Dusit: Dusit International will expand with the opening of Dusit Princess Dhaka, the company’s first property in Bangladesh, under a long-term arrangement with a subsidiary of Lakeshore Hotels Limited.
Barceló Group: The Barceló Group reached an agreement with AR Global to buy the latter’s 60% stake in U.S. hotel management company Crestline Hotels & Resorts. Combined with the 40% it already owned, this acquisition means that Barceló now owns all the capital stock of the U.S. management company, one of the country’s biggest independent operators.
Genting: Malaysian gambling giant Genting will get to build a hotel over a Miami bus stop, but it remains to be seen whether the company will get to build a casino there. Genting’s lawyer said Miami-Dade would need to sign off on any future effort to bring gambling to the 36-story hotel contemplated under the 90-year lease of the air over the county bus station that’s at the heart of the deal. Genting agreed to spend US$16 million upgrading the bus stop, including adding an air-conditioned shelter and turning over a side street it partially controls. Before Genting can start building above the station, it must pay Miami-Dade US$10 million in cash.
Chicago development: Five months after breaking ground on McDonald’s new West Loop headquarters, Chicago developer Sterling Bay has planned a big hotel next door – a 19-story hotel just west of the McDonald’s project. It’s one of several hotels in the works in the Fulton Market neighborhood, a section of the city that has become a major construction zone in recent years as companies like Google have staked their claim there.
More from Crain’s Chicago Business
Lausanne report: The fourth thesis of the Lausanne Report, EHL, in cooperation with hospitality experts, focuses on globalization and a shift in market power – trends that will disrupt the industry depending on the economic stages of a market and its geographical position.
D.C. double-digit RevPAR: The U.S. hotel industry reported positive year-over-year results in the three key performance metrics during the first quarter of 2017, according to data from STR. Among the Top 25 Markets, Washington, D.C.-Maryland-Virginia, saw the quarter’s only double-digit increase in RevPAR (+16.1% to US$107.93). Growth was driven primarily by the only double-digit lift in ADR (+13.6% to US$165.94). Occupancy growth in the market was more moderate (+2.2% to 65.0%).
Cambodian casino: A total of US$200 million is to be invested in a 124-acre resort containing land-based and online casino facilities at Bavet in Cambodia. The developer was identified as a firm called Virtue Resources Corp. The resort – which would be close to Vietnam’s Moc Bai border crossing to Cambodia – would be known as Empire World City.
Taj Mansingh: India’s Taj Mansingh hotel will be e-auctioned off by its owners, the New Delhi Municipal Corporation.