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Unnamed Company Bails Out The Nines Hotel in Portland, OR; Appears to be Pebblebrook Affiliate
May 12, 2014
May 12--The mystery company that bailed out The Nines hotel in downtown Portland with a buyout offer appears to be a Maryland hotel investment trust with a growing portfolio in the city. An affiliate of Pebblebrook Hotel Trust has applied to assume the liquor licenses at The Nines and its restaurants, Urban Farmer and Departure, suggesting the trust has taken ownership of the five-star hotel. The application was first noted by Willamette Week. The Nines was struggling under a massive debt load following the $133 million renovation of the former Meier & Frank Building, including $18.2 million in loans from the Portland Development Co
Summit Hotel Properties Reports Q1 2014 Financials; Sees a 50% Jump in Revenue
May 12, 2014
May 12-- Austin-based Summit Hotel Properties saw revenue jump 50 percent in the first quarter, the company reported Monday. The real estate investment trust operates 90 hotels with more than 11,000 guest rooms across 22 states. Summit said revenue hit $89.5 million in the first three months of 2014, up from $59.7 million during the same period a year earlier. The company said last week it would pay a quarterly dividend of 11.25 cents per share on its common stock. "In the first quarter, we continued to make solid progress on all of our key operating and strategic objectives," Dan Hansen, Summit's president and CEO, said in a written st
McLaren Technologies Brings REX to The Westin Singapore
McLaren Technologies Asia Pacific Pte Ltd | May 11, 2014
Integrate and innovate are possibly the two best words to describe Asia Pacific's leading provider of SaaS technology, McLaren Technologies Asia Pacific Pte Ltd ("McLaren"). It therefore makes perfect sense that Singapore's first-ever integrated hotel within an office building, The Westin Singapore, selected McLaren to consult on the next technology-focussed phase of its innovative hotel rollout. The McLaren team, led by Managing Director Matthew White, completed the implementation of REX (room expeditor) by Newmarket International, Inc. ("Newmarket") at the hotel earlier this month. Mr White said, "Having arrived on the Singapore scene
Hunter Chase Capital Partners Closer to Makeover for Circa 1929 Baker Hotel in Mineral Wells, TX
May 11, 2014
May 11--Since the Baker Hotel opened in 1929, its fortunes have been intertwined with the city of Mineral Wells. Following Saturday's vote, Mineral Wells officials hope both the town and the hotel are on their way to a rebirth. In what developers are calling the last piece for the dilapidated hotel's much-needed makeover, nearly 96 percent of the city's voters approved reallocating an eighth of a cent of the city's sales tax to the $56 million project. In final totals, 1,558 voted in favor and 65 voted against. "We've told the investors that the people want this," said Mineral Wells Mayor Mike Allen. "We're 100 percent behind them." If
60-room Hotel Proposed for Sebastopol, California with November 2015 Opening Targeted
May 11, 2014
May 11--Developers of The Barlow commercial center in Sebastopol have started the formal planning process for Hotel Barlow, a 60-room inn, spa and cafe targeted for opening in November 2015. Though the hotel was not part of the initial concept for the mixed-use development on the east edge of town, proprietor Barney Aldridge said it became clear as construction was underway and tenants were being signed that a hotel fit the center's evolving landscape. Aldridge and his partners envision a boutique hotel reflecting Sebastopol's "eclectic and agricultural identity," in keeping with the theme of The Barlow as a whole, which was built on th
Disney’s Numbers Look Good as Summer Looms; Bookings 3% Ahead of 2013 Despite 6% Price Hike
May 11, 2014
May 11--As it enters the summer, Walt Disney World appears to be enjoying several significant tailwinds -- but there's one potential headwind on the horizon, too. Walt Disney Co. executives said last week that bookings in the their U.S. hotels are running 3 percent ahead of last year so far during the company's fiscal third quarter, which roughly correlates with April through June. And bookings are up, even though prices are 6 percent higher, too. The "pacings indicate solid continued demand" for Walt Disney Parks and Resorts, Morgan Stanley analyst Benjamin Swinburne wrote in a note to investors last week. It's an especially promising
South Florida Hotel Scene Continues to Heat Up with Several Recent Openings and More on the Way
May 10, 2014
May 10--The newest hotels in South Florida are already making a name for themselves. Open just since March, the Metropolitan by COMO, Miami Beach has earned the top spot for the city on TripAdvisor, followed in second place by another newcomer, The Redbury South Beach. That hotel, sister to the Hollywood Redbury in Los Angeles, has another designation to brag about: making the Travel + Leisure 2014 "It List," which highlights the world's best new hotels. Despite those plaudits, the biggest hotel headlines are likely to come over the course of the next year. This fall, the long-awaited Edition Miami Beach -- a collaboration between hotel
Ramee Group Plans to Open Two Five-Star Hotels in the UAE by 2017
May 10, 2014
May 10--The Dubai-based hospitality group has 40 properties in operation, including hotels, hotel apartments and resorts in the UAE, Bahrain, Oman and India. The Ramee Group of Hotels and Resorts is set to open two five star hotels in the UAE in the next three years with a total investment of more than Dh700 million, chairman and managing director Raj Shetty told in an interview during Arabian Travel Market (ATM), which concluded last Thursday. The Dubai-based hospitality group has 40 properties in operation, including hotels, hotel apartments and resorts in the UAE, Bahrain, Oman and India. It also operates a shopping mall in Chennai,