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.
Sears expects to accelerate the closing of unprofitable stores, including but not limited to roughly 50 stores, after a disappointing holiday season that saw same-store sales declines of 6.9% at namesake stores and 7.2% at Kmart stores. Read the The New York Times/The Associated Press
Luxury, Class A shopping centers continue to do well. The company changed the orientation of its planned Miami enclosed shopping center to street retail, a decision executives says was made because of the cost and “overall competitive context.” See the CNBC video here
Pennsylvania’s historical East Market Street hotel has been purchased by the York County Industrial Development Authority for $1.8 million with plans to invest $20 million in renovations. Read the Central Penn Business Journal story here
Taking advantage of its right to acquire the Mandarin Oriental, Boston, for a price equivalent to the highest auction bid, Mandarin Oriental International Ltd. on Wednesday announced that it will acquire the freehold interest in the property together with its hotel business for $140 million.
Hoxton is planning to rehabilitate a $30 million Los Angeles building to create a boutique hotel. The property would be the second for Hoxton in the United States. Read the HotelsMag.com story here
The conversion of a century-old office and retail building in downtown Buffalo, N.Y., into a 68-room luxury hotel is expected to be completed by spring. Developer Mark Croce’s Curtiss Hotel will feature a revolving bar, a restaurant and a men’s hair salon, among other amenities.
The owner of the Hilton Garden Inn near the Sarasota-Bradenton International Airport plans to build another 110 Hilton-branded rooms across the parking lot from its current hotel. Read the Bradenton Herald story here
The Cal Neva Resort & Casino, once owned by Frank Sinatra, pushed back its reopening from Sinatra’s birthday on Dec. 12 to May. The property, along the shore of Lake Tahoe, will be operated by Starwood Hotels & Resorts Worldwide when it reopens. Read The
Davidson Hotels & Resorts calls its new Pivot lifestyle division an opportunity to give creativity free play in individual properties. The division was launched with properties in San Francisco; Coral Gables, Fla., and Eugene, Ore. Read the HotelNewsNow.com story here
The newly named Dream Hotel Group will focus on four brands of the former Hampshire Hotels Management and its Debut Hotel Group. Debut is history only a year after being created to manage Hampshire’s five lifestyle hotels. The Dream Hotels, Time Hotels, Unscripted Hotels and
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