Breaking news about deals, development, data and
more.
Murphy Real Estate secures financing. Chicago-based Murphy Real Estate Services has secured an
undisclosed amount of senior debt financing for the 199-key Cambria Hotel
Chicago Loop – Theater District in Illinois. The hotel occupies the top 19
floor of the historic New Masonic Office Building following a $65 million
adaptive reuse of the building. RobertDouglas arranged the transaction.
Stonebridge adds in Salt Lake City. Denver-based Stonebridge has been selected by The Domain
Companies to manage the Kimpton hotel currently under development in downtown
Salt Lake City, Utah. The hotel is expected to open in early 2028.
First Under Canvas in California. Belgrade, Montana-based Under Canvas is opening its first
location in California with the 71-tent Under Canvas Yosemite. Set on 85 acres
of forested mountainside in California’s Sierra Nevada, the camp features
safari-inspired accommodations and is California’s first DarkSky Approved
resort. The new location marks Under Canvas’ 13th camp.
US hotels mixed last week. For the week of April 5-11, U.S. hotel ADR increased 1.5%
to $165.23 and RevPAR rose 0.4% to $107.16, but occupancy fell by 1.1% to
64.9%, according to the latest data from CoStar. Upscale hotels posted a 2.2%
decline in occupancy to 71.5% and a 1.9% decline in RevPAR to $120.64, and
upper-upscale hotels posted a 5.7% decline in occupancy to 70.1% and a 5.4%
decline in RevPAR to $165.76. Of the top 25 U.S. hotel markets, Orange County,
California, saw RevPAR increase 12.4% to $170.05, while Las Vegas reported a
26.4% decrease in RevPAR to $135.08.
Floating hotel in Vancouver. Finland-based Sunborn International is developing a
250-key floating hotel to be moored in a water lot adjacent to the Vancouver
Convention and Exhibition Center in Canada. The company has built floating
hotels in Gibraltar and London, and said the Vancouver hotel will be similar to
the vessel in London, tying into the infrastructure of a convention center.
Dubai hotel closing for renovations. The Burj Al Arab Hotel in Dubai is closing for 18 months
for major renovations. This will mark the first significant refurbishment since
the hotel opened in 1999. The hotel is built on an artificial island off
Jumeirah Beach.
IHCL adds in Andhra Pradesh. The Indian Hotels Co. Ltd. (IHCL) has signed a
greenfield Vivanta hotel at Bhogapuram International Airport in Andhra Pradesh.
The 165-key Vivanta Bhogapuram International Airport will be IHCL’s ninth hotel
in Andhra Pradesh, with four more in the pipeline.