Los Angeles Gets a New Boutique Hotel
The Ivory, an intimate 48-room boutique hideaway, is now open in the heart of Koreatown in Los Angeles. Plus, more hotel development news.
Outbound Hotels
Hotel Equities Adds 13 Texas Hotels
Hotel Equities will manage 13 TAJ Hospitality hotels in Lubbock, Texas, expanding its Texas portfolio to 29 properties across the state. Plus, more hotel deal and development news.
Parc 55 and Hilton San Francisco Union Square Sell for $408 Million
Newbond Holdings and Conversant Capital have closed on the purchase of the Parc 55 and Hilton San Francisco Union Square for $408 million. Plus, more hotel deal news.
Magna-Managed Fund Sells Four Hotels for Nearly $500 Million
A fund managed by Magna Hospitality has sold a portfolio of four hotels for a total of $489.8 million. Plus, more hotel deal news.
U.S. Hotels State of the Union Reveals Surge in Short-Term Rental Demand
The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.
Las Vegas' Mirage Hotel and Casino to Close
Hard Rock International will cease operations of The Mirage Hotel & Casino to begin transforming the venue into the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas. The new resort will feature a guitar-shaped hotel nearly 700 feet in height.
JP Morgan Is a Bit More Enthused About Hyatt
Financial markets showed mixed performance with the DJIA, Nasdaq, and S&P 500 rising while the 10-year treasury yield also increased.
JP Morgan expressed optimism about Hyatt's future, anticipating growth in RevPAR and an asset-light business model.
Various hotel-related developments were reported, including property sales, renovations, and new openings, with several companies expanding their portfolios.