LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
HARVEY, LA. — Crews have broken ground on a $20 million hotel project at Boomtown Casino in Harvey, approximately seven miles south of New Orleans. The project will take about 14 months to complete. The Lemoine Co. is the general contractor for the five-story hotel, designed by three: living architecture and Stewart Slack. The 150-room property will be built on land adjacent to Boomtown's existing facility. The hotel will include a fitness center, meeting space and 250 additional parking spaces.
ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.
ROCHESTER, MINN. — Dougherty Funding LLC has placed $170 million in financing for four hotels in Rochester, located about 85 miles south of Minneapolis. The hotel properties include the 660-room Kahler Grand Hotel, the 271-room Kahler Inn & Suites, the 220-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The four hotels make up almost 25 percent of the city’s hotel rooms. The financing is a combination of $145 million in senior and mezzanine financing and $25 million in preferred equity.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
SANTA ROSA, CALIF. — The 138-room Courtyard by Marriott in Santa Rosa has sold to an affiliate of Pacifica Companies for an undisclosed sum. Santa Rosa is situated northwest of Napa and Sonoma. The hotel is located one block from the intersection of Highway 101 and Highway 12. It recently underwent an extensive renovation. The hotel will be managed by Pacifica Host Hotels. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors.
SANTA ROSA, CALIF. — The 138-room Courtyard by Marriott in Santa Rosa has sold to an affiliate of Pacifica Companies for an undisclosed sum. Santa Rosa is situated northwest of Napa and Sonoma. The hotel is located one block from the intersection of Highway 101 and Highway 12. It recently underwent an extensive renovation. The hotel will be managed by Pacifica Host Hotels. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors.
NEWTON, MASS. — Hospitality Properties Trust (HPT) has signed a letter of intent and entered into an exclusive negotiating period for hotel investments with Madrid-based NH Hoteles (NHH) on properties in Latin America, Europe and the United States totaling approximately $375 million. Under the agreement, HPT will purchase five hotels in Latin America from NHH for $70 million. HPT will also provide a €170 million (U.S. $223.4 million) loan to NHH on four hotels in Europe. NHH and a European partner currently own a 242-unit hotel in New York City. HPT and NHH will form a joint venture to acquire this hotel. HPT expects to provide up to $80 million to retire the ownership of NHH's current partner and fund a major refurbishment of this hotel.
GREENVILLE, TEXAS — CBRE Hotels has arranged the sale of the 139-room Quality Inn, located at 1215 E. Interstate 30 in Greenville. The hotel features Hangar Bar, an outdoor pool, billiard room, exercise room and complimentary breakfast for hotel guests. Bert Stevens of CBRE Hotels in Dallas represented the seller in the transaction. A private investor purchased the hotel.