Hotel
Related Tapped to Develop Palm Beach Convention Hotel
Development firm Related Companies, L.P. has been approved by the Palm Beach County Board of County Commissioners to develop the 400-room Palm Beach County Convention Center Hilton hotel in West Palm Beach, Fla.
Sofitel in D.C. Changes Hands in $95M Deal
Prime opportunities in the commercial real estate market go well beyond the distressed property pool, as evidenced by LaSalle Hotel Properties’ recent all-cash acquisition of the unencumbered Hotel Sofitel Washington, DC Lafayette Square. The Bethesda, Md.-based REIT snapped up the 237-room luxury hotel for $95 million.
Marriott Plans for First Branded Hotel on U.S. Tribal Land in Arizona
Presently, there is not a single Marriott-branded hotel on tribal land in the U.S., but that is about to change. Marriott International just signed a management agreement with Salt River Devco–an enterprise of the Salt River Pima-Maricopa Indian Community–for a new Courtyard by Marriott to sit on the Pima-Maricopa land near Scottsdale, Ariz.
Suffolk to Commence Building $75M Garage Facilities at New Marlins Stadium
Thanks to the City of Miami’s recent approval of the sale of $92 million in bonds, construction of parking facilities for the new $500 million Florida Marlins Stadium moves forward with Boston-based Suffolk Construction tapped by the city to oversee the $75 million project.
ING Clarion Buys Cape Cod Resort
In what may be one of many deals spearheaded by opportunistic funds this year, ING Clarion Development Ventures III has acquired the 23-acre waterfront Sea Crest Resort and Conference Center on Cape Cod. The deal was done in partnership with Scout Real Estate.
Starwood Announces $4B International Expansion of Sheraton Hotel Brand
Sheraton Hotels & Resorts, a division of White Plains, N.Y.-headquartered Starwood Hotels & Resorts Worldwide Inc., has revealed plans to increase the global presence of the upscale Sheraton brand.
Prepping for NYC’s Rebound, Hersha Closes Acquisition of Times Square Hotels for $165M
The U.S. hotel market has to bounce back at some point, and with the recent closing of acquisitions involving three hotels in New York City’s Times Square, Hersha Hospitality Trust has positioned itself to take advantage of the Big Apple’s impending revival.
Richfield Hospitality Plans Aggressive Expansion
Hotel management company Richfield Hospitality on Friday announced a major new growth strategy designed to aggressively expand its core third-party management business.
Sheraton in Pleasanton, Calif., Changes Hands for $12.3M
A partnership of real estate investment firms has purchased the 170-room Sheraton Pleasanton Hotel for $12.3 million.
Orient-Express Goes for Growth, Snaps Up Pair of Properties for $117M
Bermuda-based hotelier Orient-Express this week confirmed that it has completed the purchase of the Grand Hotel Timeo and Villa Sant’Andrea, both in Taormina, Sicily. Orient-Express bought the pair of properties from The Framon Group for a combined $117 million.