PHILADELPHIA, Pennsylvania—Hersha Hospitality Trust and KSL Capital Partners, LLC announced a definitive merger agreement entered into on August 27, 2023, under which affiliates of KSL will acquire all of the outstanding common shares of Hersha for $10.00 per share in an all-cash transaction valued at approximately $1.4 billion. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on August 25, 2023, the last full trading day prior to this
A Lens on Loyalty: Guest Loyalty Programs Provide Benefits, but the Fees Are Rising
Category: Featured, Guest Experience, Loyalty
Over the years, the fees hotel owners pay to franchise companies have typically grown at a pace greater than the rise in hotel rooms revenue. Most franchise-related fees are charged as a percent of rooms revenue, and therefore, by assessing the relative changes in rooms revenue and franchise fees we can make some assumptions. In 2021, acknowledging the financial stress hotel owners faced during the pandemic, the franchise companies were sympathetic and provided some reprieve.
AURORA, Colorado—Gaylord Rockies Resort & Convention Center is set to re-concept three of its existing restaurants, launch a new dining experience, remodel the Grand Lodge, and increase the amount of function space with a new event pavilion. Gaylord Rockies has played host to both leisure travelers and meetings ranging in size from five to 10,000, weddings, and other family celebrations since its opening in December 2018. Focusing on investment in meeting spaces and food and
Hotel Downstreet Opens With a Focus on Its Local Art Community
Category: Development, Finance & Development, Openings
NORTH ADAMS, Massachusetts—Hotel Downstreet opened in downtown North Adams, Massachusetts, bringing a new hospitality location to a historic destination and arts community. The Downstreet name refers to the downtown movement on Main Street that shuttles travelers across town. The property has been transformed by Main Street Hospitality, which also owns and operates the nearby Porches Inn. With support from Peregrine Group, Hotel Downstreet introduces boutique lodging options to North Adams. Main Street Hospitality will leverage
Blackstone, Realty Income Sign Equity Agreement for The Bellagio Las Vegas
Category: Acquisitions, Finance & Development, Financing, Real Estate
NEW YORK and SAN DIEGO—Realty Income Corporation, The Monthly Dividend Company, and Blackstone Real Estate Income Trust, Inc. jointly announced that Realty Income has signed a definitive agreement to invest approximately $950 million to acquire common and preferred equity interests from BREIT in a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. Upon closing, Realty Income will invest approximately $300 million of common equity
