Marriott International, Inc. saw a record year of global signings in 2023, with 52 percent more rooms signed from 2022 and a net room growth of 4.7 percent, signaling the pandemic’s trend of slow development is at its end.
03.01.2024 - 08:59 / traveldailynews.com / Theodore Koumelis
Following the acquisition of the SpringHill Suites Las Vegas Convention Center, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms geographically diversified throughout 38 states.
RICHMOND, VA. – Apple Hospitality REIT, Inc. announced the acquisition of the 299-room SpringHill Suites by Marriott Las Vegas Convention Center for approximately $75 million, or $251,000 per key.
“Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “In addition to robust leisure demand, the Hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space. The attractive purchase price is just under a 10.7x multiple on trailing twelve-month Hotel EBITDA. With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”
The SpringHill Suites Las Vegas Convention center opened in October 2009 and is located at 2989 Paradise Road, Las Vegas, Nevada. Adjacent to the newly expanded Las Vegas Convention Center, the Hotel features premium amenities including spacious guest rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. The Hotel is steps away from the gaming, dining and entertainment venues of the Las Vegas Strip and convenient to Allegiant Stadium, T-Mobile Arena, MGM Grand Garden Arena and Las Vegas Ballpark. According to data provided by STR for the trailing twelve months ended November 30, 2023, as compared to the same period of 2022, revenue per available room (“RevPAR”) for the Las Vegas Strip, NV submarket improved by more than 18%.
As previously announced, the company continues to have two additional hotels under contract for purchase:
There are many conditions to closing on each of these hotels that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his
Marriott International, Inc. saw a record year of global signings in 2023, with 52 percent more rooms signed from 2022 and a net room growth of 4.7 percent, signaling the pandemic’s trend of slow development is at its end.
No matter which teams end up going to the Super Bowl, this year’s game could be the biggest ever — Las Vegas will host the title match-up for the first time. For perspective, the city is already the world’s biggest destination for Super Bowl Sunday, with about 300,000 people annually flooding the hotels, sports books and restaurants. Add the excitement of proximity, and analysts estimate that number could go up to 450,000 visitors by kickoff on Feb. 11.
It just got a little more expensive to stay at many popular casino hotels. MGM Resorts, the parent company of some of the largest casinos and hotels in Las Vegas, recently increased resort fees at many of their properties, with some topping out at $50. The fees, which are added after a reservation is made, drive up the total cost of a reservation. The increase will vary between $2 and $6 per night, depending on the property, MGM Resorts shared with Travel + Leisure. Specifically, at the MGM Grand Las Vegas the resort fee, now $45, provides services such as unlimited local and domestic phone calls, airline boarding pass printing, digital newspaper, fitness center access and in-room Wi-Fi. The fee also provides complimentary access to Paramount+ with SHOWTIME On Demand, with the in-room television. Here are the current resort fees at MGM Resorts: ARIA Resort & Casino — $50.00 Bellagio Hotel & Casino — $50.00 Delano Las Vegas — $45.00 Excalibur Hotel & Casino — $37.00 Luxor Hotel & Casino — $37.00 Mandalay Bay — $45.00 MGM Grand Las Vegas — $45.00 New York-New York Hotel & Casino — $42.00 NoMad Las Vegas — $42.00 Park MGM — $42.00 Vdara Hotel & Spa at ARIA Las Vegas — $50.00
Months after Marriott International's and MGM Resorts' partnership was initially announced over the summer, the two powerhouse brands have revealed more details regarding their collaboration and what it will mean for it's members.
A lucky traveler hit the jackpot at the airport in Las Vegas, Nevada. Inside of the Harry Reid International Airport in Las Vegas there are hundreds of slot machines where travelers can press their luck when departing or arriving on a flight into the famed gaming town. The airport most recently announced a $1,031,200 winning play at one of the slot stations. The jackpot took place on Friday, Jan. 12, 2024, and was at the «Wild Wild Buffalo Penny Game.» The machine is located in Las Vegas Airport’s D Gates, which services Air Canada, American, Breeze, Condor, Delta, Flair Airlines, Frontier, Hawaiian Air, Sun Country Airlines, United, Lynx, and WestJet. The traveler appeared to only make a $3 bet on the slot, according to a photograph shared. The big win garnered excitement from people, such as one social media user commenting, “$3 bet? Oh holy Buffffffffaaaallllllooooo!!” In September, a woman from Texas won over $643,435 on a Wheel of Fortune themed slot machine inside of the Las Vegas Airport. The Las Vegas Airport slot machines have become lucrative business, generating over $1 billion in all-time revenue, which can help lower the cost of airport maintenance, according to local outlet, the Las Vegas Sun. “When you land at Harry Reid International Airport you know you're in Las Vegas when you see and hear the sights and sounds of slot machines,” the airport shares about the slot machine experience. The airport, which recently celebrated its 75th anniversary, has experienced a 9.4% traffic increase for most of 2023, with over 52 million passengers, according to statistics. For passengers looking to explore Las Vegas' airport, but not seeking to gamble, the airport recently opened several new shops including a Johnston & Murphy shoe store, and a Vera Bradley retail shop.
Southwest Airlines wants to help travelers get away this winter by offering a nationwide sale that has one-way flights starting at just $39.
Specifics are finally emerging regarding an upcoming partnership between the world's largest hotel company and the largest operator of casino resorts.
For football fans, the countdown is on: There's less than a month until the 2024 Super Bowl in Las Vegas.
This year marks the 40th anniversary of the Sundance Film Festival. It’s a big milestone for the festival, which takes place January 18-28 in Park City, Utah. The years following COVID have been muted, with parts of the festival taking place virtually. This, of course, impacted party attendance and the overall festival vibe, which traditionally does a full takeover of Park City’s historic Main Street corridor. The sense is that 2024 will restore Sundance to its full capacity, which also means Hollywood will truly bring the party to Park City this year.
The Apple Vision Pro can help users explore new places virtually and relive travels from the past.
Las Vegas is one of the most popular tourist destinations in the world. And it was essentially designed to take your cash.
The Venetian Resort Las Vegas is revamping its loyalty program in March, replacing its Grazie Rewards program.