FREMONT — A prominent Bay Area hotel, the Fremont Marriott Silicon Valley, has flopped into a $38 million-plus mortgage default, brutalized by a sour economy and feeble lodging market.
AEW Fremont LLC, the owner of the Marriott Hotel in Fremont, located on Landing Parkway next to Interstate 880, defaulted on the loan Sept. 17. The now-delinquent financing was provided in May 2007 by AIG Annuity Insurance Co., a unit of failed insurer American Insurance Group, commonly called AIG.
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Wednesday, October 7, 2009
Strategic Hotels & Resorts Signs Purchase and Sale Agreement for Disposition of the Four Seasons Mexico City
CHICAGO, Oct. 5 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the company has signed a purchase and sale agreement for the sale of the Four Seasons Mexico City to Meridia Capital for a gross price of $54.0 million, or $225,000 per room. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter and the company expects to record a book gain of approximately $4.5 million
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California Hotel Foreclosures Triple in Travel Slump
Oct. 6 (Bloomberg) -- Hotel foreclosures in California more than tripled in the first nine months of this year as business travelers and vacationers cut spending.
Foreclosures including the 400-room St. Regis Monarch Beach resort in Dana Point climbed to 47 in January through September from 15 a year earlier. Properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels. The survey didn’t include states other than California.
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Foreclosures including the 400-room St. Regis Monarch Beach resort in Dana Point climbed to 47 in January through September from 15 a year earlier. Properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels. The survey didn’t include states other than California.
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Attorney for ESPN reporter criticizes management at hotel
Chicago - The attorney for ESPN reporter Erin Andrews criticized management at a hotel where prosecutors allege a Westmont, Ill., man altered a peephole to take nude videos of the journalist, saying Sunday that not only was the man booked in a room next to Andrews' at his request but that the rooms were in an alcove removed from the main hallway
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New York state to certify 'green' hotels
ALBANY, N.Y. (AP) — The New York state Department of Environmental Conservation has launched a program to certify hotels as "green" for using environmentally sound and sustainable practices.
Forty-three hotels and inns across the state have signed on.
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Forty-three hotels and inns across the state have signed on.
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Yum! Brands Inc. Reports Third Quarter 2009 EPS Growth of 21%,
THIRD-QUARTER HIGHLIGHTS
• International development continued at a strong pace with 267 new restaurants including 88 new units in mainland China and 165 new units in Yum! Restaurants International (YRI).
• System sales growth of +11% in mainland China and +4% in YRI was offset by a 5% decline in the U.S. resulting in flat worldwide system sales in local currency terms; worldwide system sales declined 4% after foreign currency translation.
• Worldwide restaurant margin improved over 3 percentage points driven by significant gains in both the U.S. and China.
• Worldwide operating profit growth of 15% was driven by China, +32%, and the U.S., +18%. YRI profit declined 13% due to negative foreign currency translation. Worldwide operating profit growth was 19% prior to foreign currency translation.
• Foreign currency translation negatively impacted EPS by $0.02 per share
2009 Third-Quarter Restaurant Counts & Definitions
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• International development continued at a strong pace with 267 new restaurants including 88 new units in mainland China and 165 new units in Yum! Restaurants International (YRI).
• System sales growth of +11% in mainland China and +4% in YRI was offset by a 5% decline in the U.S. resulting in flat worldwide system sales in local currency terms; worldwide system sales declined 4% after foreign currency translation.
• Worldwide restaurant margin improved over 3 percentage points driven by significant gains in both the U.S. and China.
• Worldwide operating profit growth of 15% was driven by China, +32%, and the U.S., +18%. YRI profit declined 13% due to negative foreign currency translation. Worldwide operating profit growth was 19% prior to foreign currency translation.
• Foreign currency translation negatively impacted EPS by $0.02 per share
2009 Third-Quarter Restaurant Counts & Definitions
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Hilton, former execs probed on Starwood documents
NEW YORK, Oct 6 (Reuters) - A federal grand jury is investigating whether Hilton Worldwide and some of its former executives should face criminal charges for allegedly stealing tens of thousands of pages of confidential documents from rival Starwood Hotels & Resorts (HOT.N), the Wall Street Journal said, citing people familiar with the situation
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