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Naples’ Edgewater Beach Hotel, a Former Waldorf Astoria, Managed by Ocean Properties Sells for $55M

December 24, 2013

Dec. 24--NAPLES -- The Edgewater Beach Hotel in Naples has sold for $55 million. Public records show Panthers RPN LLC, whose address is care of Blackstone Real Estate Associates in New York, sold the hotel Nov. 26 to Naples Edgewater LLC, based in Delray Beach. The registered agent of Naples Edgewater is Richard H. Critchfield of Delray Beach. None of the four managers of the company is based in Naples, state records show. A beachfront fixture since 1984, the hotel has 125 one- and two-bedroom suites and two pools. It last sold for $38 million in 1998. Formerly part of Hilton Worldwide's Waldorf Astoria brand, the hotel is now part of t

Developers to Turn Vacant Downtown Tulsa, OK Building into 82-room Best Western Plus; Opening Q4 ‘14

December 23, 2013

Dec. 23--Downtown Tulsa is getting another hotel. Neal Bhow and John Snyder -- partners in a number of downtown developments -- are joining forces to turn a vacant office building at 707 S. Houston Ave. into a Best Western Plus. The 82-room hotel is scheduled to open in December 2014. "I think a lot of those families that come here for an event or to the Convention Center sometimes might need a little bit more of an affordable (place)," Bhow said. "And there are not really a lot of options for that, and I think that would fill a gap." Rooms are expected to go for $79 to $99 a night, Bhow said, with 72 parking spaces available to custome

Developer Nathan Kirby to Convert 100-year-old High Rise in Gastonia, NC to Upscale Hotel

December 23, 2013

Dec. 23--GASTONIA -- The narrow six-story bank building went up in downtown Gastonia nearly 100 years ago -- the city's first high rise and a symbol of its textile prosperity. Construction took four years and only the finest materials were used, including marble, Honduran mahogany and African ebony. Faces of the Greek god Dionysus decorated outside walls of the neo-classical structure. When the First National Bank went bust in the Great Depression, the 23,500-square-foot building at 168 W. Main Ave. turned into office space, primarily for lawyers. Since the 1980s it has stood empty, a symbol of downtown Gastonia's struggling economy. Bu

155 New Hotels Planned Across Kingdom of Saudia Arabia During 2014-2015 with 20% to be in Riyadh

December 23, 2013

Dec. 23--JEDDAH -- As many as 155 new starred hotels are expected to enter the Saudi market during 2014-2015, according to reports, which state that the Kingdom's hospitality sector is growing at an annual rate exceeding 8.5 percent. The latest statistics show that the number of hotel rooms in the Kingdom's five-star, four-star and three-star properties currently exceed 24,000 rooms in various categories. There are around 55 hotels in Riyadh City, according to the Supreme Commission for Tourism and Antiquities, 15 of which are five-star properties; Riyadh has 20 percent of the Saudi hospitality market share. Stephan Kaminski, who is app

Developers & Officials Still Study Options; Hope to Save Florida’s Belleview Biltmore, Fenway Hotel

December 21, 2013

Dec. 21--DUNEDIN -- Many of its windows are boarded or broken and its interior walls are covered in graffiti, but the beauty of the Fenway Hotel's Mediterranean-style architecture still shines through to drivers passing along Edgewater Drive. While optimistic developers have tried in recent years to bring life to this fading waterfront lodge, like the grander and older Belleview Biltmore resort just down the coast, no one can make the numbers work. City leaders in Dunedin and Belleair Bluffs have taken steps in recent weeks that could open the door for redevelopment at these vacant, historic sites, which deteriorate further with each pa

Cordish Unveils Plan for Maryland Live! Hotel, Convention Center and Transit Hub

December 21, 2013

Dec. 21--BALTIMORE -- The owner of Maryland Live! unveiled details Friday of his proposal to build a hotel, convention center and intermodal transit hub next to the casino. David Cordish, chairman of The Cordish Cos., said he is working to convince Anne Arundel County to provide financial support for the project, and hopes to open the complex before competing casinos in Baltimore and near Washington, D.C., challenge his regional dominance in gaming. Cordish shared his preliminary plan with editors and reporters from The Capital and the Maryland Gazette at his offices overlooking the Inner Harbor. He spoke the same day the Maryland Lotte

Kinston Hospitality Plans $11 Million Investment to Develop a Fairfield Marriott in Kinston, NC

December 21, 2013

Dec. 21--Developers of a proposed hotel in the city say Kinston could have a Marriott by the end of 2014. Washington-based Kinston Hospitality LLC had struck a deal with Kinston City Council in July to invest $11 million for a new hotel. Now they say construction could begin in the next two months. Vimal Kolappa, managing member of the investment group, said he plans on having construction done in the next two months for a Fairfield Marriott. "I'm very excited about this," Kolappa said. "Kinston needs a good hotel and we consider them an expanding market, so this hotel would sit well with the economic development happening in Kinston."

Maritz, Wolff & Co. to Acquire 165-key Renaissance Suites Hotel in St. Louis, Missouri

December 20, 2013

Dec. 20--Hotel investment firm Maritz, Wolff & Co. is buying the shuttered Renaissance Suites hotel downtown and will reopen it as a Courtyard by Marriott next year following a $15 million renovation. Patrick Lowery, principal of Maritz, Wolff & Co., which has offices in Clayton and Los Angeles, said the Renaissance Suites' location next to America's Center convention complex and the property's oversize guest rooms made it an attractive acquisition. The sale is expected to close Feb. 14. "We think it's a great historic building and it's well located adjacent to the convention center," Lowery said, adding the hotel will seek to a







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