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.
Banana Republic‘s new New York City flagship on Fifth Avenue sports the Gap-owned brand’s new look. The 27,892-square-foot, two-story store trades a subdued and serious selection of career styles for splashes of color and more casual pieces. Read the Bustle story here
After achieving its “50 by 15” target last year, Cobblestone Hotels‘ next goal is to double its portfolio size and have 100 properties open or in development by the start of next year. Read the Hotel Management online story here
Magnolia Marketplace, a $24.4 million shopping center, has opened in New Orleans, 10 years after the city was ravaged by Hurricane Katrina — and in some ways, because of it. The land had been a public housing development, and while the city council pushed for
Walton International is bringing Atlanta its first Home2 Suites extended-stay hotel, with an anticipated opening date of September 1. The company is investing $11 million to transform an historic nine-story building on Walton Street. Read the American City Business Journals/Atlanta story here
The recently opened 1 Hotel & Homes South Beach in Miami Beach is the first property under the 1 Hotel eco-luxury brand by Starwood Capital Group. The 426-room property features 600 feet of beachfront. Read the Travel Weekly story here
Building revenue and demand for new commercial construction may be rising fast—but so are costs. Profitability for new commercial building projects will be tricky in 2015, as soaring demand may not lead to soaring profits. Affirming rising demand, the American Institute of Architects’ Consensus Construction
During the recent Hunter Hotel Conference, STR and PKF Hospitality Research, respectively, reported that hotel fundamentals are at all-time highs, with hotels taking advantage of the supply-demand balance to use average daily rate increases as a means to drive revenue per available room. STR forecasts
Provenance Hotels has bought partner Woodbine Development‘s stake in the 100-room Sentinel Hotel in Portland, Ore., for an undisclosed amount. Formerly known as the Governor Hotel, the property was acquired in 2012 for $20 million and underwent renovations before being renamed the Sentinel. Read The
FRHI Hotels & Resorts and Blum Capital have purchased the Grand Del Mar hotel in San Diego for an undisclosed amount. The partnership will assume an 88 percent stake in the property — valued at $230 million — while seller Doug Manchester will keep the
Giordano’s is coming to Navy Pier in late May. The pizza chain’s CEO Yorgo Koutsogiorgas competed for the spot through a formal application process and learned of his win in November. Read the Chicago Tribune story here
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