No terms were announced for the deal, which is expected to close by the end of the year after meeting "regulatory approvals and customary closing conditions," the company said.
It means an earlier plan by Logan's parent company, LRI Holdings, for an initial public offering of stock to raise $200 million won't take place.
Read More:
Tuesday, August 31, 2010
Berners hotel in London for sale for £60m
The vacant 193-bedroom Berners hotel in London has been put up for sale, for a price in excess of £60m, after being placed in administration.
Currently closed for refurbishment, the interior is yet to be completed, providing the new owner with the opportunity to customise the final design of the hotel which is situated close to Oxford Street.
Jane Moriarty and James Tucker, of KPMG, were appointed joint administrators of the hotel in August. The property was owned by JJW Hotels & Resorts which also owned the Eton Collection of seven boutique hotels, which was placed into administration earlier this year.
Read More:
Currently closed for refurbishment, the interior is yet to be completed, providing the new owner with the opportunity to customise the final design of the hotel which is situated close to Oxford Street.
Jane Moriarty and James Tucker, of KPMG, were appointed joint administrators of the hotel in August. The property was owned by JJW Hotels & Resorts which also owned the Eton Collection of seven boutique hotels, which was placed into administration earlier this year.
Read More:
Bad property deals crushed New Zealand rural lender
Poisonous real estate deals brought down South Canterbury Finance. Just like the failed Bridgecorp, Strategic Finance, St Laurence and Hanover, the venom of property's fast-declining fortunes caught SCF offguard and delivered the killer blow.
Bad real estate loans are largely responsible for destroying $6 billion of investors' wealth in the other property financiers - at least until yesterday when South Canterbury lifted the tally to nearly $8 billion.
Read More:
Bad real estate loans are largely responsible for destroying $6 billion of investors' wealth in the other property financiers - at least until yesterday when South Canterbury lifted the tally to nearly $8 billion.
Read More:
Cancun bar attack is latest bad news for Mexico's tourism industry
At least eight people died after attackers hurled Molotov cocktails into a crowded Cancun bar early today. Although the bar is outside the popular resort zone in a residential area unfrequented by tourists, the apparent drug-related killings are the latest in a string of bad news for Mexico's beleagured tourism industry.Mexican police stand guard in front of the Castle of the Sea bar in Cancun, Mexico on August 31. At least eight people were killed when molotov cocktails were thrown into the bar, which is in a residential area not frequented by tourists.
And on Friday, the U.S. State Department extended its Mexico travel warning to note that children of U.S. government personnel are being ordered to leave the business capital of Monterrey because of concern about recent gun battles and kidnappings in the city.
Read More:
And on Friday, the U.S. State Department extended its Mexico travel warning to note that children of U.S. government personnel are being ordered to leave the business capital of Monterrey because of concern about recent gun battles and kidnappings in the city.
Read More:
Armed robbery reported at Ft Collins Hilton early Monday
Hotel manager Ned Sickle on Tuesday declined to discuss the specifics of what he called an "incident," but said he and his staff are reviewing safety and security protocols. He said no one was hurt in the incident.
Fort Collins police have not yet released any details about the reported robbery at 425 W. Prospect.
Read More:
Fort Collins police have not yet released any details about the reported robbery at 425 W. Prospect.
Read More:
Citigroup Gets Burned in the Caribbean
The eye of Hurricane Earl passed by the Caribbean island of Anguilla Tuesday, blowing roofs off buildings and damaging phone and power lines. But for Citigroup Inc., far more damage was done on the tiny British territory by the storm ravaging the real-estate industry.
In 2006, Citigroup originated a big construction loan for a Viceroy resort described by developer Kor Hotel Group as "an exquisite rendition of the residential resort concept" on Anguilla. Four years later, after construction delays and cost overruns, Citigroup is getting out of this corner of the Caribbean at a huge loss.
Read More:
In 2006, Citigroup originated a big construction loan for a Viceroy resort described by developer Kor Hotel Group as "an exquisite rendition of the residential resort concept" on Anguilla. Four years later, after construction delays and cost overruns, Citigroup is getting out of this corner of the Caribbean at a huge loss.
Read More:
'Zombie' Hotels Arise in Ireland as Recession Empties Rooms
The Glashaus hotel used to be a symbol of the regeneration of one of Dublin’s toughest neighborhoods. Empty and shuttered, it now represents one of the toughest economies Ireland has ever endured.
Developer Liam Carroll opened the boutique hotel in Tallaght in the west of the city three years ago at the height of the country’s decade-long real estate boom. Now, creditors have taken control of much of Carroll’s empire and the Glashaus is closed, as is the nearby 186-room Tallaght Cross Hotel.
Read More:
Developer Liam Carroll opened the boutique hotel in Tallaght in the west of the city three years ago at the height of the country’s decade-long real estate boom. Now, creditors have taken control of much of Carroll’s empire and the Glashaus is closed, as is the nearby 186-room Tallaght Cross Hotel.
Read More:
The Maui Prince Changes Hands Again
A rollercoaster year for the former Maui Prince Hotel in Hawaii continued this week when one of the property’s mortgage holders took ownership with the intent of operating and further developing it.
AREA Property Partners, the former Apollo Real Estate Advisors, announced this week that it converted its $30 million portion of the hotel’s $192 million mortgage into equity. It will operate the property, now called the Makena Beach and Golf Resort, with new equity partners Trinity Investments LLC and Stanford Carr Development LLC.
Read More:
AREA Property Partners, the former Apollo Real Estate Advisors, announced this week that it converted its $30 million portion of the hotel’s $192 million mortgage into equity. It will operate the property, now called the Makena Beach and Golf Resort, with new equity partners Trinity Investments LLC and Stanford Carr Development LLC.
Read More:
2-hour walkout at Sheraton Chicago
About 200 workers at the Sheraton Chicago Hotel and Towers walked off the job for two hours this afternoon to protest layoffs and understaffing at the hotel.
According to hotel union Unite Here Local 1, in recent months, workers have filed grievances with hotel management regarding staffing cuts and a growing reliance on subcontracted services.
Tuesday, workers led a delegation to the general manager’s office at the hotel, but said management’s response to their concerns was “inadequate.”
Read More:
According to hotel union Unite Here Local 1, in recent months, workers have filed grievances with hotel management regarding staffing cuts and a growing reliance on subcontracted services.
Tuesday, workers led a delegation to the general manager’s office at the hotel, but said management’s response to their concerns was “inadequate.”
Read More:
US blacklists 5-star hotel after thefts
The hotel, the Westin Grand, is next to the Cape Town International Convention Centre.
In a message e-mailed to US citizens in South Africa and posted on the US embassy's website, the consulate said US government employees and contractors had been "directed" not to stay at the Westin until further notice.
Read More:
In a message e-mailed to US citizens in South Africa and posted on the US embassy's website, the consulate said US government employees and contractors had been "directed" not to stay at the Westin until further notice.
Read More:
