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Hotel News In Brief
Jun 26, 06 | 7:46 am
Four Seasons Resort Hualalai /Private Group/ agreed to acquire Four Seasons Resort Hualalai from Kajima Corp A joint venture of MSD Capital LP and Rockpoint Group LLC acquired the operating assets of Four Seasons Resort Hualalai from Kajima Corp for approximately US$550 million. Under the terms of the transaction, the assets transferred include its operation business (a 243-room resort, two 18-hole golf courses, spa & fitness facilities, tennis courts, clubhouses, beach houses, etc.) and its housing business (285 units as of May 2006, and 515 planned units). The joint venture has offered employment to all current employees, management, and staff.The legal advisors in the deal include: Morrison & Foerster LLP for Kajima Corp.
At a time when there’s a marked dearth of hotel rooms in New York City, McSam Hotel LLC has added another site to its growing portfolio of hotel properties. The company has acquired 343-45 West 44th Street for $6.75 million. Eastern Consolidated’s Alan P. Miller, Director, exclusively introduced the buyer, McSam Hotel LLC, and represented the seller, The Riese Organization in the sale of the 5,025-square foot parcel, which is zoned to accommodate a seven-story hospitality property in Manhattan’s trendy Hell’s Kitchen neighborhood. Two years ago, Eastern Consolidated exclusively sold the same parcel on behalf of its then owner, the pension fund of Local Union 210. “This parcel was an ideal buy for McSam,” said Mr. Miller, who added that last year was record setting for the hotel industry, with REVPAR (revenue per available room) exceeding any previous year to date. McSam specializes in procuring small, strategically well-located sites in and around Times Square, 34th Street, and Chelsea, primarily in areas which are heavily trafficked by tourists. “Recently I acquired a parking lot site for McSam on West 39th Street and other acquisitions on their behalf have included 37 West 24th Street, 121 W. 26th Street, and 132-38 Fourth Avenue, among others.”Mr. Miller expects REVPAR to continue its upward trend for the foreseeable future. “In a city that lacks an adequate number of affordable nightly hotel rooms, in part due to the conversion of hotels to condominiums, hotel investment is now certainly a favored asset class.”
Hersha Hospitality Reveals Opening Of Hotel In Connecticut And Funding Of Development Loans Hersha Hospitality Trust announced that it has opened Homewood Suites by Hilton in Glastonbury, Connecticut. The New Cumberland, Pennisylvania-based company said it developed this 136-room extended-stay property through a joint venture partnership with PRA Development and Management Corp. Hersha Hospitality' 40% interest was purchased for about $2.5 million and carries a preferred return of 10% per annum. Hersha also announced that it has funded two development loans as part of its development loan program, which gives the right to buy the hotel upon completion. The company said it has secured loan commitment for the Union Square Hotel and Holiday Inn Express of $10 million and $15 million, respectively.
MHI Hospitality Corp. on Tuesday said it agreed to sell its hotel in Williamsburg, Virginia, for $4.75 million. The company said it intends to deploy the proceeds from the sale of the 137-room Holiday Inn Downtown into future projects through a 1031 like-kind exchange. MHI will provide $400,000 in a seller-financed note, which will have a security interest in the hotel. The balance will be paid in cash upon closing, which is expected in the third quarter.
Rezidor SAS Hospitality, a major global hotel operator, plans to open its Radisson SAS Moskovskaya hotel in Russia's Rostov-on-Don in April 2008, the company said.The company's subsidiary Radisson SAS Hotels & Resorts will manage the Rostov-on-Don-based hotel. The hotel will have two restaurants, boutiques, a business center, fitness center, disco and entertainment center, and underground parking, comprising a total area of 16,500 square meters, the company said. The amount of investments was not disclosed. Rezidor SAS Hospitality, with headquarters in Belgium, owns 279 hotels in 50 countries. Rezidor SAS is also the leading international hotel operator in Russia and the Commonwealth of Independent States (CIS), with 17 hotels as of January, including seven under construction. Radisson SAS Hotels & Resorts, which is a part of Rezidor SAS Hospitality, manages 180 hotels and 45 hotels under construction in Europe, the Middle East and Africa.
Homewood Suites by Hilton has opened a 136-suite property here, the upscale extended stay chain's fifth in Connecticut. The hotel is owned by PRA Suites at Glastonbury, LLC, and managed by Hersha Hospitality Management, LP. The new construction hotel, which is located in this suburb of Hartford, is the 174th Homewood to open nationwide. An additional 120 properties are in the Homewood pipeline.
W Hotels has announced plans to open the W Doha Hotel & Residences in Qatar at the end of 2007. The W Doha, which will be located in the West Bay of Doha on the Qatar peninsula, is the brand’s second hotel planned for the Middle East following the W Dubai Festival City. Starwood Hotels & Resorts Worldwide, W’s parent company, will manage the hotel on behalf of J&A Jaidah (one of the most well known and respected private companies in the Middle East). W Doha will feature 292 guest rooms, including 31 suites and 154 W residences, multiple restaurants, a poolside outdoor shisha lounge, champagne bar, event space and luxury retail space. The W brand is known for creating relaxing atmospheres where guests and the local community can socialize; the W Doha will have poolside lounge areas offering spectacular views of the Arabian Gulf. The W brand’s Whatever/Whenever® 24 hour concierge service will be available to guests dealing with all requests from providing running shoes to arranging a private jest.
InterContinental Hotels Group announced plans to convert the Holiday Inn Select Indianapolis Airport hotel to a Crowne Plaza hotel in Fall 2006. “We are delighted to add this exemplary property to our portfolio of U.S. hotels,” said Kevin Kowalski, vice president, brand management, Crowne Plaza Hotels & Resorts. “We look forward to providing our industry leading meetings service and a great night’s sleep via our Sleep Advantage program to our guests in Indianapolis.” Located just off the Airport Expressway and I-465, the 274-room property is nine miles from downtown Indianapolis. A mong the highlights at the future Crowne Plaza Indianapolis Airport are an indoor pool, fitness center and business center, as well as wireless and wired high speed Internet access in the hotel’s lobby, meeting space and guestrooms. The hotel will undergo a $6 million renovation which will include enhancements to the building’s exterior, meeting space, lobby, restaurant, bar and guest bathrooms. “We look forward to offering our guests new enhancements to the property and exceptional levels of customer service, as well as offerings such as the Crowne Plaza Sleep Advantage and soon to be introduced Crowne Plaza Bath Experience,” said Jim Gurzynski, the hotel’s general manager. The soon-to-be Crowne Plaza Indianapolis Airport features the award-winning Chanteclair Restaurant which is popular for its French cuisine, tableside preparations and extensive wine list.
Central Hotels & Resorts will close Central Karon Beach Resort on July 1 for renovations. The property is slated to open again on November 1 Central has already shut down the resort's main nine-storey building. The company's sales and marketing vice-president, Mr Chris Bailey, said: "We were going to keep the rest of the property open, but the renovations are more extensive than we first planned." Central, together with an investor, set up a joint-venture company - Karon Phuket Hotel Co Ltd with a 50-50 ownership ratio. On April 1 the company took over Islandia Park Resort and renamed it Central Karon Beach Resort. They paid US$27 million to purchase the resort and will invest US$3.9 million to renovate it.
Developer WATERPARK H2OTELS USA, LLC announced extensive project details for a proposed 525,000-square-foot hotel waterpark resort with banquet and conference facilities. The project will be comprised of a 395,000-square-foot condo-hotel and 130,000-square-foot indoor/outdoor waterpark complex. Tentatively named the Sun Island Resort and Conference Center, it will be located on a 22-acre site at Prairie Stone Business Park in Hoffman Estates, Ill., adjacent to the future homes of the 11,000-seat Sears Centre and Cabela’s, the world’s foremost outfitter of hunting, fishing and outdoor gear.
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