DALLAS – Remington Hotels, an independent hotel management company and wholly-owned portfolio company of Ashford, has acquired privately held Chesapeake Hospitality, a third-party hotel management company. Ashford is acquiring Chesapeake for an initial consideration of $15.75 million. Chesapeake is known for creating asset value by performing re-brandings and re-positionings, and has a reputation for helping client hotels improve guest experiences and overall performance.
According to a press release, the strategic transaction is expected to increase the scale of Remington’s hotel management business while expanding Remington’s geographic footprint to complementary Midwestern markets, including Pittsburgh, Milwaukee, Detroit, and St. Louis. Further, the acquisition adds several IHG Hotels & Resorts to its portfolio, as well as the 877 key Showboat Atlantic City, which will be the largest hotel in Remington’s portfolio.
The combined company will operate under the Remington brand and will be focused on leveraging its enhanced scale to pursue growth opportunities, including the continued expansion of hotel management business to third parties. This transaction also diversifies Remington’s client base away from the Company’s advised REITs. As a result of the acquisition, Remington’s mix of third party hotels will increase from approximately 20% to approximately 40%.
“Though the hospitality space has faced massive challenges over the past few years, Remington has remained steadfast in its commitment to being the best hotel manager in the industry,” commented Remington president and CEO Sloan Dean. “By melding Chesapeake’s culture and know-how with ours, we believe we are well-positioned to cultivate even stronger relationships with our properties’ owners by providing them with more resources, better economies of scale, and a more satisfying guest experience.”
“I’m so proud that Chesapeake is joining Remington, a company that is known for its stellar results and has made a real cultural shift in the hotel management space,” said Chris Green, former president and CEO of Chesapeake and newly appointed divisional president of Remington Hotels. “This partnership will be a practice in blending two companies that have operated in different geographical lanes and have a steadfast commitment to doing what is best for their clients and employees. I’m looking forward to taking the service our clients know and love to the next level as we access the resources Remington has to offer.”
TSA Preparing For Spring Travel
CHARLOTTESVILLE, VA – The Transportation Security Administration (TSA) has seen travel volume increase this spring compared to last year, according to a recent press release. Nationwide TSA officers are screening between 2 to 2.3 million people daily, which is a large increase from last year, but still down significantly from 2019, when closer to 2.5 million people were screened daily during the spring and summer.
At Charlottesville-Albemarle Airport, TSA is currently screening about 70 percent of the volume screened pre-pandemic, however checkpoint volume continues to pick up. “Travelers who are headed out on a vacation typically are not as familiar with security checkpoint protocols, especially when it comes to knowing what is permitted to be carried through a security checkpoint,” said Robin “Chuck” Burke, TSA’s federal security director for the airport. “We strongly recommend that travelers arrive at the terminal well before their scheduled flight. Here at Charlottesville, I recommend that travelers arrive 90 minutes in advance of their scheduled flights. It’s also important to come prepared for security screening. That means knowing what should and should not be packed in a carry-on bag or checked bag. That’s why we stress that you need to ‘know before you go.’ The TSA web site has a lot of helpful information on preparing for a flight.”
IHG Hotels & Resorts’ Atwell Suites opens in Miami
IHG Hotels & Resorts’ first-ever Atwell Suites opens in Miami
MIAMI – IHG Hotels & Resorts (IHG) and Sunview Companies officially opened the world’s first Atwell Suites property with the 90-room Atwell Suites Miami Brickell. The dual-branded hotel is in Miami’s bustling Brickell neighborhood and situated on the top floors of the building shared with the Hotel Indigo Miami Brickell, which opened in March 2021.
Atwell Suites is IHG Hotel & Resorts’ newest brand in the all-suites upper-midscale category, created to fill a growing need in the hospitality space for design and space that supports longer stays and easily transitions between business and leisure. The first-ever Atwell Suites hotel opening in Miami brings a new kind of all-suite accommodations to the coastal metropolis – with a modern and fresh aesthetic where guests can recharge, connect, and easily immerse themselves in the destination.
Voted as one of the “coolest neighborhoods in the world,” Brickell is famous for world-class dining, arts, and entertainment. Atwell Suites Miami Brickell features proximity to the city’s shopping, nightlife, restaurants, and attractions, as well as the Port of Miami, FTX Arena, and Miami Metro rail.