Property Types Hospitality
Vegas CityCenter Delays Hotel, Axes Condo Portion
Jan. 08, 2009
CityCenter Holdings L.L.C., a joint venture between MGM MIRAGE and Infinity World Development Corp., announced some changes related to The Harmon Hotel & Spa that include postponing the opening of the hotel to late 2010 and cancelling The Harmon residential condominium component.
New Firm to Focus on Hotel Investment
Jan. 08, 2009
Anticipating opportunities to come, Ardent Hotel Advisors, a hospitality management and asset management company, has partnered with Steven Surgent to form Ardent Hotel Investors, a new entity that will invest in hotel properties nationwide.
Benchmark Hospitality Adopts New Business Intel System
Jan. 08, 2009
Sometimes you have to invest money to save money, and it appears Benchmark Hospitality International has adopted that philosophy with the purchase of Pittsburgh-headquartered Aptech Computer Systems Inc.'s Execuvue Business Intelligence System.
The News: Changes on Horizon for Greece
Jan. 06, 2009
Major hotel companies have historically maintained a limited presence in Greece, which also hosts little upscale product, but the country’s hotel and tourism sector is undergoing a transformation.
The Expert: Owners, Operators & Management Agreements
Jan. 06, 2009
Hotel management contracts have progressed considerably over the past decade, focusing on the fair and equitable distribution of returns between owners and operators. Having pursued an asset-light strategy, operators now seek to grow by increasing RevPAR, adding additional management contracts and building brand equity.
The News: Cashing in on $775 Million Vegas Deal
Dec. 23, 2008
Big hotel transactions have been few and far between in 2008, but leave it to Las Vegas to think big. On Dec. 15, MGM MIRAGE, through wholly owned subsidiary The Mirage Casino-Hotel, agreed to sell Treasure Island Hotel & Casino to Ruffin Acquisition L.L.C. for $775 million.
The Expert: Weather the Storm with Sales & Marketing
Dec. 23, 2008
As the housing crisis, the credit crunch and high commodity prices leave fewer discretionary dollars for travel, how can hospitality companies continue to survive and even thrive? Smart sales and marketing strategies can be an important part of the answer.
Wynn Opens $2.3B Resort in Las Vegas
Dec. 22, 2008
Despite a crummy economy, Wynn Resorts Ltd. opens its $2.3 billion, 2,000-room Encore tower of bronze glass adjacent to sister property 3-year-old Wynn Las Vegas luxury casino hotel, Reuters reported. Meanwhile, shares of Wynn Resorts have fallen about 66 percent since February as the casino industry has grappled with tight credit markets and a downturn in gambling demand, according to the report.
$87M Casino Gets Under Way in Historic Dodge City
Dec. 19, 2008
Ground will officially be broken on Monday for the $87.5 million Boot Hill Casino and Resort in Dodge City, Kan., although construction is already under way. The developer is Butler National Service Corp., a subsidiary of Butler National Corp., in conjunction with BCH Development.
Morgan Stanley Posts $2.3B Loss
Dec. 17, 2008
Yesterday, it was Goldman Sachs. Today it's Morgan Stanley, posting a $2.36 billion loss in its fiscal fourth quarter, which ended Nov. 30. Much of the loss stemmed from older investments that are still losing money, and reduced revenues unable to balance out these continuing losses, as the company managed to do in previous quarters.
Hilton Garden Inns to Debut in Saudi Arabia
Dec. 16, 2008
Hilton Hotels Corp. has unveiled plans to develop 13 Hilton Garden Inns, comprising a total of 2,500 rooms, in Saudi Arabia. The plan will mark the Garden Inn brand’s entry into the Saudi market.
Ruffin to Pay $775M for Vegas Strip's Treasure Island
Dec. 15, 2008
MGM Mirage has agreed, through its wholly owned subsidiary The Mirage Casino-Hotel, to sell the Treasure Island Hotel & Casino on the Las Vegas strip to Wichita-based Ruffin Acquisition L.L.C. for $775 million.
St. Regis Breaks Ground on $172M Puerto Rico Resort
Dec. 11, 2008
More than two years after it was initially proposed, St. Regis Hotels & Resorts and a Puerto Rico-based developer are moving forward with the construction of a $172 million luxury resort at Bahia Beach, Puerto Rico.
MGM Mirage Creates Global Gaming Division
Dec. 09, 2008
MGM Mirage Hospitality has formed MGM Mirage Global Gaming Development, a new division that will focus on expanding MGM Mirage Hospitality into new markets internationally with luxury resorts, both with and without gaming. The division’s president will be Lloyd Nathan, who has been with the company since 2002.
The Trends: The Price of Non-Traded REITs
Dec. 09, 2008
The price structure of non-traded hotel REITs is putting investors that are in it for the long haul at a disadvantage, according to a report from the Cornell University School of Hotel Administration’s Center for Hospitality Research titled “Non-traded REITs: Considerations for Hotel Investors.” The report argues that while REITs can be appealing buy-and-hold investments, thanks largely to their hefty dividend payouts, those payments are lower for long-term investors.
The News: Catching a Falling Star
Dec. 09, 2008
Some hotel investors might see deteriorating hotel occupancy and rates as a reason to pull back, but one recently launched hotel investment group, Fairwood Capital L.L.C., is capitalized with $150 million in equity to buy hotels.
The Expert: Investor Sentiment Sinks
Dec. 09, 2008
Deteriorating economic fundamentals and liquidity restrictions have caused investor sentiment to plummet. There does not seem to be a single hotel market that is sheltered from today’s dour economic realities. Jones Lang LaSalle Hotels recently conducted its biannual Hotel Investor Sentiment Survey, which highlights decreased trading performance expectations and cautious investment intentions across the Americas, Europe, the Middle East, Africa and the Asia-Pacific area.
Six Flags Theme Park Coming to Qatar
Dec. 05, 2008
International theme park operator Six Flags Inc. will be extending its overseas reach with a park in Qatar, according to the terms of an agreement between Six Flags and Oryx Holdings, a diversified Qatar-based holding company.
New Investment Fund to Target Hotels
Dec. 04, 2008
A trio of hospitality veterans have teamed up to form Fairwood Capital L.L.C., a private equity fund that will acquire upscale full-service and select properties. Ed Ansbro, Robert Solmson and Richard Reiss will serve as the hotel investment fund’s principals.
China's Tallest Tower Breaks Ground in Shanghai
Dec. 02, 2008
Ground has broken on Shanghai Tower, planned to be China's tallest building at 2,074 feet high. The project, being developed by Shanghai Tower Construction & Development Co. and designed by Gensler, is slated for completion in 2014.
The Trends: Hotel Sales Fizzle
Nov. 25, 2008
Hotel sales volume in the third quarter came in at just $1.9 billion, a hefty year-over-year slide of 80 percent and the property type’s lowest level of quarterly sales since the first quarter of 2004, according to Real Capital Analytics Inc.’s November Capital Trends Quarterly report on the hotel industry.
The Only Commercial Real Estate Magazine to Top the Competition
The commercial real estate industry is constantly changing Stay informed with applicable industry information. Read about the latest hospitality sector trends at CPN, the leading magazine for the commercial real estate industry.
|
Subscribe to this blog's feed
