Property Types Hospitality
Deferred Loan Payments Confirm Delay of Plaza Hotel in Las Vegas
Aug. 18, 2008
Groundbreaking on The Plaza Hotel in Las Vegas--would-be sibling to the landmark Manhattan hotel of the same name--has been put off till next year, in conjunction with an agreement by Goldman Sachs Group and Credit Suisse Group to give the project’s developer an additional six months to repay $625 million in loans.
$160M Mixed-Use Project in Boston Gets Green Light
Aug. 15, 2008
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization.
Work Gets Underway on $150M Wellness Resort in Mexico
Aug. 15, 2008
Construction has commenced on Taheima Wellness Resort & Spa, a project in Nuevo Vallarta, Mexico, spearheaded by Whole In One Nuevo Vallarta S.A. de C.V. To be developed at a cost of $150 million, the upscale condo-hotel will ultimately feature 400 units. Whole In One is targeting the baby boomer set in North America and South America, highlighting the property's wellness-centric attributes.
Cordish, Kansas Speedway Propose Hard Rock Hotel, Casino
Aug. 15, 2008
Kansas Entertainment L.L.C., a joint venture between The Cordish Co. and Kansas Speedway, has just presented its plan for a Hard Rock Hotel & Casino at the Kansas Speedway track in Kansas City, Kan., to the state's Racing and Gaming Commission. The team is proposing the creation of a 1.5 million-square-foot gaming resort with a development price tag of $700 million.
Lehman, Gencom JV Sells Portfolio of 6 Hyatt Summerfield Suites Hotels
Aug. 14, 2008
Two years after acquiring a group of nine Bradford Home Suites Hotels and renovating them at a cost of $15 million, a partnership involving Gencom Group and Lehman Brothers Real Estate Partners has sold to RLJ Real Estate Fund III L.P. six of those properties, which had been re-branded as Hyatt Summerfield Suites hotels.
Radisson Plaza Hotel Lexington Sold
Aug. 12, 2008
MCV Venture L.L.C. has sold the former Radisson Plaza Hotel Lexington in Kentucky and the adjacent 234,000-square-foot, Class A office building to MPVF Lexington Partners L.L.C.
Hotel Investors Hold Tight
Aug. 12, 2008
After the last few years which saw hotel assets trading hands at a breakneck pace, hospitality investors are exhibiting more willingness to hold on to their assets. The "hold" sentiment is the dominant investor strategy—at 38.1 percent--for the first time in five years, according to Jones Lang LaSalle Hotels’ recently released Hotel Investor Sentiment Survey. Net buyers represented 37.1 percent of the respondents.
Tribal Culture Drives Design at Isleta Casino & Resort
Aug. 12, 2008
Isleta Casino & Resort opened its new hotel last month. The 201-room resort, located just south of Albuquerque, New Mexico, features a design inspired by the heritage of the facility's operator, the Pueblo of Isleta.
Pinnacle Picks Contractor for $375M St. Louis Casino Project
Aug. 12, 2008
Pinnacle Entertainment Inc. takes a big step forward with the development of River City, its planned casino project in suburban St. Louis, Mo., as it taps Yates/Paric to serve as general contractor. Yates/Paric, a joint venture involving W.G. Yates & Sons Construction and Paric Corp., will operate under a contact valued at approximately $149 million for River City, the first phase of which carries a development price tag of $375 million.
SLS Hotel at Beverly Hills Gets $33M in Preferred Equity from Lowe Enterprises Investors
Aug. 11, 2008
As it nears the November opening of its luxury SLS Hotel at Beverly Hills, SBE has received $33 million in preferred equity from the Lowe Structured Investment Fund, a discretionary investment fund managed by Lowe Enterprises Investors. A source close to the deal told CPN that the total price tag is roughly $229 million, including acquisition and renovations.
New Windsor COO: Get Back to Basics
Aug. 11, 2008
“You have to get back to basics in a down economy,” says Bill Upshaw, new COO of Windsor Hospitality Group, which is both practicing that philosophy and looking forward to substantial growth over last year in an industry that’s increasingly struggling.
Casinos Use Technology to Combat Downturn
Aug. 11, 2008
The volatile U.S. economy has taken its toll on casinos, which are now experiencing something of a slowdown. However, casino operators are ready to weather the downturn with strategies and technology to maximize revenue from each guest. CPN associate editor Amanda Marsh discussed the state of the market and this technology use with Bruce Barfield, president & principal of The Rainmaker Group, which produces a profit optimization software--dubbed revolution Product Suite--that helps operators make decisions on room rates and allocation based on forecasting algorithms and customers’ spending and gaming histories.
Dublin Firm Enters Hotel Partnership with Oman Investment Fund
Aug. 08, 2008
A little more than a year after purchasing Jurys Inns hotel chain, Dublin-based international private equity real estate group Quinlan Private has sold a 50 percent partnership interest in the hotel chain to Oman Investment Fund, an investment arm of the Sultanate of Oman.
RockBridge Takes $46M North Carolina Hotel Portfolio
Aug. 08, 2008
RockBridge Partners, the equity platform of Columbus, Ohio-based RockBridge Capital, has announced the closure of a deal to acquire Gateway Center, a portfolio with four hotels, office and retail space and five acres of land in Rocky Mount, 60 miles east of Raleigh, N.C. William Hull Jr., the original developer, will continue to be involved in the deal as a minority partner. Hospitality Ventures, headquartered in Atlanta, will be the manager for the hotels.
$84M in Financing in Place for Fort Lauderdale Hotel Transformation
Aug. 05, 2008
Plans for the conversion of Fort Lauderdale, Fla.'s Sheraton Yankee Trader Hotel into the 433-room Westin Beach Resort have gotten a big boost with the closing of an $84 million financing deal for the project. Borrower A1A Trader L.L.C., an affiliate of Starwood Capital Group, was able to obtain a senior secured increasing term loan from ING Real Estate Finance, which took on the roles of Administrative Agent and Sole Lead Arranger on the transaction.
Interstate Hotels Enters into JV to Own Lexington Hotel
Aug. 05, 2008
Interstate Hotels & Resorts has formed a joint venture with an affiliate of Madison W Properties L.L.C. to recapitalize the existing ownership of the former Radisson Plaza Hotel Lexington in Lexington, Ky., and an adjacent 234,000-square-foot Class A office building.
Premium Australian Beachfront Resort Trades in $120M Deal
Aug. 01, 2008
Seahaven Resort on Noosa Beach in Brisbane, Queensland, has just come under new ownership, courtesy of a $120 million deal. With the assistance of real estates services firm CB Richard Ellis Inc., entities associated with Melbourne, Australia's Carter Group and Michael Callaghan of Sydney sold the property to a group involving Brisbane's Consolidated Properties, London-based BlueSky Capital and an international consortium of investors. Seahaven Resort is the last substantial freehold property on popular Noosa Main Beach.
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