Monday, June 8, 2009
Hotel price war hots up
This is interesting. You will need to sign up for the Financial Times to read. Its FREE.
Sunstone Hotel Investors has defaulted on its mortgage on the W Hotel (San Diego) and is prepared to surrender the hotel to its lender.
"While the Company’s elective default of the W San Diego mortgage was precipitated by a number of unique, market and hotel-specific factors, in the future other factors may lead the Company to pursue similar options with certain of its other mortgaged hotels. The Company believes such cases will be limited in number. For perspective, the average mortgage debt per room of the Company’s mortgaged hotels equates to approximately $129,500, approximately half that of the W San Diego."
Fine wine merchant Berry Bros & Rudd is set to launch an online trading platform
This is interesting. perhaps a way to reduce un-needed inventory
