ATLANTA—IHG (InterContinental Hotels Group) announced the opening of the new Holiday Inn NYC – Lower East Side. The 132-room, eight-story hotel features an open floor plan with signature design and branded elements throughout the space. In the lobby area, guests will find seating, a grab & go café featuring a 24×7 market, and a new approach to the business center via an eBar. “We are proud to welcome the Holiday Inn Lower East Side to
Red Lion Hotels Sells and Franchises Pendleton Property
Category: Acquisitions, Finance & Development, Real Estate
SPOKANE, Wash.—Red Lion Hotels Corporation announced the company has sold for $2.25 million the Red Lion Hotel Pendleton in Oregon. The full service hotel has 170 rooms, a restaurant, 10,500 square feet of meeting and banquet space, and an outdoor pool with a view of the Blue Mountains. “The sale of this property allows us to further invest in our owned hotels while we continue to leverage the Red Lion name in this market,” said
MOREHEAD CITY, N.C.—Hilton Worldwide and Newport Group announced they will reopen the former Sheraton Atlantic Beach Oceanfront Hotel as a DoubleTree by Hilton in June. The hotel closed its doors in August 2011 following severe damage from Hurricane Irene. The property was acquired by Newport Group in December 2012, and is currently undergoing a $5 million renovation in preparation for its reopening as the DoubleTree by Hilton Atlantic Beach Hotel this summer. “This is an
IMH Financial Corporation Acquires Sedona Hotels
Category: Acquisitions, Finance & Development, Real Estate
SCOTTSDALE, Ariz.— IMH Financial Corporation (IMH), through various subsidiaries, entered into an agreement to acquire the hotel properties L’Auberge de Sedona and Orchards Inn, both located in Sedona, Ariz. T Will Meris, president of IMH, had this to say: “Our relationship with the current owners of the Sedona properties has spanned several years, during which time we have provided the capital resources to renovate and enhance the hotels. We believe L’Auberge represents the pinnacle of
Destinations Relaxation
Category: Market Reports
Conventional wisdom says that high-end resort hotels are more vulnerable to economic recessions because of the discretionary nature of leisure expenditures. This wisdom rang true when we reviewed how upper-tier resorts performed during the recent recession and found how much more they suffered in 2008 and 2009 compared to the average U.S. hotel. Since then, however, we have observed a strong bounce back in resort occupancy levels, which should allow for significant increases in average
