Hersha Hospitality to sell non-core portfolio hotels to Blackstone affiliate
Real estate investment trust (REIT) Hersha Hospitality has signed an agreement to sell 16 non-core portfolio hotels to an affiliate of Blackstone Real Estate Advisors for $217m.
The transaction represents the company’s exit from Long Island and suburban Philadelphia, as well as the sale of its remaining consolidated properties in Connecticut and Rhode Island.
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Hersha Hospitality CEO Jay Shah said the sale of the hotels would complete the company’s transformation into an urban transient portfolio with exposure to some of the highest demand gateway markets in the US.
Travelodge opens sixth Spanish hotel
UK-based hotel chain Travelodge has opened a new hotel in Madrid, Spain, marking its third hotel in the capital city and its sixth in the country.
Situated in the heart of the city’s famous Julian Camarillo commercial district, Travelodge Madrid Alcala represents an investment of €12m and consists of 98 rooms.
Travelodge managing director Paul Harvey said the budget hotel concept is a growing success in Spain.
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By GlobalDataBHG signs MoU with Ferplan Construtora to operate hotel in Brazil
Brazil Hospitality Group (BHG) has entered a memorandum of understanding (MoU) with Ferplan Construtora e Incorporadora to operate a hotel located in Itajai, Santa Catarina, Brazil.
With this agreement BHG will expand its network for the first time in the southern region of the country.
The Tulip Inn Marina Plaza hotel, which will be located in front of the future Itajai Ship Complex, is set be built on 1,400m² land, with an ocean view, only 500m from Itajai’s Events Centre and Avenida Beira Rio, the city’s gastronomy centre.
Hyatt signs agreement to launch hotel in China
A Hyatt Hotels affiliate has signed a management agreement with Shenzhen Ping’An Financial Centre Construction and Development to launch a hotel in Futian, Shenzhen, China.
The new hotel, Park Hyatt Shenzhen, will be situated in the centre of Futian central business district in Shenzhen, adjacent to the Convention and Exhibition Center, which is a prime location in the city.
The hotel will be located on top of the 1,148ft (350m) south tower, and will be adjacent to the 2,021ft (616m) north tower of the Ping’An Financial centre.
IHG and Crowne Plaza to launch hotel in France
InterContinental Hotels (IHG) has signed an agreement with Crowne Plaza Hotels to launch a hotel in Lyon, France.
Situated on the banks of the Rhone River and overlooking Tête d’Or Park, Crowne Plaza Lyon – Cité Internationale is set to open in the first quarter of 2014.
The property will be rebranded from an existing hotel under a franchise agreement with Societe des Cinq Soeurs Pochettino (SCSP).
Capitas, IFA form JV to expand Yotel hotels in Saudi Arabia
Capitas Group International (CGI) and UK-based IFA Hotel Investments (IFA HI) have entered into a joint venture (JV) agreement to expand Yotel branded hotels across Saudi Arabia.
According to the JV agreement, CGI is IFA’s exclusive partner to develop Yotel branded hotels in the Kingdom.
After the development, Yotel will operate the hotels and IFA will invest capital in the projects and asset manage the hotels.
Wyndham Hotel Group to build first TRYP hotel in Dubai
Wyndham Hotel Group has signed a management agreement with British-owned developer The First Group’s subsidiary Omega I to build the first TRYP by Wyndham hotel in the Middle East.
The 672-room TRYP by Wyndham Dubai will be developed in the city’s TECOM district and its addition will allow Wyndham to offer a better choice of hotel experiences and price points to travellers in the Middle East.
Recently, the company also announced plans to introduce the iconic Super 8 economy brand to Saudi Arabia.
Marriott International opens new business hotel in Pune, India
Marriott International has opened a new international business hotel, Courtyard by Marriott Pune Chakan, in the Chakan region of Pune, India.
The new property marks the group’s tenth Courtyard by Marriott property in India, and its fourth Marriott property in Pune.
Located in the north-west corridor of Pune city, the hotel offers 175 rooms, including twelve residence suites.
