LONDON-The Avingstone Fund, a new London-based vehicle, is to focus on the luxury end of the pan-European hotel market as a 'club' fund. It has so far assembled €310 million of equity commitments and is aiming at €500 million in total.
Hotel real estate dealmakers behind Avingstone are Founder and Chairman David Mongeau and Piers Talalla, who have advised on around €19 billion in hotel deals through their private Avingstone Financial investment bank. A spokesman said that target assets for the fund, launched in September, are four- and five-star properties, with an acquisition or development horizon expected to be around two years, over a fund potential life of around seven years. Two entrepreneurial families have committed €300 million, and discussion are in train with several other institutions, mainly North American, and at least one sovereign wealth fund.
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Saturday, November 21, 2009
Nassau South Ocean foreclosure bid defeated
THE six-month receivership for the disputed $867 million South Ocean redevelopment was discharged by the Supreme Court earlier this week, Tribune Business can exclusively reveal, after a judge dismissed an attempt by one of the property's investors to place it in foreclosure.
Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Back-up name chosen for Tavern on the Green
Tavern in the Park will be the new name of Tavern on the Green if the city does not win its trademark lawsuit against the famous restaurant's current operators.
Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Lloyds Banking Group to disinvest from Forte hotels
Lloyds Banking Group has decided to withdraw from its joint venture with Sir Rocco Forte’s hotel company, which owes the bank some £380m.Half the debt is in the joint venture, which includes seven of the 13 international hotels in the Rocco Forte Collection, including Brown’s in London.Forte told The Herald: “Part of our hotels business is in joint venture with Bank of Scotland. They have declared the joint venture is no longer core, and over a period of time they would like to disinvest from it.”
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Four injured as rocket hit luxury hotel in Kabul
KABUL, Nov 21 (KUNA) -- Four people suffered injuries as a rocket landed near the Serena luxury hotel in the Afghan capital on Saturday, witnesses said.
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Ky. appeals court upholds $6M verdict in case of McDonald's worker who was strip searched
LOUISVILLE, Ky. (AP) -- A Kentucky appeals court upheld a $6.1 million award to a former fast food worker who was forced to strip in a McDonald's restaurant office after someone called posing as a police officer.
The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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