Among the more noteworthy quotes from stories this week is Host Hotels James Risoleo talking about how they plan to rebrand the Turtle Bay Resort on Oahu to a Ritz-Carlton.
QUOTE OF THE WEEK
“With the planned Ritz-Carlton rebranding, we believe the resort will generate outsized growth as it stabilizes, further elevating the EBITDA growth profile of our portfolio.” – James Risoleo, Host Hotels & Resorts Read story
“Specifically, by customer segment, we see group finishing
at or above the high-end of the above ranges (San Francisco market excluded),
individual business (corporate stronger than small and mid-sized businesses) at
least at the mid-points, and leisure towards the low ends of the ranges.” –
Truist Securities Read story
“Most of our competitors are adding brands, we’re cutting back… and making it clearer for our owners and guests… In some respects, we just consolidated them more neatly and cleaned up the room a little bit, as opposed to just wiping them out.” – John Murray, Sonesta Hotels International Corp. Read story
“I’m delivering bad news,” Weinberg said. “I’m telling
borrowers to bring equity to the table to get a lower cost, or if they want it
to be cash neutral and don’t want to bring equity to the table, the cost [of
the loan] is much higher. They don’t like either of those solutions because
neither is great news when working with lenders.” – Michael Weinberg,
Berkadia Read story
“As we have been making significant investments in
properties across the country and bringing them into our portfolio, we always
knew we wanted to return to our roots and be hands-on as the management team
behind the guest experience at those hotels. Hotel operations have always been
part of our family history, and it’s a legacy I am proud to continue, following
in the footsteps of my father and passing the torch to my daughters as the
third-generation visionary partners for hotel ownership, investments and
management.” – Les Bentley, Bentley Legacy Holdings Read story
“With Kiraku’s expertise in deal sourcing, asset management
and business development, the Atona brand is poised to meet the rising demand
for high-end ryokans.” – Sam Sakamura, Hyatt Hotels Corp. Read story
“There hasn’t been that need for cash in a lot of these
deals over the last five years, but I think you’re at a point now where if
you’ve got an older asset that needs a PIP, you’re going to have to put cash in
on the refi to probably make it work… The solve is the borrower is going to
have to put more equity into the deal.” – Jared Schlosser, Peachtree Group Read story
“One criticism of the management company industry is its growth
just for growth’s sake because scale—for whatever reason—seems to be the
end-all, be-all.” – Glenn Alba, TMGOC Ventures
Read story