Latest news with #SamSchwartz
CBS News
20-05-2025
- Business
- CBS News
NYC congestion pricing shutdown deadline set for Wednesday. What the data shows about the program.
Wednesday is the deadline set by the Trump administration for New York Gov. Kathy Hochul to cancel the program or lose some federal funding. It comes as data shows traffic has increased in the congestion zone. What the data says about congestion pricing The latest stats from the MTA show there were about 410,000 vehicles entering the congestion zone on the first day of its launch, but on Saturday, May 10, that number jumped to more than 524,000. It was a slow go on 10th Avenue on Tuesday near the Lincoln Tunnel. Uber driver Victor Pinales says in the last week it has been taking him 30 minutes just to earn a few bucks. "You pay a lot of money for congestion fee and the traffic not change. It's a mess," Pinales said. Still, the MTA says the average vehicle entries in April were still 12% less than before congestion pricing. Despite that, U.S. Transportation Secretary Sean Duffy wants the program canned by Wednesday, writing to Gov. Hochul last month the $9 toll is "... a breach of promise made to the hardworking American taxpayers whose gas taxes have funded the existing federal-aid highway system in this area." Non-compliance, he wrote, could lead to no approvals for projects in Manhattan, unless they are essential for safety. Former city DOT Commissioner Sam Schwartz said that includes, "Jobs like Second Avenue Subway or other transit jobs, and there was even in the secretary's letter a threat to highway funds that includes the BQE in Brooklyn, the Cross Bronx Expressway." Hochul told CBS News New York, "Congestion pricing is lawful -- and it's effective. Traffic is down, business is up, and the cameras are staying on." Read more: DOJ admits case against congestion pricing in NYC is weak in internal memo The U.S. DOT did not get back to CBS News New York with a comment about Wednesday's deadline. The impact on businesses in the congestion zone At Carnegie Diner and Café on Eighth Avenue near 50th Street, the owner said congestion pricing has lead to an 11% drop in customers. "We work with less people, so we're losing a little bit of labor hours and labor force," Stathis Antonakopoulos said. "Usually after Easter holidays it should start and we haven't seen it decrease." But some say congestion pricing has improved business in their area. Barrett Gross is the president and CEO of Zafferano America on Varick Street, outside the Lincoln Tunnel, inside the Hudson Square Business Improvement District. "There's been a reduction in the days of intense congestion," Gross said. "It is easier to travel around the city. The new normal isn't as congested as the normal used to be, for sure." "We're definitely seeing that change is wonderful for everyone's sort of sanity, not hearing honking all the time," added Samara Karasyk, president and CEO of the Hudson Square Business Improvement District. "Pedestrian foot traffic is up 11% year over year. Also, we have a 17% increase in average weekday subway ridership."
Yahoo
20-05-2025
- Business
- Yahoo
First Hospitality opens up investment arm, targets $400M for hotel acquisitions
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. First Hospitality 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 Chicago-based firm announced in a release obtained by Hotel Dive. First Hospitality anticipates that the GP Fund will supply sponsor capital for investment in six to 10 hotels over the next two to three years, targeting 150- to 350-key premium-branded or independent lifestyle hotels in growth markets. First Hospitality CEO David Duncan told Hotel Dive that while the firm favors regions with strong demographic trends and diverse demand drivers for investment, it will operate with a flexible approach to geography 'in which we place greater emphasis on the asset-level story than on fitting within a predefined market thesis.' 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. Collectively, the three executives have led more than $10 billion in hospitality transactions, according to the release. 'Approximately 20 percent of the fund will be our own capital, giving the firm and its senior leaders substantial skin in every transaction,' Sam Schwartz said in a statement. Since launching in 1985, the First Investors platform and its affiliates have completed 45 hotel transactions and currently own joint-venture positions in 18 hotels spanning 3,100 keys. First Investors 'benefits from direct alignment' with First Hospitality's operating platform, 'providing early visibility into local market dynamics and operational trends well before they appear in public data,' Duncan said in a statement. 'This vertical integration provides a differentiated advantage for our investors, particularly in today's market environment, where dislocation is creating some very unique investment opportunities.' Duncan told Hotel Dive that First Investors expects the national transaction environment to 'remain relatively stagnant in the near-term. 'As a result, we believe the most compelling hotel investment opportunities will be idiosyncratic — one-off dislocations at the asset level, often driven by distress at the property or capital structure,' he added. Duncan said the GP Fund will be particularly drawn to assets 'where the demand fundamentals align with our operational strengths, regardless of location.' Though some real estate investment trusts scaled back hotel investments in recent months, urban hotels in particular have remained a favored target for acquisitions, according to JLL research released last week. 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
Travel Daily News
19-05-2025
- Business
- Travel Daily News
First Hospitality launches First Investors
First Hospitality launches First Investors platform and $400m. GP fund, opening hotel investment to external partners amid strategic U.S. market opportunities. CHICAGO, IL – First Hospitality introduces First Investors, its dedicated hotel real estate investment platform, which has powered the company's lodging acquisitions and development for more than four decades and is now open to qualified outside investors. Concurrently, the firm also unveils First Investors GP Fund, which expects to supply sponsor capital for a targeted $400 million in U.S. hotel investment over the next 12 to 36 months. The platform is led by Chief Executive Officer David Duncan and governed by a seasoned ownership group: Sam Schwartz, Executive Chairman; Stephen Schwartz, founder and Chairman Emeritus. Collectively, the three executives have led more than $10 billion in hospitality transactions across value-add, ground-up, and adaptive-reuse strategies. Since 1985, First Investors and its affiliates have completed 45 hotel transactions, generating a 3.9x multiple of invested capital with an IRR over 20% on realized exits and currently own significant joint-venture positions in 18 hotels totaling 3,100 keys. Current representative investments include the Hiltons at McCormick Place (Chicago, IL), Hotel LeVeque, Autograph Collection (Columbus, OH), Tempo by Hilton Louisville Downtown NuLu (Louisville, KY), and the newly opened Hotel Ardent, a Tapestry Collection (Dayton, OH). 'First Investors benefits from direct alignment with our operating platform, providing early visibility into local market dynamics and operational trends well before they appear in public data,' said David Duncan, CEO of First Investors. 'This vertical integration provides a differentiated advantage for our investors, particularly in today's market environment, where dislocation is creating some very unique investment opportunities.' First Investors will focus on deploying the GP Fund alongside a select group of existing capital partners and other sophisticated investors into a portfolio of six to ten hotels, targeting 150 – 350-key, premium-branded or independent lifestyle assets located in growth markets with multiple demand generators. The firm will apply its proven value-creation playbook, which includes: Proprietary Sourcing – Draw on over four decades of experience, deep industry relationships, and a national footprint to identify off-market and strategically positioned opportunities where investment basis supports attractive risk-adjusted returns. Disciplined Capital Deployment – Maintain a selective, fundamentals-driven approach, aligning each investment with an appropriate capital structure that supports both near-term execution and long-term value creation. Integrated Value Creation – Utilize First Hospitality's operational platform to execute targeted capital improvements and operational enhancements, accelerating repositioning efforts and driving sustained cash flow and value growth. What sets First Investors apart is the fusion of institutional-grade underwriting and disciplined execution, driven by real-time insights from First Hospitality's award-winning management platform. This is paired with an entrepreneurial approach and a flexible capital structure, that has allowed First Investors to deliver strong, cycle-resilient results for its partners. 'Our GP Fund is all about alignment – approximately 20 percent of the fund will be our own capital, giving the firm and its senior leaders substantial skin in every transaction,' said Sam Schwartz, Executive Chairman of First Investors. Stephen Schwartz, Chairman Emeritus of First Investors, added: 'Bringing this platform to outside investors is the natural evolution of work we've been doing privately for 40 years through five lodging cycles.'
Travel Daily News
06-05-2025
- Business
- Travel Daily News
First Hospitality celebrates their top performing General Managers
Top-performing First Hospitality General Managers recognized with exclusive international retreat for excellence in hotel leadership and performance. CHICAGO – First Hospitality, a national hotel operating, management, and development company, recognized its 2024 Inner Circle winners during a weeklong trip to Panama from March 15 – 21, 2025. Each year, First Hospitality's Inner Circle Award recognizes the top-performing general managers across the company's portfolio. The Inner Circle Award is presented to 10 general managers who demonstrate outstanding performance across a comprehensive range of hotel metrics. Selection criteria includes room and total revenue versus budget, RevPAR index and rank, gross operating profit margins, flex and flow, guest service scores, brand quality assurance results, associate satisfaction, and turnover rates. Winners of the Inner Circle Award are treated to a weeklong international trip, with Panama serving as this year's destination. Each winner was invited to bring a guest, for an all-expenses-paid experience that included accommodations at the Waldorf Astoria Panama, roundtrip airfare, meals, beverages, and a range of curated activities. Highlights of the itinerary included a visit to the 'Biomuseo' and Miraflores Locks at the Panama Canal, an Embera cultural immersion, a beach day on Mogo Mogo Island, and more. First Hospitality's President and CEO, David Duncan, and Executive Chairman Sam Schwartz joined the group during the late-March trip. 'The Inner Circle trip is our way of recognizing the outstanding general managers who lead with excellence across every facet of hotel performance,' said David Duncan. 'It was an honor to celebrate their achievements in Panama. The trip has become a standout moment on the company calendar – a meaningful way to recognize top performers while deepening connections across the First Hospitality team.' Demonstrating its commitment to a People First culture, First Hospitality promoted over 150 team members in 2024. The company also saw a 9-point increase in employee retention compared to industry peers, along with a 16-point lead in Great Place to Work ratings – clear reflections of First Hospitality's continued focus on associate satisfaction and development. Additional marquee awards honoring associates include First Hospitality's Live Free Drive Free Award, honoring associates who achieve perfect attendance for an entire calendar year. More than 1,000 associates qualified for this award in 2024, representing nearly 30% of all associates, a new record for the company. Winners receive the choice of a new car and auto insurance for one year, or have their rent or mortgage paid for one year, up to $1,500/month. This year's winner selected Live Free. The Pace Setter Award honored five sales leaders who not only exceed their annual team booking goals, but also significantly grew BT and Group RevPAR share. 'Our talented associates are the backbone of First Hospitality,' said David Duncan. 'Their dedication and passion for delivering exceptional guest experiences are what drive our success. Our marquee awards spotlight their hard work and reflect the strong culture we've built together.'
