Wednesday, August 3, 2011

Do Educated Hotel Guests Spend More? Yes, According to a National Study



CHICAGO, IL - Halfway through his family's vacation at a luxury resort in the Caribbean, Tom Click discovered on the other side of the sprawling resort, another restaurant.

Not exactly like discovering Atlantis except this particular restaurant - as opposed to the resort's other three - served a full breakfast. Up to that point, Tom, his wife and two children had been going off-property for breakfast. It wasn't ideal for him, and the resort lost the business.

According to a study conducted by Novita Training, a Hospitality Consulting firm, such stories are not uncommon, and cost hoteliers significant incremental revenue, which is critical to the brand's bottom line.

The study, completed earlier this year, surveyed hotel guests on how well-educated they were on the hotel's services and examined how this affected their usage of the services.

For example, the 49% of guests surveyed who felt they were properly educated on the hotel's services used the services 1.7 more than those guests who did not feel properly educated. What's more, 54% of the guests claimed they would have spent more money at the hotel if they had known more about what the hotel offered.

The survey also studied the effect on repeat business and brand loyalty. A hotel guest who felt properly educated by the hotel was almost two times more likely to return to the property, and 1.8 times more likely to use the hotel brand in another location.

According to Robert Bilotti (top right photo), Learning Director at Novita Training, the impact on revenue of these results can be calculated in numerous ways, beginning with guests' non-room dollars spent and the lifetime revenue from a brand loyal customer.

Bilotti says Hoteliers can not only avoid lost revenue but actually increase dollars spent at their property by not assuming or hoping that the guest will educate him or herself. "Hotels who take the initiative and educate guests with the information they want and need are - in a way - able to teach their guests to spend more. We call this Hotel Guest Onboarding and it's a combination of training, customer services and sales."

Lula Cassidy (lower right photo), President of InnTerActive Marketing, specialists in hotel revenue enhancement, feels it's a win-win situation. Cassidy says, "The more hotels can do to educate the guest, the more satisfying a stay the guest has - be it a vacation or business trip - and the more the guest spends."

For more information on the data contained in the study, as well as additional guest and industry quotes, contact info@novitaunique.com.


 Contact:
Marilyn Mara
Novita Training
1-773-590-3636

  

stan johnson company completes $5.35 Million sale of CVS Pharmacy building in Naples, FL


               

NAPLES, FL, Aug. 3, 2011 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 13,824-square-foot retail building 100 percent leased to CVS Pharmacy, located at 6800 Collier Blvd. In Naples, FL.

 The buyer was Lincoln, Neb.-based RTG, LLC.  The transaction is valued at $5.35 million or $387 per square foot.

“RTG, LLC successfully qualified to assume to the existing loan from Prudential,” said Mike Parker (bottom left photo), CCIM, who, along with Jim Gibson (top right photo), both of Stan Johnson Company, represented the seller, Phoenix-based S3G Holdings, LLC.  The buyer represented itself.

 Built in 2003, the building is situated on 2.23 acres of land adjacent to the Tamiami Trail.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851
                 

Cuhaci & Peterson Architects Awarded Contract to Design Interior Improvements for School of Rock in Oviedo, FL




ORLANDO, Fla. --- Cuhaci & Peterson Architects, LLC based in Orlando’s Baldwin Park was recently awarded a contract to design interior improvements for the 5,000 square foot School of Rock located in Oviedo in Southeast Seminole County.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said Jacksonville-based TrekCorp  awarded the design contact.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   


Cambridge Provides $5.2 Million FHA-Insured HUD Lean Loan to Refinance Lakeland Rehabilitation Center in Effingham, IL




CHICAGO, IL--Cambridge Realty Capital Companies has provided a $5.2 million HUD Lean loan to refinance the Lakeland Rehabilitation and Healthcare Center (top left photo) a 133-bed skilled nursing facility in Effingham, Ill.

Cambridge Chairman Jeffrey A. Davis said the fully amortized, 30-year term first mortgage loan was arranged for the property’s owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program.

Underwriting the loan was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. The interest rate was not disclosed.

Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611

TD Wood Brokers 3 Loans in Florida Valued at $19.92 Million




SARASOTA, FL—Aug. 3, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $19,925,000 for Vista Palms Shopping Center, Dale Mabry Palms, and Dollar General Kissimmee.

The Orlando office of Thomas D. Wood and Company secured financing for Vista Palms Shopping Center in the amount of $17,350,000 with Aviva Life and Annuity.  The fully-amortizing permanent loan has a term of 20 years, based on an interest rate of 5.49%.  The loan-to-value is 75%.

 The borrower wanted to refinance into a fully-leveraged permanent loan.  The 160,000 square-foot retail center is home to major tenants Kohl’s, Walgreens, McDonalds, Staples and AT&T, and is located at the southeast corner of Narcoossee Road and Lee Vista Boulevard, Orlando, Florida.

Brad Cox (top right photo), CCIM, CPM, Company Vice President, secured financing for Dale Mabry Palms in the amount of $1,375,000 through Thomas D. Wood and Company’s relationship with The Standard Life Insurance Company.  The permanent loan has a term of three years, based on a 25-year amortization and an interest rate of 5.5%.

 The interest rate will reset every three years.  The loan-to-value is 61%.  The borrower wanted a low interest rate and a short term for the period during which the property is being stabilized.  The 40-unit multi-family complex was built in 1987 and completely remodeled in 2010, and is located at 5901-5921 S. Dale Mabry Highway, Tampa, Florida.

Joe Dear (middle left  photo), Company Vice President, secured financing for Dollar General in the amount of $1,200,000 through Thomas D. Wood and Company’s relationship with a national lender.  The fully-amortizing, non-recourse loan has a term of 15 years, based on an interest rate of 5.73%.  The loan-to-value is 75% and loan-to-cost is 70%. 

The borrower needed a long-term fixed-rate loan to take out a construction loan on a recently completed Dollar General store, as he plans to hold the asset as a long term investment.  The 9,100 square-foot single-tenant retail store was built in 2011 at 2220 Michigan Avenue, Kissimmee, Florida.

The website may be accessed through www.tdwood.com.

For further information, please contact:
Brad Cox, CCIM, CPM (941) 552-9731, bcox@tdwood.com
Joe Dear, (407) 937-0470,  jdear@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com


PCCP and B&M Management Form Joint Venture to Acquire 736-Unit Multifamily Property in Huntsville, AL




NEW YORK, NY - PCCP, LLC announced  it formed a joint venture with Montgomery, AL-based B&M Management Company to acquire The Reserve at Research Park (top left photo), a 736-unit Class B multifamily property located at 6200 Rime Village Dr. in Huntsville, AL. The property was purchased in an off-market transaction.

The Reserve at Research Park was built in phases between 1986 and 1996, and recently underwent a $5 million renovation funded by the seller.

 Some of the many property improvements included clubhouse improvements, fitness center renovation, new exterior lighting throughout the grounds, a new play court and dog park as well as repaving.

“PCCP believes our investment in The Reserve at Research Park represents a good risk-adjusted return given the significant capital work recently completed by the seller,” said John Randall (middle right photo), senior vice president at PCCP.

 “Additionally, the area’s strong fundamentals and the high occupancy of the property provide even more stability as the market remains tight, with no significant new construction in the area.”

 Randall added that PCCP has confidence that B&M, an experienced local market property owner, will manage the property at the highest standard and also plans on making some minor capital improvements to enhance its appeal and maximize renter interest.

The Reserve at Research Park is well located adjacent to Cummings Research Park (lower left photo), the second largest research park in the country with 10 million square feet of office space and 25,000 employees; a number of regional malls, and several transit options.

Huntsville has weathered the recession extremely well due to its strong base of technology, government contracting and advanced manufacturing labor.

Additionally, Redstone Arsenal, one of the nation’s largest army bases, is undergoing a $450 million expansion as the result of the Base Realignment and Consolidation (BRAC) legislation.

Huntsville’s unemployment is 7.5 percent, and it has been named as a top city for investment and for economic growth by Financial Times and Moody’s.

 Learn more about PCCP at www.pccpllc.com.

  Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Washington State Multifamily Asset Commands $34,2 Million



 RICHLAND, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Villas at Meadow Springs (top left photo), a 286-unit, 294,241-square foot luxury apartment community in Richland. The sales price of $34,220,000 represents $119,650 per unit and $116 per square foot.

 James Kordell, a senior associate in the firm’s Ontario, Calif. office, represented the buyer, a Southern California-based LLC. Daniel Chhan, of the firm’s Seattle office, also provided representation.

  “This was a strategic purchase for the buyer’s portfolio,” says Kordell. “The Tri-Cities submarket has had one of the nation’s lowest unemployment rates, indicating support for continued rent growth and strong occupancy.”

The property is located at 250 Gage Blvd. on the corner of Gage Boulevard and Venus Drive, across from the Meadow Springs Country Club (lower right photo) in Richland. The city of Richland is in southeastern Washington State at the confluence of the Yakima River and the Columbia River. Along with two nearby cities, Pasco and Kennewick, Richland forms the Tri-Cities area.

The Villas at Meadow Springs was built in 2003 on 16.2 acres. The unit mix features one-, two- and three-bedroom apartments with an average size of 1,029 square feet. Amenities include master suites with garden tubs, nine-foot ceilings and vaulted ceilings, barbecue and picnic areas and a heated swimming pool with a lap lane.

Richland, Wash. is approximately 137 miles from Spokane and 171 miles from Seattle.

 Contact: Stacey Corso,  Public Relations Manager, (212) 430-5100

Marcus & Millichap Arranges $13.5 Million Sale of Defaulted Mortgage and Judgement




NEW YORK, N.Y. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the $13.5 million sale of the defaulted note and judgment collateralized by a seven-story, mixed-use building located at 146-148 West 28th  St. in the Chelsea section of Manhattan.

The property includes 26,296 square feet of existing improvements and 66,800 of available development rights, according to J.D. Parker (lower right photo),  vice president and regional manager of the firm’s Manhattan office.

The Marcus & Millichap investment team of associate Barbara Dansker (top right photo), associate vice president investments Adelaide Polsinelli (middle right photo), and associate Matt Rosenzweig, all based in the Manhattan office, represented the local lending institution in this sale of a defaulted note and judgment.

“The agents were able to identify the inherent value of the note and judgment, and took it to a sophisticated group of investors who immediately recognized the value of this transaction,” says Parker.
 
“The lender had elected to pursue the personal guarantee instead of commencing a foreclosure of the mortgage,” says Dansker.

 “This gives the buyer of that judgment two options: He can pursue the collection on the judgment and when he has exhausted all remedies, if the judgment is not paid in full, he can then commence a foreclosure action on the mortgage to satisfy the remaining debt.” 

   Contact: Stacey Corso,  Public Relations Manager, (212) 430-5100

Lodging econometrics Announces Forecast for New Hotel Openings for 2013 at 409 Hotels and 39,162 Rooms



 PORTSMOUTH, NH--For the first time, Lodging Econometrics has announced its Forecast for New Hotel Openings for 2013.

A total of 409 new hotels/39,162 guest rooms are anticipated to come online. LE also adjusted its Forecast for 2011 and 2012 down slightly, as continued economic uncertainty and the lack of construction financing still hamper development.

In 2011, 390 hotels/42,187 rooms will open, with an additional 368 hotels/40,070 rooms to open in 2012. Net supply growth, after removals from inventory, will range from 0.6%-0.8% for each of the next three years.

For a complete copy of the company’s news release and other data, please contact:

Jennifer Robertson
Marketing Manager
Lodging Econometrics
500 Market Street, Suite 13
Portsmouth, NH  03801, USA
Ph:    +1 603-431-8740 ext. 19
Fax:   +1 603-431-4418
jrobertson@lodgingeconometrics.com

HFF closes sale of The Reserve at Evanston in Evanston, IL


  
 CHICAGO, IL –HFF announced today that it has closed the sale of The Reserve at Evanston (top left photo), a 193-unit, Class A luxury multi-housing community in Evanston, Illinois.

HFF marketed the property on behalf of the seller, a joint venture of Atlantic Realty Partners and Invesco Real Estate.  Cornerstone Real Estate Advisers purchased the property.

The Reserve at Evanston is located at 1930 Ridge Avenue, a short walk to downtown Evanston, adjacent to Northwestern University, and less than one mile south of Evanston Hospital.

 Evanston is an “affluent” north shore suburb located 12 miles north of downtown Chicago.  Completed in 2003, the property features studio, one-, two- and three-bedroom units averaging 844 square feet each. 

Residents have access to an outdoor pool and sundeck, fitness center, bbq grill area and an internet cybercaf√© and coffee bar.  A heated underground garage provides parking for 219 cars and elevators give residents direct access to the garage and all floors of the community. 

The HFF team representing the seller included executive managing director Matthew Lawton (lower right photo) and managing directors Sean Fogarty and Marty O’Connell.


 Contacts:   
 Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com                                      
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, 
                                            

HFF hires Matt Mitchell as director in Tampa office

  

TAMPA, FL – HFF announced today that it has hired Matt Mitchell (top right photo) as a director in the firm’s multi-housing group in its Tampa office. 

Mr. Mitchell will focus on institutional grade multi-housing transactions throughout the southeastern United States. 

Prior to joining HFF, he was a transactions director at Institutional Property Advisors and JBM Group and an associate director in the Investment Services Group at Transwestern.

 During his career in commercial real estate, he has been involved in approximately $1 billion in real estate transactions.

 Contacts:   
Sean P. Deasy, HFF Co-Head Multi-Housing Group, (949) 253-8800 sdeasy@hfflp.com                                                                                          
Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001 dpeek@hfflp.com                                                               
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, 
                                            

HFF named to market for sale Atlanta’s first LEED-Certified Gold (pending) multi-housing community



ATLANTA, GA – HFF announced today that it has been named to market for sale Enso (top left photo), a 325-unit, LEED-Certified Gold (pending), luxury multi-housing community in Atlanta, Georgia.  Enso will be the first LEED multifamily offering in the southeast.

HFF will market the property on behalf of the seller, a joint venture of Capital 33 and institutional clients advised by J.P. Morgan Asset Management.

Enso is located at 880 Glenwood Avenue directly on the Atlanta Beltline corridor in the ULI award-winning Glenwood Park neighborhood.  Completed in 2011, the property is the first and only LEED-Certified Gold (pending) community in Atlanta.  The property is undergoing lease-up and is currently 88 percent leased, with 80 leases signed in the past six weeks.    

The HFF team representing the seller includes senior managing director Jason Nettles (middle right photo)and director Megan Thompson (lower left photo).

“Not only is Enso attracting well-educated, environmentally conscious residents seeking a sustainable lifestyle, it is also attracting investors with its cost saving potential due to LEED conservation measures,” said Nettles.  “In addition, it is already breaking records with an average of 28.3 leases signed per month, and is expected to break sale pricing records as well.”

Contacts:   
Jason Nettles, HFF Senior Managing Director, (404) 832-8460, jnettles@hfflp.com                                                                                                   
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,  
                                             

HFF hires Nicholas Kucha to launch Portland office investment sales group


                                         

PORTLAND, OR – HFF announced today that Nicholas Kucha has joined the firm as a director in its Portland office.  Mr. Kucha will focus on capital markets transactions for industrial, office and retail assets in the Pacific Northwest and will formally launch the investment sales platform in HFF’s Portland office.

Mr. Kucha has more than seven years of investment sales experience and joins HFF from Nomad Commercial, LLC, where he was a senior partner in the investment brokerage division.  Prior to that, he was a senior associate with Capacity Commercial Group, LLC.  Mr. Kucha holds a Bachelor of Arts degree in Finance from the University of Oregon and is a licensed real estate broker in Oregon and Washington.

“This is a significant milestone for both the Portland office of HFF, which opened in 1996, and the company as a whole, as it marks the first time HFF will have a dedicated investment sales platform in Portland,” said Lloyd Minten (top right photo), senior managing director of HFF’s Portland office.  “We have waited patiently for the right opportunities and the right people to grow our presence in Portland, and Nick’s presence is a perfect complement to our successful debt platform in the Pacific Northwest.” 

           
Contacts:
Lloyd L. Minten, HFF Senior Managing Director, (503) 224-0444 lminten@hfflp.com  
Kristen Murphy, HFF Associate Director, Marketing,  (713) 852-3500,
                                            

Wells REIT II Signs Siemens to Lease Extension in Orlando

                                                                       
  
NORCROSS, GA (Aug. 3, 2011) - Wells Real Estate Investment Trust II (Wells REIT II) has signed a lease extension with global electronics and electrical engineering powerhouse, Siemens. 

Siemens Quadrangle II is fully leased to the namesake firm who recently committed to extend their lease for an additional 98 months, until August 31, 2019.

The 227,000 square foot Class-A office property is owned by Wells REIT II and is ENERGY STAR® certified.  It is located in the Quadrangle/Research Park (top left photo) area of Orlando which is home to several technology firms and defense contractors.

“We are excited to have Siemens, a Standard and Poor’s A+ rated firm, fully renew their lease.  It is a testament to the strong relationship Wells Real Estate Funds has built with them over the last 11 years,” said Kevin Hoover (lower right photo), Managing Director of Real Estate for Wells REIT II. 

 Currently, the Wells REIT II portfolio includes 95 office buildings in 24 states, Washington, D.C., and Russia, covering more than 22 million square feet.  Wells REIT II closed to new investments on June 30, 2010. 

For information on Wells REIT II, visit www.WellsREITII.com.

For more information on Wells Real Estate Funds, visit www.WellsREF.com.

Media Contact: Margot Olcay, Rubenstein Associates, (212) 843-8284, :molcay@rubenstein.com
                                   

Marshall Hotels & Resorts, Inc. Signs First Contracts in Caribbean


SALISBURY, MD Aug. 3, 2011—“We believe the Caribbean market is on the rebound and that Marshall can effectively leverage its resort operating expertise to create greater returns for owners,” said Mike Marshall (lower left photo), president and CEO. 

“We began developing strong relationships with hoteliers in Puerto Rico and St. Thomas five years ago.  We look forward to further strengthening our ties in the Caribbean.”


Windward Passage Hotel (top left photo)—Located at Veterans Drive, in Charlotte Amalie, St. Thomas, U.S. Virgin Islands, overlooking Charlotte Amalie Harbor, the hotel is centrally located, one block from some of the island’s top restaurants, discos, duty-free shops and across the street from inter-island ferries and seaplanes. 

The hotel features free van service to and from Magens Bay Beach, named by National Geographic as one of the “10 Most Beautiful Beaches in the World”; outdoor freshwater swimming pool and deck; scuba diving shop; the Windward Restaurant, serving West Indian and Continental cuisines; Club Lounge and Courtyard Bar; and on-site entertainment options at the Harbor Gaming Center. 

Guest rooms offer private balconies; complimentary high speed wireless internet access; and plush new bedding.

 “The hotel is doing well and is a popular meeting place for top government and local business officials in the U.S. Virgin Islands,” Marshall noted.  “Guest room renovations are progressing steadily, with nearly half already completed.  We also have been asked to re-concept and redesign the restaurant space, which will be part of a larger plan we will implement to take this property to the next level.”

Wyndham Garden at Palmas del Mar (middle right photo)—Located at 170 Candelero Drive in Humacao, Puerto Rico, in a 2,700-acre planned community with golf, tennis, beach, equestrian  and marina amenities, the property is near Palmas del Mar Beach and Palmas del Mar Golf Course. 

Hotel amenities include business service solutions; fitness center; outdoor heated pool, whirlpool and children’s pool; and Casino Real, an on-site casino decorated in distinct Puerto Rican style.  Guests also receive exclusive special rates at all community amenities, including the two golf courses offering 36 holes of golf; 16 tennis courts, as well as beach, horseback riding and marina.  The over-sized guest room and suite amenities include free high speed wireless Internet access, large work desks, and signature bath products.

“Completing a major brand conversion is much more than simply putting up a new sign,” Marshall added.  “It requires extensive knowledge of all the tools and support systems the Wyndham brand offers and how to engage them to achieve the fastest and most trouble-free transition.  We have successfully repositioned and transitioned more than 40 hotels and resorts in our 30-plus-year history.”

 Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.

Contact: Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293