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.
Nordstrom will debut a new seasonal in-store boutique dubbed SPACE Thursday at three of its flagship department stores, and roll out the concept at a fourth store next month. Read the Haute Living online story here
American Hotel Income Properties aims to widen its portfolio with five railway lodgings. A $44.8 million acquisition plan has been confirmed and submitted concerning properties in Nebraska, New Mexico, South Dakota and Wyoming. Once the deal is complete, TR Lodging Enterprises Inc. will manage the
Xenia Hotels & Resorts will purchase Hotel Commonwealth in Boston for $136 million. Sage Hospitality will continue managing the property. Read the American City Business Journals/Orlando, Fla. story here
A 394-unit apartment complex is under construction in a suburban part of Minneapolis near the Minneapolis/St. Paul area. The apartments are part of the Bloomington Central Station, a master-planned project that will also include a hotel, office space and condominiums. A key part of the
Westin’s proposed 200-room property in Chattanooga, Tenn., is scheduled to begin construction this fall. The hotel development will convert what is known as the Gold Building in downtown Chattanooga. Read the Chattanooga Times Free Press story here
The $8 million renovation at Minneapolis’ Hotel Ivy includes a lobby alive with color, an on-site restaurant and speakeasy, and guest rooms with shades of blues and grays. Read the Star Tribune story here
Continued growth in the Dallas hotel market is helping to stabilize the area. Tourism in Dallas has been on the rise in recent years and has attracted investment in the hotel sector. This is very welcome in a region hit hard by falling oil prices
New York-based private equity firm Sycamore Partners will acquire 127-year-old family-owned regional department store chain Belk for $3 billion, the companies said Monday. Under the deal, Belk’s headquarters will remain in Charlotte, N.C., and Tim Belk will keep his CEO title. Belk is the first
A decade after Hurricane Katrina, the hotel industry in New Orleans has rebuilt and in many ways is better than it was before the storm. Read the HotelNewsNow.com story here
American Realty Capital Hospitality Trust has arranged a $450 million loan facility with Deutsche Bank toward the acquisition of three hotel portfolios. ARC’s 44-property deal will cost $739.8 million and increase its holdings to 166 hotels. Read the PR Newswire release here
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