Real-estate tycoon Joseph Chetrit has agreed to buy the 600-room Hotel Carter in New York for $190 million. The deal is expected to close over the next two months. The property, which boasts a prime location near Times Square, reportedly drew 24 other potential buyers including Highgate Hotels, CIM Group and developer Aby Rosen.
InterContinental Hotels Group CEO Richard Solomons says the New York Barclay hotel will be put back on the market this year alongside comprehensive renovation plans for the property. "We have taken the time to create full refurbishment plans," Solomons said. "What makes it attractive is the opportunity to enhance the asset, do great refurbishment and create value that way." The refurbishment is estimated to cost more than $100 million.
Sahara India Pariwar has completed its acquisition of a 75% stake in the 230-room Plaza Hotel in New York. The $431 million purchase from El Ad US Holding puts Sahara in partnership with Kingdom Holding Co., which keeps its 25% stake in the landmark property.
Westin Hotels & Resorts has begun a program to refresh stressed, sick and tired business travelers. The travelers' renewal program, which offers fresh fruit, hand sanitizer and bottled water to arriving businesspeople, was initiated after results from a survey by International Communications Research revealed many travelers feel sick and lonely while on business.
Developer Buena Vista Corp., of Orlando, is planning a 504-room condominium hotel near Walt Disney World. The hotel, which would feature two 30-story towers, would be affiliated with the Wyndham Worldwide hotel group and would be the first condo-hotel in the Wyndham group.