Harrah's Entertainment Inc. bought $140 million of the debt tied to the Planet Hollywood Resort & Casino in Las Vegas, giving Harrah's a role in the fate of the struggling property.
Harrah's purchase of the debt from Goldman Sachs Mortgage Co., a unit of Goldman Sachs Group Inc., came last week, just a day before the casino defaulted on its $860 million mortgage by failing to make its monthly interest payment, according to people familiar with the matter. The mortgage's servicer, KeyCorp, sent the casino's owners a default notice Thursday, these people say
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Thursday, September 17, 2009
Potential buyer in negotiations for stalled Fontainebleau project
At least one unidentified potential buyer is negotiating to take over the bankrupt Fontainebleau hotel-casino development in Las Vegas, Fontainebleau reported Monday.
But significant hurdles remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.
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But significant hurdles remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.
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CKE RESTAURANTS® MAINTAINS PROFITABILITY DESPITE CHALLENGING ENVIRONMENT AND SOFTNESS IN SAME-STORE SALES
CARPINTERIA, Calif. — September 16, 2009 — CKE Restaurants, Inc. (NYSE:CKR) announced today second quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended August 10, 2009.
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Luxury Hotel Oversupply in Tokyo May Cut Occupancy
Sept. 17 (Bloomberg) -- Luxury hotel occupancy in Tokyo may decline because of an increase in rooms and a delayed recovery in the world’s second-biggest economy.
“The beginning of next year is going to be very soft,” said Malcolm Thompson, general manager of The Peninsula Hotel Tokyo. “Even though we’re expecting the economy to pick up and the pointers are that things will, as hoteliers we’re still going to be challenged by the amount of supply.”
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“The beginning of next year is going to be very soft,” said Malcolm Thompson, general manager of The Peninsula Hotel Tokyo. “Even though we’re expecting the economy to pick up and the pointers are that things will, as hoteliers we’re still going to be challenged by the amount of supply.”
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Britannia Hospitality buys the Stafford hotel for £77.5m
Britannia Hospitality, owned by Egypt's El Sharkawy family, has bought London's Stafford hotel for a reported £77.5m from pubs and hotel firm Daniel Thwaites.
The purchase of the 105-room Mayfair hotel took place at 1am this morning, and is part of the El Sharkawy family's plans to expand into global capitals.
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The purchase of the 105-room Mayfair hotel took place at 1am this morning, and is part of the El Sharkawy family's plans to expand into global capitals.
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Hoteliers suffer as room rates fall to five-year low
The scale of the battle facing UK hotels is laid bare today by data showing that average room rates will fall back to 2005 levels over the next 12 months and the industry will not move into recovery mode until late next year, according to PricewaterhouseCoopers.
The accountancy firm forecasts that the average room rate (ARR) will fall by 8.1 per cent to £77.69 a night in 2009, down from £84.53 last year – the biggest drop since 2002, when rates fell by almost 6 per cent.
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The accountancy firm forecasts that the average room rate (ARR) will fall by 8.1 per cent to £77.69 a night in 2009, down from £84.53 last year – the biggest drop since 2002, when rates fell by almost 6 per cent.
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Domino's Pizza(R) Launches New iPhone Optimized Mobile Ordering System
ANN ARBOR, Mich., Sept. 16 /PRNewswire-FirstCall/ --Domino's Pizza, the world leader in pizza delivery (NYSE: DPZ - News) today announced the launch of a new version of its mobile ordering Web site. The enhanced version is optimized for the Apple iPhone, Palm Pre and phones that support the Google Android operating system. Customers visiting www.dominos.com from a browser in one of the supported devices will be automatically connected to the new, enhanced site.
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Bankrupt: Tavern on the Green Even Stiffed Balloon Guy
For the vendors they stiffed, industry insiders, members of the Parks Department, and anyone familiar with the multiple lawsuits filed against them, the Tavern on the Green bankruptcy filing last week came as no surprise. But for everyone else, it was a bit of a shock
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Las Vegas hotel suites take luxury to a new level
LAS VEGAS — A 10,000-square-foot suite that includes a basketball halfcourt rents for $25,000 a night at Palms Casino Resort. At MGM Grand's Skylofts, you'll find a bathtub that fizzes with tiny champagne-like massage bubbles, TVs in the mirrors and airport pickup in a $400,000 car.
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SUNSTONE HOTEL INVESTORS PROVIDES BUSINESS UPDATE
Arthur Buser, President and Chief Executive Officer, stated, "We continue to manage our portfolio and balance sheet to best position the Company for future opportunities. Our secured debt management initiatives are beginning to produce positive results, and on the operations front, we are seeing signs of improved group activity. During the past 30 days, our two bellwether group hotels – the Renaissance Washington D.C. and the Renaissance Orlando - booked over 40,000 group rooms combined, which is a marked improvement over recent booking trends."
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City of Dallas Breaks Ground on Omni Dallas Convention Center Hotel
In a ceremony featuring Mayor Tom Leppert, the Dallas City Council and a broad spectrum of civic and community leaders, the City of Dallas broke ground today on the 23-story Omni Dallas Convention Center Hotel, endorsed by voters in May and backed by the sale of nearly $500 million in revenue bonds in August.
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MGM Mirage plans offering of $350M in senior notes
LAS VEGAS (AP) -- Casino operator MGM Mirage said Thursday that it plans a private placement of $350 million in senior unsecured notes due 2018.
MGM, in which billionaire Kirk Kerkorian has a sizable stake, expects to use the offering's net proceeds to lower borrowings under its senior credit agreement and for general corporate purposes.
MGM Mirage has struggled as consumers gamble less during the recession. The Las Vegas-based company reported a $212.6 million second-quarter loss on some large impairment charges and had $12.3 billion in long-term debt as of June 30.
MGM, in which billionaire Kirk Kerkorian has a sizable stake, expects to use the offering's net proceeds to lower borrowings under its senior credit agreement and for general corporate purposes.
MGM Mirage has struggled as consumers gamble less during the recession. The Las Vegas-based company reported a $212.6 million second-quarter loss on some large impairment charges and had $12.3 billion in long-term debt as of June 30.
CKE Restaurants®, Inc. Reports Period Eight Same-Store Sales
“The troubled economy and the extremely competitive landscape continued to put pressure on same-store sales during the period. However, the impact moderated a bit in period 8 and showed the smallest decline we have seen in five periods,” said Andrew F. Puzder, Chief Executive Officer. “We are determined to bring both brands back to positive sales territory, but to do so without demeaning our brand image or consumer perceptions with respect to the taste and quality of our products
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