THE Bahamas hotel industry lost more than $12 million in revenues during 2009 as a result of a 27 per cent year-over-year decline in business travellers, the Ministry of Tourism's yearly performance review has revealed.
Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Sunday, July 11, 2010
Two Boston Blackies restaurants hit with foreclosure suits
(Crain’s) — Two Boston Blackies restaurants have been hit with foreclosure lawsuits, the latest setback for the burger chain, which is in bankruptcy protection and whose owners face criminal check-kiting charges.
Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Wheeling's Westin Hotel hit with foreclosure suit
Despite a foreclosure suit, Wheeling's most prominent hotel will remain open and operate as usual, according to Wheeling village officials.
"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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Gramercy Park Hotel owners default on loan
The Gramercy Park Hotel's website boasts the establishment is “original, romantic, surprising, poetic and whimsical.” It neglects to mention the hotel is also in financial trouble.
Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Chicago venture sidesteps foreclosure
(Crain’s) — River North developer Albert Friedman’s four-decade-long streak of never missing a mortgage payment was nearly broken by a $19.7-million foreclosure suit against a hotel near O’Hare International Airport.
On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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Part of Related Cos.' Aspen Project Faces Foreclosure
New York developer Related Cos.' $3 billion plan to redevelop the village at the base of the Snowmass ski mountain near Aspen, Colo., appears to have hit its final impasse, with lenders filing to foreclose on part of the stalled project.
A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project's second and third phases, where dated retail and office buildings now stand.
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A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project's second and third phases, where dated retail and office buildings now stand.
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World's most expensive cocktail at $1300 a glass!
A Mai Tai, served in Belfast’s The Merchant Hotel, has earned the distinction of being the World’s Most Expensive Cocktail.
The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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Top 10 Best Hotels In America: Chicago's Trump Tower Tops The List
Trump Tower was ranked the No. 1 in the list of "Best Large City Hotels in the US/Canada," meaning hotels with more than 100 rooms. Its rating of 94.32 was the highest of any hotel in America, and it was good enough to land the hotel the #20 spot on the World's Best Hotels list.
In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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Hyatt Regency to reopen New Orleans hotel
Hyatt Hotels Corp. said it is revamping and reopening its Hyatt Regency New Orleans in fall of 2011.
The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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Hotel TaxMay Not GO Up In San Francisco
Demonstrating once again the importance of the "Don't get mad, get even" maxim of politics, Mayor Gavin Newsom has a plan that could cut supporters of a hotel tax boost off at the knees.
Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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$20 million airline-ticket fraud aided by hotel workers, prosecutors say
Federal prosecutors on Friday revealed indictments against 38 people, accusing them of running a national airline-ticket fraud that involved buying tickets using stolen identities and selling the tickets at a steep discount - usually $100 or $200.
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Carrie Underwood books entire Ritz for Wedding
London: Country music star Carrie Underwood went to great lengths to keep her wedding paparazzi-free. And the singer booked out all the 251 rooms in a hotel in Georgia, where she spent her first night with husband, hockey player Mike Fisher.
The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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Santa Cruz may soon require hotels to verify identity of guests
SANTA CRUZ — Police coping with an influx of criminals selling drugs and sex in motel rooms have turned to city leaders for help.
The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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Cypriot Hotel Threatens To Sue J.Lo For $40m
A luxury hotel in northern Cyprus has threatened to sue pop star Jennifer Lopez for $40m (£27m) after she cancelled a gig there for "political" reasons
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