Pebblebrook Hotel Trust plans to acquire D.C.’s Hotel Monaco and conduct a $350 million public stock offering, according to documents filed Tuesday with the U.S. Securities and Exchange Commission.
The Bethesda-based real estate investment trust is under contract to purchase the 183-room hotel for $74 million, according to the filing. It is one of two hotels the company plans to acquire soon, the other being The Grand Hotel in Minneapolis.
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Tuesday, July 13, 2010
Seville Hotel On South Beach in $58M short sale
The shuttered Seville Hotel South Beach was sold to an affiliate of Courtyard by Marriott for $57.5 million. That’s $9.5 million less than the foreclosure claim filed over it.
The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
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The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
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Hotel workers' union protests at Disneyland
ANAHEIM, Calif. — Mickey Mouse mask-wearing protesters were among about 325 union members and supporters who demonstrated against Disneyland over a hotel employee contract dispute.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
The World Is Ending - Restaurant Offers "Green" Drinks Special
The drinks are green Tuesday as Boone's environmentally savvy gather for their monthly meet-and-greet, this time at Peppers Restaurant.
It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
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It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
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Dallas company buys bankrupt restaurant chain Max & Erma's
Concept Development Partners LLC, an affiliate of Dallas-based CIC Partners, has signed a deal to buy “substantially all” of the bankrupt restaurant chain Max & Erma’s Inc.
The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
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The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
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Yum! Brands Inc. Reports Second Quarter 2010 EPS of $0.58,
Louisville, KY (July 13, 2010) — Yum! Brands Inc. (NYSE: YUM) today reported results for the
second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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Benihana Inc. to Explore Strategic Alternatives
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today announced that its Board of Directors has decided to explore strategic alternatives available to the Company, including a possible sale, in order to maximize shareholder value
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Quiznos activates strategy to bounce back
Quiznos used to be everyone's new favorite sub shop -- that kept going out of business.
At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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The Top 5 Closed-Door Restaurants in Buenos Aires
Unlike the States, where pesky codes and laws interrupt the dreams of gourmets with culinary skills but no official space, Buenos Aires and its bribe-friendly approach to these matters means that anyone who wants to can give restauranteering a shot. A wet dream for chefs, foodies, and trend-piece writers, puerta cerradas offers a different sort of dining experience focused on elaborate menus and more attentive service. Whether it's a less wussy approach to spices, savory Italian fare, or a full-on feast, many of the city's closed-door restaurants provide a tasty alternative to Palermo's latest fusion misstep. In case you can't possibly swallow another steak, here are the city's five best closed-door restaurants, reservations definitely required in advance.
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Noble Buys 126-Room Hotel
ATLANTA - Armed with an expansion plan, Noble Investment Group has acquired the 126-room Holiday Inn Charleston Historic District and an adjacent parcel to add 50 guestrooms and 2,500 square feet of meeting space to the hotel. In 2011, the hotel will be re-branded as a 176-key Courtyard by Marriott Charleston Historic District with 5,000 square feet of meeting space.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Supertel Hospitality, Inc. Announces Sale of Hotel Properties
NORFOLK, NE, Jul 12, 2010 (MARKETWIRE via COMTEX) -- Supertel Hospitality, Inc. (Supertel), a real estate investment trust (REIT) which owns 111 hotels in 23 states, announced today that it closed on the sale of three hospitality properties during the past 35 days. Combined net proceeds from the sales totaled $3.02 million, which were used by Supertel to reduce balances on the company's credit facilities.
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Riviera Holdings, Las Vegas Casino Owner, Files for Bankruptcy
July 13 (Bloomberg) -- Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, filed for bankruptcy court protection under Chapter 11 in Nevada.
The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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Wynn tip policy not a violation of state law
A controversial tip-pooling program instituted by Wynn Resorts Ltd. nearly four years ago does not violate Nevada law, state Labor Commissioner Michael Tanchek wrote in a ruling released Monday.
The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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