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Hilton to sell $1.5B in private debt offering
While the hospitality industry continues to struggle amid the pandemic, McLean-based Hilton Worldwide Holdings Inc. announced Tuesday it will sell $1.5 billion in debt in a private offering to institutional buyers. This mark’s Hilton’s second major debt offering within the past couple of months. In November 2020, Hilton announced its $1.9 billion debt offering, from […]
Colliers International Virginia names senior VP, asst. VP of capital markets team
Colliers International Virginia announced Thursday it has hired Prashant Merchant as senior vice president of the company’s capital markets team and Nic Wade as assistant vice president. Merchant and Wade most recently led the hospitality division for California-based real estate brokerage Marcus and Millichap Inc. In thei[...]
Richmond city government solicits proposals for resort casino
Richmond has issued a request for qualifications/proposals, the first step in launching a competitive process for bringing a resort casino to the state capital, subject to voter approval. Earlier this year, Gov. Ralph Northam signed legislation allowing five economically challenged cities — including Richmond — to open casin[...]
Short Pump Hilton faces receivership, foreclosure
The Hilton Richmond Hotel and Spa in Short Pump, the flagship of Chester-based Shamin Hotels’ empire, may change hands as a result of the COVID-19 pandemic. According to a complaint filed in Henrico County Circuit Court on Dec. 2, 12042 West Broad Street Holdings LLC, the Bethesda, Maryland-based noteholder on the property[...]
Va. hotel revenues remain 51% lower than last year
Virginia hotel revenues continue to decline by more than 50% when compared with last year, according to data released Wednesday from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. Hotel revenues in Virginia dropped by 51% and rooms sold declined by 33% last week, compared with the […]
Va. hotel revenue is still down by more than 50% from 2019
Despite the fast-approaching holiday season, Virginia hotel revenues continue to decline when compared with last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. While COVID-19 cases spiked during the week of Nov. 29 through Dec. 5, hotel revenues in Virginia dropped by […]
Caesars delivers $15 million payment to city of Danville
Danville city officials accepted a $15 million initial payment from Caesars Entertainment Inc. on Wednesday, the first installment of $20 million the company pledged to pay the city after receiving approval from city voters to build a $400 million casino and resort in Danville’s Schoolfield area by 2023. Las Vegas-based Ca[...]
Carly Fiorina elected chair of Colonial Williamsburg Foundation board
Former GOP presidential candidate Carly Fiorina has been selected as chair of the Colonial Williamsburg Foundation’s board of trustees. The former chairman and CEO of Hewlett-Packard, Fiorina was the first woman to lead a Fortune 20 company and made an unsuccessful bid for the 2016 GOP nomination for president. Fiorina has[...]
Va. hotel revenues remain low during increased COVID-19 restrictions
With COVID-19 cases mounting, Virginia hotel revenues continue to decline when compared with last year, according to data from STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Nov. 22 through Nov. 28, hotel revenues in Virginia decreased by 34% and rooms sold declined […]
Va. Tech says ‘Cheers!’ to Fightin’ Hokies Lager
Although Hokie fans couldn’t fill Lane Stadium this year decked in maroon and orange, there’s a new tailgating trophy they can look forward to obtaining this coming spring — a licensed Virginia Tech beer, Fightin’ Hokies Lager. Virginia Tech’s College of Agriculture and Life Sciences announced Tuesday i[...]
Governor’s Inn in Williamsburg sells for $3.05M
The Governor’s Inn, a former 200-room hotel in Colonial Williamsburg, sold for $3.05 million, Cushman & Wakefield | Thalhimer announced last week. Charlottesville-based real estate investment company Castle Development Partners LLC purchased the property from The Colonial Williamsburg Foundation and plans to raze the p[...]
Hope springs eternal
Williamsburg’s tourism-steeped economy was on track for a banner year when COVID-19 knocked it off course. Businesses, including tourist attractions Busch Gardens Williamsburg and Colonial Williamsburg shut down, William & Mary sent students home, and hotel and motel occupancy rates plummeted. As of late October, with [...]
