Hotel
Carey Watermark JV Buys 365-Room Sheraton Austin Hotel at the Capitol
Carey Watermark Investors Inc. has Austin under its skin. The company just made its second acquisition in the city in two months with the purchase of the 365-room Sheraton Austin Hotel at the Capitol, in a joint venture with JMI Realty.
Accor’s HotelInvest Acquires 2 Hotel Portfolios for $1.2B
Accor’s HotelInvest business is adding two real estate portfolios, having agreements to purchase a total of 97 hotels for a combined fee of $1.2 billion.
Carey Watermark Buys Manhattan’s Courtyard Times Square West Hotel for $95M
Carey Watermark Investors has made its second Manhattan acquisition, buying The Courtyard Times Square West, a 224-room select service hotel, for $95 million.
Starwood Hotels & Resorts Signs 430 KSF Lease for Global HQ in Stamford, Conn.
Starwood Hotels & Resorts Worldwide Inc. has signed a new 430,000-square-foot, 20-year lease for a planned expanded global headquarters at One StarPoint in Harbor Point.
International: Oberoi Partners with Ritz-Carlton on M-U Worli Development in Mumbai
The Ritz-Carlton Hotel Co. has signed a long-term management agreement with Oasis Realty, a joint venture between Oberoi Realty and Sahana Group, to open the first Ritz-Carlton in Mumbai.
Carlton Closes $100M Lower Manhattan Condo, Hotel Pre-Development Loan
The Carlton Group has arranged a $100 million pre-development loan for a hotel and condominium project on Manhattan’s Lower East Side.
International: Nobu Hospitality Expands into London with New Hotel
The luxury hospitality brand will be developing its first European hotel – the Nobu Hotel Shoreditch London – which is currently under construction, slated to open in the first quarter of 2016.
VIDEO – 2014 Trends in Hotel Industry
Robert Mandelbaum, director of Research Information Services, discusses the results of PKF Hospitality Research’s Trends in the Hotel Industry annual report. The results show that U.S. hotels are in a profitability sweet spot and PKF-HR is forecasting double-digit gains in NOI through 2015. HIGHLIGHTS: Third year of double-digit gains/profits for hotels in 2013 Fewer hotels are able to increase the number of rooms available Scarcity of availability of rooms gives managers the leverage to increase room rates Vast majority of hotels were able to post increases in both: total revenue and net operating income in 2013
International: FRHI to Develop 7 New Hotels in MEAI Region
The MEAI (Middle East, Africa and India) region is set to see the development of seven new hotels operated by FRHI Hotels & Resorts.
JLL, Golf Giant Norman Seek Investors for Australia’s $2B Reef Island Development
Global golfing giant Greg Norman, with the help of JLL, is spearheading a worldwide search for investors to capitalize on a $2 billion tourism project on Great Keppel Island, off central Queensland’s coast.