Lodging companies are poised to report strong second-quarter results as the industry slowly recovers from weak demand during the recession, a Citi Investment Research analyst said Monday.
THE OPINION: Analyst Joshua Attie said revenue per available room, or revpar -- a key gauge of a lodging operator's performance -- is up 7 percent in the U.S. quarter to date. That is mainly due to higher occupancy, he said, but pricing is improving as well.
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Monday, June 28, 2010
San Diego Hotel Operator 5th Avenue Partners Enters Bankruptcy
The Chapter 11 petition that 5th Avenue Partners LLC filed Friday halts a state court hearing slated for Monday at which lender WestLB AG Bank would have sought the appointment of a receiver to take over the company's assets, including the Se San Diego Hotel and the adjacent building that houses the House of Blues.
The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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Dubai hotels will offer 14,000 new rooms by 2012
Strong demand growth is expected in Dubai hotels over the short to medium term, maintaining occupancy rates in the low to mid-70 per cent level, according to Jones Lang LaSalle's (JLL) second quarter 2010 report.
It stated that nearly 14,000 additional rooms are due to be completed by the end of 2012 with the opening of major hotels such as the Ritz Carlton (DIFC), the Pullman (Mall of the Emirates) and the Fairmont Resort & Spa (The Palm Jumeirah).
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It stated that nearly 14,000 additional rooms are due to be completed by the end of 2012 with the opening of major hotels such as the Ritz Carlton (DIFC), the Pullman (Mall of the Emirates) and the Fairmont Resort & Spa (The Palm Jumeirah).
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Hilton Chongqing to reopen after suspension amid mob crackdown
CHONGQING, June 28 (Xinhua)-- The Hilton Hotel in southwest China's Chongqing Municipality will reopen Tuesday after its operation was suspended June 20 for involvement in prostitution and gang activities, local police said Monday.
The hotel can resume business but its Diamond Dynasty Club will be kept closed for its sheltering of prostitution, drug-taking and gang activities, said Gao Xiaodong, deputy chief of the municipal Public Security Bureau.
Nearly 60 people, including the hotel's major shareholder, Peng Zhiming, were detained after a police raid on June 19.
Peng and others used the Hilton to shelter prostitutes.
Even hotel porters and security guards were getting a slice of the illegal profits, said Public Security Bureau official Zhou Jingping.
The hotel's general manager, Jean Philippe Jacopin, said the hotel's management will ensure prostitutes are no longer allowed to enter the hotel.
The hotel can resume business but its Diamond Dynasty Club will be kept closed for its sheltering of prostitution, drug-taking and gang activities, said Gao Xiaodong, deputy chief of the municipal Public Security Bureau.
Nearly 60 people, including the hotel's major shareholder, Peng Zhiming, were detained after a police raid on June 19.
Peng and others used the Hilton to shelter prostitutes.
Even hotel porters and security guards were getting a slice of the illegal profits, said Public Security Bureau official Zhou Jingping.
The hotel's general manager, Jean Philippe Jacopin, said the hotel's management will ensure prostitutes are no longer allowed to enter the hotel.
