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Molinaro Koger Arranges Sale of Florida Hotel Portfolio to Joint Venture of Ian Schrager and RFR Holding, LLC Ali Baheri, Senior Vice President of Molinaro Koger, announced that the firm had successfully acted as advisor to the Riande family of Panama in the disposition of three Florida hotels. Located in the Miami, South Beach, and Orlando markets, the hotels were purchased by a joint venture of Ian Schrager and RFR Holding, LLC. The properties are slated for renovation, redesign and rebranding as signature boutique concepts following the sale. 'It was a pleasure to match the Riande family with a purchaser whose combined talents make them one of our industry's most savvy investors and hoteliers,' said Mr. Baheri. 'Ian Schrager, an icon within the hotel industry, helped define South Beach when he opened the Delano 10 years ago as one of the first stark and stylish boutique hotels. 'Aby Rosen, principal of RFR, is a well-known real estate developer and patron of the arts. Together they will enhance the Riande properties.' The 700-room portfolio, which is comprised of the Riande Continental Bayside, Miami; the Riande Continental Plaza, Orlando; and the Riande Continental South Beach; was the subject of intense investor interest. Pursuit of the portfolio was particularly strong given that the properties were located in some of the nation's leading markets. According to Mr. Baheri, more than 30 prospective purchasers bid for the Riande portfolio.
St. Regis Hotels & Resorts Continues to Expand Globally with Second New Property in Latin America St. Regis Resort, Punta Mita to Open in 2007 Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today 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, master 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. Located 35 miles northwest of Puerto Vallarta on the Pacific Ocean surrounded by white sand beaches, spectacular ocean views and lush tropical landscape, St. Regis Resort, Punta Mita will feature 120 magnificently appointed guest rooms and suites each with its own outside shower, and approximately 65 luxury villas for both fractional and whole ownership. The resort will offer signature services for which the St. Regis brand is renowned worldwide including its trademark butler service, world-class concierge, exquisite design, and a magnificent spa. The highly-anticipated resort will include Punta Mita's second Jack Nicklaus Signature golf course with greens meandering through the resort grounds, a 10,000 square foot spa and fitness center, two full-service restaurants, and a Beach Club with a pool grill and bar. The resort will also offer 7,000 square feet of meeting and function space, ideal for a corporate retreat or a wedding celebration. "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."
Fairmont To Manage Mixed-Use Luxury Hotel Development At Tamarack Resort In Idaho Fairmont's First U.S. Purpose-Built, All-Season Destination Resort Fairmont Hotels & Resorts Inc. today announced that it has entered into an agreement with a joint venture between Agassi Graf Development LLC and Bayview Financial(R) L.P., through its real estate investment and development group, to manage a luxury mixed-use property within Tamarack Resort, an all-season mountain destination located 90 miles north of Boise, Idaho. When the property opens in 2008, Fairmont will manage the 225-room condo hotel, which will also include a spa and several residential components. The transaction is subject to certain terms and conditions being finalized and sales activities are expected to begin in early 2006. William R. Fatt, Fairmont's Chief Executive Officer, said, "We are delighted to be the selected manager for this high caliber project. We have been looking for a U.S. resort destination with significant ski and golf amenities to complement our current portfolio and this development is the perfect opportunity. The residential offerings will allow Fairmont to extend its luxury brand to both guests and secondary home owners." Continued Mr. Fatt, "We are pleased to be partnering with Agassi Graf Development and Bayview Financial, who are dedicated to making this project a world-class, all- season destination." "Our vision is to create an exceptional lifestyle offering worthy of Tamarack's incredible surroundings," said Andre Agassi. "All of our partners involved in this development are committed to delivering the highest level of quality and luxury possible. We are excited to have Fairmont join us in this endeavor."
Agassi & Graf to develop luxury hotel Andre Agassi and Steffi Graf - announced details of their luxury mountain hotel development, at Tamarack Resort in Donnelly, Idaho -- the nation's newest all-season resort. Subject to certain terms and conditions being finalized, Fairmont Hotels & Resorts will manage the luxury hotel and residences, featuring two locations: a classic resort hotel located in Tamarack's village and a mid-mountain site. This development will be the pinnacle hotel offering at the resort. In addition to being financial investors in the project, Agassi and Graf will be active in the development, design and overall lifestyle offering, working closely with joint venture partners Bayview Financial, design team Wilson & Associates and architecture firm VAg. Inc. The couple chose Tamarack for their first lifestyle development because of its stunning natural surroundings, ideal not just for skiing but for the unparalleled active outdoor lifestyle it offers. "Tamarack is the perfect location for anyone interested in taking a little time out of their lives to get away or spend quality time with their family," said Agassi. "Our vision is to create an exceptional lifestyle offering that complements the natural beauty and uniqueness of the resort. It's about bringing the highest standard of quality and luxury to the whole experience." The resort's village location, "Belvedere Ridge," will feature approximately 225 condo-tel units, with scenic views of Tamarack's mountain, championship golf course and Lake Cascade. Belvedere Ridge will also have a private residence club including a European-style spa. "Whitewater" -- the resort's mid-mountain location -- will feature an estimated 35 private residences, all offering ski-in/ski-out access. Whitewater will offer a personal concierge, a semi-private restaurant and an outdoor deck with stunning mountain and lake views. Both properties are scheduled to break ground during the summer of 2006 with completion anticipated in 2008, in conjunction with the completion of Tamarack's village. "We are delighted to be the selected manager for this first-class development," said William R. Fatt, Fairmont's Chief Executive Officer. "We have been looking for a U.S. resort destination with significant ski and golf amenities to complement our current portfolio, and this development is the perfect opportunity. The residential offerings will allow Fairmont to extend its luxury brand to both guests and secondary home owners."
Movenpick Hotels & Resorts: New Investment in 5 star 'branded' Hotel Residence in Dubai Mövenpick Hotels & Resorts has signed an agreement with IFA Hotels & Resorts to introduce a 5 star branded hotel residence in Dubai, U.A.E. It is the first independent hotel investment project in the Middle East. The Mövenpick Hotel & Residence Laguna Tower Dubai is scheduled to open in 2008 and offers a total of 120 Hotel rooms as well as additional 296 suites and apartments. IFA Hotels & Resorts, a subsidiary of International Financial Advisors in Kuwait, has pioneered the innovative property investment concept which guarantees individual owners a minimum return and substantial potential for capital growth. The concept of the residence hotel project enables investors to purchase a fully fitted, fully furnished room or apartment which will yield a guaranteed return of 8% in the first three years and may be used free of charge for 30 days in the year. Following the three year guaranteed return, individual investors will receive an annual profit share equal to 50 % of the room revenue. The 40 storey Mövenpick Hotel & Residence Laguna Tower Dubai, offers both 296 private suites and apartments and 120 comfortable hotel rooms with lake and sea views, in prime Jumeirah location. True to Mövenpicks’ world class hospitality brand, the hotel will have a business centre, state of the art meeting facilities, fitness centre, swimming pool and whirlpool, a multi-storey car park as well as a variety of retail boutiques and trademark Mövenpick cuisine served in variety of themed restaurants. “The introduction of the branded hotel residence ownership program confirms our commitment to offering world class resort developments for different segments of the international market. Our continued strategy of forging strong alliances with world-class partners is seen in our strategic alliance with Mövenpick Hotels & Resorts, to ensure that we continue to bring the highest levels of hospitality standards to the industry”, said Werner Burger, President & COO, IFA Hotels & Resorts. “The venture with IFA Hotels & Resorts is an honour for us and offers great potential for the future”, says Andreas Mattmüller, Senior Vice President Middle East Mövenpick Hotels & Resorts. “The Mövenpick Hotel & Residence Laguna Tower will be the eighth Mövenpick Hotel within Dubai, and here too, we will guarantee our guests and investment partners 5-star service and the highest standards of quality renowned by Mövenpick Hotels & Resorts worldwide.”
LaSalle Hotel Properties Acquires the Holiday Inn Downtown in DC
$21 Million Renovation and Repositioning Planned LaSalle Hotel Properties (NYSE: LHO) announced it has acquired the Holiday Inn Downtown in Washington, DC for $44.6 million. The Holiday Inn Downtown is an urban, full-service hotel with 212 guestrooms. The hotel is located in the heart of the business district of downtown Washington, DC.
Fairmont To Partner With Turnberry Associates At The Fairmont Turnberry Isle Resort & Club In Miami Agreement Includes Improved Long-term Management Contract and Renovation Plans Fairmont Hotels & Resorts Inc. (TSX/NYSE: FHR) announced that Turnberry Associates will acquire The Fairmont Turnberry Isle Resort & Club. The resort will retain its name and continue to be managed by Fairmont under a new, enhanced long-term management contract. The transaction is expected to close by the end of the year. As part of this new partnership, Turnberry Associates plans to invest significant capital in the resort to position the property as the premier golf and beach resort destination in southern Florida. This would include a complete renovation of the existing golf courses as well as a substantial improvement to the resort. In addition, Fairmont is planning to participate in the management of additional residential development projects at the property. "We are pleased to enter into a strategic alliance with such a well-respected developer and welcome Turnberry Associates back to the resort," commented William R. Fatt, Chief Executive Officer of Fairmont. "As the original developer of this property and numerous projects in the area, Turnberry Associates is entirely familiar with our resort and the market. This expertise will allow us to raise the bar and enhance the overall quality and performance of The Fairmont Turnberry Isle Resort & Club." Added Mr. Fatt, "This transaction supports Fairmont's management-focused growth strategy as well as the pursuit of additional revenue streams from new real estate development projects. Not only will the resort benefit from the capital invested in a renovation program, the Company has the potential to work with Turnberry Associates on a number of exciting luxury development projects on the resort grounds."
Golden Tulip Benelux hotel of the year
The awards are based on the combined results of the guest satisfaction survey, the results obtained from their franchise relation with Golden Tulip, the annual quality assurance program and the Franchise Performance Impact of each hotel. Based on the results of the annual quality assurance program carried out by the independent hotel classification organisation ANWB (Dutch Automobile Association - Algemene Nederlandse Wielrijders Bond) and the best Franchise Performance Impact percentage, each Golden Tulip Hotel, Inn & Resort has the opportunity to become the “Hotel/Inn of the Year”. The quality assurance inspection consists of a mystery guest visit evaluating each hotel based on service, branding, hygiene and a number of other points. The hotel’s Franchise Performance Impact is a percentage that Golden Tulip uses to measure the impact of its franchise on the room revenue of the hotels. Golden Tulip Hotels, Inns & Resorts is proud to announce the 2006 Golden Tulip and Tulip Inn of the year for the Benelux area: Golden Tulip Jan van Scorel and Tulip Inn Amsterdam-Centre. The nominees for the 2006 Award were the following:
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