CRESTVIEW HILLS - Columbia Sussex has struck a deal with a California real estate company to sell 14 of its hotels.
The $518 million sale would cut the hotel franchisee company's holdings to 53 hotels in 26 states, the District of Columbia, Canada and the Caribbean. The hotels being sold garnered Columbia Sussex $142.6 million in revenue in 2009, according to a government filing. Under the deal, the company will continue to manage the properties and also manage future hotel acquisitions.
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Tuesday, May 25, 2010
The World Has Ended - Miami Beach's oceanfront hotels can't serve alcohol on beach
The days of enjoying a piña colada beneath an umbrella on the shores of Miami Beach may be over. The city's attorney has advised officials that beachfront hotels are not allowed to sell or serve alcoholic drinks to customers on the beach. Although hotels regularly peddle tropical drinks through oceanfront concession stands and waiters ferrying libations to sunbathers on lounge chairs, City Attorney Jose Smith says that's against the law. ``Why they haven't been cited, I don't know,'' Smith said.
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Accor to become largest franchiser in Europe
French hotel giant Accor, operator of the Ibis and Novotel brands, aims to become the largest franchiser in Europe.
Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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DiamondRock Signs $155M Agreement for Minneapolis Hilton
MINNEAPOLIS-DiamondRock Hospitality Co., based in Bethesda, MD, has signed a purchase agreement to pay $155.5 million for the 821-room Minneapolis Hilton here. The hotel, the largest in the city, is owned by a joint venture of Greenwich, CT-based Starwood Capital Group and locally-based Haberhill LLC. The venture bought the property in March 2006 for $92 million.
The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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