INDUSTRY OUTLOOK,HOSPITALITY TRENDS
Quorum Hotels & Resorts | December 02, 2022
Quorum Hotels & Resorts, a California and Texas-based hotel management company, announced the latest additions to its growing hotel management portfolio with two coastal California properties – Inn at the Pier Pismo Beach, and Hotel Virginia Santa Barbara, Tapestry Collection by Hilton.A 2022 addition to the Tapestry Collection by Hilton, the historic Hotel Virginia Santa Barbara completed a full property renovation and rebrand in August 2022, honoring its Spanish Colonial roots through design. With a prime downtown location near State Street, the Funk Zone, and Stearns Wharf, guests are positioned perfectly to fully experience the destination. On-site, guests are invited to unwind in the welcoming lobby featuring Brisa Café + Bar, or retreat to one of 61 newly refreshed boutique rooms and suites.
Follow famed Hwy 101 a short distance north and discover Inn at the Pier Pismo Beach. Featuring classic craftsman architecture with a premier pier-side downtown location; the resort-style property has been welcoming guests since 2017. Designed with leisure in mind, the 104-room property features panoramic Pacific Ocean views, a rooftop bar, and flexible event space. Slated to begin renovation this winter, Inn at the Pier will reveal a new restaurant concept and redesigned rooftop, updated lobby and bar, and refreshed guest rooms and suites, officially debuting in the Curio Collection by Hilton in 2023.
"Both properties are welcome additions to Quorum's lifestyle portfolio. We look forward to elevating these beautiful properties to their full potential in partnership with the Hilton brand while celebrating what makes each unique,Our renovation and soft brand strategies will deliver a heightened experience that our team is proud to be a part of and will ultimately delight our guests for years to come."
-President Todd Moreau.
About Quorum Hotels & Resorts
Quorum Hotels & Resorts has a 35-year record of success comprising more than 185 hotel assignments spanning most major markets and all major brands including Hilton, Hyatt, Marriott, and IHG. Quorum provides hotel owners with a personalized, hands-on approach to hotel management focused on driving optimal operating results and return on investment. Core areas of expertise include hotel management, asset management, and advisory services. Today, Quorum Hotels & Resorts manages 2,000 keys across the United States. For more information about Quorum Hotels & Resorts visit quorumhotels.com.
About Inn at the Pier
Opened in November 2017, Inn at the Pier features classic craftsman design and overlooks the iconic Pismo Beach pier and boardwalk from its prime downtown location. The resort-style property is home to 104 guest rooms and suites, a full-service restaurant, dipping pool, and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness facility and approximately 2,650 square feet of street-level retail space. Inn at the Pier is located at 601 Cypress Street, Pismo Beach, 93449. To learn more about the Inn at the Pier, please visit theinnatthepier.com.
About Hotel Virginia Santa Barbara, Tapestry Collection
Designated a local landmark by the city of Santa Barbara in March 2000, and remodeled and rebranded in August 2022, Hotel Virginia is home to 61 charming guest rooms and suites. Positioned amidst stunning Spanish architecture, the sights and sounds of the city, and moments from the California coastline, the property immerses guests fully in the local experience. Hotel Virginia Santa Barbara, Tapestry Collection by Hilton is part of Hilton Honors, the award-winning guest loyalty program. Hotel Virginia is located at 17 W. Haley St., Santa Barbara, CA 93101. To learn more about Hotel Virginia, please visit hotelvirginiasb.com.
Hyatt Hotels Corporation | November 30, 2022
Hyatt Hotels Corporation (NYSE: H) and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia.This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. Upon closing, this expansion will add over 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30%. This acquisition continues Hyatt’s asset-light growth strategy following its transactions to acquire Two Roads Hospitality in 2018 and Apple Leisure Group in 2021 – and, most recently, Hyatt’s collaboration agreement with German Lindner Hotels AG, to further grow Hyatt’s brand footprint in Europe.
Upon closing, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years as properties come into the pipeline and open. Stabilized management fees associated with the base purchase price of $125 million are anticipated to be approximately $12 million and, to the extent the contingent purchase price of $175 million is paid, additional stabilized management fees are anticipated to be up to approximately $27 million. The total base purchase price plus the contingent purchase price represents an attractive acquisition multiple in the high-single digits on projected stabilized earnings.
Dream Hotel Group properties are known for their vibrant dining and nightlife experiences including hotspot restaurants, lavish entertainment venues and exclusive night clubs built on strategic collaborations with innovative and award-winning industry leaders. The acquisition will extend Hyatt’s brand footprint in key markets, including Nashville, Hollywood, South Beach, Durham, several locations in New York City and one in the Catskills. Signed contracts represent additional strategic destinations including Las Vegas, Saint Lucia and Doha.
“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future, We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division. We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world.”
-Mark Hoplamazian, president and chief executive officer, Hyatt
Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands, said Sant Singh Chatwal, chairman and founder, Dream Hotel Group. As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests and team members as part of the Hyatt family.
The transaction is anticipated to close in the coming months, subject to customary closing conditions. Following completion of the transaction, Hyatt will work to welcome the new properties into the World of Hyatt loyalty program, bringing more stay occasions and destinations to its member base. World of Hyatt members are some of the most valuable travelers in the industry who spend more and stay more, generating high-quality revenue for the owners of Dream Hotel Group properties.
Dream Hotel Group founder Sant Singh Chatwal will continue his commitment as an owner of four open and two future hotels that are expected to join the Hyatt portfolio. Dream Hotel Group CEO Jay Stein will join Hyatt as Head of Dream Hotels to guide the integration of the Dream Hotel Group brands into the Hyatt portfolio, ensuring the unique DNA of each brand is preserved while leveraging Hyatt’s capabilities to optimize property performance. Additionally, Dream Hotel Group’s Chief Development Officer David Kuperberg will join Hyatt as Head of Development – Dream Hotels; Chief Operating Officer Michael Lindenbaum will join Hyatt as Global Head of Operations – Dream Hotels.
In connection with the transaction, Moelis & Company LLC served as financial advisor to Hyatt and Latham & Watkins LLP acted as its legal advisor.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2022, the Company’s portfolio included more than 1,200 hotels and all-inclusive properties in 72 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Hyatt Centric®, and Caption by Hyatt; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt™, and JdV by Hyatt™; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Vivid Hotels & Resorts®, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
About Dream Hotel Group
Dream Hotel Group is a hotel brand and management company with a rich, 35-year history of managing properties in some of the world's most highly competitive hotel environments, including New York, Los Angeles, Miami, Bangkok and most recently Nashville. Home to its Dream Hotels, Unscripted Hotels, The Chatwal and new By Dream Hotel Group brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management, and Dining & Nightlife. The company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across all market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach. For more information on Dream Hotel Group and its brands, visit www.DreamHotelGroup.com and follow @dreamhotelgroup on Twitter and LinkedIn.
Berkshire Hathaway Travel Protection | November 16, 2022
North American travel insurance provider Berkshire Hathaway Travel Protection (BHTP) has announced that it has partnered with soNomad to provide Canadian travelers valuable travel medical insurance for unexpected health problems or sudden injuries while traveling. The soNomad Travel Medical Insurance plan will be underwritten by National Liability & Fire Insurance Company, Canada.Our underwriting partnership with soNomad provides us an exciting new opportunity in the Canadian market, said Dean Sivley, president of Berkshire Hathaway Travel Protection. With escalating emergency expenses a possibility for Canadian travelers, our comprehensive travel medical coverage provides essential protection for their vacations.
soNomad’s Emergency Travel Medical insurance provides Canadian travelers with emergency medical expense coverage while traveling outside their home province or territory, and internationally.
“We are thrilled to partner with an industry leader like Berkshire Hathaway Specialty Insurance to provide Canadian travelers with our low-cost approach to travel insurance, The unparalleled insurance expertise of a trusted brand like Berkshire Hathaway Specialty Insurance means Canadian travelers have the best of both worlds when it comes to no-nonsense, affordable travel insurance.”
-Mathieu Laplante, soNomad co-founder and 20-plus year veteran of the Canadian Travel Insurance market
About Berkshire Hathaway Travel Protection
Berkshire Hathaway Travel Protection is the trade name for the travel protection products and services of Berkshire Hathaway Specialty Insurance Company, part of the National Indemnity group of insurance companies. Berkshire Hathaway Specialty Insurance Company provides underwriting and claims administration services for some of the largest distributors of travel insurance in the United States and Canada. Plans are provided by Berkshire Hathaway Specialty Insurance Company or National Liability & Fire Insurance Company. The product descriptions provided here are only brief summaries and may be changed without notice. Full coverage terms and details, including limitations and exclusions, are contained in the insurance policy.
About Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance (www.bhspecialty.com) provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident and health, medical stop loss, homeowners, and multinational insurance. The actual and final terms of coverage for all product lines may vary. It underwrites on the paper of Berkshire Hathaway's National Indemnity group of insurance companies, which hold financial strength ratings of A++ from AM Best and AA+ from Standard & Poor's. Based in Boston, Berkshire Hathaway Specialty Insurance has offices in Atlanta, Boston, Chicago, Houston, Indianapolis, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Adelaide, Auckland, Brisbane, Brussels, Cologne, Dubai, Dublin, Frankfurt, Hong Kong, Kuala Lumpur, London, Lyon, Macau, Madrid, Manchester, Melbourne, Munich, Paris, Perth, Singapore, Sydney, Toronto, and Zurich.
soNomad (www.sonomad.com) is an innovative player in the insurance industry providing low-cost travel insurance to the Canadian market. Founded by respected industry veterans, soNomad is a leading technology company dedicated to excellence, quality, and innovation. With its proprietary technology, soNomad delivers unique high quality travel insurance solutions. soNomad’s mission is to make travel insurance simple, transparent, and affordable to all Canadian travellers.
Marriott Bonvoy | October 27, 2022
Marriott Bonvoy® – Marriott International's extraordinary portfolio of 30 hotel brands, award-winning loyalty program, and endless experiences – announced the launch of Travel by Design, an integrated content platform showcasing never-before-told design stories that inspired some of the world's most extraordinary hotels. Marriott Bonvoy is collaborating with Samsung to create the first-ever exclusive branded destination within Samsung's free, ad-supported streaming service, Samsung TV Plus. Starting November 1, 2022, Samsung TV Plus viewers can simply select a tile on the service home screen to explore the on-demand library to immerse themselves in a curated collection of travel video content.
"We are excited to launch our Travel by Design platform to introduce travelers to the design visionaries behind some of the world's most remarkable hotels, fusing them closer to destinations and cultures for a more immersive travel experience,We know travelers are rethinking how they want to see the world and we are proud to be able to offer them this one-of-a-kind, at-home experience to fill their bucket lists."
-Annie Granatstein, Vice President, Content Marketing, Marriott International
From a secluded overwater villa in the Maldives, to a reimagined royal palace in Budapest, or a trendy hotspot in downtown Los Angeles, Travel by Design brings tales of design and architecture to life from world-renowned creatives, such as Frank Gehry and Yabu Pushelberg, with articles, films, podcasts, and photography across multiple channels, including digital, editorial, and social platforms.
Travel by Design features a collection of short films showcasing four fascinating stories, where iconic destinations meet design from beloved brands like W Hotels & Resorts, The Luxury Collection, Autograph Collection Hotels, and more. The transportive visual series will be available on streaming platforms, such as Samsung and Roku as well as YouTube, and featured in hotel rooms globally on Marriott Bonvoy TV.
The Travel by Design podcast hosted by Hamish Kilburn, Editor at Hotel Designs, meets the architects, designers, and visionaries who dive deep into the craft and hear what sparked their concept, how their creative process changes throughout, and what it is like to enjoy the space as a traveler. Six audio episodes will be available on Apple Podcasts, Spotify, and Google Podcasts.
Marriott Bonvoy members can earn points for stays at hotels and resorts across Marriott Bonvoy's portfolio of 30 extraordinary brands, including all-inclusive resorts and premium home rentals, as well as through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments™, or through partners for luxurious products from Marriott Bonvoy Boutiques.
For more information on these new openings and Marriott Bonvoy, enroll in the program for free, or to book directly, visit www.MarriottBonvoy.com.
About Marriott Bonvoy
Marriott Bonvoy®, Marriott International's award-winning travel program and marketplace, gives members access to transformative, eye-opening experiences around the corner and across the globe. Marriott Bonvoy's portfolio of 30 extraordinary brands offers renowned hospitality in the most memorable destinations in the world. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, as well as through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments, or through partners for luxurious products from Marriott Bonvoy Boutiques. With the Marriott Bonvoy app, members enjoy a level of personalization and contactless experience that allows them to travel with peace of mind. To enroll for free or for more information about Marriott Bonvoy, visit www.MarriottBonvoy.com. Download the Marriott app. Travelers can also connect with Marriott Bonvoy on Facebook, Twitter, and Instagram.