Ensemble Hotel Partners today announced that the company has broken ground on a new Hyatt Place hotel in Emeryville, the first hotel to be built in the community in more than a decade. Located at the northern end of Bay Street Emeryville, a dynamic retail center, the new hotel features a contemporary design that will complement its unique surroundings.
The brand will make its debut today with its first featured hotel, the iconic Royal Palm South Beach Miami and will soon open new hotels in Asheville, North Carolina, Nashville, Tennessee, Savannah, Georgia, and Charleston, South Carolina.
The Company acquired the 211-guestroom Hampton Inn & Suites on April 13, 2015 for a total purchase price of $39.0 million and entered into a management agreement with Interstate Hotels & Resorts. The Company anticipates an estimated forward capitalization rate in the range of 7.0 percent to 8.0 percent based on managements current estimate of the hotels 2016 net operating income.
Access Industries, a privately held industrial group, announced that the iconic Grand-Hotel du Cap-Ferrat will be managed by Four Seasons Hotels and Resorts as of May 8, 2015.
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