As part of a franchise agreement with Amapa Group, a historic palace building will be converted into a hotel with 55 rooms.

Crown Resorts will spin off a 49-percent stake in the company's hotels and retail properties amid gambling malfeasance.

The 224-room hotel is backed by AJ Capital Partners, The Berger Company, MarketStreet Enterprises, Geolo Capital and ERG Enterprises.

Most recently, Rani Gharbié was a founding principal at Cedar Funds, a New York City-based hotel and real estate development and investment firm.

Excessive supply and the sluggish global economy are impacting hotel investment in the country.

The former Metropolitan Athens Hotel will undergo a $15-million renovation, and the new Athens Marriott Hotel will have 366 guestrooms when it opens in 2018.

Marriott International is moving its headquarters, but will remain in Bethesda, Md.

The Residence Inn Casper is the first Residence Inn hotel in Wyoming and now gives the brand a presence in all 50 U.S. states.