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New York State Closes Illegal Hotel in Manhattan

New York State Closes Illegal Hotel in Manhattan

The owners of a 36-story building on East 34th Street in Manhattan turned what was supposed to be a condominium into a hotel while taking millions of dollars in tax breaks meant to spur the construction of affordable apartments, The ...

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RLJ Lodging Trust Sells 24 Hotels for $240 Million

RLJ Lodging Trust Sells 24 Hotels for $240 Million

RLJ Lodging Trust has sold 24 hotels for approximately $240 million. The sale price represents approximately a 7.9 percent capitalization rate on the hotels’ 2014 net operating income, including planned capital expenditures. The 24 hotels were initially acquired as part ...

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Lightstone to Invest $2 Billion in Hotel Projects

Lightstone to Invest $2 Billion in Hotel Projects

The Lightstone Group is committing $2 billion to developing and investing in select-service hotels, $1 billion of which it plans to spend on Moxy-branded properties, Bloomberg reports. The New York-based real estate company has teamed up with Marriott International to ...

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Fitch: U.S. Lodging Up Cycle Shows Continued Strength

Fitch: U.S. Lodging Up Cycle Shows Continued Strength

The year-over-year change in U.S. revenue per available room (RevPAR) has been positive for 53 sequential months through January 2015, according to Fitch Ratings. This represents less than half of the duration of the 112-month recovery that began in the ...

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