Hotel Industry News - Development

Investors More Bullish on Cross-Border Transactions

Shangri-La Hotels and Resorts signed an agreement with Faisal Bin Qassim Al-Thani & Sons Holding Company W.L.L to manage Shangri-La Hotel, Doha, as well as Traders Hotel, Doha. Both hotels are scheduled to open in 2013.

The multi-million renovation includes a complete redesign of the hotel’s 774 spacious guestrooms, each boasting over 300 square feet.

Agreements for Park Hyatt Riyadh, Grand Hyatt Jeddah, and Hyatt Regency Jeddah Bring Total to Six Hotels Under Development in

Brand to Bring New European Prototype to France, Poland and The Netherlands.

Accor North America announces the opening of 55 hotels in 2011, all under franchise contracts. The latest openings include 49 Motel 6 and six Studio 6 properties with a room count of more than 4,100.

Officials of Marshall Hotels & Resorts, Inc. announced that the company closed out 2011 by signing six new contracts in December, bringing the total number of new assignments for the year to 19 and increasing its total managed portfolio to 62 properties.

Atlific now manages six hotels with a total of 767 hotel rooms in Fort McMurray, all owned by Temple Real Estate Investment Trust (TREIT).

Hotel Brokers International (HBI) has conferred the designation of Certified Hotel Broker (CHB) upon Larry E. Best, principal and designated broker for Buffalo Hotel Realty, LLC – a full service hospitality real estate advisory firm located in suburban Buffalo, N.Y.

New York’s hotel room revenue per available room (RevPAR) increased by 7.4 percent through year-to-date November 2011, driven by growth in average daily room rate. Notwithstanding supply increases, Manhattan’s lodging fundamentals are expected to show ongoing strong growth in 2012.