Corporate/Finance: Page 4

  • The 500-key hotel tower at Bally’s Chicago Casino will sit at the southern end of the development.
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    Courtesy of Bally's Corp.
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    Bally’s changes hotel plans at 30-acre Chicago casino project

    The 500-key tower will move to the southern end of the development and be completed in a single phase.

    By • July 15, 2024
  • The exterior of the Hilton Union Square.
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    Justin Sullivan via Getty Images
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    Downtown San Francisco hotels’ value drops by $1B: Trepp

    In the latest blow to the city’s hotel market, Moody’s Ratings downgraded bond classes for the properties that Park Hotels & Resorts ceased payments on last year.

    By • July 3, 2024
  • City skyline
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    Art Wager via Getty Images
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    Certares, HHM Hotels bet on San Diego with joint hotel acquisition

    The Carté Hotel buy aligns with a strategy to invest in “experiential real estate in growing major markets,” according to Nolan Hecht, senior managing director at Certares.

    By • July 3, 2024
  • Aimbridge Hospitality filed a lawsuit against Avion Hospitality and its president and CEO, Robert Burg.
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    Courtesy of Aimbridge Hospitality
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    Former Aimbridge COO implicated in ‘scheme’ to steal trade secrets

    In a lawsuit, Aimbridge Hospitality claims Robert Burg and his new company Avion Hospitality solicited “highly confidential” company data that resulted in stolen management contracts and tens of millions of dollars in damages.

    By • June 26, 2024
  • Aerial view above Lake Merritt in Oakland, California. Looking across the lake at downtown Oakland with skyscrapers in the distance.
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    DianeBentleyRaymond via Getty Images
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    Park Hotels & Resorts closes third Bay Area hotel

    Hilton Oakland Airport will close in August, a year after the REIT exited two other hotels in downtown San Francisco.

    By • June 26, 2024
  • Two businesses executives shake hands in office
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    opolja via Getty Images
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    Top hospitality C-suite appointments of Q2 2024

    CEO, CFO, COO, oh my! In Q2, companies including Wyndham, Loews and Aimbridge made leadership changes set to impact operations.

    By • June 25, 2024
  • EOS Hospitality acquired The William Vale Hotel in Brooklyn, New York.
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    Courtesy of EOS Hospitality
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    EOS Hospitality acquires luxury Brooklyn hotel in $177M bankruptcy sale

    The full-service hospitality company will manage The William Vale Hotel, which marks the first New York City property in its portfolio.

    By • June 20, 2024
  • Hotel Equities appointed Aik Hong Tan as chief investment officer.
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    Courtesy of Hotel Equities
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    Hotel Equities names Aik Hong Tan chief investment officer

    The appointment comes less than a month after the hotel management company made other C-suite and executive leadership changes.

    By • June 13, 2024
  • Guests check in with the front desk in a hotel lobby
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    Hispanolistic via Getty via Getty Images
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    Canary Technologies raises $50M to accelerate AI hotel solutions

    The Series C funding will go toward helping hoteliers modernize their tech stacks and improve the guest experience as “enthusiasm” for AI grows, according to company President SJ Sawhney.

    By • June 13, 2024
  • Manhattan skyline
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    Sean Pavone via Getty Images
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    LuxUrban Hotels names new CEO

    Robert Arigo will take over the beleaguered company, which has “much work to do” following legal troubles.

    By • June 12, 2024
  • An exterior image of a hotel
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    Retrieved from Wyndham Hotels & Resorts on August 04, 2023
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    LuxUrban Hotels continues leadership shakeups amid lawsuit woes

    Michael James will take over as CFO and Alexander Lombardo will join the board of directors as the beleaguered hospitality company works to overcome setbacks.

    By • June 7, 2024
  • A headshot of Davenport.
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    Courtesy of Aimbridge Hospitality
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    Aimbridge Hospitality names William Davenport CFO

    The finance executive previously served as CFO at restaurant chain Velvet Taco and sports entertainment company Topgolf.

    By • June 5, 2024
  • Manhattan skyline
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    Sean Pavone via Getty Images
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    STR, Tourism Economics ‘significantly’ downgrade US hotel forecast for 2024-25

    Higher cost of living is reducing lower-to-middle-income households’ ability to travel, and increased operating expenses are impacting hotel profit margins, according to the latest forecast.

    By • June 4, 2024
  • For sale sign on a commercial real estate building
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    Mario Tama via Getty Images
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    More hoteliers will sell than refinance as loan maturity nears: JLL

    High interest rates, rising insurance costs and other financial challenges will push hotel owners to consider transacting to repay debt that’s coming due by the end of 2024.

    By • June 3, 2024
  • Phoenix, Arizona skyline at dusk
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    4kodiak via Getty Images
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    REIT bets on Phoenix with $43M Hilton extended stay buy

    Chatham Lodging Trust acquired the downtown Home2 Suites hotel hoping to capitalize on strong demand from multiple traveler segments.

    By • June 3, 2024
  • Two executives shaking hands.
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    Sam Edwards via Getty Images
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    Stonebridge names Rob Smith president and CEO

    The hotel industry veteran jumps ship from management company Aimbridge Hospitality to assume the leadership position.

    By • May 31, 2024
  • Aerial photo of a resort along the Oahu coast.
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    slobo via Getty Images
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    Host Hotels buys Hawaii’s Turtle Bay Resort for $725M

    The 450-room resort will be rebranded under Marriott's Ritz-Carlton flag amid high travel demand on Oahu.

    By • May 30, 2024
  • Hotel Equities promoted Eric McCarthy-Zink CFO
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    Courtesy of Hotel Equities
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    Hotel Equities names Eric McCarthy-Zink CFO

    The hospitality industry veteran will work to “streamline processes to enhance efficiency and drive performance” for the hotel owner, operator and developer.

    By • May 24, 2024
  • Stock image of hotel room
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    onurdongel via Getty Images
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    Hotels to see ‘marginal’ performance gains despite economic woes: PwC

    Hotel occupancy, ADR and RevPAR will rise this year and into 2025 even as “economic uncertainty and geopolitical tensions” continue, the professional services company forecasts.

    By • May 23, 2024
  • Henderson Park acquired Arizona Biltmore from Blackstone for $705 million.
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    Retrieved from Arizona Biltmore on May 21, 2024
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    Henderson Park acquires Arizona Biltmore for $705M

    With the buy, the global private equity firm gains a foothold in Phoenix, which CEO Nick Weber calls “one of the country’s premier hospitality markets.”

    By • May 21, 2024
  • A headshot of Amit Sripathi.
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    Courtesy of Wyndham Hotels & Resorts
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    Wyndham names Amit Sripathi chief development officer

    Sripathi succeeds Chip Ohlsson, who will leave Wyndham in June after more than 30 years with the company.

    By • May 17, 2024
  • The exterior logo sign at the Rio Hotel & Casino in Las Vegas.
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    Ethan Miller via Getty Images
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    Rio Hotel & Casino names Patrick Miller CEO amid $340M transformation

    The former MGM Resorts exec will head the Las Vegas property as it prepares to join the Destination by Hyatt brand this fall.

    By • May 15, 2024
  • A headshot of Eric Jacobs.
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    Courtesy of Aimbridge Hospitality
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    Aimbridge taps longtime Marriott exec as chief global growth officer

    Eric Jacobs will succeed Allison Reid as the hospitality management company continues leadership shakeups.

    By • May 14, 2024
  • Hotel front for Hyatt in Palm Springs
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    Courtesy of Hyatt
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    Hyatt sees ‘normalized’ US RevPAR growth, record pipeline in Q1

    The company is also making progress on its goal to permanently reduce owned real estate, CEO Mark Hoplamazian said.

    By • May 9, 2024
  • Exterior of Choice Hotels International, Rockville Corporate Headquarters
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    Courtesy of Choice Hotels
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    Conversions, extended stay drove Choice Hotels pipeline growth in Q1

    The hotel company’s record domestic rooms pipeline grew 11% sequentially in the first quarter of 2024, including a 59% increase for conversion rooms.

    By • May 8, 2024