Tag Archives: hotels

Virgin Hotels, Juniper Capital Purchases Acid Rock Hotel & & Gambling Establishment in Las Vegas

New Owners Planning to Spend Hundreds of Countless Dollars to Re-Brand Home

English company mogul Richard Branson’s Virgin Hotels, along with a financier group led by Juniper Capital Partners, has actually acquired the 1,506-room, 800,000-square foot Acid rock Hotel & & Casino in Las Vegas.

The rate was not revealed.

The financial investment group includes Fengate Real Possession Investments, Dream Hard Asset Alternatives Trust (TSX: DRA.un), Cowie Capital Partners, and other private investors. Fengate is handling its financial investment on behalf of the Laborers’ International Union of The United States and Canada’s (LiUNA) Central and Eastern Canada Pension Fund.

A personal real estate fund managed by Brookfield Possession Management (NYSE: BAM) is the seller, which noted the property as a property held for sale last December. Brookfield got the video gaming and hotel home in March 2011 for $207 million, settling a disagreement with the previous owner Morgans Hotel Group. Brookfield had been a lender on the home.

The Acid Rock Hotel at 4455 Paradise Road will continue its complete operations under the Acid rock flag till Miami-based Virgin Hotels re-opens it as the Virgin Hotels Las Vegas, presently prepared for late fall of 2019.

The re-conceptualized hotel will include 1,504 rooms and suites; a refurbished 60,000-square-foot casino, several swimming pools over five acres, restaurants, lounges and bars, consisting of brand-new nightlife venues and the brand’s flagship area, the Commons Club along with meeting and convention spaces.

The purchasers prepare to spend numerous millions of dollars to revamp the guest rooms, restaurants and public spaces as Virgin Hotels makers its entryway in the Las Vegas market.

“Las Vegas has long held a special location in my heart,” stated Sir Richard Branson, creator of the Virgin Group, in a declaration revealing the acquisition agreement. “Virgin Atlantic and Virgin America have actually delighted in flying to Las Vegas for many years and I have actually always known that Virgin Hotels could prosper there also. I’m actually looking forward to painting the town Virgin red.”

Virgin Hotels presently operates a hotel in Chicago and is slated to open another in San Francisco later this year. Amongst the confirmed markets where Virgin stated it plans to open hotels are Nashville, Dallas, Washington, D.C., New Orleans, New York City, Silicon Valley, Palm Springs and Edinburgh, Scotland. The business stated it continues to explore hotel and workplace conversions in addition to ground-up advancement in other major cities, including Boston, Los Angeles, Miami, Austin, Seattle and London.

For more inofrmation on this deal, please refer to CoStar Sale Comp # 4196402.

Judge, police assistance oust Trump Hotels from Panama property

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Arnulfo Franco/ AP A male eliminates the word Trump from a marquee outside the Trump Ocean Club International Hotel and Tower in Panama City, Monday, March 5, 2018. Accompanied by police officers and a Panamanian judicial authorities, the owner of the Trump Panama City hotel has actually taken control of the home. A group of Trump security authorities left the residential or commercial property.

Monday, March 5, 2018|5:33 p.m.

PANAMA CITY– Workers pried President Donald Trump’s name from indications outside his household business’s luxury hotel in Panama on Monday, as Trump’s executives were ousted from their management offices in an organisation dispute under orders from Panamanian authorities. Trump’s security personnel also left.

Completion to a 12-day standoff over control of the residential or commercial property came early in the day when a Panamanian judicial official and police officers backed the hotel’s bulk owner, Orestes Fintiklis, as he took possession of the offices. The Trump-affiliated management and security officials then left the 70-story, waterside high-rise.

” This was simply a commercial dispute that just spun out of control,” stated Fintiklis, a Miami-based private equity investor and head of the hotel owners’ association. “And today this conflict has been settled by the authorities and the judges of this nation.”

The Trump Organization’s attorneys, however, stated Panamanian courts had in reality made no decision on the underlying disagreement– a management agreement held by the Trump group that it claims is still valid– and had actually just selected an interim management until a global arbitration panel guidelines on the problem.

” Trump Hotels is totally convinced it will not just dominate, but that it should also be paid damages, expenses and other charges connected to today’s actions,” the attorneys said in a declaration. The Trump Organization didn’t state who the brand-new management was or why the Trump name was gotten rid of from the hotel.

The Panamanian Embassy in Washington did not right away respond to an ask for comment. A Panamanian judicial official told The Associated Press a declaration would come later on in the day.

The Trump Hotel’s website had actually ceased providing direct bookings at the hotel by early Monday afternoon. “We apologize,” the website stated. “There are no offered spaces for your asked for stay.”

The hotel owners aimed to fire Trump’s business in 2015, however the Trump Company disputed the termination as lawfully invalid. As part of his fire sale purchase of 202 of the hotel’s 369 systems, Fintiklis signed a February 2017 contract not to challenge Trump’s management agreement– an offer the Trump Organization considers binding.

Fintiklis quickly altered course after the deal closed in August, arguing that declared mismanagement by Trump’s staff and the degeneration of the Trump brand rendered keeping the home in Trump hands impossible. In late December, Trump’s management group ran off a group of Marriott hotel executives going to the property at Fintiklis’ invitation.

” Our investment has no future so long as the hotel is handled by an incompetent operator whose brand has actually been stained beyond repair work,” Orestes composed to his fellow hotel owners in a January e-mail obtained by the AP

. The most recent and intense feuding started Feb. 22, when Fintiklis pertained to the residential or commercial property with termination notifications for Trump’s management team. Trump hotel officials turned away Fintiklis and his entourage, refusing to let him explore any of his personal equity fund’s 202 hotel rooms.

A legal problem filed by Fintiklis stated that, late that exact same night, he and others in his party witnessed Trump’s management group ruining hotel files, which Trump officials have actually rejected.

For more than a week, Trump’s hotel business fended off efforts by Fintiklis and his allies to get control of the home, with rival security groups skirmishing over physical control of crucial facilities. That consisted of the administrative workplaces and the hotel’s closed caption security system, which was housed in the condo association within the exact same building. Grainy video footage of the encounter gotten by the AP reveals Trump security officials shoving an agent of the condominium owners’ association and a brawl in a stairwell in between opposing security personnel.

Initially invited by Trump’s supervisors, the Panamanian police consistently visited the hotel to keep the peace. A minimum of one Trump security official was taken off the home in handcuffs, though a police source informed the AP he was not apprehended.

Trump officials knocked Fintiklis’ efforts to take control of the residential or commercial property as “thug-like, mob-style tactics” and promised in a February statement they would not give in to “bullying and making use of force.” Until lawsuits and arbitration including the property was concluded, Trump authorities said, they had no intention of leaving.

While Trump staffed up with additional security– stationing guards at the hotel’s administrative offices for more than one week– the defend physical control of the hotel ended silently with the intervention by Panamanian authorities. Trump security officials exited the property on their own accord, leaving the hotel’s administrative workplace uninhabited.

The location of the Trump hotel management group could not be right away identified, however Fintiklis declared the fight over.

“Today Panama has made us proud,” Fintiklis stated, including that he intended to obtain Panamanian citizenship. Though Fintiklis has actually generally decreased to comment on the disagreement, he appeared to celebrate Monday. Sitting at the piano in the hotel’s lobby, surrounded by reporters and news video cameras, he played “Accordeon,” a Greek tune commemorating that country’s fight to overthrow a fascist regime.

Within two hours, a guy utilizing a hammer and a crowbar started stripping Trump signage from a stone plaque in front of the structure.

Host Hotels Consents To Purchase Trio of Hyatt Hotels in Hawaii, CA, FL for $1 Billion

The 301-room Andaz Maui is amongst a trio of resort hotels under contract to be acquired by Host Hotels & & Resort in a $1 billion transaction.

credit: Hyatt Hotels Corp.Bethesda, MD-based

Host Hotels & Resorts, Inc. (NYSE: & HST) revealed an arrangement to buy the 301-room Andaz Maui in Wailea, Hey There; the 668-room Grand Hyatt San Francisco in the city’s Union Square district and the 454-room Hyatt Regency Coconut Point in Bonita Springs, FL for $1 billion.

Host Hotels posted a $25 million deposit in contracting to acquire the three residential or commercial properties, according to Host Hotels President and CEO James Risoleo, who announced the transaction Wednesday afternoon in the company’s fourth-quarter and full-year 2017 earnings report.

“These possessions are fee-simple and situated in what the company believes are some of the leading growth markets in the United States, consisting of Maui and San Francisco, which are taking advantage of strong accommodations need and restricted supply development,” Risoleo said.

Host Hotels currently owns 10 Hyatt homes. Hyatt will continue to manage the hotels post-sale.

Host Hotels likewise revealed on Wednesday it closed the $190 million sale of the Secret Bridge Marriott in Arlington, VA, on Jan. 9 and is under agreement to sell the W New York for $190 million in a separate deal anticipated to close in the second quarter. Capstone Equities and Highgate are reported to be the unofficial purchasers.

Host Hotels reported fourth-quarter revenues of $0.42 per share on profits of $1.34 billion. For the year, HST reported $5.39 billion in incomes, about 0.8% below 2016
“By opportunistically generating income from a terrific piece of property in Washington, D.C. and reducing our direct exposure in New york city, we are using essential pillars of our modified strategy that our company believe will develop additional worth for stockholders gradually,” Risoleo stated in a release.

Starwood Selling 3 Westin Hotels in Prospective $525 Million Deal

Hotels in Ottawa, Calgary and Edmonton on Block With Sellers Searching For $475 Million to $525 Million From Sale

Imagined: The Westin Ottawa, among 3 hotels being noted by Starwood Capital Group.Starwood Capital Group is offering its Westin-branded hotels in Ottawa, Calgary and Edmonton in a deal anticipated to bring $ 475 million to $525 million.

Cushman & & Wakefield is managing the sale of what is being branded as the Westin Hotels Portfolio Canada, but the residential or commercial properties may be sold separately, Curtis Gallagher, vice president of hotel financial investments, said in an interview.

” These are 3 excellent hotels in great cities,” said Gallagher, about the properties, noting Starwood, which has partners, is the lead investor in the portfolio, which was acquired in 2005.
” We will offer them together, or we will offer them individually.”

Marriott International, which now owns Starwood Hotels and Resorts, is the operator at all hotels and no changes to the names of the hotels are expected.

The Westin Ottawa is a 492-suite hotel directly linked to the newly built Shaw Convention Centre in the city and its largest mall, CF Rideau Centre. The Westin Calgary has 522 suites while the Westin Edmonton has 416.

” It’s just a capital recycle,” stated Gallagher, about factors behind the sale. “Ottawa is doing extremely well and has actually been for the last couple of years. Edmonton and Calgary, those markets are beginning to turn the corner and still carry out well now. There is upside there for the next owners or owners of these hotels.”

The Calgary website has some extra density readily available on it, however it’s a worth added component and development is not the chauffeur of the deal, said Gallagher. “You are purchasing into the turn-around story in Alberta, the consistency in Ottawa and some extra advantage with some tactical capital investment in the properties.”

In its newest report from November 2017, hospitality company HVS reported the occupancy rate in Calgary was 73.3% in the 3rd quarter, up from 69.5% a year earlier. Profits per available space leapt from $113.92 to $116.39 during the duration for the city.

Ottawa revealed strong growth with tenancy levels reaching 85.3% in the third of 2017, up from 79.6% a year previously. RevPar leapt from $131.76 to $155.09 in the nation’s capital during the duration, HVS said.

Gallagher anticipates buyers for the 3 residential or commercial properties might emerge locally, but he likewise states American and overseas buyers could be drawn in too.

” They are all in significant cities, and you take a look at the scale of the portfolio, and it can get you critical mass,” he stated. “It’s early days of marketing, however we see interest from all over the location.”

Garry Marr, Toronto Market Press Reporter CoStar Group.

Richard Branson’s Virgin Hotels planning to broaden to Las Vegas

[unable to recover full-text material] Virgin Hotels, part of the Virgin Group founded by billionaire Richard Branson, could quickly be entering the Las Vegas market, most likely acquiring an existing hotel residential or commercial property. A spokeswoman for Virgin Hotels company validated the company was looking at …

Vegas visitors can use electronic wallet for hotels, show tickets รข $” however not for betting

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Steve Marcus Tourists take pictures at the Welcome to Fabulous Las Vegas indication Saturday, March 14, 2015, on the Strip.

Tuesday, Aug. 22, 2017|3:43 p.m.

Next time you go to Las Vegas, you might be able to leave your credit cards in the house. Numerous hotel-casino resorts along the city’s well known Strip now let guests utilize their digital wallets to pay for their room, meals and more– but not for gaming.

To see the full story, click here.

Vegas visitors can use electronic wallet for hotels, reveal tickets– but not for gaming

Image

Steve Marcus Tourists take photos at the Welcome to Fabulous Las Vegas indication Saturday, March 14, 2015, on the Strip.

Tuesday, Aug. 22, 2017|3:43 p.m.

Next time you check out Las Vegas, you might be able to leave your credit cards at home. Many hotel-casino resorts along the city’s renowned Strip now let guests utilize their digital wallets to pay for their room, meals and more– however not for gambling.

To see the full story, click on this link.

Blackstone To Spin-Off La Quinta’s Hotels into a New REIT

La Quinta Holdings Inc.(NYSE: LQ) has officially submitted with the United States Securities and Exchange Commission to proceed with its previously revealed plans to separate its real estate company into a brand-new REIT to be named CorePoint Lodging Inc. The relocation will create two unique, publicly traded business.

Irving, TX-based La Quinta is a leading owner, operator and franchisor of select?service hotels mostly serving the upper?midscale and midscale sectors. The company’s owned and franchised portfolio consists of more than 885 hotels representing about 87,500 spaces in 48 states in the United States, and in Canada, Mexico, Honduras and Colombia. Affiliates of private equity giant Blackstone Group LP own roughly 27% of La Quinta’s public stock.

Following the spin deal, CorePoint Accommodations anticipates to be the only publicly-traded U.S. lodging REIT strategically concentrated on serving the midscale and upper-midscale select-service segments.

CorePoint’s portfolio will include 316 hotels, excluding three hotels held for sale, with 40,500 rooms with 32% of them in the Leading 25 markets as defined by Smith Travel Research study (STR).

As a stand-alone public company, CorePoint’s overall adjusted EBITDA for the complete year 2017 is estimated to be in between $200 million and $215 million.

Post-spin La Quinta and CorePoint Lodging each anticipate to complete several funding transactions including the refinancing of considerably all of La Quinta’s existing financial obligation.

As a stand-alone company, La Quinta expects to take advantage of a pipeline of interest from designers in expanding the brand into the more than 30% of U.S. markets where the brand is not yet represented.

La Quinta’s total adjusted EBITDA for full year 2017 is approximated to be between $110 million and $115 million, consisting of fee earnings under continuous franchise and management agreements with CorePoint.

J.P. Morgan is acting as monetary consultant to La Quinta Holdings Inc. Simpson Thacher & & Bartlett LLP is acting as legal consultant.