Carey Watermark grows Florida portfolio: Carey Watermark Investors acquired a majority interest in The Ritz-Carlton, Fort Lauderdale, in a joint venture with RCFL Holdco, LLC. The seller was RCFL Investor, LLC. An extensive renovation is planned for the hotel.
Colony Palms sold: Palisades Hospitality Group purchased the historic Colony Palms Hotel in Palm Springs, California. The hotel will undergo several upgrades, as well as an expansion of its meeting space.
Read more at Palm Springs Life
Red Lion to enter Texas: Red Lion Hotels Corp. signed franchise license agreements to build two properties in Texas. Red Lion Inn & Suites in Bryan will open in 2018 and Red Lion Inn & Suites in Texas City will open in 2017.
Stonebridge acquires in Austin: Stonebridge Companies acquired the 260-room Embassy Suites by Hilton Austin Central. The hotel will undergo a multi-million dollar restoration.