The Ritz-Carlton Dearborn has been sold to an investment group and will be managed by Greenwood Hospitality Group, a hotel investment and management company. As of June 2, it will no longer be a Ritz-Carlton, said Vivian Deuschl, a Ritz-Carlton spokeswoman.
Thomas Conran, a Greenwood principal, said a decision will be made within a month as to what brand the hotel will become. He could not name the investment group yet because of a confidentiality agreement that he had signed, but said that the new owners are planning a significant multimillion-dollar renovation of the property and intend to keep it an upscale hotel.
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Wednesday, April 14, 2010
Choice Hotels International Opens 37 New Hotels in March
Choice Hotels International, Inc. (NYSE: CHH) continues to grow with the announcement of 37 newly-opened franchised properties during the month of March. The openings include hotels in 22 states and three countries, adding more than 2,800 rooms to the company’s existing 485,000-plus rooms. Select properties that opened in March include
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Hotwire Reveals Hotel Rate Report for April 2010
Hotwire.com®, a leading discount travel site, today announced the results of the April 2010 Hotwire® Hotel Rate Report. This monthly report features the top 10 cities in North America where hotel rates have dropped the most. When combined with Hotwire's already discounted prices, the Hotel Rate Report helps guide customers to the destinations that will maximize their travel dollars. San Diego takes the number one spot for the first time with an 11 percent drop. This month's other big mover is Detroit, which makes its debut on the list at number three with an 8 percent drop.
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Americas Best Value Inn Adds 25 Properties in First Quarter
Americas Best Value Inn, the ninth-largest limited-service hotel chain in the country, kicked off the year with the addition of 25 new properties during the first quarter of 2010. No matter what condition the economy is in, ABVI continues to attract hoteliers due to its innovative Freestyle Brand Affiliation model.
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Yum! Brands Inc. Reports First Quarter 2010 EPS of $0.59,
FIRST-QUARTER HIGHLIGHTS
● Worldwide operating profit grew 13% prior to foreign currency translation, including +37%
in China and +2% in Yum! Restaurants International (YRI), partially offset by a 9% decline
in the U.S. After a foreign currency benefit of $14 million, worldwide operating profit grew
17%.
● Worldwide system sales growth prior to foreign currency translation of +1% including
+15% in China, +1% in YRI, and a 1% decline in the U.S.
● Strong international new unit development continued with 205 new restaurants opened,
including 96 new units in China.
● Worldwide restaurant margin improvement of 0.9 percentage points driven by record
performance in China.
● EPS growth benefited from a 20% decline in interest expense and a lower effective tax
rate.
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● Worldwide operating profit grew 13% prior to foreign currency translation, including +37%
in China and +2% in Yum! Restaurants International (YRI), partially offset by a 9% decline
in the U.S. After a foreign currency benefit of $14 million, worldwide operating profit grew
17%.
● Worldwide system sales growth prior to foreign currency translation of +1% including
+15% in China, +1% in YRI, and a 1% decline in the U.S.
● Strong international new unit development continued with 205 new restaurants opened,
including 96 new units in China.
● Worldwide restaurant margin improvement of 0.9 percentage points driven by record
performance in China.
● EPS growth benefited from a 20% decline in interest expense and a lower effective tax
rate.
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Federal Jury Awards $200K to Guest of The Venetian
Apr. 13, 2010--A federal jury returned a $200,000 verdict last week after finding that Venetian security officers had falsely imprisoned a hotel guest from New York in 2004.
U.S. District Judge James Mahan presided over the trial, which stemmed from a lawsuit filed by New York resident David Lockhart.
Lockhart was a guest at The Venetian on Oct. 30, 2004, when he received a ride back to the resort. In the parking garage, security officers surrounded the vehicle and said it had been involved in a hit-and-run accident moments earlier.
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U.S. District Judge James Mahan presided over the trial, which stemmed from a lawsuit filed by New York resident David Lockhart.
Lockhart was a guest at The Venetian on Oct. 30, 2004, when he received a ride back to the resort. In the parking garage, security officers surrounded the vehicle and said it had been involved in a hit-and-run accident moments earlier.
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MGM Mirage reports 1Q preliminary loss of $96.7M
Casino operator MGM Mirage says its preliminary estimates show it lost $96.7 million during the first quarter as it wrote down the value of its investment in the massive CityCenter development on the Las Vegas Strip.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel-casino helped the earlier results, while this year's were hurt by the falling value of CityCenter's residential units.
The Las Vegas company says its estimate includes a charge of $86 million related to that drop.
It expects to report its full results in early May.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel-casino helped the earlier results, while this year's were hurt by the falling value of CityCenter's residential units.
The Las Vegas company says its estimate includes a charge of $86 million related to that drop.
It expects to report its full results in early May.
