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Provenance Hotel Partners Buys Old No. 77 Hotel

Provenance Hotel Partners Buys Old No. 77 Hotel

NEW ORLEANS—Fresh off its initial raise and roll-up in December 2015, Provenance Hotels Partners Fund I (PHPF I) has announced its acquisition of the Old No. 77 Hotel & Chandlery in New Orleans. The seller was a partnership primarily comprised ...

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Hoteliers on Alert After Q1 Occupancy Decline

Hoteliers on Alert After Q1 Occupancy Decline

ATLANTA—The U.S. hotel market suffered a 0.5 percent decline in occupancy during the first quarter of 2016. This is the first year-over-year decline in occupancy since the fourth quarter of 2009 according to STR. Based upon the recently released June ...

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Ashford Completes $142 Million Sale

Ashford Completes $142 Million Sale

DALLAS—Ashford Hospitality Trust, Inc. announced today that it has completed its previously-announced sale of a 5-hotel, 1,396-room portfolio of select-service hotels for $142 million in cash ($102,000 per key) to Noble Investment Group. The 5-hotel portfolio is comprised of the ...

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Blackstone Allegedly Planning $1.1 Billion Sale

Blackstone Group is rumored to be selling hotels operated under Hilton Worldwide Holdings’ DoubleTree brand in London, Dublin, and Amsterdam for an estimated $1.1 billion. Blackstone, Hilton’s biggest shareholder, owns about 46 percent of the hospitality company’s shares. To read ...

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April RevPAR Growth Rebounds After Slow Q1

The U.S. hotel industry saw RevPAR increase 5 percent in April, with an occupancy of 68.1 percent, the highest April occupancy ever recorded. The increase was equally driven by the rise of occupancy (+2.2 percent) and ADR (+2.8 percent). RevPAR ...

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