Potential suitors are lining up to buy Ireland’s beleaguered hotel assets, according to The Daily Telegraph.
One example: Former professional rugby player Steve Bowden has reacquired the Hurstville Ritz Hotel for US$30.5 million—the same property he sold for US$52 million four years ago.
Following a lengthy legal battle over the usage of the Shoney’s name, Boomerang Hotels has relaunched the Shoney’s Inn and Shoney’s Inn & Suites brands, the company said.
“It is our full expectation to return Shoney’s Inn to the industry prominence it once enjoyed,” Terry Kline, senior VP of franchise sales and development for the company, said in a news release. “We look forward to having it complement our mid-market Settle Inn and GuestHouse International brands.”
Boomerang has a portfolio of more than 6,500 rooms in the United States and two GuestHouse International properties in China.
CB Richard Ellis's New York office closed on 17 hotel transactions during the second half of 2010, representing a total transaction volume of nearly US$300 million.
"In addition to our strong 2010, our group has six assets under agreement expected to close in the first quarter of 2011," said Ron Danko, the company’s executive VP. "Overall, we anticipate 2011 to be extremely robust as the recovery continues, sellers have more confidence in the certainty of transacting and as further capital is attracted to the sector."
There is a hotel boom underway in Peru, according to a report from HotelNewsNow.com correspondent Nicholas Gill.
The South American nation’s tourist attractions are helping spark interest from travelers.
“Peru is a very attractive country for its many tourism segments; it is an ideal destination for cultural history buffs and nature enthusiasts as well as outdoor adventurers and, more recently, exceptional shopping and dining in Lima,” said Libertador Hotels, Resorts & Spas CEO Jorge Melero. “For many years, travelers from the luxury segment couldn’t find hotels and other facilities able to fulfill their expectations, hence Peru being such a big draw for international luxury brands looking for new markets—they have found seemingly endless opportunities in Peru.”
A Chinese real estate company is buying the Sheraton Universal Hotel in California, according to a report in the San Jose Mercury News.
It is not yet known what price Shenzhen New World Group Company is paying for the 20-story hotel near Universal City’s studios.
Compiled by Shawn A. Turner.
