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North America

Aimbridge Acquires 71 Terrapin Management Contracts

Alan Woinski and Kim Woinski
March 21st, 2023 at 4:49 PM EDT

Skift Take

  • Aimbridge Hospitality has acquired the management arm of Terrapin Hospitality, with 71 hotels located in 21 states. This aggregates to over 8,100 keys transitioning to Aimbridge management.
  • B.Riley lowered their price target on Ashford Inc. to $14 from $18, they maintained their Neutral rating on the stock.
  • IHG Hotels & Resorts announced the opening of a new Holiday Inn Express & Suites Hotel in Glendale, California.

The DJIA rose 316 points, Nasdaq was up 185, the S&P 500 rose 51 points and it did not take long for the 10-year treasury yield to move back up, with the yield rising .13 to 3.61%. Lodging stocks were higher. AINC was the biggest mover, rebounding 13% while VCSA bounced 12%. SLNA traded down to a new low before bouncing a bit.

B.Riley lowered their price target on Ashford Inc. to $14 from $18, they maintained their Neutral rating on the stock.

The Baird/STR Hotel Stock Index fell -2.5% in February from January. The Hotel Brand sub-index fell -1.2% from January while the Hotel REIT sub-index fell -7%.

Aimbridge Hospitality has acquired the management arm of Terrapin Hospitality, with 71 hotels located in 21 states. This aggregates to over 8,100 keys transitioning to Aimbridge management within its dedicated Select Service operating division. The portfolio Aimbridge manages on behalf of hotel investors and owners Waramaug Hospitality and Terrapin Investments increased to 42 hotels from 12 prior to the transaction, and the parties have entered into a long-term strategic development relationship that is anticipated to generate incremental units growth as early as the first half of 2023.

IHG Hotels & Resorts announced the opening of a new Holiday Inn Express & Suites Hotel in Glendale, California. The hotel offers 135 rooms, a business center and meeting space. The Holiday Inn Express & Suites Glendale Downtown is owned by A & S Colorado, LP and is managed by InterMountain Management LLC.

Wyndham Hotels & Resorts announced the continued expansion of its innovative ECHO Suites Extended Stay by Wyndham brand, which in just one year, now has more than 200 hotels in its development pipeline. The first ECHO Suites hotel is on track to open by the end of this year with additional hotels following in 2024. The purpose-built, all new-construction, 124-room ECHO Suites prototype requires under two acres of land. The hotel features rooms consisting of single- and two-queen studio suites with kitchens as well as public spaces including a lobby, fitness center and 24/7 guest laundry.

Extended Stay America entered into an agreement with BASK Development for eight new Extended Stay America Premier Suites located throughout major markets in Florida. Extended Stay America currently has 36 Extended Stay America Premier Suites open and operating throughout the United States. BASK Development is a real estate development and investment company located in Chicago, IL BASK has 30 hotels under management and an additional six under construction.

Construction work on Dream Las Vegas has fully stopped, as the developers’ stalled financing plans left them owing tens of million of dollars for the hotel-casino project. According to the Las Vegas Review-Journal, Shopoff Realty Investmentsowes approximately $25 million to $30 million for work on the resort, and that construction will restart once the financing terms are finalized. Dream is slated to cost $550 million to $575 million and the owners have been paying for the project with cash so far and are working on a $400 million+ funding package. The project’s ownership group fully intends to honor its agreements, pay its builders and finish the 531-room resort, it said. The resort is slated to be operated by Dream Hotel Group, a company that was recently acquired by Hyatt Hotels Corp.

After over two years of construction, Hotel Hartness has opened in Greenville, South Carolina. The hotel features 73 suites, a spa and two on-site dining venues.

A development team led by Redbrick filed plans with DC’s Historic Preservation Office for a five-building development at the St. Elizabeth’s campus in Washington, D.C.’s Ward 8. Dubbed Sycamore and Oak, the project will include a 178,000 square foot office building, a hotel, and residential buildings with upwards of 300 units. There will also be a public park, as well as a commercial center with 30,000 square feet of retail, dining opportunities and a grocer. 

Leisure Real Estate Advisors, LLC announced the sale of the 94-key Holiday Inn Express located in Fremont, Nebraska. Leisure Real Estate Advisors represented the Seller, Fremont Hotels, Inc, in the marketing and sale of the hotel. The Buyer, Oracle Holdings, LLC will continue operating the Express under a new 15-year license agreement with IHGNoble Hospitality assumed management for Oracle. 

Margaritaville Hotels & Resorts announced the opening of Margaritaville Beach Resort Ambergris Caye, Belize. The 55-suite resort features multiple restaurants and bars and four purposed-built BBQ and picnic areas and the St. Somewhere Spa.

Personnel Moves

Placemakr announced $65M in new equity funding, surpassing $350M in total capital raised. This announcement comes alongside the appointment of Timothy G. Franzen, former president of Graduate Hotels, to Chief Development Officer. In this role, Franzen is leading the company’s effort to expand and grow inventory under management through partnerships with major real estate owners and developers nationwide. With this funding, Placemakr will continue doubling down on property acquisitions and developer partnerships throughout the U.S. to meet the consumer demand for apartment-style hotels, short-term rentals, and flexible-living accommodations. 

Richard Bosworth, the public face of the ownership group that developed Virgin Hotel Las Vegas, will step down at the end of the month as CEO of J.C. Hospitality, the off-Strip property’s management group. Bosworth put together the ownership company and was the managing partner. It includes Richard Branson’s Virgin Group. They acquired the former Hard Rock LV for $500 million in 2018 and spent $200 million on the redevelopment, reopening in March 2021. J.C. Hospitality said Bosworth announced his intentions to resign last month and will be pursuing new ventures in hospitality but will remain an investor.

Lodging Partners LLC, a member of Hotel Brokers International, announced Erin Zitelli-Davis joined its sales team. Zitelli-Davis has worked with hotel developers and operators for over 7 years and specializes in hotel brokerage, site selection and development. 

Strategic Solution Partners has recently focused on expanding its consulting division to provide project-based guidance to hotel operators in the face of the increasing need for skilled, high-level talent. The most recent additions include: John YoungMelinda Speck, and Robert Speck. On top of being an esteemed chef and an expert on F&B efficiencies, Young has a thorough knowledge of all aspects of F&B, including financial management, operating budget development, forecasting, and capital expenditure planning. Robert Speck has extensive experience in multi-property management, international sales, marketing and hotel development. Melinda Speck is an accomplished brand development and marketing expert whose professional portfolio includes Hilton, Red Lion Hotels, Wyndham, and more.

Lore Group made two key additions to its executive team with Matthew Thomas joining as Chief Operating Officer and Fiona Morgan as Global Director of Sales, Marketing & PR. Matthew Thomas joins Lore Group from the Timothy Oulton Hospitality Collection where he held the position of CEO. Before joining Lore Group, Fiona Morgan ran her own consultancy firm for a decade, working the notable hotels.

Europe Highlight

Tivoli Hotels & Resorts debuts in the Netherlands with the launch of this historic Tivoli Doelen Amsterdam Hotel. The XVI-century property has 81 guest rooms including seven suites, and a new gastronomic concept restaurant and bar.

Alan Woinski and Kim Woinski
March 21st, 2023 at 4:49 PM EDT

Companies: Aimbridge Hospitality, Ashford Hospitality Trust, Dream Hotels, Echo Suites Extended Stay by Wyndham, Extended Stay America, Extended Stay America Premier Suites, Holiday Inn Express, Hyatt Hotels Corporation, IHG Hotels & Resorts, Leisure Hotels Group, Lodging Partners LLC, Margaritaville Hotels & Resorts, Placemakr, Virgin Hotels, Waramaug Hospitality, Wyndham Hotels & Resorts

Locations: Amsterdam, Belize, California, Florida, Las Vegas, Nebraska, South Carolina, Washington DC

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