Abu Dhabi will get its biggest hotel next month when Millennium Hotels and Resorts opens the doors on its new 850-room Grand Millennium property in the city.
The Grand Al Wahda will comprise of 585 hotel rooms and 265 residences and promises a “first-class guest experience” with a range of eateries and a new nightclub for the city.
The new hotel will be located adjacent to the Al Wahda Shopping Mall and Al Wahda Sports Club.
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Thursday, October 7, 2010
NY Fed takes $180m hit on Hilton debt restructuring
The Federal Reserve Bank of New York has suffered a loss of about $180m on a debt restructuring that staved off financial problems at Hilton, the hotel group owned by Blackstone, the buy-out fund.
The Fed’s decision to agree to a lossmaking sale of about $320m of its Hilton debt to Blackstone highlights the problems faced by US authorities as they manage billions of dollars in assets acquired during the financial crisis.
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The Fed’s decision to agree to a lossmaking sale of about $320m of its Hilton debt to Blackstone highlights the problems faced by US authorities as they manage billions of dollars in assets acquired during the financial crisis.
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Wealthy hotel developers convicted on tax charges
A father and son who developed hotels in New York and Florida have been convicted on federal tax charges in Fort Lauderdale.
The U.S. Attorney's Office reports that 77-year-old Mauricio Cohen Assor and 46-year-old Leon Cohen-Levy were found guilty Wednesday of conspiring to defraud the United States and filing false tax
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The U.S. Attorney's Office reports that 77-year-old Mauricio Cohen Assor and 46-year-old Leon Cohen-Levy were found guilty Wednesday of conspiring to defraud the United States and filing false tax
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Former hotel operator facing jail over tax charges
REDWOOD CITY, Calif.—The former operator of a South San Francisco hotel is facing up to a year in jail after pleading no contest to charges that he collected hundreds of thousands of dollars in taxes from guests, but failed to turn the money over to city.
The San Mateo County Times reports that Sanjay Bakshi is due to be sentenced Dec. 16 after pleading no contest Monday to three counts of felony misappropriation of public funds.
South San Francisco officials say when Bakshi surrendered to police last December he owed the city $340,000 for taxes collected from guests at the Comfort Inn & Suites he operated.
San Mateo County prosecutors say the 47-year-old Bakshi was released on his own recognizance while he awaits sentencing.
The San Mateo County Times reports that Sanjay Bakshi is due to be sentenced Dec. 16 after pleading no contest Monday to three counts of felony misappropriation of public funds.
South San Francisco officials say when Bakshi surrendered to police last December he owed the city $340,000 for taxes collected from guests at the Comfort Inn & Suites he operated.
San Mateo County prosecutors say the 47-year-old Bakshi was released on his own recognizance while he awaits sentencing.
Savoy Hotel reopens after £220m facelift, but Gordon Ramsay's Grill is still delayed
London's most famous hotel will reopen this weekend after a three-year closure and a £220m facelift.
The 121-year-old Savoy Hotel, the historic stomping ground of Hollywood stars, world leaders and even a few royals, is set to welcome guests on October 10 - a year and a half later than originally planned.
The 268 plush suites and rooms have been fully booked for the first night and a dinner will be held in the iconic River Restaurant to celebrate the reopening
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The 121-year-old Savoy Hotel, the historic stomping ground of Hollywood stars, world leaders and even a few royals, is set to welcome guests on October 10 - a year and a half later than originally planned.
The 268 plush suites and rooms have been fully booked for the first night and a dinner will be held in the iconic River Restaurant to celebrate the reopening
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Ritz-Carlton chain, Clayton hotel owner face off over payment dispute
CLAYTON • The Ritz-Carlton Hotel, known for its genteel atmosphere, has become caught in a legal fight between the hotel owner and the Ritz-Carlton chain that manages the property.
A contract dispute over millions of dollars led the owner, Maritz, Wolff & Co., to threaten to cancel a management agreement with Ritz-Carlton Hotel Co., which in turn spurred Maryland-based Ritz-Carlton to file a lawsuit to stop this from happening. .
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A contract dispute over millions of dollars led the owner, Maritz, Wolff & Co., to threaten to cancel a management agreement with Ritz-Carlton Hotel Co., which in turn spurred Maryland-based Ritz-Carlton to file a lawsuit to stop this from happening. .
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Radisson Hotel Boston has a new owner
The Radisson Hotel Boston, a 358-room hotel on Stuart Street, has been sold to Northwood Investors LLC, said a broker involved in the transaction.
The broker is CBRE Hotels, which said it represented the seller, JPA Trust, a third-generation family owned and operated real estate firm.
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The broker is CBRE Hotels, which said it represented the seller, JPA Trust, a third-generation family owned and operated real estate firm.
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Marriott Swings To 3Q Profit On Higher Room Rate
NEW YORK (Dow Jones)--Hotel giant Marriott International Inc. (MAR) late Wednesday said it swung to a fiscal third-quarter profit as rising room rates helped to boost revenues.
While the results continue to underscore a rebound in lodging, one of the hardest hit industries in the recent recession, it signals the recovery will be much slower and daunting than Wall Street had anticipated.
Marriott, Bethesda, Md., posted its quarterly profit following a prior-year $502 million write-down at its timeshare business. Marriott's stock, up 39% this year, fell 2.5% to $36.89 in after-hours trading as revenue numbers were slightly short of what Wall Street's expectations.
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While the results continue to underscore a rebound in lodging, one of the hardest hit industries in the recent recession, it signals the recovery will be much slower and daunting than Wall Street had anticipated.
Marriott, Bethesda, Md., posted its quarterly profit following a prior-year $502 million write-down at its timeshare business. Marriott's stock, up 39% this year, fell 2.5% to $36.89 in after-hours trading as revenue numbers were slightly short of what Wall Street's expectations.
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Obama gives a McWaiver on Healthcare
As Obama administration officials put into place the first major wave of changes under the health care legislation, they have tried to defuse stiffening resistance — from companies like McDonald’s and some insurers — by granting dozens of waivers to maintain even minimal coverage far below the new law’s standards.
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Restaurant Sales Signal `Resiliency' of Consumer Spending
Sales at DineEquity Inc., parent of Applebee’s Neighborhood Grill and Bar, are rising at restaurants open for at least 18 months, thanks to its new Sizzling Skillet entrees starting at $8.99.
BJ’s Restaurants Inc. and The Cheesecake Factory Inc., based in based in Huntington Beach and Calabasas Hills, California, also are reporting more revenue this year, indicating consumers are eating more at casual eateries. Cheesecake’s meals, for instance, range from $5.95 to $27
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BJ’s Restaurants Inc. and The Cheesecake Factory Inc., based in based in Huntington Beach and Calabasas Hills, California, also are reporting more revenue this year, indicating consumers are eating more at casual eateries. Cheesecake’s meals, for instance, range from $5.95 to $27
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valet-parked car taken on joyride
Remember the movie "Ferris Bueller's Day Off," where a valet takes a 1961 Ferrari 250 GT out for a joyride? Brandi Mahoney claims it happened to her when she stayed at the Embassy Suites Portland in downtown Portland, Ore., recently.
How does she know someone took her car — a 2006 Saab convertible — for a spin? Her on-board navigation system told her.
"When I parked the car, I looked at the dashboard program and it said .5 miles to your destination," said Mahoney, who left the car with a valet. She said she then went upstairs to change for dinner. When she came back down, the valet brought her car around.
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How does she know someone took her car — a 2006 Saab convertible — for a spin? Her on-board navigation system told her.
"When I parked the car, I looked at the dashboard program and it said .5 miles to your destination," said Mahoney, who left the car with a valet. She said she then went upstairs to change for dinner. When she came back down, the valet brought her car around.
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Spain’s AC Hotels in Marriott deal
AC Hotels has signed joint venture with Marriott International which will include a welcome equity injection into one of Spain’s best-known urban chains while raising the US operator’s southern European profile.
AC said on Thursday an initial 90 AC hotels in Spain, Portugal and Italy would be rebranded “AC by Marriott” as part of the deal, which involves an undisclosed investment by the US group.
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AC said on Thursday an initial 90 AC hotels in Spain, Portugal and Italy would be rebranded “AC by Marriott” as part of the deal, which involves an undisclosed investment by the US group.
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