Shawmut Design and Construction has joined Draper and Wexford Science & Technology to break ground on the 111,000-square-foot Integrated Microelectronics Production & Advanced Chip Technology (IMPACT) Center in Lowell, Massachusetts.
Efficiency of scale will drive more hotel consolidations, according to Blackstone Group executives. The largest shareholder in Hilton Worldwide Holdings, Blackstone this year agreed to sell Strategic Hotels & Resorts to China’s Anbang Insurance Group for about $6.5 billion. Read the Bloomberg story here
Connecticut’s Mashantucket Pequot Indian tribe said it would invest $2 million in a $265 million casino planned for the Mississippi Gulf Coast. Developers hope the contribution toward construction costs will attract additional investors to Foxwoods Resort Casino at Biloxi Pointe, which the tribe will operate.
New York-based Simon Baron Development is preparing for a $100 million makeover of the Cecil Hotel in Los Angeles. The 1920s building will be transformed into a boutique hotel with residential units. Read the Los Angeles Times story here
Irish fast-fashion retailer Primark will open its third U.S. store in Danbury, Conn., after launching the first in Boston last fall. The chain, known for its ultra-low prices, will grow to 10 U.S. locations by 2018, seven of them in space that used to be
Hong Kong’s Swire Hotels has opened the East Hotel in Miami, the group’s first property outside of China. The number of Chinese visitors to Florida has intensified in recent years. Read the Skift/Jing Daily here
MGM Resorts International and Sydell Group will partner in a $450 million renovation of the Monte Carlo Resort on the Las Vegas Strip. Two hotels will be formed in the project, part of an MGM push toward boutique properties aimed at younger, affluent customers. Read
Pebblebrook Hotel Trust has sold the Viceroy Miami hotel for $64.5 million. The REIT acquired the hotel in 2011 for $36.5 million. Al Rayyan Tourism Investment Co., a subsidiary of Qatar-based Al Faisal Holding Co., was the buyer. Read the American City Business Journals/Nashville, Tenn./South
Work continues on a $1.3 billion train station and a parking garage near Orlando International Airport. The projects are part of a $3 billion plan to improvement transportation infrastructure at the airport. Read the Orlando Sentinel story here
Officials in Cincinnati hope to hire a retail recruiter and create interactive maps to boost downtown retail activity, according to a memo from the city manager. Retail has seen double-digit declines in one downtown zip code over the past 15 years, but it can play
Shake Shack opened its first enclosed mall location at Minnesota’s Mall of America. The New York-based burger chain now has 95 locations in the United States and 10 other countries, and it’s opening new eateries at the rate of about 16 per year. Read the
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