WHITE PLAINS, N.Y., Sep 29, 2010 (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. /quotes/comstock/13*!hot/quotes/nls/hot (HOT 52.04, -0.10, -0.18%) announced today that they have sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co. The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50 year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag. Guest service and hotel operations will continue uninterrupted, providing seamless signature St. Regis service and exceptional guest experience which distinguishes the brand's properties around the world.
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Wednesday, September 29, 2010
Pebblebrook Hotel Trust Acquires The Grand Hotel Minneapolis
BETHESDA, Md., Sep 29, 2010 (BUSINESS WIRE) -- Pebblebrook Hotel Trust /quotes/comstock/13*!peb/quotes/nls/peb (PEB 18.20, -0.06, -0.33%) (the "Company") today announced that it has acquired The Grand Hotel Minneapolis for $33.0 million. The 140-room, AAA four-diamond, upper-upscale, full-service hotel, featuring the 58,000-square foot Life Time Athletic Club and Life Spa, is located in the heart of downtown Minneapolis. The hotel will be managed by Kimpton Hotels and Restaurants ("Kimpton"). The transaction was funded entirely with available cash.
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Space race to build the world's first orbiting hotel
The new space race is starting to look a lot like the old space race -- except this time it is U.S. and Russian businesses chasing each other down instead of the two countries’ governments.
Moscow-based Orbital Technologies announced Wednesday that it is teaming with spacecraft manufacturer Rocket & Space Corp. Energia to build an orbiting outpost for space travelers. Dubbed the Commercial Space Station, or CSS, it’s slated to be ready by 2016, a company spokeswoman said.
But that’s one year after Las Vegas-based Bigelow Aerospaceplans to have its commercial station ready. The company, owned by Robert Bigelow, founder of the Budget Suites of America hotel chain, has already built and launched prototypes of inflatable modules that could serve as orbital hotels and research labs.
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Moscow-based Orbital Technologies announced Wednesday that it is teaming with spacecraft manufacturer Rocket & Space Corp. Energia to build an orbiting outpost for space travelers. Dubbed the Commercial Space Station, or CSS, it’s slated to be ready by 2016, a company spokeswoman said.
But that’s one year after Las Vegas-based Bigelow Aerospaceplans to have its commercial station ready. The company, owned by Robert Bigelow, founder of the Budget Suites of America hotel chain, has already built and launched prototypes of inflatable modules that could serve as orbital hotels and research labs.
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Michelin names New York's Best Value Restaurants
The Michelin Guide today names 21 more eateries in New York as offering value for money, adding to a list that includes Momofuku Noodle Bar and the Fatty Crab.
Hecho en Dumbo, a Mexican restaurant on the Bowery, and Fatty ‘Cue, chef Zak Pelaccio’s Malaysian-inspired barbecue joint in Brooklyn, are among those to receive a Bib Gourmand, meaning they offer a good two-course meal and a glass of wine or a dessert for $40 or less.
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Hecho en Dumbo, a Mexican restaurant on the Bowery, and Fatty ‘Cue, chef Zak Pelaccio’s Malaysian-inspired barbecue joint in Brooklyn, are among those to receive a Bib Gourmand, meaning they offer a good two-course meal and a glass of wine or a dessert for $40 or less.
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China's Country Style Cooking Surges After U.S. IPO
Country Style Cooking Restaurant Chain Co. surged 47 percent after the operator of 101 fast-food outlets in China raised 18 percent more than initially sought in its initial public offering.
The company climbed 47 percent to $24.30 in New York Stock Exchange trading today after selling $82.5 million in American depositary receipts at $16.50 apiece yesterday. Country Style Cooking had originally asked for as much as $14 each before increasing its offer price range to $14 to $16 on Sept. 23, the Chongqing, China-based chain’s Securities and Exchange Commission filings showed.
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The company climbed 47 percent to $24.30 in New York Stock Exchange trading today after selling $82.5 million in American depositary receipts at $16.50 apiece yesterday. Country Style Cooking had originally asked for as much as $14 each before increasing its offer price range to $14 to $16 on Sept. 23, the Chongqing, China-based chain’s Securities and Exchange Commission filings showed.
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Jack In The Box To Close 40 Restaurants This Year
(RTTNews) - Restaurant chain operator Jack in the Box Inc. (JACK: News ) Wednesday said it plans to close 40 of its company-operated restaurants prior the close of fiscal year that ends on October 3. The company said the restaurants failed to meet acceptable levels of return on investment in its comprehensive analysis performed during fourth quarter
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Asian hotel group in talks to take control of six star London hotel development
KOP Group is in talks with Stan Thomas’s Thomas Enterprises and lender Lloyds Banking Group to take a controlling stake in a six star hotel development site at 10 Trinity Square close to the Tower of London in the City.
As revealed by Property Week on 31 July 2009 American tycoon Thomas had been trying to find a party to invest equity to start construction of the 490,000 sq ft hotel, spa and flats at the grade II-listed building.
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As revealed by Property Week on 31 July 2009 American tycoon Thomas had been trying to find a party to invest equity to start construction of the 490,000 sq ft hotel, spa and flats at the grade II-listed building.
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Top Police Officer thrown out of restaurant after sending food back
A TOP police worker was thrown out of a country hotel - after sending back a fatty steak.
Rob Shorthouse - director of corporate communications with Strathclyde police - was left stunned when the "crazed chef" ordered him and wife Lindsay out of the West Loch Hotel in Tarbert, Argyll.
And fellow diners claimed the man, who is also the owner, even threatened to call the cops.
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Rob Shorthouse - director of corporate communications with Strathclyde police - was left stunned when the "crazed chef" ordered him and wife Lindsay out of the West Loch Hotel in Tarbert, Argyll.
And fellow diners claimed the man, who is also the owner, even threatened to call the cops.
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Sol Melia sells the Sol Pelicanos Ocas
The hotel company Sol Meliá reported today that it has sold the Sol PelÃcanos Ocas Hotel in Benidorm, Alicante for 73.75 million euros, generating capital gains of 55.6 million euros for the hotel chain.
Sol Meliá will continue to manage the hotel under a 10-year lease agreement and will also retain a preferential purchase option on the hotel.
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Sol Meliá will continue to manage the hotel under a 10-year lease agreement and will also retain a preferential purchase option on the hotel.
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Starwood joins Panama's hotel boom
Starwood Hotels has announced that it is to take its Westin brand into Panama, the latest entrant of a hotel boom that is sweeping the country.
It will open two Westin hotels within the next two years, executives confirmed September 28, both close to Panama City.
The 611-room Westin Playa Bonita Panama will offer three restaurants, several pools and a full service spa, as well as spectacular views of the Pacific Ocean and the Panama Canal.
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It will open two Westin hotels within the next two years, executives confirmed September 28, both close to Panama City.
The 611-room Westin Playa Bonita Panama will offer three restaurants, several pools and a full service spa, as well as spectacular views of the Pacific Ocean and the Panama Canal.
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GuestScan allows hotel owners to share information about "known or potential troublemakers"
Personal data watchdog Privacy International has called for a government investigation into a Bristol based company keeping a national blacklist of nightmare hotel guests.
The new website GuestScan.com allows hotel owners to share information about "known or potential troublemakers" in an online hall of shame which lists the extent of their bad behaviour as well as personal details.
Using the database, hoteliers can identify problem guests in advance, reducing the risk of trashed rooms, non-payment or anti-social behaviour.
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The new website GuestScan.com allows hotel owners to share information about "known or potential troublemakers" in an online hall of shame which lists the extent of their bad behaviour as well as personal details.
Using the database, hoteliers can identify problem guests in advance, reducing the risk of trashed rooms, non-payment or anti-social behaviour.
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Walt Disney Hilton sells for $127M
One of the official partner hotels of Walt Disney World has been sold by the building's longtime owner for $127.2 million.
Tishman Hotel & Realty LP said Tuesday it "decided to take advantage of pent-up demand" for well-performing properties and sold the Hilton Walt Disney World Resort to Hilton Worldwide, which has been managing the hotel for nearly three decades.
"During our nearly 30-year ownership of the hotel, the Hilton posted strong returns and consistently outperformed its competitors," Tishman stated. "We maintain a strong presence in the Orlando hospitality market and continue to own the Walt Disney World Swan and the Walt Disney World Dolphin."
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Tishman Hotel & Realty LP said Tuesday it "decided to take advantage of pent-up demand" for well-performing properties and sold the Hilton Walt Disney World Resort to Hilton Worldwide, which has been managing the hotel for nearly three decades.
"During our nearly 30-year ownership of the hotel, the Hilton posted strong returns and consistently outperformed its competitors," Tishman stated. "We maintain a strong presence in the Orlando hospitality market and continue to own the Walt Disney World Swan and the Walt Disney World Dolphin."
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