DirectoriesAdd Your Business
News Archive Search
Four Seasons has 60 projects in development
In the past three years, Four Seasons has unveiled a dozen new hotels and resorts in locations as diverse as Baku, Shenzhen, Baltimore and the Serengeti. In the coming year, new properties will open in Moscow, Johannesburg, Orlando, and Dubai, among other destinations.
New openings in the near future include a luxury resort inside Walt Disney World Resort in Florida; a strategic foothold in the African subcontinent; a second location in Russia following the brand's opening in St. Petersburg last year; increased presence in the Middle East with new locations in Bahrain and United Arab Emirates; new locations in India and the first in Korea; plus continued expansion into China's major business and leisure destinations.
A key source of growth opportunities is to reflag hotels that are currently established under another brand. In 2012, Four Seasons converted the historic Rancho Encantado in Santa Fe, and this year the company will raise its flag above The Westcliff in Johannesburg. Another dimension to the company's plans is the continued focus on residential opportunities. Two thirds of projects currently in development include a residential component, whether primary or secondary homes or vacation properties.
Planned new openings in 2014/2015 and beyond
Four Seasons has also previously announced plans for new hotels and resorts in Taghazout Bay, Morocco; Madrid, Spain; and Delhi, India.
Choice Hotels adds Cambria Suites Miami Airport
Choice Hotels International welcomes the new Cambria Suites Miami Airport - Blue Lagoon to the growing Cambria Suites brand. The Cambria Suites Miami property is owned by locally-based limited liability company, Sunflower Hospitality, and managed by Driftwood Hospitality.
The 122-room Cambria Suites Miami hotel is located in the Blue Lagoon District, less than 5 miles from the Miami International Airport. Guests will enjoy a view of Lake Mahar and be able to embrace the excitement of Miami with nearby upscale shopping, professional sports venues, the Miami Seaquarium and the world famous South Beach.
Designed as a lifestyle hotel brand, the Cambria Suites Miami is new-construction that features a larger lobby to give guests a more social atmosphere. The all-suite guest rooms are larger than standard hotel rooms and offer functional, chic decor options including a separate living, working and sleeping space, ergonomic chairs, moveable desks and upscale linens. Each suite allows guests to stay connected while they travel by enjoying the latest technology and prime entertainment with amenities such as flat-screen LCD televisions and MP3 jacks.
With 6 floors, 85,500 square feet and over 1,000 square feet of meeting space, this hotel is suited to both business travelers who need to separate work and relaxation, as well as families who need a little extra space.
Like all Cambria Suites hotels, the Miami property will feature other amenities such as Reflect, a contemporary bistro serving a dinner menu comprised of local specialties created by Chef Michael DeMaria, as well as liquor, wine, beer and freshly prepared grab-and-go gourmet salads and sandwiches; Refill, a barista bar featuring coffee and a hot breakfast buffet; and Refresh, a state-of-the-art fitness center.
In addition, the entire property will offer complimentary wired and wireless high-speed internet access.
CHM named Hotel Asset Manager of the Hyatt Regency and Marriott Marquis at McCormick Place
Capital Hotel Management (CHM), a hotel asset management and investment advisory firm, has announced that it was awarded the asset management contract for both the Hyatt Regency and planned Marriott Marquis at McCormick Place on behalf of the Metropolitan Pier & Exposition Authority (MPEA) in Chicago, IL.
CHM will provide asset management/operational oversight services for the existing 1,262-room Hyatt Regency McCormick Place, as well as pre-opening advisory and eventual asset management of the planned 1,200-room Marriott Marquis. Located adjacent to McCormick Place both hotels are owned by the MPEA and are operated by Hyatt and Marriott, respectively.
Situated at 2233 South Dr. Martin Luther King Jr. Drive, the Hyatt Regency McCormick Place recently completed a $110 million expansion and renovation to deliver 1,262 new and like-new guest rooms to the Chicago convention market. The project included the addition of a 462-room tower with 12 suites and two premium suites. The hotel's lobby also was expanded and redesigned, and the existing, 800-room tower received a complete update to mirror the new tower in terms of design, furnishings, fixtures and soft goods.
The Marriott Marquis will be connected to McCormick Place by a sky bridge. Also planned is a 10,000-seat event center, which will serve as a General Session hall for tradeshows and conventions and also will be connected to McCormick Place West via a walkway.
Pathfinder Partners acquires Homewood Suites in La Quinta, CA
Marking its first investment in the hotel industry, Pathfinder Partners, LLC - San Diego-based firm specializing in investments in real estate assets and defaulted loans - has partnered with Vesta Hospitality to acquire the 129-room Homewood Suites By Hilton hotel, an extended stay property at 45-200 Washington Street in La Quinta, Calif.
Co-investor Washington-based Vesta Hospitality has been managing the property since 2010.
According to Lorne Polger, senior managing director of Pathfinder Partners, plans are currently underway to implement a $1.8 million property improvement program to renovate all the rooms, as well as bring the property up to the latest Homewood Suites franchise standards. The hotel has a resort-style pool, dining facilities and a gym.
Built in 2007, the three-story, all suite property is located in the heart of La Quinta, a resort style community within the Coachella Valley with an average of 350 days of sunshine each year and world class golf courses. The hotel is just one block from the Indian Wells Tennis Garden - the second largest tennis stadium in the world with 16,100 seats - and home to the annual BNP Paribas Open. The stadium has recently undergone a $95 million renovation and will open its new facilities for the event later this month.
InterCityHotel Group plans new hotel in Rotterdam
A new InterCityHotel is being developed within the immediate vicinity of Rotterdam Central Station. The project is scheduled for completion in 2017. With 180 rooms from the latest InterCityHotel generation, each will be at least 20 m² in size. Its conference facilities will extend over an area of 440 m2 and feature five rooms and a pre-function section available for meetings and events. Culinary needs will be served by a restaurant and a 162 m2 Bistro Lounge. A particular perk for both city trip enthusiasts and business visitors is the fact that the InterCityHotel "FreeCityTicket" will also be included in the room price, enabling guests to use the local public transport system free of charge.
The new building has been designed by the architectural firm Dam and Partners Architecten of Amsterdam. The developer and owner is Weena Boulevard C.V., a subsidiary of the Rotterdam-based company LSI Beheer B.V.
Hilton adds 50th hotel to growing Turkey portfolio
Hilton Worldwide has announced that it has reached an agreement to operate its 50th hotel in Turkey. The newest property, owned by Ever Kocaeli Turizm Ticaret A.S, will be branded under the Hampton by Hilton brand and plans to open to guests in early 2016.
Hampton by Hilton Kocaeli will be located near the centre of Kocaeli, one of Turkey's most affluent cities and a centre of industry and manufacturing. The hotel will have 147 guest rooms, a breakfast area and 24/7 snack bar, in addition to a work zone and fitness centre. As with all Hampton by Hilton properties, breakfast will be included in the hotel's room rate and guests at the hotel will be subject to Hampton by Hilton's 100% Satisfaction Guarantee.
Hampton by Hilton has a global presence, and has proven popular with value conscious travelers, offering a friendly welcome and competitive room rate. The new hotel joins two hotels in Turkey currently operating under the brand; Hampton by Hilton Bursa, located 20km from the Sea of Marmara and Hampton by Hilton Ordu, situated on the Black Sea.
RLJ Lodging makes 10-hotel portfolio acquisition from affiliates of Hyatt Hotels
RLJ Lodging Trust and Hyatt Hotels have announced that Hyatt affiliates have entered into a definitive purchase and sale agreement for RLJ to acquire a portfolio of 10 hotels totaling 1,560 rooms (the "Hyatt Portfolio") consisting of Hyatt, Hyatt Place and Hyatt House hotels. A Hyatt affiliate will continue to manage the hotels under new management agreements.
The Hyatt Portfolio, which is located primarily on the West Coast, is expected to be acquired for a total purchase price of approximately $313 million. RLJ intends to spend approximately $25 million in capital expenditures across the Hyatt Portfolio, the majority of which will be invested over the next 24 months.
The Hyatt Portfolio, the majority of which were acquired by Hyatt in 2011, will immediately increase RLJ's West Coast presence, particularly in California where the company is currently seeking to grow its presence. With the addition of this portfolio, RLJ will more than double its hotel earnings before interest taxes depreciation and amortization (EBITDA) on the West Coast. The remaining hotels are located in dense premier markets with multiple demand generators.
RLJ continues to execute its stated strategy of becoming the leading owner of premier select-service hotels. The Hyatt Portfolio will represent more than 7% of RLJ's projected 2013 Hotel EBITDA and more than 7% of its total enterprise value. RLJ estimates that the Hyatt Portfolio's 2013 aggregate RevPAR will be greater than $120, which is more than a 10% premium to RLJ's projected RevPAR for 2013. Also, more than half of the hotels are expected to be added to RLJ's top 50 EBITDA contributors.
The transaction is expected to be completed in March 2014 and is subject to customary closing conditions. RLJ made a $10 million non-refundable deposit upon execution of the purchase agreement.
RLJ expects to fund the acquisition of the Hyatt Portfolio through a combination of various financial resources available for use, including but not limited to cash on hand, its undrawn revolving credit facility, and debt financing.
With the addition of the Hyatt Portfolio, RLJ is expected to own 160 properties, consisting of 158 hotels with approximately 24,000 rooms and 2 planned hotel conversions, located in 24 states and the District of Columbia.
JMBM's Chinese Investment Group makes US acquisitions for Chinese clients
Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce the successful closing of a number of hotel and real estate purchases by members of its Chinese Investment Group., and the promotion of Eudeen Chang to Vice Chairman of the Group. Chang is a founding member of the Group as well as a senior member of the firm's Global Hospitality Group.
Just before the new year, Chang, working with a team of other JMBM lawyers, represented Hazens Investment, LLC in that company's $96 million purchase of the 802-room Sheraton Gateway Hotel. Hazens Investment is a subsidiary of Shenzhen Hazens Real Estate Group Co. Ltd., one of the top 100 largest construction and development companies in China.
Other recent transactions by Chang, the Global Hospitality Group, and the Chinese Investment Group include the acquisition of the 244-room Crowne Plaza Los Angeles Harbor Hotel, the 151-room Hampton Inn Newark-Airport, and the 349-room Wyndham Garden Hotel Newark Airport.
Visit our sponsors