Lehrer McGovern Bovis tops out new Loews Miami Beach The first major hotel to be built in Miami Beach in 30 years, the Loews Miami Beach Hotel, has been topped off by New York-based Lehrer McGovern Bovis Inc. Scheduled to open this summer, the hotel will feature 800 guest rooms and suites. Included are 100 units in the St. Moritz Hotel, which is being completely renovated. New construction includes a 17-story tower with 700 rooms. To supplement private funding, the Miami Beach Redevelopment agency is providing $29 million in public investment and $20.6 million for land.
Hostmark goes international with Egyptian Riviera properties Hostmark Management Group, Rolling Meadows, Ill., has signed its first international contracts, with deals to represent several resort hotels in prime tourist locations around the Red Sea in Egypt.
Hostmark's first contract in the Middle East is the 125-room El Bostan Resort in Sharm El Sheikh, Egypt, located in the Naama Bay, which has a five-mile promenade along the sea.
The second contract is for a proposed development in Taba, the "Egyptian Riviera," on the Gulf of Aquaba. The resort would have 250 rooms and 20 suites.
The third contract is Ras Sidr, approximately 1 1/2-hour drive from Cairo on the Gulf of Suez. This development will consist of 250 hotel rooms and 180 condos that will be operated like a timeshare.
Hostmark also is in negotiations with a developer for a 224-room resort in Hurghada. The proposed development, which will include 36 long-term bungalows, would be the first large-scale health spa resort in the Middle East.
Sale sets record per room price for New England hotel In a transaction that reportedly sets a record per room price for a New England hotel outside Boston, the Sheraton Burlington Hotel & Conference Center in Burlington, Vt., recently changed hands for $31 million, or $100,000 per room. Chicago-based Hotel Partners arranged the deal, in which a private investor sold the 309-room full-service hotel to Felcor Suite Hotels Inc.
LaSalle acquires, will renovate Marriott Seaview Resort Continuing its hotel spree, Chicago-based LaSalle Partners Inc. has acquired the Marriott Seaview Resort in Galloway, N.J., on behalf of an investment partnership. Marriott International Inc., Washington, D.C., will continue to manage the resort under an existing management agreement. Terms of the transaction were not disclosed, although plans are under way to invest over $5 million to restore the resort, which was originally built in 1912 as a country club. This acquisition brings LaSalle's hotel portfolio to 16 upscale and luxury full-service hotels, with over $170 million invested in 1997.
ADCO gets green light for Santa Barbara resort and spa After 18 years and 50 hearings, The ADCO Group has received final zoning clearance and commenced construction on the Santa Barbara Club Resort and Spa. The $200 million Mediterranean-style resort will be situated on 72 beachfront acres. The property will offer 400 guest rooms and suites, golf courses, 35,000 sq. ft. of modern spa facilities, more than 50,000 sq. ft. of entertainment/convention area, a state-of-the-art screening room, three gourmet restaurants and multiple swimming pools and lagoons. New York-based Eastdil Realty advised ADCO with respect to capitalization and financing.
PKF releases 1997 Trends San Francisco-based PKF Consulting has released its 61st annual edition of Trends in the Hotel Industry -- USA, a statistical review of operating and financial data from PKF's database of more than 2,800 U.S. hotels and motels.
Included are an overview of PKF's 1997 Hotel Sales & Marketing Survey, lodging supply & demand and economic environment reports for 27 major U.S. metropolitan regions, market mix reports for the five categories of hotels and aggregate financial reports -- line by line -- based on the newly revised Uniform System of Accounts. For more information about the report, which is available for $225, contact PKF Consulting at (415) 421-5378.