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HVS International - Press Release - January 10, 2006
HVS International Forecasts 2006 With Continued Activity
2005 Proved Banner Year for the Global Hospitality Firm - The Year of the
Portfolio Transaction!
FOR IMMEDIATE RELEASE
January 10, 2006
Steve
Rushmore, President and Founder of HVS International, the leading global
hospitality services and consulting firm proudly announces that 2005 proved
a record-breaking year for the company internationally. Worldwide, the firm
was engaged in approximately 3,000 assignments that nearly doubles the business
generated in 2004.
"In the New York office alone," Rushmore explains, "We were
engaged in nearly 650 consulting and services assignments, which exceeds 2004's
total of just under 500, and is the largest number of assignments for us since
1997."
"There were two underlying forces which guided the activity of last
year. First, there was a large number of actual sales of hotels, the most
we’ve seen since 1996 or 1997 when the REIT's were in major acquisition
mode. And there was much more buying and selling of multiple hotels at one
time. Second, clients who were not buying or selling hotels were refinancing
thanks to the favorable interest rates. So the need for our consulting and
services was very much in demand."
Record Breaking Year
In the United States, HVS was involved in every major portfolio transaction
– from four premier resorts worth more than $1 billion, to a collection
of 650-limited service hotels. HVS participated in the highest per room hotel
transaction of 2005, and appraised the two largest ski resorts in the US.
The internal due diligence for Turnberry Associates with regard to the acquisition
of the famed Fountainebleau Hotel on Miami Beach, as well as appraisals for
other marquee properties such as La Costa, Meadowood Resort and The St. Regis
Monarch Beach were also conducted by HVS.
New Geographical and Academic Areas of Expertise - We
Cover the World!
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The three largest transactions in Canada were appraised
by HVS;
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HVS' European offices consulted for and served hotel
and hospitality clients involved in many of the landmark transactions during
the year, greatly increasing our penetration in Russia and Croatia, and
strengthening our lead as the provider of hotel valuation and advisory services
throughout Europe;
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The volume of our work in the Middle East doubled during
the year. Middle East and Africa advisory work included the US$ 10 billion
Blue City development in Oman and the latest proposed 'seven-star' Trump
Hotel on Palm Island in Dubai. The team has also successfully closed various
operator search deals in the region.
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HVS Hodges Ward Elliott, the firm's European hotel brokerage
and investment banking firm, was involved in a number of significant transactions
including the highest ever price sale of any hotel in Russia;
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The firm's Convention, Sports and Entertainment Facilities
consulting practice participated in engagements in Egypt, Switzerland and
China;
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The São Paolo office was largely responsible for
the establishment of the tourism destination and infrastructure of the Itacaré
region in Bahia;
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HVS' Gaming Consulting team performed appraisal work
for the existing Sands Macao and the proposed 10 million square foot Venetian
Macau;
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Timeshare Consulting conducted a study of fractional
developments in the Caribbean in order to assist a client with his development
of the Dellis Cay Island which he purchased in Turks & Caicos;
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In Australia and New Zealand, HVS was involved in the
valuation of the IHG portfolio, the largest transaction in Australia in
2005; The Sydney office also consulted for and valued projects in French
Polynesia, New Caledonia and Vanuatu as well as about a dozen projects in
Fiji;
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The San Francisco office developed a model for valuing
condominium hotels and performed such studies in several major resort destinations,
including Carmel, Cabo San Lucas, Kauai, Palm Springs and San Diego;
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Food & Beverage Consulting Services continues to
bring its expertise to the redevelopment of historic hotels and restaurants;
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HVS/American Hospitality Management Services has restructured
how each of the hotels in its portfolio are managed at the corporate level
- for even stronger cost efficiencies and responsiveness.
We are the Industry Leaders - in Worldwide Hospitality Investment Conferences:
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The Singapore office has pioneered the China Hotel Investment
Summit in Shanghai, successfully networking more than 300 attendees from
16 countries;
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New Delhi's office coordinated the first Hotel Investment
Conference for South Asia (HICSA) in the Spring of 2005, and plans are already
underway for the second annual meeting.
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HVS was selected by the Village of Schaumburg, Illinois
to provide comprehensive asset management services related to the 500-room
Renaissance Hotel and 140,000 square foot Convention Center that is scheduled
to open in mid-2006;
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The Marketing Communications service handled the public
relations efforts for New York's famed Paramount Hotel as well as for convention
bureaus and hospitality companies, while assembling the sales and marketing
plans for Six Flags' indoor water park hotel in Lake George, the Hampton
Inn & Suites in Richmond, Virginia, the Radisson in New Rochelle, NY
and André Balazs' Hotel QT in Times Square;
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HVS' Restaurant Management & Advisory Services was
engaged by Cereality Operators, Inc. to oversee all company-owned retail
foodservice operations and to assist the emerging concept for franchise
expansion;
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The Timeshare Consulting practice was active in the ever-changing
landscape of Ft. Lauderdale Beach - providing services and advice for the
W Hotel and Condo Residences and the potential structuring of the planned
St. Regis as a condo-hotel;
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HVSCompass Interior Design collaborated on two Hilton
Garden Inns in Boston, the Crowne Plaza Ravinia in Atlanta and a Sheraton
in Ocean City, Maryland;
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The Executive Search team completed a number of corporate
governance counseling assignments for some of the industry's top public
companies;
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HVS Technology Strategies launched two new products for
hospitality - "Technology Master Plans" and "Outsourced CIO
Services;"
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Golf Services appraised a portfolio of 35 courses and
several of the trophy golf resorts in the United States, including La Quinta,
PGA West, The Club at Cordillera, Doral, as well as a renowned resort which
recently hosted a US Open;
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HVS/The Ference Group developed a program entitled "Business
Health-Growing Profits and Developing Human Capital" which focuses
on operational reviews of systems and processes in order to improve efficiencies
and develop managerial effectiveness. Its "Vertical Dashboard"
tool gains real time feedback on employee performance levels with regard
to ten critical management skills;
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HVS/Ultimate Hotel Parking Solutions completed its first
year of parking asset management for Starwood, improving parking profitability
at select Starwood properties by 20%, with certain assets enjoying as much
as a 65% increase.
25 Years and Still Growing Strong
Steve Rushmore celebrated 2005 as HVS International's 25th year in business.
"From our humble beginnings on (coincidentally) Hilton Avenue, in Garden
City, Long Island to an organization of 23 offices in 10 countries, offering
expertise in a myriad of hospitality consulting services, I am pleased that
HVS has earned the respect of our industry worldwide," Rushmore says.
HVS enjoyed 25th Anniversary galas in New York, Toronto, London, Berlin, Dubai,
Monaco, among other cities, and will this month celebrate in Los Angeles,
a party hosted by the HVS San Francisco office in conjunction with the ALIS
Investment Conference, of which HVS International is an active sponsor.
Established in 1980, HVS International's experts literally wrote the book
on how to value hotels, timeshares, restaurants and more. Hotel owners, operators,
lenders, banks, and management companies all turn to HVS as the respected
authority on hospitality. We possess detailed knowledge and experience in
the markets where we have a presence and regions in between. Whatever the
real estate or consulting need, HVS associates possess experience in a wide
range of hospitality and operational disciplines. Our entrepreneurial mindset
and company-wide philosophy allows us to think as if we were owners and operators
ourselves. We know this best suits our clients' needs.
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