415 E Ash Ave, Suite D Decatur, IL 62526 (701) 271-2700

Posts on Jan 1970

A Year In Review

 

Tharaldson Hospitality Management in Decatur, Illinois has had an amazing year of growth, closing the year with an approximate 7% increase. With the openings of 5 new hotels in Kansas, California, Arizona and Nevada and an aggressive growth plan to open another 9 hotels next year, we are well on their way to becoming a leading hotel management company. With almost every hotel getting multiple guest choice awards including the TripAdvisor Certificate of Excellence, Booking.com Award of Excellence, and Expedia’s Insider Award; proving that our company is upholding our commitment to provide outstanding guest satisfaction to all our guests.  At the end of 2016, the Tharaldson Hospitality Management portfolio includes 32 hotels in 14 different states including 9 different brands from Marriott, Hilton, and IHG with a combined 3,636 rooms. Tharaldson Hospitality Management employs over 950 employees. We have completed renovations at several hotels including the Coventry Residence Inn, Roseville Springhill Suites, Roseville Towneplace Suites, Fredericksburg Residence Inn, Dayton Residence Inn, Cincinnati Fairfield Inn & Suites, and Erie Towneplace Suites.  We are proud to share all our accomplishments we have achieved over the past year and are looking forward to continuous success in 2017!

Tharaldson Hospitality Logo
Read More

Walnut Creek taps developer for upscale hotel project

Walnut Creek has chosen Illinois-based Tharaldson Hospitality Management LLC as the primary candidate for a proposed upscale hotel on a city-owned site at 490 Lawrence Way, as the East Bay hospitality market continues to see a rise in occupancy and room rates.

Tharaldson envisions a three-story, 127-key Hilton Garden Inn hotel at the site. The company now has one hotel under construction in the East Bay, a Springhill Suites and TownePlace Suites in Pleasanton.

“The city overall has an interest in realizing a hotel at that site so the council wanted to select based on all the information, the developer they thought could get the job done, and [that] presented a vision that aligned with the city,” said Ethan Bindernagel, Walnut Creek’s economic development manager.

He estimated that if a sale deal is reached, a completed hotel could be on the site within 24 months.

The council also decided on FPG Development Group as a secondary developer if a deal cannot be reached with Tharaldson. The Florida-based company is looking to build a three-story, 150-room Hilton Garden Inn (NYSE: HLT) that targets business travelers.

FPG Development has more than 70 hotels across the country, including a recently entitled 6-story, 160-room Marriott Residence Inn adjacent to the Walnut Creek BART station at 2050 N. California Blvd.

In a signal of city support for new hotel development, FPG Developmen’s downtown hotel project received a 462,000 subsidy and a deferral of various development fees. However, Bindernagel said he didn’t foresee the hotel at 490 Lawrence Way requiring additional subsidies.

Even with the increased interest from developers and East Bay city officials looking to bring hotels to their communities, financing remains the primary barrier to getting projects done, said Rick Swig, a hospitality consultant and Bay Area hotel industry expert.

“Financing is always an issue, even in this post-2008 up-cycle, hotel financing has not returned to the levels they were at ten years ago,” Swig said. “There are other sectors where they feel safer and more secure like residential and commercial development.”

City officials have been eyeing the property for a potential hotel site since 2015, driven in large part by a desire to diversify city revenue sources and spur redevelopment in the area. A staff report estimates an average of $520,000 in annual transient occupancy tax from the completed hotel.

Currently, the 2.26-acre site contains a Traffic Operations Center and a police department impound yard, which will be relocated with funds from the sale of the property.

Last year, a development deal to sell the site to hotel developers Harrick and Fillmore Capital fell through and the city initiated an accelerated request for proposals process in response.

For the first time in decades, new hotel projects have popped up across the East Bay, alongside with the region’s rise as a tourism and business destination. Emeryville opened its first hotel in decades earlier this month and the largest proposed East Bay hotel project, a 16-story, 334-room hotel at 2129 Shattuck Ave in Berkeley continues on in the entitlement process.

Article from bizjournals.com/sanfranciso

by: Kevin Truong

Read More

Hotel magnate starts new burst of projects in Las Vegas

 

 By ELI SEGALL

LAS VEGAS REVIEW-JOURNAL

Hotel mogul Gary Tharaldson, a decade after selling $1 billion worth of properties, is building another burst of hotels in Las Vegas and other cities across the country.

The North Dakota developer is constructing a six-story, 169-room Hilton Garden Inn and a six-story, 157-room Homewood Suites on Dean Martin Drive near Harmon Avenue, just south of condo complex Panorama Towers. He also filed plans to build a five-story, 113-room TownePlace Suites and a five-story, 135-room Home2 Suites at the Tropicana Avenue-Interstate 15 interchange, across the street from In-N-Out Burger where the now-demolished Golden Palm hotel stood, Clark County records show.

The projects — located a half-mile from each other — follow his opening this year of a four-story, 131-room Residence Inn about 3 miles south of the Strip, his first new hotel in Las Vegas since last decade. Tharaldson’s projects are not in the famed casino corridor, although they’re not far away, and would be nothing like the towering megaresorts on the Strip. But small, nongaming hotels appeal to many people, real estate pros say, and Tharaldson is building more amid rising visitor levels and room rates.

Don Cape, director of real estate development for Tharaldson Hospitality, said the company expects to open the hotels near Panorama in late summer and those near In-N-Out in the first quarter of 2018. He said the company’s hotels in Las Vegas typically are at least 90 percent occupied, and there is “definitely a convenience factor” at them for people who drive, as guests don’t have to deal with massive garages or a long walk to their room. “And we don’t charge for parking,” he said, a nod to casino operators on the Strip now yanking away that longstanding freebie. Tharaldson, who has built several hotels in Las Vegas and made other real estate investments here, now plans to build 15 hotels a year for the next three years across the country, Cape said.

Such hotels don’t have the rowdy image or other trappings of a flashy Las Vegas resort. But business travelers and other guests can collect reward points, as the hotels fall under such brands as Hilton or Marriott, whose names also offer a sense of familiarity, said broker Michael Parks of CBRE Group’s global gaming group.

The properties also are significantly smaller than Las Vegas’ supersized resorts, making it easier and faster to get in and out, said Josh Smith, vice president of brokerage firm Sun Commercial Real Estate’s hospitality division. “There are a lot of reasons why you wouldn’t want to stay on the Strip,” Las Vegas broker and investor Christopher Beavor said.

Beavor of CAI Investments bought a vacant 8.6-acre parcel next to the Palms, a mile west of the Strip, in late September for $13.5 million. His development plans include a 15- to 20-story hotel — a nongaming, nonsmoking property with a national brand name and, “good oxygen pumping through the air,” he says. Tourism is the bedrock of Las Vegas’ economy, and there is no shortage of places to stay. Still, visitor levels are on the upswing. A record 42.3 million people visited Las Vegas in 2015, and 36.2 million visited this year through October, up 1.6 percent from the same 10-month period last year. Also, the average daily room rate through October was $127.08, up 4.3 percent from same-period 2015, according to Las Vegas Convention and Visitors Authority data.

map

Tharaldson, 71, was raised in a tiny North Dakota farming town and worked as a physical education teacher and insurance salesman before he bought a Super 8 motel in 1982, according to Forbes magazine. He has owned more than 350 hotels across the country, according to his company’s website, and Forbes says he’s the richest person in North Dakota, with a net worth of $980 million. He cashed in during the bubble years when Wall Street powerhouse Goldman Sachs’ real estate investment wing Whitehall bought 130 of his hotels for $1.2 billion in 2006. Four were at Russell Road and I-15 in Las Vegas, Cape said, although Tharaldson has been involved in other deals here.

According to reports, in 2005 he teamed with Centex Destination Properties, part of former homebuilder Centex Corp., to buy the Westward Ho hotel on the Strip – a now-vacant site just south of Circus Circus – for $145.5 million. He later bought out Centex and sold the property; according to Forbes, he booked a $109 million profit on the deal. He also reportedly had an ownership stake in Urban Village Las Vegas, a planned 50-acre, $1.5 billion residential and commercial project at Las Vegas Boulevard and Pyle Avenue. But the project, by Centex, never materialized, and Tharaldson still owns a 29.5-acre chunk of the site, according to property records and a person familiar with the matter. Big plans at his current hotel-construction sites also fizzled out.

Marvin Lipschultz, who owns the Tropicana/I-15 parcel and is leasing it to Tharaldson, wanted to replace the Golden Palm with a 41-story resort dubbed One Trop, amid the bubble era’s high-rise craze known as the “Manhattanization” of Las Vegas. Appraisers in 2006 valued Lipschultz’s 3-acre site at almost $46.6 million, a bloated figure that would be all but impossible to fetch today. “At the time, people were just buying anything and bidding it up,” he said this week. Like dozens of other proposed towers from that era, One Trop never left the drawing board. Lipschultz said he closed the Golden Palm in 2007 and never reopened it, and Cape said his company started demolishing it in late October.

Contact Eli Segall at 702-383-0342 or esegall@reviewjournal.com. Follow @eli_segall on Twitter.

 

 

 

Read More

Fairfield Inn & Suites Folsom Sacramento Now Open!

FAIRFIELD INN & SUITES HOTEL OPENS IN FOLSOM, CALIFORNIA WITH INNOVATIVE NEXT GENERATION DESIGN AND DÉCOR
Hotel features intuitive, flexible design and warm, natural décor

Folsom, CA – December 1, 2016 – The 97-room Fairfield Inn & Suites by Marriott in Folsom, California opens today with its smart, inventive public space and guest room design, and its bright and inviting décor. Located at 1755 Cavitt Drive, the Fairfield Inn & Suites Sacramento Folsom will operate as a Marriott franchise, owned and managed by Tharaldson Hospitality Management of Decatur, Illinois. This is the first Fairfield Inn & Suites in the area to feature the brand’s new design and décor, which enhance the guest experience through flexible features, and a warm and welcoming environment.

Whether traveling for business or pleasure, the Fairfield Inn & Suites Sacramento Folsom offers guests convenient access to Palladio at Broadstone, Lake Folsom and Red Hawk Casino. “Delivering both function and comfort, our new design and décor elevate the Fairfield brand, setting a new standard in the moderate tier category,” said Shruti Buckley, vice president and global brand manager, Fairfield Inn & Suites. “At Fairfield Inn & Suites, we provide an easy, positive and productive travel experience, as well as the promise of consistent and reliable service at an exceptional value. The Fairfield Inn & Suites Sacramento Folsom is a truly stunning example of the brand’s contemporary new look and feel, and we are pleased to introduce Fairfield Inn & Suites hotels in the Folsom area.”

From the moment they arrive, guests are welcomed by the hotel’s modern, bright new design features, including an updated exterior with a signature tower, a curved porte-cochere and an inviting glass entrance that ushers them into the hotel. Once inside, guests experience the hotel’s open public space featuring natural light and views throughout the lobby to connect the indoors with the outdoors. Consistent with the Fairfield brand’s heritage of great service and a warm welcome, guests are greeted by associates who can easily move from behind the angled front desk to interact and answer questions.

In the lobby area, guests can choose to be productive, relax or enjoy breakfast or a snack in a modern and flexible environment featuring a vibrant, natural color palette of greens, blues and oranges. The spacious lobby gives guests ample connectivity options, as well as a “connect and print” area that offers both standing and seated Internet stations. Guests can also unwind in the lobby’s inviting living area ― whose focal points include a natural stone hearth, organic-shaped sofa and lounge chair, and unique local features — or they can grab a drink or snack item from the 24/7 Corner Market.The breakfast area’s signature farm table provides a central gathering place where guests can watch television, meet up with colleagues or get work done. In the morning, guests can enjoy complimentary hot breakfast, choosing from oatmeal, scrambled eggs, sausage, make-your-own waffles and other healthy items, such as fruit, yogurt, and whole grain cereals and breads.

 

The signature “smart” room décor warmly welcomes guests into a comfortable, productive and restful environment. Flexible and functional, the guest room includes a well-designed work area, an ergonomic chair, task lighting and electrical outlets where guests need them. A curved, mobile desk enables guests to create their own work space, while also optimizing their television viewing.Inspired by nature, the hotel’s thoughtfully designed rooms and suites place the living and working area near the window to allow for more natural light and views. Building on this natural design, the room décor features organic patterns and fresh colors, blending wood tones with bright pops of color. The new design also places the sleeping area toward the middle of the room, helping to give guests a better night’s sleep on plush mattresses, as well as easier access to the bathroom and wardrobe.

 

Additional hotel amenities include an indoor swimming pool, an exercise room, valet laundry service, complimentary Wi-Fi, as well as fax and copy services.

 

Fairfield Inn & Suites by Marriott is designed for today’s traveler who is looking to be productive on the road, whether for business or leisure. In addition to complimentary Wi-Fi and hot breakfast, Fairfield Inn & Suites offers thoughtfully designed rooms and suites that provide separate living, working and sleeping areas. With more than 700 properties throughout the United States, Canada, Mexico and India, Fairfield Inn & Suites hotels participate in the award-winning Marriott Rewards® frequent travel program that allows members to earn hotel points or airline miles for every dollar spent during each stay. For more information or reservations, contact the Fairfield Inn & Suites Sacramento Folsom hotel directly at 916-984-0100, call the Fairfield Inn & Suites toll-free number at 800-228-2800, visit www.marriott.com/sacfl, become a fan at www.facebook.com/fairfieldinnandsuites or follow Fairfield at www.twitter.com/fairfieldhotels.

 

————————————-

Read More