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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

Togo’s founder sells 13 restaurants back to the company
posted on Sep 30 14

Togo’s Eateries Inc. has acquired 13 franchised restaurants in the East Bay and San Jose, Calif., areas from company founder Mike Cobler. The acquisition brings Togo’s company-owned restaurants to 19 units in California. Read the FastCasual.com story here

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NorthStar Realty venture is buying 52 hotels in $1.1B deal
posted on Sep 30 14

A NorthStar Realty Finance-Chatham Lodging Trust joint venture is acquiring a $1.1 billion hotel portfolio from Inland American Real Estate Trust. NorthStar is the majority partner in the joint venture with a 90 percent stake. The portfolio includes 52 extended stay and select service hotels in 21 states. The primary flags in the portfolio are Marriott and Hilton. Read the GlobeSt.com story here

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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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