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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

MGM Grand launches Stay Well meeting rooms
posted on Aug 29 14

Meeting spaces at the MGM Grand resort in Las Vegas have been overhauled to include health and wellness elements under MGM Resorts‘ Stay Well initiative. The spaces now feature a high-tech air purification system, posture-improving floor mats, nature-emulating lighting, aromatherapy and healthy food options. Read the Travel Weekly story here

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PwC US predicts hotel occupancy will reach 64.8% in 2015
posted on Aug 29 14

PwC US has revised its forecast for U.S. hotel occupancy rate in 2015 to 64.8 percent — the highest level for the metric since 1995. The group is projecting a 6.9 percent increase in revenue per available room — down from 7.6 percent in 2014 — as average daily rate is expected to reach a record growth of 5.7 percent. Demand for lower-priced hotels is expected to increase next year amid continued supply growth in the higher-tier segments, PwC said. Read the Skift story here

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Hotel fees to reach $2.25 billion in 2014, study finds
posted on Aug 29 14

A new study by a professor at New York University estimates that $2.25 billion in hotel revenue this year will come from fees and ancillary services — 6 percent higher than last year and almost twice what was seen 10 years ago. Since the introduction of resort fees in 1997, surcharges have expanded to such services as minibar supplies, early check-out and in-room safes. Read the Time.com story here

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Burger King confirms $11B Tim Hortons buyout plan
posted on Aug 28 14

Burger King‘s $11 billion deal to acquire Canadian coffee-and-doughnut chain Tim Hortons has more to do with global growth than with trimming the tax bill. The inversion deal would move the company’s headquarters to Canada for tax purposes but continue to operate largely from the United States. Read The Oregonian/The Associated Press

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Florida leads U.S. in retail construction
posted on Aug 28 14

Miami is leading Florida’s statewide retail development, as major projects from Taubman Centers and Swire Properties are in the works. CBRE predicts that rental rates in Miami will increase by 37 percent in the next five years, with markets such as West Palm Beach seeing 16 percent growth. Florida was home to more than 29 percent of all new retail development in the U.S. this quarter, said JLL. Markets across Florida are largely benefiting from lower unemployment rates, a housing resurgence, strong tourism and population growth, and a 6 percent increase in consumer spending in the first quarter. Read the SCT Newswire story here

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