Jump to content

$150 million Hotel announced for Beach

erdogs

By erdogs
in Virginia Beach

Recommended Posts


  • Replies 20
  • Created
  • Last Reply
vdogg Megalopolis

vdogg

Posted
Posted
Marketology Breaking News: Best Rate Travel Acquires 20% Ownership of 150 Million Dollar Resort Adding 30 Million in Assets!

BOCA RATON, FL -- (MARKET WIRE) -- November 15, 2006 -- Marketology, your choice for public company news and information, welcomes Best Rate Travel (PINKSHEETS: BTVL) to its stock to watch list. BTVL announced this morning that it has signed a high-profile Final binding agreement with REIT One to build a US$150 million, 268-room Resort on the largest undeveloped parcel in Virginia Beach, VA.

"We are very proud to be working with REIT One Inc to introduce Best Rate Hotels and to mark the commencement of operations for Best Rate Travel. This is the first of many planned projects," commented Adrian Stone, CEO Best Rate Travel.

The prominence of Virginia Beach as a top travel destination in tandem with the Resort's size and luxury amenities are projected to instantly position BTVL as a leader in the travel markets. This significant new development is likely to fuel continued investor interest in the company and drive its long-term growth through future mergers & acquisitions as well as working with its joint venture partners.

BTVL's Virginia Beach property is scheduled to open in July 2008. The company will own a 20 percent (20%) stake in the venture for its technology infrastructure and project management contributions. BTVL also reported today that negotiations are underway with Starwood Hotels to operate the property under a long-term management agreement.

Link to comment
Share on other sites
vdogg Megalopolis

vdogg

Posted
Posted

Wow, this stuff is all over the web. How did we miss it? :huh:

The new hotel division makes its debut by signing a binding agreement with REIT One, Inc. to build a $150 Million, 268 room resort in prestigious Virginia Beach. The resort is scheduled to open July 2008.

Negotiations are underway for Starwood Hotels (NYSE:HOT), which includes MarriottInternational Inc., Hilton Hotels Corp. and Wyndham Worldwide Corporation, to manage the property under a long-term contract.

Link to comment
Share on other sites
vdogg Megalopolis

vdogg

Posted
Posted

Yet another more comprehensive article

Best Rate Hotel will be contributing $30 million to the transaction, the company reported in a press release. That will leave an additional $70 million in financing to be invested between the Virginia Beach and Florida markets in the immediate term. Best Rate is planning to partner with equity providers in other transactions, although Stone would not provide the leverage percentage they might contribute.
Link to comment
Share on other sites
vdogg Megalopolis

vdogg

Posted
Posted
The 268 room property will feature signature restaurants, a premier health club and spa to include an indoor swimming facility in addition to a full service business center. The resort design is intended to appeal to both business and leisure travelers.
Link to comment
Share on other sites
PeninsulaKiddo Burg

PeninsulaKiddo

Posted
Posted

WOW. $150mil for a hotel that size sounds pretty steep, but given the additional amenities of restaraunts and the other luxurious facilities.. hot damn sounds nice!

Hopefully though, vdogg is right. I'd love to see a decent-sized luxury hotel in City Walk area. An upscale brand with good architecture! Wooo! Can't wait for the renderings on this one :)

Link to comment
Share on other sites
urbanlife Town

urbanlife

Posted
Posted

150 mil is a massive structure anyway you cut it. There is that huge chunk of woods across the street from the convention center. That is my guess that it would go there, probably nothing taller than 12 stories, but massive.

There is a rare possibility it could be City View, but with the use of "Resort" means somewhere near the oceanfront.

I think the Rudee Loop will stay vacant for as long as the "dome" site is still vacant.

Link to comment
Share on other sites
vdogg Megalopolis

vdogg

Posted
Posted
Wait a minute... Marriot, Hilton and Wyndam aren't part of Starwood Hotels. Check the Starwood website. Their brands include Westin, Sheraton, W, Four Points, and others. I'm positive Hilton and Marriot aren't part of this company. They each have their own set of brands.

That alone makes this sound really strange.

Link to comment
Share on other sites
hoobo Burg

hoobo

Posted
Posted

The buyer of the Starwood properties is not Marriott Hotels but Host Marriott which is a REIT. Hotel chains like Starwood and Marriott have been sheding properties to get out of property ownership and become hotel operators and license issuers exclusively. They don't want the expense of maintenance and property taxes when their revenue is derived mainly from operating the hotel.

I'm still not buying this $150 million deal. I'm having a hard time finding information on either company. That makes no sense when one of them is supposedly publicly traded though in the garage heap. I'll only believe this one when property is purchased and piles are driven.

Those woods across from the Convention Center are supposed to remain open space. The City bought them for that purpose. I think the City wants a completely private deal in which the hotel developer would buy land across Park Ave. The City may help in property acquisition, i.e. the loose definition of eminent domain. I also don't think the parking lot across 19th is available since it's earmarked for a future expansion.

Link to comment
Share on other sites
hoobo Burg

hoobo

Posted
Posted
really, I have always wondered what the deal with that patch of woods was. Kind of odd though, seems like a random buy for the city to protect a small patch of nature. It kind of reminds me of the patch of woods that use to be where the town center now sits.
Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.