REITs in the Community
The Knickerbocker Hotel
In the heart of New York City, edging the bright lights of Broadway and the calm of Bryant Park, sits one of New York City’s landmark hotels, The Knickerbocker Hotel. Originally opened by John Jacob Astor IV in 1906, the Knickerbocker has undergone many name changes over the past 110 years and spent the bulk of that time functioning as an office building. It wasn’t until FelCor Lodging Trust acquired the property in 2013 and began a $115 million renovation that it was returned to its status as one of New York’s leading luxury hotels. In 2015, the historic New York City landmark was reborn in the heart of Times Square but maintained a familiar look thanks to FelCor maintaining the building’s distinctive facade.
Grand Bohemian Hotel Mountain Brook
Xenia Hotels & Resorts’ Grand Bohemian Hotel located in the Mountain Brook suburb of Birmingham, Alabama, was developed to fill a growing need in this expanding southern market. In addition to its 100 well-appointed guest rooms, the luxury boutique hotel boasts a grand ballroom and flexible meeting spaces, art gallery, spa, 24-hour fitness center, interactive cooking school, wine blending experience and tasting room, as well as a rooftop terrace and restaurant. The hotel is the first of its caliber in the state of Alabama and is located amidst the unique architectural charm of Mountain Brook while also being in close proximity to Birmingham, which is home to leading firms in the financial, medical, and automotive industries.
The hotel has 326 guest rooms and a parking garage with nearly 700 spaces. Part of the Fox Theatre Historic District and a member of Historic Hotels of America. Approximately 170 employees make up the Georgian Terrace staff. The hotel hosts approximately 100 wedding receptions per year. The guestrooms at the Georgian Terrace average more than 800 square feet.
Business Travel Growth
- Direct spending on business travel by domestic and international travelers, including expenditures on meetings, events and incentive programs (ME&I), totaled $317.2 billion in 2017.
- ME&I travel accounted for $131.8 billion of all business travel spending.
- U.S. residents logged 463.9 million person trips* for business purposes in 2017, with 38% for meetings and events.
*Person-trip defined as one person on a trip away from home overnight in paid accommodations or on a day or overnight trip to places 50 miles or more [ one-way ] away from home