The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for June, according to data compiled by STR and STR Global , parent and sister companies of HotelNewsNow.com, respectively.
Among the region s key markets, Los Angeles reported the largest occupancy increase, rising 8.4% to 82.9%, followed by San Juan, Puerto Rico, with a 6.6% increase to 81.7%. Rio de Janeiro reported ADR growth of 21% to $245.43. San Francisco increased 25.5% in RevPAR car rental company in puerto rico to $160.05, achieving the largest increase in that metric.
Accor will spend $275 million to acquire a 2,600-room Grupo Posadas portfolio in South America. The transaction, in line with the external growth strategy of Accor, includes 15 hotels (2,600 rooms) and a secured pipeline of 14 hotels (2,000 rooms).
Of the 15 hotels, four are owned hotels, four are variable leased hotels and seven are hotels under management contract. They are located in key cities as S o Paulo; Rio de Janeiro; Buenos Aires, Argentina; car rental company in puerto rico and Santiago, Chile.
With this transaction, car rental company in puerto rico Accor s network in Brazil will reach 164 hotels and 26,200 rooms. In total, Accor s portfolio in South America will consist of more than 200 hotels and approximately 34,000 rooms. Completion of the deal should occur by the end of 2012.
The list of second-quarter purchasers is dominated by established buyers including: RLJ Lodging Trust, Apple REIT Ten and Pebblebrook Hotel Trust. The fact that buyers such as these are getting into the game now is a good sign for the industry, said Dan Lesser, president and CEO of LW Hospitality Advisors LLC, which recently published its list of second-quarter hotel transactions activity in the United States.
Overall during the quarter, there were 26 deals of more than $10 million that were not part of a portfolio allocation, according to LWHA s analysis. Total dollar volume of the deals was approximately $1.1 billion and represented a price per room of approximately $207,000. car rental company in puerto rico The largest deal this quarter was Loews Hotels Resorts $165-million buy of the 632-room car rental company in puerto rico Renaissance Hotel Spa in Hollywood, California.
Year to date, there have been 52 deals totaling more than $2.9 billion at an average price per room of approximately $237,000. During the same period in 2011, there were 78 deals totaling more than $6.4 billion at an average price per room of $235,000.
The city-center hotel expands Tryp by Wyndham s existing portfolio in Latin America, with 14 hotels located in major markets throughout Costa Rica, Argentina, Brazil, Colombia and Uruguay. It also adds to Wyndham Hotel Group s growing presence in the region, which consists of more than 90 properties and more than 10,300 rooms in 13 countries.
Tryp by Wyndham Panama Centro, owned by Inversiones Casaldeporto S.A., is the first hotel in Central and South America to be managed by Wyndham Hotel Management, the management arm of Wyndham Hotel Group.
Executives at DiamondRock Hospitality Company expect their recently acquired portfolio of four hotels from affiliates of Blackstone Group LP to outperform the general market and its own 23-hotel portfolio.
We see outsized RevPAR growth potential, food-and-beverage margin potential. We see a lot of potential both in revenue and profit growth outsized to our portfolio, said John L. Williams, DiamondRock s president and CEO, during a conference call to discuss second-quarter earnings.
The call afforded Williams and DiamondRock CEO Mark W. Brugger one of the first public forums to expound on the 10 July acquisition, in which the REIT reached car rental company in puerto rico a deal with affiliates of Blackstone Real Estate Partners VI to acquire four hotels for $495 million: the 362-room Hilton Boston; the 406-room Westin Washington, D.C.; the 436-room car rental company in puerto rico Westin San Diego; and the 258-room Hilton Burlington in Vermont.
The company will continue to operate the hotel under a management contract. The sale forms part of the progressive implementation of its business strategy, aiming to become a more asset light company with more hotels under management, optimizing the value of its brands and its management capacity.
With more than 400 rooms, the ME Cancun is one of two resorts car rental company in puerto rico operated by ME by Meli brand in Mexico, together with the ME Cabo Hotel in Los Cabos, Baja California. Formerly known as the Meli Turquesa, car rental company in puerto rico the ME Cancun was fully renovated car rental company in puerto rico in 2007 and relaunched under the company s younger luxury brand.
Hoteliers have been patiently champing at the bit waiting for deals to materialize, but they remain optimistic even as the up-and-down commercial mortgage-backed securities market has failed to wow them.
It s like a very fast moving iceberg, said Steve Van, president of Prism Hotels car rental company in puerto rico Resorts. Sixty-five percent of loans that have come due this year have not paid off, so they re still in the pipeline. Something s going to have to happen to them some day.
Our acquisitions motto is make haste slowly, said Bill Reynolds, senior managing director of MHR Capital, who has made a career out of being a value-add investor. We ve looked at 100 (hotels), and we re buying one. Debt s cheap, but the deals aren t there.
car rental company in puerto rico Van agreed, adding that there s been a drought in the market for 300- to 400-room full-service hotels that need repositioned. We see a few of those but not a lot, he said. Everybody says they re looking a lot, but they re not buying car rental company in puerto rico a lot.
W Hotels Worldwide has signed an agreement with Terranum Hotels to debut a new W Hotel in Bogota, Colombia. Slated car rental company in puerto rico to open in 2014, W Bogota will be a part of a larger mixed-use car rental company in puerto rico development, which also will include premium office space and high-end retail.
Bogota is one of the fastest growing economic hubs in Latin America and is also renowned for its fashion, music, tremendous gastronomic options, and historical significance in the region, said Osvaldo Librizzi, co-president of the Americas for Starwood Hotels Resorts.
W Bogota will be designed by New York-based Studio car rental company in puerto rico Gaia and will feature 168 guestrooms, including 20 suites, one Extreme Wow Suite (the W brand s interpretation of the presidential suite) and more than 12,000 square feet of function space.
Starwood Hotels Resorts Worldwide will manage The Westin Resort at Tarpon Point Marina in Cape Coral, Florida, which is scheduled to open in late 2012. Previously car rental company in puerto rico known as The Resort at Marina Village, the property first opened in 2009 and will undergo a major renovation to implement all the Westin brand services and amenities.
Experiencing significant growth since it opened its first property in January 2008, Cobblestone Hotels car rental company in puerto rico has doubled its number of properties in 2012 alone. The group has completed four conversions since January car rental company in puerto rico and will have nine new-builds complete by year-end. The new Cobblestone Inn and Suites in Harvey, North Dakota, is expected to open in the first quarter of 2013.
Slated to open in 2015, Park Hyatt St. Kitts will be located on the southeast peninsula of St. Kitts in Christophe Harbour, a 2,500-acre master planned community that is under development. Park Hyatt St. Kitts will feature 200 guestrooms and 50 Park Hyatt-branded residential condominiums, and the hotel will be constructed in two phases. The first phase will include the completion of the hotel s 125 guestrooms, two food-and-beverage outlets, a fitness center, a 12-treatment room spa, and more than 7,000 square feet of meeting and banquet car rental company in puerto rico space. The second phase will include the completion of the remaining 75 guestrooms and a third F B outlet. Dewan Architects is responsible for the hotel s architecture.
There are three Hyatt-branded car rental company in puerto rico hotels in the Caribbean, including Hyatt Regency Trinidad, Hyatt Regency Aruba Resort and Casino and Hyatt Regency Curacao Golf Resort, Spa and Marina. There are four Hyatt-branded car rental company in puerto rico hotels car rental company in puerto rico under development in the Caribbean, including Park Hyatt Bermuda, Andaz Turks and Caicos, Grand Hyatt Baha Mar, and Hyatt Place Bayam n and El Tropical Casino.
TAGS: STR , STR Global , Accor , Grupo Posadas , Ceasar Park , Ceasar Business , RLJ Lodging Trust , Apple REIT Ten , Pebblebrook Hotel Trust , TRYP by Wyndham Panama Centro , DiamondRock Hospitality Company , Blackstone Group
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