Local Attraction At Virginia Beach|"Turner Construction Led Team Picked To Tackle Cleveland Convention Hotel"

Source              :    cleveland.com
Category         :    Local Attraction At Virginia Beach
By                   :    Michelle Jarboe McFee
Posted By      :    Hotels in Virginia Beach North Courtyard

Local Attraction At Virginia Beach

The construction team that managed work on the Cleveland Convention Center complex will pick up another big-ticket gig, as design-builder of a 600- to 650-room convention center hotel on Lakeside Avenue. A committee of Cuyahoga County officials and consultants recently chose a joint venture led by Turner Construction Co. to shepherd the $260 million project from conceptual design to its planned opening in 2016. The deal requires approval from Cuyahoga County Council, which could conduct the first of several readings of legislation related to the construction-management contract on Tuesday. Turner rounds out a team of convention-hotel heavyweights tapped to design, build and brand the publicly financed project. After soliciting competitive proposals, similar selection committees picked Hilton Worldwide as the hotel manager and Cooper Carry, an architecture firm based in Atlanta, as the conceptual designer.

If council signs off on the Turner contract by mid-November and approves roughly $10 million in initial spending, crews would start to clear out the county administration building -- on the future hotel site -- before the end of the year. Demolition might begin in December or January. "It's on the same city block where we just turned over the new medical mart and convention center," said Jason Jones, Turner's general manager in Cleveland. "It was perfectly timed. The team that just finished that project will move over to work on the hotel."Turner made its pitch to the county through a joint venture with construction managers Ozanne Construction Co. and Van Auken Akins Architects, the architecture firm that crafted Cleveland's most recent plan for the downtown lakefront. The Turner group also is working with VOA Associates Inc., another architecture firm.

The other competitors were Gilbane Building Co., with Panzica Construction Co. of Mayfield, and a team led by Hunt Construction Group, also a major builder of convention center hotels. "The universe of design-builders capable of doing this, in this area, is a pretty limited universe," said Jeff Appelbaum, an attorney representing the county on the hotel project. "We had very good proposals from the other two teams. It was a robust process." Turner's recent convention-hotel projects include the Hilton Columbus Downtown, a 532-room property that opened last year. The building, owned by the Franklin County Convention Facilities Authority, is tied into the Greater Columbus Convention Center by an enclosed walkway. Turner acted as construction manager on that job. Jones expects the Cleveland project, at its peak, to require a crew of 400 people. The convention center and medical mart, now called the Global Center for Health Innovation, supported more than 600 jobs at the height of construction.

Source : cleveland.com/business/index.ssf/2013/10/turner_construction-led_team_p.html

Local Attraction At Virginia Beach|"Naperville's Water Street District To Include Hotel Indigo"

Source              :    dailyherald.com
Category         :    Local Attraction At Virginia Beach
By                   :    Marie Wilson
Posted By      :    Hotels in Virginia Beach North Courtyard

Local Attraction At Virginia Beach

The mystery surrounding the hotel at the center of the Water Street District in downtown Naperville was solved Tuesday as developers of the mixed-use destination announced Hotel Indigo as their choice to open in 2015. Described as an "upscale, boutique hotel," Hotel Indigo's Naperville location will have about 160 rooms and will anchor the Water Street development of shops, restaurants and offices along the south bank of the DuPage River.The Marquette Companies, the Naperville-based real estate firm developing Water Street, chose Hotel Indigo to provide a luxury stay for guests at an "approachable price point," said Nick Ryan, managing director.

People who stay at the new hotel — whether families of North Central College students, Naperville Marathon runners, participants in local weddings or guests of businesses in town — will know they're in Naperville the moment they enter, Ryan said. "By design, the brand is refreshingly local, reflecting the culture, people and personality of the community," Ryan said about Hotel Indigo in a written statement. "When you walk into our lobby, you will get the Naperville vibe immediately. We're proud of that." Developers say local history experts soon will be enlisted to help produce the "Naperville vibe" in elements of the hotel's art, photography and architecture, including interpretive photographic murals of local icons in guest rooms and public spaces. "Because we plan to involve the Naperville Heritage Society the history and culture of Naperville will be featured in the lobby, giving guests a glimpse into the life of Naperville," Jeff Prosapio, project manager for Marquette, said in a written statement. "We understand how special and unique Naperville is, and we want to celebrate that."

Highlights of the hotel's design include a second-floor lobby with a fireplace, a bistro-style dining area, a wine bar and a health facility; banquet accommodations, three meeting rooms for 15 to 60 people, a pedestrian bridge connecting two sections of the hotel and a rooftop restaurant. Naperville's Hotel Indigo will be the brand's fourth location in the area. It already operates lodgings in Chicago's Gold Coast and in Vernon Hills, while a third location is set to open near Chicago's Millennium Park next year. A Hotel Indigo also opened in 2005 in Palatine but closed in 2011. News of the hotel's inclusion in Water Street plans drew early positive reactions from Naperville's business community, with Naperville Area Chamber of Commerce President and CEO Mike Evans calling Hotel Indigo "chic" and praising its multigenerational appeal. "I think it'll be a great addition to the lineup we already have in our hotel portfolio," Evans said Tuesday. Also included in plans for Water Street are a variety of restaurants, shops and an expansion of the Riverwalk featuring an art wall and seating areas. Developers still are negotiating with possible future tenants, some of which could be announced in the coming months. Marquette plans to break ground on the development early next year.

Source : dailyherald.com/article/20131015/news/710159625/

Local Attraction At Virginia Beach|"TIF Commission Endorses Redevelopment Plan For Savoy Hotel"

Source              :    kansascity.com

Category         :    Local Attraction At Virginia Beach

By                   :    KEVIN COLLISON

Posted By      :    Hotels in Virginia Beach North Courtyard

Local Attraction At Virginia Beach

A redevelopment plan that would restore the historic luster of the Savoy Hotel and Grill while making it a destination for art lovers was endorsed Wednesday by a city development agency.The project to revive the six-story hotel and restaurant at Ninth and Central streets is being pursued by 21c Museum Hotels, a hotel operator that has won national accolades for its work in Louisville. The Kansas City Tax Increment Financing Commission unanimously endorsed its redevelopment plan. The company plans to spend $47.5 million renovating the red-brick hotel that opened in 1888 and the 1903 addition that houses the Savoy Grill. The total value of the development, including interest costs over the 23-year life of the TIF plan, would be $89.2 million.

The redevelopment plan, which has the backing of Mayor Sly James, now goes to the Kansas City Council for consideration later this month or early in November. The redevelopment calls for $11.7 million of the overall cost to be reimbursed by future tax revenues through a standard TIF and $18.7 million to be reimbursed from future revenues through what’s called Super TIF assistance. The Kansas City Convention & Visitors Association also will have to review the request for Super TIF incentives. A similar tax incentive package had been approved for earlier redevelopment proposals for the Savoy. Those plans, however, failed to move forward. To soften the impact on several smaller taxing jurisdictions, the Savoy developer also has agreed to a special payment that will initially be $15,000 annually and grow to $25,000 annually during the life of the TIF plan. Those entities benefiting are the Kansas City Public Library, Metropolitan Community College, the Jackson County Mental Health Fund and Jackson County Services for the Developmentally Disabled.

Craig Greenberg, president of 21c Museum Hotels, said that if the incentives are approved, construction is expected to start next year. The project also is seeking state and federal historic tax credits. A report to the TIF Commission indicated the firm would have a 6.9 percent return on its investment with the incentives. Greenberg praised the support from the TIF Commission and said the hotel would “help attract visitors from around the country.” Laura Lee Brown and Steve Wilson, founders of 21c Museum Hotels, opened their first venture in downtown Louisville in 2006 based on their passion for urban revival and love of cutting-edge art. That formula helped the 21c Louisville get the nod as the nation’s top hotel in 2009 and 2010 from the readers of Conde Nast. The 90-room Louisville hotel attracts 150,000 people annually, many to simply enjoy the art displayed in its 9,000 square feet of gallery space. The works are done by living local, national and international artists.

The art comes from Brown and Wilson’s collection, along with works borrowed from other museums, collectors and galleries. “We truly merge a boutique hotel with fine food and beverage and a contemporary art museum,” Greenberg said. The company has opened two other hotels since, a 156-room historic property in Cincinnati and a new 104-room hotel in Bentonville, Ark.

Source : kansascity.com/2013/10/09/4542164/redevelopment-plan-for-savoy-hotel.html

Local Attraction At Virginia Beach|"Doyle Collection Hotel Group Sees Profits Rise"

Source              :    irishtimes.com
Category         :    Local Attraction At Virginia Beach
By                   :    Gordon Deegan
Posted By      :    Hotels in Virginia Beach North Courtyard

Local Attraction At Virginia Beach

Earnings at the Doyle Collection hotel group last year climbed by 66 per cent to €35.2 million as revenues jumped by 13.5 per cent to €126.5 million. One of Ireland’s largest hotel groups, last March it renegotiated its €300 million-plus bank loans with AIB in one of the biggest refinancings of corporate debt here for some years. During the year, the group disposed of three of its US hotels for a combined total of €149.5 million. The group had bank loans totalling €323 million at the end of December last and the group’s net debt was due to be repaid in November of this year with the group now extending this out to 2017 with the State-controlled bank. Consolidated accounts for holding firm Pembase Holdings Ltd show that revenues at the hotel group last year increased by €15 million to €126.5 million. The accounts show that the group’s earnings before interest, tax, depreciation and amortisation increased from €21.2 million to €35.2 million last year. The group recorded a total profit of €65.48 million for the year and this arose mainly from a surplus on revaluation of the group’s hotels of €80.2 million.

It operates the Westbury and Croke Park hotels in Dublin; the River Lee Hotel in Cork along with four hotels in the UK and the Dupont Circle hotel in Washington DC. The group’s assets at the end of 2012 had a book value of €635.5 million. This year it has disposed of the Back Bay hotel in Boston, the Courtyard by Marriott and the Normandy Hotel in Washington DC and details of the transactions will be included in the 2013 accounts. The directors state that on the basis of the renegotiated bank terms, they are satisfied that the group has adequate resources to continue to operate for the foreseeable future. Its gross profit last year increased by 16 per cent to €89.9 million with operating profits increasing almost three-fold to €22 million. Bank interest payments totalling €12.4 million contributed to the group recording a pre-tax profit of €10.6 million. This compared to a pre-tax loss of €2.5 million in 2011. The accounts show that the group’s shareholder funds last year totalled €295.2 million. Numbers employed by the group last year increased from 1,071 to 1,178 with staff costs increasing by 16 per cent to €44.28 million.

Source:irishtimes.com/business/sectors/transport-and-tourism/doyle-collection-hotel-group-sees-profits-rise-by-13-5-to-126-5m-1.1554324

Local Attraction At Virginia Beach|"Scottsdale Hotels See Big Growth Over The Summer"

Source              :    bizjournals.com
Category         :    Local Attraction At Virginia Beach
By                   :    Tim Gallen
Posted By      :    Hotels in Virginia Beach North Courtyard

Local Attraction At Virginia Beach

Scottsdale hotels continued their recession rebound with a summer spike in July. Occupancy at hotels and resorts in Scottsdale and Paradise Valley was 50.3 percent in July, according to travel research firm STR. That was a whopping 10.5 percent increase over July 2012. Another indicator that saw double-digit growth year over year was the region’s revenue per available room. The RevPAR shot up 16.4 percent to $49.04. The average daily rate, or ADR, also posted an increase in July. Though it did not hit double digits, it still had a strong 5.3 percent growth to settle at $97.56. Year to date, Scottsdale’s occupancy growth is much higher than the national average. Specifically, Scottsdale’s occupancy is up 4.5 percent compared to the U.S. hotel industry’s 1.5 percent year-to-date growth. In addition, Scottsdale hotels’ RevPAR is up a healthy 7 percent year to date versus the national growth rate of 5.6 percent. Scottsdale’s ADR, while positive, trails the national industry. ADR is up 2.3 percent year to date for Scottsdale hotels compared with 4 percent nationally.

Source : bizjournals.com/phoenix/news/2013/10/07/scottsdale-hotels-see-big-growth-over.html