From the desks of the Hotel News Now editorial staff:
- Queensgate acquires Generator Hostels for $479.8M
- Ashford Prime to buy Park Hyatt property for $145.5M
- Winter Storm Stella to hit Northeast region
- Why overbooking hotels may help boost revenue
- The best hotel bars for business travelers
Queensgate acquires Generator Hostels for $479.8M: Queensgate Investment Fund II has agreed to purchase Generator Hostels from Patron Capital for €450 million ($479.8 million), according to a news release.
The transaction is expected to be completed in May. The London-based Generator owns 14 assets, located in places such as London, Paris, Amsterdam and Miami.
“Generator Hostels represents high-quality freehold assets, robust revenues, an attractive lifestyle brand, and material scalability opportunities. Generator Hostels plays to Queensgate’s strengths of working with incumbent management to improve the customer experience, to streamline operations and to bolt on additional assets to this impressive platform,” Jason Kow, CEO of Queensgate Investments, said in a news release.
Ashford Prime to buy Park Hyatt property for $145.5M: Ashford Hospitality Prime has entered a definitive agreement to acquire the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado, for $145.5 million, or $766,000 per key, according to a news release.
The hotel has won several awards, and is located in Beaver Creek Village, which is 90 miles west of Denver.
"The acquisition of the iconic Park Hyatt Beaver Creek Resort & Spa is an opportunity for us to acquire a premier resort with the best location in the very attractive Beaver Creek market," said Richard J. Stockton, Ashford Prime's CEO. "This property fits perfectly with our strategy of owning luxury hotels and resorts and further diversifies our portfolio by establishing a presence in the highly sought after Vail Valley market."
Winter Storm Stella to hit Northeast region: Cities like New York City, Boston and Philadelphia could see up to a foot of snow early this week as a result of Winter Storm Stella, which is expected to last from late Monday to Wednesday, NBC News reports.
A blizzard watch was issued by the National Weather Service for New York City, parts of northern New Jersey and southern Connecticut, and “winter storm warnings and watches were issued for the remainder of the Northeast.”
Why overbooking hotels may help boost revenue: If done right, overbooking hotel rooms can drive revenue at hotels, HNN contributor Alicia Hoisington reports.
Hoteliers shared best practices for overselling and walking guests to ensure that no money is being left on the table when it comes to overbooking rooms.
“What you want to make sure is that you’re looking at your day-by-day wash factor and factoring that in as your percentage of your arrivals for the day so that way you can come up with an actual oversell number,” said Wendy Norris, corporate director of revenue and e-commerce at the Valencia Group.
The best hotel bars for business travelers: The hotel bar is a great place for a business traveler to unwind after a big meeting. CNNMoney recently published a list of the eight coolest hotel bars for business travelers.
The top three bars on the list are The Living Room at the Faena Hotel in Miami, Florida; the LH Rooftop at LondonHouse in Chicago, Illinois; and the Upstairs Rooftop Lounge at the Ace Hotel in Los Angeles, California.
Bars such as the Blond at the 11 Howard in New York City and the Polo Lounge at the Beverly Hills Hotel in L.A. also made the list.
Compiled by Danielle Hess.