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.
Data from STR show that 2,925 hotel projects were under way in the United States at the start of 2014, marking a 16.4 percent increase from the previous year. Hotel development is markedly increased in the New York, Pittsburgh and Miami markets, among others, with
Strategic Hotels & Resorts Inc. has announced the purchase of the Four Seasons Hotel Austin in a $197 million deal. This marks the company’s entry into the Texas market. Read the American City Business Journals/Austin, Texas story here
7-Eleven has agreed to acquire approximately 182 locations in the Greater Boston area and New Hampshire from Tedeschi Food Shops, Rockland, Mass. Read the Supermarket News story here
Moody National REIT will purchase 149 hotels from Goldman Sachs, sources said. The acquisition of the limited-service properties, worth an estimated $1.73 billion, will increase the REIT’s assets to $2.5 billion. Read the Bloomberg story here
Marketing and hotel firm Sunrider International has bought the 297-room SLS Beverly Hills hotel in Los Angeles from SBE for $195 million. SBE will remain as the hotel’s brand operator, while Starwood Hotels & Resorts will continue to run the property. Read the Los Angeles
Ashford Hospitality Trust has inked a $224 million deal to acquire nine hotels that will add 1,251 rooms to its inventory. Remington Lodging will manage the properties. Read the HotelsMag.com story here
Forever 21 has signed a 40,000-square-foot lease at 490 Fulton Street in Downtown Brooklyn, with the retailer returning to the neighborhood it left in 2007. Read The Real Deal story here
Malaysia-based The Genting Group has started construction on the $4 billion Resorts World in Las Vegas. The company says “construction will create more than 30,000 person-years of direct and indirect employment” at the 87-acre site. The resort, which could have as many as 6,500 rooms,
Thomas Keller, the chef-owner of Per Se in New York’s Time Warner Center, will open a restaurant at Related Co.’s Hudson Yards and help choose 11 more eateries for the development on Manhattan’s far west side. Read the Bloomberg story here
Hilton Worldwide Holdings has announced that all its Embassy Suites and Hampton Hotels brands will soon have the phrase “by Hilton” added to their names. Research and historical brand data indicate that its guests are more likely to stay at a “by Hilton” hotel, and
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