LAS VEGAS—sbe, a hospitality company that develops, manages and operates hotels, restaurants, and nightlife, announced that they will officially break ground on SLS Las Vegas. Slated to open in fall 2014, the redevelopment of SLS Las Vegas is expected to infuse $400 million into the local economy, as well as create a projected 8,600 direct and indirect jobs. Stockbridge Capital Group of San Francisco is an equity partner in the project. “It’s a proud day
ATLANTA—IHG (InterContinental Hotels Group) announced the opening of the Holiday Inn Charleston Historic Downtown, the area’s first new hotel development in over 10 years. The property is located two blocks away from the Charleston Visitor’s Center and within a short walk of Market and King Streets. “We are proud to welcome the Holiday Inn Charleston Historic Downtown to the Holiday Inn brand family,” said Jim Anhut, senior vice president, brand management, the Americas, IHG. “This
Summit Closes Acquisition of San Francisco Hotel
Category: Acquisitions, Finance & Development, Real Estate
AUSTIN, Texas—Summit Hotel Properties announced it has closed on the joint venture transaction for the acquisition of a 252-room Holiday Inn Express property located on Fisherman’s Wharf in San Francisco, Calif. The company acquired the hotel from an unaffiliated seller for a purchase price of $60.5 million through a joint venture with an affiliate of IHG (InterContinental Hotels Group). The joint venture gives the company an approximate 80 percent ownership interest in the hotel, which
PARIS—Following three years of restoration, Sofitel Legend Cartagena Santa Clara opens its doors as the fourth property under the Sofitel Legend label, a collection of historical properties throughout the world. A former monastery built by the Clarist nuns in 1621, Sofitel Santa Clara is the first Sofitel Legend in South America. The hotel features 122 refurbished guestrooms across the historical Colonial wing and the modernized Republican wing. With views of the Caribbean Sea, each room
McLean, Va.—Home2 Suites by Hilton announced the opening of its 14th U.S. hotel in Oxford, Ala. The Home2 Suites Oxford is the first property for the brand in the state. The first guest to check-in yesterday received a Home2 welcome basket. “Oxford’s mix of local attractions and business activity make it an ideal destination for the Home2 brand offering in Alabama,” said Bill Duncan, global head, Home2 Suites by Hilton. “Home2 Suites hotels are designed