Hotel
Interstate Hotels Goes Private in $307M Merger
The closing of a $307 million transaction has taken Interstate Hotels & Resorts to the private sector.
MGM Mirage to Bid Adieu to Atlantic City with Borgata Hotel & Casino Settlement
Atlantic City has not escaped the negative financial ramifications of the recession, but that has nothing to do with MGM Mirage’s plans to make its exit from the famous gaming town.
Four Points by Sheraton Pumps up the Pipeline
Four Points by Sheraton has announced a global pipeline that will increase its portfolio by 16 properties this year.
Marriott Sets 2015 Deadline to Double its Footprint in Europe
The European hotel market continues to reel from the impact of the global economic crisis, but that isn’t stopping Marriott International Inc. from making big expansion plans in the region. The Bethesda, Md.-based hospitality company recently announced that it will increase its presence in Europe, where it currently operates 174 hotels, from 40,000 guestrooms to 80,000 guestrooms by 2015.
Sunburst Exits the Apartment Market with $85M Sale of Suburban D.C. Property
With the disposition of Vista on Courthouse, a 220-unit apartment building in Arlington, Va., Sunburst Hospitality has bid adieu to the apartment market.
Keystone Wins $80M Judgment Against Host Hotels
After four years of litigation and a five-week trial, a jury has awarded Keystone-Texas Property Holding Corp. a more than $80 million judgment against Host Hotels and Resorts L.P., formerly known as Host Marriott, L.P., as well as its subsidiary HMC Hotel Properties II L.P.
Economy Watch: Investor Bags Helmsley Carlton House for $170M
Private-equity firm Angelo, Gordon & Co. and Extell Development Co. have agreed to buy the Helmsley Carlton House in Manhattan for about $170 million, according to Tuesday’s Wall Street Journal. The Madison Avenue property is currently owned by the estate of the late Leona Helmsley, and sports some of the most expensive retail space anywhere.
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.