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Chinese Insurer to Buy Baccarat Hotel for $230 Million

Chinese Insurer to Buy Baccarat Hotel for $230 Million

A Chinese insurer has agreed to purchase the Baccarat Hotel in Midtown Manhattan from Starwood Capital Group for $230 million, the Wall Street Journal reports. Sunshine Insurance Group is paying more than $2 million per room for the luxury property, ...

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ALIS Roundup: New Projects and Announcements

ALIS Roundup: New Projects and Announcements

Nearly 2,800 top industry leaders attended the Americas Lodging Investment Summit (ALIS) in Los Angeles last week, and we were on the scene to uncover the latest hotel news and trends. In between an array of seminars and panels, we ...

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Caesars CEO Gary Loveman to Step Down

Caesars CEO Gary Loveman to Step Down

Caesars Entertainment Corporation has announced that Gary Loveman, chairman and chief executive officer, will begin transitioning management of the company at the end of the first quarter. Loveman will continue to serve as chairman of Caesars Entertainment and of Caesars ...

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Hotel Development Costs Escalating, HVS Survey Shows

Hotel Development Costs Escalating, HVS Survey Shows

Increases in development costs are affecting the feasibility of new hotel construction, according to the U.S. Hotel Development Cost Survey 2014/15 from HVS. Hotel construction costs have steadily escalated in the past three years in markets such as New York, ...

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Marriott, AH&LA Withdraw FCC Wi-Fi Petition

Marriott, AH&LA Withdraw FCC Wi-Fi Petition

Marriott International and the American Hotel & Lodging Association have withdrawn their petition seeking direction from the FCC on legal Wi-Fi security measures. According to a statement from Bruce Hoffmeister, Marriott’s global chief information officer, the company’s intent was to ...

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