News in brief: Starwood Hotels, Hyatt, Hilton

McKibbon joins Starwood Hotels’ Tribute Portfolio: McKibbon Hotel Group will partner with Starwood Hotels & Resorts to develop a hotel in Asheville, North Carolina in the BB&T Bank building. McKibbon will develop and manage the hotel when it’s completed in 2017. 

Read more in the Citizen Times


Starwood Hotels expands in the Philippines: Starwood Hotels & Resorts signed The Westin Manila Sonata Place and The Residences at The Westin Manila Sonata Place in the Philippines. The new-build property is slated to open in 2019 and marks the Westin brand’s first mixed-use development in Southeast Asia.

Read more at Starwood’s website


Hyatt Regency La Jolla sold: Strategic Hotels & Resorts signed an agreement with affiliates of Walton Street Capital and JMA Ventures to sell 100% interest in the 417-room Hyatt Regency La Jolla for US$118 million. Strategic currently owns 53.5% interest in the asset.

Read more at PR Newswire


Hilton earnings: Hilton Worldwide reported a 22% increase in earnings. First quarter revenue was US$2.6 billion, compared with US$2.4 billion in Q1 2014. Net income was US$150 million, compared with US$123 million in Q1 2014.

Read more at Hilton’s website


Hilton adds The Statler: Hilton Worldwide signed a franchise license agreement to open The Statler Hotel & Residences in Dallas. The refurbished landmark hotel will be part of Curio – A Collection of Hilton.

Read more at Market Watch


Boulder adds Embassy Suites and Hilton Garden Inn: NAI Shames Makovsky and Sage Hospitality are building a complex in Boulder, Colorado, that will house a 203-room Embassy Suites and 172-room Hilton Garden Inn. The hotels are scheduled to open in 2017.

Read more at Biz West


Tropicana Hotel and Casino sold: The Tropicana Hotel and Casino in Las Vegas is being sold for US$360 million to Penn National Gaming. The deal is expected to close later this year.

Read more at ABC News


Westin Chicago Northwest sold: GF Management acquired the 408-room Westin Chicago Northwest in Ithasca, Illinois, for US$27 million from Blackstone Group. GF Management is also planning to invest in a renovation of the 408-room hotel.

Read more at Crain’s Chicago Business


Wynn Resorts cuts dividend: Wynn Resorts has reduced its quarterly dividend from US$1.50 a share to US$0.50 a share. The dividend cut will save the company about US$101.5 million quarterly.

Read more at the Wall Street Journal


Bennett Hospitality to build Charleston hotel: Bennett Hospitality will build a US$100 million hotel in Charleston, South Carolina. The eight-story hotel will include 185 rooms and will be built over the same area in which the Charleston County Library stood.

Read more at Business Finance News


Hotel Equities to manage Texas and Oklahoma portfolio: Hotel Equities was selected as the management firm for a portfolio of 21 hotels in Texas and Oklahoma. With the addition of these hotels, Hotel Equities will create a regional office in Texas to support its operators.

Read more at Business Wire


Renaissance Fort Lauderdale acquired: Noble Investment Group acquired the Renaissance by Marriott Fort Lauderdale Cruise Port. The property is scheduled to undergo a number of enhancements throughout the hotel

Read more at PR Newswire