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Monday, May 31, 2010
Coconut Grove’s Grand Bay Hotel rots as lawsuit rages on
While its ailing developer and its troubled lender slug it out in court like wounded boxers, the Grand Bay Hotel in Coconut Grove sits penetrated by rainfall and infested with mold.
Where guests once slept, there are puddles of water resulting from rainstorms. Much of the building has been stripped to skeletal-like remains from mold remediation, although evidence of new mold growth is apparent in some remaining walls. During the winter, homeless people found their way into the property and lit fires to stay warm.
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Where guests once slept, there are puddles of water resulting from rainstorms. Much of the building has been stripped to skeletal-like remains from mold remediation, although evidence of new mold growth is apparent in some remaining walls. During the winter, homeless people found their way into the property and lit fires to stay warm.
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Roosevelt Hotel threatens lawsuit against neighboring bar
The landmark Roosevelt Hotel in downtown New Orleans has threatened legal action against a neighboring bar that also uses the word Roosevelt in its name.
The Roosevelt Bar sits next door to the Roosevelt Hotel on University Place in New Orleans.
In an April 28 letter sent to George Friedman, owner and operator of the Roosevelt Hotel Bar, attorney Jason Mueller indicated that the similar name and proximity to the hotel are a violation of Hilton Hotels' intellectual property. Hilton Hotels owns the hotel.
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The Roosevelt Bar sits next door to the Roosevelt Hotel on University Place in New Orleans.
In an April 28 letter sent to George Friedman, owner and operator of the Roosevelt Hotel Bar, attorney Jason Mueller indicated that the similar name and proximity to the hotel are a violation of Hilton Hotels' intellectual property. Hilton Hotels owns the hotel.
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Sands China Secures Playboy Deal
Sands China and Playboy Enterprises have entered a licensing agreement that will bring two Playboy-inspired clubs to the Sands China properties in Macau. The first Playboy Club is set to launch by year end
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Sunday, May 30, 2010
Hawaii bans shark fin
HONOLULU -- The $48-a-plate shark fin has been a favorite dish at Vienna Hou's Chinese restaurant since it opened 25 years ago. But Hawaii became the first state to ban the possession of shark fins last week in an attempt to help prevent the overfishing and extinction of sharks around the world. "Something will be missing," Hou said. "Decent Chinese restaurants -- they all serve shark fin." The ban drew criticism from some in Hawaii's Chinese community -- more than 13 percent of the state population is Chinese or part Chinese. Many consider shark fin a delicacy and important part of Chinese culture. Some people eat it because they think it's good for bones, kidneys and lungs and helps treat cancer.
Mastermind Behind Grand Hyatt Robbery Apprehended
Remember the day that the purity of our live poker tournaments got tarnished with a crazy heist (that by-the-way had nothing on Ocean’s 11, but hey), armed to the teeth with revolvers and even old school machetes, finding their way home with some of the prize pool money? This incident took place on at the Grand Hyatt Hotel located in Potsdammer Platz in downtown Berlin on the 6th of March of this year.
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World Cup fans face 300 per cent hike in hotel room rates
Tens of thousands of football supporters heading to South Africa for the world's biggest sporting event – the world cup, which starts next week – face hugely inflated prices for accommodation. In some cases hotel tariffs have risen by up to 300 per cent over the normal charge, prompting allegations of a "rip off".
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Saturday, May 29, 2010
Coalition considers retracting tax break for hotels
The German government is considering retracting the much-criticised reduction in sales tax for hotel stays, which came into force on January 1. The measure is one of several aimed at shoring up Germany's ailing state finances.
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You Can Still Drink On Miami Beach This Weekend
Miami Beach hotels will be able to serve alcoholic drinks to beachgoers this Memorial Day weekend. The city is not cracking down on hoteliers who serve alcohol on the shores of the Atlantic this weekend, City Manager Jorge Gonzalez said Thursday. Earlier in the week, City Attorney Jose Smith told The Miami Herald that hotels cannot serve or sell alcohol on the public beach, based on a review of hotel concession agreements and the city's laws. Smith's review was prompted by complaints about public drinking and littering during spring break. In response, Beach commissioners told police they wanted a strict enforcement of the city's drinking laws, which ban alcohol consumption and sales in public places. Gonzalez said he is awaiting a formal legal opinion from Smith on the issue before tackling the question of beachside booze sold by hotels.
Proposed Bahamian Budget Bad For Hotels
THE BAHAMIAN hotel industry is facing a potential five-fold whammy, with the Government adding to increases in National Insurance Board (NIB) contribution rates, electricity costs and Out Island Promotion Board fees by increasing hotel room/guest taxes from 6 per cent to 10 per cent, along with an $5 increase in departure taxes.
The Bahamas Hotel Association's (BHA) vice-president, Frank Comito, said the increases were a cause for concern, as they countered efforts by tourism officials to make the Bahamas a more competitive and cost-effective destination.
Mr Comito said despite the increases, the BHA understood the Government's fiscal difficulties and the reason and need for the increases.
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The Bahamas Hotel Association's (BHA) vice-president, Frank Comito, said the increases were a cause for concern, as they countered efforts by tourism officials to make the Bahamas a more competitive and cost-effective destination.
Mr Comito said despite the increases, the BHA understood the Government's fiscal difficulties and the reason and need for the increases.
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The Hotel Minneapolis joins Marriott International Inc.’s Autograph Collection
A fast-growing hospitality-investment company has agreed to acquire a majority interest in The Hotel Minneapolis and will rebrand it under Marriott’s newest hotel flag.
The terms of Norwalk, Conn.-based HEI Hotels & Resorts’ acquisition were not known. The developer, Hempel Properties, and its hospitality partner, Morrissey Hospitality Cos. Inc., will retain minority interests in the 222-room hotel, located at 215 S. Fourth St. in downtown Minneapolis
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The terms of Norwalk, Conn.-based HEI Hotels & Resorts’ acquisition were not known. The developer, Hempel Properties, and its hospitality partner, Morrissey Hospitality Cos. Inc., will retain minority interests in the 222-room hotel, located at 215 S. Fourth St. in downtown Minneapolis
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JAL To Sell Lodging Portfolio To Hotel Okura
MAY 28, 2010 -- Japan Airlines Corp. is finalizing negotiations to sell its hotel portfolio to Tokyo-based Hotel Okura Co., news sources reported today.
JAL, which currently is undergoing state-backed reorganization following its filing for the Japanese equivalent of bankruptcy protection earlier this year (BTNonline, Feb. 9), is selling its hotels as part of an attempt to regain profitability, according to Kyodo News International. JAL's managed hotel brands include the luxury Nikko Hotels International brand and the business-travel-focused Hotel JAL City brand.
JAL has managed hotels since it established its subsidiary JAL Hotels in 1970. Its current portfolio consists of 58 hotels, totaling more than 18,000 rooms, mostly in Japan and in JAL hub cities globally.
Hotel Okura has a portfolio of 23 member hotels, mostly in Japan but also in Korea, China, the Netherlands and Hawaii.
JAL, which currently is undergoing state-backed reorganization following its filing for the Japanese equivalent of bankruptcy protection earlier this year (BTNonline, Feb. 9), is selling its hotels as part of an attempt to regain profitability, according to Kyodo News International. JAL's managed hotel brands include the luxury Nikko Hotels International brand and the business-travel-focused Hotel JAL City brand.
JAL has managed hotels since it established its subsidiary JAL Hotels in 1970. Its current portfolio consists of 58 hotels, totaling more than 18,000 rooms, mostly in Japan and in JAL hub cities globally.
Hotel Okura has a portfolio of 23 member hotels, mostly in Japan but also in Korea, China, the Netherlands and Hawaii.
2 Pittsburgh-area Marriott hotels sold for $50.5M
Two Courtyard by Marriott hotels in the Pittsburgh area have been sold for a combined $50.5 million. They are the 182-room hotel at 945 Penn Ave., Downtown, and the 94-room hotel at The Waterfront complex in West Homestead.
Both will get upgrades costing $15,000 per room over the next year, said Philip A. Wade, vice president of investment for Inland American Lodging Advisor Inc., the new owner, based in Orlando, Fla.
The price for the Downtown hotel was $35 million. The Waterfront hotel cost $15.5 million. Moody National of Houston, Texas, was the seller in both cases; current management teams will stay.
Both will get upgrades costing $15,000 per room over the next year, said Philip A. Wade, vice president of investment for Inland American Lodging Advisor Inc., the new owner, based in Orlando, Fla.
The price for the Downtown hotel was $35 million. The Waterfront hotel cost $15.5 million. Moody National of Houston, Texas, was the seller in both cases; current management teams will stay.
Mortgage Holders Prevail in Auction of Former Maui Prince Hotel
The former Maui Prince Hotel in Hawaii was sold at a foreclosure auction Friday to its mortgage holders for $55 million.
Makena Beach & Golf ResortThe 310-room, renamed the Makena Beach & Golf Resort last year, became the target of foreclosure proceedings last summer when its previous owners missed payments on its $192.5 million mortgage. Friday’s auction puts the resort in the hands of those mortgage holders, represented by Wells Fargo Bank.
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Makena Beach & Golf ResortThe 310-room, renamed the Makena Beach & Golf Resort last year, became the target of foreclosure proceedings last summer when its previous owners missed payments on its $192.5 million mortgage. Friday’s auction puts the resort in the hands of those mortgage holders, represented by Wells Fargo Bank.
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Friday, May 28, 2010
Centerbridge Group Wins Extended Stay Bankruptcy Auction
A group led by Centerbridge Partners LP prevailed in an auction to take Extended Stay Inc. out of bankruptcy protection, offering nearly $4 billion to clinch the purchase of the distressed hotel chain.
The investor consortium, which includes Paulson & Co. and Blackstone Group, put up $3.925 billion for Extended Stay, topping a rival bid from a group led by Starwood Capital Group, said people familiar with the matter.
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The investor consortium, which includes Paulson & Co. and Blackstone Group, put up $3.925 billion for Extended Stay, topping a rival bid from a group led by Starwood Capital Group, said people familiar with the matter.
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Thursday, May 27, 2010
New loyalty scheme for US independent hotels
Stash Hotel Rewards has launched a loyalty scheme with 65 independent properties in 50 US cities, and aims to have 200 hotels participating by the end of the year.
The scheme says that it only includes hotels with “a star rating of 3.5 or above, with some exceptional three-star properties” (although note that the programme itself determines these star ratings), and that its portfolio of properties have on average 150-200 rooms, and a Tripadvisor “Recommend” rating of over 80 per cent.
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The scheme says that it only includes hotels with “a star rating of 3.5 or above, with some exceptional three-star properties” (although note that the programme itself determines these star ratings), and that its portfolio of properties have on average 150-200 rooms, and a Tripadvisor “Recommend” rating of over 80 per cent.
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Watergate Hotel sold
The Watergate Hotel was sold Wednesday to a European real estate group that plans to restore the fabled, 251-room property to a luxury hotel.
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Hyatt Regency workers back on the job
Crain’s) — Union employees at the Hyatt Regency Chicago returned to work just before noon Wednesday after a brief walkout to protest the hotel’s treatment of housekeepers.
“They wanted to demonstrate that they are angry and frustrated,” says Annemarie Strassel, a spokeswoman for Unite Here Local 1, which represents about 700 workers at the hotel, 111 E. Wacker Drive.
She says the decision to return to work after a couple hours of picketing was not triggered by any response or promises by hotel management.
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“They wanted to demonstrate that they are angry and frustrated,” says Annemarie Strassel, a spokeswoman for Unite Here Local 1, which represents about 700 workers at the hotel, 111 E. Wacker Drive.
She says the decision to return to work after a couple hours of picketing was not triggered by any response or promises by hotel management.
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Jamaican Hotels Boost Security as Tourists Cancel
May 26 (Bloomberg) -- Jamaican hotels are adding security to reassure tourists as clashes in the capital Kingston cause visitors to cancel trips, said Wayne Cummings, the head of Jamaica’s Hotel and Tourism Association.
There have been 300 hotel room cancellations on the Caribbean island since Prime Minister Bruce Golding declared a state of emergency May 23 to contain gang violence related to the government’s efforts to extradite an accused drug lord to the U.S., Cummings said today. At least 44 people have been killed in street battles between police and supporters of Christopher “Dudus” Coke, the target of a four-day manhunt.
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There have been 300 hotel room cancellations on the Caribbean island since Prime Minister Bruce Golding declared a state of emergency May 23 to contain gang violence related to the government’s efforts to extradite an accused drug lord to the U.S., Cummings said today. At least 44 people have been killed in street battles between police and supporters of Christopher “Dudus” Coke, the target of a four-day manhunt.
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Hotel trade group spends $305,000 lobbying in 1Q
WASHINGTON — The American Hotel & Lodging Association spent $305,000 in the first quarter lobbying federal officials on travel to Cuba, labor and other issues, according to a recent disclosure report.
That's less than the $350,000 the group spent lobbying both in the same period last year and in 2009's fourth quarter.
The trade group, which represents hotel companies, also lobbied the federal government on family medical leave and health insurance for small businesses in January through March.
The trade group lobbied both houses of Congress and the Departments of Labor, Commerce and Homeland Security, according to a disclosure report it filed April 19 with the House clerk's office.
That's less than the $350,000 the group spent lobbying both in the same period last year and in 2009's fourth quarter.
The trade group, which represents hotel companies, also lobbied the federal government on family medical leave and health insurance for small businesses in January through March.
The trade group lobbied both houses of Congress and the Departments of Labor, Commerce and Homeland Security, according to a disclosure report it filed April 19 with the House clerk's office.
Hotels dispensing with bathroom clutter
You check in at the luxury hotel. You let yourself in the room. You realize something is missing. Bathrobe? Check. Minibar? Check. High thread count bed sheets? Check. Those amenities are all there. You walk to the bathroom, you pull back the shower curtain, and what the ...?
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Shuttered Kissimmee Florida hotel sells for $7M
The former Howard Johnson-Heritage Park hotel in Kissimmee sold to a San Francisco firm for $7 million, or nearly $35,000 per unit.
Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Wednesday, May 26, 2010
$2.6 billion Cable Beach Redevelopment Still has Hurdles to Overcome
Baha Mar has 49 "conditions precedent" that it must fulfill to consummate its $2.6 billion Cable Beach redevelopment, the Prime Minister confirmed to Tribune Business, the most important being to resolve negotiations with Scotiabank over its outstanding $170-$180 million loan.
Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Kerzner plans $100m worth of PI upgrades
Kerzner International will this year begin a $100 million project to renovate its existing Paradise Island properties, which include Atlantis and the One & Only Ocean Club, a move that is set to create some 400 jobs.
It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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Japanese restaurant worker 'dies from overworking'
The 24-year-old died of heart failure in his sleep after working an average of 14 hours a day for a four-month period at the Nihonkai Shoya chain. Motoyasu Fukiage worked more than 112 hours of overtime a month for the four- month period of his employment at the restaurant, in addition to his regular 40 hours a week – making a total of around 272 hours a month. A court in Kyoto ordered the restaurant chain and four of its senior executives to make a payment of £607,000 (78.63 million yen) to the victim's parents in damages.
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Revel CEO vows casino hotel will be completed
ATLANTIC CITY - The chief executive officer of the $2.5 billion Revel casino hotel said Tuesday he will be a bidder for the half-finished project following the withdrawal of his financial backer.
Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Foreign investors eye San Francisco hotels
San Francisco's famed Sir Francis Drake Hotel is up for sale, and if recent trends in San Francisco and Los Angeles persist, there is some likelihood it will be bought by an investor from Asia.
Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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World's Most Outrageous Hotel Fees
There's nothing new about outlandish hotel surcharges. The October 6, 1904, edition of The Daily Star in Fredericksburg, VA, published a list of unscrupulous lodging fees, mainly in Europe, that included fees for towels, nightshirts, heat, hot water, horse stabling (whether the guest brought a horse or not), and, in one hotel, a one-penny fee for each ascent and descent in the hotel elevator.
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US adds tax charges against hotel developers
FORT LAUDERDALE, Fla. -- A father and son who developed hotels in New York and Florida have been indicted on several new federal tax fraud charges. Prosecutors said Wednesday that Mauricio Cohen Assor and Leon Cohen Levy now face a seven-count tax fraud indictment. They had previously been charged with only fraud conspiracy and have pleaded not guilty. The Cohens are accused of failing to report income from the $33 million sale of a New York hotel. They are also accused of hiding assets including multimillion-dollar Miami homes, a condo at Trump World Tower in New York, commercial property, luxury vehicles, and a helicopter worth $1.2 million. If convicted, the Cohens each face up to 14 years in prison and fines, back taxes and penalties.
IHG CFO: Buyback Talk Premature
LONDON (Dow Jones)--InterContinental Hotels Group PLC's (IHG) chief financial officer said Wednesday it would be premature to consider returning cash to shareholders, despite the Holiday Inn-owner's promising start to the year, as it isn't yet clear whether the recovery is sustainable.
In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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Tuesday, May 25, 2010
Columbia Sussex to sell 14 hotels
CRESTVIEW HILLS - Columbia Sussex has struck a deal with a California real estate company to sell 14 of its hotels.
The $518 million sale would cut the hotel franchisee company's holdings to 53 hotels in 26 states, the District of Columbia, Canada and the Caribbean. The hotels being sold garnered Columbia Sussex $142.6 million in revenue in 2009, according to a government filing. Under the deal, the company will continue to manage the properties and also manage future hotel acquisitions.
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The $518 million sale would cut the hotel franchisee company's holdings to 53 hotels in 26 states, the District of Columbia, Canada and the Caribbean. The hotels being sold garnered Columbia Sussex $142.6 million in revenue in 2009, according to a government filing. Under the deal, the company will continue to manage the properties and also manage future hotel acquisitions.
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The World Has Ended - Miami Beach's oceanfront hotels can't serve alcohol on beach
The days of enjoying a piña colada beneath an umbrella on the shores of Miami Beach may be over. The city's attorney has advised officials that beachfront hotels are not allowed to sell or serve alcoholic drinks to customers on the beach. Although hotels regularly peddle tropical drinks through oceanfront concession stands and waiters ferrying libations to sunbathers on lounge chairs, City Attorney Jose Smith says that's against the law. ``Why they haven't been cited, I don't know,'' Smith said.
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Accor to become largest franchiser in Europe
French hotel giant Accor, operator of the Ibis and Novotel brands, aims to become the largest franchiser in Europe.
Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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DiamondRock Signs $155M Agreement for Minneapolis Hilton
MINNEAPOLIS-DiamondRock Hospitality Co., based in Bethesda, MD, has signed a purchase agreement to pay $155.5 million for the 821-room Minneapolis Hilton here. The hotel, the largest in the city, is owned by a joint venture of Greenwich, CT-based Starwood Capital Group and locally-based Haberhill LLC. The venture bought the property in March 2006 for $92 million.
The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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Monday, May 24, 2010
Labor Talks Remain Key to Tavern on The Green's Future
As New York City, the landlord of Tavern on the Green, heads toward a possible smackdown with Donald J. Trump, the Cipriani company and other potential operators interested in taking over the landmark restaurant in Central Park, the question arises: Can future bidders come to an agreement with the powerful Hotel and Motel Trades Council labor union?
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Gaylord strikes deal with lenders
Nashville-based Gaylord Entertainment Co. struck a deal last week with more than a dozen lenders that waives any default by the company resulting from the stoppage of operations at Opryland Resort and Convention Center due to flooding earlier this month.
According to an SEC report filed by the company today, the waiver will expire on Dec. 31 unless Gaylord has substantially repaired, rebuilt and reopened the large hotel and conference center or if all related costs are covered by insurance, cash, or the company’s revolving line of credit.
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According to an SEC report filed by the company today, the waiver will expire on Dec. 31 unless Gaylord has substantially repaired, rebuilt and reopened the large hotel and conference center or if all related costs are covered by insurance, cash, or the company’s revolving line of credit.
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Carlton Hotel on Miami's South Beach faces foreclosure
The Carlton Hotel, an Art Deco-style boutique hotel on South Beach, could be seized by a commercial mortgage-backed securities (CMBS) fund.
An entity formed by the CMBS fund to manage the $13 million mortgage, JPMCC 2007 CIBC19 Collins Lodging, filed a foreclosure lawsuit May 20 against Carlton Hotel LLC, according to Miami-Dade County Circuit Court records. It targets the 67-room hotel at 1433 Collins
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An entity formed by the CMBS fund to manage the $13 million mortgage, JPMCC 2007 CIBC19 Collins Lodging, filed a foreclosure lawsuit May 20 against Carlton Hotel LLC, according to Miami-Dade County Circuit Court records. It targets the 67-room hotel at 1433 Collins
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$42.9 million slot jackpot should have been $20
The correct prize for an apparent $42.9 million slot machine jackpot that a Thornton woman hit at a Central City casino should have been $20.18, Colorado gaming regulators said today.
The errant jackpot appeared on a "Price is Right" penny slot at Fortune Valley Hotel & Casino on March 26 after Louise Chavez made a minimum bet of 40 cents.
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The errant jackpot appeared on a "Price is Right" penny slot at Fortune Valley Hotel & Casino on March 26 after Louise Chavez made a minimum bet of 40 cents.
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3 restaurant servers charged with skimming cards
WASHINGTON (AP) - Three servers at a Cheesecake Factory in Washington are accused of stealing credit card numbers from diners at the restaurant.
Federal authorities say about $117,000 in fraudulent charges were made with the numbers in 2008 and 2009.
The U.S. Secret Service began investigating after Citibank reported many fraudulent charges on cards that had been used at the Cheesecake Factory in the Friendship Heights neighborhood.
Former restaurant employee Nicole Ward is accused of recruiting the other two servers. The three used electronic "skimmers" to capture the numbers and then would hand off the devices to people higher up in the scheme.
Federal authorities say about $117,000 in fraudulent charges were made with the numbers in 2008 and 2009.
The U.S. Secret Service began investigating after Citibank reported many fraudulent charges on cards that had been used at the Cheesecake Factory in the Friendship Heights neighborhood.
Former restaurant employee Nicole Ward is accused of recruiting the other two servers. The three used electronic "skimmers" to capture the numbers and then would hand off the devices to people higher up in the scheme.
Landry's agrees to be bought by CEO for $1.4 billion
Landry's Restaurants Inc's (LNY.N) Chief Executive Tilman Fertitta concluded a nearly two-year-long bid for the company on Monday, after the seafood restaurant operator agreed to be bought for $24 a share, or $1.4 billion, in cash
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Dwyane Wade Back On The Stand In Restaurant Trial
Miami Heat star Dwyane Wade is back on the stand in a trial involving a failed restaurant deal. His former business partners, Mark Rodberg and Lauren Hollander, claim Wade breached a contract for a chain of sports themed restaurants that would bear his name by demanding higher compensation than agreed to, then abandoning the deal in 2008.They're suing him for $25 million.Wade claims he had a reason and a right to pull out of the deal
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Holiday Inn to test smartphone as hotel-room key
InterContinental Hotels Group - parent of the Holiday Inn brands - next month will start testing technology that will let smartphone owners use their phone as their room key. You can try the technology at two hotels: the Holiday Inn Chicago O’ Hare Rosemont hotel (shown) and the Holiday Inn Express Houston Downtown Convention Center hotel. The pilot program could last months; there is no set date to end it at this point.
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Marriott Expands in China
Bethesda-based hotel giant Marriott International says it aims to double its presence in China in the next five years, calling it the world's most compelling tourism market today.
Marriott has signed management contracts for seven more hotels in China and expects to have 60 hotels open in China by the end of this year.
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Marriott has signed management contracts for seven more hotels in China and expects to have 60 hotels open in China by the end of this year.
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Travel Warning - Nigeria
The U.S. Department of State warns U.S. citizens of the risks of travel to Nigeria and continues to recommend U.S. citizens to avoid all but essential travel to the Niger Delta states of Akwa Ibom, Bayelsa, Delta, and Rivers; the Southeastern states of Abia, Edo, and Imo; and the city of Jos in Plateau State, because of the risks of kidnapping, robbery, and other armed attacks in these areas. Violent crime committed by individuals and gangs, as well as by persons wearing police and military uniforms, is a problem throughout the country. This replaces the Travel Warning for Nigeria dated July 17, 2009, to update information on violent activity and crime in Nigeria
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Sunday, May 23, 2010
Hotel firm buying debt in bid to control Allerton
(Crain’s) — A Maryland hotel firm is buying $69 million in debt on the landmark Allerton Hotel as part of a plan to take control of the struggling Michigan Avenue property.
DiamondRock Hospitality Co. said Thursday that it has agreed to acquire the senior mortgage loan on the 443-room hotel, which was hit with a foreclosure suit earlier this month.
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DiamondRock Hospitality Co. said Thursday that it has agreed to acquire the senior mortgage loan on the 443-room hotel, which was hit with a foreclosure suit earlier this month.
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Burger King wins a round in Value Meal Battle with Franchisees
A Miami federal court judge ruled that Burger King has the right to dictate value menu pricing to its franchisees.
The ruling issued late Thursday marked a partial victory for the Miami fast-food chain in its battle with the National Franchisee Association over the $1 double cheeseburger.
Yet the court also still left the door open for franchisees
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The ruling issued late Thursday marked a partial victory for the Miami fast-food chain in its battle with the National Franchisee Association over the $1 double cheeseburger.
Yet the court also still left the door open for franchisees
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Tavern On The Green Without An Operator
NEW YORK (May 21, 2010) Restaurateur Dean Poll has stepped aside as Tavern on the Green's new operator following months of failed negotiations with the union that represents the restaurant's 400 workers, a spokesman for the operator said.
The fine-dining restaurant, located on the west side of Central Park, is a New York City landmark and, before it closed last December, was for years one of the most successful restaurants and catering establishments in the United States. The restaurant is owned by the city, which contracts out the licensing agreement to operate the facility.
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The fine-dining restaurant, located on the west side of Central Park, is a New York City landmark and, before it closed last December, was for years one of the most successful restaurants and catering establishments in the United States. The restaurant is owned by the city, which contracts out the licensing agreement to operate the facility.
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Everett bikini barista pleads guilty
EVERETT, Wash. —
A Bikini barista who had faced a prostitution charge pleaded guilty Monday in Everett Municipal Court to working without an adult entertainment license and was sentenced to 20 days in jail.
The Daily Herald reports she is allowed to serve her time under home electronic monitoring. Judge Timothy O'Dell also ordered the woman to be fully clothed - no bikini or lingerie - when she works at an espresso stand.
The 21-year-old had been charged with prostitution after detectives photographed her licking whipped cream off another barista.
Four other baristas charged after a lewd behavior investigation last year at the Grab-n-Go Espresso stand will have charges dropped if they stay out of trouble for two years.
A Bikini barista who had faced a prostitution charge pleaded guilty Monday in Everett Municipal Court to working without an adult entertainment license and was sentenced to 20 days in jail.
The Daily Herald reports she is allowed to serve her time under home electronic monitoring. Judge Timothy O'Dell also ordered the woman to be fully clothed - no bikini or lingerie - when she works at an espresso stand.
The 21-year-old had been charged with prostitution after detectives photographed her licking whipped cream off another barista.
Four other baristas charged after a lewd behavior investigation last year at the Grab-n-Go Espresso stand will have charges dropped if they stay out of trouble for two years.
Brothers' bikini-clad barista business dream became legal nightmare
Adam Marshall and Steven Rotan figured they had struck marketing gold: espresso stands staffed by bikini-clad baristas.
The Salem duo created a stir in 2007 when women at their Mission Street SE coffee drive-through started wearing bikini tops. The business, once called Coffee Nation, morphed into the Bikini Coffee Co.
It wasn't long before its three outlets — two drive-throughs in Salem and one walkup store in the Portland area — were touted as a Hooters-like phenomenon. Marshall and Rotan boasted of plans for a nationwide franchise and even an international expansion.
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The Salem duo created a stir in 2007 when women at their Mission Street SE coffee drive-through started wearing bikini tops. The business, once called Coffee Nation, morphed into the Bikini Coffee Co.
It wasn't long before its three outlets — two drive-throughs in Salem and one walkup store in the Portland area — were touted as a Hooters-like phenomenon. Marshall and Rotan boasted of plans for a nationwide franchise and even an international expansion.
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Investors battle lender on stalled Chicago hotel
(Crain’s) — Chicago developer Duke Miglin and an Irish group he recruited to invest in his stalled River North hotel project are striking back at the lender trying to foreclose on the property, now just a 16-story concrete shell draped in canvas.
Mr. Miglin and his prospective partner allege that the lender, CapitalSource Finance LLC, reneged on an agreement to recapitalize and restart the planned Staybridge Suites hotel at 127 W. Huron St., which has been idle for nearly two years.
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Mr. Miglin and his prospective partner allege that the lender, CapitalSource Finance LLC, reneged on an agreement to recapitalize and restart the planned Staybridge Suites hotel at 127 W. Huron St., which has been idle for nearly two years.
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Group hopes to raise hotel tax
SAN FRANCISCO — A bid has been launched to temporarily increase the tax on San Francisco hotel rooms by 2 percent, and to garner more tax dollars from online hotel booking companies, to aid the deficit-ridden city.
A coalition of community groups that rely on tax revenue to provide services such as education and public health in San Francisco is aiming to place a measure on the November ballot to garner more dollars from hotels and various websites that offer room bookings for visitors
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A coalition of community groups that rely on tax revenue to provide services such as education and public health in San Francisco is aiming to place a measure on the November ballot to garner more dollars from hotels and various websites that offer room bookings for visitors
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Thursday, May 20, 2010
Hotel developers seek bail to fight US tax charges
FORT LAUDERDALE, Fla. -- A father and son who developed a thriving hotel business are seeking release on bail in Florida so they can fight federal tax charges.
Prosecutors claim 77-year-old Mauricio Cohen Levy and 46-year-old Leon Cohen Levy would flee prosecution and should be kept in custody. They were living in the principality of Monaco before their arrests last month in New York.
A judge in Fort Lauderdale scheduled a hearing Thursday afternoon on the bail request.
The Cohens are charged with failing to report U.S. income from the $33 million sale of one of their New York residential hotels, which operate under the Flatotel name. Their attorney insist both men will stay in South Florida to fight the charges.
Prosecutors claim 77-year-old Mauricio Cohen Levy and 46-year-old Leon Cohen Levy would flee prosecution and should be kept in custody. They were living in the principality of Monaco before their arrests last month in New York.
A judge in Fort Lauderdale scheduled a hearing Thursday afternoon on the bail request.
The Cohens are charged with failing to report U.S. income from the $33 million sale of one of their New York residential hotels, which operate under the Flatotel name. Their attorney insist both men will stay in South Florida to fight the charges.
Atlantic City casinos report 25 percent drop in profits
ATLANTIC CITY — New Jersey casino regulators say Atlantic City's 11 casinos saw their gross operating profits decline by 25.2 percent in the first quarter of 2010.
Gross operating profits totaled $111.2 million for the three-month period. That's down from $148.7 million from the same quarter last year.
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Gross operating profits totaled $111.2 million for the three-month period. That's down from $148.7 million from the same quarter last year.
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Las Vegas Sands closes on $1.75B in Macau loans
LAS VEGAS — Las Vegas Sands Corp. says it has secured $1.75 billion in financing to build its next two phases of development in Macau. The Las Vegas-based casino company said Thursday the money will be used to build hotels along with casino, convention and retail space in the Cotai area of the Chinese gambling enclave. Sands chief executive Sheldon Adelson says a total of 6,000 hotel rooms will be built in phases to attract large conventions and trade shows. Adelson says the development's first phase includes 3,700 hotel rooms and will open during the third quarter of 2011.He says another 2,300 hotel rooms will open in 2012.The owner of the Venetian and Palazzo resorts in Las Vegas already owns three casino-resorts in Macau.
Government seizes $850,000 from company it says brought foreign hotel workers to Orlando illegally
The federal government has seized money from a company that it says misled hundreds of foreign workers brought to Orlando illegally to work in hotels.
The forfeited funds are tied to labor-contracting company Very Reliable Services, according to the U.S. Attorney's Office. The government took nearly $850,000 that is either in VR Services' accounts or owed to the company.
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The forfeited funds are tied to labor-contracting company Very Reliable Services, according to the U.S. Attorney's Office. The government took nearly $850,000 that is either in VR Services' accounts or owed to the company.
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Buddha Bar goes into administration
The well-known London nightspot Buddha Bar on Victoria Embankment has entered administration with the loss of 80 jobs.
Buddha Bar, famed for an 18ft-high Buddha statue in the dining room, opened in August 2008, shortly after the collapse of the bank Lehman Brothers.
The venue ceased trading immediately after administrator Baker Tilly was appointed yesterday and 80 full- and part-time staff were made redundant
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Buddha Bar, famed for an 18ft-high Buddha statue in the dining room, opened in August 2008, shortly after the collapse of the bank Lehman Brothers.
The venue ceased trading immediately after administrator Baker Tilly was appointed yesterday and 80 full- and part-time staff were made redundant
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Wednesday, May 19, 2010
People who down half a bottle of wine daily are HEALTHIER than teetotallers... at least that what French say
People who drink up to half a bottle of wine a day are healthier than teetotallers, according to a surprising new study.
This is because those who enjoyed three glasses of wine a day tended to take more exercise, have a higher social status and suffer from less stress, according to researchers.
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This is because those who enjoyed three glasses of wine a day tended to take more exercise, have a higher social status and suffer from less stress, according to researchers.
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Captain D's sold to Sun Capital affiliate
Private investment firm Sun Capital Partners Inc. has announced that an affiliate has completed the acquisition of Captain D's Seafood Kitchen, the second largest casual seafood chain in the United States. Terms of the purchase from Sagittarius Brands Inc. were not disclosed.
Fort Lee hotel to be privatized after it’s built
The new 1,000-room hotel approved by Congress to be built on Fort Lee to house many of the Army’s transient student population will be sold sometime after the hotel is completed in early 2012.
“The Army is intent on privatizing the hotel through a public, competitive bid process,” Fort Lee Commander Mike Morrow told members of the Chesterfield County Chamber of Commerce’s Government Relations Committee last week. About 10 years ago, all branches of the military began outsourcing the maintenance and civil engineering of bases to local businesses.
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“The Army is intent on privatizing the hotel through a public, competitive bid process,” Fort Lee Commander Mike Morrow told members of the Chesterfield County Chamber of Commerce’s Government Relations Committee last week. About 10 years ago, all branches of the military began outsourcing the maintenance and civil engineering of bases to local businesses.
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Dubai hotel industry to boom in 2010
WAM) With increasing number of hotels, Dubai's hospitality sector is witnessing a rapid surge after facing the impact of global recession last year, say industry experts.
When most of the global economies, especially the US and Europe, are struggling to shake off the shackles of recession, hoteliers in Dubai see more opportunity with large number of new hotel rooms coming up.
'There are between 16,000 and 20,000 hotel rooms to enter the Dubai market by the end of the year, which will contribute to producing lower room rates and attracting more visitors to Dubai,' said Khalid bin Sulayem, Director General of Dubai Tourism and Commerce (DTCM).
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When most of the global economies, especially the US and Europe, are struggling to shake off the shackles of recession, hoteliers in Dubai see more opportunity with large number of new hotel rooms coming up.
'There are between 16,000 and 20,000 hotel rooms to enter the Dubai market by the end of the year, which will contribute to producing lower room rates and attracting more visitors to Dubai,' said Khalid bin Sulayem, Director General of Dubai Tourism and Commerce (DTCM).
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Bankrupt - Another One Bites the Dust
Just 1½ years after opening one of downtown San Diego’s glitziest hotels in the midst a deep recession, the owner of the 184-room Sè San Diego has been notified that it is in default on its construction loan, owing the lender nearly $73 million.
Although the original mortgage of $67.8 million came due a year ago, the German lender, WestLB, waited until late March to officially file a notice of default on the 23-story luxury property.
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Although the original mortgage of $67.8 million came due a year ago, the German lender, WestLB, waited until late March to officially file a notice of default on the 23-story luxury property.
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Proposed levy on hotel development will harm London tourism
The future growth of the tourism industry in London could be at risk from a proposed levy on all new hotel developments.
InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies which have signed a letter to London Mayor Boris Johnson urging him to abandon his plans to put what is effectively a tax on all future hotel developments of £60 per sq m in Central London and £82 per sq m in the Isle of Dogs.
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InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies which have signed a letter to London Mayor Boris Johnson urging him to abandon his plans to put what is effectively a tax on all future hotel developments of £60 per sq m in Central London and £82 per sq m in the Isle of Dogs.
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Accor Sees Long-Term Growth Helped by Expanding Hotels Demand
May 19 (Bloomberg) -- Accor SA, Europe’s largest hotelier, said its long-term growth will be helped by “expanding demand” in both developed and emerging markets.
Accor, which owns the Novotel and Motel 6 chains, aims to become one of the world’s three leading hotel groups by 2015 and to add as many as 40,000 rooms a year, it said in a statement today, confirming earlier targets. The company currently has about 500,000 rooms in 90 countries.
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Accor, which owns the Novotel and Motel 6 chains, aims to become one of the world’s three leading hotel groups by 2015 and to add as many as 40,000 rooms a year, it said in a statement today, confirming earlier targets. The company currently has about 500,000 rooms in 90 countries.
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Panera Bread launches pay-what-you-want nonprofit restaurant
CLAYTON, Mo. -- Panera Bread Co. is asking customers at a new restaurant to pay what they want.
The national bakery and restaurant chain launched a new nonprofit store here this week that has the same menu as its 1,400 other locations. But the prices are a little different -- there aren't any. Customers are told to donate what they want for a meal, whether it's the full suggested price, a penny or $100.
The new store in the upscale St. Louis suburb of Clayton is the first of what Panera hopes will be many in the nation. Ronald Shaich, Panera's CEO until last week, was on hand at the new bakery Monday to explain the system to customers.
The pilot restaurant is run by a nonprofit foundation. If it can sustain itself financially, Panera will expand the model around the country within months. It all depends on whether customers will abide by the motto hanging above the deli counter: ``Take what you need, leave your fair share.''
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The national bakery and restaurant chain launched a new nonprofit store here this week that has the same menu as its 1,400 other locations. But the prices are a little different -- there aren't any. Customers are told to donate what they want for a meal, whether it's the full suggested price, a penny or $100.
The new store in the upscale St. Louis suburb of Clayton is the first of what Panera hopes will be many in the nation. Ronald Shaich, Panera's CEO until last week, was on hand at the new bakery Monday to explain the system to customers.
The pilot restaurant is run by a nonprofit foundation. If it can sustain itself financially, Panera will expand the model around the country within months. It all depends on whether customers will abide by the motto hanging above the deli counter: ``Take what you need, leave your fair share.''
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Hilton Checkers Changing Hands
DOWNTOWN LOS ANGELES – Chesapeake Lodging Trust, an Annapolis, Maryland-based lodging and real estate investment trust, is in escrow to purchase the Hilton Checkers in Downtown.
Chesapeake is buying the 188-room hotel at 535 S. Grand Ave. for $46 million, said Doug Vicari, the company’s chief financial officer. The deal is expected to close by May 30 and the hotel will remain a Hilton, Vicari said.
The company, which went public in January and purchased its first hotel, the Boston Hyatt Regency, in March, was drawn to Downtown Los Angeles by the lure of L.A. Live and signs of a turnaround in what has recently been a dismal hospitality industry market, said Vicari.
“We think the combination of L.A. Live and the Marriot/Ritz Carlton is going to add value and draw demand into the marketplace,” Vicari said.
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Chesapeake is buying the 188-room hotel at 535 S. Grand Ave. for $46 million, said Doug Vicari, the company’s chief financial officer. The deal is expected to close by May 30 and the hotel will remain a Hilton, Vicari said.
The company, which went public in January and purchased its first hotel, the Boston Hyatt Regency, in March, was drawn to Downtown Los Angeles by the lure of L.A. Live and signs of a turnaround in what has recently been a dismal hospitality industry market, said Vicari.
“We think the combination of L.A. Live and the Marriot/Ritz Carlton is going to add value and draw demand into the marketplace,” Vicari said.
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Tuesday, May 18, 2010
Acorn and Hyatt planning joint Africa hotel portfolio
Acorn Fund Management, in partnership with Hyatt International, is launching a portfolio that will invest in hotels in Africa.
The African Hospitality Growth fund is targeting a return of 100% over a five-year period, equal to an internal rate of return of 17% per year.
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The African Hospitality Growth fund is targeting a return of 100% over a five-year period, equal to an internal rate of return of 17% per year.
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InterContinental plans 18 new Hotels in Atlanta
InterContinental Hotel Group Plc plans to open 18 new hotels in metro Atlanta over the next three years, including a new Crowne Plaza.
The development by IHG, which has its North American headquarters in Atlanta, will involve a blend of new construction and renovation of other properties, including two that were once office buildings. It will encompass a variety of brands, including Holiday Inn, Holiday Inn Express, Crowne Plaza, Staybridge Suites, Candlewood Suites and Hotel Indigo.
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The development by IHG, which has its North American headquarters in Atlanta, will involve a blend of new construction and renovation of other properties, including two that were once office buildings. It will encompass a variety of brands, including Holiday Inn, Holiday Inn Express, Crowne Plaza, Staybridge Suites, Candlewood Suites and Hotel Indigo.
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MGM Mirage files counterclaim against Contractor
LAS VEGAS — MGM Mirage says it believes the contractor that built the $8.5 billion CityCenter complex on the Las Vegas Strip owes hundreds of millions of dollars for defective work and mishandled billing that has left many subcontractors unpaid.
In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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Extended Stay Says Starwood Capital Bid ’Better’ Than Rival’s Offer
May 18 (Bloomberg) -- Investors led by Starwood Capital Group made a “better” bid for Extended Stay Inc. than an earlier offer from Centerbridge Partners LP and Paulson & Co., a lawyer for the bankrupt hotel chain said.
Extended Stay, which is seeking to sell its assets in an effort to emerge from bankruptcy protection, received the Starwood bid yesterday, the deadline for submitting competing offers for the hotel operator.
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Extended Stay, which is seeking to sell its assets in an effort to emerge from bankruptcy protection, received the Starwood bid yesterday, the deadline for submitting competing offers for the hotel operator.
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Icahn appeals court decision on Trump casinos
NEW YORK, May 17 (Reuters) - Investor Carl Icahn appealed on Monday a bankruptcy court decision giving Donald Trump and a group of bondholders control of Atlantic City-based Trump Entertainment Resorts Inc (TRMPQ.PK).
Icahn and partner Andy Beal asked U.S. Bankruptcy Court Judge Judith Wizmur to temporarily prevent Trump and the bondholders led by Marc Lasry's Avenue Capital Group from taking over the three casinos
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Icahn and partner Andy Beal asked U.S. Bankruptcy Court Judge Judith Wizmur to temporarily prevent Trump and the bondholders led by Marc Lasry's Avenue Capital Group from taking over the three casinos
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Sam Seltzer's closed for business
TAMPA - A Tampa-based restaurant chain says it can longer survive the economy. Sam Seltzer's Steakhouse is shutting its doors for good. The sudden announcement came as a surprise to customers stopping at the North Dale Mabry location Monday. Norma Arbogast arrived with her son Richard, visiting from Texas. They planned to meet up with relatives for dinner. "This is where we always come when he gets to Florida," Norma said.
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Argentine Food Workers Seek 35% Salary Increase, La Nacion Says
May 18 (Bloomberg) -- Argentine unions representing about 80,000 workers in the food industry are in talks brokered by the Labor Ministry over their demand for a salary increase of 35 percent this year, La Nacion said.
Workers are striking at three factories owned by Arcor SA, Argentina’s biggest candy exporter, as negotiations continue, the newspaper reported, without saying where it obtained the information.
The restaurant employees union is also threatening a four-day strike that would begin May 22, at the start of a holiday weekend to celebrate Argentina’s bicentennial, La Nacion said. The workers are demanding a salary raise of between 34 percent and 40 percent, the newspaper reported
Workers are striking at three factories owned by Arcor SA, Argentina’s biggest candy exporter, as negotiations continue, the newspaper reported, without saying where it obtained the information.
The restaurant employees union is also threatening a four-day strike that would begin May 22, at the start of a holiday weekend to celebrate Argentina’s bicentennial, La Nacion said. The workers are demanding a salary raise of between 34 percent and 40 percent, the newspaper reported
Martinique Gets New AA Flights, First U.S. Hotel Set for 2011
On the heels of finalizing a deal for the country’s first U.S. brand hotel, Martinique capped off an exciting three weeks by announcing new American Airlines flights on Monday. Travel Agent was the first to bring you the news of the initial plans back in April of last year.
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Rosen rebranding 3 hotels
Rosen Hotels & Resorts, which includes seven properties totaling 6,300 guest rooms and suites, will rebrand three of its four leisure hotels as of Oct. 1.
The Orlando-based privately held hotel group recently completed a $30 million room and property renovation on all four leisure hotels. This fall, the Quality Inn Plaza and the Rodeway Inn International will become Rosen Inns, and the Comfort Inn Lake Buena Vista will become a Clarion.
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The Orlando-based privately held hotel group recently completed a $30 million room and property renovation on all four leisure hotels. This fall, the Quality Inn Plaza and the Rodeway Inn International will become Rosen Inns, and the Comfort Inn Lake Buena Vista will become a Clarion.
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Luxury Hotels Are Burgeoning in China
HONG KONG — High, high up, on the 118th floor of Hong Kong’s tallest building, a deep concrete pit awaits mutation into a swimming pool. Hard-hatted, dust-covered workers swarm about a site that will soon house six dining venues, a spa, a gym and 312 rooms with views of Hong Kong and the surrounding islands.
The opening of the Ritz-Carlton, which will be the world’s highest hotel — with an alfresco rooftop bar 490 meters, or 1,600 feet, above sea level — is still about six months away.
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The opening of the Ritz-Carlton, which will be the world’s highest hotel — with an alfresco rooftop bar 490 meters, or 1,600 feet, above sea level — is still about six months away.
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Accor To Dispose Of 450 Hotels In 2010-2013
PARIS (Dow Jones)--French hotels group Accor SA (AC.FR) plans to reduce the property holdings it holds outright by selling 450 hotels between 2010 and 2013, and expects to continue to restructure its property portfolio beyond 2013, according to a document published on its website Tuesday.
The company is in the process of separating from its vouchers business, which is scheduled to be listed on the Paris stock market on July 2.
The split remains subject to shareholder approval at the annual meeting on June 29.
Accor said the 2010-2013 asset sale program is expected to increase its cash by EUR1.6 billion and reduce its adjusted net debt by EUR2.0 billion
The company is in the process of separating from its vouchers business, which is scheduled to be listed on the Paris stock market on July 2.
The split remains subject to shareholder approval at the annual meeting on June 29.
Accor said the 2010-2013 asset sale program is expected to increase its cash by EUR1.6 billion and reduce its adjusted net debt by EUR2.0 billion
Sale of St James's Hotel and Club brings in foreign investors
The St James's Hotel and Club is the latest luxury hotel in London to be generating widespread interest from foreign investors as it goes up for sale.
Situated in a quiet cul-de-sac in Mayfair, the five-star, 60-bedroom hotel, is attracting offers of more than £60m.
Henrik Muehle, the hotel's managing director, said that the property would represent a trophy asset to any investment group.
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Situated in a quiet cul-de-sac in Mayfair, the five-star, 60-bedroom hotel, is attracting offers of more than £60m.
Henrik Muehle, the hotel's managing director, said that the property would represent a trophy asset to any investment group.
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Is The W Atlanta Perimeter Closing Later This Year?
Uh-oh. It looks like there is trouble brewing at the W Atlanta Perimeter. A tipster wrote in to tell us that the hotel that the hotel is in the process of being sold to an unknown hotelier. Hotel managers were even told they had until the end of the year to apply for a new job within the company.
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Bill Gates Boosts His Stake In Strategic Hotels By 8M Shares
DOW JONES NEWSWIRES
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
Monday, May 17, 2010
Hotels Gear Up for Tech-Savvy Guests
Despite the lingering economic turndown, hotels are investing in technology to ensure that tech-loving travelers are as content in the hotel room as they are in their fully-equipped homes.
Or perhaps a bit happier, given that hoteliers are offering access to new devices like the iPad, IP TV, and a slew of smartphone apps that enable guests to check in and order room service from their phone.
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Or perhaps a bit happier, given that hoteliers are offering access to new devices like the iPad, IP TV, and a slew of smartphone apps that enable guests to check in and order room service from their phone.
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Berkeley restaurant falls victim to credit card scam
BERKELEY, CA (KGO) -- Anyone can get scammed from thousands of miles away and not even know it. An international credit card fraud ring has been targeting restaurants across the nation and a busy East Bay restaurant got caught up in it. Lots of people use credit cards every day on the Internet, over the phone, and swipe them, taking the system for granted. In Berkeley, Jim Maser of Picante Restaurant has spent a lot of good will and time in building a good reputation for over 16 years.
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US travel agent faces 25 years jail for fraud
A US travel agent could be sentenced to up to 25 years in prison after being found guilty of massive ticketing fraud. Prosecutors told a Manhattan court that Virginia Wofford, 53, swindled American Express out of $US35m in fictitious travel over a three-year period.
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Va. restaurant owner pleads guilty to bank fraud
ALEXANDRIA, Va. — A flashy Virginia restaurant owner with a penchant for sports cars has pleaded guilty in federal court to a series of bank frauds totaling more than $50 million. Osama El-Atari, 31, owned a small chain of steakhouses in the Washington, D.C., suburbs and was known for driving Lamborghinis and Ferraris. Last year, authorities say he disappeared after several banks discovered they had been defrauded. He was thought to have left the country and Brazilian authorities say El-Atari tried to fake his own death, buying a death certificate there. He was tracked this year to Texas.On Thursday, El-Atari pleaded guilty to three counts of bank fraud and one count of money laundering. He could face between 16 to 20 years in prison under sentencing guidelines.
Valley Forge finance director held for theft
A 71-year-old Norristown man who served as finance director for the Valley Forge Convention and Visitors Bureau was busy writing checks between 2002 and 2009, law enforcement authorities said Wednesday. Under normal circumstances, that wouldn't raise an auditor's eyebrow. But 293 of those checks, totaling $775,509.44, were to himself, though they showed up on bureau books as payable to vendors, according to records filed in Montgomery County.
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Meat supplier has beef with Gordon Ramsay
Another local restaurant-business supplier has come forward to accuse super-chef Gordon Ramsay of not paying his bills.
Last week, The Post reported the "Hell's Kitchen" star is being sued by two wine distributors who claim he stiffed them on bills of about $40,000 each. Now, Michael Braunschweiger, owner of the Bronx-based meat purveyor Endicott Meats, tells Page Six that Ramsay has gone AWOL on a bill for a cool $190,000.
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Last week, The Post reported the "Hell's Kitchen" star is being sued by two wine distributors who claim he stiffed them on bills of about $40,000 each. Now, Michael Braunschweiger, owner of the Bronx-based meat purveyor Endicott Meats, tells Page Six that Ramsay has gone AWOL on a bill for a cool $190,000.
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Las Vegas Hilton reports loss in first quarter
The Las Vegas Hilton swung to a loss during the first quarter of 2010 as revenue fell, according to a filing with the Securities and Exchange Commission on Friday.
The hotel-casino reported a loss of $2.1 million during the first quarter, compared to a $3 million profit in the same period of 2009.
Net revenue fell by 10.8 percent, from $60.4 million in the first quarter of 2009 to $53.9 million in the first quarter of 2010.
Casino revenue decreased by 17.4 percent to $19.6 million during the quarterly period.
For the first quarter of 2010, room revenue was $20.8 million, a decrease of $1.9 million from the first quarter of 2009. The property didn't include average daily room rates and occupancy numbers in the filing.
Food and beverage revenue remained relatively unchanged for the quarter at $16.1 million.
The hotel-casino reported a loss of $2.1 million during the first quarter, compared to a $3 million profit in the same period of 2009.
Net revenue fell by 10.8 percent, from $60.4 million in the first quarter of 2009 to $53.9 million in the first quarter of 2010.
Casino revenue decreased by 17.4 percent to $19.6 million during the quarterly period.
For the first quarter of 2010, room revenue was $20.8 million, a decrease of $1.9 million from the first quarter of 2009. The property didn't include average daily room rates and occupancy numbers in the filing.
Food and beverage revenue remained relatively unchanged for the quarter at $16.1 million.
Follow Up - Posh-hotel concierge caught on camera $queezing cabbies
Caught green-handed!
This stunning shakedown -- snapped by Post photographers -- is just one of the hundreds that doormen at swanky hotels demand every day from helpless cabbies, the hacks complain. The Paramount Hotel's concierge, Brian Conboy, was spotted demanding money in exchange for lucrative airport-bound fares -- not only from this driver but about a dozen others during a two-day period last week. Photographers snapped him shaking down three drivers on Friday and Saturday, and reporters observed several others.
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This stunning shakedown -- snapped by Post photographers -- is just one of the hundreds that doormen at swanky hotels demand every day from helpless cabbies, the hacks complain. The Paramount Hotel's concierge, Brian Conboy, was spotted demanding money in exchange for lucrative airport-bound fares -- not only from this driver but about a dozen others during a two-day period last week. Photographers snapped him shaking down three drivers on Friday and Saturday, and reporters observed several others.
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Carluccio's warns of uncertain trading despite a rise in profits
Italian restaurant chain Carluccio’s has posted an 8% rise in pretax profit to £2.7m for the first half of the financial year but warned that trading conditions are likely to remain uncertain.
The company reported strong trading for the six months to 28 March and said that turnover for the period was up 8% to £37.1m compared with last year’s £34.5m.
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The company reported strong trading for the six months to 28 March and said that turnover for the period was up 8% to £37.1m compared with last year’s £34.5m.
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Riviera loses $4.5 million, says bankruptcy possible
Riviera Holdings Corp., owner of casinos in Las Vegas and Colorado, today said it lost $4.5 million as revenue fell in the first quarter.
The loss, amounting to 36 cents per share, compares to a loss in the year-ago quarter of $1 million or 8 cents per share.
Net revenue of $30.8 million was down from $34.7 million in the year-ago quarter.
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The loss, amounting to 36 cents per share, compares to a loss in the year-ago quarter of $1 million or 8 cents per share.
Net revenue of $30.8 million was down from $34.7 million in the year-ago quarter.
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Sunday, May 16, 2010
Starbucks has a new growth strategy — more revenue with lower costs
Starbucks is once again looking to grow, but this time will be different.
The coffee juggernaut is not aiming for seven new stores a day, a clip it reached three years ago after setting a goal of 30,000 stores worldwide. That dream died a year later and just over halfway there with sales and profits sliding before other retailers really felt the recession. The Seattle company has since closed nearly 900 stores and eliminated more than 34,000 jobs.
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The coffee juggernaut is not aiming for seven new stores a day, a clip it reached three years ago after setting a goal of 30,000 stores worldwide. That dream died a year later and just over halfway there with sales and profits sliding before other retailers really felt the recession. The Seattle company has since closed nearly 900 stores and eliminated more than 34,000 jobs.
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Hideout for Hollywood stars on the market
THE St James’s Hotel and Club, whose members have included Sir Michael Caine and Sir Sean Connery, is up for sale for £60m.
The luxury venue, a stone’s throw from the Ritz hotel in central London, has been owned by the Landesberg and Rosenberg families, who are well known property investors, for the past five years.
They bought the site for £20m from Sir Cyril Stein, the former boss of Ladbrokes, and have spent millions refurbishing the property
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The luxury venue, a stone’s throw from the Ritz hotel in central London, has been owned by the Landesberg and Rosenberg families, who are well known property investors, for the past five years.
They bought the site for £20m from Sir Cyril Stein, the former boss of Ladbrokes, and have spent millions refurbishing the property
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Hotel occupancy up 30 pct in Vietnam
Hotel occupancy rose around 30 percent in the first four months of this year on the back of a recovering tourism sector, an industry official said.
Local hotels were 65 percent full on average during the period, compared to the usual 50 percent, Do Thi Hong Xoan, director of the Hotel Department at the Vietnam National Administration of Tourism was quoted by the Vietnam Economic Times as saying.
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Local hotels were 65 percent full on average during the period, compared to the usual 50 percent, Do Thi Hong Xoan, director of the Hotel Department at the Vietnam National Administration of Tourism was quoted by the Vietnam Economic Times as saying.
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Dubai eyes new hotel service charges law
Dubai is considering implementing a new law to regulate the distribution of the ten percent service charge hotels receive from guests, according to a report by Arabian Business.
The new law is being prepared by Dubai's Department of Tourism and Commerce Marketing, an executive from the tourism authority told Arabian Business.
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The new law is being prepared by Dubai's Department of Tourism and Commerce Marketing, an executive from the tourism authority told Arabian Business.
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Chicago's Allerton Hotel becomes latest, and largest, foreclosure
After loading up on debt near the top of the market, the owner of the landmark Allerton Hotel is all tapped out at the bottom.
A joint venture led by San Francisco-based Chartres Lodging Group LLC has defaulted on $70 million in loans on the 443-room hotel, according to a foreclosure suit filed at the end of April.
Known for its Tip Top Tap lounge — now a ballroom — the 86-year-old tower at 701 N. Michigan Ave. is now grabbing the attention of vulture investors trying to capitalize on its misfortune, caused by heavy borrowing and a severe slump in the downtown hotel market. The Allerton is the largest and latest downtown hotel to run into loan trouble in the recession, but it won't be the last
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A joint venture led by San Francisco-based Chartres Lodging Group LLC has defaulted on $70 million in loans on the 443-room hotel, according to a foreclosure suit filed at the end of April.
Known for its Tip Top Tap lounge — now a ballroom — the 86-year-old tower at 701 N. Michigan Ave. is now grabbing the attention of vulture investors trying to capitalize on its misfortune, caused by heavy borrowing and a severe slump in the downtown hotel market. The Allerton is the largest and latest downtown hotel to run into loan trouble in the recession, but it won't be the last
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Opryland Hotel tax break proposal approved
NASHVILLE - Even in a time of state budget problems, legislators have ideas for tax breaks for those suffering damage from natural disasters, be they big corporations or individual families.
The Senate Finance Committee approved Thursday a proposal that could give Nashville's posh Opryland Hotel a state tax break as it repairs damage from recent flooding.
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The Senate Finance Committee approved Thursday a proposal that could give Nashville's posh Opryland Hotel a state tax break as it repairs damage from recent flooding.
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Unhappy Stock Owners Say Denny's Is No Grand Slam
After canvassing a number of large and small institutional shareholders both supportive and critical of CEO Nelson Marchioli, Barron's concludes the dissidents are supported by stockholders of as much as 35% of Denny's shares outstanding, which would give them at least one of the three board seats sought in the May 19 vote. How many are won will depend on a few very large institutional holders, which together own about 75% of Denny's stock.
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Saturday, May 15, 2010
Jack in the Box Misses
Jack in the Box Inc. (JACK - Snapshot Report) posted fiscal 2010 second-quarter earnings of 32 cents per share recently. The company’s earnings came in behind both the Zacks Consensus Estimate of 40 cents per share as well as the year-ago result of 52 cents. The worse-than-expected result was primarily caused by sluggish sales and higher overheads.
San Diego-based Jack in the Box is a restaurant company that operates and franchises more than 2,200 Jack in the Box quick-service restaurants across 18 states. The company, through a wholly owned subsidiary, also operates and franchises Qdoba Mexican Grill fast-casual dining chain, with more than 500 restaurants in 43 states and the District of Columbia.
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San Diego-based Jack in the Box is a restaurant company that operates and franchises more than 2,200 Jack in the Box quick-service restaurants across 18 states. The company, through a wholly owned subsidiary, also operates and franchises Qdoba Mexican Grill fast-casual dining chain, with more than 500 restaurants in 43 states and the District of Columbia.
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Hooters Hotel loses $3.9 million, says bankruptcy still possible
The privately held Hooters hotel-casino in Las Vegas lost $3.9 million in the first quarter as revenue fell.
The loss was about even with the $4 million lost in the first quarter of 2009.
Net operating revenue of $11.3 million in the 2010 first quarter was down from $13.3 million in the year-ago quarter.
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The loss was about even with the $4 million lost in the first quarter of 2009.
Net operating revenue of $11.3 million in the 2010 first quarter was down from $13.3 million in the year-ago quarter.
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S. Fla. hotel occupancy continues to climb
Despite growing worry about the oil spill in the Gulf of Mexico impacting statewide tourism, occupancy at South Florida hotels rose again last week, according to Smith Travel Research.
For the week ended May 7, occupancy in Palm Beach County rose 13.7 percent, year-over-year. Occupancy in Broward County rose 7.8 percent. Occupancy in Miami-Dade rose 5.2 percent. Occupancy across the U.S. rose 6.4 percent.
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For the week ended May 7, occupancy in Palm Beach County rose 13.7 percent, year-over-year. Occupancy in Broward County rose 7.8 percent. Occupancy in Miami-Dade rose 5.2 percent. Occupancy across the U.S. rose 6.4 percent.
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Sonesta International Hotels Corp. Reports Operating Results
Business levels at the Company s owned and leased hotels improved during the first quarter of 2010 compared to the same quarter in 2009. Operating losses at Royal Sonesta Hotel Boston decreased from $1,513,000 in the first quarter of 2009 to $1,405,000 in the 2010 first quarter, a decrease of $108,000. Royal Sonesta New Orleans recorded operating income of $1,137,000 in the 2010 first quarter compared to $199,000 last year, representing an increase of $938,000. This increase was the result of a 12% revenue increase, and lower rent expense. Operating losses from management activities decreased by $270,000 to $883,000 in the 2010 first quarter, due to increased management income from the Company s hotels and ships in Egypt as well as increased franchise income. Interest expense decreased following the refinancing of the mortgage loan secured by Royal Sonesta Hotel Boston in February 2010. A detailed analysis of the revenues and income by location follows.
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Thursday, May 13, 2010
Extended Stay Has ‘Number of Bidders’ Before Auction
May 13 (Bloomberg) -- Extended Stay Hotels Inc. is talking to a “number of interested bidders” as it prepares for an auction of its assets later this month, the hotel chain’s lawyer said.
Jacqueline Marcus, Extended Stay’s bankruptcy lawyer, said today at a court hearing that the company has heard from “various parties” that are interested in making investment proposals for the company
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Jacqueline Marcus, Extended Stay’s bankruptcy lawyer, said today at a court hearing that the company has heard from “various parties” that are interested in making investment proposals for the company
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Strategic Hotels to conduct public offering
Strategic Hotels & Resorts Inc. said Monday it plans to make a public offering of 40 million shares of its common stock with an option to purchase up to 6 million more shares to cover overallotments. The real estate investment trust, which owns interests in 17 properties, plans to use the proceeds to fund its offer for its senior notes and for general corporate purposes. Shares of Strategic Hotels fell 74 cents, or 12 percent, to $5.19 in midday trading.
Manhattan doormen demanding bribes from taxis
Hotel doormen across Manhattan are shaking down yellow cabbies for bribes of up to $15 before allowing them to transport guests to local airports, taxi officials told The Post.
Drivers who refuse to pay are blacklisted.
The rampant practice has sparked a Taxi and Limousine Commission investigation — and earned the ire of furious drivers.
"This stuff goes on day in and day out at hotels all over Midtown," said David Pollack, a former driver and director of the Committee for Taxi Safety. "It’s never happened as much as it is now. Everyone’s hurting for money and no one is stopping it."
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Drivers who refuse to pay are blacklisted.
The rampant practice has sparked a Taxi and Limousine Commission investigation — and earned the ire of furious drivers.
"This stuff goes on day in and day out at hotels all over Midtown," said David Pollack, a former driver and director of the Committee for Taxi Safety. "It’s never happened as much as it is now. Everyone’s hurting for money and no one is stopping it."
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Nashville lands Loews Hotels services center with 200 jobs
The New York-based company has leased 40,000 square feet of space in the Fifth Third Center for the shared services center, which it plans to open in September.
Nashville was among four U.S. cities that made a final cut for the project from an initial list of 10. Loews plans to centralize tasks such as accounting, payroll and purchasing in the new office space.
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Nashville was among four U.S. cities that made a final cut for the project from an initial list of 10. Loews plans to centralize tasks such as accounting, payroll and purchasing in the new office space.
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Banks Embrace ‘Extend and Pretend’ as U.S. Hotels Await Rebound
May 13 (Bloomberg) -- A year ago, Sam Nazarian was concerned bankers wouldn’t rework the mortgage on his SLS Hotel at Beverly Hills after the recession cut occupancy and the luxury property lost money.
“There was a point in time when getting a lender on the phone to talk restructuring was very challenging,” said the Los Angeles nightclub owner and hotelier, who has played himself on the HBO series “Entourage” and has a house next to actor Leonardo DiCaprio’s in the Hollywood Hills
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“There was a point in time when getting a lender on the phone to talk restructuring was very challenging,” said the Los Angeles nightclub owner and hotelier, who has played himself on the HBO series “Entourage” and has a house next to actor Leonardo DiCaprio’s in the Hollywood Hills
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New Wyndham Hotel Opens in Heart of Miami's South Beach
PARSIPPANY, NJ, May 13, 2010 (MARKETWIRE via COMTEX) -- Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation /quotes/comstock/13*!wyn/quotes/nls/wyn (WYN 25.60, -0.62, -2.37%) , today announced its continued expansion in Florida with the opening of the 133-room-and-suite Wyndham Garden(R) Hotel Miami South Beach.
The newly-renovated Wyndham Garden Hotel Miami South Beach, located in South Beach's entertainment district at 1050 Washington Avenue, is just a short drive from Miami International Airport and the Port of Miami and walking distance to the Miami Beach Convention Center. For beach-goers, the hotel sits only two blocks from Miami's white sand beaches.
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The newly-renovated Wyndham Garden Hotel Miami South Beach, located in South Beach's entertainment district at 1050 Washington Avenue, is just a short drive from Miami International Airport and the Port of Miami and walking distance to the Miami Beach Convention Center. For beach-goers, the hotel sits only two blocks from Miami's white sand beaches.
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Wednesday, May 12, 2010
Papa John's global president Mitchell resigns
(May 12, 2010) Papa John’s International Inc. said chief financial officer David Flanery would oversee the company’s global operations on an interim basis following the resignation of its president of global operations, William M. Mitchell.
In filing made Tuesday with the Securities and Exchange Commission, Papa John's said Mitchell had resigned April 29 and that it had agreed to pay him $463,906 in severance.
Jude Thompson, Papa John’s president who recently was promoted to co-chief executive, informed investors of Mitchell’s resignation during the company’s most recent earnings conference call.
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In filing made Tuesday with the Securities and Exchange Commission, Papa John's said Mitchell had resigned April 29 and that it had agreed to pay him $463,906 in severance.
Jude Thompson, Papa John’s president who recently was promoted to co-chief executive, informed investors of Mitchell’s resignation during the company’s most recent earnings conference call.
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Clearview To Raise $375M For Hotel Buys
May 11 (Reuters) - Clearview Hotel Trust Inc filed with U.S. regulators on Tuesday to raise up to $375 million in an initial public offering of common stock. The California-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that BofA Merrill Lynch, Citi, Deutsche Bank Securities and UBS Investment Bank were underwriting the IPO. The company is a real estate investment trust with a portfolio of mainly upscale full service hotel properties in the United States. The company had revenue of $142.6 million in 2009, the filing showed. The filing did not reveal how many shares the company planned to sell or their expected price.
Carlson picks tony address for first U.S. Radisson Blu luxury hotel
Carlson will spend $125 million for the tony address, making it one of the priciest hotel buys yet as hotel investors seek distressed properties. With credit markets still tight, Carlson is paying half the amount in cash, the AP story says.
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Tuesday, May 11, 2010
Foreclosures take smaller bite out of Orlando hotel market
As Central Florida struggles with some of the highest home-mortgage delinquency rates in the nation, local hotel owners appear to be doing a better job than their peers elsewhere at keeping their properties out of trouble with lenders.
Even after a year of poor occupancy and revenue-robbing discounts, a relatively small number of hotels are behind on their payments in this, the nation's second-largest hotel market, according to a New York company that tracks commercial-mortgage activity.
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Even after a year of poor occupancy and revenue-robbing discounts, a relatively small number of hotels are behind on their payments in this, the nation's second-largest hotel market, according to a New York company that tracks commercial-mortgage activity.
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At High-End Hotels, Business Is Looking Up
IN the depths of the recession, a cartoon made the rounds in the executive offices of the Ritz-Carlton hotel chain. “It showed a guy trying to change the name on the sign above his hotel from Ritz to Fritz,” said Simon Cooper, the president of Ritz-Carlton, which is the top luxury brand of Marriott International.
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Nakheel Gets Dubai Support to Pay $980 Million Bond
May 11 (Bloomberg) -- Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, said the Dubai Financial Support Fund provided money for the full payment of its Islamic bond maturing May 13.
Nakheel’s floating-rate 3.6 billion dirhams ($980 million) Islamic bond, or sukuk, rose 1.5 percent to 98.5 fils to the dirham after the announcement, according to Mashreq Capital DIFC Ltd. The notes have climbed about 50 percent since Dubai World on March 25 proposed to renegotiate terms of its debt. Nakheel’s statement was posted on Nasdaq Dubai’s website today.
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Nakheel’s floating-rate 3.6 billion dirhams ($980 million) Islamic bond, or sukuk, rose 1.5 percent to 98.5 fils to the dirham after the announcement, according to Mashreq Capital DIFC Ltd. The notes have climbed about 50 percent since Dubai World on March 25 proposed to renegotiate terms of its debt. Nakheel’s statement was posted on Nasdaq Dubai’s website today.
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Sands China Has $1.75 Billion Financing for Expansion
May 11 (Bloomberg) -- Sands China Ltd., Asia’s biggest casino operator by market value, obtained $1.75 billion of debt financing from a group of banks to resume building a resort in Macau, Chief Executive Officer Steve Jacobs said.
Sands China may sign agreements with seven main banks, including international and Chinese lenders, as soon as this week, Jacobs said an interview in Hong Kong today. The company will also spend about $500 million from its initial public offering in November on the resort in Macau, the only place in China where casinos are legal.
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Sands China may sign agreements with seven main banks, including international and Chinese lenders, as soon as this week, Jacobs said an interview in Hong Kong today. The company will also spend about $500 million from its initial public offering in November on the resort in Macau, the only place in China where casinos are legal.
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Enterprise Inns Rises After Refinancing Debt
May 11 (Bloomberg) -- Enterprise Inns Plc, the U.K.’s second-biggest pub owner, rose the most since January in London trading after saying it had refinanced bank debt and made a first-half profit.
Enterprise Inns climbed as much as 15 percent. Net income was 82 million pounds ($121.5 million) in the six months ended March 31, from zero pounds a year earlier, the Solihull, England-based company said in a statement today
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Enterprise Inns climbed as much as 15 percent. Net income was 82 million pounds ($121.5 million) in the six months ended March 31, from zero pounds a year earlier, the Solihull, England-based company said in a statement today
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Ash Cloud May Cost Travel Industry $1.5 Billion, TUI Chief Says
May 11 (Bloomberg) -- The volcanic ash cloud that shut down U.K. airspace for six days last month may have cost the travel industry more than 1 billion pounds ($1.5 billion), according to Peter Long, the head of tour operator TUI Travel Plc.
TUI, Europe’s largest tourism company, said today that operating profit will be reduced by about 90 million pounds because of canceled holidays, as well as the cost of looking after stranded customers and getting them home. Also today, EasyJet Plc, Europe’s second-biggest discount airline, said the disruption to flights cost it 50 million pounds to 75 million pounds.
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TUI, Europe’s largest tourism company, said today that operating profit will be reduced by about 90 million pounds because of canceled holidays, as well as the cost of looking after stranded customers and getting them home. Also today, EasyJet Plc, Europe’s second-biggest discount airline, said the disruption to flights cost it 50 million pounds to 75 million pounds.
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Conflict over plan to close Wyndham Nassau Resort
A disagreement between the Bahamas Hotel Catering and Allied Workers Union (BHCAWU) and Baha Mar could lead to industrial action in the coming weeks, as the hotel workers union has taken exception to a proposal by the Wyndham Nassau Resort to close for nearly two months later this year.
The Nassau Guardian understands that the Wyndham's proposition to close its hotel and casino from August 23 to October 7, 2010 - as it did last year - is being regarded as contrary to the agreement the hotel union signed with the Bahamas Hotel Employers Association last year, which said that the BHEA would not lay off any hotel workers in 2010 if the union agreed the BHEA could reduce its pension contributions by half this year.
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The Nassau Guardian understands that the Wyndham's proposition to close its hotel and casino from August 23 to October 7, 2010 - as it did last year - is being regarded as contrary to the agreement the hotel union signed with the Bahamas Hotel Employers Association last year, which said that the BHEA would not lay off any hotel workers in 2010 if the union agreed the BHEA could reduce its pension contributions by half this year.
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Caribbean Tourist Arrivals Down 3.2 % in 2009
According to Caribbean Hotels and Tourism Investment Conference presenter Carlos Vogeler, international tourist arrivals to the entire Caribbean was down 3.2 percent to 19.4 million arrivals coming all of last year. The regional director for the Americas said they were visitors that contributed to a total of $22.4 billion in receipts recorded in 2009, although that was down by 4.1 percent from the year-ago period.
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IHG First Quarter Results to 31 March 2010
Business headlines
Global constant currency first quarter RevPAR growth of 0.2%, including growth of 4.1% in March.
Asia Pacific was the strongest region reporting RevPAR growth of 10.0%, including a 22.2% increase in Greater China.
5,151 net rooms (38 hotels) added in the quarter, increasing total system size to 651,830 rooms (4,476 hotels).
9,872 rooms (82 hotels) added to the system, 4,721 rooms (44 hotels) removed in line with our quality growth strategy.
8,160 rooms (55 hotels) signed, taking the pipeline to 200,895 rooms (1,344 hotels).
Net debt of $1.1bn, down $0.2bn on the position as at 31 March 2009 and held flat on the position as at 31 December 2009.
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Global constant currency first quarter RevPAR growth of 0.2%, including growth of 4.1% in March.
Asia Pacific was the strongest region reporting RevPAR growth of 10.0%, including a 22.2% increase in Greater China.
5,151 net rooms (38 hotels) added in the quarter, increasing total system size to 651,830 rooms (4,476 hotels).
9,872 rooms (82 hotels) added to the system, 4,721 rooms (44 hotels) removed in line with our quality growth strategy.
8,160 rooms (55 hotels) signed, taking the pipeline to 200,895 rooms (1,344 hotels).
Net debt of $1.1bn, down $0.2bn on the position as at 31 March 2009 and held flat on the position as at 31 December 2009.
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InterContinental Hotels Sales Up After 18 Months Of Falls
LONDON (Dow Jones)--InterContinental Hotels Group PLC (IHG) Tuesday reported a 15% rise in first-quarter profit as the return of business travelers to high-end hotels drove its first positive revenue performance in 18 months.
The world's largest hotel operator by number of rooms said that its operating profit rose to $83 million in the three months to March 31 from $72 million the previous year. Intercontinental, which counts Holiday Inn, Intercontinental and Crowne Plaza among its brands, said that revenue per available room, or RevPAR--a key industry measure--grew 0.2% in the quarter, accelerating to 4.1% in the month of March and 5.2% in April. In the last three months of 2009, RevPAR dropped 10.9%.
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The world's largest hotel operator by number of rooms said that its operating profit rose to $83 million in the three months to March 31 from $72 million the previous year. Intercontinental, which counts Holiday Inn, Intercontinental and Crowne Plaza among its brands, said that revenue per available room, or RevPAR--a key industry measure--grew 0.2% in the quarter, accelerating to 4.1% in the month of March and 5.2% in April. In the last three months of 2009, RevPAR dropped 10.9%.
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GE Capital, Franchise Finance Co-Leads $36MM Funding for Roark Capital Acquisition of Wingstop Restaurants
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital, Franchise Finance recently co-led the funding of a $36 million debt facility for the acquisition of Wingstop Restaurants, Inc. by an affiliate of Roark Capital Group, an Atlanta-based private equity firm specializing in franchising. Funding was provided through GE Capital, Franchise Finance's bank affiliate, GE Capital Financial, Inc.
“Being the incumbent lender to Wingstop and also having completed multiple deals with Roark, we have a strong relationship with both parties that made this an easy process,” says Robert Daniel, senior vice president at GE Capital, Franchise Finance.
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“Being the incumbent lender to Wingstop and also having completed multiple deals with Roark, we have a strong relationship with both parties that made this an easy process,” says Robert Daniel, senior vice president at GE Capital, Franchise Finance.
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KFC pays out £19,000 after cockroach found munching chip
Fast food chain Kentucky Fried Chicken (KFC) has been ordered to pay out £19,000 after a cockroach was discovered chomping on a chip in its Leicester Square outlet in London.
The cockroach was spotted by an environmental health officer lurking near takeaway boxes and tongs used to serve food in the restaurants.
City of Westminster magistrates court also heard that inspectors found a mouse, flies, and dried blood on the floors. There was also no handwash in dispensers in the food preparation areas.
KFC admitted breaching five hygiene rules after the inspection in August 2008. It was fined £11,000 and ordered it to pay £7,927.80 in costs and a victim surcharge of £15.
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The cockroach was spotted by an environmental health officer lurking near takeaway boxes and tongs used to serve food in the restaurants.
City of Westminster magistrates court also heard that inspectors found a mouse, flies, and dried blood on the floors. There was also no handwash in dispensers in the food preparation areas.
KFC admitted breaching five hygiene rules after the inspection in August 2008. It was fined £11,000 and ordered it to pay £7,927.80 in costs and a victim surcharge of £15.
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Gordon Ramsay faces second lawsuit over unpaid wine bills
Gordon Ramsay is facing a second lawsuit over unpaid wine bills at his two-Michelin-starred restaurant in New York.
Last week Wineberry America filed a lawsuit against the celebrity chef and Blackstone Group, which now operates the restaurant at the London hotel in midtown Manhattan, over unpaid bills of nearly $41,000 (£28,000).
According to court papers filed at the Supreme Court of New York, Wineberry was “fraudulently induced” to provide alcohol accusing both Ramsay and the Blackstone Group of never having had any “intention” of paying for the supplied goods.
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Last week Wineberry America filed a lawsuit against the celebrity chef and Blackstone Group, which now operates the restaurant at the London hotel in midtown Manhattan, over unpaid bills of nearly $41,000 (£28,000).
According to court papers filed at the Supreme Court of New York, Wineberry was “fraudulently induced” to provide alcohol accusing both Ramsay and the Blackstone Group of never having had any “intention” of paying for the supplied goods.
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Financial Controller needed for Yuma AZ hotel
We are seeking a Hotel Controller for a new and beautiful 150 room Hilton branded property in Yuma, AZ. The property has a 20,000 sq foot conference/event center and is managed by a highly respected hotel company that continues to grow.
The annual Milken Institute Best Performing Cities Report released in September 2008 ranked Yuma 13th on a list of 124 small cities for job growth and economic performance. In addition, Forbes.com named Yuma one of the Top 10 Up and Coming Tech Cities in the U.S. in 2008.
BASE SALARY: $45,000-$55,000 + excellent health benefits & much more to include employee travel discounts.
SKILLS REQUIRED (candidates must possess these skills to be considered):
Minimum 2 years property accountant or Controller
Degree preferred or commensurate related experience
MS Excel, MS Word, OnQ and MICROS proficient
Experience with ADP Time Saver Payroll Processing
Hilton Hotels experience a plus
Strong financial acumen is imperative.
Progressive career track record and job stability.
If you meet the criteria above and would be interested in applying for this position, please email me at tony@horizonhospitality.com If this position is not appropriate for you but you know someone who would fit this profile...feel free to pass along this email and contact info.
Best regards,
Tony Short
Regional Recruiter
Horizon Hospitality
O: 913-897-3100 ext.16
Email: Tony@horizonhospitality.com
http://www.horizonhospitality.com/
The annual Milken Institute Best Performing Cities Report released in September 2008 ranked Yuma 13th on a list of 124 small cities for job growth and economic performance. In addition, Forbes.com named Yuma one of the Top 10 Up and Coming Tech Cities in the U.S. in 2008.
BASE SALARY: $45,000-$55,000 + excellent health benefits & much more to include employee travel discounts.
SKILLS REQUIRED (candidates must possess these skills to be considered):
Minimum 2 years property accountant or Controller
Degree preferred or commensurate related experience
MS Excel, MS Word, OnQ and MICROS proficient
Experience with ADP Time Saver Payroll Processing
Hilton Hotels experience a plus
Strong financial acumen is imperative.
Progressive career track record and job stability.
If you meet the criteria above and would be interested in applying for this position, please email me at tony@horizonhospitality.com If this position is not appropriate for you but you know someone who would fit this profile...feel free to pass along this email and contact info.
Best regards,
Tony Short
Regional Recruiter
Horizon Hospitality
O: 913-897-3100 ext.16
Email: Tony@horizonhospitality.com
http://www.horizonhospitality.com/
Monday, May 10, 2010
Wall Street firms' hotel spending jumps 31% this year vs. 2009
Wall Street firms - major users of luxury hotels - spent a whopping 31% more on hotels in in the first quarter vs. a year ago, according to Ovation Travel, the Manhattan-based corporate travel firm that specializes in Wall Street travel, citing client data.
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Mill Road Capital to Acquire Rubio's Restaurants
CARLSBAD, CA and GREENWICH, CT--(Marketwire - 05/10/10) - Rubio's Restaurants, Inc. (NASDAQ:RUBO - News), a leader in the growing Fast Casual segment of the restaurant industry with its premium Fresh Mexican Grill concept, and Mill Road Capital, L.P., a Connecticut-based private investment firm, announced today a definitive merger agreement under which an entity controlled by Mill Road Capital will acquire all the outstanding shares of Rubio's Restaurants in a cash merger transaction. Pursuant to the terms of the definitive merger agreement, the outstanding shares of common stock of Rubio's Restaurants will be acquired for $8.70 per share. The aggregate transaction value is approximately $91 million
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McDonald's Global Comparable Sales Rise 4.9% in April
"McDonald's continues to connect with customers through our outstanding menu variety and compelling value, unbeatable convenience and contemporary restaurants," said McDonald's Chief Executive Officer Jim Skinner. "These competitive advantages have powered our ongoing momentum and delivered another month of strong sales performance."
U.S. comparable sales rose 3.8% in April as McDonald's remains a relevant and affordable choice for consumers. Top contributors to April's results were beverages, including new McCafe offerings like Frappes, core products like Chicken McNuggets, and an all-day, everyday value message that starts with the Dollar Menu at breakfast.
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U.S. comparable sales rose 3.8% in April as McDonald's remains a relevant and affordable choice for consumers. Top contributors to April's results were beverages, including new McCafe offerings like Frappes, core products like Chicken McNuggets, and an all-day, everyday value message that starts with the Dollar Menu at breakfast.
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Landry's Restaurants, Inc. ('LNY'/NYSE) Reports First Quarter 2010 Results
Landry's Restaurants, Inc. (NYSE: LNY; the "Company"), today announced its results for the first quarter ended March 31, 2010.
Revenues from continuing operations for the three months ended March 31, 2010, totaled $258.7 million, as compared to $256.3 million a year earlier. Revenues from the restaurant and hospitality group were $199.2 million and $200.3 million for the first quarter of 2010 and 2009, respectively and $59.5 million and $56.0 million for the same periods from the Golden Nugget properties. Income from continuing operations for the quarter was $14.6 million, compared to $7.4 million reported last year. Results for the 2010 first quarter included a gain from the repurchase of a portion of the Golden Nugget debt and from receipt of certain insurance proceeds, while the corresponding period in 2009 included reduced rent expense from a one time lease termination payment and a gain on insurance proceeds partially offset by an expense for call premiums arising from the Company's successful refinancing in February 2009. In addition, the 2010 first quarter included a non-cash loss on the value of interest rate swaps not designated as hedges as compared to a gain during the same period in 2009. A summary of discrete items impacting the comparability between 2010 and 2009 results, net of tax is provided below.
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Revenues from continuing operations for the three months ended March 31, 2010, totaled $258.7 million, as compared to $256.3 million a year earlier. Revenues from the restaurant and hospitality group were $199.2 million and $200.3 million for the first quarter of 2010 and 2009, respectively and $59.5 million and $56.0 million for the same periods from the Golden Nugget properties. Income from continuing operations for the quarter was $14.6 million, compared to $7.4 million reported last year. Results for the 2010 first quarter included a gain from the repurchase of a portion of the Golden Nugget debt and from receipt of certain insurance proceeds, while the corresponding period in 2009 included reduced rent expense from a one time lease termination payment and a gain on insurance proceeds partially offset by an expense for call premiums arising from the Company's successful refinancing in February 2009. In addition, the 2010 first quarter included a non-cash loss on the value of interest rate swaps not designated as hedges as compared to a gain during the same period in 2009. A summary of discrete items impacting the comparability between 2010 and 2009 results, net of tax is provided below.
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Travelodge Names Guy Parsons As New CEO, Hearn Chairman
LONDON (Dow Jones)--U.K. budget hotel chain Travelodge Monday named Guy Parsons as its new chief executive officer, replacing Grant Hearn, who steps up to the role of executive chairman.
Parsons will run Travelodge on a day-to-day basis while Hearn will focus on the company's growth opportunities, it said. Travelodge is planning to add 40,000 rooms to its portfolio over the next two decades.
Travelodge operates 28,000 rooms in 390 hotels. It is mainly based in the U.K. but also operates ten hotels in Ireland and three in Spain.
Parsons has served as Travelodge's U.K. managing director since joining from restaurant chain TGI Friday's in 2004. He previously worked at hotel groups Whitbread PLC (WTB.LN) and Accor S.A. (AC.FR).
Hearn has been chief executive since 2003. He replaces Keith Hamill, who moves from non-executive chairman to deputy chairman.
The changes will take effect July 1.
Travelodge also named Jon Hendry-Pickup as its operations director. He joins from Tesco PLC (TSCO.LN), where he was operations director for Czech Republic and Slovakia.
Travelodge is owned by private equity group Dubai International Capital.
Parsons will run Travelodge on a day-to-day basis while Hearn will focus on the company's growth opportunities, it said. Travelodge is planning to add 40,000 rooms to its portfolio over the next two decades.
Travelodge operates 28,000 rooms in 390 hotels. It is mainly based in the U.K. but also operates ten hotels in Ireland and three in Spain.
Parsons has served as Travelodge's U.K. managing director since joining from restaurant chain TGI Friday's in 2004. He previously worked at hotel groups Whitbread PLC (WTB.LN) and Accor S.A. (AC.FR).
Hearn has been chief executive since 2003. He replaces Keith Hamill, who moves from non-executive chairman to deputy chairman.
The changes will take effect July 1.
Travelodge also named Jon Hendry-Pickup as its operations director. He joins from Tesco PLC (TSCO.LN), where he was operations director for Czech Republic and Slovakia.
Travelodge is owned by private equity group Dubai International Capital.
Enterprise executive reshuffle poised if refinancing deal goes ahead
Enterprise chief executive could step into the role of chairman and allow chief operating officer Simon Townsend to succeed him if a £1b refinancing deal goes through.
Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.
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Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.
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Recession puts curb on investing in Canadian hotels
Investment in Canadian hotels last year dropped to levels not seen since 2004 when the industry was dealing with the after effects of SARS, according to a new report.
Colliers International Hotels says there were $414-million in hotels purchased in 2009 -- a 61% decline from 2008. The figure was the lowest since the $360-million of activity in 2004 which followed a devastating year for the hotel sector's revenues as tourism lagged. At the height of the market in 2007, there was $4.58-billion in activity.
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Colliers International Hotels says there were $414-million in hotels purchased in 2009 -- a 61% decline from 2008. The figure was the lowest since the $360-million of activity in 2004 which followed a devastating year for the hotel sector's revenues as tourism lagged. At the height of the market in 2007, there was $4.58-billion in activity.
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Chipotle Opens First London Restaurant
DENVER--(BUSINESS WIRE)--Chipotle Mexican Grill (NYSE: CMG - News) today opened its first European restaurant in London located at 114-116 Charing Cross Road. The company, which operates nearly 1,000 restaurants in the United States, is also looking for additional sites in London and exploring other European markets including Paris and select cities in Germany.
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Goldman set to finance an Extended Stay bid
Goldman Sachs Group Inc. (GS.N) is close to a deal to provide financing of $2.2 billion to one of the groups bidding for mid-priced U.S. hotel chain Extended Stay ESAIN.UL, the Wall Street Journal reported on Sunday.
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The Five Worst Travel Scams
The term "travel scam" covers a wide spectrum of potential trickery, from mild deceptions to outright fraud. The worst, of course, is the fraud, where the operator has no intention of delivering anything whatsoever. More common are semi-frauds, where the operator makes exaggerated claims, but delivers to enough persistent consumers to deter law enforcement. Finally, there are the operators that might actually want to provide a service but are unable to deliver on their promises.
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SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FIRST QUARTER 2010
First Quarter 2010 Operational Results:
• Total revenue was $160.7 million.
• Pro forma RevPAR was $94.68.
• Loss attributable to common stockholders was $26.3 million.
• Loss attributable to common stockholders per diluted share was $0.27.
• Adjusted EBITDA was $31.0 million.
• Adjusted FFO available to common stockholders was $3.9 million.
• Adjusted FFO available to common stockholders per diluted share was $0.04.
• Pro forma hotel EBITDA margin was 21.7%.
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• Total revenue was $160.7 million.
• Pro forma RevPAR was $94.68.
• Loss attributable to common stockholders was $26.3 million.
• Loss attributable to common stockholders per diluted share was $0.27.
• Adjusted EBITDA was $31.0 million.
• Adjusted FFO available to common stockholders was $3.9 million.
• Adjusted FFO available to common stockholders per diluted share was $0.04.
• Pro forma hotel EBITDA margin was 21.7%.
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Hospitality Properties Trust Announces 2010 First Quarter Results
Funds from operations, or FFO, for the quarter ended March 31, 2010, were $94.3 million, or $0.76 per share, compared to FFO for the quarter ended March 31, 2009, of $89.6 million, or $0.95 per share. FFO for the quarter ended March 31, 2009, excludes a $26.6 million, or $0.28 per share, gain on extinguishment of debt. A reconciliation of FFO to net income as reported under generally accepted accounting principles, or GAAP, appears on page 4 of this press release.
Net income available for common shareholders was $33.4 million, or $0.27 per share, for the quarter ended March 31, 2010, compared to $53.6 million, or $0.57 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2009, included the $26.6 million gain on extinguishment of debt.
The weighted average number of common shares outstanding totaled 123.4 million and 94.0 million for the quarters ended March 31, 2010 and 2009, respectively.
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Net income available for common shareholders was $33.4 million, or $0.27 per share, for the quarter ended March 31, 2010, compared to $53.6 million, or $0.57 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2009, included the $26.6 million gain on extinguishment of debt.
The weighted average number of common shares outstanding totaled 123.4 million and 94.0 million for the quarters ended March 31, 2010 and 2009, respectively.
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Hard Rock Hotel reports 1Q loss of $26.5 million
The Hard Rock Hotel and Casino posted a loss of $26.5 million during the first quarter of 2010 as expenses increased at the newly expanded property, it reported today in a regulatory filing. That loss compares to a $24.3 million loss during the same period of 2009.
The property reported expenses increased by 71.1 percent during the quarter. Hard Rock has added two hotel towers and an expanded casino floor, as well as a new pool, spa, restaurants and nightclubs as part of its $750 million expansion project.
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The property reported expenses increased by 71.1 percent during the quarter. Hard Rock has added two hotel towers and an expanded casino floor, as well as a new pool, spa, restaurants and nightclubs as part of its $750 million expansion project.
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Austin Hilton target in series of lawsuits
Poor construction of luxury condos included in the 800-room Hilton development in downtown Austin is evolving into an array of legal filings, attorney’s fees and finger pointing.
At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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Debate stirs over Canadian falls hotel plan
NIAGARA FALLS — A plan is in the works to build a 57-story hotel and two more high-rise buildings on a prime piece of real estate overlooking the Horseshoe Falls in Canada.
The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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American and British Investors Acquire London's St. Ermin's Hotel
LONDON, May 10 /PRNewswire/ -- A group of investors including American hotel turnaround specialist Amerimar Enterprises, has acquired the Jolly St. Ermin's hotel in London from N-H Hotels for GBP65 million. Work will begin as soon as all approvals are obtained, to completely transform the Westminster property into a classically elegant, four-star deluxe hotel with contemporary sensibilities. The new St. Ermins will target business and leisure travelers from Europe, the U.S. and around the world.
"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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Fairmont targets Q4 2011 Palm hotel opening
Fairmont Raffles Hotels International reaffirmed its commitment to its Fairmont Palm Jumeirah project, which could finally open by Q4 2011.
The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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Bulgarian Private Enforcement Agents Foreclose 11 Hotels
The Bulgarian Chamber of Private Enforcement Agents has listed a total of 11 hotels in the country for foreclosure over owners’ unpaid debt.
One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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Sunday, May 9, 2010
Hoteliers checked out, left baggage
In 2008, Kronos Hotels and Resorts and its CEO, Charles Morais, were the toast of the industry.
The Malaysian-born entrepreneur's acquisition of eight hotels for $45 million in May raised the Atlanta-based company's holdings to 36 properties in 10 states with an asset value of $250 million.
And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.
Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.
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The Malaysian-born entrepreneur's acquisition of eight hotels for $45 million in May raised the Atlanta-based company's holdings to 36 properties in 10 states with an asset value of $250 million.
And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.
Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.
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Jamaica favoured by hotel financiers
International financiers see Jamaica as a top destination for hotel developments and are willing to back investors rolling out projects here, a new KPMG survey has found.
The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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Fiesta plans $180M expansion of Jamaica resort
Jamaica says Spain's Fiesta Hotel Group plans a $180 million resort expansion that is expected to create 2,000 jobs on the island.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
Saturday, May 8, 2010
'Morgue drawers' back in style as Hotel pods catch on
The idea originated in Japan, to provide a cheap place for hard-working businessmen to get a night’s sleep at a reasonable price if they missed their last train home. But bunking down in a box was a tough experience to sell to the masses, so the concept has been reworked – bigged up, even – to become a bone-fide hotel sector of its own.
It meant making pod hotel rooms a little bigger – but not by much: just under five square metres is the average size, which is just enough for a wide single bed, a shower and a television.
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It meant making pod hotel rooms a little bigger – but not by much: just under five square metres is the average size, which is just enough for a wide single bed, a shower and a television.
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Former Holiday Inn manager accused of stealing more than $45,000 from hotel
NEW HARTFORD, N.Y. (WKTV) - The former accounting manager for the New Hartford Holiday Inn is now facing a charge of grand larceny after police said he stole more than $45,000 from the hotel.
According to Utica Police, an investigation began in March 2010 to the theft of funds from the Holiday Inn located on 1777 Burrstone Road in New Hartford. Police said Marnee Card, 29, of Vernon, who was the accounting manager there, was stealing funds from daily deposits from September 8, 2008 through December 18, 2009. Police said a total of $45,000 was taken during the 15 month period. Now, Card faces one count of third-degree grand larceny.
According to Utica Police, an investigation began in March 2010 to the theft of funds from the Holiday Inn located on 1777 Burrstone Road in New Hartford. Police said Marnee Card, 29, of Vernon, who was the accounting manager there, was stealing funds from daily deposits from September 8, 2008 through December 18, 2009. Police said a total of $45,000 was taken during the 15 month period. Now, Card faces one count of third-degree grand larceny.
CHI Hotels to operate Wyndham hotel in Cardiff
CHI Hotels & Resorts (CHI), together with Wyndham International Hotels and Bayscape Ltd, a development company based in Cardiff, Wales, have announced the signing of a 25-year hotel management agreement for the new ‘Wyndham Cardiff’ – a £60 million upscale hotel project that will be built on the waterfront of Cardiff Bay. The hotel location is on the prestigious site of the International Sports Village and overlooks the newly completed, 350 berth Cardiff Marina
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European hotel prices rise for fifth consecutive month
The average price of a hotel room in Europe is €120 this month, a climb of two per cent from April.
The figures, compiled by online travel firm Trivago, show significant price hikes in Nuremberg, which rose 35 percent; Barcelona, which climbed 22 percent and Oslo, which experienced a 15 percent increase to an average of €175 a night.
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The figures, compiled by online travel firm Trivago, show significant price hikes in Nuremberg, which rose 35 percent; Barcelona, which climbed 22 percent and Oslo, which experienced a 15 percent increase to an average of €175 a night.
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Hotel Loans, Fraud, Contribute to Alpharetta Bank Failure
A fraud scheme orchestrated by a "dirty insider" and a Florida hotel developer contributed to the collapse of an Alpharetta bank that had assets totaling more than $1 billion, federal authorities said.
An indictment unsealed Friday alleges bribery, insider trading and enough money in fraudulent loans that the developer could buy his own private island in the Bahamas. It says Integrity Bank, in one of Georgia's largest bank failures, suffered $80 million in losses because of the scheme.
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An indictment unsealed Friday alleges bribery, insider trading and enough money in fraudulent loans that the developer could buy his own private island in the Bahamas. It says Integrity Bank, in one of Georgia's largest bank failures, suffered $80 million in losses because of the scheme.
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