Hotel Business News - North America.

 
FREE EXCERPT

New York (AirGuideBusiness - Hotel Business News North America) Mon, Dec 29, 2014

Fla.'s Setai Hotel sold to Jordache Enterprises The Setai Hotel in Miami Beach, Fla., has been sold to Jordache Enterprises through its real-estate division, Nakash Holdings. The purchase price was $90 million. Nakash Holdings' Managing Director Jonathan Bennett said more acquisitions in Miami Beach are likely. Fri, Dec 26, 2014

Starwood Capital close to $200M deal for Baccarat hotel Starwood Capital Group is in the late stages of negotiations to sell its Baccarat hotel in Manhattan for $200-plus million, or $2 million per room, matching the richest hotel deal in U.S. history, according to data from STR Analytics. The Baccarat property also marks the return of Starwood Capital CEO Barry Sternlicht to the operations side of the hotel business. Fri, Dec 26, 2014

Carlson looks to bring Quorvus, Radisson Red to India Carlson Rezidor is considering the addition of the Quorvus and Radisson Red brands to its portfolio in India. "We have to look at Quorvus very carefully as we don't plan to open hundreds of Quorvus hotels," said Raj Rana, South Asia chief. "These are very unique properties, so it has to make sense. For Radisson Red, we would love to have 4-5 hotels by 2020." Fri, Dec 26, 2014

Work begins on Shenandoah, Texas, Holiday Inn Construction of the 153-room Holiday Inn Hotel and Suites Shenandoah has begun. The property, which will include a lounge, a fitness center and 7,000 square feet of meeting space, will be Shenandoah's first full-service hotel. Fri, Dec 26, 2014

FelCor Lodging reaping benefits of divestment strategy A long-term initiative by FelCor Lodging Trust to trim its portfolio to 40 properties allowed the company to cut its debt and focus on acquiring and refurbishing higher-end hotels. After five years, FelCor's share price is 1,009% higher than it was during the company's lowest point in 2009. FelCor aims to continue paying down debt and reduce its debt-to-earnings ratio to five times in 2015, CEO Richard Smith said. Wed, Dec 24, 2014

Marriott plans expansion in Kuwait, Saudi Arabia amid growing demand

Marriott International has announced plans to open properties in Saudi Arabia and Kuwait under the Residence Inn brand. The company says it is responding to a 13% jump in revenue per available room in the past year. Wed, Dec 24, 2014

Caesars to acquire affiliate Caesars Entertainment announced a plan to restructure its $18.4 billion in debt by...

To continue reading

FREE SIGN UP