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Crestpoint Companies’ president and CEO Kal Patel shows us what’s on tap for the hospitality development, management and investment firm in 2014 and beyond.

Today in the news

Boot Barn kicks up national expansion
posted on Sep 29 14

Western wear retailer Boot Barn has grown from 87 stores, mostly in the West, to 158 in 24 states since it was acquired by investment firm Freeman & Spogli three years ago. Since then, the retailer acquired two smaller chains, and it has opened six new stores in 2014. Read the Retailing Today story here

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Hyatt to sell 38 select-service hotels to private-equity firm
posted on Sep 29 14

Hyatt Hotels has agreed to sell 38 Hyatt House- and Hyatt Place-branded hotels to private-equity firm Lone Star Funds for $590 million. Lone Star plans to renovate the properties, which will retain their branding under a franchise deal. Read the Bloomberg story here

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Bidders circling Sahara Group hotels
posted on Sep 29 14

The Sahara Group has reportedly received an offer from the estate of real estate investor Arthur G. Cohen to buy the Dream Hotel in New York for $205 million. Meanwhile, sports agent David Sugarman and rap artist Pras Michel were said to have submitted a $2.2 billion bid for the Dream, The Plaza Hotel in New York and London’s Grosvenor House hotel, and the Sultan of Brunei has reportedly reemerged as a contender for the portfolio with a bid of more than $2 billion. Read the Hotel Management online story here

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Developer plans $210M makeover for NYC’s Grand Central Terminal
posted on Sep 26 14

Developer SL Green has released details of its proposal to renovate New York City’s Grand Central Terminal in exchange for the right to be able to construct a 65-story office building in the area. The renovation project would cost an estimated $210 million and would include two new street-level entrances and a ground-level commuter waiting area, in addition to other enhancements. Read the Commercial Property Executive story here

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Renovations mulled for Chicago’s Union Station
posted on Sep 26 14

The Chicago Department of Transportation wants to upgrade its historic Union Station and make it a destination in addition to a transit station. Some possibilities are outlined in these articles. Changes could include widening the platforms and opening old tunnels to create a route to the airport. The changes would address congestion and help prepare for an influx of riders expected to use the $1.5 billion Chicago-St. Louis high-speed rail system that is being built. Read the Chicago Sun-Times story here

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