Skip to content

Search

Latest Stories

Auro Hotels acquires Residence Inn in Atlanta

Interest in the extended-stay hotels continues with Wyndham’s announcement of new brand in the segment

Auro Hotels acquires Residence Inn in Atlanta

AURO HOTELS RECENTLY ACQUAIRED the Residence Inn by Marriott Atlanta Buckhead/Lenox Park. Hunter Hotel Advisors helped broker the deal, which it said is another example of the strength of the extended-stay segment that has been seeing increased interest from major hotel companies such as Wyndham Hotels & Resorts.

The 150-room Residence Inn is in Atlanta’s upscale Buckhead neighborhood near shopping and dining outlets, such as Lenox Square Mall and Phipps Plaza, according to Hunter. Also, the hotel is across from AT&T corporate offices.


“We are thrilled that the stars aligned on this acquisition – a smooth process with a highly professional seller, another collaboration with a trusted equity partner, and a further expansion of our relationship with Marriott,” said D.J. Rama, CEO of Auro Hotels. “With the expertise brought by our investment, operations and design and construction resources, we believe strongly in the property’s future performance potential.”

Hunter’s press release said the hotel benefits from its positioning as an extended-stay product as much as from its urban location.

“According to a recent report by research consulting firm the Highland Group, demand for extended-stay hotels in the fourth quarter of 2021 outpaced supply by more than five times,” the company said.

Also, Hunter Hotels said, in 2020, Buckhead led the Atlanta MSA in RevPAR by nearly 20 percent in higher-priced properties.

Echoing the same thought

Other hotel companies also have been expressing increased interest in extended-stay projects Wyndham, for example, recently announced its new economy extended-stay brand under the operating title “Project Echo,” saying it already has awarded contracts to develop 50 new construction projects with its first two partners: Richmond, Virginia-based Sandpiper Hospitality and Dallas-based Gulf Coast Hotel Management.

ENEWS 03 30 22 auro Hotels extended stay Project ECHO Wyndham Hotels & Resorts announced its new “Project Echo” economy extended-stay brand earlier in March. Wyndham said it has signed contracts to develop 50 new construction projects with its first two partners: Richmond, Virginia-based Sandpiper Hospitality and Dallas-based Gulf Coast Hotel Management.

“Over the last two years, economy extended-stay hotels outperformed all other segments, and in 2021, set new records for occupancy, ADR and RevPAR,” said Geoff Ballotti, Wyndham’s president and CEO. “Demand for these accommodations only continues to climb—both from guests and developers alike—making now the right time for Wyndham, the definitive leader in the economy segment, to bring our experience and expertise to this high-potential space.”

Economy extended-stay hotels consistently perform throughout all stages of the lodging cycle and are particularly resilient in a downturn, according to Wyndham. U.S. RevPAR for the segment grew 8 percent during the COVID-19 pandemic compared to 2019 while the rest of the industry declined 16 percent. Also, in 2021, the average U.S. occupancy for economy extended-stay hotels was over 78 percent — 20 points higher than all other U.S. segments combined, Wyndham said.

Designed with input from a seven-member development council, including owners and operators, Project Echo draws inspiration from La Quinta by Wyndham’s Del Sol prototype, currently at 160 hotels with another 56 in its pipeline; and more recently, the Microtel by Wyndham’s Moda prototype. Like its predecessors, it focuses on cost control and value engineering.

The 124-room Project ECHO prototype requires just under two acres of land with just over 50,000 square-feet, nearly 74 percent of which is rentable. Individual rooms average 300 square feet and consist of single and two-queen studio suites with in-suite kitchenettes. Public spaces, including a lobby, fitness center and guest laundry, are designed to help to limit labor needs.

More for you

Trump reviewing 55 million us visas
Getty Images

Trump reviewing 55 million visas

Summary:

  • The Trump administration says it is reviewing more than 55 million visa holders.
  • Reviews cover a wide range of visas for law enforcement and overstay violations.
  • The administration also suspended worker visas for foreign commercial truck drivers.

THE TRUMP ADMINISTRATION is reviewing more than 55 million people who hold valid U.S. visas for potential violations. It is expanding a policy of “continuous vetting” that could result in revocation and deportation.

Keep ReadingShow less
Peachtree Funds Rio Las Vegas Renovations | $176M CPACE Loan
Photo credit: Hyatt Hotels Corp.

Peachtree originates retroactive CPACE loan for Rio Vegas

Summary:

  • Peachtree Group originated a $176.5 million retroactive CPACE loan for a Las Vegas property.
  • The deal closed in under 60 days and ranks among the largest CPACE financings in the U.S.
  • The company promotes retroactive CPACE funding for commercial real estate development.

PEACHTREE GROUP ORIGINATED a $176.5 million retroactive Commercial Property Assessed Clean Energy loan for Dreamscape Cos.’s Rio Hotel & Casino in Las Vegas. The deal, completed in under 60 days, is its largest credit transaction and one of the largest CPACE financings in the U.S.

Keep ReadingShow less
Global hotel construction pipeline reaches record 15,871 projects in Q2 2025, with U.S. and Dallas leading growth
Photo Credit: iStock

Report: Global pipeline hits 15,871 projects

Summary:

  • Global pipeline hit a record 15,871 projects with 2.4 million rooms in Q2.
  • The U.S. leads with 6,280 projects; Dallas tops cities with 199.
  • Nearly 2,900 hotels are expected to open worldwide by the end of 2025.

THE GLOBAL HOTEL pipeline reached 15,871 projects, up 3 percent year-over-year, and 2,436,225 rooms, up 2 percent, according to Lodging Econometrics. Most were upper midscale and upscale, LE reported.

Keep ReadingShow less
HAMA Launches 20th Student Case Competition in USA
Photo Credit: iStock

HAMA launches 20th student case competition

Summary:

  • HAMA is accepting submissions for its 20th annual student case competition.
  • The cases reflect a scenario HAMA members faced as owner representatives.
  • Teams must submit a financial analysis, solution and executive summary.

THE HOSPITALITY ASSET Managers Association is accepting submissions for the 20th Annual HAMA Student Case Competition, in which more than 60 students analyze a management company change scenario and provide recommendations. HAMA, HotStats and Lodging Analytics Research & Consulting are providing the case, based on a scenario HAMA members faced as owner representatives.

Keep ReadingShow less
Stonebridge hotel management expansion
Photo credit: Stonebridge Cos.

Stonebridge adds Statler Dallas to managed portfolio

Summary:

  • Stonebridge Cos. added the Statler Dallas, Curio Collection by Hilton, to its managed portfolio.
  • The hotel, opened in 1956 and relaunched in 2017, is owned by Centurion American Development Group.
  • The property is near Main Street Garden Park, the Arts District and the Dallas World Aquarium.

STONEBRIDGE COS. HAS contracted to manage the Statler Dallas, Curio Collection by Hilton in Dallas to its managed portfolio. The hotel, opened in 1956 and relaunched in 2017, is owned by Centurion American Development Group, led by Mehrdad Moayedi.

Keep ReadingShow less