Ashford Prime announces share-repurchase program, asset-sale strategy: Ashford Hospitality Prime announced its board of directors has approved a share-repurchase program for the company to purchase up to US$100 million of the company’s common stock. Ashford also announced it will look to sell the Courtyard Downtown Philadelphia and potentially other hotels in the Ashford Prime portfolio to use the net proceeds to fund the share-repurchase program.
Hard Rock to debut in Dubai: Hard Rock International, along with Abu Dhabi Financial Group and Sheffield Holdings, announced Hard Rock Hotel Dubai Marina. Projected to open in mid-2015 and to be managed by Hard Rock International, the hotel will be housed in the 101-floor Marina 101 development. The tower will be divided into three different levels, the first of which will be the 281-room Hard Rock Hotel, the collection’s first property to open in the Middle East, occupying the first 33 floors.
Read more at Orlando Business Journal
IHG to roll out sustainability program globally: IHG announced starting January 1, its flagship IHG Green Engage program will be launched across the company’s global estate of more than 4,700 hotels.
Four Seasons to expand in Hawaii: The Resort Group, Westbank and Four Seasons Hotels and Resorts have confirmed plans for Four Seasons Resort O‘ahu at Ko Olina, an integrated luxury beach resort and private residences that will be part of the Ko Olina development.
Read more at Four Seasons’ website
Best Western announces new hotel in Malaysia: Best Western International said it is going to manage the new 500-room Best Western Premier Ion Delemen, Genting Highlands, which is currently under construction and will open in the first quarter of 2016.
Nassau Hilton sold: China State Construction Engineering Corp. signed an agreement for the purchase and redevelopment of the Nassau British Colonial Hilton Hotel in the Bahamas.
Fairmont Austin secures financing: The 1,066-room Fairmont Austin, which will provide direct access to the Austin Convention Center, has secured financing and will break ground November 3. Developer Manchester Texas Financial Group (secured project financing from Colony Capital for the US$370 million luxury hotel, which is slated to open June 3, 2017.
Read more at Austin Business Journal
Shangri-La looks to raise funds in rights offer: Shangri-La Asia Ltd. will raise as much as HK$5.23 billion (US$674 million) in a 1-for-7 rights offer to pay bank loans and fund capital spending. The company will sell as many as 471 million new shares at HK$11.10 (US$1.43) each.
Hilton to expand in Colombia: Hilton Worldwide announced the signing of a management agreement with Fideicomiso Santa Marta Hotel to operate a 261-room new-build Hilton Hotels & Resorts property in the Caribbean port city of Santa Marta, Colombia, which is scheduled to open in 2017.