Global Hospitality Report (August 25, 2014)

Hotel Management Companies and Equity Contributions: Benefits and Risks 
By Todd Isenstadt and Hans Detlefsen

Typically, hotel developers attempt to finance new hotel construction projects with a combination of debt and equity. This article investigates the benefits and risks of seeking equity participation from hotel management companies.

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Selecting a Hotel Management Company: A Decision Worth Millions  
By Todd Isenstadt and Hans Detlefsen

After accounting for differences in branding, location, property age and condition, market size, and property type, do different management companies still produce significantly different results? This article shows that the answer is: YES.

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144 UK Travelodges Change Hands 

A consortium comprising Goldman Sachs, Avenue Capital and GoldenTree Asset Management has bought a portfolio of 144 properties across the UK leased to budget group Travelodge for around £520 million, in an initial all cash purchase. The hotels were sold by Prestbury Investment Holdings, West Coast Capital, Aldersgate Investments, and Lloyds Bank. The new owners each have a one-third stake in the hotels, and the trio are also the current owners of the Travelodge group after acquiring it two years ago via a debt-for-equity restructuring deal. HVS advised Goldman Sachs and GoldenTree Asset Management.

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Regional Hotel Performance Trends and Forecasts to be Released in 10 US Cities During Access HVS Events 

HVS will release regional hotel performance trends and forecasts across Atlanta, Columbus, Dallas, Denver, Houston, Minneapolis, New Orleans, Philadelphia, Portland and St. Louis during a casual cocktail event in September 2014, providing information on trends in hotel lending, valuation, and operations, as well as up-to-the-moment snapshots of hotel values, transactions, and cap rates. HVS will also present the results from its new General Manager survey (conducted at a regional level) and its Broker survey (administered at a national level). Furthermore, the Access HVS events will bring together a diverse group of industry stakeholders, providing an exceptional opportunity to network and share ideas about the hospitality sector.

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