ATLANTIC CITY, N.J. — Talk about dog days: What should have been one of the best months of the year for Atlantic City's casinos instead saw revenue at the gambling houses fall by 11.3 percent.
August was the first full month in which the nation's second-largest gambling market was competing against table games offered in neighboring Pennsylvania, whose slots parlors have been siphoning off Atlantic City's revenue for nearly four years.
The shore resort's 11 casinos took in $347.5 million in August, down from $391.7 million in August 2009.
Read More:
Saturday, September 11, 2010
Pacific Host Hotels in deal for control of La Jolla's La Valencia Hotel
According to several sources, Pacifica Host Hotels has assumed control of La Jolla's historic, pink-hued, 113-room La Valencia Hotel.
"We are told that Pacifica has it under contract," Steven Grady of The Focus Group, a real estate development company at 7938 Ivanhoe Ave. told the Light late Friday. "We were competing for it but did not get it."
Read More:
"We are told that Pacifica has it under contract," Steven Grady of The Focus Group, a real estate development company at 7938 Ivanhoe Ave. told the Light late Friday. "We were competing for it but did not get it."
Read More:
Hotels prepare to do battle in court with TripAdvisor over negative reviews
Hundreds of hotels in the UK and the U.S. could bring legal action against a controversial travel website over claims that its reviews are defamatory.
More than 400 hotel and restaurant businesses have indicated they are prepared to join a 'group defamation action' against TripAdvisor which claims to be the world's biggest travel site. The initiative is being led by an online reputation management firm.
Read More:
More than 400 hotel and restaurant businesses have indicated they are prepared to join a 'group defamation action' against TripAdvisor which claims to be the world's biggest travel site. The initiative is being led by an online reputation management firm.
Read More:
USVI hotel reopens as Marriott with $15M govt aid
A U.S. Virgin Islands hotel that struggled after Hurricane Hugo in 1989 and eventually shut its doors is back in business with the help of $15 million from the government.
The Marriott Renaissance Carambola Beach Resort and Spa in St. Croix expects to employ 130 workers.
Gov. John de Jongh says about 40 percent of the resort is still under construction.
Read More:
The Marriott Renaissance Carambola Beach Resort and Spa in St. Croix expects to employ 130 workers.
Gov. John de Jongh says about 40 percent of the resort is still under construction.
Read More:
Moody's: CMBS Delinquencies Up in August; Hotels Hurt The Worst
Moody's Investors Service said delinquencies on loans in U.S. commercial mortgage-backed securities increased again in August as a big hotel loan added to that sector's woes.
Last month's increase to 8.10% from 7.89% in July comes as the pace of the ongoing rise in commercial property loan delinquencies has moderated of late. Commercial real estate has been pummeled for more than a year as occupancy rates and rents decline, putting pressure on property owners.
In August, hotels again had the highest delinquency rate, at 15.47%. The $825 million Innkeepers portfolio loan, backed by hotel properties throughout the U.S., represented more than 75% of the newly delinquent hotel loans the past month. Innkeepers USA Trust (KPA), a real-estate investment trust that owns more than 70 midmarket hotels, filed for bankruptcy in July as it labored under more than $1 billion in debt.
Read More:
Last month's increase to 8.10% from 7.89% in July comes as the pace of the ongoing rise in commercial property loan delinquencies has moderated of late. Commercial real estate has been pummeled for more than a year as occupancy rates and rents decline, putting pressure on property owners.
In August, hotels again had the highest delinquency rate, at 15.47%. The $825 million Innkeepers portfolio loan, backed by hotel properties throughout the U.S., represented more than 75% of the newly delinquent hotel loans the past month. Innkeepers USA Trust (KPA), a real-estate investment trust that owns more than 70 midmarket hotels, filed for bankruptcy in July as it labored under more than $1 billion in debt.
Read More:
Morgans Hotel gets more time to pay back loans
Boutique hotel operator Morgans Hotel Group Co. said Friday lenders have again agreed to give it more time to pay back $377.5 million in loans secured by two hotels.
The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
Read More:
The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
Read More:
Attempted suicide bombing at Denmark hotel on eve of 9/11
Police in Copenhagen have arrested a man who apparently tried to blow himself up in a hotel bathroom.
The explosion occurred in a bathroom of the Hotel Jørgensen, located on Israel’s Square. A man with arm and facial injuries was arrested a short time later in a city park near the hotel, according to police spokesman Henrik Moeller Jacobsen.
Read More:
The explosion occurred in a bathroom of the Hotel Jørgensen, located on Israel’s Square. A man with arm and facial injuries was arrested a short time later in a city park near the hotel, according to police spokesman Henrik Moeller Jacobsen.
Read More:
Two robbed in hotel room invasion
ORLANDO, Fla. (WOFL FOX 35) - Flashing red and blue lights lit up the night as Orlando Police tried to track down two gunmen who forced their way into a hotel room on International Drive. Orlando Police say a tourist from England was outside smoking a cigarette when two men with guns followed him back into his room.
The gunmen made the tourist and his wife get face down on the ground, then forced one of them to open a safe. The two gunmen took off with the English couple's cash and electronics.
Read More:
The gunmen made the tourist and his wife get face down on the ground, then forced one of them to open a safe. The two gunmen took off with the English couple's cash and electronics.
Read More:
