Investment companies Three Wall Capital and ROC Group, both based in New York, have purchased two resort properties in Bermuda for an undisclosed sum. The properties are the Horizons & Cottages resort and the Coral Beach & Tennis Club.
Extended-stay hotel brand Value Place is looking to invest $131 million into expanding its portfolio in South Florida. Value Place plans to develop 15 new hotels in the area over the next two years, with each property having 124 rooms. Construction on the first hotel is expected to start in January.
Hoteliers don't have to put their sales efforts on hold when the sales manager takes a day off, as long as they have a group of well-trained associates on hand to pick up the slack, writes hospitality expert Howard Feiertag. These individuals can come from any department in the property, although front-office personnel with experience in guest interactions are usually the most ideal, Feiertag writes.
A New York-based REIT, Carey Watermark Investors Inc., has acquired a hotel in Pittsburgh. It paid $29.9 million and plans to make $4.8 million in improvements to the hotel, a 132-room Courtyard by Marriott.
Officials granted approval last week to the Australia 108 project in Melbourne, described by developers as a "six-star luxury property." A 288-room hotel is expected to be part of the 1,273-foot tower that is set to become the tallest hotel on the globe.