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.
While Macy’s plans to close six stores in 2013, it will open or expand nine others, according to the LA Times. The retailer will close stores in Honolulu; Houston; Pasadena, Calif.; Belmont, Mass., and St. Paul, Minn. The retailer says both moves are part of
Fast-casual restaurants and quickservice chains are expected to see same-store sales rise between 1 percent and 3 percent this year, outpacing growth at casual and family dining chains, according to Fitch Ratings. The report forecasts “volatile” restaurant sales throughout 2013 amid uneven economic growth, rising
Whether the hotel industry will see a full recovery or another year of slow growth in 2013 is still up in the air, lodging analysts say. However, business and leisure travel are showing signs of improvement despite economic uncertainty and increased government attention to travel
Sandals Resorts International plans to further expand its international portfolio in 2013 and beyond. As a chain, within the next 18 months it will hit 6,000 rooms through acquisitions and builds. The company also plans to continue investing in upgrades to existing properties. Read the
Summit Hotel Properties has closed on four hotel purchases. The newly acquired properties are a 92-room Courtyard by Marriott hotel in Missoula, Mont.; a 138-room Hampton Inn & Suites in Tampa, Fla.; a 122-room Hyatt Place in Long Island, N.Y. and a 178-room Residence Inn by
Lodging-industry observers and brokers forecast that transactions activity in the Minneapolis-St. Paul hotel market will rise further in 2013 as more attractive opportunities emerge for investors. Total hotels sales in the region in 2012 rose to 14 compared with 11 in the previous year. Read
The 11th-hour bill that pulled the country back from the “fiscal cliff” may not have been a complete solution, but it buoyed the spirits of restaurant companies, many of which are now reversing course into expansion mode. Read the Wall Street Journal story here.
Gap has sealed a deal to acquire high-end fashion chain Intermix, which operates about 30 boutiques in the United States and Canada that have long provided Gap with inspiration and insights into new trends, said executive Art Peck. The deal may mean faster growth for
Construction spending dipped from October to November, but resolution of the uncertainty regarding federal taxes for 2013 should unleash more private construction investment, according to an analysis of new data by the Associated General Contractors of America. Association officials warned, however, that unresolved issues about
Room rates and occupancies for hotels in the metro Atlanta area have not yet returned to peak levels reached in 2007, but operators are hopeful that an influx of conventions and corporate travelers will lead to a full rebound in the next few years. PKF
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