American Hotel Income Properties, a Canadian real estate investment trust, said it is closing on the purchase of 18 Hilton Worldwide and Marriott International hotels for around $407.4 million. AHIP will own 113 hotels in 33 states once the acquisition is finalized.
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Hamister Group has sold the Fairfield Inn and Suites in Smyrna, Tenn., near Nashville. The New York-based hospitality and health company spent more than $1 million on upgrading the 62-room property after acquiring it in 2004.
The hotel industry in Florida's Palm Beach County showed gains in May over last year for revenue per room, average daily rate and occupancy rate, while counterparts in Miami-Dade and Broward counties were off slightly, according to hotel data firm STR. Broward's dip was attributed to high supply and reduced travel from Brazil and Canada.
"Boutique is hardly dead -- the term simply means more today than when it emerged in the '80s," Euan McGlashan of Valor Hospitality Partners writes. "If you buy a unique building and want to create a boutique hotel, you have many options, ranging from unbranded to branded and everything in between."
The "vertical microclimate resort" concept is among the finalists for the Radical Innovation Award and offers a solution for creating hotels in remote locations while still addressing sustainability. Arno Matis Architecture's design is based on hydropower and the use of natural light.