Shangri-La to expand in China: Shangri-La Hotels and Resorts has signed a management agreement with Zhejiang Yinan Group Co. Ltd. to operate the 336-room Shangri-La Hotel, Shaoxing, set to open in 2017.
Glory buys Singapore hotel: Glory Property Investment Singapore bought the 308-room Grand Park Orchard for an undisclosed sum from Park Hotel Group.
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Holiday Inn Resort to expand in Tennessee, South Dakota: IHG has signed agreements to open the 140-room Fontanel, a Holiday Inn Resort by mid-2015 in Nashville, Tennessee, and the 98-room The Deadwood Mountain Grand, a Holiday Inn Resort, located in Deadwood, South Dakota, in October.
Ascend to enter Australia, expand in Europe: Choice Hotels International’s Ascend Hotel Collection added the 252-room Gibson Hotel, located in Dublin and the 40-room Lindenwarrah, located in Milawa, Australia, its first on that continent.
Differing outlooks for US 2014 corporate rates: According to new data from New York University’s Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management, this year it appears the difference between buyer and seller expectations for U.S. corporate and contract rates for 2014 is large. The emerging seller outlook for 2014 is for corporate contract rates to increase by a national average of 6.5% to 7.5% or more, but many corporate travel managers are planning for increases of 4% to 5%. A preliminary estimate for the result of negotiations is for an average increase for corporate and contract rates of 5% to 6%, depending on location and the number of room nights for a specific buyer.
Cerberus-Chatmam JV completes sales of 13 hotels: The Cerberus Capital Management-Chatham Lodging Trust joint venture that bought the former Innkeepers USA Trust portfolio said it sold the last of 13 non-core hotels last week.
Ty Warner paying $53 million for tax evasion: Hotel owner Ty Warner agreed to pay a US$53 million penalty to settle tax evasion charges from U.S. federal authorities.