The Fontainebleau Las Vegas bankruptcy judge is pushing for a quick sale of the stalled, partially-completed $2.9 billion casino resort on the Las Vegas Strip.
Citing the lack of progress in reorganizing Fontainebleau's debt and a motion by key lenders that the project be liquidated, U.S. Bankruptcy Judge A. Jay Cristol in Miami ordered Fontainebleau attorneys on Thursday to appear at a hearing next Wednesday to show cause why an examiner should not be appointed.
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Saturday, October 3, 2009
Edward P. May Indicted in $200 Million Ponzi Scheme
May caused fraudulent "private offering memorandums," "subscription agreements," and "investment recaps" for the LLCs to be drafted and distributed to potential investors. The offering memorandums fraudulently stated that E-M Management Co. had entered into agreements with various hotel corporations, including Hilton Hotels, Sheraton Hotels, Hyatt Hotels, and MGM Grand Hotels, to "provide all of the telecommunication services to the hotel properties" and to "install new equipment where needed, to purchase existing equipment where practicable and to cut over the services from present providers," and fraudulently promised investors that the funds raised "will be used solely for the purpose of purchasing telephone, high speed internet, low speed internet, [and] DVD equipment." The offering memorandums "guaranteed a minimum monthly income" to each investment LLC.
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South Africa World Cup hotels raise prices by 440%
Hotels in South Africa are raising their prices by up to 440% for next summer's World Cup, we can reveal.
FIFA's own accommodation agency Match - which has secured 80% of beds in several major cities - is also charging a 30% commission.
Some 450,000 foreign visitors are expected to descend on the country for the month-long tournament.
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FIFA's own accommodation agency Match - which has secured 80% of beds in several major cities - is also charging a 30% commission.
Some 450,000 foreign visitors are expected to descend on the country for the month-long tournament.
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Hey Buddy! wanna buy the Ritz?
LONDON (Reuters) - Three men accused of conspiring to sell the world-famous Ritz Hotel in central London in an elaborate 250 million pound fraud are to stand trial next June.
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O'Dwyers to pay €400,000 for assets at Capital group
PUBLICANS LIAM and Des O’Dwyer are believed to have agreed to pay about €400,000 to acquire the goodwill and fixtures and fittings of four hotel and bar properties in the Capital Bars group that the brothers put into provisional liquidation last month.
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Shane's Rib Shack, Planet Smoothie Offer Franchisees Cash for Referrals
PRESS RELEASE: ATLANTA (October 2, 2009) - Shane's Rib Shack, a national barbecue concept and Planet Smoothie, a national smoothie concept, announced today the launch of a Franchise Referral Cash Reward Program. The program will reward existing franchisees for referring qualified prospects who become Planet Smoothie or Shane's Rib Shack franchisees.
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Dunkin' Donuts Pres to Step Down
[2009-10-02] Dunkin' Donuts announced that president and chief brand officer William Kussell will leave the company at the end of the year.
With Kussell's departure, Dunkin' Brands CEO Nigel Travis will also assume the role of Dunkin' Donuts president.
"In the 15 years since Will joined Dunkin' Donuts, the company has grown from a regional donut chain with about 3,000 stores into the number one coffee and baked goods brand worldwide with more than 8,800 stores in 31 countries," says Nigel Travis, Dunkin' Brands CEO.
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With Kussell's departure, Dunkin' Brands CEO Nigel Travis will also assume the role of Dunkin' Donuts president.
"In the 15 years since Will joined Dunkin' Donuts, the company has grown from a regional donut chain with about 3,000 stores into the number one coffee and baked goods brand worldwide with more than 8,800 stores in 31 countries," says Nigel Travis, Dunkin' Brands CEO.
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Lodgian in default on loans
Lodgian Inc. is in default on a $45.6 million loan secured by six of its hotels, will turn over one hotel to a lender and continues to make cost cuts.
The Atlanta-based hotel owner and operator said it is negotiating with the lender to extend or modify the $45.6 million loan, which matured Oct. 1, 2009. Unless an agreement is reached soon, Lodgian plans to return the six hotels to the lender to satisfy the debt. Cash flow from the hotels securing the loan is insufficient to meet the related debt service obligations, Lodgian said. The lender can begin foreclosure proceedings, but to date has not.
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The Atlanta-based hotel owner and operator said it is negotiating with the lender to extend or modify the $45.6 million loan, which matured Oct. 1, 2009. Unless an agreement is reached soon, Lodgian plans to return the six hotels to the lender to satisfy the debt. Cash flow from the hotels securing the loan is insufficient to meet the related debt service obligations, Lodgian said. The lender can begin foreclosure proceedings, but to date has not.
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South Beach Hotel Sells for $30M
MIAMI BEACH, FL-The Raleigh Hotel has sold for nearly $30 million, a discounted all-cash deal that may signal renewed activity in the high-end sector. New York hotelier Andre Balazs sold the 105-room property to Brilla Group, a Miami real estate investment firm, and AJ Capital Partners, a Chicago real estate investment company.
Brilla Group chief executive David Brillembourg would not disclose the exact price but said it was for “about” $30 million. The beachfront hotel at 1775 Collins Ave. went for $285,000 per room
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Brilla Group chief executive David Brillembourg would not disclose the exact price but said it was for “about” $30 million. The beachfront hotel at 1775 Collins Ave. went for $285,000 per room
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Ordinance to protect jobs of hotel workers clears hurdle in Providence
PROVIDENCE — Taking the first of two required votes, the City Council on Thursday night unanimously approved an ordinance requiring the Dunkin’ Donuts Center, the Rhode Island Convention Center, Veterans Memorial Auditorium, and three hotels to retain employees for up to six months following a change in management.
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