Five years ago, the chances of getting room rates of less than $100 at a swanky upscale hotel like the W or the Grand Hyatt were few and far between.
But these days, with the economy lumbering and the inventory of hotels in metro Atlanta way outnumbering guests, room rates -- the amount a visitor pays for lodging -- have stagnated and are creating unheard of deals that could last into 2012, lodging experts say.
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Tuesday, August 3, 2010
Austin Four Seasons Hotel Nabs $56M Refi
AUSTIN, TX-The Four Seasons Hotel here has received a $56 million first mortgage and mezzanine loan to refinance its existing mortgage. Los Angeles-based Mesa West Capital provided the hotel’s owners, Lodging Capital Partners and Syndicated Equities Group, with the first mortgage, while Blackstone Real Estate Debt Strategies provided the mezz piece.
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Gaylord Entertainment Company Reports Second Quarter 2010 Results
Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2010. Highlights from the second quarter include:
Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Trump SoHo Developers Sued for Fraud
The developers of the Trump SoHo Hotel Condominium have been sued for allegedly making fraudulent misrepresentations and using deceptive sales practices to market hotel-condominium suites.
The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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