July 06, 2005

Starwood Hotels & Resorts will develop the Cotton Bay Villas, a 1,500-acre resort in Eleuthera, The Bahamas. The resort will have 73 guest rooms, a condominium component and a marina, and is scheduled to open December 2007. A spa and 18 holes of golf will be built at a later date.

The Hotel Jerome in Aspen, Colo., will undergo a $20 million renovation possibly beginning next April, which will close the 92-room property for six months. The entire hotel will be refurbished, paying special attention to the historical nature of the property, which opened in 1889. If space allows, spa facilities might be added. The Oklahoma Publishing Co., which also owns the Broadmoor in Colorado Springs, bought the Hotel Jerome in April.

San Francisco's 417-room Sir Francis Drake Hotel has been acquired by Oxford Lodging and Advisory Group LLC and Longwing Real Estate Ventures LLC. The buyers have announced plans for a $20 million overhaul of the 77-year-old property, to begin immediately. The renovations will restore the property to is original polish rather than modernize it, leaving signatures like the English beefeater doormen untouched. The hotel will stay open during the work, and the project should be completed by late next year.

Washington, D.C's largest hotel, the 1,300-room Marriott Wardman Park Hotel, has been purchased by JBG Companies LLC and CIM Group. A $50 million renovation is planned, which will include the conversion of 199 rooms in the hotel's Park Tower to residential condominiums.

Shangri-La Hotels and Resorts plans to open a new 200-room hotel in Manzhouli city of China's Inner Mongolia Autonomous region by late 2007. The property will include multiple restaurants; a 16,000-square-foot ballroom; nine meeting rooms, for a total of 10,700 square feet of meeting space; and a health club and indoor pool. Shangri-La has 19 properties in mainland China, with 15 hotel projects under development.