News:
Construction Design & Engineering
Posted: October 15, 2008
MHG, Normandy and Ames Hotel Ptrs. enter JV for new hotel project
Morgans Hotel Group Co., Normandy Real Estate Partners and Ames Hotel Partners have entered a new joint venture to develop The Ames Hotel. The Ames, located near Government Center, Boston Common and Faneuil Hall, will be operated by MHG under a long-term management contract and is expected to open in the third quarter of 2009. The Ames will represent a new addition to the MHG brand portfolio.
The total development budget for the project is $75 million with MHG committing $10 million for a 35% interest in the joint venture. The project is expected to qualify for federal and state historic rehabilitation tax credits. Normandy has closed on a development loan from UBS for up to $46.5 million.
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Quick Hits
Columns and Thought Leadership
Navigating tariffs and material uncertainty in today’s construction market - by Karl Ginand and Tiffany Gallo
As headlines around tariffs seem to dominate the news daily, many considering construction projects have anticipated major cost escalations and widespread supply issues. While tariffs haven’t driven pricing spikes to the extent once feared, the lasting impact has been a new layer of uncertainty, affecting more than just budgets.
Greenwood Credit Union City Hall Plaza nears completion - by Frank Picozzi
After several years of planning, construction, and anticipation, the community is eagerly awaiting the opening of the Greenwood Credit Union City Hall Plaza and outdoor skating rink later this month.
ABC-Mass. chairman’s message: Rent control isn’t the answer to our housing crisis - by Luiza Mills
As you may know, Massachusetts voters will be weighing in on a number of ballot initiatives in November. Among them is a proposal to impose the nation’s strictest statewide rent control policy. I’d like to tell you why the ABC MA Board
It’s time to lead: Confronting mental health in construction - by David Watts
As we close Mental Health Awareness Month, we must be clear: May isn’t just about ribbons, hashtags, or lunchtime mindfulness apps. It’s about responsibility to confront hard truths that linger in silence, and to challenge ourselves, as leaders in our industry, to do more.