Jackson-Shaw breaks ground on Hampton Inn*Tropicana Beginning work on the first brand-name hotel to be seen by California travelers driving into Las Vegas, Dallas-based Jackson-Shaw Co. has broken ground on the six-story, 325-room Hampton Inn Tropicana. Located within a quarter-mile of Las Vegas Boulevard and less than two miles from McCarran International Airport, the project is strategically located to provide value-conscious business and family travelers a convenient lodging alternative near the business and entertainment core.
Homestead Village expands operations into key CBDs Expanding its operations into central business districts in key urban markets, Atlanta-based Homestead Village Inc. will develop three facilities in midtown Manhattan and one in downtown Boston. Each of the developments is expected to open during the year 2000.
Homestead will develop high-rise urban facilities, which will have an average cost of approximately $39.6 million per property, as compared to the $7.3 million for its suburban properties. Standard weekly rental rates for the urban facilities are projected to range from $800 to $1,500, depending on location.
LaSalle Hotel Properties acquires Boston's Harborside Hyatt Representing its second acquisition since its April IPO, New York-based LaSalle Hotel Properties has acquired the harborside Hyatt Conference Center & Hotel in Boston. LaSalle purchased the property from Bird Island Limited Partnership for $73.5 million. Chicago-based Hyatt Hotels Corp. will continue to operate the full-service, luxury hotel according to an existing management agreement.
ResortQuest completes founding companies buy and its IPO In separate transactions, ResortQuest International has completed the acquisition of all the common stock and ownership interests of 12 vacation rental and property management companies and one property management software firm that make up its founding companies. Also, ResortQuest International has completed its IPO of 5.8 million shares of common stock.
ISH, Northstar Capital Partners complete $177 million NYCIn one of the largest transactions in midtown Manhattan this year, New York-based Ian Schrager Hotels, NorthStar Capital Partners and The Witkoff Group have purchased The Barbizon Hotel and Empire Hotel for a combined total of $177 million. The two nonluxury hotels, totaling more than 700 rooms, sold for upwards of $230,000 per room, the highest price so far for such properties in the city of New York.
The sellers of the properties are entities owned by John Kluge and Stuart Subotnick. Insignia/ESG brokered the transaction.
Host Marriott buys Los Angeles' Torrance Marriott Hotel For a purchase price of $52 million, Washington, D.C.-based Host Marriott Corp. has completed its acquisition of the 487-room Torrance Marriott Hotel in Los Angeles. The 1998 Earnings Before Interest Expense, Taxes, Depreciation, Amortization and other noncash items from the hotel is expected to be $6.7 million.
With its recent acquisition of Sedona, Ariz.-based Timeshare ResaleInc., ILX Resorts Inc., a Phoenix-based developer, operator and marketer of upscale vacation ownership resorts, has entered into the timeshare resale business for the first time. Through its resale operation, ILX Resorts will not only facilitate the sale of timeshare interests by selling ownerships, but also capitalize on the opportunity to expand its offerings of products and prices, thereby matching the needs of a broader range of potential buyers.
"We are very excited about the acquisition," says Joe Martori, chairman and chief executive officer of ILX Resorts. "There has been a need for the industry to address timeshare resales for quite some time, and we are now pleased to be able to offer this service. Our experience as a developer for more than a decade gives us a unique understanding of the requirements of our owners and timeshare owners throughout the industry."
Since acquiring Timeshare Resale Brokers, ILX has added a second Sedona office and has plans to expand into other markets that boast a high concentration of timeshare properties.
Dean Phelan, a resale broker, will serve as chief operating officer of the new ILX subsidiary.