The property was purchased by a group of hotel investors from the San Francisco Bay Area for $11,825,000 which equates to $122,000 per key and a 10% Cap Rate on Proforma. The group also owns and operates multiple hotel investments in the California Lodging Market.
According to research conducted by TripAdvisor, 96% of travelers consider reviews important when researching a hotel and 79% will read between six and 12 reviews before making a purchasing decision. How can you ensure your hotel remains competitive in the ever expanding landscape of hotel review sites?
In preparation for next year, weve found some top trends that can help your business and brand provide what your guests are looking for. Are you keeping up with these simple yet important trends?
In June, U.S. hotel occupancy fell 1.3% to 73.5%, and despite a 0.9% ADR increase to $134.52, RevPAR dipped 0.4% to $98.85.
The 80-room hotel and 6.5+/- acres of fee simple land sold for $3,800,000 to ASHTAVINAYAK LLC.
Only One in Five Organizations Have a Traveler Satisfaction Program in Place; However Results Include Policy Parameters That Aid In Tracking and Flexibility in Reimbursing Dining Expenses
The 244-room property is slated to open in 2022 and will be located on 63-69 City Road in Southbank
Set to open in late 2020, the hotel is well underway at nearly seven stories high. Construction is being led by MN Development Company, LLC, in collaboration with Minnesota-based firm Kraus Anderson.
Total Revenues were $804.9 million, a 13.6% increase compared to the same quarter in 2018, due mainly to an increase in the number of Installed Room Nights at the Chain level and to ADR growth.
Listed on the National Register of Historic Places, the former Courtyard by Marriott Philadelphia Downtown underwent a rebranding and renovation in excess of $20 million to create The Notary Hotel.