Tag: Hotel DevelopmentView All Tags
Dubai might be the place these days for megaprojects like the Palm, the World, and Burj Khalifa, but if the developers of South Korea’s 8City have anything to say about it, these will be considered child’s play come 2030.
To be built partially on reclaimed land in Incheon, close to Seoul’s international airport, 8City would be a tourism city unlike any other, at a purported cost of nearly $300 billion. That's three hundred billion, more than the GDP of a whole number of countries combined.
What does one get for $300 billion? According to CNN:
Admirality Arch, a regal-looking office structure located on London's Mall (and we don't mean the Galleria-kind) may soon go from cubical home to prime hotel property if a wealthy developer has his/her way. According to a story in yesterday's Daily Mail, the building, which offers prime views of Buckingham Palace and Trafalgar Square, has gone on sale for a cool £75 million.
Intercontinental Hotel Group / Hilton Hotels / Marriott Hotels / Starwood Hotels / Hotel Development / → All Tags
It's only taken like five months, but hotel firms are starting to admit what everyone has assumed for so long. Hotel development will slow down due to the economy.
The Financial Times has some insight into this turn of events:
IHG has 1,788 new openings in the pipeline and Mr Cosslett admitted for the first time that some of its openings could be delayed by "up to a few months."
These latest words of wisdom come from Andrew Cosslett (right) who is the CEO of InterContinental Hotel Group which owns Holiday Inn, Staybridge Suites, Hotel Indigo, and other hotel brands, IHG is also the largest hotel operator in the world with over 4,000 hotels.
Um, not quite. But the Portuguese capital is in the midst of massive hotel development, with 37 new hotels debuting in Lisbon and its surrounding area through 2011.
Four- and five-star hotels are popping up in cities outside Lisbon like Sintra, Óbidos and Estoril. In the nearby Algarve region, 10 projects are underway, including the five-hotel, 17,500-bed property Vilamoura XXI and the five-star hotel and Jack Nicklaus golf resort, Monte Rei.
If you're booking a trip to Portugal next year, you might want to check into one of several new hotels set to open throughout 2009, like the Pousada do Porto - Palácio do Freixo, in Porto; the CS Oporto Vintage Hotel, a converted port warehouse in Delaforce/Gran Cruz; and finally, the Hotel do Vinho do Porto, currently being built in Gaia amongst Port wine lodges.
Of course, if you do go, let us know about it. It may be a year away, be we're a little Type A and don't mind the advanced notice.
The three most important words in real estate: location, location, location. And with people from around the world rushing to visit New York, the Big Apple's hotel industry is sitting quite pretty.
From Grand Central Terminal to the Lincoln Center, Times Square to the Financial District, supply cannot meet the demand. Here in the city that never sleeps, even more hotels are being planned and are under construction. City figures early last year showed that 50 hotel developments were in planning stages all over the city, with more than 8,000 rooms in various states of construction.
Of course, whether they'll actually open is another story, say some of the experts who spoke to the New York Sun about the current investment crunch.