Abu Dhabi National Hotels PSC, the owner of properties managed by Hilton, Le Meridien and Sheraton properties in the United Arab Emirates, expects a decline in profit after an expansion in its asset base.
“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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Monday, September 27, 2010
Need a condom? Check your hotel room’s mini-bar
The Thompson Hotels chain, which includes the Hollywood Roosevelt and the Thompson Beverly Hills, as well as several properties in New York, is selling limited-edition condom packages created by a series of fashion designers.
Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Milford Plaza Hotel to sell for $200M
One of the city's leading real-estate families is close to a deal to sell its shuttered Milford Plaza Hotel to a partnership led by private-equity firm Rockpoint Group LLC for about $200 million, according to people familiar with the matter.
The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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Hard Rock Cafe sues Vegas hotel with same name
LAS VEGAS - Owners of the Hard Rock Cafe restaurant chain are suing owners of the Hard Rock Hotel & Casino in Las Vegas over its name, saying the casino's party image has damaged the moniker enough to justify ending a 14-year-old licensing agreement.
Lawyers for Orlando-based Hard Rock Cafe International Inc. said in the lawsuit filed Tuesday in federal court in New York that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.
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Lawyers for Orlando-based Hard Rock Cafe International Inc. said in the lawsuit filed Tuesday in federal court in New York that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.
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Strategic Hotels & Resorts Signs Agreement to Sell the InterContinental Prague
By Eric Hertha - Hospitality Business News
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
