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Fairmont sells Hawaii hotel for $250 million Fairmont Hotels & Resorts Inc which is fending off a hostile partial takeover offer, said on Friday it had sold its Fairmont Orchid hotel in Hawaii for $250 million. The luxury hotelier said it would record a $109 million pretax gain on the sale to Westbrook Partners. Fairmont will continue to manage the resort, which will keep its name, under a long-term management contract. Fairmont bought the hotel in 2002 for $140 million. "Fairmont is considering a number of alternatives for the sale proceeds, which it expects to reinvest in other hotel assets," the company said in a statement. Earlier on Friday, Fairmont announced it had sold a block of land in Toronto for C$30.5 million and said it would gain about C$8.2 million from the sale. The flurry of activity comes as the company, which owns and operates about 80 hotels around the world, tries to beat back an unsolicited offer from billionaire investor Carl Icahn. Icahn has offered $1.19 billion, or $40 a share, for control of Fairmont, with the aim of forcing a sale of the company.
Airport Marriott sale closes A Bethesda, Md., real estate investment trust says it has completed the purchase of the 486-room Lehman Bros. provided a 10-year, $59 million loan on the purchase, with interest at a fixed rate of 5.68 percent. The terms call for the first five years of the loan to be interest only. DiamondRock plans to spend $10 million to $12 million over the next two years in capital improvements, as well as replace the current independent management firm with Marriott corporate management. The company says it also plans to increase room rates as the capital improvements occur. DiamondRock currently owns 15 hotels with 6,119 rooms in 10 states and one U.S. territory.for $70 million. According to Orange County tax records, the previous owner was the Teachers Retirement System of the State of Illinois, based in Northbrook, Ill. The fund acquired the property in 1988 for $31,135,500. DiamondRock says
New CEO for Jones Lang LaSalle Hotels in Germany Jones Lang LaSalle Hotels has appointed Jürgen Baurmann as CEO, Germany. Responsible for Germany, Austria and Switzerland, he will focus on business development. Mr Baurmann will be based in Frankfurt and manage the existing team of six fee-earners. His predecessor Christoph Härle will now be responsible for Central and Eastern Europe and will remain in Munich. Mr Baurmann joins from GOP, where he led complex hotel development and transactions in Europe. His career has also included operational experience at the Negresco Hotel in Nice, the Ritz in Madrid and the Plaza Athenée in New York; and he has worked for the Steigenberger Group where he was responsible for hotel acquisition and development in Europe.Additionally, Sylvia Turtenwald has been appointed as Vice President covering Advisory and Valuation for Jones Lang LaSalle Hotels in Frankfurt. Sylvia also joins from GOP where she was responsible for Research and Valuation.
Westin Dragonara Resort, Vodafone Malta launch state-of-the-art business centre The Westin Dragonara Resort and Vodafone Malta Limited have teamed up to set up the Westin Vodafone Business Centre. This state-of-the-art business centre is located at the Westin Dragonara Resort, St Julian's. The Westin Vodafone Business Centre has been renovated and redesigned to the highest standards and comes complete with workstations with the latest software, broadband Internet access, high speed WiFi Internet, a lounge area, a library and a bar. A dedicated reception team is available from 8 a.m. to 8 p.m., offering full secretarial support - printing, faxing, typing, binding and photocopying. Three large board rooms - one featuring a sea view terrace - are equipped with the latest technology. These include projectors, automatically controlled screens, mini bars and coffee-making machines. "The new Westin Vodafone Business Centre focuses on innovation and enhancing our guests' experience, making business meetings a memorable experience," Westin Dragonara Resort general manager Hans Cauchi said. "Here we have two renowned brands coming together to offer unsurpassed service to business people. "This partnership with Vodafone follows Westin's new vision in branding and innovation. The brand concentrates on exceeding customers' expectations by giving them a superior service. This can only be achieved by keeping abreast of new technologies.
AH&LA supports the American Hotel & Lodging Educational Foundation The Employment Guide, an allied member of the American Hotel & Lodging Association (AH&LA), has contributed $75,000 to the American Hotel & Lodging Educational Foundation (AH&LEF) to support the educational development of students pursuing an undergraduate degree in hospitality. The money will be paid over the next three years in installments of $25,000 annually and will benefit AH&LEF’s Annual Scholarship Grant Program. As the Foundation’s largest scholarship program, the program is co-administered with 87 AH&LEF affiliated two and four-year hospitality management programs at various colleges and universities in the United States. Each year, the participating schools are allocated a scholarship grant in which they select individual students to be recipients of the scholarship monies based upon various criteria designated by AH&LEF. “AH&LEF is pleased The Employment Guide has joined other organizations and companies that value partnering with AH&LEF to create a better future for the lodging industry,” said AH&LA and AH&LEF President and CEO Joseph A. McInerney. “This scholarship program is one that will have a significant impact for many future hoteliers.”
Best Western International announces the opening of the Best Western Carrollton Inn and Suites at Carrollton, Georgia. The Best Western Carrollton Inn and Suites is conveniently located near business and leisure activities. “Best Western is proud to welcome the brand-new Carrollton Inn and Suites to our chain,” said Mark Williams, vice president, North American Development for Best Western International. “This property offers comfortable amenities and is a convenient lodging choice for travel in and around the Atlanta area.” In addition, the Best Western Carrollton Inn and Suites, owned by Vasant A. Patel, participates in the brand’s worldwide, toll-free reservations system, as well as centralized advertising, marketing, purchasing, quality assurance standards, training and interior design services.
Movenpick Hotels & Resorts new in Dusseldorf as of 2008 Another Hotel is to be added to Movenpick Hotels & Resorts’ portfolio within Germany as of 2008. The Swiss international hotel chain recently signed a contract of lease with LIP (Ludger Inholte Projektentwicklung) for a new 4-star business hotel in Dusseldorf. The Hotel is to cater first and foremost for business executives and trade fair visitors. "Dusseldorf is an important milestone in our expansion strategy", explains Stefan Flury, Senior Vice President Europe Movenpick Hotels & Resorts. "With Ludger Inholte Projektentwicklung we have found the right partner for this project, and we look forward to offering our guests our genuine Swiss hospitality in Dusseldorf as of 2008." The Movenpick Hotel Dusseldorf is Movenpick’s 17th hotel in Germany. In addition to the existing 13 hotels, three projects are currently under construction in Frankfurt, Hamburg and Stuttgart. The Movenpick Hotel Frankfurt-City is to be completed first, its inauguration scheduled to coincide with the 2006 World Cup.
Molinaro Koger arranged the sale of Chicago’s Omni Ambassador East Hotel Molinaro Koger announced that the firm acted as advisor to Omni Hotels in the sale of the Omni Ambassador East Hotel to FHM Ambassador East, LLC, a joint venture of the Fordham Company, The Harp Group and Mid-America Development Partners. The hotel, together with its award winning Pump Room Restaurant, is located in the Gold Coast neighborhood of Chicago adjoining North Michigan Avenue and the fashionable River North district. “Investors were attracted to the quality of the real estate given its Gold Coast location,” commented Bill Stadler of Molinaro Koger. “Furthermore, investors recognized the potential opportunity for an upscale condo-hotel structure,” added Mark Rome of Molinaro Koger. Molinaro Koger’s other notable transactions in greater Chicago during 2005 include the Westin O’Hare, DoubleTree Guest Suites – North Michigan Avenue, Marriott Schaumburg and The Lenox Suites Hotel.
St. Regis Hotels & Resorts continues to expand globally with second new property in Latin America Starwood Hotels & Resorts Worldwide , Inc. announced a joint venture agreement to build a new St. Regis Resort in Punta Mita, Mexico. Scheduled to open in late 2007, the new ultra-luxe resort is being developed by Ideurban Consultores, one of Mexico`s largest private development and construction companies and DINE, developer of Punta Mita. St. Regis Resort, Punta Mita will be the brand`s second property in Mexico, opening shortly after the St. Regis Hotel, Mexico City also set to debut in 2007. "There are few resort destinations in the world that combine the prestige, vision and raw natural beauty of Punta Mita," said Kerry Hatch, president of St. Regis Hotels & Resorts. "This is truly one of the world`s most exquisite enclaves and an ideal location for a St. Regis resort." "We are very proud to bring the addition of this exclusive hotel to Starwood`s portfolio, this is a great year for Starwood Latin America Division and we are very pleased to have such strong plans for the development of the brand in the region," said Osvaldo Librizzi, President of Starwood Hotels & Resorts, Latin America. Punta Mita is a planned resort and residential community covering more than 1,500 acres on a spear-shaped peninsula.
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