ConnexPay | December 03, 2020
ConnexPay, an payment technology company that empowers marketplace businesses to gather and protect shopper reserves while mechanizing the appropriation of installments to providers has made sure about extra subsidizing from existing speculators and from new financial specialist F-Prime Capital, the worldwide funding firm associated with FMR LLC, the parent organization of Fidelity Investments. The speculation carries complete subsidizing to $15M, which will be utilized to quicken development, increment item contributions for the movement business and extend in different areas that have seen exceptional development in online business exchanges.
ConnexPay's technology is trusted via airline consolidators, tour operators and online travel agencies to control a huge number of exchanges. While the stage was at first centered around comprehending long-standing, acute payment-related difficulties experienced in the travel industry, the organization's technology additionally has applications for non-travel e-commerce intermediaries and different marketplaces.
Braemar Hotels & Resorts Inc | December 28, 2021
Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced it has entered into a definitive agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico (the "Property"). In addition, the Company is also acquiring the income stream attributable to fourteen luxury residential units adjacent to the Property that participate in a rental management program. The acquisition is expected to close on or prior to February 1, 2022, subject to certain customary closing conditions. Because the acquisition is subject to certain customary closing conditions, the Company can give no assurance that the transaction will be consummated by such date or at all.
"The acquisition of Dorado Beach, a Ritz-Carlton Reserve is an opportunity for us to acquire one of the most iconic luxury assets in the Americas As the first Ritz-Carlton Reserve in the Americas and one of only five Ritz-Carlton Reserve properties worldwide, this unique property fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts and further diversifies our portfolio."
-Richard J. Stockton, Braemar's President and Chief Executive Officer.
With its premier beachfront location on the North coast of Puerto Rico, the Property is situated within Dorado Beach Resort, a 1,900-acre master planned community in one of the most sought after residential real estate markets in both Puerto Rico as well as the United States. In addition to the amenities of the self-contained Dorado Beach community, the resort also benefits from its location within the town of Dorado. Dorado is an upscale suburb of San Juan featuring many restaurants, retail outlets, and other amenities and leisure activities in the surrounding area. Additionally, the town is 20 miles from Old San Juan and 22 miles from Luis Muñoz Marin International Airport, making it very accessible from the capital city.
Dorado Beach, a Ritz-Carlton Reserve was opened in 2012 and underwent an extensive $78 million renovation in 2018. It has 96 luxurious and spacious rooms, including 12 suites, that average 1,288 sq. ft. in size. The hotel offers an array of amenities, including the award-winning, full-service, 5-acre Spa Botanico, and three food and beverage outlets (in addition to in-room dining). The Property also boasts the acclaimed COA Restaurant, over 4,800 sq. ft. of meeting space, and an infinity pool with direct access to the beach. Additionally, the surrounding Dorado Beach residential development contains several other amenities that guests of the Ritz-Carlton Reserve can access during their stay, including: 2.5 miles of pristine beachfront, the TPC Dorado Beach Golf Club with two 18-hole Championship golf courses, a Tennis Center with five Har-Tru clay courts offering lessons and clinics for all skill levels, a state-of-the-art fitness center, the Encanto Pool, "The Watermill" – an expansive water park ideal for kids and families, three additional food and beverage outlets, as well as Dorado Farms – a 500-acre site including skeet shooting, equestrian center and culinary offerings – that is currently under construction. While not included in the Property's fee simple collateral, the acquisition includes the income from 14 additional residential units, ranging in size from 2,200 to 6,600 sq. ft., which are part of a rental management program.
Dorado Beach, a Ritz-Carlton Reserve has been the recipient of the following awards:
AAA Five Diamond Award – 2016, 2017, 2019, 2020
Forbes Travel Guide Five-Star Award - Hotel – 2016, 2017, 2019, 2020
Forbes Travel Guide Five Star Award – Spa Botanico – 2017, 2020
Conde Nast Traveler - Reader's Choice Awards 2019 – Top 50 Resorts in the Caribbean - #1
Conde Nast Traveler - Reader's Choice Awards 2019 – Top 50 Resorts in the World - #14
Travel + Leisure – World's Best Award – 2016
US News & World Report – Best Caribbean Hotel - #1 - 2020
Golf Magazine – Top 100 Resorts in North America 2019/2020 – Best for Luxury - #5
Wine Enthusiast – Best 100 Restaurants – COA - 2019
The total consideration for the acquisition is $186.6 million ($1.7 million per key, inclusive of the residential units in the rental program). The acquisition will be funded with approximately $104 million of cash, six million shares of Common Stock, and the assumption of a $54 million mortgage loan. No additional equity will be issued to fund the cash portion of the consideration. The cash portion of the consideration will be funded from available excess cash. The purchase price for Dorado Beach, a Ritz-Carlton Reserve represents, based on forecasted financial results for 2021, a capitalization rate of 9.8% on hotel net operating income of $18.2 million and a 10.2x hotel EBITDA multiple, according to the Company's preliminary estimates based on unaudited operating financial data provided by the seller. The Company expects to realize a stabilized yield of approximately 8% on its investment in the next three to five years. On a trailing 12-month basis as of November 30, 2021, the Property achieved RevPAR of $1,129, with 57% occupancy and an average daily rate (ADR) of $1,968, according to unaudited operating financial data provided by the seller.
UNWTO | May 07, 2020
International tourism faces its worst crisis since records began, with up to 1.1bn fewer people taking trips globally in 2020. The scale of the coronavirus pandemic’s impact is outlined in a report by the World Tourism Organization (UNWTO), which predicts a decline in international arrivals of between 58% and 80% this year.
This is due to widespread travel restrictions and the closure of airports and borders worldwide. The prediction of a 58% decline is based on the gradual reopening of international borders and easing of travel restrictions in early July; the 80% figure is based on early December.