Hotel Industry News - Development

MJS Hotels announced that a property-wide renovation of Nautical Beachfront Resort’s 139 lakefront rooms and suites is underway with completion anticipated early in May. The rooms renovation is the second of three anticipated phases that will transform the historic resort.

130-room Hilton Garden Inn, Birmingham (Liberty Park), AL for a purchase price of $11.9 million including planned property improvements and a post-renovation, NTM capitalization rate in the range of 8.5 to 9.5 percent

At a height of 355 meters (1,164 feet), the JW Marriott Marquis Dubai is the tallest dedicated hotel building in the world and is just 26 meters (85 feet) shorter than the Empire State Building in New York.

One of Perth’s leading hotels, the Novotel Langley Perth, has been put to the market by Tourism Asset Holdings Limited (TAHL) in a move to capitalise on the increasing investor demand for hotel assets located in Western Australia. Jones Lang LaSalle Hotels will exclusively market the asset for sale.

Marriott International (NYSE: MAR) announced today that it has signed agreements with Prime Hospitality S.A. to manage its first two hotels in the Central African nation of Gabon: an upscale, 250-room Marriott Hotels & Resorts branded hotel and a 40-unit Marriott Executive Apartments extended stay hotel in Libreville.

The collection welcomes The Saint, Blue Moon and Winter Haven Hotels in early 2012, on track to achieve goal of 60 hotels by end of year.

The new hotels are in France, Egypt, Tunisia, Morocco, China, Indonesia, Malaysia, Bangladesh and Thailand. The upscale hotel company of Swiss heritage now has 69 hotels in operation and 31 in development of which nine will open this year.

Macdonald Hotels & Resorts, the UK's largest privately owned hotel operator with over forty 4 and 5 star hotels throughout the UK and Spain, has further increased its market presence by agreeing terms with the owners of the historic 48 bedroom Haycock Hotel in Wansford near Stamford.

Jones Lang LaSalle’s Global Office Index and Global Market Perspective reports point to consistent leasing and rental performance in 2012

Executive Hotels & Resorts announced that it had acquired the non performing first, second and third mortgages secured by the hotel portion in the Mountainside Lodge in Whistler, B.C. and has now completed a debt for equity swap to take over ownership of the hotel and its associated parking.