Dubai Government Firm Buys NYC Hotel

Dubai's government has bolstered its holdings of New York City real estate by purchasing a majority stake in Manhattan's five-star Mandarin Oriental hotel.

The $340 million purchase of the Mandarin Oriental, part of the Time Warner Center on Manhattan's Columbus Circle, adds to the growing U.S. real estate portfolio held by the Arab world's financial powerhouse.

The purchase by Istithmar PJSC, the Dubai government's holding company, was announced Sunday.

Istithmar's New York properties include the W Hotel on Union Square, the Knickerbocker Hotel on Times Square and commercial buildings at 280 Park Avenue, 230 Park Avenue and 450 Lexington Avenue. The firm also owns the Hotel Washington in Washington D.C.

"We're building a portfolio of both luxury and budget hotels in key target markets around the world," said Joe Sita, chief executive of Istithmar's hotels group.

Dominican Paradisus Palma Real Resort enters world luxury hotels list

In recognition of its level of excellence, Paradisus Palma Real Resort, a five-star, luxury, all-inclusive which opened its doors in December 2005, has been honored as a member of the world's most prestigious collection of luxury hotels, The Leading Hotels of the World.

The Leading Hotels of the World is the renowned luxury hospitality organization representing more than 430 of the world's finest hotels, resorts and spas. Since 1928, the company's reputation for excellence derives from the exacting levels of quality it demands of its members, each of which must pass a rigorous, anonymous inspection covering 1,500 separate criteria.

"Achieving the coveted status of The Leading Hotels of the World so early in our tenure is a great honor, ensuring Paradisus Palma Real Resort's position as one of the finest hotels in the world, we are pleased to be included in a group that shares our standards of service and excellence," stated Susanna Mander, Director of Brand Management for Paradisus Resorts.

Disney to add resort

Four Seasons Hotels and Resorts will build a luxury hotel and 18-hole championship golf course along the northeast border of Walt Disney World, theme park officials said Thursday.

The Toronto-based luxury hotel chain is part of two expansion plans that will take eight to 10 years to fully develop and will include single- and multifamily vacation homes, fractional ownership homes and a 450-acre retail, dining and lodging district, said Meg Crofton, Disney World's president.

The number of jobs the two developments will bring to the area is unknown, Crofton said. Disney currently has 60,000 employees.

Four Seasons, with 74 hotels in 31 countries and two locations currently in Florida, will anchor a 900-acre development which already houses two golf courses.

Dominican Paradisus Palma Real Resort enters world luxury hotels list

In recognition of its level of excellence, Paradisus Palma Real Resort, a five-star, luxury, all-inclusive which opened its doors in December 2005, has been honored as a member of the world's most prestigious collection of luxury hotels, The Leading Hotels of the World.

The Leading Hotels of the World is the renowned luxury hospitality organization representing more than 430 of the world's finest hotels, resorts and spas. Since 1928, the company's reputation for excellence derives from the exacting levels of quality it demands of its members, each of which must pass a rigorous, anonymous inspection covering 1,500 separate criteria.

"Achieving the coveted status of The Leading Hotels of the World so early in our tenure is a great honor, ensuring Paradisus Palma Real Resort's position as one of the finest hotels in the world, we are pleased to be included in a group that shares our standards of service and excellence," stated Susanna Mander, Director of Brand Management for Paradisus Resorts.

Ground Broken On New Luxury Resort In South Bay

Lowe Enterprises broke ground Wednesday on a multimillion-dollar, oceanfront resort on the site of the old Marineland aquatic park in Rancho Palos Verdes. The $450 million development, known as Terranea, is expected to open in spring 2009. "We have the rare opportunity to create the only true luxury destination resort along the coastline of the Pacific Ocean in Los Angeles County," said Robert J. Lowe, chairman and chief executive of Lowe Enterprises. "We are extremely mindful of the responsibility that comes with this amazing opportunity," he said in a statement. "To ensure that Terranea will be a jewel for the entire region, we have brought to its planning all of what we have learned in 35 years of developing exceptional resorts." The 102-acre development will feature a 360-room resort, along with 20 two-bedroom bungalows, 50 three-bedroom casitas and 32 villas.