A Cn$1.4 billion pension fund is moving to sort out the current woes at its two New Providence-based resort properties, Tribune Business has been told, pursuing a 'twin-track' approach in renewed attempts to foreclose on the $867 million New South Ocean project. It is also seeking a buy-out of its joint venture partner at the British Colonial Hilton.
In the very same week that trustees of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) were convicted of failing to properly supervise the plan's investments, especially those in its two Bahamian resort properties, informed sources said the fund and its officials have moved quickly - and quietly - to resolve the latest difficulties bedeviling the hotels.
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Monday, December 14, 2009
Wynn seeks dismissal of second-hand smoke suit
Attorneys for Wynn Las Vegas are seeking dismissal of a lawsuit claiming its casino workers are exposed to dangerous second-hand tobacco smoke.
In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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BVI Hotels: Bookings still down
Ask Virgin Islands hoteliers if 2010 will be busy, and they’ll ask you for a crystal ball. And while many say they can’t predict the future, more than one hotelier in the territory is hoping that a slow tic upwards in bookings this December could signal the light at the end of the tunnel.
“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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Abu Dhabi bails out neighbour.
Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $US10 billion injection, of which $US4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
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National & World Restaurant News Whitbread optimistic about year results
Hotel, pub and coffee shop group Whitbread has announced it expects results for 2009 to exceed top market estimates.
The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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Wendy's to exit Japan, 71 restaurants to close
LOS ANGELES, Dec 11 (Reuters) - Wendy's/Arby's Group Inc (WEN.N) said an agreement with its Japan franchisee will expire at year end, resulting in the closure of 71 Wendy's restaurants in a fast food market dominated by McDonald's Corp (MCD.N).
Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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One dead, two sick after stays at Miami Hotel
A foreign visitor has died and at least two other people have become sick after staying at a downtown Miami luxury hotel, and health officials are blaming an unusual type of pneumonia called Legionnaire's Disease.
Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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