Hotel
Boyd Gaming JV Closes $950M Borgata Hotel Casino Debt Financing Deal
Marina District Development Co., the Las Vegas-based 50/50 joint venture that owns the Borgata Hotel Casino and Spa in Atlantic City, N.J., has wrapped up debt financing totaling $950 million.
$342M Financing Package Moves Plans Forward for Ritz-Carlton Resort in Puerto Rico
It may be tough to attract financing today to hotel resort ventures–especially hundreds of millions in development financing–but the Ritz-Carlton Reserve, Dorado Beach Resort & Spa project in Dorado, Puerto Rico, is an exception.
FelCor to Buy Boston’s Fairmont Copley Plaza for $98.5M in Cash
Less than $100 million for a prominent luxury hotel in Boston is quite a bargain. FelCor acknowledges that a purchase price of approximately $257,000 per-key is a significant discount to replacement cost.
$900M Mixed-Use Denver Airport Project Moves Forward with Design Unveiling
The project will be constructed in phases, with the first stage carrying a development price tag of $650 million. Phase I will consist of a 500-room hotel to be designed by architectural firm Gensler, with approximately 40,000 square feet of meeting space.
MGM Resorts to Pocket $73M on Sale of Ground Leases and Land at Atlantic City’s Borgata
Having reached an agreement with Paramus, N.J.-headquartered REIT Vornado Realty Trust and Los Angeles-based Geyser Holdings, MGM Resorts International has taken the next step in the planned disposition of assets at The Borgata Hotel Casino & Spa.
Marriott Takes Big Step in Green Program with New S.C. Hotel
With the new prototype’s USGBC pre-approval status, Marriott will be able to expedite its plan to expand its portfolio of LEED-certified hotels to 300 by 2015.
Host Hotels Grabs London’s Le Méridien Piccadilly Hotel for $97.6M
Developed in 1908 and recently renovated, Le Méridien sits in the Mayfair district of London’s West End and, in addition to its luxury guestrooms, features 12,000 square feet of meeting space, a restaurant and a fitness facility.
Former Seville Beach Hotel in Miami Sells for $57.5M and Preps for Ian Schrager Makeover
Located at 2901 Collins Avenue, the Seville is a 12-story building that originally opened its doors in 1955. The sellers had acquired the hotel in 2005 for $25 million and joined forces with the Ritz-Carlton Hotel Company L.L.C. in a plan to convert the property into a three-building Ritz-Carlton Club & Residences with fractional- and whole-ownership units. The project never reached fruition. Now a different set of plans is in store.
JER Turns a Profit on Sale of 395-Room Fairview Park Marriott in Coveted DC Market
Both McLean, Va.-based JER and Annapolis, Md.-based Thayer are keeping mum on the price tag attached to the Fairview Park Marriott transaction, but Devin Chen, Managing Director at JER, told CPE that the company definitely turned a profit on the deal.
Chesapeake Lodging to Buy 430-Room Boston Marriott Newton for $77.3M in Cash
Located approximately 15 miles west of Boston at 2345 Commonwealth Ave., the 41-year-old, seven-story Boston Marriott Newton occupies an 11.5-acre site fronting the Charles River. The property has undergone extensive renovations over the last two years and, in addition to its guestrooms, features 20,000 square feet of meeting space, a restaurant and a fitness center.