Trump DC lease again on the block: The Trump Organization is once again trying to sell its 263-room hotel in Washington, D.C., putting the lease up for sale for a second time, according to multiple sources. The company has reportedly hired the Newmark Group to sell the lease. While the asking price remains undisclosed, the Trumps last tried to sell the lease in 2019 for US$500 million.
Court rules in favor of bankrupt hotel: The owner of the Fairmont San Jose, a bankrupt hotel, has won a major victory in court. A U.S. Bankruptcy Court judge overruled objections from unsecured creditors and issued a ruling in favor of the owner. The hotel, which closed in March, is slated to become a Hilton Signia hotel. It now has the court’s permission to distribute on June 25 its formal plan of reorganization to all of its creditors, who will then determine whether they support or oppose the plan to reorganize the hotel’s crumpled finances. The ruling edges the hotel closer to reopening under the Hilton brand.
CBRE reports positive trends: The Memorial Day edition of CBRE U.S. Hotels’ State of the Union showcases a collection of current industry trends, key leading indicators and economic drivers, commodity cost increases, and their impact on supply growth, as well as margin trends, and an update on the debt capital markets. The overview looks at the factors influencing both leisure and business travel and underscores the message that the recovery is well underway from both a fundamental and a lending perspective.
Two new properties for Five Senses: Together with Dallas-based Bedford Lodging, Denver-based Five Senses Hospitality has acquired a 102-room Residence Inn by Marriott and a 90-room Courtyard by Marriott in Lakewood, Colorado. Five Senses has an exclusive partnership with Bedford to manage the day-to-day operations of its assets. The full renovation of the properties will be completed by early 2022. John Bourret, MD, and Austin Brooks, director, Hodges Ward Elliott, represented the seller. Five Senses now has eight properties and more than 600 rooms in its portfolio.
Coury relocates: Coury Hospitality has combined and relocated its Kansas City and Tulsa corporate headquarters to the Dallas/Fort Worth Metroplex in Texas. The company, which is over 30 years old, specializes in the design, development and operation of boutique and luxury hotels, restaurants and event spaces. The move comes at a time of exponential growth for the company. It recently opened four properties, bringing its current portfolio to 17 hotels and dining outlets nationwide. It also has several development projects in the pipeline, which are set to double its portfolio.
New Indian chapter for HFTP: Hospitality Financial and Technology Professionals (HFTP) has expanded its global network with the newly-chartered HFTP India Chapter. HFTP India Association was granted an Indian business license on May 20, 2021. Rajesh Chopra, Senior Vice President IT at The Oberoi Group, will be the President of HFTP India. The new chapter will aim to grow HFTP within India, with its strategic goals aligning with those of the Global association. It has already joined together with HFTP Global for a fundraiser to support Covid-19 relief efforts in India.