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.
Crescent Hotels & Resorts rebranded the Duke Hotel Newport Beach (Calif.) to the Renaissance Newport Beach Hotel. All of the hotel’s 444 guestrooms, as well as the lobby, restaurant and banquet space, will be fully renovated for the conversion, which is expected to be completed
Dream Hotel Group is planning to add 30 international properties in the coming years, including a Dream-branded hotel in Belize and Unscripted properties in Mexico and England. Read The New York Times story here
A boutique hotel project in downtown Little Rock will be branded an AC Hotel by Marriott, a first in Arkansas. An investment group called 201 W. Capitol LLC bought the buildings last summer. Work is already underway to redevelop the historic Hall and Davidson buildings
Brock Development just scored $20 million in construction financing and broke ground on a new hotel in Palm Beach Gardens. Read The Real Deal online story here
Starbucks will open the first Starbucks Reserve location at its Seattle headquarters today. The company plans to open as many as 1,000 of the high-end stores, which will serve an expanded menu of coffee drinks, cocktails from a mixology bar and food from Princi Italian
U.S. hotels are relying less on revenue from spas, parking lots and gift shops amid strong revenue growth from rooms since the 2008-09 recession. Revenue from rooms grew by 38.8% from 2010 to 2016, according to CBRE‘s annual “Trends in the Hotel Industry” survey. Read
The city of Chicago and major air carriers are negotiating an $8.5 billion deal to add 3.1 million square feet of terminal space at O’Hare International Airport. Under the plan, Terminal 2 would be demolished, and a new international terminal would be constructed. Read the
Six J.Crew stores will open in-store shops from sibling fashion brand Madewell, combining the two retail concepts for the first time. The Madewell shops will stock fashions that complement the J.Crew assortment and include some of Madewell’s signature features including denim bars, the company said.
Marietta City Council in Georgia has approved the development of a shopping center; it will include a deli, a restaurant and retail. Peoples Financial Corp. owns the property. Read The Atlanta Journal-Constitution story here
Albertsons plans to buy the Rite Aid stores that aren’t being sold to Walgreens Boots Alliance. The deal would create a company with annual revenue of $83 billion and would put Albertsons in a position to go public. Read The New York Times story here
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