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CATEGORY NAME
2013 Rebound in Hawaii’s Commercial Real Estate Market Fueled by $2 Billion in Hotel/Resort Deals
March 7, 2014
March 07--Two trophy hotel purchases last year helped extend a rebound in Hawaii's commercial real estate market for a second year while also bolstering the total dollar volume of investment to its second-highest level ever. Investors responded aggressively to the state's booming tourism industry by snapping up resort property to the tune of $2 billion last year, according to a report by commercial real estate firm Colliers International released for publication Friday. Resort property purchases represented more than half the total dollar volume for all commercial property such as shopping centers, office buildings and warehouses sold l
Tommy Hilfiger Entering Hotel Business with South Beach’s Raleigh Hotel
March 7, 2014
March 07--In another sign that the South Beach hotel market has reached superheated status, fashion designer Tommy Hilfiger is in talks to buy the iconic Raleigh Hotel just over a year after it last sold. The new purchase price has not been released and the deal has not yet closed. Hilfiger told Women's Wear Daily that he plans to turn the property, which he called "a bit dated," into a "five-star chic hotel with all the amenities." The New York Post's Page Six reported that he plans to add an exclusive club element to the hotel. David Edelstein, developer and owner of the W South Beach, and Sam Nazarian, the founder, chairman and CEO o
No Takers for Clinton County, NY’s Initial Bid to Develop Plattsburgh International Airport Hotel
March 7, 2014
March 07--PLATTSBURGH -- Clinton County has come up empty in its initial bid to develop a hotel at Plattsburgh International Airport. "It is disappointing, but we will work through it," said County Legislator Jimmy Langley, who chairs the county's Airport Committee. "It's not the first time we've been disappointed, but we are not a give-up group." LEASE TERMS The county sought bids from developers to build a hotel next to the airport terminal building on a 12-acre parcel that used to be site of the former Plattsburgh Air Force Base Alert Facility. The deadline for submitting proposals was Tuesday, but the county received no bids. Langle
Hersha Hospitality Completes $25M Renovation of 356-key Courtyard Cadillac Miami Beach Oceanfront
March 7, 2014
March 07--The Courtyard Cadillac Miami Beach Oceanfront is open to guests following a 20-month, $25 million renovation. Hersha Hospitality Trust paid $95 million for the old Cadillac Hotel at 3925 Collins Ave. in 2011. The Philadelphia-based company added a LEED-certified 93-room tower as part of major upgrades that also included a new saltwater pool, updated lobby and restaurants and new cabanas by the pool. The hotel, which was built in 1940, stayed open during the renovations and construction. The grand opening to unveil the new features was held last month. A Courtyard by Marriott property, the 356-room hotel is commanding rates bet
Universal Studios to Begin Construction of $2 Billion Theme Park in Beijing to Open in 2018
March 7, 2014
March 07--Construction is set to start this year on a $2-billion Universal Studios theme park in Beijing, according to published reports. A park in Beijing has been under discussion for years, but details have remained murky. A spokesperson for Universal Studios Theme Parks, a division of NBC Universal, declined to comment on the latest report. The park will be the sixth for Universal, including four already in operation and one that is set to open in South Korea in 2016. Construction will begin in Beijing this year, with completion scheduled for 2018, according to the website Aastocks.com. The site quotes officials from the National De
Upgrades Completed for Two Four Seasons Hotels on Lanai Island Owned by Oracle Founder Larry Ellison
March 7, 2014
March 07--To give aesthetic upgrades to two outmoded luxury hotels on Lanai, Oracle founder Larry Ellison, the island's new owner, employed an interior design company that not only fit his minimalist sensibilities but also was as nimble as a tech firm finishing a new product at warp speed. San Francisco's Gino Casta?o and his Potrero Hill company, Paletteur, gave the waterfront Four Seasons Lanai at Manele Bay a new main entrance, two restaurant updates (one of them Nobu) and refreshed the hotel's sports bar, while simultaneously providing the nearby Four Seasons The Lodge at Koele with lobby enhancements and a new look for its fine din
Long Delayed Conrad Ft. Lauderdale Resort & Residences, the Former Trump Condo-Hotel Gains Traction
March 7, 2014
March 07--The Conrad Fort Lauderdale Resort & Residences, a long-delayed project once tied to developer Donald Trump, has begun to sell units as $35 million in renovations continues. Work crews are rebuilding the lobby, adding a lounge and a gourmet market at the site, 551 N. Fort Lauderdale Beach Blvd. Plans also include a high-tech conference room, a ballroom for meeting space and a redesign of the 290 units. Prices will range from $450,000 to $1.8 million, with three penthouses expected to fetch more. Although the Conrad is a luxury condominium-hotel property, it also will be comfortable and casual -- "not stuffy or overstated,"
Interstate Hotels & Resorts Selected to Manage Ibis Budget Hotels in Derby and Leicester in the U.K.
March 6, 2014
ARLINGTON, Va., March 6, 2014 - Interstate Hotels & Resorts - the leading U.S.-based global hotel management company - announces new UK management contracts for ibis budget Hotel Derby and ibis budget Hotel Leicester. The new hotels increase Interstate's rapidly expanding UK portfolio by 154 guestrooms and cements its position as the premier hotel management company in the UK, raising its collection to 49 hotels managed and signed. "Our confidence in the outlook for the UK hotel management sector is evident by Interstate's active pursuit of further expansion opportunities within the UK throughout 2014," said Jim Abrahamson, chief ex