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Pirelli RE fund to buy 4 holiday resorts from Italy's Valtur for 103 mln eur o Pirelli & C Real Estate SpA said it agreed to buy four holiday resorts from Italian company Valtur for 103 mln eur. The purchase will be carried out through a fund in which Pirelli RE will have a 35 pct stake, the remainder of the capital being held by institutional investors, it said. The acquisition of the four resorts , all in Italy, is expected to be closed by end-March.Valtur will continue to manage the resorts . The fund and Valtur will each invest about 6 mln eur each over the next two years in the resorts , it added.
After extensive repairs and upgrades following hurricane Wilma, Occidental Hotels & Resorts, one of the largest all-inclusive resort chains in the Americas, has announced that its Mexican properties will reopen in the first quarter of 2006. "We will enter 2006 on the right foot," said Jorn Kaee, senior vice president of sales and marketing, North America, Occidental Hotels & Resorts. "We have made a great deal of effort to bring the properties back to where they were prior to Hurricane Wilma and in the case of the Royal Hideaway Playacar, it will be even better."Re-Opening on March 1, 2006:The luxurious Royal Hideaway Playacar, a member of Leading Hotels of the World and winner of the AAA Four Diamond Award, actually benefited from its brush with hurricane Wilma. Its white sandy beach became larger as the ocean waters receded back, creating a bigger and wider area for guests to take in the sun. The intimate 200-room luxury all-inclusive resort will re-open with the following features: Complete beachfront restoration and remodeling, including: New cascading infinity pool Three Jacuzzi sundecks with shaded Palm line trees along the beach New Signature restaurant, Las Ventanas by Sergi Arola, a world renowned Michelin-rated chef from Spain who currently operates the La Broche restaurant at the Occidental Miguel Angel in Madrid. Chef Arola will design and select the menu creations, as well as manage the overall operation, including staff and service on a year-round basis.
The new 1,000-room Sheraton hotel slated to open in Downtown Phoenix, just one block from the expanding Phoenix Convention Center, is now fully funded. Reflecting Wall Street's confidence in Phoenix's convention future, the bonds for the project sold at a favorable blended rate of 5.28%. Groundbreaking for the project is set for February, and the 31-story building will open in the Fall of 2008. Likewise, the expansion bonds for the Phoenix Convention Center sold earlier this year at favorable rates. The all-in true interest cost for the Series A was 4.6249% and the Series B was 4.7301%, also indicative of the positive response the expansion in Phoenix has received from institutional investors. The Sheraton will be located on the Northwest corner of Third and Van Buren streets one block from the new convention center. The opening of the hotel will coincide with the debut of the completed expansion of the Phoenix Convention Center, which will triple in size to more than 900,000 square feet. The Sheraton will boast a 29,000-square-foot ballroom, and another about half that size. Also included will be 42 meeting rooms for a total of 80,000 square feet of meeting space.
The Maswik North Lodge at Grand Canyon National Park's South Rim will undergo a major renovation beginning in January 2006. Expected to cost approximately $3 million, the remodel will include enhancement of the popular lodge's rooms, installation of a new roof and repair of exterior sidewalks and walkways. Maswik North Lodge is operated by Xanterra South Rim, L.L.C. All 160 rooms in the Maswik North Lodge will receive air-conditioning as well as new bathtubs, vanity sinks and toilets, new bathroom floors and wall tiles, soft goods, paint, refrigerators, in-room coffee-makers and in-room safes. Ten rooms will be converted to king bedrooms, and 12 rooms will become handicap accessible, including two rooms installed with roll-in showers. The renovation will commence on January 2, 2006 and is scheduled for completion in mid-April. The entire 278-room Maswik Lodge complex will close for the renovation until mid-March. At that time, 118 rooms and cabins in the south portion of the lodge, the cafeteria, lounge, gift shop and transportation desk will reopen. The Maswik North Lodge rooms are scheduled to reopen in mid-April.
The Fairmont at the Plaza, one of Kansas City’s most prestigious hotels, has been sold and will be renamed the InterContinental Kansas City at the Plaza next month. The hotel was acquired by The Procaccianti Group of Cranston, R.I., from Maritz Wolff & Co. of Los Angeles. Terms of the transaction were not disclosed, and officials with the companies could not be reached for comment. A representative with InterContinental Hotels Group PLC, which reached a licensing agreement with Procaccianti to brand the unit, did say that an extensive renovation of the hotel at 401 Ward Parkway would take place in 2006 and 2007, but declined to specify how much the company intended to spend. InterContinental franchises about 17 properties in the Kansas City area, primarily under the Holiday Inn, Holiday Inn Express and Candlewood Suites names. The sale is the second in five years for the 12-story Kansas City icon overlooking Brush Creek and the Country Club Plaza. The 366-room building was opened in 1972 as the Alameda Plaza by the J.C. Nichols Co. It became a Ritz-Carlton when Nichols sold the property in 1990, then went through several ownership changes after a foreclosure in 1994. In 2000, the last of the Ritz-Carlton owners, Starwood Hotels & Resorts Worldwide Inc., sold the property to Maritz Wolff, which reopened it as the Fairmont. Procaccianti is a second-generation, privately held real estate enterprise that specializes in buying, renovating and managing upper-end properties. It employs about 4,300 people and manages $2 billion in assets, according to the company’s Web site. It owns hotels that operate under the Westin, Marriott, Sheraton and Doubletree brands, among others.
Fairmont Hotels & Resorts Inc. today announced that it has sold The Fairmont Orchid, Hawaii to Westbrook Partners for $250 million. The resort will continue to be known as The Fairmont Orchid, Hawaii and will be managed by Fairmont under a long-term management contract. In December 2002, the Company purchased The Fairmont Orchid for $140 million. With the completion of this sale, Fairmont will realize a pre-tax gain of approximately $109 million. Fairmont is considering a number of alternatives for the sale proceeds, which it expects to reinvest in other hotel assets. "This is an attractive time to capitalize on our success with The Fairmont Orchid, Hawaii. In the three years that we have owned this resort, it has enjoyed solid growth in operating performance as a result of our experience in luxury resort management and Fairmont's strong brand presence in the California market," commented William R. Fatt, Chief Executive Officer of FHR. "Importantly, this sale is another example of the underlying value of many of Fairmont's world-class assets. In addition, it supports our strategy of acquiring attractive assets, realizing the value created through improved performance and then redeploying the capital to continue growing the Company." Added Mr. Fatt, "We have been in discussions with Westbrook for some time regarding the sale of this property and are pleased to have the opportunity to work with such a well-respected hotel investor. Westbrook's breadth of experience in real estate investing, specifically within the lodging industry, makes it an ideal partner as we seek to grow the Fairmont brand."
The Ginn Company today announced that it has acquired the assets involved in the Burke Mountain ski area from Burke 2000 , an entity established by the Burke Ski Academy to oversee the ski operations at the mountain. The purchase includes the ski area operation including lifts and base lodge as well as 750 acres on which the resort is situated. While the purchase does not include Burke Mountain Academy or any of its land or infrastructure, it does secure the future of the venerable institution. The Ginn Company will establish an endowment for the academy and ensure that training slopes are well maintained. Renovations to the ski area have been ongoing through Burke 2000 in preparation for the opening of ski season. The Ginn Company anticipates that all renovations will be completed in time for a Dec. 10 opening. “We are thrilled with the acquisition of Burke Mountain,” said Bobby Ginn, president and CEO of The Ginn Company. “We share the community’s pride in this pristine area and appreciate the nearly 50 years that Burke Mountain has served skiers from around the world.”
Rim Hospitality Acquires the Wyndham Garden Hotel in Pleasanton, California, Planning Conversion to a Sheraton Rim Hospitality, a Modesto California based hotel management and development company announced today that it has purchased the Wyndham Garden Hotel in Pleasanton, California. Rim’s partner in this transaction is Angelo, Gordon & Co. The purchase of this full service hotel, according to Mark Burden, CEO of Rim, is an important step in Rim’s overall growth strategy, “Pleasanton,” Burden noted, “is a dynamic growing community tied to the upswing of the Bay Area economy”. The hotel will continue to operate as a Wyndham Garden for the immediate future, but will eventually be converted to a Sheraton. In addition during the past week, according to Mark LeBlanc, Rim’s senior vice president for development, the company has received contracts to manage two other hotels: The 109 room Hampton Inn and Suites in Truckee, California and the 58 room La Quinta Inn and Suites in Deming, New Mexico the second hotel for Rim in New Mexico. The Wyndham Garden Hotel in the second property Rim has purchased in partnership with Angelo, Gordon & Co., the first being the Holiday Inn in Emeryville California which is being converted to a Hilton Garden Inn. Mark Burden said “We are most pleased with our association with Angelo, Gordon & Co. We are actively seeking other similar opportunities with the aim of building a long-term relationship with this fine firm”.
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