Hotels

Downtown is home to the largest share of that growth, and this continued investment shows a high level of confidence in the metro and contributes to a strong economy.

Barrack has reassumed the position he had when he founded Colony as a private company in 1991, and held until 2014 when Colony merged into Colony Financial, Inc.

The opening of the new four-star hotel signifies the latest in a host of openings for the fast-growing Vancouver-based full-service hospitality firm, which is actively growing its footprint in Canada, the UK, and the US.

With hotel occupancy rates hitting 80%, RevPAR growth next year will likely be fueled by rate gains.

The $400 million first phase of project has reimagined an ageing and underutilized section along Market Street into a dynamic full block of leading stores and popular restaurants.

Hotel room inventory in Lower Manhattan is expected to increase 27% in the next few years and if all projects in the pipeline move on to development, the hotel inventory in Lower Manhattan will reach 9,019 rooms in 45 hotels by 2020.

Submarkets such as the Galleria remain attractive to investors and lenders due to the desire to place capital in Houston and the quality asset of the Hyatt Galleria drew heavy lender interest for the refinance.

Originally established in 1974, the property served as a hub of community activity and premier tourism destination for 30 years before being irreparably damaged by Hurricane Ivan.