News Archive: August
Garden City, KS Could Soon Benefit from $25 million Water Park & Hotel Development Led by Amro Samy
August 21, 2013
Aug. 21--A proposed $25 million development of a water park, hotel and restaurant continued to sail through the approval process on Tuesday as the Garden City Commission approved a variety of agreements for the project. Following two public hearings, the commission approved the creation of a tax increment financing district, a community improvement district and the project plan for Stone Development Inc., the legal entity developing a water park, hotel and Old Chicago restaurant south of Menards near the bypass and Schulman Avenue intersection. Korb Maxwell, attorney with Kansas City-based firm Polsinelli, which represents Stone Develop...
Magellan Development Group Proposes Austin, Texas Skyscraper to Include One or Two Hotels
August 22, 2013
Aug. 23--Austin's skyline could change dramatically once again with the planned addition of a skyscraper of up to 50 stories with hotel rooms and residences at East Fifth and Brazos streets downtown. The tower could include one or two hotels and more than 300 housing units, most likely apartments, David Carlins, president of Chicago-based Magellan Development Group, told the American-Statesman on Friday. Magellan, which is building a national presence with its large-scale luxury mixed-use towers in Chicago and other cities, would develop the Austin project with Wanxiang America Real Estate Group , also based in the Chicago area. The hei...
Golden Nugget Atlantic City For Sale? Landry’s Considers Selling Property Despite $150M Renovation
August 31, 2013
Aug. 31--The parent company of Golden Nugget Atlantic City may possibly sell the casino or its Internet gambling rights after struggling with some "less than stellar results" in a slumping market. Despite a $150 million renovation last year that transformed a formerly drab property into a glitzier casino, Golden Nugget has continued to lose money under the ownership of Houston-based Landry's Inc. Landry's, the restaurant, entertainment and casino conglomerate controlled by Texas billionaire Tilman Fertitta, says it has been approached by the investment bank Houlihan Lokey to consider selling Golden Nugget or its Internet gambling rights...
Maui’s Former Ritz-Carlton Time-Share Units to Become Montage Kapalua Bay, a Luxury Hotel
August 1, 2013
Aug. 01--A 50-room hotel will replace unsold time-share units at Maui's former Ritz-Carlton time-share and condominium resort in Kapalua under a plan by the property's new owner and management firm. The all-suite luxury hotel is projected to open early next year following a multimillion-dollar upgrade to the property now known as the The Residences at Kapalua Bay, the firms announced today. After the conversion, the resort will become the Montage Kapalua Bay managed by Montage Hotels & Resorts, a company hired by an affiliate of real estate firm Lantern Asset Management that acquired the Kapalua property earlier this year at a forec...
Eurobuilding Hotels Group Opens the 133-room EB Hotel Miami Near Miami, FL International Airport
August 7, 2013
Aug. 07--EB Hotel Miami, the first U.S. property from Venezuela-based Eurobuilding Hotels Group, is now open just north of Miami International Airport. Located at 4299 NW 36th St. in Miami Springs, the 133-room hotel opened its doors in early June and plans a grand opening in December. Formerly an office building, the six-floor hotel -- online at www.ebhotelmiami.com -- still has a Wells Fargo attached. The interior of the building has been completely renovated to cater to business travelers with marble floors and plush carpet, modern, comfortable rooms and updated technology. The upscale property also boasts a pool, fitness center and ...
Pinnacle Entertainment Sells St. Louis, MO Lumiere Casino and Hotel to Tropicana for $260 Million
August 17, 2013
Aug. 17--Pinnacle Entertainment said Friday it will sell its Lumiere Place casino and hotel complex on the St. Louis riverfront to Tropicana Entertainment for $260 million. The price is about half what Pinnacle spent to build the glitzy complex that opened in late 2007. Revenue at the Lumiere Place casino has slipped in recent months as part of a downward trend in the St. Louis area's gambling market. Pinnacle sold the complex, which includes a luxury Four Seasons hotel and the HoteLumiere, under pressure from federal antitrust officials. The Federal Trade Commission required Pinnacle to sell one of its two St. Louis-area casinos as a c...
Developer Ronald Luccio Jr. Plans 60-room Boutique Hotel for Boston’s Financial District
August 24, 2013
Aug. 24--A 60-room hotel is being proposed for a narrow paved lot on Boston's High Street, across from the towering International Place in the Financial District. Developer Ronald Luccio Jr. plans to build an estimated $6 million, 15-story, glass-faced building for the moderately priced, limited-amenities hotel, where rooms would be small. "We're looking to do something that's a small boutique hotel -- something to kind of fill a gap," said Fred Mannix, a development consultant for the project. "We're trying to keep the price-point down so business people can use it," Mannix said. "We're not going to have a restaurant or a ballroom, so ...
Ascent Hospitality Proposing Two New Hotels, a Fairfield Inn & TownePlace Suites in Meridian, MS
August 21, 2013
Aug. 21--MERIDIAN -- Two new hotels and two restaurants are on the drawing board for Meridian. Developer John Tampa of Ascent Hospitality Management Co. told the Meridian City Council on Tuesday that he wants to build a Marriot Fairfield Inn and Suites; a Marriott TownePlace Suites, an office building and two restaurants on a 16-acre site off of 1-20 near Cracker Barrel in Meridian. After the meeting, Tampa said nothing is official yet, but he is ready to proceed as soon as possible. "It will be up to the City Council," Tampa said. "We want to be here. On my side I'm ready 100 percent." Tampa's company is based in Buford, Ga. and owns a...
