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, COMMERCIAL TRAVEL
Hilton and Peloton | October 06, 2022
Hilton (NYSE: HLT) and Peloton Interactive, Inc. (Nasdaq: PTON) announced an industry-first partnership, making Hilton the first hospitality brand to feature Peloton Bikes across its entire U.S. hotel portfolio of 18 award-winning brands. By the end of the year, nearly all 5,400 U.S. Hilton-branded hotels – from Hampton by Hilton to Waldorf Astoria – will feature at least one Peloton Bike in every fitness center, providing guests with a more holistic wellness experience, including access to Peloton’s world-class instructors and expansive connected fitness content.A recent Hilton survey of U.S. travelers indicated an overwhelming 98 percent of respondents are prioritizing wellness activities while on the road, and within the Peloton community, 90 percent of Members report that they are more likely to stay at hotels with Peloton Bikes. Through this partnership, Hilton guests will now have a seamless way to incorporate wellness into their future travel plans - whether for business or pleasure.
“At Hilton, we understand the importance of a reliable and friendly stay that infuses wellness through all facets of the guest experience, including spa programs, hotel design, guest room amenities, and food and beverage,This unique and exciting partnership with Peloton – a brand so many of our guests know and love – accelerates an important part of that equation, allowing us to enhance the stay with an innovative approach to fitness.”
-Matt Schuyler, chief brand officer, Hilton.
In addition, through this partnership, Hilton Honors members will have access to special offers, including a Peloton App trial. Starting today until January 1, 2023, U.S.-based members of Hilton’s award-winning loyalty program, Hilton Honors, who are first-time Peloton users can receive a 90-day trial subscription to the Peloton App, which offers thousands of live and on-demand classes – all with no equipment needed; as well as receive preferred pricing on select Peloton connected fitness products.
As the connected fitness category creator, we are constantly innovating on ways to meet our Members and prospective Members where they are, and that includes during busy travel seasons,” said Betsy Webb, Global Vice President, Peloton Commercial. We recognize the importance for our Members to maintain their wellness routines while on the road, with data showing over 1.6 million Peloton rides completed globally on Peloton Bikes in hotels in the past year. So, we are thrilled to be working with Hilton, allowing us to meet the needs of our current Members, while also enabling potential new Members to experience Peloton for the first time.
With its recently launched global platform, Hilton. For the Stay, bolstered by an ad campaign, It Matters Where You Stay, Hilton knows that the stay is a crucial element that can make or break any trip. Through its new partnership with Peloton, Hilton is taking another step to address wellness as a key part of the stay experience at all properties across the United States.
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 18 world-class brands comprising 7,000 properties and 1.1 million rooms, in 122 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed more than 3 billion guests in its more than 100-year history, earned a top spot on Fortune's 100 Best Companies to Work For list and been recognized as a global leader on the Dow Jones Sustainability Indices for five consecutive years. Hilton has introduced several industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the 139 million members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
About Hilton Honors
Hilton Honors is the award-winning guest loyalty program for Hilton’s 18 world-class brands comprising 7,000 properties in 122 countries and territories. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount and free standard Wi-Fi. Members also have access to contactless technology exclusively through the industry-leading Hilton Honors app, where members can check in, choose and access their room using Digital Key. Hilton Honors offers its 139 million members hundreds of ways to earn and redeem Points, including with select co-branded credit cards. Members can redeem Points for free nights, purchases on Amazon, exclusive experiences, charitable contributions and more. The program is free to join and travelers can enroll online at hiltonhonors.com. Learn more about Hilton Honors at stories.hilton.com/hiltonhonors, and follow Hilton Honors on Facebook, Twitter and Instagram.
Peloton (NASDAQ: PTON) is the leading connected fitness platform with a highly engaged community of nearly 7 million Members worldwide. A category innovator at the nexus of fitness, technology, and media, Peloton’s first-of-its-kind subscription platform seamlessly combines innovative hardware, distinctive software, and exclusive content. Its world-renowned instructors, coach and motivate Members to be the best version of themselves anytime, anywhere. Founded in 2012 and headquartered in New York City, Peloton continues to scale across the US, UK, Canada, Germany, and Australia. For more information, visit www.onepeloton.com.
DESTINATION AND TOURISM, AIRLINES AND AIRPORTS
Spotnana and American Airlines | September 12, 2022
Spotnana, the modern infrastructure for the travel industry, announced it has developed an advanced integration into American Airlines direct channels that supports personalized travel offers. Travelers booking trips through Spotnana’s Travel-as-a-Service Platform can now access NDC enhanced offerings for greater selections including additional booking flexibility and conveniences as well as seamless loyalty program enrollment and membership benefits We’re excited to partner with American Airlines to build the deepest integration that has existed to date between an airline and a travel platform,” said Sarosh Waghmar, co-founder and CEO of Spotnana.
NDC was introduced to the travel industry 10 years ago and has seen minimal adoption for corporate travel. We aim to change that by providing the industry with a new modern, cloud-based infrastructure designed to connect the travel ecosystem and deliver a new generation of personalized travel experiences.
Spotnana’s integration with American Airlines enables a more seamless, tailored booking experience and offers customers exclusive access to a diverse suite of products and services that elevate the travel journey. Key benefits for corporations accessing American’s modern retail offerings through Spotnana’s Travel-as-a-Service Platform include:
Enhanced offerings for great selections – Travelers gain access to products exclusively available through American’s NDC and direct channels, including but not limited to Main Plus and Flagship® Business Plus™.
Seamless loyalty program enrollment – Travelers can join American’s AAdvantage® loyalty program with one-click enrollment at time of booking and receive relevant shopping results tailored to AAdvantage® membership benefits.
Additional booking flexibility and conveniences – Travelers can purchase ancillary products in advance, modify or cancel trips on a self-service basis, view corporate negotiated rates, and unlock access to Preferred and Paid seats via a comprehensive seat map.
“The Spotnana platform utilizes American’s enhanced direct connection to deliver a more seamless booking experience for customers Our corporate customers who book through Spotnana will now have access to a modern retailing experience, inclusive of elevated offers, benefits, and ancillaries they value through a single, corporate-approved online booking tool.”
-Neil Geurin, Managing Director of Airline Retailing at American Airlines
We’re grateful to work so closely with American Airlines, who is a true industry innovator and pioneer,”said Bill Brindle, VP of Travel Operations at Spotnana. This integration is just the beginning of what is possible through our open Travel-as-a-Service Platform, and the first of many direct connections we plan to build with the world’s leading travel suppliers.
Spotnana powers unparalleled global travel experiences. We are modernizing the infrastructure of the travel industry in order to bring freedom, simplicity, and trust to travelers everywhere. Our Travel-as-a-Service Platform makes travel simpler and more affordable for corporations, while enabling our ecosystem of agency, supplier, and technology provider partners to increase operational efficiency, unlock new revenue sources, and accelerate innovation. To learn more, visit spotnana.com.