LONDON—Since taking the helm of U.S. hotel giant Hilton Worldwide in December 2007, Chris Nassetta has made it a priority to expand the company internationally.
The CEO of Hilton, which has 3,600 hotels in 81 countries through its 10 brands, expects the company's fastest growth to come from outside the U.S. in the coming years. "With our strong global brands there is still great opportunity. The U.S. won't be where we have the highest growth. By way of example: 40% of our development pipeline exists outside of the U.S., compared to just 15% two years ago," Mr. Nassetta told the Wall Street Journal. Hilton's premium brands include Conrad Hotels & Resorts and Doubletree by Hilton
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Sunday, August 1, 2010
Turnberry Associates gets mortgage extension for Turnberry isle Resort and Club
The South Florida Buisness Journal repored this afternoon that Turnberry Associates secured an extension on its $180 million mortgage covering the Turnberry Isle Resort & Club in Aventura.
The resort and golf course is in the heart of the city, at 19999 West Country Club Drive (map).
SFBJ cited a court document that said the agreement will allow the principal on the mortgage to be reduced, the interest rate to be changed, and the final due date to be extended. The article said that the specific terms of the extension were not available.
The resort and golf course is in the heart of the city, at 19999 West Country Club Drive (map).
SFBJ cited a court document that said the agreement will allow the principal on the mortgage to be reduced, the interest rate to be changed, and the final due date to be extended. The article said that the specific terms of the extension were not available.
Gordon Ramsay 'served with $2m tax bill in US'
British chef Gordon Ramsay is apparently being chased for more than 2 million dollars in unpaid taxes in the US.
The 43-year-old Hell's Kitchen star received three big bills in eight months.
His latest tax bill of 323,000 pounds took the total outstanding tax to nearly 1.3 million pounds. Ramsay has a risk of having his restaurants and assets seized and he may eventually have to dip into his personal fortune to meet the demands.
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The 43-year-old Hell's Kitchen star received three big bills in eight months.
His latest tax bill of 323,000 pounds took the total outstanding tax to nearly 1.3 million pounds. Ramsay has a risk of having his restaurants and assets seized and he may eventually have to dip into his personal fortune to meet the demands.
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McDonald's Sells Cheapest 10-Year Debt in U.S. Market Since at Least 1995
McDonald’s Corp., the world’s largest restaurant chain, sold the cheapest 10-year debt in the U.S. bond market in at least 15 years yesterday, as borrowers tap investor demand for new issues and absolute yields on investment-grade debt fell to the lowest since March 2004.
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Jury awards $34M to restaurant workers at harbor Ruth's Chris
A Baltimore jury on Wednesday awarded more than $34 million to 20 restaurant workers who claimed carbon monoxide exposure in a downtown hotel left them with permanent brain damage, leading to personality changes, memory problems and, in some cases, marital difficulties.
Area attorneys called the judgment phenomenal, particularly considering the level of disagreement over the scope of the injuries. It's likely to be reduced by millions, however: Maryland law places a $710,000 cap on pain-and-suffering damages in nonfatal cases like these, well below the awards some plaintiffs received. Jurors are not told about the cap.
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Area attorneys called the judgment phenomenal, particularly considering the level of disagreement over the scope of the injuries. It's likely to be reduced by millions, however: Maryland law places a $710,000 cap on pain-and-suffering damages in nonfatal cases like these, well below the awards some plaintiffs received. Jurors are not told about the cap.
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Mortons opens in China
Morton’s Restaurant Group, Inc. (NYSE: MRT) today announced plans to open a new Morton's The Steakhouse in Shanghai, China, in a joint venture structure with a local investor group.
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Hooters Expanding, Seeks New Locations In Turkey, India, Japan
Hooters, the restaurant chain known more for its buxom waitresses than its chicken wings, fries and beer is looking to bring its “delightfully tacky yet unrefined”–that’s their slogan–dining experience to Turkey, India and Japan.
Those countries are some of the new markets the casual dining franchise will target in an expansion plan announced Thursday that would increase new restaurant locations by at least 15% to 20% annually for the next several years.
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Those countries are some of the new markets the casual dining franchise will target in an expansion plan announced Thursday that would increase new restaurant locations by at least 15% to 20% annually for the next several years.
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Former Controller for Castle on the Hudson Charged with Grand Larceny
Mourad Boulas, the Hamden, Connecticut resident who is the former controller of Tarrytown's Castle on the Hudson, was arrested on Grand Larceny charges last week.
According to Westchester County District Attorney Janet DiFiore, Boulas was the target of a nine-month investigation after they had received a complaint from The Castle on the Hudson restaurant and hotel.
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According to Westchester County District Attorney Janet DiFiore, Boulas was the target of a nine-month investigation after they had received a complaint from The Castle on the Hudson restaurant and hotel.
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Hamptons Hotels Go on the Block
SOUTHAMPTON, NY-Massey Knakal Realty Services is marketing a trio of hotel properties in this tony resort community, following the bankruptcy filing last month by owner Hampton Resorts & Hospitality. Robert Knakal, chairman of the investment sales firm, tells GlobeSt.com the sale is being conducted under an agreement between HRH and its lender, and it’s subject to a bankruptcy court order.
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Piccadilly Inn Hotels Files Voluntary Petition for Chapter 11 Bankruptcy for Three Locations
DALLAS--(BUSINESS WIRE)--Regis Hotel I, LLC announced today on behalf of Piccadilly Inn Hotels that three Piccadilly Inn locations, have filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. The properties affected are Piccadilly Inn Airport, Piccadilly Inn Shaw, and Piccadilly Inn Express locations in California.
Restructuring under Chapter 11 allows Piccadilly Inn to continue normal operations led by current management, while restructuring its financial indebtedness. Hotel operations at all three locations will continue as normal with no anticipated impact on guests, suppliers, and employees.
“The current economy has greatly reduced both tourist travel and business travel causing the hotel industry to be crushed. We’re fortunate enough that the Piccadilly Inn hotels are well established properties with a strong reputation in the area. Most importantly, there will be no interruption in service to our clients and guests and we will continue seamless day to day operation of all four Piccadilly Inn locations,” commented Steven Moore, Vice President of Regis Hotel I, LLC.
Restructuring under Chapter 11 allows Piccadilly Inn to continue normal operations led by current management, while restructuring its financial indebtedness. Hotel operations at all three locations will continue as normal with no anticipated impact on guests, suppliers, and employees.
“The current economy has greatly reduced both tourist travel and business travel causing the hotel industry to be crushed. We’re fortunate enough that the Piccadilly Inn hotels are well established properties with a strong reputation in the area. Most importantly, there will be no interruption in service to our clients and guests and we will continue seamless day to day operation of all four Piccadilly Inn locations,” commented Steven Moore, Vice President of Regis Hotel I, LLC.
Hilton can't use its trade name in India - Second court upholds lower court
JAIPUR: A single-judge bench of the Rajasthan High Court on Wednesday upheld a recent order of a Sirohi city civil court, restraining US-based hospitality chain Hilton from using its trade name in India as it sounds strikingly similar to that of a local hotel group, Hilltone.
Hilltone, which was founded in 1973, had alleged in its petition that the global hospitality major was trying to "misuse" its brand and trade name in the locality and this will adversely affect its business.
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Hilltone, which was founded in 1973, had alleged in its petition that the global hospitality major was trying to "misuse" its brand and trade name in the locality and this will adversely affect its business.
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Meet Steve Gupta, owner of 10 five-star hotels in Canada
TORONTO: During the current global downturn when most businesses have put off expansion plans, Canada's top Indian-origin hotelier Steve (Sudesh) Gupta, who owns 10 five-star hotels, is going ahead full steam.
"I am a contrarian. I create my own direction and niche. I do something totally different that the market doesn't have yet," says Patiala-born Gupta, who landed in Toronto with just $108 in his pocket in 1971 and today owns 10 four-star (five-star in India) in this country.
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"I am a contrarian. I create my own direction and niche. I do something totally different that the market doesn't have yet," says Patiala-born Gupta, who landed in Toronto with just $108 in his pocket in 1971 and today owns 10 four-star (five-star in India) in this country.
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RBS to sell its remaining six Hilton hotels
The Royal Bank of Scotland (RBS) is putting the six remaining Hilton Hotels it owns on the market, for a total asking price of £200m.
The portfolio includes the 181-bedroom Hilton Warwick, the 334-bedroom Hilton Brighton Metropole, the 170-bedroom Hilton St Anne's Manor in Bracknell, the 319-bedroom Hilton Glasgow (pictured), the 96-bedroom Hilton Glasgow Grosvenor and the 821-bedroom Hilton Manchester Airport.
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The portfolio includes the 181-bedroom Hilton Warwick, the 334-bedroom Hilton Brighton Metropole, the 170-bedroom Hilton St Anne's Manor in Bracknell, the 319-bedroom Hilton Glasgow (pictured), the 96-bedroom Hilton Glasgow Grosvenor and the 821-bedroom Hilton Manchester Airport.
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Brighton Hilton hotel for sale for £52.9 million
One of Brighton and Hove's most popular hotels is up for sale for more than £50 million.
The Hilton Metropole has been put on the market with a guide price of £52.9 million by its owner RBS as part of a “strategic disposal of assets”.
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The Hilton Metropole has been put on the market with a guide price of £52.9 million by its owner RBS as part of a “strategic disposal of assets”.
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Union Properties near to sealing deal to sell Ritz-Carlton hotel
Union Properties, Dubai’s third-largest property developer, missed its asking price of Dh1.5 billion (US$408.3 million) in the sale of the Ritz-Carlton, which is to be sealed this week, its chairman says.
The sale is part of the company’s plans to offload assetsand raise cash to pay debts and finish projects.
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The sale is part of the company’s plans to offload assetsand raise cash to pay debts and finish projects.
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Why Same Hotel Rooms Generate Different Tax Bills
Hotel prices always vary. People sleeping down the hall from each other in identical rooms often pay substantially different prices. But, depending on how they choose to reserve rooms, people paying the exact same price may end up with notably different tax bills.
Online travel companies rent out rooms based on prices they have contracted with hotels. The difference between what they charge and what they give the hotel is, in effect, a sales commission. But the online travel companies say that it's a service that should not be included in the total sale amount for tax purposes.
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Online travel companies rent out rooms based on prices they have contracted with hotels. The difference between what they charge and what they give the hotel is, in effect, a sales commission. But the online travel companies say that it's a service that should not be included in the total sale amount for tax purposes.
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Hilton International faces discrimination suit
Juliette Giscombe claims she was treated like a ‘skivvy’ and bosses ‘bullied and patronised’ her at their flagship Park Lane hotel in central London.
The telephonist claims they repeatedly overlooked her in favour of younger, less experienced white workers she had trained.
She alleges her bosses did not consider her ‘worth investing in’, adding: ‘They did invest in staff, providing they were white.’
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The telephonist claims they repeatedly overlooked her in favour of younger, less experienced white workers she had trained.
She alleges her bosses did not consider her ‘worth investing in’, adding: ‘They did invest in staff, providing they were white.’
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Early Signs of a Hotel Rebound
So far the biggest beneficiary is New York, though other cities on the East Coast are starting to report gains as well. And the upscale, full-service hotels that have long been favored by business travelers have benefited more from the upturn in demand than the midlevel brands, industry analysts say.
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Hilton to outsource 36 technology jobs
Jul 30, 2010 (The Commercial Appeal - McClatchy-Tribune Information Services via COMTEX) --
Hilton Worldwide notified 36 information technology workers at its Memphis data center this week that their jobs would be outsourced this fall.
The reduction is part of a chainwide plan to farm out certain I.T. functions under previously announced agreements with technology giants IBM and AT&T.
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Hilton Worldwide notified 36 information technology workers at its Memphis data center this week that their jobs would be outsourced this fall.
The reduction is part of a chainwide plan to farm out certain I.T. functions under previously announced agreements with technology giants IBM and AT&T.
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Hotels chief sees plenty of room to grow
Andrew Cosslett is a well-travelled man, even by FTSE 100 chief executive standards. The head of InterContinental Hotels Group recently arrived in London from Singapore by way of New York and is set to make further trips to the US, UK and Shanghai in the coming weeks.
He is encouraged by the activity that he sees around him. “I have been on six overseas trips in the last eight weeks and the planes have been completely full and the airports are full,” he says during an interview at the group’s InterContinental Hotel on London’s Park Lane.
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He is encouraged by the activity that he sees around him. “I have been on six overseas trips in the last eight weeks and the planes have been completely full and the airports are full,” he says during an interview at the group’s InterContinental Hotel on London’s Park Lane.
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Abu Dhabi hotel market to see 1,200 new rooms this year
More than 1,200 new rooms are set to enter the Abu Dhabi hotels market by the end of 2010, putting further pressure on occupancy and room rates, a new report by Jones Lang Lasalle has revealed.
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Financing trouble blocks buyers' possession of Trump hotel units
The Trump International Hotel Waikiki Beach Walk is getting close to being a year old, but most of the units in the hotel-condominium still haven't been conveyed to buyers or occupied.
A problem tied to financing the ultraluxury project, which sold out in 2006, blocked conveyance of units to buyers in late November shortly after the tower was completed. At the time of the suspension, only 101 of the building's 462 units had been transferred to buyers.
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A problem tied to financing the ultraluxury project, which sold out in 2006, blocked conveyance of units to buyers in late November shortly after the tower was completed. At the time of the suspension, only 101 of the building's 462 units had been transferred to buyers.
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Owner of illegal hotels, facing closures
The businessman who led the charge against a crackdown on illegal hotels - and lost - now faces having his properties shuttered by the city.
Ronnie Oved built a real estate empire buying single-room occupancy buildings and converting some units into budget hotel rooms. While permanent residents pay as little as $200 a month for a room, bargain-hunting European backpackers are charged up to $179 a night.
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Ronnie Oved built a real estate empire buying single-room occupancy buildings and converting some units into budget hotel rooms. While permanent residents pay as little as $200 a month for a room, bargain-hunting European backpackers are charged up to $179 a night.
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Eurazeo in Exclusive B&B Hotels Talks With Carlyle
PARIS (Reuters) - French financial holding firm Eurazeo said on Saturday it is in exclusive talks to sell its B&B Hotels chain to U.S. private equity firm the Carlyle Group.
The negotiations assume an enterprise value for the business of 485 million euros ($633 million), Eurazeo said in a statement
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The negotiations assume an enterprise value for the business of 485 million euros ($633 million), Eurazeo said in a statement
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Family Is Selling Huntington Hotel
John J. Cope’s father may have been known as the high-living “nabob of Nob Hill,” but Mr. Cope, who runs his family’s Huntington Hotel, is clearly eager to move on.
The Huntington Hotel is for sale by John J. Cope and two of his siblings.
He has spent the last 33 years walking the Huntington’s historic hallways and checking on the ambience of its dim, clubby Big Four lounge. On a recent weekday evening there, the pianist softly played “As Time Goes By” to a nearly empty room
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The Huntington Hotel is for sale by John J. Cope and two of his siblings.
He has spent the last 33 years walking the Huntington’s historic hallways and checking on the ambience of its dim, clubby Big Four lounge. On a recent weekday evening there, the pianist softly played “As Time Goes By” to a nearly empty room
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Wynn Resorts, Limited Reports Second Quarter Results
Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2010.
Net revenues for the second quarter of 2010 were $1.0 billion, compared to $723.3 million in the second quarter of 2009, driven by a 74.1% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased 46.0% to $281.4 million for the second quarter of 2010, compared to $192.7 million in the 2009 comparable period
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Net revenues for the second quarter of 2010 were $1.0 billion, compared to $723.3 million in the second quarter of 2009, driven by a 74.1% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased 46.0% to $281.4 million for the second quarter of 2010, compared to $192.7 million in the 2009 comparable period
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