Hotels

The latest deals, trends and personnel moves in the Midwest region.

Foncière des Régions also reports it has selected InterContinential Hotels Group, based in Denham, Buckinghamshire, to rebrand and operate 13 of the newly acquired hotels via long-term, triple-net lease deals.

Sector challenges include an acute amount of uncertainty, both international and domestic, which may exert negative pressure on the performance of the US lodging industry.

The tourism and hotel sectors had to overcome significant obstacles in 2017, including, Hurricane Irma in September, a 3.2% increase in hotel room inventory and the closure of the Miami Beach Convention Center for expansion and renovation.

The project will top off with a 452-room Marriott-Edition luxury hotel tower located directly above the terrace level.

The project will feature dining, restaurant and entertainment space, along with a corporate office campus, a hotel and residential space.

The deal calls for ILG shareholders to receive $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide common stock for each ILG share. The transaction is expected to close sometime during the second half of this year.

The developer broke ground last week on the 519-room JW Marriott hotel, which will be one of three hotels that will anchor the Water Street Tampa development, one of the largest downtown development projects taking place in the nation.