chatham lodging trust | March 10, 2022
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that the company has acquired the beachside 111-room Hilton Garden Inn Destin Miramar Beach, Fla., in an off-market transaction for $31 million, or approximately $279,000 per room. Recently opened in 2020, the hotel is within walking distance of the pristine white sands of the Gulf of Mexico. The hotel’s location in Miramar Beach is well situated in relation to the thriving Santa Rosa Beach and Destin markets. The acquisition should generate an estimated stabilized NOI yield of 8.0% to 8.5%.
“As discussed on our 2021 year-end conference call, we emerged from the pandemic with a stronger balance sheet, as well as the capacity to make accretive acquisitions in terms of both earnings and asset value This hotel will generate strong cash flow from the outset, represent our third youngest hotel and generate a 2022 RevPAR premium of approximately 50 percent over our current portfolio. Additionally, the hotel diversifies further Chatham’s portfolio by adding a predominantly leisure hotel and also expands our presence in the Sunbelt, which we believe will continue to benefit from population growth. In fact, three out of every four travelers to the Destin area come from the Sunbelt, and many of Destin’s feeder markets, such as Atlanta, Dallas, Nashville and Houston, are experiencing strong population growth.”
-Jeffrey H. Fisher, Chatham’s chief executive officer and president.
The Hilton Garden Inn Destin Miramar Beach is a high-quality hotel with rooms that include a microwave and small refrigerator, 27 of which are enhanced with Gulf-view balconies. The hotel also features an expansive public space that includes a state-of-the-art meeting room and/or event space with approximately 900 square feet, a modern fitness center and a gorgeous bar that uniquely offers over 60 different whiskies and other premium spirits.
Although the hotel will primarily serve leisure travelers, the property sits across the street from the Silver Sands Outlet stores and benefits from corporate demand. The Hilton Garden Inn also receives a strong amount of military demand related to Eglin Air Force Base, the country’s largest air force base and home to 38,000 personnel, as well Hurlburt Field, which employs 8,000 and is home to the Air Force Special Operations Command Center. We are excited to add this great hotel to our portfolio, and we will continue to recycle capital out of older assets into newer hotels with higher growth prospects, Fisher concluded.
Chatham funded the purchase using available cash and borrowings under its credit facility. The hotel will be managed by Island Hospitality Management, which is owned by Fisher.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 43 hotels with 6,451 rooms/suites in 16 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com.
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DESTINATION AND TOURISM
Business Journal | December 15, 2021
Denver is one of the top 10 most popular destinations by flight this holiday season, according to a new online travel agency survey.
Among those planning to fly between Dec. 17 and Jan. 1, Denver is one of the most popular destinations — and one of the most affordable for booking hotels — according to a survey by RetailMeNot and Priceline.
Denver ranks among other popular cities such as New York City, Orlando, Florida, and Las Vegas for flight destinations. However, the survey found that most travelers are taking to the road for holiday travel, at 75% compared to 41% who said they're traveling by plane.
The survey also found that hotels in Denver are among the most affordable, at an $151 average nightly rate. That put Denver among relatively affordable hotels in Las Vegas, Pigeon Forge, Tennesee, Washington, D.C., and Kissimmee, Florida, Hotels in the Denver metro area are still struggling to recover decreased visitors from the pandemic. Statewide hotel occupancy climbed from 15.7% in April 2020 to 77.2% occupancy in July, according to the Colorado Hotel and Lodging Association. However, since then, occupancy has dropped again, particularly among downtown hotels.
Meanwhile, Colorado is getting used to high air traveler volume, with Denver International Airport becoming the third-busiest airport in the world this year. DIA predicted about 2 million travelers to pass through the airport over the Thanksgiving holiday.
AAA predicts more than 109 million people — an almost 34% increase from 2020 — will travel over the end-of-year holidays (between Dec. 23 and Jan. 2) in 2021. That includes people driving and flying, among other transportation. According to an AAA spokesperson, that number includes 851,900 predicted travelers from the Mountain region — including Colorado, Arizona, Idaho, Montana, New Mexico, Nevada, Utah and Wyoming — this holiday season.
DESTINATION AND TOURISM
Dynatrace | April 29, 2022
Software intelligence company Dynatrace (NYSE: DT) announced Meliá, the international luxury hotel chain, is using the Dynatrace® platform to deliver frictionless guest experiences as the demand for travel hits record levels. In anticipation of this industry shift, and to meet guests on the mobile and online platforms where they prefer to interact, Meliá accelerated its digital transformation by migrating its critical applications, including those supporting its online reservation and contact center services, to a cloud-native environment running on Kubernetes in AWS.
This provided the agility Meliá needed to release better digital functionality faster, so its guests could access more of its hotel services via mobile and web platforms. The Dynatrace® platform’s broad and deep observability and advanced AIOps capabilities have allowed Meliá to ensure its digital services deliver the same quality experience as in-person interactions with hotel staff.
“The cloud and Dynatrace have transformed the way our business operates and how our teams work in this modern era, Before Dynatrace, we used to spend hours manually searching through metrics, logs, and traces to piece together insights about user experience. Now, this takes minutes or seconds. If guests experience a problem using any of our digital services, our contact center teams know precisely what’s causing the issue and are empowered to provide faster, more personalized resolutions, and ultimately deliver a greater standard of care. This has enabled our teams to focus more time on driving business and customer value, and to ensure our ongoing success during what has been a challenging time in our industry.”
-Christian Palomino, Vice President of Global IT, Meliá Hotels International.
With Dynatrace, Meliá’s teams are rededicating their focus to optimizing digital services and finding new ways to accommodate the rapidly evolving preferences of the modern traveler. This has helped the hotel chain reduce the reliance on in-person interactions, which has led to an increase in the volume of transactions handled through its digital channels from around 40% at the end of 2019, to more than 80% during the pandemic, which was a major asset through those difficult times.
We developed our Stay Safe with Meliá Program to achieve our goal of maintaining frictionless relationships between staff and guests, while also reducing in-person contact, continued Palomino. Dynatrace has been critical to this effort, enabling our teams to accelerate the delivery of new digital services that allow our guests to do things like check-in or book a table in our restaurants via our mobile app, reducing the need for person-to-person contact across our hotels. Dynatrace delivers the precise, AI-powered insights we need to understand exactly how our customers interact with our applications, and how their experiences impact our business. This has helped our teams discover where our guests are struggling, and what we need to do to improve our digital services, so they have a great experience and can fully relax during their stay with us.
Visit our Customer Stories page for more details on how Meliá is accelerating digital innovation and delivering frictionless guest experiences across its hotels with Dynatrace.
Dynatrace (NYSE: DT) exists to make the world’s software work perfectly. Our unified software intelligence platform combines broad and deep observability and continuous runtime application security with the most advanced AIOps to provide answers and intelligent automation from data at an enormous scale. This enables innovators to modernize and automate cloud operations, deliver software faster and more securely, and ensure flawless digital experiences. That’s why the world’s largest organizations trust the Dynatrace® platform to accelerate digital transformation.
Curious to see how you can simplify your cloud and maximize the impact of your digital teams? Let us show you. Sign up for a free 15-day Dynatrace trial.
Hudson | December 16, 2021
Hudson, a Dufry company and travel experience leader with more than 1,000 stores in airports, commuter hubs, landmarks and tourist destinations across North America, announced it is the first retailer in the travel industry to offer Amazon’s palm recognition service, Amazon One, strengthening the company’s position as an innovative, digitally-powered retailer. Amazon One is now available at Hudson Nonstop – powered by Just Walk Out technology – at Dallas Love Field Airport (DAL).Hudson continues to expand its digital offerings to enhance customer service and reimagine the shopping journey. Now with the addition of Amazon One, Hudson is providing travelers with even more convenient and contactless ways to enter, shop, and pay – delivering greater choice and flexibility throughout their travels.
“The integration of Amazon One into our technology portfolio demonstrates Hudson’s unique ability to continually redefine and elevate the travel experience,With consumers increasingly demanding greater convenience and speed, we look forward to leading the charge in introducing new innovative solutions and retail concepts that are designed to meet and exceed the expectations of our travelers and partners.”
-Jordi Martin-Consuegra, Chief Executive Officer of Hudson.
As the first-ever Just Walk Out technology-enabled store in an airport to deploy Amazon One, Hudson Nonstop at DAL now offers travelers two different options to enter and pay – either by inserting their credit or debit card, or by hovering their palm over the Amazon One device at the store’s entry gate. First-time Amazon One users can sign up at the dedicated Amazon One enrollment kiosk located outside of Hudson Nonstop to securely associate a credit or debit card with their unique palm signature before entering the store.
If a traveler has previously enrolled in Amazon One at select Amazon Go, Amazon Books, Amazon 4-star, Amazon Fresh, Amazon Pop Up, or Whole Foods Market stores, they will not need to visit the enrollment kiosk – they can simply hover their palm over the Amazon One device at the entry gates to enter this Hudson Nonstop. Once travelers have completed their shopping, the card linked to their Amazon One ID will be charged for the items they selected and left the store with.
“The introduction of Amazon One to the Hudson Nonstop store at the Dallas Love Field Airport brings another convenient way for travelers to quickly shop and be on their way, We’re thrilled Hudson is offering travelers in Dallas the ability to shop quickly and effortlessly using a combination of Just Walk Out technology and Amazon One so they can get what they need without having to wait in line, stopping to checkout, or even taking out their wallet.”
-Dilip Kumar, Vice President of Physical Retail & Technology at Amazon
Hudson currently has two Hudson Nonstop stores powered by Amazon’s Just Walk Out technology, including its most recent location at Chicago Midway International Airport (MDW). The deployment of Amazon One at Hudson Nonstop at DAL expands on the successful collaboration between the two industry-leading retailers while building on Hudson’s continued investments in its digital offerings. This includes launching automated specialty retail, introducing additional checkout options such as mobile point of sale (POS), offering 24x7 duty free omnichannel shopping, and adding new payment methods like “Tap To Pay” and now Amazon One.
Hudson, a Dufry Company, is a travel experience company turning the world of travel into a world of opportunity by being the Traveler’s Best Friend in more than 1,000 stores in airports, commuter hubs, landmarks, and tourist locations. Our team members care for travelers as friends at our travel convenience, specialty retail, duty free and food and beverage destinations. At the intersection of travel and retail, we partner with landlords and vendors, and take innovative, commercial approaches to deliver exceptional value. To learn more about how we can make your location a travel destination, please visit us at hudsongrou