FALLS CHURCH, Va. - JER Partners and Thayer Hotel Investors V LP have closed on the sale of the 395-room Fairview Park Marriott, the only hotel in the Northern Virginia suburban office park.
JER bought the hotel in February 2007, pumping $3.9 million or $10,000 per key into a renovation of the lounge, restaurant, lobby, 15,000 square feet of meeting space and fitness center. In May 2009, JER completed a discounted payoff on a significant portion of the htoel's debt and extended the maturity for the remainder of the term.
Read More:
Wednesday, July 14, 2010
Chase free hotel nights with new credit card
Chase this week introduced its revamped InterContinental Hotel Group rewards credit card. Anyone who signs up gets 30,000 bonus points after making an initial purchase on the account.
InterContinental operates chains including the Crowne Plaza, Holiday Inn and InterContinental.
Read More:
InterContinental operates chains including the Crowne Plaza, Holiday Inn and InterContinental.
Read More:
JLL Hotels: 2010 Sales Top $2.2B YTD
NEW YORK - The volume of U.S. hotel transactions year to date has skyrocketed 153 percent above last year's midyear total. Jones Lang LaSalle Hotels has tracked $2.2 billion of sales since the start of the year.
JLL's proprietary database tracks true asset transactions of $10 million or more, excluding note sales, recapitalizations and foreclosures. The midyear analysis has JLL upping its projection to $4 billion to $4.5 billion from $3.5 billion for 2010's full year of sales. The projection excludes the $4 billion pending closing of the Extended Stay America transaction
Read More:
JLL's proprietary database tracks true asset transactions of $10 million or more, excluding note sales, recapitalizations and foreclosures. The midyear analysis has JLL upping its projection to $4 billion to $4.5 billion from $3.5 billion for 2010's full year of sales. The projection excludes the $4 billion pending closing of the Extended Stay America transaction
Read More:
DiamondRock 2Q View Misses Street But Lifts FY Targets
DiamondRock Hospitality Co. (DRH) said second-quarter adjusted funds from operations are expected to come in slightly under Wall Street's expectations, but the company lifted its full-year view, as it noted fundamentals have improved.
Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
Read More:
Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
Read More:
Steve Wynn Buys Plaza Hotel Penthouse for $23 Million
Steve Wynn, the casino developer and chairman of Wynn Resorts, has purchased one of the largest penthouses at the Plaza Hotel, after a previous owner walked out on a contract to buy the apartment, brokers said.
The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
Read More:
The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
Read More:
Hilton turns over guest Internet services to AT&T
McLEAN, Va. — Hilton Worldwide said Wednesday that AT&T will manage Wi-Fi and Internet services at its 3,200 hotels in the U.S. and Canada.
AT&T will operate the "Stay Connected" program for Hilton's ten brands, the company said. The Dallas-based phone company has already designed and installed equipment for the program.
Read More:
AT&T will operate the "Stay Connected" program for Hilton's ten brands, the company said. The Dallas-based phone company has already designed and installed equipment for the program.
Read More:
First review of mega-hotel the Marina Bay Sands
A LUXURY luxury hotel in Singapore has stolen the title of the world's most expensive and wowed tourists with its unique design.
The Marina Bay Sands hotel is a $5 billion integrated resort with 55 levels, a huge infinity pool on top, an indoor canal, a museum shaped like a lotus flower, shops and restaurants, theatres, a museum and a casino.
Read More:
The Marina Bay Sands hotel is a $5 billion integrated resort with 55 levels, a huge infinity pool on top, an indoor canal, a museum shaped like a lotus flower, shops and restaurants, theatres, a museum and a casino.
Read More:
Four Seasons Nevis Will Reopen on December 15
The Four Seasons Nevis closed back in October 2008 after Hurricane Omar tore through St. Kitts and Nevis islands. The hotel had hoped to reopen in February 2009 then again in November 2009 but the tough economy forced the property to stay closed until things got better.
Well, things must be better now as the resort is planning to open on December 15. Even better the hotel's website is already accepting and confirming reservations for that date. We found rooms for $345 USD for a deluxe mountain side room which offer partial views of Nevis peak and the nearby old sugar mill. Rooms also promise loveseats, a balcony or patio, deep soaking tubs and marble dining tables for two.
Read More:
Well, things must be better now as the resort is planning to open on December 15. Even better the hotel's website is already accepting and confirming reservations for that date. We found rooms for $345 USD for a deluxe mountain side room which offer partial views of Nevis peak and the nearby old sugar mill. Rooms also promise loveseats, a balcony or patio, deep soaking tubs and marble dining tables for two.
Read More:
Tuesday, July 13, 2010
Pebblebrook to purchase Hotel Monaco
Pebblebrook Hotel Trust plans to acquire D.C.’s Hotel Monaco and conduct a $350 million public stock offering, according to documents filed Tuesday with the U.S. Securities and Exchange Commission.
The Bethesda-based real estate investment trust is under contract to purchase the 183-room hotel for $74 million, according to the filing. It is one of two hotels the company plans to acquire soon, the other being The Grand Hotel in Minneapolis.
Read More:
The Bethesda-based real estate investment trust is under contract to purchase the 183-room hotel for $74 million, according to the filing. It is one of two hotels the company plans to acquire soon, the other being The Grand Hotel in Minneapolis.
Read More:
Seville Hotel On South Beach in $58M short sale
The shuttered Seville Hotel South Beach was sold to an affiliate of Courtyard by Marriott for $57.5 million. That’s $9.5 million less than the foreclosure claim filed over it.
The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
Read More:
The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
Read More:
Hotel workers' union protests at Disneyland
ANAHEIM, Calif. — Mickey Mouse mask-wearing protesters were among about 325 union members and supporters who demonstrated against Disneyland over a hotel employee contract dispute.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
The World Is Ending - Restaurant Offers "Green" Drinks Special
The drinks are green Tuesday as Boone's environmentally savvy gather for their monthly meet-and-greet, this time at Peppers Restaurant.
It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
Read More:
It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
Read More:
Dallas company buys bankrupt restaurant chain Max & Erma's
Concept Development Partners LLC, an affiliate of Dallas-based CIC Partners, has signed a deal to buy “substantially all” of the bankrupt restaurant chain Max & Erma’s Inc.
The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
Read More:
The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
Read More:
Yum! Brands Inc. Reports Second Quarter 2010 EPS of $0.58,
Louisville, KY (July 13, 2010) — Yum! Brands Inc. (NYSE: YUM) today reported results for the
second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
Read More:
second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
Read More:
Benihana Inc. to Explore Strategic Alternatives
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today announced that its Board of Directors has decided to explore strategic alternatives available to the Company, including a possible sale, in order to maximize shareholder value
Read More:
Read More:
