Latest news with #INN
Skift
20-05-2025
- Business
- Skift
First Hospitality Opens Up Investment Arm to Outside Capital
Baird reported on investor meetings they held with Summit Hotels management. Their takeaways included that INN believes lodging fundamentals are stable, with a 5% drop in RevPAR for the same store portfolio in April. When you exclude the Easter shift and last year's eclipse, INN said normalized performance would have been flattish. They have seen softer demand in recent weeks with a shorter booking window, but have not seen incremental demand deterioration in April and so far in May. Corporate transient demand has held in reasonably well with no broad-based cancellations. Government demand is down 20% to 25%, and INN's portfolio has been the subject of cancellations from Canadian travelers in Boston, Scottsdale, and South Florida. They used the description stable to describe expenses and margins as well, which is good news. On the capital allocation front, INN management told investors they are committed to repurchasing shares under its newly authorized $50 million program. Baird said their sense is that the company is already an active repurchaser. First Hospitality has opened up its decades-old investment arm, First Investors, to outside capital and launched the First Investors GP Fund to deploy $400 million in hotel acquisitions. The GP Fund is expected to supply sponsor capital for investment in six to ten hotels over the next two to three years, targeting 150 to 350 key premium-branded or independent lifestyle hotels in growth markets. The GP Fund platform is led by First Hospitality CEO David Duncan. About 20% of the fund will be First Hospitality's own capital. The GP Fund platform is led by Duncan and governed by an ownership group under Executive Chairman Sam Schwartz and Founder and Chairman Emeritus Stephen Schwartz. The first AC Hotel by Marriott in Kansas will open its doors on July 16, 2025. The AC Hotel Wichita Downtown will be in the restored Brown/Broadway Plaza Building. The 118-room boutique property will offer European-inspired accommodations in Kansas, tapas-style dining, flexible meeting space, and one of the largest hotel fitness centers in the region. Greenwood Hospitality, a strategic partner of Hotel Equities, will manage the AC Hotel Wichita Downtown. The Commercial Observer reported that the first casualty of the Los Angeles City Council voting to raise the minimum wage for hospitality workers to $30 an hour is the Hilton Los Angeles Universal City Hotel's expansion plans. Sun Hill Properties manages the 495-room hotel, and they had already signed a room block agreement to reserve hundreds of rooms for the 2028 Summer Olympic and Paralympic Games. The future of the $250 million expansion that was expected for that is now in doubt. The expansion would have added 395 rooms. If this goes through, that minimum wage would be the highest in the United States. Unite Here's (typical) response was to call the industry participants 'chicken little,' saying this must end. IHG Hotels & Resorts, in collaboration with owner DM Miramar Beach Hotel LLC and management DHRUV Management, finalized the opening of a newly converted Holiday Inn Express & Suites hotel in Destin, FL. The Holiday Inn Express & Suites Destin - Miramar Beach offers 74 guest rooms, an outdoor pool, and a fitness center. It is located across from what is described as the nation's largest shopping outlet, Silver Sands Premium Outlets. The Kissimmee Place Development Group has proposed a 60,000-square-foot Hyatt Studios hotel with 3,000 square feet of conference space at the Florida city's airport. The hotel is one of two that the Cape Canaveral-based developer has proposed on city-owned land. The city is going to consider this proposal, which also includes the addition of a flight training campus for the rest of the property. Hard Rock International unveiled development plans for REVERB by Hard Rock Mazatlan, Mexico. Operadora Martres S.A. de C.V. is the project developer. The new build project is expected to open in June 2028 with 170 rooms with beachfront views. The Rosewood Mandarina in Nayarit, Mexico, opened, Rosewood's fourth property in Mexico. RLH Properties developed the resort and includes 134 ultra-luxury accommodations, including three specialty suites and two expansive standalone villas offering private plunge pools, expansive terraces, and bespoke design elements. The highlight of the rooms is the Canalan Beachfront Villas and the Cora Four Bedroom Mountaintop Villa, complete with infinity pools. Amenities include the Mandarina Golf Club, multiple dining venues that will continue to open through the year, four oceanfront pools, a fitness center, and the signature Asaya Spa. The Gold N Silver Inn in Reno, NV, will be undergoing significant renovations. Jacobs Entertainment owns the property and has pledged to preserve the inn with the renovations. The Inn's breakfast and lunch items will remain, but will be joined by new offerings. The Inn will close temporarily on June 1 with plans to reopen in time for New Year's Eve. The renovations are part of Jacobs Entertainment's broader investment in downtown Reno, with projects also being done on the J Resort and the J Resort's Reno Neon Line. Five parcels of land tied to the Reno Kimpton project were sold in a quiet auction at the Washoe County, NV courthouse steps. The trustee sale resulted in only one bidder, Court Street Ventures LLC, bidding $1 million. This is the LLC that triggered the foreclosure sale of the parcels over an $11.3 million loan to project developer CAI Reno Hotel Partners LLC, which went into default last year. Court Street Ventures is still locked in a legal battle with CAI over the Reno Kimpton project's bankruptcy, but Court Street said they plan to sell the property so they can recover as much as they can. CAI filed for Chapter 11 last year while continuing operations. Court Street wants it converted to a Chapter 7 to bring in a trustee to oversee and liquidate assets. A decision on the bankruptcy case will be made on June 2. CAI said they reached out to Court Street, offering a $2 million payment and payments of $1 million per month to delay the trustee sale until June 20th, but the offer was rejected. The 73-room Cobblestone Hotels & Suites has opened in Foley, Alabama. Eddie Spence of Gulf Shores is a partner with Cobblestone on the $10 million hotel development. This is the second Cobblestone hotel in Alabama. Cobblestone said they also plan to break ground on a 54-unit hotel off the two square in Bay Minette, with Spence also being a partner there. Personnel News Remington Hospitality announced the appointment of Ben Perelmuter as their new Chief Executive Officer effective June 2. Perelmuter joins Remington from TPG Hotels & Resorts where he was President and Chief Operating Officer. Perelmuter succeeds Dean Sloane who served as CEO for the past eight years. He announced in April he was leaving. Dreamscape Hospitality announced the appointment of Ryan Miyamoto as Vice President of Operations. He will oversee the operational performance of Dreamscape's portfolio. Miyamoto spent the past 18 years with Aimbridge Hospitality in various capacities, most recently as VP of Operations. Europe Highlights Hyatt Hotels has opened its first hotel in Croatia, the Hyatt Regency Zadar, located on the Adriatic Coast, close to Zadar's UNESCO-listed Old Town. Hyatt Regency Zadar features 133 guestrooms and suites, dining spaces, and over 7,965 square feet of event space.
Yahoo
10-05-2025
- Business
- Yahoo
Why ‘Rich Dad' Robert Kiyosaki Is Buying Silver Right Now — Should You Invest, Too?
Stock market turbulence might be bad for equity investors, but it's usually good for people who invest in precious metals such as silver and gold. Among the latter is financial author Robert Kiyosaki, who recently praised silver in a post on X. Read More: Find Out: In the post, dated April 22, Kiyosaki called silver the 'biggest investment bargain' today. 'Gold has already hit all time highs,' he wrote. 'I have plenty of Bitcoin. And silver is still 50% below its all time high … today about $35 [an ounce]. I believe silver will [increase] 2X to $70 this year.' That's a pretty bold prediction — and one many experts might find overly optimistic. Since Kiyosaki wrote those words, the price of silver has fallen below $35 an ounce. It would have to skyrocket in a hurry to reach $70. However, there are reasons silver might be a good investment right now. Like gold, silver is considered a safe haven when stocks are volatile because of the metal's inherent value and its application in different industries. Silver is also considered a hedge against economic uncertainty, and the world has seen plenty of that due to President Donald Trump's sweeping tariff plans. 'Precious metals, including silver, have benefited from the volatility created by the Trump administration's constant tariff threats since the beginning of the year,' the Investing News Network (INN) noted in an April blog. 'These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.' Discover Next: The upshot is that silver prices have mostly been on the rise in 2025 despite occasional choppiness. Silver traded at $32.85 an ounce as of early Wednesday, May 7, according to data from Kitco. That's up from $28.90 at the close of 2024 — a gain of about 14%. That's a very strong gain when compared with the stock markets, which are down for the year despite recent momentum. But silver's price gain still lags behind that of gold, which could be why Kiyosaki calls silver a 'bargain.' As Barron's reported this week, market dynamics could be shifting in silver's favor. A recent Wall Street winning streak led some investors to sell gold because its price has risen so high. One advantage silver has over gold is that it has a 'wider range' of industrial uses, Barron's noted. This could help boost its price in the coming months, which means buying now would be a profitable move. But there is an important wild card to consider: the economy. One fear is that Trump's tariffs will create a global trade war that will ultimately lead to a recession. This, in turn, could cause a slowdown in global manufacturing, which would lower demand for silver's industrial uses and send its price south. So far, that hasn't happened. But things could change quickly if Trump's tariffs lead to a trade war. 'There is a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,' Peter Krauth, editor of the Silver Stock Investor told the INN last month. This scenario could lead to lower silver prices a few months down the road. For now, though, silver continues to trend higher, and many experts suggest it is still a good time to buy. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines Sources: Robert Kiyosaki, X Nasdaq/Investing News Network, Silver Price Update: Q1 2025 in Review Barron's, Gold Prices Are Crushing Silver. Why That Could Change Soon Kitco, Live Charts Silver This article originally appeared on Why 'Rich Dad' Robert Kiyosaki Is Buying Silver Right Now — Should You Invest, Too? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Business
- Yahoo
MetLife Inc (MET) Q1 2025 Earnings Call Highlights: Strong Earnings Growth Amid Regional Challenges
Adjusted Earnings: $1.3 billion or $1.96 per share, up 7% from the same period a year ago. Adjusted Return on Equity: 14.4% for the first quarter. Direct Expense Ratio: 12% for the first quarter. Group Benefits Adjusted Earnings: $367 million, up 29% from the prior year period. Retirement and Income Solutions Adjusted Earnings: $401 million in the quarter. Asia Adjusted Earnings: $374 million, down 12% from the same period a year ago. Latin America Adjusted Earnings: $218 million, down 6% from the year-ago period. Capital Returned to Shareholders: $1.8 billion through common stock dividends and share repurchases. New Share Repurchase Authorization: $3 billion, with total board authorization at $3.4 billion. Cash and Liquid Assets: $4.5 billion at holding companies, above the target cash buffer of $3 billion to $4 billion. US Statutory Adjusted Capital: Approximately $16.4 billion as of March 31, 2025. Japan Solvency Margin Ratio: Expected to be approximately 725% as of March 31. Warning! GuruFocus has detected 7 Warning Signs with INN. Release Date: May 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MetLife Inc (NYSE:MET) reported adjusted earnings of $1.3 billion or $1.96 per share, up 7% from the same period a year ago. The company saw favorable underwriting, good volume growth, and better variable investment income in the quarter. MetLife Inc (NYSE:MET) announced a significant risk transfer deal with Talcott Resolution Life Insurance Company to reinsure approximately $10 billion of US retail variable annuity and rider reserves. The company returned around $1.8 billion to shareholders through common stock dividends and share repurchases in the first quarter. MetLife Inc (NYSE:MET) has been named among the 100 best companies to work for by Fortune for the third year in a row. Adjusted earnings in Asia were down 12% over the same period a year ago due to lower underwriting margins and higher taxes. Latin America adjusted earnings were down 6% from the year-ago period, impacted by foreign exchange rates. The company experienced a decline in spreads in the RIS business due to lower rates and a flatter curve than expected. MetLife Holdings adjusted earnings were down 3% due to the runoff of the business. The company faced challenges in the current environment, making it difficult to predict private equity returns. Q: Can you explain the decline in spreads in the Retirement and Income Solutions (RIS) business and whether this trend will continue? A: John McCallion, Executive Vice President and CFO, explained that the decline in spreads was due to the roll-off of interest rate caps and unexpected paydowns in higher-yielding structured securities. Despite these challenges, growth in liability balances exceeded expectations, and spreads are expected to stabilize in the second quarter. Q: How is the current economic environment affecting MetLife's capital management and expense strategy? A: Michel Khalaf, President and CEO, stated that while the possibility of a recession has increased, MetLife's strategy remains unchanged. The company continues to focus on executing its strategic pillars and managing discretionary expenses, while maintaining confidence in its financial standing and capital management actions. Q: Can you provide details on the risk transfer deal with Talcott Resolution Life Insurance Company? A: Ramy Tadros, Regional President, U.S. Business, explained that the deal involves reinsuring approximately $10 billion of US retail variable annuity and rider reserves. This transaction aligns with MetLife's strategy to reduce tail risk and capital requirements, while the economic value received was in line with expectations. Q: What is the outlook for MetLife's group benefits business, particularly in terms of premium growth? A: Ramy Tadros noted that the reported 2% growth was impacted by favorable mortality in participating contracts and dental rate actions. Excluding these factors, underlying growth was about 4%. The company expects full-year growth to align with its 4% to 7% guidance, with no change to the earnings outlook. Q: How is MetLife's Asia business performing, and what are the expectations for sales growth? A: Lyndon Oliver, Regional President, Asia, reported a strong start to the year with a 10% increase in sales across the region. Japan showed sequential growth, and a new product launch in the bank channel is expected to sustain momentum. Sales in other Asian markets, particularly China and Korea, were also robust. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
San Francisco Chronicle
30-04-2025
- Business
- San Francisco Chronicle
Summit Hotel Properties: Q1 Earnings Snapshot
AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations. The Austin, Texas-based real estate investment trust said it had funds from operations of $27.4 million, or 22 cents per share, in the period. The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 21 cents per share. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization. The company said it had a loss of $4.7 million, or 4 cents per share. The real estate investment trust specializing in higher end hotels, based in Austin, Texas, posted revenue of $184.5 million in the period. _____
