Development USA & Canada External Articles - Hospitality Net

Advertisement

External Article

November 16, 2011

Despite the sputtering economy and the paucity of construction financing, NYC's hotel industry continues to grow | capitalnewyork.com

On Monday afternoon, Mayor Michael Bloomberg held a press conference at the boutique Z NYC hotel in Long Island City, to announce that by year’s end, the city will have 90,000 hotel rooms, 24 percent more than it had in 2006. The mayor made his announcement on a rooftop complete with padded banquettes, a bar, and a panoramic view of Manhattan. “Over the past 10 years, we’ve increased the number of hotel rooms in New York City by more than 50 percent,” boasted the mayor.

capitalnewyork.com

New York, New York, United States

External Article

October 24, 2011

Building Manhattan Hotels Beats Buying as Development to Surge | businessweek.com

Building a hotel in New York City is becoming more affordable than buying as demand from publicly traded investors helps drive a surge in property prices. Increased competition for purchases has led developers to plan the opening of about 50 new hotels this year through 2013 in New York, more than triple the number in Washington, the next-busiest U.S. city for construction, according to hotel- consulting firm Lodging Econometrics. Sixty-eight more are set for completion in 2014 and after.

businessweek.com

New York, New York, United States

External Article

October 3, 2011

Pritzker Heir Sets Hotel-Firm Merger | wsj.com

Pritzker family heir John Pritzker and New York's Pomeranc family have combined their hotel businesses into a single operator of hotels ranging from West Coast boutiques to East Coast luxury hotels. The new company, tentatively called JT Hospitality, combines the 33 boutique hotels operated by Mr. Pritzker's Joie de Vivre Hospitality with the 12 luxury hotels operated by the Pomeranc family's Thompson Hotels.

External Article

September 6, 2011

Las Vegas: A tale of two hotels | bbc.co.uk

Robert Van Ausdal has worked in the construction business in Las Vegas for fifteen years and has witnessed first-hand the dramatic collapse of the industry. He is describing the construction site of the Fontainebleau, a 63 storey mega-hotel. The planned development featured more than 3,800 rooms - but construction was halted in the spring of 2008 with the hotel around 70% complete.

Las Vegas, Nevada, United States

External Article

May 23, 2011

CitizenM New York Hotel Coming to 185-191 Bowery

With years-dormant project sites reactivating across the neighborhood, it’s safe to say that hotels are back on the Lower East Side agenda. Just last week, it was reported that the stalled Orchard Hell Building was acquired by Brack Capital, who planned to convert the decrepit concrete eyesore into a Hotel Indigo. But the real estate investment firm has another ace up their collective sleeve, and as a result, the lower Bowery is definitely in Dutch. Big-time.

New York, United States

External Article

April 11, 2011

Denihan Takes James Hotel Brand to Miami Beach | wsj.com

Closely held Denihan Hospitality Group will extend its luxury-boutique James brand to a third hotel next year: The historic Royal Palm hotel in Miami Beach, Fla. Denihan, the hotel company owned by the Denihan family of New York, agreed to brand and manage the 409-room hotel for new owner KSL Capital Partners LLC. KSL plans a $42.6 million renovation of the 72-year-old hotel to be completed next year.

Miami, Florida, United States

External Article

March 3, 2011

Las Vegas Hard Rock ownership transfer finalized | lvrj.com

Brookfield Asset Management Inc. said Wednesday it had assumed ownership of the financially troubled Hard Rock Hotel in Las Vegas after closing on a settlement agreement with its borrowers. The settlement agreement transfers a joint venture's equity stake in the Hard Rock Hotel to a fund controlled by Brookfield Asset Management. It also ends Morgans Hotel Group Co.'s management agreement for the property that stands along Paradise Road just east of the Strip.

Las Vegas Review-Journal

Las Vegas, Nevada, United States

Visit HITEC 2026 in San Antonio!

HITEC is the center for the latest conversations on hospitality technology. Come and see the technology shaping the industry.

Hospitality Financial and Technology Professionals (HFTP)

Ad #1 Hotel PMS

See why hotels are switching to Mews

Revenue up. Manual work down. Hotels using Mews see 35% higher RevPAR and 45% more upsells. Book a free demo.

External Article

February 8, 2011

Blackstone unit gets majority ownership of Hotel del Coronado | latimes.com

The Wall Street powerhouse takes a 60% stake while the previous majority owner, Strategic Hotels & Resorts, retains 34.3%. The recapitalization values the historic hotel on the ocean near San Diego at about $590 million.

External Article

February 8, 2011

TWA Terminal Could Be New York's Next "Boutique" Hotel | gothamist.com

Well this could be interesting? Seems that the Port Authority has finally come up with something to do with the much beloved Eero Saarinen-designed TWA terminal 5 at JFK. And that something is...a boutique hotel. When JetBlue took over Terminal 5 they built their new terminal around the Saarinen original in the hopes of one day using it as a grand entrance. But that plan fell through (the old girl just can't handle modern amenities like curbside check-in and all those pat-downs), leaving the modernist icon empty.

New York, New York, United States

External Article

February 1, 2011

Virgin Hotels searching for Washington foothold | washingtonpost.com

Virgin Hotels has identified a few sites for its foray into the Washington lodging market, but is at least two years away from launching a property under its new flag, according to owner Richard Branson. Speaking at the American Lodging and Investment Summit here last week, Branson, founder of the Virgin Group empire, would not say where in the area he is looking but assured that the Washington market was a prime target.

washingtonpost.com

Washington, District of Columbia, United States

External Article

January 26, 2011

Kimpton Plans to Add 10 Hotels in New York City in Coming Decade | businessweek.com

Kimpton Hotel & Restaurant Group LLC, the operator of 51 boutique hotels across the U.S., plans to add about 10 properties in New York City in the next decade, Chief Executive Officer Michael Depatie said. The closely held company, based in San Francisco, has $120 million in capital to convert existing boutique hotels “that need new management,” renovate vacant buildings or build from the ground up, Depatie said in an interview today at the Americas Lodging Investment Summit in San Diego.

businessweek.com

New York, New York, United States

External Article

January 14, 2011

Sunstone Plans to Buy $1 Billion of Hotels This Year After Prices Decline | bloomberg.com

Sunstone Hotel Investors Inc., the real estate investment trust that’s forfeited 10 properties in the past two years, wants to buy $1 billion of assets in 2011 to expand its portfolio of upscale business hotels. The company is looking to buy high-end hotels of 400 rooms or larger in major cities on the U.S. East and West coasts, said Kenneth Cruse, Sunstone’s president and chief financial officer. Among the purchases is the 62 percent of Doubletree Guest Suites Times Square it doesn’t already own for about $37.5 million. Sunstone plans to complete the New York acquisition this month.

Ad #1 Hotel PMS

See why hotels are switching to Mews

Revenue up. Manual work down. Hotels using Mews see 35% higher RevPAR and 45% more upsells. Book a free demo.

External Article

December 10, 2010

The Eventi New York: Kimpton's Hotel Long Shot |

Under Thomas Mathes' guidance, the luxury hotel in Manhattan is trying to counter the financial crisis with service and style. One morning in December 2009, Thomas Mathes went looking for a place in New York's Chelsea neighborhood where he could plug in his laptop. He visited at least eight Starbucks (SBUX), only to discover that other people with computers had claimed all the electrical outlets. "It was the craziest thing," he says. Mathes wasn't looking to pass idle hours browsing the Web. A month earlier he had been named general manager of the Eventi, a new 292-room luxury hotel run by Kimpton Hotels and Restaurants being built several blocks north on Sixth Avenue in Manhattan. The Eventi was scheduled to open in May, but the windows in the building didn't have any glass yet. It was freezing in there. Mathes had a temporary office elsewhere, but he didn't have a key.

businessweek.com

New York, New York, United States

External Article

December 8, 2010

Ian Schrager passes on buying Manhattan's Hotel Chelsea | miamiherald.com

Ian Schrager, the developer credited with inventing the boutique-hotel concept, considered buying Manhattan's landmark Hotel Chelsea and decided against an offer after viewing the 127-year-old property last month. ``It's a sexy asset with an incredibly sexy history and we felt obliged to take a look at it,'' Schrager, the chairman and chief executive officer of Ian Schrager Co., said in a telephone interview Monday. ``We took a pass.'' The owners of the Hotel Chelsea, a rock and roll and literary landmark whose denizens included singer Patti Smith and playwright Arthur Miller, put the property up for sale in October for the first time in more than 65 years. They are asking about $90 million for the 12-story building, according to a person with knowledge of the marketing. The person asked not to be named because the proposed terms are private. Read more: http://www.miamiherald.com/2010/12/07/1961965/south-beach-hotelier-passes-on.html#ixzz17VTLQKDD

miamiherald.com

New York, New York, United States

External Article

November 8, 2010

Omni ramps up convention, resort, spa development | hotelnewsnow.com

The way company president Mike Deitemeyer sees it, the financial crisis during the past few years might actually benefit Omni Hotels & Resorts in the long run. As a long-term holder of real estate that relies on its own balance sheet to buy assets and grow the portfolio, Omni often finds itself in bidding wars with hotel companies prepared to over-leverage and overspend.

External Article

October 20, 2010

New York: Hotels Sprout on New Ground | wsj.com

Hotels are popping up everywhere in Brooklyn and the other boroughs outside Manhattan, some in very strange places. The hotel wave is coming more than a decade after the 1998 opening of the New York Marriott at the Brooklyn Bridge, Brooklyn's first new luxury hotel in a half century. Now dozens of new lodgings are coming to the borough, as well as to Queens, Staten Island and the Bronx.

New York, New York, United States

External Article

October 13, 2010

Blackstone Stalks Familiar Prey in Hotel Hunt | wsj.com

Buyout giant Blackstone Group LP is taking aim at 14 hotels owned by Kentucky businessman Bill Yung III's Columbia Sussex Corp., in the latest case of the investment firm buying at the trough of the market a hotel asset that it sold at the peak.

External Article

July 19, 2010

Room for All? Rush of Hotels Check Into New York City | wsj.com

This year, developers are on track to open the largest number of new hotels in New York City in several decades. All told, the 44 hotels with 7,561 rooms slated to debut this year amount to an 8.5% expansion of the city's room supply, according to hotel-research company Lodging Econometrics. That wave comes as the number of hotels nationally is expanding at a pace of only 1.6%.

External Article

July 19, 2010

Miami Beach's Seville Hotel gets a rebirth | miamiherald.com

Ian Schrager, the celebrity hotelier who invigorated South Beach with his launch of the Delano hotel 15 years ago, is coming back to the beach. Through a partnership with Marriott, Schrager is set to turn the shuttered 12-story Seville Beach Hotel into a boutique property under the new Edition brand. The new venture, confirmed Thursday by Marriott, is just the second announced U.S. location under the new brand. The first is scheduled to open this fall in Honolulu.

miamiherald.com

Miami, Florida, United States

External Article

July 14, 2010

As Everyone Else Discovers Brooklyn, So Have Hoteliers | nytimes.com

Brooklyn is in a hotel-building boom, after decades in which the Marriott near the Brooklyn Bridge had the borough’s lodging market mostly to itself. The new competitors include budget brands like Best Western, which has three locations in Brooklyn, and the Sheraton Brooklyn, which opened downtown in May. Over the last few years, Brooklyn has also welcomed boutique hotels like the Nu Hotel in Boerum Hill, Hotel Le Jolie in Williamsburg and Hotel Le Bleu in Park Slope.

New York, New York, United States