Remington Hotels Announces New Management Agreement with Springhill Suites Austin West/Lakeway by Marriott
DALLAS — Remington Hotels, a leading third-party management company, has assumed management of the SpringHill Suites Austin West/Lakeway by Marriott in Lakeway, Texas. The 88-room property opened in August 2020 as a top business and leisure offering in the area. The all-suite hotel equips guests with maximum room to spread out with separate areas to live, work and sleep. Guestrooms include comfortable beds with soft linens, SpringHill Suites’ custom, three-in-one West Elm sofas which convert for additional sleeping space, and well-lit desks accompanied by a West Elm Swivel Chair.
Corcoran Awarded for Lifetime Achievement at Lodging Conference
PHOENIX — Thomas J. Corcoran Jr., president/CEO of TCOR Hotel Partners, has received the 2019 Above and Beyond Lifetime Achievement Award. The award was presented at The Lodging Conference on Sept. 24, here in Phoenix. The Above and Beyond Lifetime Achievement Award recognizes an individual who has provided outstanding, life-long contributions to the hospitality industry. Corcoran is an experienced professional in the U.S. lodging industry, with 40 years as a senior hospitality executive.
HospitalityVIEW Launches, Brings Together Industry Execs for High-Level Insights
MINNEAPOLIS—HospitalityVIEW, a new working group of global hotel industry executives, was formed to deliver high-level insights into the future of hospitality innovation. Powered by IDeaS, provider of revenue management software and services, HospitalityVIEW (Visionary Industry Executive Working group) launched with its first virtual meeting on September 17.
Words of Wisdom
HOTEL BUSINESS -What do I possibly say here as my own words of wisdom when I am in the company of such great, experienced leaders in our industry? Not just leaders, actually. Pioneers. Visionaries. Experts. And, yes, icons of this great hospitality community: Bill Marriott, Mike Leven, Lee Pillsbury, Tom Corcoran. Gentlemen who are known by their names, their accomplishments, their survival throughout so many years and so many cycles.
New Remington CEO looks to grow third-party platform
DALLAS — Ashford and Remington have been largely synonymous in the hotel industry for some time, so news that Ashford Inc. was officially purchasing the hotel management business of Remington Hotels in November wasn’t surprising, as it didn’t necessarily mark a sea change for either company. But newly promoted Remington President and CEO Sloan Dean III said the deal actually will have the potentially surprising effect of making his company more independent from Ashford and, as a result, more interested in growing its portfolio of third-party management deals.
Industry Honors Corcoran, Raises $580K for Shatterproof at ALIS
NEW YORK—During the Americas Lodging Investment Summit, hospitality industry executives attended a reception to honor the first recipient of the Shatterproof Hospitality Hero Award—Thomas Corcoran, president & CEO, TCOR Hotel Partners.
Alex. Brown Realty Acquires TownePlace Suites by Marriott in Northwest Dallas
BALTIMORE--(BUSINESS WIRE)--Alex. Brown Realty, Inc. (ABR) and TCOR Hotel Partners (TCOR) have announced the acquisition of the TownePlace Suites by Marriott in Lewisville, Texas. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4.4 million in the joint venture. Financing for the project will be provided by Inwood National Bank.
JV To Target Select Service And Extended-Stay Hotels
DALLAS —With a focus on the acquisition of branded premium select service hotels, TCOR Hotel Partners and TriGate Capital LLC have formed an equity joint venture for $30 million. TCOR and TriGate signed a definitive agreement for its first acquisition expected to close in late August.
How the hotel industry has changed over the past 20 years
“The availability of internet marketing has led to increased competition and has created pressure on room rates. As costs continue to rise at a higher rate, the net effect on the [net operating income] has overall been negative,” he said. “Profit margins have also decreased because of higher commissions from [online travel agencies] and increases in operating costs such as workforce, and the increased amenities demanded by consumers.” Even so, hospitality will continue to adapt, said Tom Corcoran, co-founder and chairman of the board of FelCor Lodging Trust.