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 roof that resembles a camera lens when opening and closing will set apart the $1.2 billion Atlanta Falcons stadium, now under construction. The 71,000-seat stadium is expected to become operational in 2017, according to this article. Read the Engineering News-Record story here
Carey Watermark Investors has bought the 224-key Courtyard New York Manhattan – Times Square West in New York for $95 million. The real-estate investment trust financed the hotel with $56 million of debt. Read The Commercial Observer story here
Middle and lower-tier Chicago-area retail centers are finding it harder to secure anchor tenants as retailers become more selective about submarkets, according to CBRE. These dynamics have resulted in a 20 percent drop in anchor rents even as the supply remained flat. The market is
Non-farm payrolls were up 217,000 in May, according to today’s data from the Bureau of Labor Statistics. This was in line with expectations. The construction sector added 6,000 jobs. The unemployment rate is steady at 6.3 percent. The number of jobs added in April was
Marriott International is aiming for 200 new hotels around the world to open over the next three years under its luxury and lifestyle brands. Read the Fox Business story here
Three investors including Romano’s Macaroni Grill creator Phil Romano have created a restaurant incubator in Dallas that thus far has spawned nine sleek new concepts, with seven more slated to open by year’s end. The project, called Trinity Groves, boasts a variety of cuisines, including
RLJ Lodging Trust has purchased a hotel each in Portland, Ore., and Irvine, Calif., for a total of $120 million. The hotels are the 256-room Courtyard Portland City Center and the 293-room Embassy Suites Irvine Orange County, which RLJ acquired partly with the $202.3 million
American Realty Capital Hospitality Trust is acquiring Equity Inns‘ 126-asset portfolio for $1.93 billion. Whitehall Real Estate Funds is the seller of the portfolio, which consists of such brands as Hilton Hotels & Resorts and Marriott International. Read the Bloomberg story here
Hotel transaction volumes are set to reach $25 billion this year, with private equity firms, offshore investors and real estate investment trusts accounting for the bulk of the sales activity, according to experts at Jones Lang LaSalle’s Hotels & Hospitality Group. Five straight years of
SLS LUX, a new guest experience service of SLS Hotels, is launching over Labor Day in Las Vegas, providing clients with personalized attention and upgraded amenities. The new brand offers residences and suites, along with extras such as a rooftop pool, wine cellar and cigar
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