Atlas in the news
Record Room Prices Tempt Developers into Hotel Construction
Silicon Valley Business Journal 03/27/15 Record Room Prices Tempt Developers into Hotel Construction By Nathan Donato-Weinstein http://www.bizjournals.com/sanjose/print-edition/2015/03/27/record-room-prices-tempt-developers-into-hotel.html Working late into the night during a Mountain View City Council meeting last June, hotel consultant Maurice Robinson missed his flight back to Los Angeles. No worries, he figured. There’s always a place to stay. But as he quickly figured out: If it’s a weekday in Silicon Valley, the answer is — maybe not. “I got on the phone and was calling every hotel in town,” Robinson said. “All the usual suspects were full.” He ended up paying $300 for a third-tier property on El Camino Real. “They probably average about $150 a night,” Robinson said. “But this is the guy’s last room. And I’m probably the first guy to ever pay that.” Ask anyone who has traveled to the Bay Area lately for business, and you’ll likely hear horror stories like Robinson’s. Booming employment — 113,500 jobs were added in 2014 — has brought a surge in weekday business travel. Combine it with little new supply in the last five years, and hotel occupancy in Santa Clara County climbed 32 percent between 2009 and 2014, according to industry tracker STR. Average daily…
Del Mar Area Hotel Is Sold
The San Diego Union-Tribune 07/02/15 By Lori Weisberg http://www.sandiegouniontribune.com/news/2015/jul/02/doubletree-hotel-carmel-valley-sold-san-diego-firm/ The 224-room DoubleTree San Diego Del Mar hotel has been sold to a San Diego firm for $40 million, marking the fourth San Diego lodging property to sell in the last couple of months. The buyer, Southwest Value Partners, a private real estate investment firm that focuses on commercial, hospitality and residential properties, declined to comment on its purchase. Among its holdings are the Westin Hilton Head Island Resort & Spa in South Carolina, the InterContinental New Orleans and the Westin San Diego on West Broadway downtown. Brokering the sale on behalf of the seller, PHF Ruby LLC (an affiliate of Fillmore Capital), was CBRE Hotels. The 5-story property on El Camino Real in Carmel Valley originally opened in 1991 and underwent a partial renovation in 2012. While CBRE would not reveal the sales price of the hotel, it was listed as $40 million by Real Capital Analytics, a research company that tracks hotel sales throughout the country. Based on the per-room sales price, it appears Southwest made a good deal, said hotel analyst Alan Reay. “At a per room price of $180,995 it is at the lower end…
Beach-Style Makeover for Island Hotel in Newport Beach
05/29/15 The Orange County Register By Hannah Madans The hotel was built in 1986 by the Irvine Co. and managed by Four Seasons until Irvine Co., which owns it, took over the management 10 years ago. “We continue to do renovations because we are always reinvesting in our properties and seek to be the best and make sure we are relevant to what our customers needs are,” said Ralph Grippo, president of Irvine Co.’s resort division. Grippo said the hotel now has occupancy rates of more than 80 percent and has had positive customer feedback since the renovations. Island Hotel is not the only Irvine Co. resort property to get a facelift. Late last year, Hotel Irvine underwent a complete overhaul to become a trendy lifestyle hotel. The renovations mark a trend in the hospitality industry, which is concentrating on renovating aging properties rather than building new ones. In 2014, 30 hotels were purchased in Orange County, more than double the 14 transactions registered the year before, according to Atlas Hospitality Group, an Irvine-based real estate firm that specializes in hotels. Another hotel undergoing significant change is the Anaheim Majestic Garden Hotel, which shed its parent, Sheraton, last week…
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