Acorn Fund Management, in partnership with Hyatt International, is launching a portfolio that will invest in hotels in Africa.
The African Hospitality Growth fund is targeting a return of 100% over a five-year period, equal to an internal rate of return of 17% per year.
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Tuesday, May 18, 2010
InterContinental plans 18 new Hotels in Atlanta
InterContinental Hotel Group Plc plans to open 18 new hotels in metro Atlanta over the next three years, including a new Crowne Plaza.
The development by IHG, which has its North American headquarters in Atlanta, will involve a blend of new construction and renovation of other properties, including two that were once office buildings. It will encompass a variety of brands, including Holiday Inn, Holiday Inn Express, Crowne Plaza, Staybridge Suites, Candlewood Suites and Hotel Indigo.
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The development by IHG, which has its North American headquarters in Atlanta, will involve a blend of new construction and renovation of other properties, including two that were once office buildings. It will encompass a variety of brands, including Holiday Inn, Holiday Inn Express, Crowne Plaza, Staybridge Suites, Candlewood Suites and Hotel Indigo.
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MGM Mirage files counterclaim against Contractor
LAS VEGAS — MGM Mirage says it believes the contractor that built the $8.5 billion CityCenter complex on the Las Vegas Strip owes hundreds of millions of dollars for defective work and mishandled billing that has left many subcontractors unpaid.
In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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Extended Stay Says Starwood Capital Bid ’Better’ Than Rival’s Offer
May 18 (Bloomberg) -- Investors led by Starwood Capital Group made a “better” bid for Extended Stay Inc. than an earlier offer from Centerbridge Partners LP and Paulson & Co., a lawyer for the bankrupt hotel chain said.
Extended Stay, which is seeking to sell its assets in an effort to emerge from bankruptcy protection, received the Starwood bid yesterday, the deadline for submitting competing offers for the hotel operator.
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Extended Stay, which is seeking to sell its assets in an effort to emerge from bankruptcy protection, received the Starwood bid yesterday, the deadline for submitting competing offers for the hotel operator.
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Icahn appeals court decision on Trump casinos
NEW YORK, May 17 (Reuters) - Investor Carl Icahn appealed on Monday a bankruptcy court decision giving Donald Trump and a group of bondholders control of Atlantic City-based Trump Entertainment Resorts Inc (TRMPQ.PK).
Icahn and partner Andy Beal asked U.S. Bankruptcy Court Judge Judith Wizmur to temporarily prevent Trump and the bondholders led by Marc Lasry's Avenue Capital Group from taking over the three casinos
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Icahn and partner Andy Beal asked U.S. Bankruptcy Court Judge Judith Wizmur to temporarily prevent Trump and the bondholders led by Marc Lasry's Avenue Capital Group from taking over the three casinos
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Sam Seltzer's closed for business
TAMPA - A Tampa-based restaurant chain says it can longer survive the economy. Sam Seltzer's Steakhouse is shutting its doors for good. The sudden announcement came as a surprise to customers stopping at the North Dale Mabry location Monday. Norma Arbogast arrived with her son Richard, visiting from Texas. They planned to meet up with relatives for dinner. "This is where we always come when he gets to Florida," Norma said.
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Argentine Food Workers Seek 35% Salary Increase, La Nacion Says
May 18 (Bloomberg) -- Argentine unions representing about 80,000 workers in the food industry are in talks brokered by the Labor Ministry over their demand for a salary increase of 35 percent this year, La Nacion said.
Workers are striking at three factories owned by Arcor SA, Argentina’s biggest candy exporter, as negotiations continue, the newspaper reported, without saying where it obtained the information.
The restaurant employees union is also threatening a four-day strike that would begin May 22, at the start of a holiday weekend to celebrate Argentina’s bicentennial, La Nacion said. The workers are demanding a salary raise of between 34 percent and 40 percent, the newspaper reported
Workers are striking at three factories owned by Arcor SA, Argentina’s biggest candy exporter, as negotiations continue, the newspaper reported, without saying where it obtained the information.
The restaurant employees union is also threatening a four-day strike that would begin May 22, at the start of a holiday weekend to celebrate Argentina’s bicentennial, La Nacion said. The workers are demanding a salary raise of between 34 percent and 40 percent, the newspaper reported
Martinique Gets New AA Flights, First U.S. Hotel Set for 2011
On the heels of finalizing a deal for the country’s first U.S. brand hotel, Martinique capped off an exciting three weeks by announcing new American Airlines flights on Monday. Travel Agent was the first to bring you the news of the initial plans back in April of last year.
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Rosen rebranding 3 hotels
Rosen Hotels & Resorts, which includes seven properties totaling 6,300 guest rooms and suites, will rebrand three of its four leisure hotels as of Oct. 1.
The Orlando-based privately held hotel group recently completed a $30 million room and property renovation on all four leisure hotels. This fall, the Quality Inn Plaza and the Rodeway Inn International will become Rosen Inns, and the Comfort Inn Lake Buena Vista will become a Clarion.
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The Orlando-based privately held hotel group recently completed a $30 million room and property renovation on all four leisure hotels. This fall, the Quality Inn Plaza and the Rodeway Inn International will become Rosen Inns, and the Comfort Inn Lake Buena Vista will become a Clarion.
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Luxury Hotels Are Burgeoning in China
HONG KONG — High, high up, on the 118th floor of Hong Kong’s tallest building, a deep concrete pit awaits mutation into a swimming pool. Hard-hatted, dust-covered workers swarm about a site that will soon house six dining venues, a spa, a gym and 312 rooms with views of Hong Kong and the surrounding islands.
The opening of the Ritz-Carlton, which will be the world’s highest hotel — with an alfresco rooftop bar 490 meters, or 1,600 feet, above sea level — is still about six months away.
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The opening of the Ritz-Carlton, which will be the world’s highest hotel — with an alfresco rooftop bar 490 meters, or 1,600 feet, above sea level — is still about six months away.
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Accor To Dispose Of 450 Hotels In 2010-2013
PARIS (Dow Jones)--French hotels group Accor SA (AC.FR) plans to reduce the property holdings it holds outright by selling 450 hotels between 2010 and 2013, and expects to continue to restructure its property portfolio beyond 2013, according to a document published on its website Tuesday.
The company is in the process of separating from its vouchers business, which is scheduled to be listed on the Paris stock market on July 2.
The split remains subject to shareholder approval at the annual meeting on June 29.
Accor said the 2010-2013 asset sale program is expected to increase its cash by EUR1.6 billion and reduce its adjusted net debt by EUR2.0 billion
The company is in the process of separating from its vouchers business, which is scheduled to be listed on the Paris stock market on July 2.
The split remains subject to shareholder approval at the annual meeting on June 29.
Accor said the 2010-2013 asset sale program is expected to increase its cash by EUR1.6 billion and reduce its adjusted net debt by EUR2.0 billion
Sale of St James's Hotel and Club brings in foreign investors
The St James's Hotel and Club is the latest luxury hotel in London to be generating widespread interest from foreign investors as it goes up for sale.
Situated in a quiet cul-de-sac in Mayfair, the five-star, 60-bedroom hotel, is attracting offers of more than £60m.
Henrik Muehle, the hotel's managing director, said that the property would represent a trophy asset to any investment group.
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Situated in a quiet cul-de-sac in Mayfair, the five-star, 60-bedroom hotel, is attracting offers of more than £60m.
Henrik Muehle, the hotel's managing director, said that the property would represent a trophy asset to any investment group.
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Is The W Atlanta Perimeter Closing Later This Year?
Uh-oh. It looks like there is trouble brewing at the W Atlanta Perimeter. A tipster wrote in to tell us that the hotel that the hotel is in the process of being sold to an unknown hotelier. Hotel managers were even told they had until the end of the year to apply for a new job within the company.
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Bill Gates Boosts His Stake In Strategic Hotels By 8M Shares
DOW JONES NEWSWIRES
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
Bill Gates bought another eight million shares of Strategic Hotels & Resorts Inc. (BEE) for $36.8 million, boosting his holdings to about 12.2 million shares total.
The company--a real-estate investment trust with properties in the U.S., Mexico and Europe--held a public offering of 40 million shares this week, hoping to raise proceeds for repaying debt. Many companies have been tapping equity markets to pay down their debt loads.
According to a filing with the Securities and Exchange Commission on Friday, Gates' investment fund Cascade tapped the offering to buy the shares at $4.60 apiece Thursday.
As of May 5, the company had 75.6 million total shares outstanding. In its earnings call that day, Chief Executive Laurence Geller said the company was surprised at the momentum of a recovery in high-end lodging. Its funds from operations, a key profitability metric for REITS, were flat in the first quarter excluding foreign currency exchange, as revenue slid just 1.5%.
Shares in Strategic Hotels closed down 4.8% Friday at $4.95. The stock has more than quadrupled in value over the last year.
