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.
A key member of the team formed by AccorHotels‘ acquisition of FRHI predicts more deals featuring Accor as a major player in coming years. Read the HotelsMag.com story here
The City of Arlington, Texas, and Major League Baseball’s Texas Rangers are considering a public-private partnership to develop a $200 million mixed-use project near the team’s ballpark that would include restaurants, retail and entertainment venues. The city is set to discuss the proposal this week
Part of a $12 million makeover to the La Valencia Hotel in La Jolla, Calif., is finished, including renovations of guest rooms, the lounge and the Sky Suite on its 10th floor. The property is owned by Pacifica Host Hotels. Read the San Diego Business
Construction has begun on Best Western Hotels & Resorts‘ first Vib in North America. The 74-room Chicago Vib, which will cost $8 million, broke ground near Chicago Midway International Airport. Read the REJournals.com story here
The $6 billion purchase of Chicago-based Strategic Hotels & Resorts Inc. by Blackstone Group, which was finalized recently, is the latest in this year’s spate of REIT privatizations. Additionally, Blackstone reportedly is trying to generate $4 billion for its newest real estate mezzanine debt fund.
The developers of the Hudson Yards project in New York City have completed a $5 billion financing package, one of the largest since the Great Recession. The deal allows the company to build a mall and 30 Hudson Yards, which will be a 90-story office
Earlier this year Atlanta’s hotel occupancy spiked to 79.6%, and some wonder whether the city can cope with the rising demand. Read the GlobeSt.com story here
The Grand Old Lady in Winston-Salem, N.C., is transforming into a property by Kimpton Hotel & Restaurants that is expected to debut in February. The Kimpton Cardinal Hotel will be a 174-room offering following about $60 million in renovations from PMC Property Group of Philadelphia.
Eighty-three construction projects in Boston worth $7 billion are changing the city. The work signals a demographic shift, as populations move to the core of the city. Projects include apartment buildings, retail space and hotels. Read The Boston Globe story here
Furniture giant IKEA, known for its cavernous stores and massive parking lots, is increasingly focused on expanding its footprint in areas served by public transportation. IKEA operates small pick-up and order spots in Spain, Norway and Finland, and plans are on the drawing board for
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