United Kingdom
United States
Asia Pacific
Corporex plans $900 million new hotel portfolio
The Cincinnati area-based Corporex Cos. plans to develop a $900 million portfolio of select-service hotels by the end of 2009, the company says.
“We have a desire to be a leading national hotelier,” said Debbie Vicchiarelli, Corporex’s chief marketing officer.
Eight hotels are under construction and nine sites are under contract, reports the Business Chronicle of Cincinnati.
The hotels range in cost from $12 million to $20 million. Brands include Courtyard by Marriott to Hampton Inn. Sites include Mississippi, Florida and Utah.
The company announced plans to build 25 additional hotels to round out their portfolio.
So-called select-service, a broad term that includes midscale, upscale and extended-stay hotels with limited food and beverage service, often have profit margins of 40% to 55%, the newspapers says. That compares to the 25% margin expected from full-service properties, said Matt Dunaj, a hotel investment specialist.
Report by David Wilkening
David
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Gatwick braces for strike
Co-pilot faints, easyJet flight issues ‘red alert’