TAMPA, FL-Besides being one of the world’s leading hotel markets, Florida also lines up as one of the best markets for hotel investment because of a spate of distressed assets, according to a report by HREC Investment Advisors. The report was issued on the one-year anniversary of the bankruptcy of Lehman Bros., one of the most active lenders on hotels over the past five years.
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Thursday, October 22, 2009
Las Vegas resort sued over second-hand smoke
second Las Vegas Strip casino is being sued over allegations that the health of employees is being affected by second-hand smoke.
A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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Punch, Enterprise Surge as OFT Rejects Pubs Complaint
Oct. 22 (Bloomberg) -- Punch Taverns Plc and Enterprise Inns Plc, the U.K.’s two biggest pub owners, surged in London trading after the Office of Fair Trading rejected a complaint that so- called supply ties protect the companies from competition.
Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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STARWOOD REPORTS THIRD QUARTER 2009 RESULTS - Down 64%
􀂃 Excluding special items, EPS from continuing operations was $0.14. Including
special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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