the source for hotel and hospitality trends
Blue City Company 1 (BCC1), the developers of phase one of Al Madina A’Zarqa, the most significant real estate infrastructure project in the Sultanate of Oman, has signed an agreement with InterContinental Hotels Group (IHG) for the development of a five star beachfront property, InterContinental Al Madina A’Zarqa.
The Rezidor Hotel Group (STO:REZT) announces the 50th hotel in operation and under development in Germany: The Radisson Blu Badischer Hof Hotel, Baden-Baden will be re-branded in July 2009 – adding 139 rooms to Rezidor’s rapidly growing portfolio.
Announces the Park Inn Ulysse Resort & Thalasso, Djerba – the first Park Inn in Tunisia and Rezidor’s 25th property on the African continent. The hotel featuring 259 rooms is scheduled to open its doors in November 2009.
The state now has 31 hotels that have been foreclosed on and 175 in default.
CB Richard Ellis (CBRE) Hotels announced that Pinnacle Hotels USA has acquired the 292-room Marriott Riverside for $19.3 million ($66,000 per room) from Sunstone Hotels (NYSE: SHO).
Radisson(R) Hotels & Resorts today announced the addition of the Radisson Our Lucaya Resort, Grand Bahama Island, a 740-room landmark resort located in the heart of Grand Bahama Island.
The Crowne Plaza Vilamoura, set to open in January 2010, will be the first Crowne Plaza hotel in Portugal. The historic deal is the first franchise agreement between IHG (InterContinental Hotels Group) and the Grupo Marope, a Portuguese property and hotel owning company. The hotel will create more than 200 jobs when it opens.
Your company may have a debt and/or equity interest in one or more hotels or resorts. In difficult economic times, falling occupancies and average room rates can exert heavy pressures on hotel and resort owners’ abilities to pay their debt service. To further complicate matters, as term loans become due, tighter underwriting standards and higher lender requirements often make it impossible for the full amount of a loan to be rolled over.
Opening in 2013, The St. Regis Bermuda and The Residences at The St. Regis Bermuda Will Offer an Unrivaled Dimension of Luxury, Sophistication and Unparalleled Service in One of the World’s Most Exclusive Destinations
Currently under extensive renovation, the new Radisson Royal Hotel featuring 507 guest rooms and 38 serviced apartments is scheduled to open its doors on December 1st 2009.