Newmark | October 07, 2021
Newmark Group, Inc. announced the expansion of its Lodging Capital Markets Group with two new hires and the relocation of two Newmark professionals. With these moves, the Group has established three new locations in California, South Florida and Texas. The new hires include Nick Pappas, a Senior Managing Director based in Los Angeles and Parker Sherrill, a Director based in Dallas. Lawrence Wolfe, one of four co-heads of Newmark's Lodging Capital Markets Group, is relocating to Miami from New York City and Director Greg Morgan is relocating to Los Angeles from Washington, D.C.
With approximately $4.5 billion of hotel transactions currently under contract or in the market, this geographic expansion will further cement Newmark's Lodging Capital Markets Group as one of the leading platforms nationally. The company's recent transactions include arranging the sale of the Potomac Yards hotels in Washington, D.C.; the financing of the Edition West Hollywood and the recapitalization of the Graduate Hotel platform. The impressive collective career resume of Newmark's hospitality professionals includes more than $250 billion of transactions, including some of the most high-profile lodging deals ever completed, such as the sales of the Waldorf Astoria and Baccarat Hotel in New York, Miami Beach's Setai Hotel and Four Seasons Washington, D.C.; as well as the recapitalization of Kiawah Island Resort and the financing of the London West Hollywood. The Group focuses on all lodging and leisure capital markets transactions, including sales, joint ventures and financings.
"As 'drive-to' leisure destinations throughout the U.S. are already seeing increasingly strong demand, the hospitality industry's recovery is expected to be fueled by the return of group and corporate travel as well as international tourism in 2022. We are thrilled to announce the continued expansion of Newmark's lodging capital markets platform. We have always been active in the southeast and Texas and on the West Coast, and we believe those three regions will be among the most active markets in our business over the next several years."
said Adam Etra, Vice Chairman, Co-Founder and Co-Head of Newmark's Lodging Capital Markets Group.
Pappas joins Newmark from Canyon Partners and will team with Director Greg Morgan in the Los Angeles office. The two will focus on California, the Pacific Northwest and the Mountain Region. Sherrill, who joins Newmark from JLL (and previously HFF), will focus on Texas and the Southwest Region. Wolfe, who helped originally establish Newmark's lodging business with Etra, Mark Schoenholtz and Miles Spencer in 2018, will focus on Florida and the Southeast, while continuing to work on the platform's high-profile transactions throughout the country.
With new locations in California, South Florida and Texas, the Lodging Capital Markets Group will further entrench themselves in some of the highest-performing and most pandemic-resilient markets. Newmark's expansion covers four of the five markets with the highest year-to-date revenue per available room (RevPAR) – Miami, Tampa, San Diego and Los Angeles, according to STR. Additionally, the Pacific Region has had the highest RevPAR in the country over the past two years, according to STR. Economic fundamentals and demographics also continue to outpace those of other regions – eight of the top ten metropolitan regions with the largest increase in construction employment were in the Western U.S. or Florida, according to the Bureau of Labor Statistics and numerous cities throughout the West and Florida have some of the fastest growing populations.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.
P&O Cruises | June 03, 2020
British-headquartered P&O Cruises today announced its extension of paused operations, canceling all of its scheduled sailings through mid-October. In the interim, the cruise line is continuing to work with all relevant public health authorities to further enhance its already strict health and safety practices. Via a video presentation, P&O Cruises’ president, Paul Ludlow, said: "Unfortunately, as the world continues to adapt to this global crisis, we have made the decision, difficult as it is, to extend our pause in operations for all sailings up to and including October 15, 2020. We are so sorry for the disappointment this will cause to so many of our guests."
Global Travel Collection | October 19, 2021
As countries reopen their borders and international air travel resumes, pent-up demand for hard-earned vacations is driving new luxury travel trends. Travel advisors and experts from the Global Travel Collection (GTC) recently shared key insights from travel bookings at "Elevate," the international virtual conference and trade show that brought together luxury travel advisors with 300 of the industry's leading luxury travel suppliers.
Travel advisors from All Star Travel Group, Andrew Harper, Colletts Travel, In The Know Experiences, Protravel International, R. Crusoe & Son and Tzell Travel Group, along with advisors from ALTOUR, a sister company of GTC at Internova Travel Group, comprise the largest selling force for luxury travel.
Luxury Travel Planning
Luxury is being redefined. Luxury travel advisor Maya George of Tzell Travel Group notes luxury travel is now more than expensive five-star hotels and first-class flights. It's the total package from beginning to end, and the connections made through the travel experience.
Planning for travel is now done farther out. Tiffany Bowne of All Star Travel Group shares that she's already booking summer and fall 2022 trips for clients, many of whom are also using a travel advisor for the first time. They're also booking multiple luxury trips at a time.
Travelers are spending more. It's been almost two years since some clients have taken a trip, said Scott Davis of ALTOUR, so they're willing to pay more for their next vacation.
Brazil is trending worldwide, according to Wagner Barros of Colletts Travel. "Some places in Brazil remind travelers of the Maldives," he says.
Exotic, far-off destinations are still in demand. Travelers are traveling to Ulaanbaatar, Mongolia for sports fishing, said luxury travel advisor Paulette Darensburg of Protravel International. Maya George adds, there's also a huge buzz around Zanzibar and Roatan, Honduras.
Travelers still flock to the Caribbean and Mexico for privacy. Amy Blackenship of ALTOUR explains that private villas are plentiful here, and these destinations are reached easily by private air.
Safety and ease of entry are paramount. Luxury travel advisor Leslie Tillem of Tzell Travel Group says clients are constantly asking questions about travel requirements and health and safety protocols. This is expected to continue well into the next few years.
People want something different. Lily Szemplinski of In The Know Experiences shares clients want all the details of their trips taken care of so they can seek out new experiences that are inspiring and enlightening.
Luxury travel is evolving in ways that connect people with luxury products. Kamala Cummings of In The Know Experiences notes her clients are looking at travel as a means to rejuvenate their souls. They're seeking experiences and accommodations that are infused with gastronomy, art and fashion.
Luxury travelers are also seeking sustainability. Wagner Barros continues this is a trend that is going to stay as clients are increasingly asking for eco-friendly hotels and operators.
Luxury is not necessarily opulent hotels anymore. It is becoming more experiential and cultural, based within offerings at a property and within the destination itself, shares Stephen Scott, Protravel International.
Small boutique resorts and villas offer an ideal escape. Small boutique resorts and villas are the most sought-after accommodations, along with private yachts, notes Linda Seargent of Tzell Travel Group. Travelers want access to resort amenities but with the private space.
Domestically, luxury clients are looking for properties outside of major cities. What the pandemic has shown is we need more hotels in these areas, shares Ashley Les of Protravel International.
Space travel is piquing interest. Greg Kiep of Protravel International notes space travel is something that, though still new to the luxury travel space, will continue to gain interest over the next five years.
More are opting for trains over flights. Quality alone time is underestimated, says Maya George. Some travelers are preferring to take longer routes or different methods of travel, such as long, scenic train rides, to get away.
Cruising makes a big comeback. There is heightened interest in Luxury River cruising, particularly in Europe, for 2022 and 2023, comments Paulette Darensburg. World cruises are selling out in record time, notes Scott Davis.
"Our travel advisors are trusted counsellors with insider knowledge of emerging trends in the luxury travel space, and they know how to deliver these experiences to their clients seamlessly. They are becoming more of a concierge with their service levels. For the ultra-luxury clientele, these travel advisors travel with their clients to ensure everything is done correctly. They look after their travelers every step of the way, saving clients the time and hassle of having to make any necessary changes to their itinerary on their own."
Angie Licea, President of Global Travel Collection
Internova Travel Group recently launched its "Go Human. Book Human." advertising campaign to promote the value of a travel advisor as the complexity of travel continues in the wake of the pandemic. At the heart of the campaign is an immersive web experience on BookHuman.Travel that connects consumers directly with travel advisors from Protravel International, Tzell Travel Group and Andrew Harper Travel, travel brands of Global Travel Collection, the luxury and premium division of Internova.
About Global Travel Collection:
Global Travel Collection (GTC), a division of Internova Travel Group, is the world's largest collection of international luxury travel agencies, including the well-established networks of Protravel International, Tzell Travel Group, and Colletts Travel, as well as Andrew Harper, In the Know Experiences, All Star Travel Group and R. Crusoe & Son. GTC advisors and agencies are industry leaders in providing premium travel services to leisure travelers, corporate executives and the entertainment industry. The combined global reach and leverage translates into value, recognition, and preferential treatment for its world travelers.
About Internova Travel Group:
Internova Travel Group is one of the largest travel services companies in the world with a collection of leading brands delivering high-touch, personal travel expertise to leisure and corporate clients. Internova manages leisure, business and franchise firms through a portfolio of distinctive divisions. Internova represents more than 62,000 travel advisors in over 6,000 company-owned and affiliated locations predominantly in the United States, Canada and the United Kingdom, with a presence in more than 80 countries.