Real estate hotel

Real estate in New York appears to be growing at a rapid rate and Brooklyn is taking a huge chunk of the gains.

Over the past 3 years, the hotel industry in the United States has reached a new high, recording up to $ 200 billion in revenue for the year 2018. And of that batch, boutique hotels have absorbed the most income as a certain group of devotees. customers have shown interest in what they are offering.

The Williamsburg area of ​​Brooklyn has particularly captured the attention of hotel investors, which can be attributed to the many attractions it has to offer around it.

Brooklyn shipyard

Provides a sense of history from the time of the word war.

Coney Island

This provides an excellent amusement park for visitors who decide to come with their families and children.

brooklyn bridge

Was inaugurated in 1883 and remains today an icon having been the first of its kind to link two large cities.

Brooklyn museum

Sits as one of the most distinguished places in the United States given the rich history it is home to.

Brooklyn Botanic Garden

Provides a serene environment for a visitor to relax after a long day.

These are some of the top attractions that visitors seem to enjoy whenever they are in Brooklyn and have so far seen an increase in the number of tourists visiting.

The Condor Hotel is an example of an excellent boutique hotel located in Williamsburg offering unique guest services and attractive sites to visitors who choose to stay there.

The Condor, which was originally intended to serve Orthodox Jews and oddities, and even had a rule with no TVs in bedrooms, has reinvented itself to fit modern times. When you visit the hotel you will always have the chance to see the many Orthodox Jews who live in the area and learn about their culture. The multiple attractions that surround it are also within walking distance, making it a very convenient accommodation choice for visitors.

This hotel is surrounded by cafes, shops, restaurants offering a variety of traditional dishes to choose from and easy access to public transport. This is the perfect place for someone who doesn’t want to wonder far for something they need.

With the many attractions that are close to the Condor hotel, visitors have been able to pay up to $ 500 a night just to be able to take in the myriad landscapes without having to wonder far. The Brooklyn Bridge, for example, offers a great view at night and visitors can enjoy it while sitting in the hotel’s garden.

With people constantly on the lookout for places to relax while on vacation, boutique hotels have found favor in the real estate industry and have also gained a lot (especially in Brooklyn) with new government bills.

The Income Tax Department has detected a default of around 470 crore TDS (Withholding Tax) rupees by some large Delhi-based companies after investigations were recently carried out against them, they reported. officials said.

The TDS wing of the department in Delhi has launched special oversight of private companies and government organizations to ensure that taxes due are deducted under this category of direct taxes in the last quarter of this fiscal year which ends. ends March 31.

TDS contributes more than 40 percent of the collection under the direct tax category.

Officials said the nation’s capital-based TDS wing recently visited the premises of a budget hotel and guesthouse aggregation company and found it did not deduct tax (TDS) on approximately 280 crore rupees paid on rentals over a seven year period. .

Likewise, an airline was found in default of Rs 115 crore TDS and some companies involved in the real estate business were in default of Rs 75 crore.

Real estate groups have also been accused of bogus tax deductions by applying bad TDS rates and therefore deducting taxes at lower rates, they said.

Officials did not disclose the identity of the companies.

In two other cases, officials said, defaulting entities were convicted by local courts in the Delhi area on charges of mistakenly inferring or failing TDS.

In the first case, a fine of Rs 6 lakh was imposed while in the second, a sentence of six months imprisonment was accompanied by a fine of Rs five lakh.

In accordance with the regulations, the tax collected or withheld at source is paid to the credit of the central government within seven days of the end of the month in which the withholding is made.

The IT department has started to conduct an increased number of investigations (visiting a company’s business premises for audit checks) to verify violations such as non-remittance of deducted TDS, failure to prepare reports and deductions made at a lower rate after finding that the deductors were in default on those payments.

New records were set in hotel transactions across California in 2014, but hotel sales within Southern California had mixed results, according to a recent hospitality industry report.

Alan Reay, president of Irvine-based Atlas Hospital Group, said the company’s California hotel sales survey showed a record 398 hotels sold in California and the price paid for those properties, nearly $ 5.1 billion, represented a high sales volume for the state.

“If we look at history, it’s 2006 right now,” Reay said.

For the interior of Southern California, however, hotel sales transactions in 2014 significantly zigzagged.

Transaction volume in the interior region fell to $ 177.3 million from $ 406.8 million in 2013 when the luxury Ritz Carlton Rancho Mirage resort opened in Riverside County. “It’s the ebb and flow of the hospitality industry,” Reay said, explaining that a big sale can have a major impact on total sales.

Expect Inland numbers to rebound in 2015, Reay said – for two reasons:

• Hotels along the coast are once again selling for prices exceeding $ 1 million per room, a dynamic that puts pressure on domestic prices.

• There are plenty of hotel projects in the books.

Hiral Patel, president of Stagemont Hotels, is leading a $ 10.5 million construction project to open a Holiday Inn Express & Suites along Interstate-10 in Loma Linda in July 2015.

The 85-room property, the fifth hotel in Stagemont’s portfolio, would be the second I-10 property to be built by the family business since the Great Recession.

“Our goal has always been to build and develop more hotels in the Inland Empire,” Patel said, but recession hit shortly after the Hampton Inn & Suites opened in Banning. “The downturn has put an end to a lot of development plans for a lot of people,” he said.

Now that the economy has stabilized and started to recover, Patel said the appetite for hotel construction by Stagemont Hotels and other key players in the hospitality industry is growing.

“We are building, and very confident. We expect five or six years of slow but steady growth, ”Patel said.

Bruce Baltin, senior vice president and hospitality industry analyst at PKF Consulting in Los Angeles, said the interior region has emerged more slowly from the crisis. “It’s coming back to healthy occupancy levels and we’re seeing room rates go up to create a new supply. “

“We expect to see more online in 2016, 2017 and beyond,” Baltin said.

Hotel properties under construction or planned, according to Reay, include Residence Inn, Courtyard by Marriott, Holiday Inn, Hampton Inn & Suites, all in Murrieta; Comfort Suites, Temecula; La Quinta Inn, Norco; Palomar Palm Springs Hotel, Palm Springs; El Paseo Hotel, Palm Desert; and SilverRock Resort Hotel, La Quinta.

“The Inland Empire, due to the availability of land, will see a lot of products added,” Reay said.

Here are the county-by-county highlights from the Atlas Hospitality Group report:

RIVERSIDE COUNTY

Transactions: Hotel sales fell to 18 from 26 in 2013.

Sales volume: $ 102.5 million, down 70% from $ 343.6 million.

Median price paid per room: $ 82,010, up 15.5%.

Biggest and most expensive sale: Miramonte Resort & Spa, Indian Wells. Rockpoint Group of San Francisco paid $ 26.2 million for the 215-room property.

Highest price per room: Horizon Hotel Palm Springs, a 24-room boutique, sold for $ 4.3 million, or $ 179,167 per room.

COUNTY OF SAN BERNARDINO

Transactions: Hotel sales increased from 20 to 30 in 2013.

Sales volume: $ 74.8 million, up 18% from $ 63.2 million a year earlier.

Median price paid per room: $ 51,905, up 37%.

Biggest sale: Hilton San Bernardino, a 248-room property in San Bernardino, sold for $ 10 million.

Most expensive sale: Holiday Inn Express, a 120-room Ontario property sold for $ 14 million.

Highest price per room: SpringHill Suites by Marriott, owned by Hesperia, attracting investors who have paid $ 117,000 for each of its 63 suites.

ORANGE COUNTY

Transactions: Hotel sales increased from 14 to 30 in 2013.

Sales volume: $ 815.5 million, up 520% ​​from $ 131.4 million.

Median price paid per room: $ 120,305, up 24%.

Biggest and most expensive sale: St. Regis Monarch Beach Resort, a 400-room resort in Dana Point, sold for $ 316.9 million or $ 792,000 per room.

SAN DIEGO COUNTY

Transactions: Hotel sales fell slightly to 30 from 31 in 2013.

Sales volume: $ 798.8 million, a gain of 1.7% over 2013.

Median price paid per room: $ 75,901, down 24%.

Biggest sale: Town & Country Hotel, a 956-room property in San Diego.

Most expensive sale: Hotel del Coronado, partial interest purchase of a 757-room resort by owners with a controlling interest in the historic beachfront resort for $ 512.1 million or $ 676,000 per room.

LOS ANGELES COUNTY

Transactions: Hotel sales rose to 66 from 56 in 2013.

Sales volume: $ 1.1 billion, up 34%.

Median price paid per room: $ 83,845, up 22%.

Biggest sale: Los Angeles Airport Marriott, a 1,004-room property, sold for $ 160 million.

Most expensive sale: Hotel Palomar Los Angeles-Westwood, pulling in $ 294,000 for each of its 264 rooms and suites.

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