Business & Finance

Avison Young Hospitality Group Announces Recent Closings

ATLANTA, GA. May 1, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast.

The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California.

“Our recent closings represent where the hospitality market is today,” said Keith Thompson, principal at Avison Young. “We believe the bid-ask spread has closed for serious sellers and we see the transaction market being strong to robust for the balance of 2017.”

The sellers and buyers involved in the transactions were institutional, large cap management firms, private equity firms and multi-unit investors.

About Avison Young

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

About Avison Young Hospitality Group

Avison Young Hospitality Group is a national hotel practice group supported by 70 North American office locations and 2300 people. The hospitality group currently has 202 hotels on the market totaling 3.3 billion in market value and for the past four years the group has been involved in one hotel transaction every five days. Avison Young Hospitality Group specializes in select service and full service hotels within the US and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds and private investors. The hospitality group can be found at www.avisonyoung.com under the “services” tab.

Contact:
Mike Rieman
mrieman@cookerly.com
(404) 816-2037

Coming Up In The August Online Hotel Business Review




{300x250.media}
Feature Focus
Food & Beverage: Multiplicity and Diversity are Key
The challenge for hotel food and beverage operations is to serve the personal tastes and needs of an increasingly diverse population and, at the same time, to keep up with ever-evolving industry trends. In order to accomplish this, restaurateurs and hoteliers have to flex their creative muscles and pull out all the stops to satisfy their various audiences. One way to achieve this is to utilize existing food spaces in multiple ways at different times of the day. Lunch can be casual and fast, while dinnertime can be more formal and slower paced. The same restaurant can offer counter service by day but provide table service by night, with a completely different menu and atmosphere. Changes in music, lighting, uniforms and tabletop design contribute to its transformation. This multi- purpose approach seeks to meet the dining needs of guests as they change throughout the day. Today’s restaurants also have to go to great lengths to fulfill all the diverse dietary preferences of their guests. The popularity of plant-based, paleo, vegan, and gluten and allergen-free diets means that traditional menus must evolve from protein-heavy, carb-loaded offerings to those featuring more vegetables and legumes. Chefs are doing creative things with vegetables, such as experimenting with global cuisines or incorporating new vegetable hybrids into their dishes. Another trend is an emphasis on bold and creative flavors. From chili oil to sriracha to spicy maple syrup, entrees, desserts and beverages are all being enhanced with spice and heat. The August issue of the Hotel Business Review will document the trends and challenges in the food and beverage sector, and report on what some leading hotels are doing to enhance this area of their business.