COMMERCIAL TRAVEL,INDUSTRY OUTLOOK
Samsonite | December 05, 2022
Digital Wave Technology is pleased to announce a multi-year PIM contract renewal with Samsonite, global lifestyle bag and travel luggage company. Samsonite initially selected Digital Wave in 2018 to support ongoing e-commerce growth in Asia."Digital Wave’s solutions have been integral as we’ve expanded our distribution and worked to make customer experience seamless across different channels, regions, and languages,” commented Sheldon Chan, Vice President, Digital & E-Commerce, Samsonite Asia Pacific & Middle East. “We decided to continue working with the Digital Wave team because of the ease of managing our storefronts and the highly customizable workflow.”
Samsonite manages 42 storefronts in Digital Wave’s solution. The e-commerce for each storefront utilizes Digital Wave’s workflow to enable quick speed to market and strict governance to guarantee that consumers receive correct, complete product information.
“Samsonite initially chose us to drive an ambitious global e-commerce strategy. The company was entering new markets, dealing in different currencies, etc.,It’s a great compliment to have secured a contract renewal, and we’re particularly delighted to continue working with Samsonite’s incredible team.”
-Dan DeHart, Vice President, Professional Services, Digital Wave Technology
About Digital Wave Technology
Digital Wave Technology assists brands and retailers in accelerating omnichannel growth and direct-to-consumer digital sales, marketing, and merchandising. Digital Wave’s innovative Product Platform unifies the entire product journey from item creation, product information enrichment, management, and syndication (PIM/MDM), planning, pricing, and merchandising. The only product solution platform built with full AI, automation, and configurable workflow, Digital Wave allows brands and retailers to centralize, organize, enrich, merchandise, and publish product content easily and efficiently.
The results? Improved speed-to-market and increased channel distribution of new items, lower returns and labor costs, improved collaboration among internal teams and suppliers, and a more compelling customer experience. Learn more about how Digital Wave can significantly impact your company’s bottom line at https://www.digitalwavetechnology.com.
Samsonite is the worldwide leader in superior travel bags, luggage, and accessories combining notable style with the latest design technology and the utmost attention to quality and durability. For more than 100 years, Samsonite has leveraged its rich design heritage to create unparalleled products that fulfill the on-the-go lifestyle needs of the business professional.Learn more about Samsonite at https://shop.samsonite.com/home
DESTINATION AND TOURISM
Taconic Capital Advisors LP and HEI Hotels & Resorts | December 05, 2022
Taconic Capital Advisors LP (“Taconic”) and HEI Hotels & Resorts (“HEI”), announced that they have jointly acquired Hyatt Regency Jersey City from affiliates of Hyatt Hotels Corporation (NYSE: H) and Veris Residential Inc. (NYSE: VRE). The property is a full-service, 351-key hotel located adjacent to Exchange Place situated on a pier extending over the Hudson River in Jersey City, NJ.In conjunction with the purchase, Taconic and HEI were successful in assuming a $100 million fixed-rate CMBS mortgage with ample remaining term. The hotel was completed in 2002 and more than $15 million in subsequent upgrades have been performed since 2010. Major enhancements to the guestrooms, food and beverage outlets and event spaces are expected to commence under the new ownership.
Hyatt Regency Jersey City occupies fee simple real estate with unmatched and undisturbed views of the Manhattan Skyline. The property features well-appointed guestrooms, a state-of-the-art gym and indoor heated pool, a restaurant and lounge and 20,000 square feet of meeting space that has long served as a popular venue for corporate retreats, weddings, and social gatherings. The hotel is centrally positioned amongst 28 million SF of office space within a one-mile radius and is conveniently located near world-famous attractions, including the Statue of Liberty, Ellis Island, One World Trade and the 9/11 Memorial.
“We are pleased to further our partnership with HEI and begin an exciting relationship with Hyatt. Hyatt Regency Jersey City was a compelling opportunity to acquire a world-class hotel with a strong segmentation mix and a diverse set of revenue contributors, The highly accretive assumable financing allowed us to continue our thesis for well-located urban, upscale hotels in an otherwise prohibitive financing environment.”
-Andrew Lam, a Director in Taconic Capital Advisors’ Commercial Real Estate Group
Hyatt Regency Jersey City is a wonderful property with a rich legacy that has greatly benefitted from Jersey City’s rapidly expanding corporate base as well as the revitalization of Hudson Yards and Lower Manhattan, said Clark Hanrattie, Partner at HEI. We are proud to team with Taconic on this important transaction and we are looking forward to making the hotel the very best it can be.
The joint acquisition of Hyatt Regency Jersey City follows Taconic and HEI’s March 2022 purchase of the Westchester Marriott in Tarrytown, NY, a 15-acre property that offers 444 guestrooms and 21 event rooms for a total of 26,700 SF of conference and meeting space, including a 9,000 SF ballroom. Over the past two years, Taconic has been involved in hotel transactions throughout the capital structure, spanning over 20 properties totaling more than 5,000 keys.
About Taconic Capital Advisors
Taconic Capital Advisors (“Taconic”) is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The firm has approximately $8 billion of total assets under management with offices in New York, London and Hong Kong and more than 100 employees worldwide.
Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s brand mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which include local operating partners, investor partners, and a broad network of lenders, CMBC special servicers, trading desks, and brokerage houses.
Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across approximately 175 distinct transactions.
About HEI Hotels & Resorts
Founded in 1985, HEI is an established expert on Luxury, Upper-Upscale, and Upscale hotels in Urban, Super-Suburban, and destination Resort locations across branded, soft-branded and independent lifestyle categories. The company’s portfolio currently includes 90-plus assets, representing more than 28,000 keys across approximately 30 different capital partners. HEI continues to be one of the most active investors in, and managers of, institutional-quality hotel assets across the US.
INDUSTRY OUTLOOK,HOSPITALITY TRENDS
Quorum Hotels & Resorts | December 02, 2022
Quorum Hotels & Resorts, a California and Texas-based hotel management company, announced the latest additions to its growing hotel management portfolio with two coastal California properties – Inn at the Pier Pismo Beach, and Hotel Virginia Santa Barbara, Tapestry Collection by Hilton.A 2022 addition to the Tapestry Collection by Hilton, the historic Hotel Virginia Santa Barbara completed a full property renovation and rebrand in August 2022, honoring its Spanish Colonial roots through design. With a prime downtown location near State Street, the Funk Zone, and Stearns Wharf, guests are positioned perfectly to fully experience the destination. On-site, guests are invited to unwind in the welcoming lobby featuring Brisa Café + Bar, or retreat to one of 61 newly refreshed boutique rooms and suites.
Follow famed Hwy 101 a short distance north and discover Inn at the Pier Pismo Beach. Featuring classic craftsman architecture with a premier pier-side downtown location; the resort-style property has been welcoming guests since 2017. Designed with leisure in mind, the 104-room property features panoramic Pacific Ocean views, a rooftop bar, and flexible event space. Slated to begin renovation this winter, Inn at the Pier will reveal a new restaurant concept and redesigned rooftop, updated lobby and bar, and refreshed guest rooms and suites, officially debuting in the Curio Collection by Hilton in 2023.
"Both properties are welcome additions to Quorum's lifestyle portfolio. We look forward to elevating these beautiful properties to their full potential in partnership with the Hilton brand while celebrating what makes each unique,Our renovation and soft brand strategies will deliver a heightened experience that our team is proud to be a part of and will ultimately delight our guests for years to come."
-President Todd Moreau.
About Quorum Hotels & Resorts
Quorum Hotels & Resorts has a 35-year record of success comprising more than 185 hotel assignments spanning most major markets and all major brands including Hilton, Hyatt, Marriott, and IHG. Quorum provides hotel owners with a personalized, hands-on approach to hotel management focused on driving optimal operating results and return on investment. Core areas of expertise include hotel management, asset management, and advisory services. Today, Quorum Hotels & Resorts manages 2,000 keys across the United States. For more information about Quorum Hotels & Resorts visit quorumhotels.com.
About Inn at the Pier
Opened in November 2017, Inn at the Pier features classic craftsman design and overlooks the iconic Pismo Beach pier and boardwalk from its prime downtown location. The resort-style property is home to 104 guest rooms and suites, a full-service restaurant, dipping pool, and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness facility and approximately 2,650 square feet of street-level retail space. Inn at the Pier is located at 601 Cypress Street, Pismo Beach, 93449. To learn more about the Inn at the Pier, please visit theinnatthepier.com.
About Hotel Virginia Santa Barbara, Tapestry Collection
Designated a local landmark by the city of Santa Barbara in March 2000, and remodeled and rebranded in August 2022, Hotel Virginia is home to 61 charming guest rooms and suites. Positioned amidst stunning Spanish architecture, the sights and sounds of the city, and moments from the California coastline, the property immerses guests fully in the local experience. Hotel Virginia Santa Barbara, Tapestry Collection by Hilton is part of Hilton Honors, the award-winning guest loyalty program. Hotel Virginia is located at 17 W. Haley St., Santa Barbara, CA 93101. To learn more about Hotel Virginia, please visit hotelvirginiasb.com.