Dubai’s tourism sector is showing signs of a strong recovery. On September 13, the Department of Tourism and Commerce Marketing (DTCM) issued a report on the sector’s performance for the first six months of the year, with the results making for pleasant reading for those in Dubai’s tourist trade. Tourist arrivals were up by 9% in the first half of the year, with more than 4.18m visitors, while hotel revenue rose by 6% to $1.87bn. Occupancy rates were also solid, at 71%, this despite the fact that there had been a 7% increase in the number of hotel rooms on offer.
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Saturday, October 9, 2010
Four Seasons penthouse sells: $7.2M
The two-story penthouse atop the Four Seasons Hotel and Private Residences in downtown Seattle has been sold for $7.19 million.
The 5,256-square-foot unit sold earlier this week as an unfinished shell for approximately $1,368 a square foot. Finishing the interior could cost anywhere from $200 a square foot on up, depending on what level of finishes the new owner wants, said Scot Wasner, director of the Four Seasons Private Residences and co-founder of Realogics Sotheby’s International Realty.
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The 5,256-square-foot unit sold earlier this week as an unfinished shell for approximately $1,368 a square foot. Finishing the interior could cost anywhere from $200 a square foot on up, depending on what level of finishes the new owner wants, said Scot Wasner, director of the Four Seasons Private Residences and co-founder of Realogics Sotheby’s International Realty.
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5-star hotel with armored rooms opens in Cali Colombia
The Colombian city of Cali gets its first five-star hotel, the Hotel Spiwak, with 226 suits and five armored rooms.
"The armored rooms will meet the requirements of multinational companies that demand higher safety standards for their executives," says the manager of the hotel, Bernardo Velasquez.
The average room size is 50 square meters, with the master suits offering 83 square meters space. The customer can opt for a room with a bath, a shower or a jacuzzi and request whether they wants the mattress hard, soft or semi-hard. Each room has purified water, a microwave, a 36-42 inch TV and an iron with an ironing board.
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"The armored rooms will meet the requirements of multinational companies that demand higher safety standards for their executives," says the manager of the hotel, Bernardo Velasquez.
The average room size is 50 square meters, with the master suits offering 83 square meters space. The customer can opt for a room with a bath, a shower or a jacuzzi and request whether they wants the mattress hard, soft or semi-hard. Each room has purified water, a microwave, a 36-42 inch TV and an iron with an ironing board.
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Extended Stay emerges from Chapter 11 after buyout
Extended Stay Inc. emerged from Chapter 11 bankruptcy protection, a few months after the hotel chain was bought by a group of investors led by private equity firm Centerbridge Partners LP.
The group, which includes Paulson & Co. Inc. and Blackstone Real Estate Partners VI, paid $3.925 billion in July for the owner of 685 properties bearing the brands Extended Stay America, Extended Stay Deluxe and Homestead Studio Suites in the U.S. and Canada.
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The group, which includes Paulson & Co. Inc. and Blackstone Real Estate Partners VI, paid $3.925 billion in July for the owner of 685 properties bearing the brands Extended Stay America, Extended Stay Deluxe and Homestead Studio Suites in the U.S. and Canada.
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Hotel Los Gatos nears foreclosure
The posh Hotel Los Gatos is headed into foreclosure, a victim of the economic tsunami that has hit the hospitality industry with a vengeance.
The boutique 72-room hotel that opened on Main Street has not made a payment on its $11.5 million loan since October 2009, according to Trepp LLC, a real estate research firm based in New York City.
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The boutique 72-room hotel that opened on Main Street has not made a payment on its $11.5 million loan since October 2009, according to Trepp LLC, a real estate research firm based in New York City.
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Boutique hotel vs. chain reliability
Given that business travellers are spending increasingly more time on the road, finding the right hotel is key. Luckily, they have more options than ever, from the tried-and-true branding of large chains to the smaller boutique hotels aiming for a chunk of the business-travel market.
Both options work, but offer distinctly contrasting atmospheres.
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Both options work, but offer distinctly contrasting atmospheres.
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Gross 'mismanagement' cited at former Pitsburgh Hilton
The former Pittsburgh Hilton Hotel suffered "substantial mismanagement" during the time current owner Dr. Kiran Patel was putting money into the property to keep it afloat, an attorney for the mortgage holder said Thursday in U.S. Bankruptcy Court.
Attorney Gregory Taddonio said mismanagement has caused the hotel's value to drop. Under questioning by Taddonio, hotel controller William Sfamenos described how money was moved among accounts and unexplained withdrawals and payments were made at the behest of Jai Lalwani, whom he described as a "consultant" to former owner Atul Bisaria.
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Attorney Gregory Taddonio said mismanagement has caused the hotel's value to drop. Under questioning by Taddonio, hotel controller William Sfamenos described how money was moved among accounts and unexplained withdrawals and payments were made at the behest of Jai Lalwani, whom he described as a "consultant" to former owner Atul Bisaria.
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