“Hotels rates to start rising in 2011 | washingtonpost.com” plus 2 more |
- Hotels rates to start rising in 2011 | washingtonpost.com
- Chatham Lodging Signs Agreement to Acquire Upscale Extended-Stay Hotel in Pittsburgh; Provides Business Update
- Omni Hotels & Resorts Honored With Award at ALIS
| Hotels rates to start rising in 2011 | washingtonpost.com Posted: 31 Jan 2011 05:16 AM PST |  31 January 2011 Consumers contemplating a getaway may want to book a hotel room sooner rather than later, as room rates are set to rise this year. Substantial increases of $10 or more are at least another year or two away, but the lodging industry plans to take advantage of improving market conditions. Several leading hotel operators including Marriott International, Hilton Worldwide and Starwood Hotels and Resorts are incrementally upping average daily rates in light of the return of leisure and business travel, and the relatively fixed supply of rooms given the lack of new construction. starwood hotels and resorts, starwood hotels, hilton worldwide, marriott international, improving market, hotel operators, lodging industry, leading hotel, substantial increases, new construction, business travel, getaway, marriott, hotel room, consumers washingtonpost.com | This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | |
| Posted: 31 Jan 2011 04:58 AM PST Press Release Source: Chatham Lodging Trust On Monday January 31, 2011, 7:58 am EST PALM BEACH, Fla.--(BUSINESS WIRE)-- Chatham Lodging Trust (NYSE:CLDT - News), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it has signed a contract to acquire an upscale extended-stay hotel in Pittsburgh, Pa. for $24.9 million. The acquisition will be funded in part through the assumption of an existing $7.3 million mortgage loan. The hotel will be the 14th property acquired by Chatham since its initial public offering. "Our disciplined approach to acquisitions remains focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators," said Jeffrey H. Fisher, Chatham's chief executive officer. "Pittsburgh is home to six Fortune 500 companies, the University of Pittsburgh, Carnegie Mellon University, the University of Pittsburgh Medical Center and Hillman Cancer Center, as well as three professional sports venues." Following completion of the acquisition, the hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher. Completion of the acquisition is subject to lender approval and satisfactory completion of due diligence and other customary closing conditions. Business Update Chatham anticipates that it will report pro forma revenue per available room (RevPAR) for the fourth quarter 2010 of $83.27, up 3.5 percent compared to the same period of the prior year. As highlighted in our December 16th business update, the fourth quarter RevPAR reflects the adverse impact of rooms out of service at three hotels due to accelerated renovations, which are expected to continue through the first quarter of 2011. Pro forma RevPAR is calculated as if Chatham had owned all 13 of its hotels for the entire fourth quarter of both 2009 and 2010. Pro forma RevPAR for the three months ended December 31, 2010 is based on Chatham's internal reporting and has not yet been audited and, therefore, is subject to revision based on the audit. About Chatham Lodging Trust Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns 13 hotels with an aggregate of 1,650 rooms/suites in nine states. Additional information about Chatham may be found at www.chathamlodgingtrust.com. This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company's filings with the Securities and Exchange Commission. Follow Yahoo! Finance on ; become a fan on Facebook. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | |||
| Omni Hotels & Resorts Honored With Award at ALIS Posted: 31 Jan 2011 07:14 AM PST Press Release Source: Omni Hotels & Resorts On Monday January 31, 2011, 10:14 am EST IRVING, Texas, Jan. 31, 2011 /PRNewswire/ -- Americas Lodging Investment Summit sponsors and delegates recognized Omni Hotels & Resorts with the Best Single Asset Transaction of 2010 for the purchase of the Amelia Island Plantation on Amelia Island, FL. Winners of several development awards were announced during the conference held January 24th through 26th in San Diego and co-sponsored by the American Hotel & Lodging Association (AH&LA) and the Burba Hotel Group. In addition to celebrating Omni's award-winning work, ALIS honored executives and companies responsible for the most influential hospitality industry developments in 2010. The Amelia Island Plantation transaction was completed in fall 2010, with the Amelia Island Company selling the resort to Omni for $67.1 million. The property was previously owned by the same family for more than 30 years and operated as an independent since its inception but became bankrupt in 2008 during the economic downturn. Omni was the highest bidder for the renowned resort at an auction held August 23rd in nearby Jacksonville, FL. The acquisition included over 1,350 acres, 3.5 miles of beaches, 249 guest rooms, two renowned golf courses, nearly 50,000 square feet of meeting and event space, 45,000 square feet of retail space, tennis, fitness and spa facilities and numerous opportunities for future development. "The last 12 months have been very opportunistic for our acquisitions and development team. We've been able to strategically expand our portfolio with the addition of several outstanding properties, including the Amelia Island Plantation," said Mike Deitemeyer, president of Omni Hotels & Resorts. "Recognition for these efforts is extremely rewarding, and we are honored to be among the winners." The Omni Amelia Island Plantation joined two other additions to Omni's growing resort portfolio in the previous 48 months: the Omni Bedford Springs Resort in South Central Pennsylvania in January, 2009 and the Omni Mount Washington Resort in Bretton Woods, NH in September, 2009. ALIS nominees were considered for the awards based on outstanding business performance in various industry sectors. More information about the nominees and winners can be found at the ALIS website alisconference.com. About AH&LA Serving the hospitality industry for a century, AH&LA is the sole national association representing all sectors and stakeholders in the lodging industry, including individual hotel property members, hotel companies, student and faculty members, and industry suppliers. Headquartered in Washington, D.C., AH&LA provides members with national advocacy on Capitol Hill, public relations and image management, education, research and information, and other value-added services to provide bottom line savings and ensure a positive business climate for the lodging industry. Partner state associations provide local representation and additional cost-saving benefits to members. About Omni Hotels & Resorts Omni Hotels & Resorts creates genuine, authentic guest experiences that take guests on "A Total Departure" to 47 distinct luxury hotels and resorts in leading business gateways and leisure destinations across North America. From exceptional golf and spa retreats to dynamic business settings, each Omni showcases the local flavor of the destination while featuring four-diamond services, signature restaurants, Wi-Fi connectivity and unique wellness options. Known for its award-winning, personalized service, Omni leaves a lasting impression with every customer interaction, with a heightened level of recognition and rewards delivered through its Select Guest loyalty program and the company's "Power of One" associate empowerment program. The brand is frequently recognized by top consumer research organizations such as J.D. Power and Associates, which ranked Omni as "Highest in Guest Satisfaction Among Upscale Hotel Chains" in its 2010 North America Hotel Guest Satisfaction Index Study(SM). To get additional information or book accommodations, visit omnihotels.com or call 1-800-The-Omni. Follow Yahoo! Finance on ; become a fan on Facebook. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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