Arbor Lodging Partners Acquires 12-Hotel, 1,313-Room National Portfolio

first_imgCommercial Real Estate News Arbor Lodging Partners Acquires 12-Hotel, 1,313-Room National Portfolio STAFF REPORT Published on Monday, February 3, 2020 | 4:49 pm Make a comment Top Row: L-R Hilton Garden Inn Pasadena/Arcadia, Springhill Suites Pasadena/Arcadia, Hampton Inn Irvine/Lake Forest, Hilton Garden Inn Irvine/Lake Forest. Middle Row: L-R Hilton Garden Inn Bakersfield, Hilton Garden Inn Folsom, Hilton Garden Inn Roseville, Courtyard Inn Hartford/Farmington. Bottom Row: L-R Residence Inn Hartford/Rocky Hill, Homewood Suites Wallingford, Homewood Suites Somerset, Residence Inn Mount Olive.Arbor Lodging Partners, a Chicago-based hotel investment and management company, has acquired a 12-hotel portfolio, which includes the Hilton Garden Inn Pasadena/Arcadia and Springhill Suites Pasadena/Arcadia.Both hotels are located in Arcadia but largely serve the Pasadena area.The acquisition also includes Hampton Inn Irvine/Lake Forest, Hilton Garden Inn Irvine/Lake Forest, Hilton Garden Inn Bakersfield, Hilton Garden Inn Folsom, Hilton Garden Inn Roseville, Courtyard Inn Hartford/Farmington, Residence Inn Hartford/Rocky Hill, Homewood Suites Wallingford, Homewood Suites Somerset and Residence Inn Mount Olive hotels.The acquisitions are a joint venture with GFH Financial Group B.S.C.An Arbor Lodging Partners statement said with the acquisitions, its portfolio now expands to 37 full-service and select-service hotels consisting of nearly 5,000 rooms across 21 markets in 15 states, further establishing the company’s position as a leading national player in the hospitality industry.Going forward, the hotels will be managed by Arbor Lodging Partners’ affiliate, Arbor Lodging Management.“We are thrilled to have added 12 diverse and unique properties with industry-leading franchise affiliations to our portfolio in several key markets,” Vamsi Bonthala, CEO of Arbor Lodging Partners, said. “Consistent with our strategic investment plans, we are pleased to invest in high-performing hotel markets, while concurrently continuing our own growth as an influential hotel investment and management firm.”Arbor Lodging Partners will begin renovations at each property, to include modern updates to all guestrooms, guest bathrooms, lobbies and common areas, as well as meeting spaces and food and beverage outlets.“Each hotel is well-situated in its own community and has a long history of guest satisfaction,” Sheenal Patel, Arbor Lodging Management CEO, said. “We are excited to welcome many new associates to the Arbor Lodging family and will work closely with each property team to continue to drive success by improving operations where necessary and creating memorable and engaging experiences for guests.”Through affiliates, Arbor Lodging’s portfolio consists of a range of hotels under brands such as Curio Collection by Hilton, Marriott Hotels and Resorts, Courtyard by Marriott, Hilton Garden Inn, Residence Inn, Homewood Suites, and more.For more information, visit www.arborlodging.com. Subscribe Community News Your email address will not be published. Required fields are marked * First Heatwave Expected Next Week Top of the News More Cool Stuff Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy center_img Name (required)  Mail (required) (not be published)  Website  HerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeautyZac Efron Is Dating A New Hottie?HerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeauty Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Business News Community News 2 recommendedShareShareTweetSharePin it faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Government mulls new social assistance for cash-strapped small businesses

first_imgThe government is mulling over a plan to introduce a grant, or “productive social assistance”, to help hard-hit micro, small and medium enterprises (MSMEs) amid the pandemic slowdown, according to a minister.“We hope it can help micro enterprises,” Cooperatives and Small and Medium Enterprises (SMEs) Minister Teten Masduki said in a virtual discussion on Wednesday. “The amount [of the assistance] is quite big.”However, he refused to go into further details as the plan was still under discussion. Small and medium enterprises (SMEs), which contribute to more than half of the country’s gross domestic product (GDP), have been greatly affected by the pandemic, which has forced shops, offices and factories to close to contain the coronavirus, and hit demand.The government is seeking to speed up the disbursement of the current COVID-19 stimulus for small businesses amounting to Rp 123.46 trillion (US$8.4 billion). As of Tuesday, the government had disbursed only 9.59 percent of the budget to more than 1 million cooperatives and MSMEs.The small business stimulus is part of the government’s Rp 695.2 trillion stimulus package to speed up Indonesia’s economic recovery.Teten vowed that the government was “continuing to look for a solution” with regard to designing aid for SMEs, as the number of pandemic-hit small businesses increased faster than the stimulus disbursement. The proportion of MSMEs closing their businesses due to pandemic restrictions rose by 13.1 percentage points to 49.3 percent in April from March, according to a survey of 525 respondents between April 17 and May 22 by the Asian Development Bank (ADB).As the temporary closure stripped the small businesses of their revenue, more than half of them reduced the number of employees in April. Slashing work hours and furloughing employees were the most popular responses among the small businesses.Around half of small businesses surveyed told ADB they were running out of cash or savings. The proportion of cash-strapped MSMEs in Indonesia was larger than in other surveyed countries, namely the Philippines, Thailand and Laos.“MSMEs in all of the countries reported a serious lack of funds to regain their business, especially in Indonesia,” said Shigehiro Shinozaki, a senior economist at ADB.“More concretely, in Indonesia, 88 percent of micro enterprises reported having no cash and savings, and would run out of funds in a month.”ADB also found that most small businesses reported difficulties in getting funding amid the pandemic. As a result, around 39 percent of the small businesses borrowed money from friends and relatives, while one-fourth of them used their own remaining cash or profit.To survive the pandemic-induced downturn, 46.9 percent of the MSMEs were considering asking financial institutions for debt restructuring.Most Indonesian small businesses surveyed expressed hope they could get a loan without interest and collateral, as well as cash assistance or grants.The Cooperatives and SMEs Ministry reported Tuesday that most of the small business stimulus was disbursed through state-owned banks in the form of debt restructuring funds.The second-largest spending of the stimulus was Rp 381.4 billion for investment funds for 34 cooperatives through the Revolving Fund Management Agency (LPDB). The remainder went to the interest subsidy for MSMEs via the micro loan program (KUR).Arief Ramayandi, the principal economist at ADB, said Wednesday small businesses relied on informal sources of funding because they faced issues in accessing funding from formal financial institutions such as banks.Of the surveyed MSMEs, only 1 percent stated they borrowed from banks to get working capital. Other surveyed countries showed a similar picture, with mostly less than 8 percent of small businesses getting loans from banks.“The problem of getting funding from formal financial institutions has not emerged only because of COVID-19, but it has been around all this time,” said Arief.ADB has approved a $1.5 billion loan for Indonesia’s COVID-19 response and a $3 million grant for medical supplies.The Manila-based development bank is currently processing a funding facility worth $500 million for Indonesia’s disaster response, according to Bambang Susantono, the vice president for knowledge management and sustainable development at ADB.Topics :last_img read more

Elaine Bedel selected to lead Indiana Economic Development Corporation

first_imgINDIANAPOLIS, Ind. — A Batesville High School graduate has been selected by Governor Eric Holcomb to lead the Indiana Economic Development Corporation as its president.Holcomb announced Elaine Bedel as his choice.Holcomb cites Elaine’s leadership and experience of her own financial consulting company as factors in his decision.Bedel will succeed Jim Schellinger in the role starting in February.Schellinger will become the Corporation’s chief executive officer and the Indiana Secretary of Commerce.Bedel is currently the president and CEO of Bedel Financial Consulting Inc.last_img