National
Carey Watermark Makes $77M Statement in Nashville Hotel Biz
Carey Watermark Investors has announced the acquisition of the Hutton Hotel, one of Nashville’s top hospitality assets.
GM to Invest $258 Million in Second Metro Detroit Data Center
Less than one year after announcing a plan to transform its global Information Technology (IT) department and just days after celebrating the grand opening of the Warren Enterprise Data Center, General Motors Co. broke ground on Friday, May 24, on its second supercomputing facility in Metro Detroit. Together, the two locations will replace a network of 23 data centers operated by GM, as well as three information technology suppliers from around the world. They will add to the company’s existing data centers in Austin, TX, Roswell, GA, and Chandler, AZ.
Hyatt Fisherman’s Wharf Acquired by Chesapeake Lodging Trust in $100M Deal
San Francisco’s improving hospitality market has seen another high-profile deal perfected as investors focus their attention on the city’s increasing appeal for both business and tourism. The Chesapeake Lodging Trust recently closed a deal for the Hyatt Fisherman’s Wharf, paying a purchase fee of around $103.5 million for the hotel, to an affiliate of Hyatt Hotels Corporation. The venue will continue to operate under the Hyatt brand, as the new owner has reportedly agreed a management contract with Evolution Hospitality, who will carry out its duties under a franchise agreement with another Hyatt affiliate.
Turner Construction to Build Airport’s Consolidated Car Facility
By Anca Gagiuc, Associate Editor Eight companies entered the competition to build San Antonio’s first airport CONRAC (consolidated rental car facility). New York-based Turner Construction Co. scored 90.5 points out of 100 for its proposal and was selected the winner by the city council. This facility will bring the International Airport one step closer to […]
Recently Sold W Will Become First Le Méridien in NOLA
Just a month after its sale, there are more changes coming to W New Orleans. The hotel, the second W-branded property operated by Starwood Hotels & Resorts Worldwide, Inc. in the Crescent City will be converted into a Le Méridien property, in a bid to launch the Paris-born brand in one of the hottest US hotel markets.
Akron Children’s Hospital Breaks Ground on Critical Care Tower
Akron Children’s Hospital broke ground on Thursday, May 30, on its new, seven-story, 300,000-square-foot critical care tower. Hospital leaders, elected officials, parents and children were present at the ceremony held in Perkins Square Park.
Lerner to Start Construction on Windmill Parc Luxury Apartment Community in Dulles Town Center
Lerner Enterprises, one of Washington, D.C.’s largest private real estate developers, has announced last week it started construction on the Windmill Parc at Dulles Town Center. This new luxury apartment home community will open in phases, with the first residents moving in next year.
Car Condos to Replace Former GM Property in Pontiac
A large piece of vacant land on Woodward Avenue in Pontiac that once used to serve as a validation facility for auto giant General Motors Co. will be reinvented as the ultimate destination for car enthusiasts. A joint venture between Birmingham-native and entrepreneur Brad Oleshansky and Revitalizing Auto Communities Environmental Response (RACER) broke ground this week on the first phase of M1 Concourse—a $40 million to $60 million investment that will transform the 80-acre site into an automotive event complex and recreational test track.
Upcoming Reopening Brings New Name for Wyndham Orlando Resort
The iconic Wyndham Orlando Resort, currently undergoing a multi-million dollar “re-imagination”, will open in October 2013 under a new name. Owner Wyndham Hotels and Resorts, LLC has decided to officially change the hotel’s name to Wyndham Orlando Resort International Drive, change meant to mark a new era in its 40-year history.
Post Properties Kicks Off Phase II of $75.5M Buckhead Apartment Tower
The elegant Post Alexander is now set to add 340 units to the Buckhead submarket of Atlanta, developer Post Properties announcing that work has started on the second phase of the luxury high-rise community.