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.
Constellation Hotels Holding has purchased an 80 percent stake in the InterContinental New York Barclay Hotel through an affiliate. The stake in the landmark 685-room property was sold for $240 million, valuing the hotel at $300 million before renovations. Read the GlobeSt.com story here
Cobblestone Hotels has made good progress in expanding its brand, having a total of 39 properties in 13 states and 13 more in development. The hotel chain plans to have 50 hotels in operation by 2015 and is also on pace to introduce new brand
Restaurants and foodservice companies accounted for 30,000 of the 192,000 new jobs added in March, according to the Bureau of Labor Statistics, making it the second-largest job creator behind professional and business services, which grew by 57,000 jobs. March was the 49th consecutive month for
General Growth Properties‘ Ala Moana Center, the largest retail center in Hawaii, has installed one of the state’s biggest rooftop solar-energy projects. Situated on 85,000 square feet of previously unused space, the 1.17-megawatt project of more than 4,730 panels now generates power for the retail
Footwear retailer DSW‘s Affiliated Business Group will team with California-based shoemaker Yellow Box to open and operate three to five branded stores. The Affiliated division manages shoe departments for retailers, including Stein Mart and Gordmans Stores. Read the American City Business Journals/Columbus, Ohio/Columbus Biz Insider
New lifestyle hotel brands are arriving in Philadelphia, while more traditional hotels already in the city are launching renovations. Among the brands recently arriving in or soon to debut in the city are Radisson Blu, SBE‘s SLS and Starwood Hotels & Resorts‘ W. Growth in
White Lodging Services has unveiled plans for a hotel tower in Austin, Texas, that would include two Starwood-branded hotels. The 32-story property, which is scheduled to begin construction in December, will include an Aloft hotel and an Element hotel with a total of 410 rooms.
OTO Development has sold 15 hotels under Marriott, Hilton and Hyatt brands to Blackstone Group for an undisclosed sum. The properties are in California, Alabama, Florida, Connecticut, Pennsylvania and Washington’s metropolitan area, with a total of 1,856 rooms. Read the GlobeSt.com story here
La Quinta Holdings raised $650 million in its initial public offering. The midmarket hotel operator offered 38.25 million shares at $17 per share, valuing the firm at roughly $2.1 billion. Read the Reuters story here
InterContinental Hotels Group has agreed to develop 15 Candlewood Suites properties in Canada under a deal with Maplewood Hotels & Resorts. Maplewood was created in 2013 as a joint venture between Pacrim Hospitality Services and Driftwood Hospitality Management. Read the HotelsMag.com story here
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