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.
Panda Express hopes to replicate its national success in New York City, where it will open two eateries next month. The buffet-style chain, which operates 1,800 restaurants nationwide, closed its only Manhattan eatery in 2001 after four years. The chain faces a challenge in a
Extended Stay America Inc. plans to sell Crossland Economy Studios for $285 million. The brand includes 53 extended-stay hotels that are accruing less revenue than Extended’s other hotels. Read the Nasdaq.com/Dow Jones Newswires story here
U.S. hotel occupancy reached an all-time high in July and is expected to continue increasing into 2018, according to HVS. The average price per room in transactions has reached $250,000, setting another record. More than 3,500 hotels are in the pipeline as of this month.
Ground broke recently on a dual-branded hotel in downtown Austin, Texas. The 278-room Aloft and the 144-room Element, which are the product of a partnership between a White Lodging affiliate and Poe Cos., is expected to be completed in 2017. Read the Commercial Property Executive
An $85 million, 85-room critical care pavilion is the first step of MetroHealth‘s multiyear project to transform its medical campus in Cleveland. The total project, worth $1.2 billion, will also include facility upgrades and community wellness and fitness resources. Read The Plain Dealer story here
Johnny Rockets will open its first U.S. Johnny’s Burger Factory restaurant in Buffalo, N.Y., this week. The concept has a higher-end menu than Johnny Rockets restaurants, with craft beer, premium-priced burgers and touchscreen kiosks for ordering. Read The Buffalo News story here
Many hoteliers are taking advantage of the rich branding landscape and are diversifying their portfolios to include more independent, nonbranded hotels. Read the HotelNewsNow.com story here
The Thompson Hotels chain has confirmed it will bring a second hotel to Mexico this fall. Representatives of the brand, part of Commune Hotels & Resorts, believe Mexico is a key destination with a strong culture. Read the Skift story here
West Coast hotelier Red Lion Hotels Corp. has reached a deal to buy The Quincy, a 99-room boutique hotel in Dupont Circle owned by Modus Hotels, for an undisclosed sum. Read the American City Business Journals/Washington, D.C. story here
InterContinental Hotels Group is close to purchasing Fairmont Raffles from Kingdom Holding and Katara Hospitality for $2.95 billion, sources say. The acquisition would add to IHG’s luxury properties and dovetail with its “asset-light portfolio.” Read the HotelsMag.com story here
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