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Fortress Investment Group Acquires Florida’s 963-key Hyatt Regency Jacksonville Riverfront for $53 M
February 13, 2014
Feb. 13--Jacksonville's largest hotel has been sold. Fortress Investment Group of New York paid $53 million for Hyatt Regency Jacksonville Riverfront, the 963-room hotel on the Northbank downtown. Fortress is the first publicly listed hedge fund in the United States and manages more than $58 billion in assets. Dan King, manager of the hotel, said that Hyatt has a long-term contract to manage the hotel that transferred with the sale. Because of that, Paul Astleford, president and CEO of Visit Jacksonville, said the sale doesn't mean a lot from his agency's selling point. "We'll still have the Hyatt name downtown," he said, "and that's im
Revel’s Largest Equity Holder, Chatham Asset Management, Approved as Part Owner of Casino
February 13, 2014
Feb. 13--Chatham Asset Management, the largest equity holder in Revel Casino-Hotel, was deemed qualified Wednesday for New Jersey licensing by the Casino Control Commission. The commission was required to consider Chatham's qualifications following Revel's bankruptcy proceeding last year, during which the investment company agreed to have its debt converted into equity. Chatham, which owns 28 percent of the equity in Revel, had been operating under a temporary arrangement approved by the commission in May. Wednesday morning's proceedings followed weeks of speculation over who might purchase Revel, which has been openly pursuing a sale s
Chinese Tourists Favor San Gabriel, CA for West Coast Visits Sparking Hotel Development There
February 13, 2014
Feb. 13--Chen Si, 35, and her husband visited Los Angeles from Shanghai for the first time in December, excited about local attractions like Disneyland and Hollywood. They were less enthused about the idea of American food. They booked a room in San Gabriel, where friends said they could find "acceptable" Chinese food in the surrounding neighborhood, Si said. The once-quiet suburb about 12 miles east of downtown Los Angeles is in the midst of a transformation built on the growing international reputation of its Chinese food and services. These are boom times for Chinese tourism, and statistics show that about a third of those who travel
Older Orlando Hotels, Previously Capital Starved, Getting Makeovers as Investors Pour in Money
February 13, 2014
Feb. 13--When the 718-room Radisson Resort near Celebration sold a year ago, the hotel was long overdue for a face-lift. Hotels typically get an overhaul every seven years or so, and the Radisson hadn't seen one in about 15. Guest rooms at the 26-year-old hotel needed to be remodeled, with new carpet, beds and tubs. Corridors needed to be overhauled. Even the elevators needed updating. About $10 million later, the Radisson's new owner, Waramaug Hospitality, says it has a property that's in top shape. "It doesn't take too long for a hotel to start looking shabby," said Jay Litt, executive vice president at Waramaug. "It was capital-starv
Capstone Ptrs & Lionstone Investments Plan Big Redmond, WA Urban-Village Project with 250-key Hotel
February 13, 2014
Feb. 13--A massive planned community on 28 acres next to Microsoft in Redmond could break ground in June and promises to allow 8,000 people to live, work and play in the same place, developers said Wednesday. Capstone Partners and its financial partner Lionstone Investments said in a statement that their 3 million-square-foot community called Esterra Park will offer a live-work campus with the added benefits of a park and hotel. The former medical-campus site, between 156th Avenue Northeast and 152nd Avenue Northeast, is between Microsoft and the Overlake shopping center. It's the first major redevelopment of Overlake Village since the
Roedel Companies Acquires Courtyard by Marriott in Nashua, New Hampshire; Renovation Planned
February 13, 2014
Feb. 13--NASHUA -- Wilton-based Roedel Companies, a hotel management chain that got its start in the area with the Susse Chalet Inn in 1967, is returning to Nashua with its purchase of the Courtyard by Marriott hotel. The new owners plan to upgrade the hotel's appearance and amenities, including giving the conference center a separate entrance and appearance, according to a release. A "multimillion dollar renovation" will take place in phases and is slated to be completed in the first quarter of 2015. The Courtyard is Roedel's first Marriott purchase. In the area, the firm owns Hilton Garden Inn Manchester, La Quinta Inn & Suites Ma
ZJZ Hospitality Completes Multi-Million Dollar Renovation of Embassy Suites Corpus Christi in Texas
February 13, 2014
Feb. 13--CORPUS CHRISTI -- After forming an investment company to purchase and revamp Embassy Suites Corpus Christi with a retro-modern design, company CEO Deven Bhakta questioned his decision, he said. "I know the business, Corpus Christi and the hotel's clientele," Bhakta said. "Embassy Suites was a marquis hotel from the 1980s that was a bit neglected and tired." He didn't know much of the place was held together with duct tape, he said. "Sometimes you wonder if you're taking on something too old," Bhakta said. "But now our guests are raving, and those pains are going away." ZJZ Hospitality, the development company that acquired the
Georgia World Congress Center Selected to Manage Savannah International Trade & Convention Center
February 13, 2014
Feb. 13--The Georgia World Congress Center Authority has been selected to manage the Savannah International Trade & Convention Center. The board of the Georgia International Maritime and Trade Center Authority adopted a resolution Wednesday to enter into exclusive negotiations with GWCCA. This will allow the GWCCA to work collaboratively with Visit Savannah in marketing the convention center as a premier business destination. Simultaneously, the board adopted another measure for the GWCCA to negotiate with SMG, the venue's former manager, to continue providing the facility's food and beverage services through its SAVOR subsidiary. S