Extended Stay America has secured a $1.9 billion loan commitment to refinance 220 properties across 33 states, marking a significant bet by lenders on the extended-stay hotel sector even as performance metrics decline industrywide.
The ongoing diplomatic tension between Ottawa and Washington appears to be benefiting hotel owners as more Canadians who may have planned to vacation in the U.S. are instead choosing domestic destinations for their vacations, leading to an increase in demand for hotel rooms across the country.
MANCHESTER, England — While hotels broadly face challenges in terms of demand and increasing costs, there is significant interest from banks and other lenders to deploy their capital in the space.
The trade union German Civil Service Association acquired the 167-room Park Plaza Wallstreet Berlin Mitte from Union Investment for €36 million [$42.3 million], or approximately €215,600 per key, according to a news release.
L'Étoile du Nord Foncière is enjoying life in Belgium's capital. Having recently signed a contract for the headquarters of the Nagelmackers bank in Brussels, the Caisse d'Epargne et de Prévoyance Hauts de France real estate company last week acquired the premises of a future upmarket hotel.
The macro picture for the hotel industry is getting increasingly difficult with weaker demand and increasing costs, and that can create less-than-ideal circumstances as hoteliers navigate budget season.
For more than two years, the saga of two large hotels — Parc 55 San Francisco and Hilton San Francisco Union Square — have defined the broader outlook on San Francisco as an investment market.
London's Waterman House offices will become a 78-room hotel after Berlin-headquartered group Amano bought the property for circa £20 million with London-based investment firm Excellion Capital.
Two New York companies are set to buy two of San Francisco’s largest hotels, putting an end to two years in which the downtown properties languished without ownership.
In Nanterre (92), Novaxia, Icade, Crédit agricole immobilier and Coopimmo are starting work on the transformation of part of the site of the city's Centre d'accueil et de soins hospitaliers (Cash). The aim is to develop a 24,000 m² mixed-use, sustainable urban district.
In September, CoStar News Hotels' most-read articles included the hotel impact of a slow summer for U.S. theme parks, reflections from hotel revenue managers, and more.
On September 25, Turenne Hôtellerie signed a contract for a 105-room hotel in Nantes. The Novotel Nantes Centre Gare is located at 3 rue de Valmy, next to the Cité des Congrès and close to the city center.