The CEO of Starwood Hotels & Resorts Worldwide Inc. received compensation the company valued at $8.2 million in 2009, a more than 70 percent increase as the hotelier's stock price more than doubled, according to a regulatory filing.
Frits Van Paasschen's base salary at the owner of the Sheraton, W Hotels and Westin brands held steady at $1 million.
Schultz took home a $600,000 bonus in 2009, compared with none the year before, according to regulatory filing submitted to the Securities and Exchange Commission.
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Wednesday, March 31, 2010
Plenty of room at the inn spells tension in hotel industry
The 44-year-old investor in seven Georgia hotels has owned this particular property since 2005. Then, it was bustling with construction workers and weary "snowbirds" zooming down Interstate 95 to Florida.
But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
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But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
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Nevis Four Seasons - Will It Reopen?
The Caribbean might be relaxing for vacationers, but it is often anything but for owners of resorts. Case in point: the tiny island of Nevis, where two creditors are trying to force into bankruptcy a hurricane-ravaged Four Seasons resort.
Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
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Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
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Dubai developer wanted in Germany over alleged hotel fraud
Authorities in Germany are seeking the arrest of a German national on suspicion of a multimillion-euro fraud in connection with a Dubai hotel project that was never built.
A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
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A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
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Starman Hotels seeks up to £70m for Le Meridien Piccadilly
The 266-bedroom, five-star Le Meridien Piccadilly has been put on the market for £65-70m. Owned by Starman Hotels, Le Meridien is the company’s only UK property. The hotel, which has recently undergone a £6m refurbishment, is operated by Starwood Hotels.
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Chinese investors eye mega Freeport project
With the conclusion of a $2.5 billion loan agreement for the Baha Mar project said to be imminent last night, Tribune Business can reveal that another Chinese-led investor group is eyeing a multi-million dollar resort project for Grand Bahama, complete with potential cruise port.
Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
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Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
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