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.
Little by little, the debt market for hotel properties is regaining confidence and the pace of lodging transactions is picking up, according to executives from several hotel-investment firms, which participated on a panel during the recent Lodging Conference in Phoenix. The market is expected to
LQ Management is putting 46 of its assets up for sale as part of a strategy to update its portfolio. The portfolio comprises 34 exterior-corridor La Quinta Inn properties and 12 hotels under different brands, collectively valued at “a couple of hundred million dollars. Read
MIG Real Estate plans to accelerate its acquisitions pace in the United States and is looking at potential deals in the Western and Southeastern U.S. markets. The company recently purchased three properties in Tampa, Fla., bringing its total supply to 960 rooms. MIG also has
B Hotels & Resorts is expanding its portfolio in Florida with three hotel openings scheduled for 2013: the B2 Miami Downtown, the B South Beach and the B in the Walt Disney World Resort. Situated within walking distance of Downtown Disney, the B in the
Pizza Hut is moving ahead with a store prototype that’s about half the size of its earlier units, with about 300 of them up and running since the new model was launched three years ago. The Delco Lite models, short for “delivery and carry out,”
Best Western International has unveiled initial details of a new prototype that will become the chain’s entry into the extended-stay segment. The prototype gives developers the option of changing the percentage of extended-stay rooms from 20 percent to 100 percent, based on anticipated market demand
Red Lobster parent Darden Restaurants expects to open about 500 new eateries in the next five years, and each location will employ about 100 people for a total of 50,000 new jobs. The company currently employs about 185,000 people at its 2,000 restaurants and Orlando,
Blackstone Group is looking to expand its newly acquired brands Motel 6 and Studio 6 across North America and to international markets. The company just concluded its $1.9 billion purchase of the two budget brands from Accor. Company executives say the brands’ strong capacity for
Retail sales are on track to rise 4.1 percent in November and December, down from a 5.6 percent rise in the holiday sales period last year, according to a National Retail Federation (NRF) forecast. The projections are an important indicator for retailers that depend on the last
U.S. resort markets are steadily returning to peak performance, STR reports. The segment saw a 6.1 percent growth in revenue per available room, a 2.7 percent rise in occupancy and a 3.3 percent increase in average daily rate in August year to date, STR says.
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