Unions representing about 1,200 workers at the Stratosphere hotel-casino reached a tentative labor contract with management over the weekend and plan to hold a vote on the deal Saturday.
The agreement involving Culinary Workers Union Local 226 and Bartenders Union Local 165 is the latest in a series of contract agreements reached with Las Vegas Strip [...]
Hotel buyouts are proving a bonanza for mutual funds which snapped up Hilton, Marriott and other hotel stocks after the September 11, 2001, attacks.
Private-equity firm Blackstone Group’s (BX.N) $20 billion bid for Hilton Hotels Corp. (HLT.N) on Tuesday sparked a 27 percent rise in shares of the second-biggest U.S. hotel chain over Thursday and Friday, [...]
The Carlyle Group continues to expand its involvement in the hotel industry.
The D.C.-based private equity firm has formed a joint venture with MHI Hospitality, a lodging real estate investment trust, to underwrite, acquire, develop and operate hotels.
Carlyle is committing up to $100 million of equity capital for the partnership. Williamsburg, Va.-based MHI will [...]
Blackstone Group LP, the leveraged buyout firm that spent about $160 billion on acquisitions during the past two decades, earns higher returns from investing in real estate than from its takeover funds.
Real estate has been New York-based Blackstone’s best- performing investment since the company started buying property 16 years ago, with net returns averaging 29 [...]
LAS VEGAS - Owners of the Sahara Hotel and Casino, a Rat Pack hangout and the setting of the original “Ocean’s Eleven” film, are selling the aging property to an investor group.
Officials from Los Angeles-based SBE Entertainment Group and San Mateo, Calif.-based Stockbridge Real Estate Funds said they’re buying the Moroccan-themed casino from Gordon Gaming [...]
W. P. Carey International LLC, an affiliate of investment firm W. P. Carey & Co. LLC, announced today the acquisition of a portfolio of 61 French logistics properties through a sale and leaseback transaction with the Fraikin Group, a portfolio company of CVC Capital Partners, for $68 million.
Totaling more than 1 million square feet, the [...]
Northview Hotel Group announced today that it has entered into a joint venture partnership with Behringer Harvard and Five Star Realty to acquire Hawk’s Cay Resort in the Florida Keys. Northview will be managing the property and overseeing a $27 million renovation focused on enhancing the resort’s amenities and guest experience.
Renovation plans include completely remodeled [...]
At the turn of the millennium, real estate markets and all associated sectors emerged as a key and vital factor of boosting economic development in Arab countries. This was especially because these markets have contributed greatly to the creation of new jobs, and the emergence of a number of other industries, such as contracting and [...]
Investment firm W. P. Carey & Co. LLC announced that it will provide approximately $49 million in funding for the construction and development of a 255-room Hilton hotel in Bloomington, Minnesota. The funding will be made on behalf of W. P. Carey’s affiliated income generating real estate fund, Corporate Property Associates 16 - Global [...]
A BANKING giant’s former headquarters in Edinburgh city centre is set to be turned into a new five-star hotel, it emerged today.
Several operators are believed to be lining up bids for Royal Bank of Scotland’s old head offices on St Andrew Square.
Advert for The Scotsman Digital Archive
The A-listed building, which has just gone on the [...]
ONE of East Lancashire’s most historic hotels has been sold as part of a £400million property deal.
The Dunkenhalgh, Clayton-le-Moors, has been sold by owners Macdonalds Hotel and Resorts as part of a deal covering 24 of its venues.
The 700-year-old-building has been bought by Moorfield Real Estate Fund, part of London-based property investment firm Moorfield Group.
Exact [...]
RLJ Lodging Fund II, LP (”RLJ Fund II”), an affiliate of RLJ Development, LLC (”RLJ”) controlled by Robert L. Johnson, founder of BET and owner of the NBA Charlotte Bobcats, announced today that it has acquired the New York LaGuardia Airport Marriott from LaSalle Hotel Properties (NYSE: LHO - News) for $69.0 million. The acquisition [...]
