Oct. 15, 2018 – Pandox AB (publ) (“Pandox”) has entered into an agreement to acquire The Midland Manchester, which is an iconic upper premium hotel with 312 rooms in the heart of Manchester in the UK. The transaction is made with Fattal Hotels Group (“Fattal”) as operating partner, whereby Pandox, following a legal reorganisation, will retain the property and the hotel operations will be transferred to Fattal. The total transaction value amounts to approximately MGBP 115, whereof the value of the hotel property amounts to MGBP 102, corresponding to approximately MSEK 1,210. The acquisition is expected to be financed by a new bank loan and existing credit facilities. The hotel will be operated by Fattal under a revenue-based lease agreement. The acquisition is expected to be closed during the fourth quarter 2018 and the hotel will be reported under the business segment Property Management. For 2018 the hotel is expected to contribute the equivalent of approximately MSEK 69 in rental income and MSEK 66 in net operating income, on an annualised basis. Continue reading “Pandox Acquires The Midland Manchester in the UK for for £115 Million ($151.3 Million)”
DALLAS, Oct. 15, 2018 – Woodbine Legacy Investments (WLI) purchased the 375-room DoubleTree by Hilton Hotel Los Angeles – Westside and an adjacent entitled 2.2-acre development parcel from The Carlyle Group for $151.5 million. The broker for the transaction was Eastdil Secured. The purchase of the DoubleTree LA – Westside marks the third acquisition for WLI, a private real estate fund created and managed by Woodbine Development Corporation.
Woodbine’s plans for the Culver City hotel include a $35 million renovation, which is set to begin in early 2019. The company’s plans also include developing the adjacent 2.2-acre parcel, Entrada, which is entitled to 300,000 square feet of office development. That project is anticipated to kick off in late 2019. Continue reading “Woodbine Legacy Investments Acquires 375-Room Doubletree by Hilton Los Angeles – Westside for $151.5 Million”
The Woodlands (Houston), Texas, September 2018… BENCHMARK®, a global hospitality company, with three distinctive brand portfolios, including Benchmark Resorts & Hotels, Gemstone Collection, and the London-based etc.venues, has just released its Top Ten Dining Trends for 2019. The trends were observed by Benchmark’s executive chefs and culinary experts at the company’s 80 luxury hotels, resorts and restaurants coast to coast, offshore and in Europe.
“Food and Beverage is an ever-evolving realm of experiences,” says Patrick Berwald, Benchmark’s vice president food and beverage. “The opportunity for us is not only to be ahead of the trend but to understand who tomorrow’s customer will be, what fulfills their needs and how our properties can be ready to meet that demand.” Continue reading “BENCHMARK® Announces the Top Ten Dining Trends for 2019”
PORTSMOUTH, NH., February 26, 2018 – In line with its surging economic recovery, a recent Hotel Construction Pipeline Trend Report for Europe states that the Total Pipeline is booming with 1,316 Projects/205,650 Rooms, up 22% by projects Year-Over-Year (YOY) according to Lodging Econometrics (LE).
There are 636 Projects/103,736 Rooms Under Construction, up 19% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 412 Projects/63,815 Rooms, up 45%, while projects in Early Planning at 268 Projects/38,099 Rooms are up by 2%. Continue reading “Europe Hotel Construction Pipeline Booming With 22% YOY Growth and Middle East Pipeline Up With 11% YOY Growth”
LAS VEGAS, February 12, 2018 – Marriott International, Inc. (NASDAQ: MAR) and global development firm Witkoff announced today a plan to open a new resort at 2755 Las Vegas Boulevard South. Ushering in a new era of world-class hospitality, the integrated resort and casino to be named The Drew Las Vegas will debut the EDITION brand in Las Vegas and mark The Strip’s first JW Marriott. Anticipated to open in late 2020, the resort will feature nearly 4,000 rooms and suites as well as over 500,000 square feet of convention and meeting space. Once open, the hotels will be managed by Marriott International. Continue reading “Marriott International and Witkoff to Develop Integrated Resort and Casino, The Drew Las Vegas, Debuting EDITION Brand and Marking The Strip’s first JW Marriott”