W enters Costa Rica: Starwood Hotels & Resorts signed an agreement with Desarrollos Hoteleros Guanacaste S.A. to debut the W brand in Costa Rica. W Costa Rica – Reserva Conchal will open in 2019.
Read more at Starwood’s website
Sheraton launches redesigned website: Sheraton Hotels & Resorts launched its fully redesigned website as part of Sheraton 2020, a comprehensive 10-point plan designed to make Sheraton Starwood’s largest and most global brand.
Read more at Sheraton’s new website
Joint venture buys Pacific Hotel Cairns: Ascot Capital and Facilimate purchased the Pacific Hotel Cairns in Australia. Although the price was not disclosed, industry sources say it was around AUS$25 million (US$18.45 million).
FelCor sells three hotels: FelCor Lodging Trust Incorporated sold the 274-room Embassy Suites Charlotte, the 216-room Embassy Suites San Antonio-NW I-10 and the 260-room Embassy Suites Austin-Central for aggregate gross proceeds of US$90 million. FelCor is using asset sale proceeds to repay outstanding debt.
US timeshare industry shows steady growth: The US timeshare industry enjoyed steady growth in 2014, according to Ernst & Young’s State of the Vacation Timeshare Industry: United States Study 2015 Edition. Compared to 2013, sales volume increased by more than 4% and occupancy is up by 2%.