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Archive for the Category ‘Hospitality’

Omni to Build $250M Convention Center Headquarters Hotel in Downtown Nashville

Omni to Build $250M Convention Center Headquarters Hotel in Downtown Nashville

The Omni Nashville Hotel will make its debut soon after the convention center opens its doors in 2013.

Gencom Readies for Hotel Shopping Spree with Completion of $1B Portfolio Recapitalization

Gencom Readies for Hotel Shopping Spree with Completion of $1B Portfolio Recapitalization

Founded in 1987 by hospitality industry veteran Karim Alibhai, Gencom had been riding high until the tide turned for the company when its main lender, Lehman Brothers Holdings Inc., began the downward spiral that ultimately led to the global financial services firm’s demise in 2008.

Gomes Gaming to Snap Up Atlantic City’s 1,000-Room Resorts Casino Hotel for a Song

Gomes Gaming to Snap Up Atlantic City’s 1,000-Room Resorts Casino Hotel for a Song

The company has entered into an agreement with RAC Atlantic City Holdings L.L.C. to acquire the 32-year-old gaming property–which carries the distinction of being Atlantic City’s very first casino–for a price far, far below replacement cost.

Turner Construction Spearheads Casino Addition for Harrah’s Cherokee $633M Expansion

Turner Construction Spearheads Casino Addition for Harrah’s Cherokee $633M Expansion

Owned by the Eastern Band of Cherokee Indians, Harrah’s Cherokee occupies 56 acres at the mouth of Great Smoky Mountains National Park, about 50 miles west of Asheville.

Land Purchase Paves Way for Rock Gaming’s $600M Cleveland Casino

Land Purchase Paves Way for Rock Gaming’s $600M Cleveland Casino

Rock’s deal with Forest City involves 16 acres of land downtown in the city’s entertainment district including a parcel adjacent to Tower City Center–where Forest City owns two million square feet of commercial space–as well as a segment of the Riverview parking lot.

Miami Beach’s 409-Room Royal Palm Hotel Trades for $126.1M in Foreclosure Auction

Miami Beach’s 409-Room Royal Palm Hotel Trades for $126.1M in Foreclosure Auction

Sunstone acquired the Royal Palm, prominently located in the middle of South Beach, unencumbered; although, the company had previously acquired a portion of the outstanding debt on the property at a discount in a separate transaction, which, according to the hotel REIT, leaves an economic gross acquisition price of approximately $117 million.

Take Two: New $1.5B L.A. Hotel Plan Wins Over Critics

Take Two: New $1.5B L.A. Hotel Plan Wins Over Critics

For a plan to redevelop the site of the historic Century Plaza Hotel in Los Angeles, the second time is the charm.

Boyd Gaming JV Closes $950M Borgata Hotel Casino Debt Financing Deal

Boyd Gaming JV Closes $950M Borgata Hotel Casino Debt Financing Deal

Marina District Development Co., the Las Vegas-based 50/50 joint venture that owns the Borgata Hotel Casino and Spa in Atlantic City, N.J., has wrapped up debt financing totaling $950 million.

$342M Financing Package Moves Plans Forward for Ritz-Carlton Resort in Puerto Rico

$342M Financing Package Moves Plans Forward for Ritz-Carlton Resort in Puerto Rico

It may be tough to attract financing today to hotel resort ventures–especially hundreds of millions in development financing–but the Ritz-Carlton Reserve, Dorado Beach Resort & Spa project in Dorado, Puerto Rico, is an exception.

FelCor to Buy Boston’s Fairmont Copley Plaza for $98.5M in Cash

FelCor to Buy Boston’s Fairmont Copley Plaza for $98.5M in Cash

Less than $100 million for a prominent luxury hotel in Boston is quite a bargain. FelCor acknowledges that a purchase price of approximately $257,000 per-key is a significant discount to replacement cost.

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