Tag Archives: hyatt

Hyatt Centric Hotel Seizes on Miami Spillover Demand in Fort Lauderdale

Courtesy of Kolter Hospitality.A Hyatt Centric is under building and construction on Las Olas Boulevard in Fort Lauderdale, Florida, in exactly what would be the city’s highest building and the very first brand-new hotel on the signature street in more than 80 years as the city ends up being more popular as a cheaper alternative to Miami.

Not that long back, the 38,325-square-foot parcel was simply a piece of dirt admired by Scott Webb, president of Kolter Hospitality, a division of West Palm Beach-based developer Kolter Group.

Hotel development is flourishing throughout Fort Lauderdale with the included visitors passing up Miami as they think about expense. Webb, a hockey fan, considers the site neglecting the New River as “center ice.”

” Sincere to God, it was the place that drew me there,” he told CoStar News. “We simply had to get our hands on it.”

In 2015, Kolter bought the land from a Texas company for $17.25 million, public records show, and started planning exactly what it considers a defining mixed-use job in downtown Fort Lauderdale.

Kolter’s 100 Las Olas features the 238-room hotel, in addition to 113 condominiums priced from the high $800,000 s to about $3 million a piece. The tower, spanning 46 stories and 499 feet, is on speed to open in early 2020, a number of months ahead of schedule, Webb said.

Credit: Paul Owers for CoStar Group Inc.Hotel spaces will be on floors seven through 15. The condominiums start on the 16th floor of the tower. The building will have a ground-floor restaurant

in addition to a parking lot, swimming pool deck and meeting space. Las Olas Boulevard, the city’s main artery downtown

, includes a mix of bars, restaurants and shops that will be easily available for hotel visitors and apartment locals excited to explore the city. Chicago-based Hyatt Hotels Corp. launched the Hyatt Centric brand in 2015, targeting millennials” who want to be in the middle of the action.” The hotel room rates have not yet been set, however Webb stated they will top $200 a night and most likely average between$ 225 and $250.” We’re not aiming to compete with the Ritz and all the things down on the [beach]

,” Webb said. As of completion of July, more than 6,000 hotel spaces in 38 projects are under construction or in the pipeline in Fort Lauderdale

, inning accordance with STR, a data and analytics company for the travel industry. Regardless of all the building, no hotel has actually been developed on Las Olas because the Riverside Hotel opened in

1936. The Riverside, at 620 E. Las Olas Blvd., touts an old Florida charm and modest rates starting at $139 a night.” The downtown has needed a quality hotel for quite a while,” stated Scott Brush, a Miami-based hotel specialist.

” The Riverside is good, however it’s not truly a high-end property.” Kolter chooses pedestrian-friendly places and discovered the perfect spot, Brush included. “They want to remain in a walkable community, and certainly Las Olas is a walkable neighborhood,” he said. Paul Owers, South Florida Market Press Reporter CoStar Group.

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.

Hyatt Ups Asset-Light Method, Starts Efforts to Sell $1.5 Billion in Hotel Characteristics

Sale of 2 Phoenix Residence Continues Effort To Lighten Possession Load in Favor of Charge Earnings

Having actually satisfied its goal of ending up being a net seller of hotel properties in 2017, Hyatt Hotels Corp. (NYSE: H) has chosen to extend that technique for another three years. The worldwide hotelier means to get rid of at least $1.5 billion of residential or commercial properties because time, and simply this month finished the first sales towards that objective.

“With the current sale of two hotels and the completion of nearly $250 countless share repurchases in the 3rd quarter, we are fulfilling our dedication to be a net seller of properties in 2017 and return significant capital to shareholders,” stated Mark S. Hoplamazian, president and CEO of Hyatt. “Looking ahead, we plan to extend this technique to sell approximately $1.5 billion of property over the next three years, which we are positive will unlock extra shareholder value and drive the development of our organisation.”

This month, Hyatt sold 2 of its Phoenix-area hotels to Orlando-based REIT Xenia Hotels & & Resorts for $305 million, or about $498,000 per room.

The 2 homes, totaling 612 space overs 704,004 square feet, were the Hyatt Regency Scottsdale Resort & & Health Spa at 7500 E. Doubletree Ranch Rd. in Scottsdale and the Royal Palms Resort & & Medical Spa at 5200 E. Camelback Rd. in Phoenix. [For more information, please describe CoStar COMPS # 4020535.]

“Our recent sale of the Hyatt Regency Scottsdale and Royal Palms Hotels is our primary step towards our staged disposition effort and we expect to be very active on this front in 2018,” Hoplamazian added.

The business did not recognize the particular properties marked for personality but noted that owned real estate is broadly being valued by financiers at EBITDA multiples in the high-single to low double-digit range which, in the company’s view, does not relatively reflect the marketplace worth of its portfolio based upon exactly what it has actually had the ability to attain in sales.

“The recent sales of the Hyatt Regency Scottsdale and Royal Palms for gross cash profits of $305 million was our first step in this sell down,” said Patrick Grismer, CFO of Hyatt Hotels. “We sold those properties at a combined numerous EBITDA multiple of 12.6, so that deal compared with how financiers are valuing our overall owned and rented EBITDA stream today, was sturdily accretive, and I think is a good example of the types of transactions we want as we march down this path.”

“We believe this possession personality program will unlock shareholder value, first by monetizing lower yield higher multiple possessions, whose cash flows are not relatively valued by investors. Second, by supplying substantial funds for future growth financial investments and return of capital to shareholders. And third by speeding up the advancement of Hyatt’s revenues profile to more fee-based incomes,” Hoplamazian said.

Previously this year in the United States, Hyatt offered its Hyatt Regency Louisville (KY) for $65 million, which led to a pre-tax gain of $35 million.

Hyatt hotels banning on-demand adult movie in hotel rooms


Edward Linsmier/ The New york city Times

A space in the Hyatt hotel situated in the Orlando International Airport in Florida, April 23, 2012.

Wednesday, Oct. 14, 2015|6:37 p.m.

Hyatt Hotels will no longer offer on-demand pornographic movies in its spaces, the business stated Wednesday.

“This content will not be presented to any brand-new Hyatt hotels, and it will be terminated or phased out at all hotels,” the business stated in a statement.

Hyatt is simply the most recent hotel company to prohibit on-demand adult entertainment from its spaces. Decreasing revenue from film rentals in hotels has driven the pattern, with film rental income per readily available hotel room dropping from $339 a year to $107 a year between 2000 and 2014, according to a report from PKF Hospitality Research study. Hotel visitors are leasing fewer in-room films since they can enjoy them on mobile phones or laptops instead.

Marriott hotels ended the practice of offering adult video on demand several years earlier. The business’s chairman, Bill Marriott, a member of The Church of Jesus Christ of Latter-day Saints, told The Associated Press in 2012 that not just was the church “really, extremely opposed to pornography,” however that demand for the motion pictures had actually “gone way down” due to the fact that “if they desire that things, they can get on the computer.”

Hyatt, a U.S.-based business, owns 618 buildings in 51 nations.

The National Center on Sexual Exploitation in Washington praised the change. “With this step, Hyatt is showing itself to be a leader among corporations that value a favorable and safe environment for their consumers,” the company’s president, Patrick Trueman, said in a statement.