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Update: We just want to reiterate that the Dream Downtown's possible sale to the Sahara Group is just speculation at this point. Now get back to your regularly scheduled Dreaming.
Everyone's going down, down, down downtown, including some deep-pocketed Indian investors who recently fronted $570 million for a controlling stake in the Plaza.
The Sahara Group, who also picked up the JW Marriott Grosvenor House in late 2010, is reportedly on a spending spree, and New York hotels are hot, so hot right now. The NY Times reports that Sahara Group may be about to acquire Chatwal's Dream Downtown.
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Last we heard, Hampshire Hotels & Resorts, which manages all the Chatwal properties, was being taken over by Wyndham (yeah, it all gets a little confusing after a while, doesn't it?), which was going to help take the brands "to the next level." The way we see it, Chatwal was so pleased with the success of Dream Downtown, he just couldn't wait to bring a little (or a lot) of that same sexiness to Indian hotel guests. Aiming to pump out 52 new hotels over the next five years (40 Nights, 12 Dreams), now Hampshire/Wyndham just have to convince Indian investors and franchisees to share the 'dream' (get it?).
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Looks like Hampshire Hotels will be "hopping off the plane at LAX with a dream and their cardigan." Ok, well maybe not the cardigan but definitely a dream...a Dream Hotel, that is.
The LA Times reports that construction on the 148-room hotel will begin in the spring at Selma Avenue and Cahuenga Boulevard, right in the middle of Hollywood (and closest to the W Hollywood and The Redbury.)
Not many more details have been released but the hotel will have a rooftop swimming pool, a restaurant and a lounge. It should open in the fall of 2013. Is it us or does that just seem like forever away? Let's hope we don't forget about this dream in the meantime. But considering how long we waited for the Dream Downtown in NYC, we guess we'll be able to tough it out.
[Photo rendering: LA Times]
Every so often we feature a hotel review from our readers that we feel should be shared with the rest of you dear hotel guests. These reviews are highlighted because they are timely, about cool hotels in cool places and are relatively level-headed. Think you can submit one just like this? Send it in.
The Four Seasons Hampshire is located about an hour outside of central London. If you are looking to experience London but also want to escape to the countryside for a day or two, the FS could be a good option.
No need to rent a car; trains from London Waterloo station take you to Fleet in about 40 minutes, add a 10-minute cab ride and you are there.
The property combines the original Georgian manor house with a few modern wings and offers enough activities to never leave the grounds for a few days (fishing, horse-riding, clay-pigeon shooting, crocket, tennis, biking, hiking, etc).
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Itís a truth universally acknowledged that horses come between toys and boys when it comes to the upbringing of a lady. Unfortunately, most of us donít have the dough to support a horse, or a spare field to fling it in.
When it came to our requests, our mothers just ignored us. But those who are a bit more indulgent might like to take their offspring to the Four Seasons Hampshire and shelling out on an Own a Pony Experience.
Uh-oh. Something's goin' down at Dream NYC, and it ain't nearly as good as those $113 room rates we were seeing for the summer: The Real Deal reports that a $100 million loan secured by the hotel "was put on a special servicer status," which, TRD says, indicates "the possibility it may become delinquent." In April, the loan payment was late but the note wasn't in default.
But what do the possible financial issues have to do with you? Nothing yet:
Though the special servicer status is worrisome, very few loans have gone from special servicer status to default in New York City. There were just nine delinquent securitized loans in New York City totaling $272 million from a total of 1,886 loans valued at $58.6 billion as of the end of April
Hampshire Hotels owns the building but not the underlying property, though it does control that property through a long-term lease.
As usual, money gets in the way of Dreams. Ha.
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Is what you see above: A) another nautical building sticking off the back of the Maritime Hotel? B) a homeless shelter? Or is it C) Vikram Chatwal's $70 million dollar chunk of the Meatpacking District?
As is only proper in the business of building New York hotels, ALL THREE crazy statements are very true. The property at 346 West 17th Street, formerly The Covenant House homeless shelter, was purchased by Vikram's father's company Hampshire Hotels late last year.
Looking like The Maritime in drydock, the Downtown Dream so far has a gutted interior, a fully painted mud-grey exterior and construction that appears to be moving right along...for now.
According to Vikram's company website, his Downtown Dream is due to debut in early 2009, just in time to give The Maritime a run for its summer rush. And yes, just in case you need to hear it again, the Downtown Dream is right next to the Maritime Hotel so that should be a very interesting situation when it opens.