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.
Starwood Hotels & Resorts Worldwide aims to open 50 new luxury hotels globally within the next five years as it seeks to capture the growth of a new generation of luxury travelers. Read the TravelPulse story here.
Marriott International says it will build a 450-room hotel in downtown Los Angeles under the Renaissance Hotel brand. The hotel is expected to cost $200 million and is scheduled to open in 2016. Read the Los Angeles Times story here.
New York has agreed to sell the former New York Life Insurance Co. building to Peebles Corp. for $160 million. The property is expected to be converted into a mixed-use complex with a hotel, retail space and residential facilities. Read the GlobeSt.com story here.
TravelClick’s North American Hospitality Review for February indicates that average daily rate will continue to be responsible for growth in the hotel industry this year. The study found that average daily rate for February this year through January 2014 will rise 3.4 percent, as committed
Technology trends for U.S. hotels in 2013 include high-speed Internet, booking online, interactive reception and eco-friendly policies. Starting in the lobby, hotel guests will be able to see services offered by hotels through touch screens and tablets. Read the Tourism Review story here.
Over the next four years, the number of hotel rooms in downtown Los Angeles will grow by 30 percent. At least 10 hotels with nearly 5,000 rooms either will have been built or renovated between 2010 and 2017. RevPAR is up 34 percent over the
The Ritz-Carlton, Kapalua, on Maui, Hawaii, may be put on the market in the next few months as owner Lehman Brothers Holdings looks to capitalize on robust tourism demand in the state, a source says. Lehman gained control over the 463-room property after its previous
Construction firms across the world expect 60 percent of their projects to be environmentally friendly by 2015, according to the SmartMarket Report of McGraw-Hill Construction. About 51 percent of the respondents expect most of their work to be green in 2015, up from 28 percent
Equity firm Sycamore Partners has sealed a deal to acquire teen apparel retailer Hot Topic for $600 million or $14 per share. The deal will take the chain private and provide the funds it needs for growth. Read The Wall Street Journal story here.
TripAdvisor’s TripBarometer study for 2013 indicates that more than 40 percent of travelers are inclined to raise their trip spending in 2013 as 56 percent of hoteliers plan increases in room rates in anticipation of a profitable year ahead. The beach scene topped U.S. travelers’
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