A list of Brands owned by each Hotel Company
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Wednesday, May 26, 2010
$2.6 billion Cable Beach Redevelopment Still has Hurdles to Overcome
Baha Mar has 49 "conditions precedent" that it must fulfill to consummate its $2.6 billion Cable Beach redevelopment, the Prime Minister confirmed to Tribune Business, the most important being to resolve negotiations with Scotiabank over its outstanding $170-$180 million loan.
Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Kerzner plans $100m worth of PI upgrades
Kerzner International will this year begin a $100 million project to renovate its existing Paradise Island properties, which include Atlantis and the One & Only Ocean Club, a move that is set to create some 400 jobs.
It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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Japanese restaurant worker 'dies from overworking'
The 24-year-old died of heart failure in his sleep after working an average of 14 hours a day for a four-month period at the Nihonkai Shoya chain. Motoyasu Fukiage worked more than 112 hours of overtime a month for the four- month period of his employment at the restaurant, in addition to his regular 40 hours a week – making a total of around 272 hours a month. A court in Kyoto ordered the restaurant chain and four of its senior executives to make a payment of £607,000 (78.63 million yen) to the victim's parents in damages.
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Revel CEO vows casino hotel will be completed
ATLANTIC CITY - The chief executive officer of the $2.5 billion Revel casino hotel said Tuesday he will be a bidder for the half-finished project following the withdrawal of his financial backer.
Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Foreign investors eye San Francisco hotels
San Francisco's famed Sir Francis Drake Hotel is up for sale, and if recent trends in San Francisco and Los Angeles persist, there is some likelihood it will be bought by an investor from Asia.
Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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World's Most Outrageous Hotel Fees
There's nothing new about outlandish hotel surcharges. The October 6, 1904, edition of The Daily Star in Fredericksburg, VA, published a list of unscrupulous lodging fees, mainly in Europe, that included fees for towels, nightshirts, heat, hot water, horse stabling (whether the guest brought a horse or not), and, in one hotel, a one-penny fee for each ascent and descent in the hotel elevator.
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US adds tax charges against hotel developers
FORT LAUDERDALE, Fla. -- A father and son who developed hotels in New York and Florida have been indicted on several new federal tax fraud charges. Prosecutors said Wednesday that Mauricio Cohen Assor and Leon Cohen Levy now face a seven-count tax fraud indictment. They had previously been charged with only fraud conspiracy and have pleaded not guilty. The Cohens are accused of failing to report income from the $33 million sale of a New York hotel. They are also accused of hiding assets including multimillion-dollar Miami homes, a condo at Trump World Tower in New York, commercial property, luxury vehicles, and a helicopter worth $1.2 million. If convicted, the Cohens each face up to 14 years in prison and fines, back taxes and penalties.
IHG CFO: Buyback Talk Premature
LONDON (Dow Jones)--InterContinental Hotels Group PLC's (IHG) chief financial officer said Wednesday it would be premature to consider returning cash to shareholders, despite the Holiday Inn-owner's promising start to the year, as it isn't yet clear whether the recovery is sustainable.
In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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