 percent (a 0.1 percent increase using constant dollars);
North American company-operated comparable REVPAR increased 7.9 percent (a 7.5 percent increase using constant dollars) with a 1.2 increase in average daily rate (a 0.8 percent increase using constant dollars);
The company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled nearly 95,000 rooms, including over 36,000 rooms outside North America;
Over 6,500 rooms opened during the second quarter, including over 1,800 rooms in international markets and nearly 1,300 rooms converting from competitor brands. At the end of the second quarter, Marriott’s newest brand, The Autograph Collection, included 10 hotels with over 1,500 rooms.
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Welcome To The Foreclosed Hotel California
California's hospitality market continued to experience severe problems during the second quarter of this year, according to a survey released by Atlas Hospitality Group, based in Irvine, Calif.
The survey found that 478 California hotels were in default or foreclosure during the second quarter of 2010, an 18% increase from the first quarter 2010 and 132% over the second quarter of 2009. The number of foreclosed hotels increased 27% from the first quarter, from 79 to 100, while the total number of hotel rooms foreclosed on was at 7,560 in the second quarter, up 255% from the same period in 2009.
In the second quarter, 78% of the foreclosed hotels were independent properties, down from 90% in the first quarter. Of the 100 hotels that were foreclosed on during the second quarter, only 12 had been resold to new investors. The largest hotel to be foreclosed on was the 512-room Holiday Inn in San Jose.
SOURCE: Atlas Hospitality Group
The survey found that 478 California hotels were in default or foreclosure during the second quarter of 2010, an 18% increase from the first quarter 2010 and 132% over the second quarter of 2009. The number of foreclosed hotels increased 27% from the first quarter, from 79 to 100, while the total number of hotel rooms foreclosed on was at 7,560 in the second quarter, up 255% from the same period in 2009.
In the second quarter, 78% of the foreclosed hotels were independent properties, down from 90% in the first quarter. Of the 100 hotels that were foreclosed on during the second quarter, only 12 had been resold to new investors. The largest hotel to be foreclosed on was the 512-room Holiday Inn in San Jose.
SOURCE: Atlas Hospitality Group
Sanguine plans £100m expansion with 16 new hotels
Sanguine Hospitality Management Group has announced a £100m investment fund to develop 16 hotels.
The company - which already owns and operates eight hotels and restaurants through licensed agreements with Wyndham, InterContinental, Hilton and Marco Pierre White - is raising the money through Trident, a distressed hotel fund based in Guernsey.
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The company - which already owns and operates eight hotels and restaurants through licensed agreements with Wyndham, InterContinental, Hilton and Marco Pierre White - is raising the money through Trident, a distressed hotel fund based in Guernsey.
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St. Kitts to impose first sales, hotel taxes
St. Kitts and Nevis is planning a new 17 percent sales tax and a 10 hotel levy to boost revenue, taking a page from other Caribbean nations that have overhauled their tax schemes as tourism replaces sugar as the main source of income.
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Mitchells & Butlers In Hotel Sale Deal With Travelodge
LONDON (Dow Jones)--U.K. pub group Mitchells & Butlers PLC (MAB.LN) Thursday took the first major step in its new management's business strategy, selling its 52 hotels for GBP91 million, with budget hotel operator Travelodge taking on the leases in a 25-year deal.
The U.K. pub group said it was selling the Inkeeper's Lodges, which comprise 2,000 rooms, to Prupim, a property investment arm of Prudential PLC (PUK).
Prupim in turn has agreed to lease the hotels for 25 years to Travelodge, the budget hotel chain owned by Dubai Holding's investment arm.
The deal is the first under M&B's new strategy of selling non-core assets to focus on expanding its key brands.
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The U.K. pub group said it was selling the Inkeeper's Lodges, which comprise 2,000 rooms, to Prupim, a property investment arm of Prudential PLC (PUK).
Prupim in turn has agreed to lease the hotels for 25 years to Travelodge, the budget hotel chain owned by Dubai Holding's investment arm.
The deal is the first under M&B's new strategy of selling non-core assets to focus on expanding its key brands.
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London Hoteliers on Track to Achieve Double-digit RevPAR Growth in 2010
Marvin Rust, hospitality managing partner at Deloitte, commented: "These results are great news for hoteliers in the capital as they continue to build on the double-digit growth reported in Q1 2010. With the latest Deloitte CFO Survey showing financial optimism among many Chief Financial Officers falling to a 12-month low and many seeing a growing risk of a ‘double-dip’ recession, it is comforting to know that London’s hoteliers remain resilient and are implementing the right pricing strategies to fast track the recovery process.
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Hotel Union Square Mezz 1 Files Chapter 11 Liquidation Plan
July 14 (Bloomberg) -- Hotels Union Square Mezz 1 LLC and Hotels Union Square Mezz 2 filed a joint liquidation plan today that would wind up the bankruptcy cases relating to the W New York Union Square hotel.
The New York hotel, which features Rande Gerber's Underbar, is operated by a unit of White Plains, New York-based Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company. Under the terms of the plan, W Hotel Management Inc. will continue to manage the hotel under its existing agreement.
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The New York hotel, which features Rande Gerber's Underbar, is operated by a unit of White Plains, New York-based Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company. Under the terms of the plan, W Hotel Management Inc. will continue to manage the hotel under its existing agreement.
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Marriott adds Fla. hotel to boutique group
A boutique hotel in downtown Tallahassee is joining Marriott International Inc.'s Autograph collection of luxury hotels.
The 117-room Hotel Duval will be the eleventh Autograph property.
It will keep its name, identity and autonomy but use Marriott's resources for sales, marketing and reservations. Terms weren't disclosed.
The 117-room Hotel Duval will be the eleventh Autograph property.
It will keep its name, identity and autonomy but use Marriott's resources for sales, marketing and reservations. Terms weren't disclosed.
Host Hotels to buy New York W
Bethesda-based Host Hotels & Resorts, which already owns the W New York on Lexington Avenue, will lead a group of investors buying the W New York Union Square as part of a bankruptcy settlement, Bloomberg News reported.
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Marriott plans higher room rates to match uptick in corporate travel
Marriott International said Thursday it plans to raise room rates in the coming months, as demand from travelers picks up.
The plan follows the release of quarterly results that surpassed analysts expectations. For the three months ending June 18, Marriott earned $119 million, or 31 cents per share, up 42 percent from the same period a year ago. Revenue totaled nearly $2.8 billion, compared with $2.6 billion for the second quarter of 2009.
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The plan follows the release of quarterly results that surpassed analysts expectations. For the three months ending June 18, Marriott earned $119 million, or 31 cents per share, up 42 percent from the same period a year ago. Revenue totaled nearly $2.8 billion, compared with $2.6 billion for the second quarter of 2009.
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