Ashford Hospitality Trust Inc. says it has won a two-year extension of the maturity on a $157 million loan.
The hotel real estate investment trust said late Monday the loan will now be due in August 2013 instead of August 2011.
The loan is from Aareal Bank AG and is secured by the Hilton LaJolla Torrey Pines and the Capital Hilton held in a joint venture with Hilton Worldwide, Ashford said.
The two-year extension in the maturity date for the loan is in exchange for a reduction in the loan balance of $2.5 million at closing and another $2.5 million over the next twelve months.
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Saturday, April 10, 2010
Jimmy Buffet to build Margaritaville Resort in South Florida
Hollywood city commissioners voted Wednesday night to go with a Cheeseburger in Paradise rather than Somewhere Over the Rainbow as they voted unanimously to approve plans for a $100 million Margaritaville resort on the city's most prized piece of oceanfront land.
With Commissioner Fran Russo noting that ``Jimmy Buffett doesn't drink as much as everyone thinks he does,'' the commission set aside critics' concerns that the tiki-bar, tropical-themed oasis would live up to its ``wasted away in Margaritaville'' song lyrics.
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With Commissioner Fran Russo noting that ``Jimmy Buffett doesn't drink as much as everyone thinks he does,'' the commission set aside critics' concerns that the tiki-bar, tropical-themed oasis would live up to its ``wasted away in Margaritaville'' song lyrics.
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Chinese Hotelier's Crowded Market Worries Analysts
Like most things related to China these days, the country's hotel market is a smorgasbord of good news and bad news.
The good news: China's rapidly growing middle class, coupled with a rise in business travel, has created heavy demand for more hotel rooms.
The bad news: Hotel operators seem to be springing up everywhere, and there are concerns about overloading the market with too many rooms.
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The good news: China's rapidly growing middle class, coupled with a rise in business travel, has created heavy demand for more hotel rooms.
The bad news: Hotel operators seem to be springing up everywhere, and there are concerns about overloading the market with too many rooms.
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Dallas area has a flood of hotel foreclosure filings
A perfect storm of overbuilding and a depressed economy is threatening a growing number of Dallas-Fort Worth hotels with foreclosure.In the first four months of 2010, more hotel foreclosure filings have been recorded in North Texas than in all of last year.
And the industry outlook is for defaults to increase.
"The hotel market here got overbuilt and overfinanced," said George Roddy, whose Foreclosure Listing Service track property foreclosure filings in more than two dozen Texas counties. "There are just too many of them."
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And the industry outlook is for defaults to increase.
"The hotel market here got overbuilt and overfinanced," said George Roddy, whose Foreclosure Listing Service track property foreclosure filings in more than two dozen Texas counties. "There are just too many of them."
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Goldman Wants to Foreclose on Sawgrass Resort
Goldman Sachs Mortgage Co., which had lent RQB Resort LP$193 million to help buy the Sawgrass Marriott Resort & Cabana Club in Florida, is now urging a bankruptcy judge to let it foreclose on the property.
The mortgage arm of Goldman Sachs Group Inc. said in court papers that RQB now owes it more than $196 million—an amount the lender claims is more than the property is worth.
Although the company's current cash flow may be enough to meet its current operational needs, the lender said RQB has failed to show how it will meet its debt obligations to Goldman Sachs
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The mortgage arm of Goldman Sachs Group Inc. said in court papers that RQB now owes it more than $196 million—an amount the lender claims is more than the property is worth.
Although the company's current cash flow may be enough to meet its current operational needs, the lender said RQB has failed to show how it will meet its debt obligations to Goldman Sachs
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with flash sales.
According to a new report by Ypartnership, flash selling has turned out to be quite a successful method of selling for suppliers seeking to liquidate unsold capacity.
In fact the 2010 Portrait of American Travelers revealed that one out of seven active travelers purchased a last minute leisure travel service as a result of receiving an unexpected e-mail from supplier that required immediate booking. Of those, 47% booked an air fare and/or lodging and 38% purchased a complete vacation package. One out of five booked either a cruise or a car rental.
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In fact the 2010 Portrait of American Travelers revealed that one out of seven active travelers purchased a last minute leisure travel service as a result of receiving an unexpected e-mail from supplier that required immediate booking. Of those, 47% booked an air fare and/or lodging and 38% purchased a complete vacation package. One out of five booked either a cruise or a car rental.
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Four More Luxury Hotels to Join Wyndham Brand in China
PARSIPPANY, N.J. 04-09-2010 —Following the recent addition of three luxury hotels in the key markets of Shanghai, Changsha and Hangzhou, Wyndham Hotel Group, part of the Wyndham Worldwide family of companies (NYSE: WYN), today announced its continued expansion in China with agreements to open four additional new luxury Wyndham® hotels in the cities of Chengdu, Suzhou, Shanghai and Kunming.
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Top 22 UK restaurant groups in 2009
Managed pub group Mitchells & Butlers retained its status as the UK's largest restaurant operator in 2009.
The group added 47 new venues to its portfolio to bring its total estate to 775, 190 more than its nearest rival Gondala which owns the PizzaExpress, Ask and Zizzi chains.
The list only features pub groups where food accounts for 50% or more of turnover, and also includes Whitbread, Punch Taverns, Greene King and Orchid
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The group added 47 new venues to its portfolio to bring its total estate to 775, 190 more than its nearest rival Gondala which owns the PizzaExpress, Ask and Zizzi chains.
The list only features pub groups where food accounts for 50% or more of turnover, and also includes Whitbread, Punch Taverns, Greene King and Orchid
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Wynn Resorts not interested in Revel casino
ATLANTIC CITY, N.J.—Las Vegas casino mogul Steve Wynn said Friday that he's not interested in Atlantic City's stalled Revel casino project -- or anything else here, either.
Wynn stunned Philadelphia this week by pulling out of a deal to build a casino on the Delaware River. That immediately touched off speculation that he was instead interested in Revel, which Wall Street giant Morgan Stanley abandoned last week.
But Wynn Resorts Ltd. spokeswoman Jennifer Dunne told The Associated Press the company is not interested in Revel, or any other project in the nation's second-largest gambling market.
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Wynn stunned Philadelphia this week by pulling out of a deal to build a casino on the Delaware River. That immediately touched off speculation that he was instead interested in Revel, which Wall Street giant Morgan Stanley abandoned last week.
But Wynn Resorts Ltd. spokeswoman Jennifer Dunne told The Associated Press the company is not interested in Revel, or any other project in the nation's second-largest gambling market.
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California Pizza Kitchen seeking buyers
NEW YORK/LOS ANGELES, April 9 (Reuters) - California Pizza Kitchen Inc (CPKI.O) is seeking buyers for the restaurant chain, a source familiar with the deal said, sending its shares up as much as 17 percent on Friday.
The chain known for gourmet hearth-baked pizzas and creative salads is valued at just over $500 million based on Friday's closing share price of $20.74.
California Pizza shares rose as much as 17.2 percent on Friday, including the after-hours rise.
Private equity groups have been smelling opportunity in the casual dining sector of late, as financing becomes more accessible and consumers show more willingness to eat out.
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The chain known for gourmet hearth-baked pizzas and creative salads is valued at just over $500 million based on Friday's closing share price of $20.74.
California Pizza shares rose as much as 17.2 percent on Friday, including the after-hours rise.
Private equity groups have been smelling opportunity in the casual dining sector of late, as financing becomes more accessible and consumers show more willingness to eat out.
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'Blindsided' by Wynn, Foxwoods investors say
Local investors in the Foxwoods Casino project said Friday they were "blindsided" by the abrupt decision of Las Vegas gaming tycoon Steve Wynn to pull out of a deal to build a South Philadelphia gambling hall.
Stephen A. Cozen, a lawyer for the Foxwoods group, said Wynn had given the investors "specific notification" for why he severed negotiations. Cozen would not disclose details but said that it "was nothing anybody would have ever anticipated."
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Stephen A. Cozen, a lawyer for the Foxwoods group, said Wynn had given the investors "specific notification" for why he severed negotiations. Cozen would not disclose details but said that it "was nothing anybody would have ever anticipated."
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Wynn Resorts to extend due date on $380M in debt
Casino operator Wynn Resorts Ltd. says it has agreed to exchange $380 million in debt due 2014 for new notes with higher interest rates due in 2020 through an exchange offer.
The Las Vegas-based company said Friday that it received valid tenders to exchange more than 20 percent of its outstanding $1.7 billion in notes due 2014.
Wynn Resorts says its exchange offer will expire April 23.
The Las Vegas-based company said Friday that it received valid tenders to exchange more than 20 percent of its outstanding $1.7 billion in notes due 2014.
Wynn Resorts says its exchange offer will expire April 23.
