The nongaming hotel division of MGM Resorts International announced an agreement Tuesday to participate in multiple hotel developments in the capital of India.
The casino operator said its MGM Hospitality subsidiary will break ground in March on the MGM Grand and Skylofts New Delhi. The project will mark the company's first venture into India.
The hotel is one of multiple hotel sites that will be built in several markets in India, including the cities of Gurgaon and South Delhi, a diplomatic region, New Delhi's central business district, and a new commercial and hospitality district near the New Delhi International Airport.
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Showing posts with label development. Show all posts
Showing posts with label development. Show all posts
Tuesday, February 1, 2011
Wednesday, January 26, 2011
Barclay Brothers Said to Gain Control of Maybourne Hotels’ Owner
David and Frederick Barclay will gain control of the parent company of Maybourne Hotels Ltd., owner of London luxury hotels including Claridge’s, a person familiar with the plan said.
The brothers, owners of the Telegraph Media Group Ltd., will buy 35 percent of Coroin Ltd. from Irish property entrepreneur Derek Quinlan to add to the 25 percent holding they purchased last week, said the person, who asked not to be identified because the information isn’t public. London-based Maybourne also owns the Berkeley and Connaught hotels.
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The brothers, owners of the Telegraph Media Group Ltd., will buy 35 percent of Coroin Ltd. from Irish property entrepreneur Derek Quinlan to add to the 25 percent holding they purchased last week, said the person, who asked not to be identified because the information isn’t public. London-based Maybourne also owns the Berkeley and Connaught hotels.
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Friday, January 21, 2011
Hodges Ward Elliot closed $2.4B in transactions in 2010
ATLANTA--(Hospitality Business News)--Hodges Ward Elliott, Inc. (HWE), the nation’s premier hotel brokerage and investment banking firm, today announced that it closed on $2.4 billion in transactions in 2010, led by a strong fourth quarter. The company predicted a solid increase in transactions in 2011 due to pent-up buyer demand, an increase in available financing and a positive outlook for the hotel industry over the next few years.
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Sunday, January 16, 2011
Coushattas plan $60M expansion at resort
KINDER, La. (AP) - The Coushatta Tribe of Louisiana says a new $60 million hotel will add 401 rooms and 18 luxury suites to its casino resort.
General Manager Conrad Granito says many people drive three hours or more, and more rooms are needed. He says the hotel also will include a lobby bar, coffeehouse care and retail shop.
Groundbreaking is scheduled Jan. 26.
The announcement was made at the casino's 16th anniversary celebration Friday.
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General Manager Conrad Granito says many people drive three hours or more, and more rooms are needed. He says the hotel also will include a lobby bar, coffeehouse care and retail shop.
Groundbreaking is scheduled Jan. 26.
The announcement was made at the casino's 16th anniversary celebration Friday.
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Friday, January 14, 2011
Lloyds set to sell Mint hotels for £550m
An information memorandum for prospective buyers is expected to be issued over the next few weeks after the joint-owners appointed investment bank JP Morgan Cazenove to handle the sale.
Mint, which was founded as City Inn in 1995 and was only rebranded in November, is one of a number of hotel companies inherited by Lloyds after its painful acquisition of HBOS.
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Thursday, January 13, 2011
Barrack's Colony Capital Invests $35 Million in Hotelier, Club Owner SBE
Billionaire investor Thomas J. Barrack Jr. said his Colony Capital LLC is investing $35 million in luxury hotel, nightclub and restaurant owner SBE to fuel an expansion of the company.
The equity infusion by closely held Colony, which manages $30 billion, may help lead to an initial stock sale by SBE in three to four years, said Sam Nazarian, chief executive officer of the Los Angeles-based hotelier. Read More:
Sunday, January 9, 2011
First Ramada Encore Hotel Opens in the Middle East
PARSIPPANY, N.J. 01-05-2011 — (Hospitality Business News)- - Wyndham Hotel Group, the world’s largest hotel company based on number of hotels and one of three business units of Wyndham Worldwide (NYSE: WYN), today announced its continued expansion in the Middle East with the opening of the Ramada Encore Doha, the region’s first Ramada Encore hotel.
Situated in the Al-Asmakh area of Doha, less than three miles from Doha International Airport, the hotel is the second Wyndham Hotel Group property to open in Qatar’s capital and the first Ramada Encore hotel in the world to be managed by the company.
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Friday, January 7, 2011
Glacier Park Inc. buys Grouse Mountain Lodge in Whitefish
WHITEFISH - Glacier Park Inc. expanded its seasonal operation to a year-round business on Thursday with the purchase of Grouse Mountain Lodge in Whitefish, adding the four-season resort hotel to its other accommodations in and around Glacier National Park.
The company is a concessionaire authorized by the National Park Service to run seven major lodges in and near Glacier Park; its president announced the purchase of the 145-room lodge.
Thursday's acquisition triples the number of GPI employees and broadens its interests to include the year-round resort community of Whitefish. In addition to running the five lodges inside the park, GPI also owns and manages the Glacier Park Lodge in East Glacier and operates the Prince of Wales Hotel in Waterton Lakes National Park, according to GPI president Cindy Ognjanov.
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The company is a concessionaire authorized by the National Park Service to run seven major lodges in and near Glacier Park; its president announced the purchase of the 145-room lodge.
Thursday's acquisition triples the number of GPI employees and broadens its interests to include the year-round resort community of Whitefish. In addition to running the five lodges inside the park, GPI also owns and manages the Glacier Park Lodge in East Glacier and operates the Prince of Wales Hotel in Waterton Lakes National Park, according to GPI president Cindy Ognjanov.
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China plans $1.3bn 'seven-star hotel'
BEIJING — Beijing authorities plan to build a "seven-star hotel" modelled after Dubai's Burj Khalifa -- the world's tallest building -- in a $1.3 billion joint project with Saudi Arabia.
The hotel will be erected in western Beijing's Mentougou district some 30 kilometres (18 miles) from the Chinese capital's centre, the state-run Beijing Morning Post said in a Thursday report, quoting a local parliamentary meeting.
A district official, who declined to give his name, confirmed the project and its price tag in comments to AFP on Friday.
He said that the Saudi side was expected to foot the entire bill but he refused to provide other details, such as why such an expensive project would be located in the underdeveloped rural area.
The Beijing Morning Post said the building's design would be patterned after the 828-metre (2,717-foot) Burj Khalifa's distinctive slender, tapering design, but did not say how tall the planned structure would be.
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The hotel will be erected in western Beijing's Mentougou district some 30 kilometres (18 miles) from the Chinese capital's centre, the state-run Beijing Morning Post said in a Thursday report, quoting a local parliamentary meeting.
A district official, who declined to give his name, confirmed the project and its price tag in comments to AFP on Friday.
He said that the Saudi side was expected to foot the entire bill but he refused to provide other details, such as why such an expensive project would be located in the underdeveloped rural area.
The Beijing Morning Post said the building's design would be patterned after the 828-metre (2,717-foot) Burj Khalifa's distinctive slender, tapering design, but did not say how tall the planned structure would be.
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Wednesday, January 5, 2011
Twin Peaks Expects Bust-Out Year of Expansion in 2011
DALLAS, Jan. 5, 2011 /PRNewswire/ -- On the heels of its strongest year to date, as well as its crowning as one of America's hottest concepts by Nation's Restaurant News, Twin Peaks is launching an aggressive franchise expansion campaign to nearly double the number of locations of its popular restaurants in 2011.
"Based on the exceptional success we are experiencing with both existing and new restaurants, we are convinced that now is the time to be even more aggressive in our efforts to take the Twin Peaks concept into new markets," said CEO Randy DeWitt, who founded Twin Peaks with Scott Gordon in 2005.
Since the original opened in the Dallas suburb of Lewisville, Twin Peaks has expanded to a dozen restaurants in Texas, Oklahoma and New Mexico, and it's aiming to add 10 more by the end of 2011.
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"Based on the exceptional success we are experiencing with both existing and new restaurants, we are convinced that now is the time to be even more aggressive in our efforts to take the Twin Peaks concept into new markets," said CEO Randy DeWitt, who founded Twin Peaks with Scott Gordon in 2005.
Since the original opened in the Dallas suburb of Lewisville, Twin Peaks has expanded to a dozen restaurants in Texas, Oklahoma and New Mexico, and it's aiming to add 10 more by the end of 2011.
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Hotel Acquisitions in Americas to Increase 25% in 2011, Jones Lang Says
Hotel sales and acquisitions in the Americas will jump as much as 25 percent this year, buoyed by real estate investment trusts and foreign investors seeking to deploy cash, according to Jones Lang LaSalle Hotels.
Transactions may total $13 billion this year, the London- based company said in a statement today. Volume was about $10.5 billion in 2010, almost five times the previous year’s levels, according to Jones Lang.
“Due to additional capital raises, REITs are expected to continue to be dominant buyers in 2011, and private equity groups and institutional investors will increasingly join the mix as leverage levels and terms improve,” Arthur Adler, managing director and Americas chief executive officer at Jones Lang LaSalle Hotels, said in the statement. The U.S. will be one of the most active markets for deals globally, the company said.
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Transactions may total $13 billion this year, the London- based company said in a statement today. Volume was about $10.5 billion in 2010, almost five times the previous year’s levels, according to Jones Lang.
“Due to additional capital raises, REITs are expected to continue to be dominant buyers in 2011, and private equity groups and institutional investors will increasingly join the mix as leverage levels and terms improve,” Arthur Adler, managing director and Americas chief executive officer at Jones Lang LaSalle Hotels, said in the statement. The U.S. will be one of the most active markets for deals globally, the company said.
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Snotel launches new ski hotel brand
Snotels will innovate the lodging market by launching a niche hotel brand, network and experience, for existing hotel owners and developers, solely in ski resorts and alpine towns, across the world.
Snotels is a mid-range hotel brand focused on creating experiences, freedom and altitude for hotel owners and alpine enthusiasts. Negotiations with hotel owners are underway.
Independently run and resort owned hotels typically struggle with brand awareness, hotel technology, marketing and service innovation.
The venture founder, Michael Metcalfe says: “Snotels will increase occupancy, guest satisfaction and revenue for Snoteliers with united brand power, reservations and systems, marketing, international reach and support services”.
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Snotels is a mid-range hotel brand focused on creating experiences, freedom and altitude for hotel owners and alpine enthusiasts. Negotiations with hotel owners are underway.
Independently run and resort owned hotels typically struggle with brand awareness, hotel technology, marketing and service innovation.
The venture founder, Michael Metcalfe says: “Snotels will increase occupancy, guest satisfaction and revenue for Snoteliers with united brand power, reservations and systems, marketing, international reach and support services”.
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Tuesday, January 4, 2011
Chinese firm buys Universal City landmark hotel
LOS ANGELES—The Sheraton hotel that looms over Universal City's studios and theme park is being purchased by Chinese real estate firm Shenzhen New World Group Co., a company official said Monday.
The Sheraton Universal Hotel's purchase by Shenzhen New World Group Co. is set to close on Wednesday, said Daniel Teng, an executive with the company's U.S. operation.
He would not discuss the sale price. The 20-story hotel and its surrounding property was last assessed at $123.3 million, according to county records.
Teng said his company, which in March purchased a 469-room Marriott hotel in downtown Los Angeles, plans to spend about $5 million to renovate the Sheraton's pool area, meeting rooms and other public spaces.
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The Sheraton Universal Hotel's purchase by Shenzhen New World Group Co. is set to close on Wednesday, said Daniel Teng, an executive with the company's U.S. operation.
He would not discuss the sale price. The 20-story hotel and its surrounding property was last assessed at $123.3 million, according to county records.
Teng said his company, which in March purchased a 469-room Marriott hotel in downtown Los Angeles, plans to spend about $5 million to renovate the Sheraton's pool area, meeting rooms and other public spaces.
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More airport restaurants open closer to gates - and fliers
Airport restaurant operators are testing their latest gambit to sell more food and drink: getting their offerings within closer reach of passengers.
They're working with airports to get space closer to gates — or, in some cases, occupying entire holding rooms at gates — to cater to travelers who are reluctant to wander too far from where they board.
To do it, they're squeezing the size of gates, converting unused ones into food or snack areas and building smaller kitchens in gate restaurants that can function without a lot of equipment
Monday, January 3, 2011
Dubai confident it can fill 10,000 extra hotel rooms
Dubai says growth in its cruise ship industry, more exhibitions, and increased efforts to promote the sector will help boost tourism to the emirate this year to fill the 10,000 hotel rooms it plans to add over the next 12 months.
The Dubai Department of Tourism and Commerce Marketing (DTCM) said it would also focus on the implementation of a new hotel classification system, which was announced last year.
"The year 2011 is expected to outperform 2010 in terms of increasing the numbers of tourists, hotels, hotel rooms, and participation in international exhibitions and conventions, in addition to increasing awareness of Dubai abroad," said Eyad Ali Abdul Rahman, a spokesman for DTCM.
Tourism directly accounts for about 19 per cent of the emirate's gross domestic product.
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The Dubai Department of Tourism and Commerce Marketing (DTCM) said it would also focus on the implementation of a new hotel classification system, which was announced last year.
"The year 2011 is expected to outperform 2010 in terms of increasing the numbers of tourists, hotels, hotel rooms, and participation in international exhibitions and conventions, in addition to increasing awareness of Dubai abroad," said Eyad Ali Abdul Rahman, a spokesman for DTCM.
Tourism directly accounts for about 19 per cent of the emirate's gross domestic product.
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The inn crowd hungry to buy hotels
A former airline CEO with a liking for expensive red wines.
A reclusive family patriarch of a pub empire. A former rugby league high-flyer, two glitzy upstarts who lord over Sydney's premier nightspots, and a company better known for selling tinned beetroot.
With major banks set to call last drinks on a multitude of struggling pubs and beleaguered corporations, a queue of cashed-up buyers is waiting to pick up the scraps and expand their pub empires.
Paddy Coughlan, who heads up a consortium bankrolled by John Singleton and investment banker Mark Carnegie, said 2011 would be the best time to buy pubs in decades, with many licence holders to hit the wall.
His Singo-styled consortium has already snapped up four pubs - Darlinghurst bar Kinselas, the Peakhurst Inn, Paddington's Bellevue Hotel and Manly's Steyne - with former Qantas CEO Geoff Dixon and retail maestro Gerry Harvey chipping in for the latter two.
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A reclusive family patriarch of a pub empire. A former rugby league high-flyer, two glitzy upstarts who lord over Sydney's premier nightspots, and a company better known for selling tinned beetroot.
With major banks set to call last drinks on a multitude of struggling pubs and beleaguered corporations, a queue of cashed-up buyers is waiting to pick up the scraps and expand their pub empires.
Paddy Coughlan, who heads up a consortium bankrolled by John Singleton and investment banker Mark Carnegie, said 2011 would be the best time to buy pubs in decades, with many licence holders to hit the wall.
His Singo-styled consortium has already snapped up four pubs - Darlinghurst bar Kinselas, the Peakhurst Inn, Paddington's Bellevue Hotel and Manly's Steyne - with former Qantas CEO Geoff Dixon and retail maestro Gerry Harvey chipping in for the latter two.
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Thursday, December 30, 2010
Elbit Imaging sells stakes in 3 London hotels
Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) today sold its holdings in three London hotels for ₤21 million to its partner in them, Park Plaza Hotels Ltd. (AIM:PPH). The deal comes a day after it bought seven shopping centers in the US.
Elbit Imaging, controlled by chairman Mordechai Zisser owned 45% of the Park Plaza Riverbank Hotel and the Park Plaza Sherlock Holmes Hotel and 50% of the Park Plaza Victoria Hotel. Park Plaza, controlled by chairman Eli Papouchado, manages the hotels. Park Plaza will also assume Elbit Imaging's ₤11.9 million guarantees to Aareal Bank AG.
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Elbit Imaging, controlled by chairman Mordechai Zisser owned 45% of the Park Plaza Riverbank Hotel and the Park Plaza Sherlock Holmes Hotel and 50% of the Park Plaza Victoria Hotel. Park Plaza, controlled by chairman Eli Papouchado, manages the hotels. Park Plaza will also assume Elbit Imaging's ₤11.9 million guarantees to Aareal Bank AG.
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