Ritz-Carlton sale: Dallas-based REIT Ashford Hospitality Prime will acquire the 266-room Ritz-Carlton Sarasota in Florida for US$171 million, or $643,000 per key, along with a 22-acre plot of vacant land for US$9.7 million intended for golf course-adjacent residential development.
Hard Rock in French Quarter: Orlando, Florida-based Hard Rock International will open the 350-room Hard Rock Hotel New Orleans and the 62-unit Residences at the Hard Rock Hotel New Orleans in spring 2019. The developer is Kailas Companies, and the property has struggled in the past to land a hotel.
Read more in the Times-Picayune
Méridien in Melbourne: Marriott International signed Le Méridien Melbourne, in partnership with owner and developer Jinshan Investment Group. The 235-room hotel is slated to open in 2020, the first of the brand in Australia.
Minneapolis scores in Super Bowl: Minneapolis/St. Paul reported the highest increase in RevPAR for any Super Bowl host market since 2012, according to an analysis by STR. During Super Bowl weekend from February 2-4, the Minneapolis market posted an average occupancy level of 92.5% and ADR of US$354.41. As a result, RevPAR jumped a staggering 626% compared with the same three days in 2017. Among the past eight Super Bowl host markets, only Indianapolis (2012) posted a higher RevPAR increase (+1,082%).