PMZ Realty Capital Arranges Acquisition Loan for Two Florida Hotels
Category: Finance & Development, Financing, Real Estate
NEW YORK—PMZ Realty Capital LLC announced the arrangement of a $27 million acquisition loan for the Holiday Inn Express & Suites Jacksonville Southeast Medical Center Area, Jacksonville, Florida, and the Hampton Inn Jacksonville Ponte Vedra Beach Mayo Clinic Area, Jacksonville Beach, Florida. “In today’s market, securing financing can be extremely challenging for many hoteliers, especially with local banks leaving the market,” said Peter Berk, president, PMZ Realty Capital LLC—Hotel Finance Group. “This was our second
Prepping for Budget Season: Preventing Phone Systems From Breaking the Bank
Category: Operations, Smart Strategy
There’s more happening in the fall than football. Budget season is looming, and it’s a time when everyone goes to the mat to decide what to cut and what to purchase in the new year. When looking at line items, it’s good to take a look at phone system capabilities. If a hotel phone system is more than 10-15 years old, it has likely been costing a property more than it delivers. While a hotel’s
The Royal Sonesta Washington, DC Capitol Hill Opens
Category: Development, Finance & Development, Openings
WASHINGTON, D.C.—Sonesta International Hotels Corporation announced the opening of The Royal Sonesta Washington, DC Capitol Hill, the newest addition to The Royal Sonesta portfolio. “Capitol Hill is the heartbeat of our city, and the neighborhood has inspired us to create a singular DC destination,” said Meade Atkeson, area general manager of the brand’s regional portfolio which also includes The Royal Sonesta Washington, DC Dupont Circle, and The Royal Sonesta Harbor Court, Baltimore. “The hotel has
ISTANBUL—Wyndham Hotels & Resorts is further strengthening its position in Türkiye reaching approximately 105 open and operating hotels and a development pipeline of approximately 20 additional properties. The latest openings are part of Wyndham’s expansion plan in Türkiye, where the company is the largest international hotel group by number of properties. Wyndham celebrated its 100th hotel milestone with the addition of the 176-room new construction Days Hotel by Wyndham Istanbul Esenyurt, followed by the opening
CBRE Reports H1 2023 Global Real Estate Capital Flows
Category: Featured, Finance & Development, Market Reports, Real Estate
According to CBRE, global cross-regional capital flows totaled $30.5 billion in H1 2023, down by 52 percent from H1 2022 and the second consecutive half-year period with an approximate 50 percent decrease in volume. Much of this decline in cross-regional activity was due to less North American capital flow to Europe amid high interest rates, constrained debt markets, and economic uncertainty. Europe saw inflows decline by two-thirds year-over-year, which is notable because the region is
