Millenium Partners has redeveloped the St. Mortiz Hotel, which overlooks Central Park, into The Ritz-Carlton, New York.  Millenium acquired the property in late 1999.

• Carlyle in NY sold for $130 million
  The legendary Carlyle in Upper East Side was sold in the comparative neighbourhood of the record $750,000-per-room price of the Four Seasons Hotel Building on East 67th in 1999. 
• OMNI  acquires Downtown Los Angeles hotel
  Investment group RMMK-II has purchased the 17 storey 439-room  Hotel Inter-Continental in downtown Los Angles.  The Texas based  group which owns Omni Hotels is undergoing an expansion in the western United States and plans to open a downtown San Francisco property in 2002.
• The San Francisco landmark on Union Square, St. Francis hotel has undergone a $65 million restoration  that started in 1994  and upon its completion sold to Starwood Hotel Reorts worldwide for $243 million fo an affiliate of the Black Stone Group of New York.
• Creating the second largest gaming company in the country, MGM Grand and Mirage Resorts merged in a deal valued at approximately $4.4 billion in 2000.    MGM Grand  owns and operate a portfolio of 14 resorts.
• The Ritz-Carlton Kapalua, Maui was sold in 2000 to Marriott International for $143 million, purchased from Nissho Iwai.  The deal was the fourth largest hotel sale in the US in 2000.  The project was renovated in 1999 with ~ $2.5 million of renovations.
• Hilton Hotels Corp. bought Promus Hotel Corp. for $4 billion in cash, stock and assumed debt, adding Embassy Suites and more modest chains such as Hampton Inn to its stable of luxury hotels.  Hilton Hotels had been looking for acquistion that would it on par wtih the world's two biggest hotels, Marriott and Starwood.

CANADA

• The hotel sector is recovering, but that recovery is turning out to be a very slow one.

  A survey by Pannell Kerr Foster, a hospitality sector consultant, found Canadian occupancy levels had reached 62% as of the end of 2004 and the average daily room rate had touched $117. By the end of this year, the occupancy level is expected to hit 63% and the average room rate $121.

  "Our recovery in Canada continues, albeit not at the rate we would like," said Tony Pollard, president of the Hotel Association of Canada. "We are up year-over-year and 2006 looks even more promising."

  It's been a slow climb from 2002 pre-SARS levels. Demand is 2.3% ahead but supply has climbed 2%, suggesting there has been little actual growth.

  Only hotels in Vancouver, Calgary, Winnipeg, Halifax/Dartmouth, Niagara Falls and Toronto show an increase in revenue per available room over where they were two years ago. Quebec City, Montreal, Edmonton and Ottawa remain behind 2002 levels.

  Pannell Kerr Foster believes the lodging industry will not return to 2000 levels, when demand for Canadian hotel space peaked, until 2008.  -  21 July 2005   FINANCIAL POST

• Canadian Hotel Investment Report
• Canadian Overview 2002
• Legacy Hotels purchased CP Hotels & Resort's Chateau Frontenac and The Empress Hotels for an aggregate price of $305 million in December 2000. 
  
  The Empress located in Victoria was built in 1908 and has 472-rooms with plans for a full service luxury spa to open in 2001.    The value of this trade was $120 million.  {$254,340 per room)

Le Chateau Frontenac is located in historic Quebec and comprises 607 rooms.  The asset was valued at $185 million for the proposed trade which is sibject to unit holders approval

• Hyatt Hotel Corp purchased the Park Hyatt at 4 Avenue Road in Yorkville for $107 million.
• Larco acquired the 346 room Skydome Hotel in Toronto in 2000 for $33.5 million - $96,000 per room.

• Vancouver's Largest Hotels
• Strata Suite owners disappointed with investments in Vancouver
• Tourism outlook in BC not strong
• Coast Whistler hotel sold to Malaysian investors for $161,000 per room
• Ramada Inn in Richmond was a reveivership deal sold without FF&E (because they were leased and not owned) which explains the cheap price at $68,000 per room
• The Biltmore on Kingsway was sold for $9.3 million to Asian investors in 2001.   The opportunity was marketed as land value comprising 3.01 acres of land.
• Holiday Inn on Howe Street was sold for $28 million ($114,000 per room) to a Beijing company
• The Pan Pacific and World Trade Centre (the hotel & office building are integrated on the same parcel of land) are listed for sale at $165 million.   The hotel has 506 rooms and the WTC has approximately 207,000 sq. ft. of leasable area.   They are sitting on leasehold land and available without the management contract. 
• Le Soleil on Hornby in Downtown Vancouver was sold as a receivership sale for $1.53 million
• Whistler Four Seasons condos sold out in 5 hours

• London Performance Data
• Land Securities has sold the landmark London Hilton hotel on Park Lane to a new joint venture company with London & Regional Properties, raising Pounds 157 million ($240 million)  in August 2002.  
• Grand Vienna changes hands
• Asia's Sincere Group (Ma Family) active in London properties
• Institutions move in on hotel investment market
• Europe's Largest Hotel Deal of 2001 - Deutsche Bank’s Real Estate Private Equity group, in partnership with Patron Capital Partners and other co-investors, has paid more than €200 million ($180 million) for the 455-room Hotel Arts overlooking Barcelona harbour.
• Starwood sells European Hotels
• Mandarin Oriental  International purchased Monaco-based Rafael Group for $142.5 million USD as part of its ambition to create a global luxury brand.  This acquistition gives Mandarin Hotel properties in Geneva, Munich, Florida, Bermuda, Salzberg, and New York.  Mandarin Oriental now has nine hotels in Asia, seven in North America and four in Europe.  The 1,222 rooms in the Rafael portfolio were valued at USD $128,887 per room.