ALICE TOWN, Bimini -- There is no casino here at the Bimini Big Game Club, but the people behind the rebirth of the historic hotel and marina are doing plenty of gambling.
The South Florida-based group reopened the 74-year-old Bahamas resort as a Guy Harvey Outpost Resort & Marina as hurricane season loomed, oil gushed in the Gulf and a recession hangover persisted throughout the Caribbean. At the Alice Town hotel, a mere 50 miles from Miami, foreclosure proceedings are still awaiting a final resolution. So Mark Ellert, president of Guy Harvey Outpost and a South Florida real estate veteran, uses terms like ``hold our breath,'' ``knock on wood'' and ``calculated risk.''
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Tuesday, July 27, 2010
Ritz-Carlton in Rancho Mirage bought out of foreclosure
Construction of The Ritz-Carlton Rancho Mirage, stalled since September 2008 when its main lender Lehman Brothers filed for bankruptcy, is expected to restart now that the property has been sold in foreclosure.
Rancho California Investments LLC, an affiliate of the hotel's original owner and developer Miami-based Gencom Group and private investment firm Magna RE, bought the hotel's loan in foreclosure in early July. Terms of the agreement were not revealed.
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Rancho California Investments LLC, an affiliate of the hotel's original owner and developer Miami-based Gencom Group and private investment firm Magna RE, bought the hotel's loan in foreclosure in early July. Terms of the agreement were not revealed.
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Denver Ritz-Carlton lawsuit settled
A 2009 state court lawsuit involving whether a Chicago lender could foreclose on downtown Denver’s luxury Ritz-Carlton hotel ended Monday in light of undisclosed pre-trial settlements, according to Denver District Court records.
The case was scheduled to go to trial Monday, but because of a recent settlement agreement between the parties, Judge Morris B. Hoffman ordered the trial date annulled on July 23. He granted a motion to close the case on Monday.
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The case was scheduled to go to trial Monday, but because of a recent settlement agreement between the parties, Judge Morris B. Hoffman ordered the trial date annulled on July 23. He granted a motion to close the case on Monday.
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China's hotel star ranking system under increased scrutiny
BEIJING, July 27 (Xinhuanet) -- China is planning to accelerate a mechanism with which to strip poorly run hotels of their star rankings in order to protect the image of all the 15,000 star-rated hotels across the country, a top tourism official said on Monday.
Anonymous customers' opinions will be considered for the first time along with those of industry experts when evaluating a star-rated hotel's qualification, said Du Jiang, deputy head of the National Tourism Administration of China.
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Anonymous customers' opinions will be considered for the first time along with those of industry experts when evaluating a star-rated hotel's qualification, said Du Jiang, deputy head of the National Tourism Administration of China.
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Man jailed for £250m plot to 'sell' London Ritz Hotel
A jobless lorry driver who pulled off an "elaborate and outrageous scam" to sell London's Ritz Hotel for £250m has been jailed for five years.
Anthony Lee, 49, of Beal, North Yorkshire, found victims who were interested in the hotel in Piccadilly and duped them into handing over £1m.
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Anthony Lee, 49, of Beal, North Yorkshire, found victims who were interested in the hotel in Piccadilly and duped them into handing over £1m.
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Barclay Brothers Sell 10% Stake in InterContinental Hotels
The billionaire Barclay brothers sold their 10 percent stake in the U.K.’s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier’s shares rose 88 percent in a year.
InterContinental fell as much as 8.4 percent in London trading after Barclays Capital sold almost 30 million shares on behalf of Ellerman Corp., a company controlled by David and Frederick Barclay, for 1,120 pence apiece, according to three people familiar with the transaction.
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InterContinental fell as much as 8.4 percent in London trading after Barclays Capital sold almost 30 million shares on behalf of Ellerman Corp., a company controlled by David and Frederick Barclay, for 1,120 pence apiece, according to three people familiar with the transaction.
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