Latest news with #Sunstone
Trade Arabia
20-05-2025
- Business
- Trade Arabia
EGA, Sunstone to set up anode manufacturing plant in Abu Dhabi
Emirates Global Aluminium (EGA) and Sunstone, an independent pre-baked anode producer from China, have signed a Joint Development Agreement at the Make it in the Emirates (MIITE) to progress the development of an anode manufacturing plant in Abu Dhabi. Anodes are required in the smelting of aluminium. EGA produces some 1.35 million tonnes of anodes every year at its own plants in Jebel Ali and Al Taweelah, and the remainder of the company's needs are currently imported, said the company in a statement. The new anode manufacturing facility in Khalifa Economic Zone Abu Dhabi would have a capacity of 300 thousand tonnes of anodes per year, replacing most of EGA's imports and potentially making the UAE only the second country in the world after China to export anodes globally. The agreement was signed by Abdulnasser Bin Kalban, Chief Executive Officer of EGA, and Lang Guanghui, Chairman of Sunstone. Within the mandate to attract and enable high-impact investments in Abu Dhabi, Abu Dhabi Investment Office (ADIO) has played an important role to enable Sunstone's entry into the Abu Dhabi market, which includes Sunstone benefiting from ADIO's energy and land support programs, which are key initiatives in Abu Dhabi's industrial strategy. Bin Kalban said: "This project will enable EGA to further increase our contribution to Make it in the Emirates, by localising the manufacture of a key raw material for our process here in the UAE as well as potentially supplying other aluminium smelters in the region and beyond." "In our supply chain, EGA already spends more than AED 8 billion each year on goods and services locally, which is around 40 per cent of our total global spend. Our goal is to progressively increase that proportion, to further spur the development of UAE industry," he noted. Guanghui said: "The UAE's 'Make it in the Emirates' initiative, combined with the support from Abu Dhabi government partners, has created an ideal environment for industrial growth. Establishing Sunstone's first plant outside China in partnership with EGA marks a pivotal milestone in our global expansion." "We are confident that this collaboration can set a new benchmark for excellence in anode manufacturing. Together, we are poised to deliver long-term value to the UAE's industrial ecosystem and the global aluminium industry," he noted. Mohammad Ali Al Kamali, Chief Trade and Industry Officer at ADIO, said: "Sunstone's new Abu Dhabi facility, marking the company's first expansion outside of China, reflects the strength of our industrial ecosystem and the emirate's ability to attract global leaders across critical supply chains." "Through ADIO's comprehensive efforts, we are proud to enable partnerships that create new domestic supply, deepen local capabilities, drive innovation and advance Abu Dhabi's position as a global hub for industrial excellence," he noted. EGA and Sunstone have already completed a feasibility study for the project, which the two companies intend to develop in a joint venture with Sunstone owning a 55 per cent shareholding and EGA a 45 per cent shareholding.
Al Etihad
19-05-2025
- Business
- Al Etihad
EGA, Sunstone sign joint development agreement to progress anode manufacturing project in Abu Dhabi
19 May 2025 19:31 ABU DHABI (WAM) Emirates Global Aluminium (EGA) and Sunstone, an independent pre-baked anode producer from China, today signed a Joint Development Agreement at the Make it in the Emirates (MIITE) to progress the development of an anode manufacturing plant in Abu agreement was signed by Abdulnasser Bin Kalban, Chief Executive Officer of EGA, and Lang Guanghui, Chairman of are required in the smelting of aluminium. EGA produces some 1.35 million tonnes of anodes every year at its own plants in Jebel Ali and Al Taweelah, and the remainder of the company's needs are currently new anode manufacturing facility in Khalifa Economic Zone Abu Dhabi would have a capacity of 300 thousand tonnes of anodes per year, replacing most of EGA's imports and potentially making the UAE only the second country in the world after China to export anodes the mandate to attract and enable high-impact investments in Abu Dhabi, Abu Dhabi Investment Office (ADIO) has played an important role to enable Sunstone's entry into the Abu Dhabi market, which includes Sunstone benefiting from ADIO's energy and land support programs, which are key initiatives in Abu Dhabi's industrial Bin Kalban, Chief Executive Officer of EGA, said, 'This project will enable EGA to further increase our contribution to Make it in the Emirates, by localising the manufacture of a key raw material for our process here in the UAE as well as potentially supplying other aluminium smelters in the region and beyond."In our supply chain, EGA already spends more than Dh8 billion each year on goods and services locally, which is around 40% of our total global spend. Our goal is to progressively increase that proportion, to further spur the development of UAE industry.'Lang Guanghui, Chairman of Sunstone, said, 'The UAE's 'Make it in the Emirates' initiative, combined with the support from Abu Dhabi government partners, has created an ideal environment for industrial growth. Establishing Sunstone's first plant outside China in partnership with EGA marks a pivotal milestone in our global expansion. We are confident that this collaboration can set a new benchmark for excellence in anode manufacturing. Together, we are poised to deliver long-term value to the UAE's industrial ecosystem and the global aluminium industry.'Mohammad Ali Al Kamali, Chief Trade and Industry Officer at ADIO, said, 'Sunstone's new Abu Dhabi facility, marking the company's first expansion outside of China, reflects the strength of our industrial ecosystem and the Emirate's ability to attract global leaders across critical supply chains. Through ADIO's comprehensive efforts, we are proud to enable partnerships that create new domestic supply, deepen local capabilities, drive innovation and advance Abu Dhabi's position as a global hub for industrial excellence.'EGA and Sunstone have already completed a feasibility study for the project, which the two companies intend to develop in a joint venture with Sunstone owning a 55% shareholding and EGA a 45% shareholding. Construction of the new anode manufacturing facility is expected to begin during 2026, with first production reached as early as 2028.
Zawya
19-05-2025
- Business
- Zawya
EGA and Sunstone sign a Joint Development Agreement at Make it in the Emirates Forum
Abu Dhabi, United Arab Emirates: Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, and Sunstone, the world's largest independent pre-baked anode producer from China, today signed a Joint Development Agreement at the Make it in the Emirates Forum 2025 to progress the development of an anode manufacturing plant in Abu Dhabi. The agreement was signed in by Abdulnasser Bin Kalban, Chief Executive Officer of EGA, and Lang Guanghui, Chairman of Sunstone. Anodes are required in the smelting of aluminium. EGA produces some 1.35 million tonnes of anodes every year at its own plants in Jebel Ali and Al Taweelah, and the remainder of the company's need is currently imported. The new anode manufacturing facility in Khalifa Economic Zone Abu Dhabi would have a capacity of 300 thousand tonnes of anodes per year, replacing most of EGA's imports and potentially making the UAE only the second country in the world after China to export anodes globally. Within the mandate to attract and enable high-impact investments in Abu Dhabi, Abu Dhabi Investment Office (ADIO) has played an important role to enable Sunstone's entry into the Abu Dhabi market, which includes Sunstone benefiting from ADIO's energy and land support programs, which are key initiatives in Abu Dhabi's industrial strategy. Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: 'This project will enable EGA to further increase our contribution to Make it in the Emirates, by localising the manufacture of a key raw material for our process here in the UAE as well as potentially supplying other aluminium smelters in the region and beyond. In our supply chain, EGA already spends more than AED 8 billion each year on goods and services locally, which is around 40 per cent of our total global spend. Our goal is to progressively increase that proportion, to further spur the development of UAE industry.' Lang Guanghui, Chairman of Sunstone, said: 'The UAE's 'Make it in the Emirates' initiative, combined with the support from Abu Dhabi government partners, has created an ideal environment for industrial growth. Establishing Sunstone's first plant outside China in partnership with EGA marks a pivotal milestone in our global expansion. We are confident that this collaboration can set a new benchmark for excellence in anode manufacturing. Together, we are poised to deliver long-term value to the UAE's industrial ecosystem and the global aluminium industry.' Mohammad Ali Al Kamali, Chief Trade and Industry Officer at ADIO, said: 'Sunstone's new Abu Dhabi facility, marking the company's first expansion outside of China, reflects the strength of our industrial ecosystem and the Emirate's ability to attract global leaders across critical supply chains. Through ADIO's comprehensive efforts, we are proud to enable partnerships that create new domestic supply, deepen local capabilities, drive innovation and advance Abu Dhabi's position as a global hub for industrial excellence.' EGA and Sunstone have already completed a feasibility study for the project, which the two companies intend to develop in a joint venture with Sunstone owning a 55 per cent shareholding and EGA a 45 per cent shareholding. Construction of the new anode manufacturing facility is expected to begin during 2026, with first production reached as early as 2028.
Skift
07-05-2025
- Business
- Skift
Hotel Equities and Springboard Hospitality Announce Merger
The DJIA fell 390 points, the Nasdaq was down 155, the S&P 500 fell 43 points and the 10-year treasury yield was down .04 to 4.31%. With the exception of SVC rising 7%, lodging stocks were mixed with little movement. Even the earnings reports did not cause any major action. Marriott International reported a 1Q RevPAR and adjusted EBITDA beat while modestly lowering 2025 guidance. They reiterated they would be returning $4 billion to shareholders this year. They bought back 3.9 million shares for $1 billion YTD through April 29th. Chatham Lodging Trust reported a solid 1Q, upped its quarterly dividend by 29% to $0.09 per share, and announced its first-ever share buyback. CLDT said its Board of Trustees approved a $25 million share repurchase program. CLDT said that they sold five hotels, with an average age of 23 years, for combined proceeds of $83 million. Sunstone Hotel Investors beat 1Q estimates, and like so many before them, cut 2025 guidance. The Andaz Miami Beach opened on 5/3 (see below). They bought back 0.8 million shares in 1Q for $8 million and another 1.5 million shares have been repurchased in 2Q for nearly $13 million. Hotel Equities and Springboard Hospitality announced a strategic merger, effective May 1. The newly merged entity will continue to operate as an owner-focused management company. Ben Rafter, CEO of Springboard, will be the new CEO of the combined company. Brad Rahinsky, former President and CEO of Hotel Equities, will assume the role of Chairman. Al Smith, Hotel Equities President of Hotel Operations, is COO, and Rob Robinson, EVP of Springboard, will be President of Springboard Hospitality. For now, they are keeping both names. For more context, see Skift's report: Hotel Managers Springboard and Hotel Equities Are Merging: Exclusive. The Courtyard Virginia Beach Oceanfront/South 25th Street completed a major refresh & renovation. East of the hotel's 141 oceanfront guestrooms and suites have been upgraded as well as the 950 square foot meeting room, the indoor pool deck and spa and the fitness center. The hotel is managed by Crestline Hotels & Resorts, LLC and owned by Apple Hospitality REIT, Inc. An AC Marriott hotel broke ground in Greensboro, North Carolina. Plans include building an eight-story hotel at the corner of Eugene Street and Bellemeade Street. The building will have 150 hotel rooms, a rooftop restaurant, retail space and nearly 350 apartments. Construction on the new building is expected to take about two to two and a half years. Hilton Hawaiian Village Waikiki Beach Resort has upped its room count after the hotel's owner, Park Hotels & Resorts Inc., recently completed the first phase of an $83 million renovation to the Rainbow Tower. Phase one transformed nearly half of the Rainbow Tower's guestrooms and added 12 more keys. The budget for phase one was $41 million. In Q3, the company will spend an additional $42 million to renovate the rest of the tower's guestrooms and add 14 more keys, ultimately increasing room count to 822. The project is slated to be completed in Q1 of 2026. Meanwhile, on Hawaii Island, Park Hotels & Resorts will begin the second phase of its $68 million renovation to the Hilton Waikoloa Village's Palace Tower in Q3. Once completed in Q1 2026, the renovation will expand the hotel's inventory to 414 guestrooms, a 14-key increase. Park Hotels & Resorts started renovations to both the Rainbow and Palace towers in Q3 of 2024. Caliber has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation to develop 15 new Hyatt Studios hotels in the United States. Under the terms of the agreement, Caliber Hospitality Development will receive exclusive development rights for future development of Hyatt Studios hotels in target markets within Arizona, Colorado, Nevada, Texas and Louisiana. Construction on the first hotel, located in Georgetown, Texas, is expected to break ground in the fourth quarter of 2025. The second hotel within the agreement will be in Scottsdale, Arizona and is expected to break ground in the second quarter of 2026. Caliber expects to develop 15 hotels over the course of the next three to five years, as the market bears opportunities, and will seek to expand the agreement if market conditions allow. Hyatt Hotels Corporation announced the opening of Andaz Miami Beach, marking the Andaz brand's debut in Florida and its first opening since the formation of the Hyatt Lifestyle Group. Owned by Sunstone Hotel Investors, Andaz Miami Beach features 287 guestrooms, including 64 suites; two heated outdoor pools with private cabanas; a spa; a member's beach club; and three dining concepts curated by Jose Andres Group. IHG Hotels & Resorts, in collaboration with owner Farid Kapadia, announced the opening of a newly built Holiday Inn Express & Suites hotel in Morrow, Georgia. Featuring 93 guestrooms, The Holiday Inn Express & Suites Morrow offers 800 square feet of meeting space, an outdoor pool and a fitness center. Extended Stay America announced the opening of the Extended Stay America Premier Suites - Charlottesville in Virginia. Developed and managed by KARA Hospitality, the four-story, 92-room property features a fitness room, onsite guest laundry, and lobby with additional vending options. The Cobblestone Hotel at Russells Point, Ohio, is celebrating its grand opening today. The 54-room property features a conference room, bar, pool and ample parking. Choice Hotels International, Inc. is celebrating a major achievement for the Ascend Collection brand with more than 400 independent resort, historic and boutique hotels open around the globe. As part of the next chapter of the brand's growth, Choice Hotels is streamlining the brand name as the 'Ascend Collection' and unveiling a new logo, giving equal prominence to the words 'Ascend' and 'Collection'. The Ascend Collection has 423 hotels open worldwide and is continuing its strategic expansion into high-demand leisure and urban markets with more than 70 hotels in the global pipeline. In 2024, the brand experienced an increase of more than 40% in total room numbers globally compared to 2023. The brand last year also entered new markets including Washington, D.C; Park City, Utah; Vancouver; Mexico City; and Queensland, Australia. The 938-room Hotel del Coronado in San Diego is nearing the completion of a renovation that started in 2019, according to the New York Times. The $550 million renovation and restoration is expected to be complete next month. Philadelphia's Hotel Anna & Bel has announced the debut of its Anna Suite, designed by lifestyle brand Anthropologie. The master suite marks the first collaborative hotel suite the brand has ever designed and features pieces from its Spring 2025 collection. At over 950 square feet, the suite consists of two bedrooms, two bathrooms and a kitchenette, and is the only room on the fourth floor of the hotel, accessed through a private staircase. All pieces that make up the suite are fully shoppable through a custom postcard with a QR code found in the room. Donatella Boutique Hotels & Restaurant will open May 9 in the heart of Miami Beach's Art Deco district. The restaurant is the center of this venue, surrounded by two-story villas to the front, left and right. Each of the three buildings has two rooms for a total of six rooms. Donatella Boutique Hotel & Restaurant is owned by Jamil Dib, co-founder and owner of Vida & Estilo Hospitality Group, and the Nakash Group. HREC Investment Advisors arranged the sale of the 65-room Best Western Territorial Inn & Suites located in Bloomfield, New Mexico. The Buyer is JHMC Inc. HREC Investment Advisors exclusively represented the seller, VWH Enterprises Inc., on this transaction. Hunter Hotel Advisors announced the sale and financing of the Home2 Suites by Hilton An Antonio North Stone Oak, located in San Antonio, Texas. A San Diego-based investor purchased the property from an institutional seller for an undisclosed price. The hotel offers a diverse selection of 106 guestrooms, an onsite fitness center and an outdoor pool. Hunter also arranged financing on behalf of the buyer. The finalized CMBS loan structure exhibits an 11.5% debt yield, secured at a fixed interest rate of 7.37% on an interest-only basis. Personnel News Gravity Haus announced the appointment of Mike DeFrino as President. Most recently, DeFrino held the position of Managing Director of IHG Luxury and Lifestyle Hotels, Americas. Prior to that, he spent 28 years at Kimpton Hotels & Restaurants, serving as CEO until Kimpton's acquisition by IHG in 2022. The Plamondon Companies announced Matthew Zappone is joining the organization as Chief Financial Officer. He spent the last 25 years at Marriott International in various Finance and Accounting Department roles. The Plamondon Companies includes Plamondon Hospitality Partners, which owns and operates 15 Marriott, Hilton and IHG properties across Maryland, Pennsylvania and Georgia. The family-owned and operated company is expanding its footprint, including the development of the full-service Marriott hotel and conference center on Carroll Creek in Frederick, Maryland. And as CFO, Zapponewill play a key role in future developments. In addition to supporting the hotel division's growth, Zappone will also be supporting the Roy Rogers Restaurants division. Europe Highlights Kimpton has opened Kimpton Main Frankfurt, the brand's first hotel in Germany. Located in the heart of Frankfurt's financial district, the hotel features 155 guestrooms and suites, lively social spaces, a rooftop bar, and restaurants. According to an article in Cinco Dias, IHG is doubling its commitment to growth in the Spanish market. The main priority of the U.S. hotel chain in its current expansion in Spain, where it has 57 operating hotels and 15 under development, is to find locations that fit with its new Ruby brand.
Yahoo
04-02-2025
- Business
- Yahoo
New Toll Brothers Model Home Opens at Hidden Oaks Community in Chatsworth, California
Exclusive community offers luxury homes with expansive backyards and modern designs CHATSWORTH, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes, announced the grand opening of its highly anticipated model home at Hidden Oaks, an exclusive community offering 33 luxury new homes in Chatsworth, California. The Sunstone model home, featuring innovative architecture and modern design elements, will be unveiled at a grand opening event this Saturday, February 8, 2025, from 11 a.m. to 2 p.m. at 9563 North Andora Avenue in Chatsworth. 'The new Sunstone model home showcases the exceptional luxury designs that Toll Brothers offers at Hidden Oaks and serves as an inspiration for the finish selections that our home buyers will experience first-hand at the Toll Brothers Design Studio,' said Nick Norvilas, Division President of Toll Brothers in Los Oaks is an intimate enclave of homes featuring award-winning architecture and innovative new home designs. Just south of the Santa Susana Mountains and located near Westfield Promenade and Topanga Village, this exceptional new community offers a serene and relaxed atmosphere with the convenience of nearby shopping and easy access to freeways, entertainment, and recreation. The four home designs offered range from 3,811 to 5,116+ square feet and feature 5 to 6 bedrooms, 5.5 to 6.5 bathrooms, lofts, flex rooms, and dynamic personalization options that include a floating staircase, prep kitchen, interior and exterior fireplaces, an extended outdoor living room, multi-slide stacking doors, an office, a multi-generational living suite, and a primary suite deck. Home buyers will experience one-stop shopping at the Toll Brothers Design Studio. The state-of-the-art Design Studio allows home buyers to choose from a wide array of selections to personalize their dream home with the assistance of Toll Brothers professional Design Consultants. Move-in ready and quick move-in homes with designer-appointed features are available in the community, allowing home buyers the opportunity to move into their new dream home later this year. For more information on Hidden Oaks, or to request an appointment to learn more about the community and homes for sale, call (844) 700-8655 or visit About Toll Brothers Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 58 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol 'TOL.' The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired Companies™ list and the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Contact: Andrea Meck | Toll Brothers, Senior Director, Public Relations & Social Media | 215-938-8169 | ameck@ A photo accompanying this announcement is available at Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)Sign in to access your portfolio
