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1. Hotel's Latest Job Benefit: A Career Path
A new story from the Wall Street Journal highlights how more hotels are promising line-level workers paths to long-term careers and leadership positions as an enticement for an industry that continues to grapple with short staffing. The story points to Nath Inc., which offered a program of leadership workshops and cross-training for housekeepers.
“We want to develop you to grow within the company,” Chief Operating Officer Bhavik Patel told the newspaper.
2. Aimbridge Picks Up Terrapin's Management Portfolio
Aimbridge Hospitality has announced it has acquired management of the 71 hotels that were operated by Houston-based Terrapin Hospitality. The deal adds 8,100 rooms in 21 states to Aimbridge's select-service division, HNN's Bryan Wroten reports.
Plano, Texas-based Aimbridge will build on its existing relationship with Waramaug Hospitality and Terrapin Investments, two hotel owners in the Terrapin Hospitality portfolio. Aimbridge will increase the number of hotels it manages for Waramaug and Terrapin Investments from 12 to 42. The companies have entered into a long-term strategic development relationship they expect will generate incremental unit growth as early as the first half of this year.
3. Pickleball Gains Ground as Draw to Resorts
With a massive spike in interest over the last few years, some hotels and resorts are scrambling to convert tennis courts into pickleball courts, which has the benefit of lower maintenance costs, HNN contributor Laura Koss-Feder writes.
"Pickleball has become a sport that many use for networking, similar to golf," Adam Zarczynski, senior associate at Hotel & Leisure Advisors said. "Resorts are realizing that this activity is something that is attracting players of all ages and are trying to incorporate this into their activity-offering now to appeal to these players, and even some who have never played before."
4. Cash Shortfall Pauses Dream Las Vegas Construction
The Las Vegas Review-Journal reports construction has come to a full stop at the Dream Las Vegas due to financing shortfalls on the behalf of developer Shopoff Realty Investments. Bill Shopoff, president and CEO of the company, said he currently owes up to $30 million for construction work already done and that construction will soon resume "once the terms of the financing are finalized."
The newspaper reports the development was being funded by cash on hand as Shopoff sought financing to finish the project. The $575 million development includes a 531-room resort and casino under Hyatt Hotel Corp.'s recently acquired Dream Hotels brand. The owners have been working on a funding package of more than $400 million.
Contractors "will be paid, and the project will get built,” Shopoff said.
5. Hotel Equities Forms Strategic Alliance with National Hospitality Services
Hotel Equities has announced a new strategic alliance with National Hospitality Services that will add 38 hotels into Hotel Equities' management platform, according to a news release. This is the latest in a series of alliances forged by Hotel Equities with hotel management groups to expand their platform, which the company says "leverages efficiencies and resources to drive elevated performance."
"The synergies and shared cultures of both companies ensure that our stakeholders will continue to see strong and growing returns for our ownership groups," NHS President and founder Norman Leslie said in the release. "This is an exciting time for our industry — but management must perform at a pinnacle level to deliver the returns that investors are seeking. That’s exactly what we will be able to do with this partnership."