Lotte rebrands iconic hotel: Lotte Hotels & Resorts has relaunched The New York Palace as Lotte New York Palace. Lotte assumed ownership of the historic property on August 28, marking the group’s first hotel acquisition in North America.
Marriott expands in Oregon: McWhinney and Sage Hospitality, along with Mortenson Development and Mortenson Construction have partnered to develop and build an AC Hotel by Marriott in Portland, Oregon. The 13-story hotel will feature 204 guestrooms and is expected to open in December 2016.
Cabana Bay Beach Resort to expand: Loews Hotels & Resorts and Universal Orlando Resort announced the expansion of Universal’s Cabana Bay Beach Resort in Orlando, Florida. Opening in 2017, the expansion will consist of two additional towers. The resort originally opened in March 2014.
Read more at Universal Orlando’s website
ADR to drive US performance: An updated lodging forecast by PwC US expects ADR to drive RevPAR increases in a more meaningful way through the second-half of 2015 and into 2016. PwC expects industry occupancy in 2015 to reach levels not seen since 1981, as a result of strong demand momentum and a still-controlled supply environment.