Among the more noteworthy quotes of the week was Sandals Resorts' Adam Stewart explaining why they like acquiring older properties and 'Sandal-izing' them.
QUOTE OF THE WEEK
“We call is ‘Sandal-izing.’ We look for amazing real estate.
The beauty of buying existing hotels is typically the older hotels have the
best real estate in the Caribbean. You can have an old asset on a magical beach
and then we ‘Sandal-ize’ them.” – Adam Stewart, Sandals Resorts Watch video
“Some of it is perception, some of it is reality, but the
increased risk that comes with investing in the Caribbean for us we are
interested in locations with solid political structures, stable airlift and
expected to have stable airlift for a while, and good supply-demand dynamics, which
I think is largely the play in the Caribbean.” – Rebecca Coccholia, Singerman
Real Estate Watch video
“For years, we’ve been using the term food and beverage, but
it’s not just about food and beverage, It’s about entertainment. It’s about
experience. It’s about using the square meters. It’s making your bar, not just
a bar. It’s making your restaurant a certain concept. It’s opening your doors,
not only for the sleeping guests but also for the local community. So, this is
where we can prove that we can increase the TrevPAR when we used to have a
focus on the RevPAR.” – Thomas Dubaere, Accor
Read story
“[Wyndham] earnings were slightly ahead of recently reduced
expectations, but, more importantly, in our view, is that the toughest y/y
growth comparisons are now in the rearview mirror.” – Michael Bellisario, R.W. Baird Read story
“The staffing challenge that we have in the United States
may not be as prevalent in the Caribbean… However, it is still the number one
cost increase.” – Laura Resco, HotStats Read story
“We were engaged to find a buyer for the entire portfolio,
but ultimately a strategic investment for the partnership gave our client the
opportunity to realize future growth in the portfolio, which was a more
favorable transaction for them to execute.” – Patrick Brown, Sonnenblick-Eichner Read story
“Most investors are not looking for long-term or not all
that long-term… Most of the owners in our markets are family (offices) that are
longer hold. They aren’t acquiring hotels, and they aren’t selling hotels.” –
Nicolas Valle, Mullen Real Estate Capital
Read story
“Pent-up demand hasn’t stopped; demand has changed.” – Sloan
Dean, Remington Hospitality Read story
“Adopting the Minor Hotels Europe & Americas name
represents an important milestone in how Minor Hotels has become a globally
recognized organization, now under one corporate identity.” – Dillip Rajakarier,
Minor Hotels Read story
“The board is thrilled to have Stephen [Zsigray] take on
expanded responsibilities at Ashford Trust. He’s played a major role in
the company’s success over the last decade and is a perfect fit to be Rob's [Hays]
successor. I am confident that the transition to new leadership will be
seamless.” – Monty Bennett, Ashford Hospitality Trust Read story
“Everything is coming to roost, and you have a situation
where brands are expecting you to renovate your properties. Now, banks are no
longer willing to play ball and they’re getting stricter as loans mature. So,
it’s a perfect storm that is coming.” – Carlos Rodriguez, Jr., Driftwood
Capital Read story