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.
The resurgence of oil and gas exploration in South Texas has led to significant increases in lodging demand in the region. The demand spike has prompted brands including Best Western International, Holiday Inn Express and La Quinta Inns & Suites to ramp up expansion in
The Embassy Suites Baton Rouge in Baton Rouge, La., has been sold for $20 million. Seller FelCor Lodging Trust said the proceeds from the sale would be used to repay outstanding debt. Read the GlobeSt.com story here.
Darden Restaurants‘ LongHorn Steakhouse is testing a more upscale look at one of its locations in Sanford, Fla., with dramatic elements including a stone fireplace and brightly colored abstract art inside and an outdoor waiting area that includes a fire pit and flat-screen TV. The
The growth pace of the Home2 Suites by Hilton and Homewood Suites by Hilton brands is headed for record levels. Homewood Suites has recently launched its “Take Flight” initiative aimed at refreshing its existing properties. Home2 Suites is set to open 13 new properties this
LaSalle Hotel Properties has purchased four hotels, including a three-hotel portfolio in Key West, Fla. The Southernmost Hotel Collection comprises 260 rooms and was acquired for $184.5 million. LaSalle’s other purchase was the 236-room Serrano Hotel in San Francisco, which sold for $71.5 million. Read
The Peabody Orlando Hotel in Orlando, Fla., will be sold to Hyatt Hotels for $717 million. The convention hotel offers 1,641 guest rooms and more than 200,000 square feet of meeting space. The property is set to be rebranded as a Hyatt Regency hotel. Read
Chicago-based sandwich and salad chain Potbelly has filed for an initial public stock offering that could raise up to $75 million. The company, which reported 2012 revenue of $274.9 million and profits of $24 million, plans to use the cash it raises in the IPO
PwC US projects U.S. hotel occupancy to increase to 62.2 percent this year — the highest since the peak level recorded in 2007 — on a 2.2 percent rise in demand. The group also predicts that average daily rate will continue to increase, driving revenue
Plans to renovate the Detroit Marriott Renaissance Center in 2014 have been unveiled. The $30 million project will include upgrades on all 1,329 guest rooms as well as its meeting spaces. Read the Detroit Free Press story here.
A joint venture between Balfour Beatty Construction and Welbro Building Corp. have been tapped to head development of a planned 1,000-room Marriott Marquis hotel in downtown Houston. The developers expect to break ground on the $335 million project in the first quarter of 2014, with
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