Hotel
Hilton Garden Inn Sells for $44M in Portsmouth, NH
Chatham Lodging Trust is the new owner of the 131-key hotel, which opened in 2006. The company purchased the property from Cathartes Private Investments.
$350M Marriott Marquis Chicago Opens
Acting on behalf of the Metropolitan Pier and Exposition Authority, a joint venture led by Clark Construction Group recently completed the headquarters hotel, delivering a 1,205-key lodging destination connected to McCormick Place, the largest convention center in North America.
Virgin Hotels Breaks Ground in Music City
The Buccini/Pollin Group and BPGS Construction began work on Virgin Group’s $110 million hotel. Virgin Hotels Nashville will feature 240 keys and is slated to open in 2019.
HFF Brokers $44M Sale of Charlotte Hotel
Hospitality Properties Trust purchased the Crowne Plaza Charlotte Executive Park, a 300-key hotel that underwent an extensive revamp process in 2014. Intercontinental Hotels Group will manage the asset from now on.
Foreign Investor Gets Hospitable in Houston via CBRE
Canadian investment group Prime Developments closed its second value-add hotel acquisition in the Houston area, with the purchase of Holiday Inn Express & Suites Houston East in Baytown, Texas.
Fitch: More U.S. Lodging Consolidation Is Expected
The growing power of industry leaders will drive more lodging consolidation, with Hyatt and La Quinta as desirable targets, per the rating agency’s most recent report on hospitality. Such growth strategies are also a way to balance the competitive environment disrupted by alternative accommodation operators.
Dual-Branded Marriott Hotel Debuts in Denver
White Lodging Services Corp. own and manage the 272-key Le Meridien and the 223-key AC Hotel by Marriott, located in the city’s business district.
Economy Watch: Recent Hurricanes Impact Hospitality Industry
Most major hotel markets in Florida saw dramatic performance declines in the days leading up to Hurricane Irma, according to STR’s preliminary analysis. Hurricane Harvey’s impact on Houston’s hotel markets is a little less clear.
New Hampton Inn by Hilton Opens in Bulverde, TX
The new 84-key facility is located at 499 Singing Oaks in Spring Branch, Texas, adjacent to the Bulverde Visitors & Event Center.
Courtyard by Marriott Opens in Wisconsin
The 97-key Courtyard by Marriott Appleton Riverfront will operate as a Marriott franchise, owned by RiverHeath Hospitality and managed by Interstate Hotels and Resorts.