The territory’s former United States marketing and press relations firm has sued the BVI Tourist Board for breach of contract, claiming more than $1.2 million in damages. The Florida-based Zimmerman Agency — which filed a claim in a Virgin Islands Court on Nov. 9 — alleges that the BVITB and government cut off all contact in 2008 after a protracted payment dispute.
Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
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Saturday, February 20, 2010
Casinos lost money for second time in history
CARSON CITY – For only the second time, Nevada casinos posted a loss – but this time it was the biggest.
The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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U.K. hotels call for tight regulation of hotel reviews
Uproar in Britain over TripAdvisor's "dirtiest hotels" list has reignited calls for tighter regulations to ensure that consumer reviews on such websites are legitimate.
Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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SABMiller To Merge Hotels, Casinos Unit With Gold Reef
JOHANNESBURG (Dow Jones)--SABMiller PLC (SAB.JO), one of the world's largest beer producers, Thursday said it will merge its South African hotels and casinos unit with rival Gold Reef Resorts Ltd. (GDF.JO) in exchange for a share in an enlarged company that will be worth about $2.7 billion.
The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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Luxury resort developer files for bankruptcy
WILMINGTON, Del./BANGALORE, Feb 16 (Reuters) - A developer of luxury ski resorts, multimillion dollar townhouses and a Jack Nicklaus golf course near Lake Tahoe filed for bankruptcy on Tuesday, a victim of a commercial real estate crash.
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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The Next Chapter (11) In Buying Distressed Hotels: Bankruptcy Sales
These are tough times in the hotel business. The recession has squeezed room rates and net operating income. The credit crunch means new borrowing is available only at lower loan to value ratios near 50%, on already beaten down values. At the same time, many tens of billions of dollars of existing hotel loans are maturing or otherwise in default, leaving the owners with little ability to sell or refinance at for amounts sufficient to pay off existing debt.
However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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London Town goes into administration
After months of speculation London Town, the indebted property developer turned pub operator, has gone into administration.
In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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Ritz-Carlton raises Marriott’s commitment to Aruba
ORANJESTAD, Aruba — Ritz-Carlton will expand its presence in the Caribbean with the 320-room, $200 million Ritz-Carlton Aruba, slated to open in late 2012.
The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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Blackstone Group Refinances Debt at Hilton Hotels
The Blackstone Group has reached a deal to reorganize the debt load of Hilton Hotels, shoring up the finances of one of its crown jewels, a person briefed on the matter said on Friday. The deal would cut Hilton’s debt burden to about $16 billion from $20 billion. Under the terms of the agreement, Blackstone will inject an additional $800 million of capital to buy back Hilton’s debt at a discount, this person said. The maturities of some of Hilton’s debt will also be pushed back. A Blackstone spokesman declined to comment. Blackstone agreed to acquire Hilton in 2007 for $26 billion. Negotiations with Hilton’s lenders have been going on for months. One complication is that several billions of dollars of Hilton debt is held by an unusual entity: the Federal Reserve, which assumed loans to Hilton made by Bear Stearns when it helped rescue the investment bank almost two years ago.
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