| News for hotel and lodging professionals | January 16, 2013 |
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| Top stories 2012: Decision time 2013 |
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| Hotel Development |  |  |
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- Convention-center hotel plan in Boston receives 2 proposals
Two developers have submitted bids to the Massachusetts Convention Center Authority for the construction of two hotels near the Boston Convention and Exhibition Center. Commonwealth Ventures plans include a 175-room Element hotel and a 275-room Aloft hotel. Carpenter & Co. has proposed a 200-room Hyatt House hotel and a 300-room Hyatt Place hotel. Boston Herald
(1/7)     
- Miami building to undergo restoration, redevelopment into new hotel
Plans have been unveiled to restore the former International Building in Miami and eventually turn it into a hotel. "Our initial plan calls for a $6 million investment before we are able to move on to the hotel's design. ... This primary investment accounts for approximately 30% of the total investment we are planning to devote to the development of the hotel," said Daniel Peña Giraldi, general manager of developer Stambul USA. GlobeSt.com
(1/10)
| Business News | | |
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- Report: U.S. hotels are poised for growth in 2013
Performance projections are pointing to continued growth for the U.S. hotel industry in 2013, Horwath HTL reports. A diminished construction pipeline is helping to improve metrics as the industry steadily recovers from the recession. However, the industry's growth could still suffer setbacks from rising lodging taxes and costs associated with the Affordable Health Care Act. HotelNewsNow.com
(1/9)
- Starwood Hotels gears up for global growth
Starwood Hotels & Resorts says it is looking to maintain the brisk growth pace it enjoyed in 2012 with continued expansion in various global markets. "Whether it's manufacturing in Vietnam, mineral resources from Nigeria, or outbound tourism from Brazil, Russia, India or China, globalization is spurring economic development and creating many exciting expansion opportunities for our business," said Starwood President and CEO Frits van Paasschen. Fox Business
(1/9)
| Market Trends | | |
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- Uncertainties cloud hotels' future in 2013, analysts say
Whether the hotel industry will see a full recovery or another year of slow growth in 2013 is still up in the air, lodging analysts say. However, business and leisure travel are showing signs of improvement despite economic uncertainty and increased government attention to travel spending. Travel Weekly
(12/31)
- Report: Saudi Arabian hotel market has gap in economy brands
A lack of branded economy hotels in Saudi Arabia could represent a significant growth opportunity for international chains, a study by Colliers International found. "[G]iven that only 19% of all economy hotels across Saudi Arabia are branded, our view is that there is a market gap for this asset class. Further to this Colliers analysis for the period between 2013 and 2017 concluded that the market can potentially absorb 34,882 rooms over and above forthcoming supply in the coming five years," the group said. Hotel Management online
(1/10)
- Hotel developers get creative with small-hotel designs
Several hotel investors have found a way around the limited lending availability in the lodging market by acquiring small lots and adopting a flexible design attitude to fulfill brand requirements. The Embassy Suites in Fort Worth, Texas, built its brand-standard atrium on the seventh floor instead of the lobby as in other Embassy Suites properties. "What that ultimately means for smaller footprints in an urban environment is that Embassy can enter that space because of this ... flexible strategy," said Shawn McAteer, a vice president at Embassy Suites. HotelNewsNow.com
(1/8)
| Legal and Legislative Notes | | |
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- New "fiscal cliff" legislation provides further benefits for hoteliers
AH&LA points out several provisions in the American Taxpayer Relief Act of 2012 that could further aid the lodging industry. Among these is the reauthorized Work Opportunity Tax Credit, which encourages hoteliers to hire at-risk individuals such as veterans and the disabled. The legislation also extended the use of the Section 179 expensing method, which allows operators to deduct acquisition costs for capital equipment immediately instead of depreciating them over a period of time. HotelsMag.com (free registration)
(1/4)
- Mixed-use hotel development offers potential for strong returns
The benefits of building a mixed-use hotel property could significantly outweigh the legal and financing difficulties that are usually encountered in such projects, developers and investment experts say. "Combining uses on top of each other, it makes for a synergistic use. Complimentary amenities, shared parking, sharing costs split among all the different users so it operates more efficiently," said Brian Gordon, a vice president at Magellan Development Group. HotelNewsNow.com
(1/9)
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