Affordable Hotels In Carolina Beach|"Hotels Swell In Manhattan"

Source             :     online.wsj.com
Category        :    Affordable Hotels In Carolina Beach
By                  :     CRAIG KARMIN
Posted By     :    Hotels Carolina Beach NC

Affordable Hotels In Carolina Beach

New York is experiencing its biggest hotel expansion in a generation, attracting a host of new brands and developers betting that the good times will continue. But the race to build or convert dusty properties into modern lodgings already has sparked a debate about whether the additional rooms can be absorbed without putting downward pressure on hotel-room rates by next year.The number of hotel rooms in Manhattan is expected to rise about 10% to more than 90,000 by the end of 2014, says Jones Lang LaSalle Hotels, which tracks hotel projects planned and under way. Manhattan's expected lodging growth tops the U.S. by a wide stretch and is more than double the rate of the next fastest-growing major markets, Miami and Washington, according to forecasts from Lodging Econometrics.

The surge in new Manhattan properties—ranging from luxury names such as the SLS Hotel New York to limited-service brands like Best Western—is part of a broad revival in the hospitality industry. It also reflects New York's pull as a global business center and tourism mecca that is recovering from the economic downturn faster than most cities. While many luxury retail companies are willing to pay among the world's highest rents for a prime spot on Fifth Avenue, hotel companies view landing a Manhattan showpiece as important for promoting themselves, lodging analysts say. Hyatt Hotels Corp. H -0.84% and a partner, for example, are spending about $375 million for New York's first Park Hyatt, the company's top-of-the-line brand. It is slated to open in 2014 in the lower 20 floors of a luxury Midtown condominium across the street from Carnegie Hall. "That location will help grow the Park Hyatt brand and enable the company to get more hotel management contracts over the next 20 years," says Ryan Meliker, a hotel analyst for MLV & Co.

New York attracted more than 52 million visitors last year, and the city's tourism office is projecting an increase to 55 million by 2015. The average hotel occupancy rate this year through August was around 84%, which is above precrisis peak levels, according to Smith Travel Research. Daily room rates also continued to rebound, averaging $238 in the eight-month period, a 4% rise from the same period last year. Richard Born, principal of BD Hotels, which owns and operates 25 hotels in New York, says he likes the city's long-term prospects but worries that the wave of new supply could put a damper on the market. He sees occupancy falling beginning next year because hotel supply is expanding 6% to 8% a year, while city tourism is rising at a slower rate of around 4% to 5%.

"That could put downward pressure on daily rates or cause new hotel construction to slow," he says. Others are more optimistic. Mr. Meliker says that a better gauge for hospitality is the city's employment growth, which continues to look positive and will drive more business travel, he says. That means room rates can continue to climb even if occupancy stays the same, Mr. Meliker adds. A number of projects are joining the Park Hyatt on or around Manhattan's 57th Street, creating a burgeoning hotel row within sight of Central Park. The area, which sprouted hotels 50 years ago ahead of the city's 1964 World's Fair exhibition, is witnessing its biggest replenishment in decades. Barry Sternlicht, who created the boutique W Hotel brand for Starwood Hotels & Resorts Worldwide, HOT -0.08% is developing two new hotel brands near 57th Street for his real-estate investment firm Starwood Capital: the five-star hotel and luxury condo Baccarat Hotel & Residences and 1 Hotel, which he says is a more energy-efficient hotel.

The 1929 Buckingham Hotel has been completely made over as a 208-room luxury hotel called the Quin. Developed by Alan Kanders, a former Lehman Brothers managing director in the hotel group, the Quin opens next month with a rotating program featuring contemporary artists. In an unusual move, the 240-room Viceroy New York changed hands last month only weeks before its opening this Wednesday. A real-estate investment trust agreed to pay $148.5 million to ARK Partners for the hotel. "We wanted to be on 57th Street," says Nicholas Schorsch, chief executive of American Realty Capital, ARCP -0.41% which sponsored the REIT that bought the hotel. Despite the attention on new luxury projects, much of Manhattan's hotel growth is coming from more-modest, limited-service hotels that have been popping up in the city after years of skewing to the suburbs. Brands include Hilton Garden Inn and Courtyard by Marriott. "We haven't seen this much supply of select-service hotels in the past," says Jeffrey Davis, a hotel broker for Jones Lang LaSalle Hotels.

Source : online.wsj.com/article/SB10001424052702304441404579121911381744056.html

Hotels In Carolina|"This Turkish Hotel Won A “Hospitality Innovation Award” For Protecting Protestors From Tear Gas & Police"

Source             :     qz.com
Category        :    Hotels In Carolina
By                  :    Simone Foxman
Posted By     :    Hotels Carolina Beach NC

Hotels In Carolina

International hospitality awards usually go to hotels with the most creative design, impeccable service and attention to amenities like ultra-plush bathrobes. But the winner of the latest “hospitality innovation award” from PKF hotelexperts was selected on entirely different criteria. The German hotel consultants awarded the honor to Divan Hotels’ flagship property in Istanbul in recognition for its offering refuge to protesters fleeing police tear gas. The hotel is adjacent to Gezi Park’s Taksim Square, the site of protests last May and June. During some of the most tense moments, the Divan Hotel’s management took in people protesting against the government of Turkish prime minister Recep Tayyip Erdoğan, to the chagrin of officials.

Adding insult to injury, the hotel staff rebuffed police forces by asking whether they had a reservation at the hotel, according to Han Le, an American who observed the protests. Unsurprisingly, the police did not, and the staff—at least temporarily—prevented them from entering and arresting protesters camping out inside. The Financial Times reports (paywall) that the decision to take in protesters was initially made by the hotel’s management, but supported by the hotel’s parent company. The chain of 11 Divan Hotels is owned by Koç Holding, a conglomerate owned by the wealthy Koç family, which says it generates 9% of Turkey’s GDP. The hotel’s parent company’s holdings also include Turkey’s only refinery and some joint ventures with Ford and Fiat. The government has singled out Koç Holding, engaging in a “witch hunt” to pass off blame for the country’s struggling economy, according to an anonymous investment banker cited in Der Spiegel.  In June, Erdoğan accused the hotel of “harbor[ing] criminals.” Then, in July, tax investigators raided 77 offices of  Koç Holding’s energy subsidiaries.  The company was later named in a lawsuit alleging that it was part of a 1997 coup. In late September, it lost a government contract to build six warships.

While the Koç family may the government’s scapegoat du jour, the tensions between the company and the government are characteristic of the animosity between Turkey’s old capitalist elite and the Erdoğan administration. Erdoğan has also taken aim at the financial services industry, accusing the “interest rate lobby” of fanning unrest in order to speculate on the economy. Unsurprisingly, German businessmen don’t share Erdoğan’s feelings. “Divan Hotels and Koç Family has showed solidarity and courage during Gezi Park protests and proved how important hospitality is during crisis situations,” PKF chair Michael Widman told Hurriyet Daily News.

Source:qz.com/133063/this-turkish-hotel-won-a-hospitality-innovation-award-for-protecting-protestors-from-tear-gas-and-police/

Affordable Hotels In Carolina Beach|"Killarney Hotels Ltd Sinks Into The Red"

Source             :     independent.ie
Category        :    Affordable Hotels In Carolina Beach
By                  :    Gordon Deegan
Posted By     :    Hotels Carolina Beach NC

Affordable Hotels In Carolina Beach

A hotel group that operates two five-star hotels in Co Kerry plunged deeper into the red last year to record pre-tax losses of €36.97m.Killarney Hotels Ltd operates the award-winning, five-star The Europe Hotel & Resort and the five-star, 102-bedroom Dunloe Castle Hotel, along with the four-star Hotel Ard na Sidhe. Now, accounts recently filed by the Swiss-owned firm to the Companies Office show that the firm recorded the loss after writing down its property by €28m. The latest loss is more than three times the pre-tax loss of €11m in 2011. And it comes despite revenues at the company increasing by 26pc to €10.69m in the 12 months to the end of December last.

However, costs also increased by 8pc, from €15.3m to €16.6m. According to the directors' report, they "consider the performance of the company to be unsatisfactory, although in line with expectation". The figures show that the company recorded an operating loss in 2012 of €5.9m and this followed an operating loss of €6.9m in 2011. The accounts include a depreciation charge of €8m.The average numbers employed by the group increased from 121 to 125 with wage costs increasing from €4.87m to €5.6m. In their directors' report, they state that "though the Irish tourism sector is experiencing a revival, there continues to be challenges in the hotel industry in Ireland. "Although the company made a loss for year of €35.7m, the directors have continued to prepare the statements on a going concern basis as they have received assurances from the company's parent, Liebherr Hotels AG, that it will provide the company with funds as and when required to enable it to continue trading for the foreseeable future," the report said.

The company's fixed assets are valued at €63.8m and in a note attached to the accounts, it states that "while there is little specific evidence to support property values at present, the directors have considered a number of factors in order to confirm and approve the carrying value of properties at December 31, 2012". The directors state that they believe The Hotel Europe and Resort has long-term value, reinforced by a recent refurbishment. The hotel was winner of the Best Resort Hotel in 2012. The figures show that the group generated €10.1m of its revenues through its hotels and €585,882 through the operation of a 200-acre farm. The accounts show that the company's parent, Liebherr Hotels AG, loaned the firm an additional €9m during the year to bring to €44m owed by the firm to Liebherr Hotels.

Source:independent.ie/business/irish/killarney-hotels-ltd-sinks-into-the-red-with-3697m-pretax-loss-29641542.html

Affordable Hotels In Carolina Beach|"Time For Superstorm Sandy Evacuees To Check Out Of Hotels"

Source             :    npr.org
Category        :    Affordable Hotels In Carolina Beach

By                  :    Joel Rose

Posted By     :    Hotels Carolina Beach NC

Affordable Hotels In Carolina Beach

Almost 300 Sandy victims are still living in hotel rooms on the taxpayers' dime — but not for long. City officials say the program is expensive, and it's time for those remaining Sandy evacuees to move out. This week, the displaced families living in hotels got a letter from New York City officials telling them they will not pay for those rooms after Friday. This was the message they sent back on Wednesday: Heck no, we won't go! At a press conference outside City Hall, several dozen evacuees protested for more time. "Normal people, normal citizens, we had jobs, we go to school. We just basically want to get back to where we were, to the lives that we have," says Shawn Little, a home health care worker who lived in Far Rockaway, Queens, before the storm. Little says she's close to doing that. She's signed a lease on an apartment, she says, and hopes to move in soon. But many other Sandy evacuees still have nowhere else to go. "A lot of these people are going to end up homeless," says Judith Goldiner with the Legal Aid Society. "We did not focus our resources after Sandy on making sure the people who were most harmed by Sandy were taken care of, and that's the real tragedy here."

City officials dispute that. Michele Ovesey is New York's commissioner for homeless services. She says the city went above and beyond, sheltering as many as 3,000 households in hotels over the past year. "It's a very generous program. We essentially allowed anyone in who knocked at our door," Ovesey says. "We have to have some kind of end date for the program." The city tried to end the hotel program back in April, but the Legal Aid Society sued to keep it going. A federal judge issued an injunction but lifted it last week. Now the city says it will stop paying for hotel rooms. Goldiner says the city is overlooking one of the biggest problems facing all New Yorkers — but especially low-income Sandy evacuees."In New York City, we have about a 1 percent vacancy rate, and it's lower — much lower — for affordable housing apartments," Goldiner says.

City and federal officials created a voucher program to help evacuees find apartments they can afford. But Goldiner says some of those vouchers were issued in just the past few weeks, leaving her clients in limbo. "They are literally waiting for city bureaucracy to dot the i's and cross the t's and they can move in. But unfortunately, the city isn't willing to wait for them," she says. Ovesey concedes that not everyone in the hotels will find alternative housing by Friday. But she says the hotel program has helped 1,400 households move into permanent housing since the storm. "We made every effort to keep as many evacuees in the hotel program frankly as long as we could, and I think we've done a tremendous job," Ovesey says. Ovesey says the hotel program hasn't been cheap, either. It's cost taxpayers more than $70 million. FEMA is picking up that bill, but it won't reimburse any more hotel stays. At the same time, Irwin Redlener at Columbia University's Earth Institute points out that there are billions of dollars in federal recovery funding that have yet to be spent. "We're battling against a very disorganized federal outgo of resources, so the cities are left holding the bag," Redlener says. "And even worse than that, the families are left holding the bag." Some of those evacuees may try to stay in the hotel rooms and take their chances in court, while others may have to check into homeless shelters Friday night.

Source : npr.org/2013/10/03/228910696/superstorm-sandy-evacuees-hotel-rooms

Hotels In Carolina|"New Hotel Coming To Syracuse Inner Harbor"

Source             :    syracuse.com
Category        :    Hotels In Carolina
By                  :    Tim Knauss
Posted By     :    Hotels Carolina Beach NC

Hotels In Carolina

Andrew Cuomo visited Syracuse today to announce plans for a 130-room hotel at the Inner Harbor, the first new building in what is expected to be a $350 million development of the waterfront along the former state Barge Canal. "Today is a new era for Syracuse,'' Cuomo said. Starwood Hotels and Resorts, the owner of Sheraton and other hotel brands, plans to establish an Aloft Hotel at the southern edge of the Inner Harbor. Aloft, a brand Starwood introduced two years ago, aims for a hip, urban ambience and moderate room rates designed to appeal to young adults. The $18 million hotel would be the first step in a plan by COR Development Co., of Fayetteville, to develop 32 acres of former state lands around the harbor. COR Inner Harbor, an affiliated company, plans to build a mix of commercial buildings, townhouses and apartments, a community boathouse and other structures. After trying for decades to get the area developed, Syracuse officials in 2012 picked COR to develop the area after reviewing three competing proposals. COR has already cleared 18 acres along the western shore and removed more than 100,000 cubic yards of contaminated dirt.

COR's 10-year project has been picked to receive $4.5 million in state assistance to help with environmental remediation and infrastructure development. The company has applied for an additional $1.5 million to help relocate the historic freight house, remove three buildings and construct two mixed-use buildings.The hotel will be developed with all private money, said John Salvatore, senior director of development for Starwood Hotels. Construction is scheduled to begin in March or April of 2014, and Starwood plans to open the hotel about 12 months later. COR President Steve Aiello said the hotel will be financed with a combination of commercial loans and private equity. COR will own the hotel as a franchisee and hire a Starwood-approved management company. Aiello said COR has not assessed whether the project will require property tax relief from the city, in the form of a payment in lieu of taxes. "It's hard to say at this point,'' he said. Starwood has opened dozens of Aloft hotels around the world. In Upstate New York, the only other Aloft under development is at the Buffalo airport, scheduled to open in May 2014, according to the company web site.

"We want our young people to see us building, see the future here," Cuomo said at a press conference at the harbor. Starwood is "coming into Syracuse in the Inner Harbor. That's a vote of confidence. . . . They are betting on our future," the governor said. Starwood also operates the University Sheraton in Syracuse. The company's other hotel brands include Westin, St. Regis, Le Meridien, Element, Four Points and The Luxury Collection.

Source:syracuse.com/news/index.ssf/2013/10/cuomo_new_hotel_coming_to_syracuse_inner_harbor.html

Affordable Hotels In Carolina Beach|"Hotel Recovery That Has Hugged Coasts"

Source             :    nytimes.com
Category        :    Affordable Hotels In Carolina Beach
By                  :     KRISTINA SHEVORY
Posted By     :    Hotels Carolina Beach NC

Affordable Hotels In Carolina Beach

Skittish developers have delayed new hotels across much of the country until the economy returns to health, and financing does, too. But in Austin, developers aren’t that wary. A $300 million JW Marriott hotel, the biggest JW Marriott in the country and the city’s biggest hotel at 1.2 million square feet, is under construction on a full block near the Capitol. Developers broke ground on a Westin over the summer and a $350 million Fairmont will be going up a few blocks away. Eight hotels containing almost 4,000 rooms are scheduled to open across Austin within the next three years, making the Texas capital one of the most active markets in the country for new hotel construction. White Lodging, a private hotel developer and manager responsible for about a third of those rooms, is betting big on Austin. Although the Indiana firm has put up and managed mostly midmarket hotels near the airport or in the Austin suburbs for the last two decades and currently owns or manages 23, White Lodging is gambling its two new downtown hotels, the JW Marriott and Westin, will be worth its more than $400 million investment.

“We’re big believers in Austin,” said Deno Yiankes, president and chief executive of White Lodging’s investments and development division in Indianapolis. “Austin’s employment growth is second to none and you can’t say that about the coastal markets. This is not a blip; it’s one of our strongest markets.” Austin’s booming tech industry, from start-ups to offices for Dell, Samsung and Apple; universities; and its location as the world headquarters for Whole Foods help make White Lodging’s gamble seem sound. Much of the new hotel construction nationwide, aside from Austin, has been on the coasts and in large cities like New York. Few new hotels are going up elsewhere because construction financing has been tight and developers have been leery to invest. There were 2,744 hotel projects in construction or planning around the country in August, the same as last year, according to STR, a hotel market research firm. “Austin is the anomaly of anomalies. What new construction is in the pipeline is no-frills operations,” said Scott D. Berman, principal and industry leader, hospitality and leisure, at PricewaterhouseCoopers in Miami.

While the recession crimped demand and hotel operators’ appetite for erecting new buildings, more business and leisure travelers are returning to the road, leading to increased occupancy levels and higher rates. Analysts expect rates to further increase when group travel rebounds. Occupancy climbed to 69.2 percent in August, about two percentage points higher than last year. The average revenue per room rose nearly 7 percent, to $77.59 this year, according to STR. “As goes the economy, so goes lodging demand,” said Art Adler, Americas chief executive of the hotels and hospitality group of Jones Lang LaSalle, the commercial real estate brokerage firm. “Because the stock market is doing well, 401(k)’s are perking up and people feel wealthier and they’re traveling.” With rising demand and restricted supply, the market bodes well for investors — if they have the nerve to build on their own. White Lodging in Indianapolis is one such steely investor. The company says it has invested more than $800 million in nine hotels under construction around the country — the largest development pipeline in its nearly 30-year history.

“We have owners willing to take risks. If you are, you get rewarded for it,” said Mr. Yiankes of White Lodging. The pickup in travel has caught the eyes of real estate investors this year. Through August, domestic hotel sales climbed 51 percent to $13.38 billion over 2012, according to Jones Lang LaSalle. Although two large portfolio deals increased numbers, the brokerage firm expects sales to finish the year 10 percent higher than last year, at $17.5 billion. Stimulated by low interest rates and investor hunger, hotel prices are also climbing. In the first half of the year, the average selling price per room hit $130,119, a 15 percent increase over the end of 2012, according to Lodging Econometrics, a lodging industry consultancy in Portsmouth, N.H. Despite the uptick in prices, Loews Hotels and Resorts is moving apace to expand beyond its 21-hotel portfolio. The New York hotelier has two hotels under construction, and it has bought three in Los Angeles, Boston and Washington in the last 18 months. By the end of 2015, the company expects to have 30 to 33 hotels open worldwide. “We plan to continue to be active in this cycle,” said Paul Whetsell, the president and chief executive of Loews Hotels and Resorts. “When you consider supply fundamentals, they look pretty darn good. We have the wind at our back and will continue to acquire and hold.”

The Blackstone Group, the largest owner of hotel rooms in the country, has been on a buying spree of late. In May, the buyout giant was involved in one of the biggest deals this year when it bought Apple REIT Six, a real estate investment trust with 66 hotels nationwide, for $1.2 billion. Blackstone was also responsible for one of last year’s big hotel deals when it paid $1.9 billion for the Motel 6 chain. Initial public offerings, another sign of investor interest, have also emerged this year, with 14 in exploration during the first half of 2013. Last month, Blackstone filed for a $1.25 billion initial public offering for Hilton Worldwide Holdings and in July, it filed for an I.P.O. for Extended Stay America. The firm is also investigating a sale or I.P.O. of its La Quinta hotel chain. “With no cranes and little capital being allocated, we’ll continue to have multiple years of improving fundamentals,” said A.J. Agarwal, senior managing director of Blackstone Real Estate Partners. “We were able to buy rooms at discounts. Whenever you can buy an asset at less cost to build, that’s a good deal.” The Rockpoint Group, a private equity firm in Boston, has also been busy, picking up some of the most expensive hotels in the last year. As it is for many private equity firms, Rockpoint’s strategy is to buy hotels, fix what’s wrong and sell them. Real estate investment trusts typically hold their assets longer and take fewer risks. Over the last four years, the firm has bought hotels with almost 10,000 rooms for nearly $2 billion. As investors move in, large hotel operators are selling their properties to focus more on management. Over the last five years, Starwood Hotels and Resorts, which has nine brands of hotels, including the St. Regis, Westin and Sheraton, sold 20 hotels for about $1.5 billion to real estate investors. In 2012, Starwood sold more than $500 million in hotels and may sell the same amount this year. The hotelier now operates almost 1,200 hotels, of which about 40 are owned. “Owning hotel real estate is a very local, local business,” said Simon Turner, president of global development at Starwood. “As a publicly traded company, real estate is not earnings-friendly. It’s more volatile than our fee business. We think it’s in our shareholders’ interest to be asset-light.”

Source:nytimes.com/2013/10/02/realestate/commercial/as-travel-picks-up-hotels-gain-allure-for-investors.html?pagewanted=all&_r=0#h[]

Affordable Hotels In Carolina Beach|"Second Avenue Hotels Get Height Variance"

Source             :    durangoherald.com
Category        :    Affordable Hotels In Carolina Beach
By                  :     Jim Haug 
Posted By     :    Hotels Carolina Beach NC

Affordable Hotels In Carolina Beach

After listening to residential neighbors who feared the loss of privacy and incompatible development, Durango city councilors voted 3-2 Tuesday night to approve a height variance for a six-story complex of two hotels, a restaurant and parking garage on the East Second Avenue block from Fourth to Fifth streets. Councilors Dick White, Christina Rinderle and Keith Brant were for the variance, but councilors Dean Brookie and Sweetie Marbury said they opposed the project’s height. “Six-story-tall is too much for me,” Marbury said. A resident of the area, Jon Westrup, said he resented the potential intrusion on private lives, saying hotel guests could be staring into the homes of East Third Avenue from their hotel windows, balconies and terraces. “There’s bedtime stories here, people dressing and undressing. People have a right to privacy here,” Westrup said.

He compared the controversy to the ongoing debate over accessory dwellings. “Imagine if the debate was not about accessory dwellings, but if your neighbor could build an accessory hotel or two in your backyard. It gets absurd,” Westrup said. Michael Todt objected to the “sheer size.” The hotels would have a six-story facade, which includes lower-level parking. “It’s really huge,” he said. But city staff members felt it was the best deal considering the block already is zoned for commercial development and the developer is well within his rights to build a hotel there. “We have nothing to say about it if they meet the guidelines, and that’s the problem,” Brookie said. “The council has no latitude whatsoever,” City Attorney David Smith said. Scott McCallister, the developer and owner of adjacent Best Western Rio Grande Inn, is trying to lessen the impact to the East Third Avenue neighborhood by putting the density of the new buildings along East Second Avenue. The U-shape design would have terraces in the middle, which would face the alley between East Second and East Third avenues. Plus, there would be a cutout or open space between the two hotels on the northern and southern sides of the property.

City planners feared a worse configuration of buildings. By rights, McCallister could build a 35-foot wall of hotel rooms along the alley, said Nicol Killian, a city planner. Brookie said another design could be “architectural Whack-A-Mole.” “I don’t know what to do,” Brookie said. To make his plan work, McCallister got approval to build up to 66 feet tall on a low-lying, southwestern corner of the block. The neighborhood has a 55-foot height limit. This southern hotel would have 125 rooms. The northern hotel would be a boutique with 58 rooms. The city also agreed to give up some right of way on East Second Avenue and Fourth Street for the development. To address concerns, the city also asked the developer to limit terrace hours from 7 a.m. to 10 p.m. Vegetation would be used to screen the terraces. “I will control the environment,” said McCallister, who has 30 years of experience in the hotel experience. Guests could go back to the restaurant during late hours, too.

Source:durangoherald.com/article/20131001/NEWS01/131009933/-1/taxonomy/Second-Avenue-hotels-get-height-variance-