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.
Rockbridge Capital and TPG Cos. have partnered for the purchase of the 412-room Westin Chicago North Shore hotel. The investment firms are buying the foreclosed property for $60 million and say they plan to invest up to $6 million more on renovations. Read the Daily
The 582-room Terranea Resort in Rancho Palos Verdes, Calif., has received $220 million in refinancing for its existing mortgages, secured by owners JC Resorts and Lowe Enterprises. The property has reported a 58 percent rise in gross revenue since 2010 and a 16 percent jump
Subway‘s 39,500 restaurants already make it the world’s largest quickservice chain by unit count, and the chain aims to hang onto that lead. Subway expects to end 2017 with 50,000 units and has a vision for growing to 100,000 stores by 2030. Read the Bloomberg
Kroger is opening its 18th Ruler Foods store, this one in Danville, Ill., but said it is still testing the discount banner. The stores, which have no pharmacies or fuel centers, sell Kroger-branded products and a limited assortment of national-brand items, as well as fresh
Virgin Hotels says negotiations are underway to open properties in San Francisco and Dallas. The company became more active last year. Read the HotelsMag.com story here.
Teen accessories retailer Five Below doubled sales and increased its store base by 72% over the past two years, and the share price has doubled since the founders took the company public last July. The partners founded the company after a previous concept, toy company
Franchise growth will move upward at a slightly faster pace than other business for the rest of this year, but a complex tax code and other challenges to small businesses are of concern, according to a recent IFA report. It predicts franchise establishments will tick
The 149-room Hampton Inn & Suites Birmingham-Downtown-Tutwiler in Birmingham, Ala., has been sold to Interwest Capital Corp. Plans were revealed for a $2 million renovation and expansion project on the historic property, which was built in 1913. Read the HotelsMag.com story here.
Hersha Hospitality Trust has agreed to acquire the 245-room Courtyard San Diego Downtown in California and the 140-room Residence Inn Coconut Grove in Miami. Hersha will use cash on hand and borrowings from its credit facility to pay the total $93 million purchase price for
Positive industry fundamentals point to continued growth for the lodging industry in the coming years, said several hotel executives at the 35th Annual New York University International Hospitality Industry Investment Conference. Read the Hotel Management online story here.
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