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.
McDonald’s plans to open fewer new restaurants this year than originally planned, carefully evaluate any price increases and employ more “suggestive selling techniques” as it copes with softer sales around the world. The chain reported a lower-than-expected 4 percent rise in second-quarter profit and warned that
Hyatt Hotels‘ decision to enter the all-inclusive market through a $325 million investment in Playa Hotels & Resorts aligns with the hotel firm’s initiative to expand its customer base. Read the HotelNewsNow.com story here.
Aldi, the low-price grocery chain with a presence in 32 states, is hoping to add 80 U.S. stores per year, while expanding beyond low-income neighborhoods. Read The Des Moines Register story here.
The hotel market in Phoenix is different than most areas, where demand and development are booming. Industry insiders say the market is saturated with hotel rooms, and recovery could take a few more years. Read the Hotel Management online story here.
Element will launch several hotels in 2014 including locations in Harrison, N.J., Frankfurt Airport, British Columbia, and Miami Doral. The brand will launch in Muscat, Oman, in 2016, in addition to other global locations. Read the HotelChatter story here.
Pie Five Pizza Co., a developing fast-casual pizza chain, plans to open as many as 12 locations in the Baltimore region. Read the American City Business Journals story here.
The Sheraton Fort Worth Hotel and Spa in Fort Worth, Texas, has been acquired by investment group 1701 Commerce Acquisition for $49 million. The 429-room property will retain its Sheraton branding. Read the Fort Worth Star-Telegram story here.
Baywood Hotels has acquired the Royal Polo hotel in Miami Beach for $12.5 million. The shell property was previously owned by investor Jonathan Plutzik, who acquired it in 2005 for $6.5 million. Read The Miami Herald story here.
Orlando, Fla.-based casual concept Smokey Bones Bar & Fire Grill put its growth plans on hold for half a dozen years when the recession hit, but the 65-unit chain has plans to open at least 11 new restaurants in the next two years. Read the
Lodging Econometrics reports that the hotel pipeline in the Americas had 3,727 projects during the first quarter, up 8 percent year-over-year. The U.S. hotel pipeline accounted for 77 percent of all pipeline projects in the region, with 2,851 projects comprising 355,176 rooms. Read the Hotel
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