Thursday, January 27, 2011

“Host Hotels to Buy Helmsley Hotel in Midtown Manhattan for $313.5 Million” plus 2 more

“Host Hotels to Buy Helmsley Hotel in Midtown Manhattan for $313.5 Million” plus 2 more

Host Hotels to Buy Helmsley Hotel in Midtown Manhattan for $313.5 Million

Posted: 27 Jan 2011 06:13 AM PST

Host Hotels & Resorts Inc., owner of luxury hotels including Ritz-Carltons in San Francisco and Phoenix, agreed to buy the 775-room New York Helmsley Hotel in midtown Manhattan for $313.5 million.

Starwood Hotels and Resorts Worldwide Inc. will initially manage the property, located on 42nd Street, and run it as an unbranded hotel until it's turned into a Westin in early to mid-2012, the Bethesda, Maryland-based company said in a statement today. The deal is expected to close in March.

Host Hotels, the largest U.S. lodging real estate investment trust by market value, has been looking to acquire high-end properties in such primary markets as New York, where it agreed to buy the W New York Union Square in July with partners including Istithmar World PJSC.

"There are great opportunities to buy assets at a discount right now," Edward Walter, Host's president and chief executive officer, said in a panel discussion at the Americas Lodging & Investment Summit in San Diego this week. "We're in buy mode."

During the third quarter, Host completed the acquisition of three hotels in New York, Chicago and London for about $430 million, including $166 million of assumed debt. Host also bought the 245-room JW Marriott Hotel Rio de Janeiro for about $48 million.

More Deals

In 2010, 666 hotels were sold in the U.S. for a total of $11.6 billion, according to preliminary figures from Real Capital Analytics Inc. in New York. That's a jump of more than fourfold from 157 hotels sold for $2.5 billion in 2009. Hotel transactions in the Americas probably will increase as much as 25 percent this year, buoyed by REITs seeking to deploy cash, Jones Lang LaSalle Hotels said on Jan. 4.

The Helmsley will undergo improvements, including room renovations and upgrades to meeting space, Host said.

Host climbed 41 cents, or 2.3 percent, to $18.52 in New York Stock Exchange composite trading. The stock has climbed 69 percent in the past year.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net or Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Collateral Damage - WikiLeaks In The Crosshairs.

Chatham Lodging Announces Fourth Quarter Earnings Call to be Held on Thursday, February 17, 2011

Posted: 27 Jan 2011 05:58 AM PST

{"s" : "cldt","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}

Press Release Source: Chatham Lodging Trust On Thursday January 27, 2011, 8:58 am EST

PALM BEACH, Fla.--(BUSINESS WIRE)-- Chatham Lodging Trust (NYSE:CLDT - News), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced that it will report fourth quarter 2010 financial results on Wednesday, February 16, 2011, following the close of the market. On Thursday, February 17, 2011, at 10 a.m. ET, Jeffrey H. Fisher, Chatham's chief executive officer, and Dennis M. Craven, its chief financial officer, will host a conference call to review fourth quarter 2010 financial results.

Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham's Web site, www.chathamlodgingtrust.com, or www.streetevents.com, or may participate in the conference call by calling 877-941-8609, reference number 4405834. A recording of the call will be available by telephone until midnight on Thursday, February 24, 2011, by dialing 800-406-7325, reference number 4405834. A replay of the conference call will be posted on Chatham's website.

About Chatham Lodging Trust

Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns 13 hotels with an aggregate of 1,650 rooms/suites in nine states. Additional information about Chatham may be found at www.chathamlodgingtrust.com.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about Chatham Lodging Trust, including those statements regarding acquisitions, capital expenditures, future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will," which indicate that those statements are forward-looking. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results or performance to differ materially from those discussed in such statements. Additional risks are discussed in the company's filings with the Securities and Exchange Commission.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Collateral Damage - WikiLeaks In The Crosshairs.

Buffalo Lodging Associates Received Two Awards at 2010 Marriott Owners Conference

Posted: 26 Jan 2011 08:09 AM PST

Stoughton, MA (PRWEB) January 26, 2011

Executive team members from Buffalo Lodging Associates attended Marriott International's Owner's Conference December 6, 2010 at the JW Marriott San Antonio Hill Country Resort & Spa. Executives from organizations that own, operate or franchise Marriott hotels attended the event. Buffalo Lodging owns and operates nine Marriott branded hotels and was honored with two awards during the conference.

Benderson Development, Buffalo Lodging's parent company, was awarded the Construction Excellence Award for Fairfield Inn & Suites Buffalo-Airport, located in Cheektowaga, NY. Jointly with Benderson Development, Buffalo Lodging earned the award for the best hotel prototype project. The Fairfield Inn & Suites hotel opened directly across from the Buffalo-Niagara International Airport on July 1, 2009, as a new Green Tea design prototype with expanded recreation, fitness and meeting facilities. Buffalo Lodging was one of two developers to win this award for the Fairfield Inn & Suites brand for 2010.

The Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners for hospitality excellence, was awarded to Buffalo Lodging Associates along with six other franchisees. Buffalo Lodging Associates had previously received the award in 2007.

Ron Kendall, president of Buffalo Lodging, thanked the management teams at each of the hotels for "their dedication and hard work without which this award would not be possible. The people that serve our guests every day are the ones that earned this award", Kendall stated.

Marriott's Partnership Circle Award honors companies who live Marriott's vision, share a mutual long-term commitment, fully embrace Marriott's brand initiatives, focus on employees to create a well-managed and engaged workforce, invest in hotel product, and provide outstanding customer service.

Buffalo Lodging Associates owns and operates hotels throughout the Eastern United States and Ontario, Canada, including nine hotels in the Buffalo area. A fully integrated hotel development and management organization, Buffalo Lodging provides operations, marketing, accounting, architectural, construction and MIS services for its own account as well as providing third-party management for outside owners and investors. The company is equipped to develop, construct and manage properties, and is constantly seeking new opportunities throughout the country.

For more information about Buffalo Lodging's third-party management and development services, please contact Cole Fach, VP of Development at (603) 672-4600 or via email at cfach 'at' buffalolodging 'dot' com.

###


This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Collateral Damage - WikiLeaks In The Crosshairs.
Posted by at

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)