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.
Private-equity firm Rhone Capital will acquire Brazilian steakhouse chain Fogo de Chao for $560 million. The chain has 38 U.S. restaurants with plans to grow to 100 or more, and it’s also focused on international growth. Read the Bloomberg story here
InterContinental is in the market for luxury brands that currently have a small footprint, similar to the Kimpton deal in 2014. The company also plans to grow its franchise presence in China. Read the Reuters story here
The St. Regis New York could be included in a planned asset sale by Starwood as the company seeks to shed around $1 billion in assets. Read the Bloomberg story here
Taco Bell booked a 5% sales increase last year, surpassing Burger King as the country’s fourth-largest restaurant brand, according to Technomic. McDonald’s, Starbucks and Subway maintained their spots in the top three. Read the Bloomberg story here
According to economic development officials in St. Clair County, investors from outside the area have been more excited about opportunities there than local investors, who perhaps took the area and what it had to offer — including relatively cheap real estate, vacant retail space and
On site work for Fort Mill’s newest hotel should start this fall. TownePlace Suites by Marriott will have about 120 suites on 3.62 acres, according to the Fort Mill Times. The site is just beside the Cracker Barrel across from Carowinds.
A 96-room luxury hotel is planned for the former Commerce Center building in downtown Birmingham. Rhaglan Hospitality executives said the hotel will be similar to the Redmont Hotel, which his company redeveloped in 2016. The Redmont is a Curio Collection by Hilton hotel. Read The Birmingham
Foundation work is complete on the Hyatt Regency Portland at the Oregon Convention Center, a 600-room hotel in the Lloyd District. Officials expect the structure to generate additional conventions and draw more tourists to the area. Mortenson is the developer and design-builder of the $240
Albertsons will acquire a majority of the Rite-Aid drugstore chain in a cash-and-stock deal, adding crucial scale to the grocer’s pharmacy operations. Walgreens is already in the process of acquiring about 2,000 Rite-Aid stores, while pharmacies in Albertsons locations will move to the Rite-Aid brand.
Wyndham Worldwide has announced the sale of its European vacation rental unit for around $1.3 billion. The unit received interest from multiple buyers, with Platinum Equity coming out on top. Read the Reuters story here
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