Aimbridge-Interstate deal closes: Aimbridge Hospitality officials announced over the weekend the company closed on its deal to acquire Interstate Hotels & Resorts, bringing the company’s portfolio to 1,400 properties in 49 states and 20 countries, according to a news release.
When the deal was announced in late August, CEO Dave Johnson said the combined company is better poised to drive profits than any competitor.
“There are so many different areas we can deliver better value to drive down costs and deliver better margins for our owners,” he said.
Former Interstate Hotels & Resorts President and CEO Mike Deitemeyer now serves as global president for Aimbridge.
Hong Kong officially in recession: Officials with Hong Kong’s government have announced the city has officially fallen into recession, Reuters reports, as the market has been “hit by five months of anti-government protests that erupted in flames at the weekend.”
The New York Times reports violent confrontations took place between police and protestors just outside the Peninsula Hong Kong on Sunday.
Pebblebrook looking at CapEx, deals to spark growth: A lackluster third quarter has left Pebblebrook Hotel Trust officials looking for an outside stimulus to continue growth, and HNN’s Bryan Wroten reports the real estate investment trust is looking at renovations and selling properties to enhance its portfolio.
“We believe there are 16 properties within the portfolio that can benefit from substantial investment that will reposition them to a higher competitive level, improve the guest experience and drive very attractive returns,” Chairman and CEO Jon Bortz said during the company’s Q3 earnings call.
For more Q3 earnings coverage, click here.
Blackstone extends Unizo offer: Still waiting for a response, The Blackstone Group has announced an extension to the deadline for its offer to buy Japanese hotel operator Unizo Holdings, Reuters reports. Officials with Unizo now have until 6 November to respond.
The news agency notes Blackstone’s previous deadline was Monday (28 October) with the intention that it would “launch a tender offer or explore other options” if Unizo officials didn’t agree to a deal.
Trump is looking to sell D.C. property: The much-discussed Trump International Hotel in Washington, D.C., is on the market, with Trump Organization officials announcing they’ve listed the property for sale, The New York Times reports.
The property has been the cause of much criticism for President Donald Trump, with opponents contending the property violates the U.S. Constitution in allowing him to accept payments from foreign governments.
“Since we opened our doors, we have received tremendous interest in this hotel and as real estate developers, we are always willing to explore our options,” Eric Trump said in a statement. “People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.”
Compiled by Sean McCracken.