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.
TRAVEL TECHNOLOGY,HOSPITALITY TRENDS
Agilysis | January 04, 2023
Agilysis, a provider of hospitality software solutions, recently announced a partnership between Marriott International, Inc. and Agilysis, a cloud-native property management system (PMS) software provider.
Agilysys and Marriott will collaborate to form a cohesive strategy and activation plan before taking steps to replace the various proprietary property management systems currently in use.
Agilysys remarked that it is looking forward to deploying its cloud-native PMS that is easy to use, comprehensive in functionality, and backed up by world-class service and support. As an organization focused solely on hospitality, Agilysys designs solutions to serve all hotel types while also accommodating diverse needs, which is an advantage for organizations with extensive brand portfolios such as Marriott.
Being chosen to provide property management technology to the world's leading hospitality corporations to help them meet the growing needs of the next generation of employees and guests is a testament to the hospitality solution advancements resulting from the company's substantial investments in research and development and its accelerating rate of innovation.
Adding to this, Marriott International said that it is also looking forward to utilizing Agilysys’ property management technology to elevate and simplify the associate experience, enabling them to focus on delivering exceptional guest service.
Agilysys delivers hospitality-focused technology solutions. The company offers point-of-sale, property management, inventory and procurement, analytics, payment processing, document management, mobile solutions, support, maintenance, professional services, and third-party hardware products and operating systems. It offers innovations for the hotel industry, diverse capabilities for different properties, and cloud-native technology that makes work easier for staff and improves the guest experience.
TRAVEL TECHNOLOGY, DESTINATION AND TOURISM
WorldTicket | January 24, 2023
Aeroitalia reported today that it is connecting with WorldTicket to offer more travel options in the European region.
Aeroitalia would broaden its internal sales reach to include OTAs and travel agencies. This integration would fulfill the increasing demands for travel in Europe. For example, according to a report by ENIT, international visitors to Italy's tourist agency increased by 172% from January to July 2022 and 57% from pre-pandemic levels. This growth in demand is expected to continue in the future thereby, generating more possibility for Aeroitalia to provide non-stop, high-quality air travel at reasonable prices in Italy and the Southern Mediterranean. Furthermore, it can now quickly sell flights through any GSD and successfully offer seasonal itineraries, especially summer routes. Hence, it is a genuine adaptive business that adapts according to its customer’s demands.
"Aeroitalia is committed to delivering outstanding service to passengers which incorporate easy access for our product, especially for our business customers," says Krassimir Tanev, Chief Commercial Officer of Aeroitalia and further adds that "Multichannel distribution is an important development as it goes hand-in-hand with our network expansion plans for summer 2023. Thanks to our marketing partnership with WorldTicket and its global distribution technology, Aeroitalia services are now closer to the travel agency community to the benefit of our customers."
(Source – Cision PR Newswire)
Aeroitalia connects unserved and underserved markets through travel options like six days per week, connecting Italy's two largest cities, Milan and Rome, and routing Milan and London Heathrow. By integrating with WorldTicket's technologies, it can establish business in these markets swiftly and affordably.
Moreover, it can also enhance its distribution capability with the help of WorldTicket's GDS Sub-Hosting solutions. Thus, making it the principal air travel agency in Europe.
WorldTicket has provided creative and flexible IT solutions to over 75 airlines globally since 2002. With offices in Bangkok, Kyiv, Warsaw, and Beijing, this Copenhagen-based company supports airline consumers across various time zones. Besides, WorldTicket's W2 GDS Sub-Hosting is suited for start-ups and virtual airlines needing fast and easy GDS distribution without extensive implementation or upfront costs. It also offers W2 ticketing for Global BSP Ticketing. The technology lets its interline partners maximize global ticketing benefits and boost earnings from remote and non-strategic BSP areas.