MCR has acquired the Hyatt Place Miami Airport East, a six-story, select service hotel with 135 rooms in Miami, Florida. Built in 2015, the hotel was purchased at over a 25% discount to MCR’s estimated replacement cost.
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The property is newly constructed and located in a highly trafficked corridor in Illinois and is under a long-term, triple net lease with approximately 16 years of term remaining.
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Initial total annual rent under the lease with Hard Rock is $90.0 million and the lease has an initial term of 25 years, with three 10-year tenant renewal options.
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Hard Rock International (HRI) on Friday received regulatory approval from the Nevada Gaming Commission for its acquisition of The Mirage Hotel & Casino from MGM Resorts International.
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Several new hotel brands joined the industry in 2022, and Choice Hotels International's acquisition of Radisson Hotel Group's Americas business was among the biggest brand news of the year.
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Europäischer Hof, the founding hotel, located in Baden-Baden and acquired by Albert Steigenberger in the 1930s, is still putting its imprint on the European luxury hotel industry in the present day. To mark the progress attained in the construction work, Deutsche Hospitality hels a press conference, inviting guests to an exclusive opening tour of the Steigenberger icon Europäischer Hof.
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The $40 million Highlander Hotel Radford development project began in April 2021 and was made possible by a public-private partnership between Radford University, the Radford University Foundation, design firm Blur Workshop, Preston Hollow Capital, S.B. Ballard Construction Company, and Aimbridge Hospitality
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Weekly Hotel Industry Asia Pacific News Roundup from HVS
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Curator Hotel & Resort Collection today announced the addition of The Olive Ann in Grand Forks, North Dakota; Creekside Inn in Palo Alto, California; Hotel Los Gatos in Los Gatos, California, Hotel Griffon, King George Hotel and Inn at Union Square in San Francisco, California; and Eden Roc Miami Beach and Nobu Hotel Miami Beach, in Miami Beach, Florida, as their newest members.
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Marcus Hotels & Resorts, a division of The Marcus Corporation (NYSE: MCS), together with its co-owners, Skirvin Partners in Development (SPID), on Friday announced the sale of the Skirvin Hilton in Oklahoma City to Skirvin Hotel LLC for $36.75 million. Additional terms of the transaction were not disclosed.
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