Nashville, Tennessee, is home to the country’s first tri-branded Marriott hotel.
Developed by North Point Hospitality Group, the 470-room limited-service property consists of transient brands AC Hotel and SpringHill Suites, and Residence Inn, an extended-stay hotel.
Located in downtown’s SoBro neighborhood where government offices are located, the $140 million complex is also across from Music City Center, a six-year-old facility with more than 2 million square feet of event space. Since it opened, the hotel has been at near capacity every day.
In this episode, you’ll hear from executives and managers at North Point Hospitality and First Hospitality Group of Chicago, which each opened a tri-branded hotel in the past 12 months. They share the state of the tri-brand business so far, including some unforeseen challenges; how convention and tourism officials grasp the multi-flag concept; and how guests react when they realize there are three different hotels under one roof.
Hotel appraisers and brokers expect distressed assets to come to market as the pandemic recession continues into 2021. Analysts say billions of dollars in private equity are waiting in the wings to acquire hotels underperforming as a result of the coronavirus crisis. But pricing will be different than in previous economic downturns. While a transaction may be distressed, it will not necessarily reflect distress pricing,” said Daniel Lesser of LW Hospitality Advisors. Long Live Lodging explores the state of hotel values as well as what may lie ahead with regard to transactions in 2021 as the spread of COVID-19 continues to stifle lodging performance. This report is part of our ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.
Global business travel is a $1.4 trillion industry. The Global Business Travel Association calculates the coronavirus pandemic in 2020 resulted in a loss of $113 billion in business travel spend in hotels, airlines and other sectors of the travel industry. But all is not lost. GBTA, industry analysts and travel management companies see some green shoots of hope for 2021 as the COVID-19 vaccine rolls out and corporations put some of their people on the road again. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.