Wyndham Drake Hotel to close in October

(Crain’s) — The Wyndham Drake Hotel is scheduled to close next month after an opportunistic investor gained control of the 160-room property, which has lost its luster in recent years but was once one of the suburbs' best-known hotels.

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Jamaican Resort Sues Marriott's Ritz Unit

Ritz-Carlton Hotels, a unit of Marriott International of Bethesda, was sued by the owner of a luxury resort in Montego Bay, Jamaica, that claims the company mismanaged the property and should pay $145 million in damages.

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Court orders banks to freeze Hilton accounts

The Hilton Pittsburgh is facing more financial woes after attorneys for a union health and welfare fund garnished the bank accounts of the hotel's owner and its top officer in an effort to collect a $1 million debt.

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Financial controller of The Stafford hotel jailed for stealing £350,000

The financial controller of The Stafford hotel in Mayfair has been jailed for two years after stealing more than £350,000 from his employer as his gambling debts spiralled out of control.

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Wynn Resorts to raise up to $1 bln in HK IPO on Oct 9

HONG KONG, Sept 11 (Reuters) - Las Vegas casino operator Wynn Resorts (WYNN.O) plans to raise up to $1 billion by listing its Macau assets on the Hong Kong stock exchange, two sources with direct knowledge of the deal said on Friday

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The Hongkong and Shanghai Hotels, Limited Assumes Full Ownership of The Peninsula Chicago

Following the completion of the agreement in Chicago, HSH Chicago, Inc. now assumes full ownership control of The Peninsula Chicago. HSH has opted to pay for the US$11.7 million purchase price in full with surplus cash.

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Detroit MGM taken off market

Detroit --The city's largest casino is no longer being shopped to buyers.
MGM Grand Detroit's chief executive told The Detroit News that while a number of interested buyers had been "kicking the tires" at the casino earlier this year, activity from interested parties has waned.
"While every casino in America is for sale for the right price, we haven't had any buyers actively courting us for a while," Lorenzo Creighton, chief executive of the MGM Grand Detroit, said Wednesday

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PwC expects higher hotel cccupancy, on discounts

Hotel occupancy will likely gain strength in late 2009 and 2010, but profit will remain elusive as hotels continue to use heavily discounted rates to draw in more travelers, according to a revised U.S. lodging forecast from PricewaterhouseCoopers.

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