The W Boston boasts 5,000 square feet of indoor space, Bliss Spa, SWEAT gym and 24-hour room service, to name a few of the amenities. Located in the Theater District, the hotel has operated at roughly 75% occupancy on average and Pebblebrook is anticipating EBITA of $5.1 million to $5.6 million and NOI of $4 million to $4.5 million, after capital reserves. In a release, Jon Bortz, chairman and CEO of Pebblebrook says, “
VANCOUVER-The College of Physicians and Surgeons of British Columbia has purchased 60,000 square feet at the Offices at Hotel Georgia, filling most of the mixed-use office component. The $450 million redevelopment
NEW YORK CITY-Piling into the Gotham Room of the Marriott Marquis hotel, here, attendees and press from the days’ New York University's Hospitality Conference gathered for the UJA-Federation of New York's Hotel & Hospitality Division Cocktail Reception to pay tribute to the work of the UJA-Federation and honor Eric Danziger, president and CEO of Wyndham Hotel Group for his charitable work outside of and through the organization. Luminaries attended the event, to name only a few: Choice Hotels' president and CEO Steve Joyce; Laurence Geller, president, CEO, director and founder of Strategic Hotel Capital, LLC, as well as Scott
NEW YORK CITY-Another Times Square hotel is trading hands, with Aby Rosen’s RFR Hotel Group agreeing to buy the Paramount Hotel, located at 235 W. 46th St. The 597-key hotel will join other hotels the group owns in New York and beyond, like the Gramercy Park Hotel, W South Beach and Roomers in Frankfurt.
The sellers are a joint venture that includes Walton Street Capital and Highgate Holdings, which purchased the hotel back in 2007 for roughly $160 million, according to data from Real Capital Analytics. Published reports put the sale price at about $275 million.
A spokesman for RFR Holding confirmed the sale and did not dispute the reported price.
The hotel, located on West 46th Street between Seventh and Eighth avenues, was built in 1928 and rises 20 stories high. It has undergone multiple renovations, including one in 2009 by its current owners that came at a $40-million price tag.
NEW YORK CITY-Asked to define what independent hotels can be counted upon, with all joking aside, Glenn Colarossi, chief Business Development Officer, WTS International noted, “Intimacy and size.” The panel, “The Branding of Independent Hotels” rounded out the final day of the 33rd Annual New York University International Hospitality Industry Investment Conference
NEW YORK CITY-REITs’ sales of lodging properties have shifted into first gear over the past year and a half, but the sector’s acquisitions lately “put dispositions way behind,” said moderator Lou Plasencia during a panel at the New York University International Hospitality Industry Conference Tuesday morning. Chairman and CEO of the Plasencia Group, he cited $595 million in hospitality dispositions between January 2010 and March 2011, versus $7.7 billion in REIT hotel buys during the same time period.
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