The 407-room Bethesda Marriott, located just outside of Washington, D.C., sold last Friday for $92.1 million to a U.S.-based opportunity fund. The sellers were Westbrook Partners and Northview Hotel Group.
Hibernia REIT is embarking on its first transaction since its public offering in December 2013 with an agreement to buy a portfolio of residential real estate loans from Ulster Bank for $92.1 million. The REIT plans to invest approximately $27.5 million on development in the portfolio, whose assets are in Dublin.
St. Jude Medical will acquire EP MedSystems for $92.1 million in a move toward expanding into the ultrasound heart monitor market. The agreement, which is expected to close in the third quarter of this year, "will accelerate the growth of St. Jude Medical's program to help physicians cure atrial fibrillation," St. Jude Medical's CEO said.
Wynn Resorts, which went public in October 2002, has seen its stock soar more than 800% in the past five years. The stock is down just 6% from its all-time high, with its Las Vegas hotel-casino making up 79% of its revenue last year, and its new Macau operation accounting for 21%.
Major hotel chains are increasingly turning to guests and travel experts for ideas in how to improve rooms and increase amenities. Executives at the InterContinental San Francisco used focus groups of meeting and travel planners to help design guest rooms, and Starwood's aloft chain plans to add do-it-yourself car-washing and car vacuum cleaners to its properties, according to this article.