Tuesday , 27 September 2016
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The RNR Hotel Report

COMPILED BY RealtyNewsReport.com

HOUSTON – Songy HighRoads will build a second Hyatt-branded hotel to a new development across the street from the Galleria. Songy and the Carlyle Group are under construction with a 325-room Hyatt Regency at the northwest corner of Sage Road and West Alabama Street. In addition, a 157-room Hyatt Place will be built adjacent to the Hyatt Regency, the Houston Chronicle reported.

ALBUQUERQUE, N.M. – Plans have been finalized for a new multi-million dollar hotel in the heart of Old Town, Albuquerque, according to Heritage Hotels and Resorts, Inc. The 118-room project will break ground by late fall with completion set for spring 2016. The contemporary boutique hotel will be a contrast of ancient and modern elements.The property will be built adjacent to Hotel Albuquerque and will share Hotel Albuquerque’s pool, ballrooms and chapel. The hotel will be comprised of five levels with guestrooms designed to extend outdoors onto terraces showcasing majestic views towards the Sandia Mountains and downtown skyline or the views overlooking the gardens and pool terrace below. The goal is to create a hotel that captures the legacy of New Mexico’s Native-American culture.  Jim Long is the  CEO of Heritage Hotels & Resorts. Hotel Albuquerque will be the owner of the new hotel, and managed by Heritage Hotels & Resorts. Hotel Albuquerque was acquired in 1999 by a group of local New Mexican families, led by Jim Long.

ANAHEIM, Calif. – The Park Vue Inn, which has been a well-known local fixture nearly as old as Disneyland itself, is planning to replace its current 86-guestroom hotel with a new 162-room, mixed-use building. Directly across from the main entrance to Disneyland on South Harbor Boulevard, the 119,000-square-foot, $25-$30 million redevelopment was designed by Irvine, Calif., architecture firm MVE & Partners, Inc.”The redevelopment of Park Vue Inn is a family-dream come true,” said Paul Durand, chief executive officer of Scalzo Hospitality, Inc., owners of The Park Vue Inn. “My grandfather built this hotel in 1962 and we have remodeled over the years, but this is the first redevelopment of the entire site. We are making an investment for both our guests as well as our next generation of family ownership.”

CHICAGO – Loews Hotels & Resorts has purchased InterContinental Chicago O’Hare Hotel. Loews Hotels & Resorts plans to convert the 556-room hotel to Loews Chicago O’Hare. The AAA four-diamond hotel is at 5300 North River Road in Rosemont, Ill. The sale was closed by JLL’s Hotels & Hospitality on behalf of Bletchley Hotel at O’Hare Field, LLC. A combination of the property’s unique design, strong financial performance and position as the suburb’s only luxury class hotel created the right recipe to complete a highly competitive marketing process, said JLL Senior Vice President John Nugent. The selling price was not disclosed.

WOODLAND HILLS, Calif. – Laurus Corporation has purchased the Marriott Warner Center hotel in Woodland Hills. Laurus Corporation, will execute a $10 million renovation to enhance the 16-story property. The variety of improvements are designed to achieve greater guest satisfaction, increased market share and sustainable long-term growth. It also includes 474 guestrooms, with a 11,000-square-foot Grand Ballroom. The hotel boasts the largest overall meeting space capacity and ballroom in the area. Ethika Investments LLC , a U.S.-based real estate investment fund, is investing in the hotel with Laurus.

NEW YORK – JLL’s Hotel & Hospitality Group has closed the $82 million sale of the SpringHill Suites New York Midtown Manhattan/Fifth Avenue. KSG Enterprises Ltd., a subsidiary of Keck Seng (Malaysia) Berhad, acquired the hotel. The 19-story, 173-key hotel, at 25 West 37 Street, opened in May 2013. “KSG seized an excellent opportunity to acquire this recently constructed asset at a strong yield and has strategically expanded their presence in the United States,” said JLL’s Managing Director Jeffrey Davis.  The property is located in the heart of Midtown Manhattan, near Times Square, Grand Central and Herald Square.

HOUSTON – Spa by JW, one of the nation’s top leading luxury spas, is scheduled to debut in October at the new JW Marriott Houston Downtown. The Houston location will be followed by the opening of the JW Marriott Mumbai Sahar in December, along with more than 20 Spa by JWs in the pipeline. The JW Marriott Houston Downtown hotel will open in a redeveloped historic building at the corner of Main and Rusk. The 328-room hotel at 806 Main, in the 100-year-old Samuel F. Carter Building, is an $80.8 million project being developed by Pearl Hospitality of Fort Worth. “Our guests are incredibly passionate about well-being but they don’t always have the time to invest in cultivating it. They are looking for an experience that delivers true impact and results that are tailored to their state of mind,” said Mitzi Gaskins, vice president and global brand manager for JW Marriott Hotels & Resorts.

HOUSTON – The Howard Hughes Corp. has announced that the Westin brand will soon open its fifth hotel in greater Houston. The Westin, The Woodlands will debut at the end of 2015 within The Woodlands, one of the country’s premier master planned communities and a leading business center 27 miles north of downtown Houston. The Westin – now under construction – will include 302 luxury guest rooms, and more than 15,000 square feet of meeting and pre-function space. The Westin, The Woodlands also will feature a 150-seat restaurant, lobby bar and second level pool deck and bar.

Bryan/College Station, Texas – A Texas development group has announced plans to develop The Atlas hotel, a 177-key, 4 star boutique hotel in the heart of The Atlas Town Center at Traditions in Bryan, Texas.As the first hotel within ATLAS, The Atlas will include 177 rooms.The hotel will anchor the Atlas Town Center which is planned to include waterfront restaurants, retail and office space in Bryan/College Station, which is located about 100 miles northwest of downtown Houston. The hotel will be managed by Trust Hospitality, Atlas TAP, LLC is developing The Atlas hotel.  Atlas TAP is comprised of two companies; William Cole Development, LLC and Traditions Acquisition Partnership, LP.

FORT WORTH – CBRE Hotels announced the sale of The Ashton Hotel, a 39-unit historic boutique hotel in downtown Fort Worth. Ashton Hotel Partners sold the property to Ashford Hospitality Trust, a Dallas-based hotel REIT, which plans additional renovations. The REIT owns a nearby Hilton property. The Ashton Hotel, 610 Main, first opened in 1890 (two-story) and 1915 (six-story). According to Matt Mildren, the majority owner and managing partner of Ashton Hotel Partners, The Ashton Hotel attracted numerous celebrity guests during his ownership including Warren Buffett and Bill Gates. Bert Stevens, First Vice President for CBRE Hotels in Dallas, represented the seller in this transaction.


The RNR Hotel Report by www.RealtyNewsReport.com 


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