Hotel
Detroit’s Beleaguered Greektown Casino Emerges from Bankruptcy a Half-Billion Dollars Lighter
Greektown Holdings and its subsidiaries have emerged from bankruptcy protection just over two years after having filed for Chapter 11 protection.
Pebblebrook Spends More IPO Cash with $105M Purchase of InterContinental Buckhead Atlanta
The 24-story InterContinental sits in Atlanta’s tony Buckhead community and, in addition to its upscale guestrooms, features a 5,000-square-foot wellness spa and 31,000 square feet of meeting space, making the hotel the site of the largest meeting space in Buckhead.
Report: Doubletree Berkeley Marina in Default
According to the Contra Costa Times, the Doubletree was purchased in September 2006 by a joint venture of Westmont and Canada-based Cadim Inc., which paid $416 million to buy a real estate investment trust along with its 21-hotel portfolio, including the Doubletree.
Alliance For Downtown NY: Hotel Rooms Booming in Lower Manhattan
The number of hotels in Lower Manhattan has tripled since the 9/11 terrorist attacks, the Alliance for Downtown New York has found. The organization said this week that the number of rooms in their district, Lower Manhattan south of Chambers Street, has increased by more than 60 percent in that time.
Partnership Acquires Knickerbocker Hotel in Times Square
The purchase kicks off a major mixed-use redevelopment effort for the historic Beaux Arts building, which will be converted to an upscale boutique hotel with high-end retail at the base. The adjoining lot will also be developed into a luxury retail complex.
The 821-Room Hilton Minneapolis, Minnesota’s Largest Hotel, Trades for $155.5M
he closing of the sale of the Hilton Minneapolis–the largest hotel in the State of Minnesota–to Bethesda, Md.-based DiamondRock Hospitality comes four years after the joint venture partners acquired the property for what now seems like a meager $92 million.
Shaner Hotel Group Plans to Acquire $500M in Properties
As part of the plan, the company’s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.
Aloft Hotel in Arizona Awarded LEED Certification
The Aloft Hotel in Tempe, Az., has become Starwood Hotels & Resorts’ seventh LEED-certified property. It is the first certified property amongst the 40-hotel Aloft brand.
Mississippi’s Rainbow Hotel & Casino Fetches $80M
The property features the 89-room Rainbow Hotel, a 33,000-square-foot casino, a 20,000-square-foot conference center and 48,000 square feet of restaurant and administrative office space.
Starwood Capital Teams with Hersha Hospitality, Taking 49.9 Percent of the Hotel Management Firm
With Starwood Capital at its side, HHM plans to expand its management contracts across the U.S., in a move to propel itself toward the top of the list of national hotel management concerns.