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Blackstone Buys Strategic Hotels for $6 Billion

Blackstone Buys Strategic Hotels for $6 Billion

CHICAGO—Strategic Hotels & Resorts, Inc. has announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII L.P., under which Blackstone will acquire all outstanding shares of common stock of Strategic Hotels & Resorts, ...

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La Quinta Sells 24 Properties

La Quinta Sells 24 Properties

IRVING, Texas—La Quinta Holdings Inc. today announced that it has signed a definitive purchase and sale agreement to sell 24 owned hotels. This portfolio is geographically dispersed and the vast majority of these hotels will be removed from the La ...

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Hotel Budget Accuracy Benefits All

Hotel Budget Accuracy Benefits All

Since 2001, PKF Hospitality Research, a CBRE Company (PKF-HR), has assessed the accuracy of hotel budgets. Over the past 14 years, a trend has become very predictable: In times of industry prosperity, hotel budgets are consistently accurate. During the depths ...

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Le Méridien Batumi Opening in 2018

Le Méridien Batumi Opening in 2018

STAMFORD, Conn.—Starwood Hotels & Resorts Worldwide, Inc., in partnership with Red-Co Ltd, today announced that its Paris-born Le Méridien brand will open in Batumi, the brand’s first location in the Republic of Georgia. Scheduled to open in 2018, the 110-room ...

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AC Hotel to Make Portland Debut

AC Hotel to Make Portland Debut

PORTLAND, Ore.—McWhinney and Sage Hospitality, along with Mortenson Development and Mortenson Construction, have partnered to develop and build the 13-story AC Hotel by Marriott in downtown Portland, on the corner of SW Third Avenue and Taylor Street, planned to open ...

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