Ascott expands to South Korea: Ascott Limited has secured a contract to manage its first Citadines Apart’hotel in Busan, South Korea. Set to open in 2015, Citadines Haeundae Busan will be Ascott’s first serviced residence in Busan and its largest property globally at 468 units.
Read more at The Business Times
Sotherly prices notes: Sotherly Hotels LP has priced an underwritten public offering of US$25.3 million of 7% senior unsecured notes due in 2019. The estimated net proceeds of this offering are about US$23.7 million.
Caesars proposes restructuring: Caesars Entertainment Corp. revealed a proposal to the U.S. Securities and Exchange Commission to turn its most debt-heavy division, Caesars Entertainment Operation Co., into a real estate investment trust. The trust would be divided into a company that owns Caesars casinos and hotels and a separate company to rent and manage them. Caesars currently has US$22.8 billion in long-term debt and lost US$908 million from July to September.
FibraHotel continues growth: FibraHotel has announced the development of a 125-room select-service hotel in Sinaloa, Mexico, and a US$15 million acquisition of the 60-room full-service boutique hotel Cacao Playa de Carmen in Quintana Roo, Mexico.
Kansas City Marriott acquired: Casey Watermark Investors has acquired the Kansas City Marriott Country Club Plaza for US$57 million. The 295-room hotel will undergo renovations that include updating the lobby space and guestrooms.
Yoo to open Philippine resort: Yoo Hotels & Resorts will open its first luxury resort residence in the Phillippines in 2015. Aqua Boracay will include 168 guestrooms and suites, two restaurants, an outdoor swimming pool and health club.
Read more at Aqua Boracay’s website
La Quinta prices secondary offering: La Quinta Holdings Inc. priced a secondary offering of 20 million shares of common stock at US$20 per share by selling stockholders affiliated with The Blackstone Group. Underwriters have a 30-day option to purchase up to an additional 3 million shares of common stock from the selling shareholders. The offering is expected to close November 25.