RP-Malaysian venture issues $300-M bonds

MANILA, Philippines—Tourism and gaming firm Travellers International Hotel Group Inc., a joint venture between the group of tycoon Andrew Tan and Malaysia’s Genting Group, successfully debuted in the global bond market with a $300-million bond float.

The seven-year international bond issue carried a coupon of 6.9 percent, the lowest ever bond yield achieved by an Asian gaming firm. It also broke record for having the lowest coupon rate among unsecured US dollar bond offerings from gaming companies globally.

Read More:

Goldman’s £107m hotel deadline

Pressure was mounting this week from creditors on Goldman Sachs’ Whitehall Street fund management arm ahead of refinancing a £230m hotel portfolio.
A £107m loan secured on a portfolio of 14 Queen’s Moat House hotels bought by Whitehall in 2005 matures in February. Whitehall is attempting to refinance the portfolio and has appointed Cairn Capital to advise it.
The £107m loan was provided

Read More:

Hotel owners and operators have their banks over a barrel

FEW industries are as adept as hotels at providing tempting offers—a well-stocked minibar, for instance—that lead to regret the next day. Lenders to the industry are now firmly in the regret phase. Over the next year banks in Europe and America may be forced to write down billions in bad loans, further impairing already strained balance-sheets. In many cases they are also likely to become the proprietors of debt-ridden hotels.

Read more:

Pizza Inn, Amegy Bank Announce New Financing Agreement

THE COLONY, Texas, Jan. 19, 2010 (GLOBE NEWSWIRE) -- Pizza Inn (Nasdaq:PZZI - News), an international pizza chain with more than 310 restaurants in 10 countries, announced today a new financing agreement with Amegy Bank of Texas. The agreement provides Pizza Inn with improved financial flexibility to execute its long-term strategic plan to develop new Company-owned restaurants.

Read more:

Genting Singapore plans $1 bln rights issue

SINGAPORE, Sept 9 (Reuters) - Casino operator Genting Singapore said it plans to raise S$1.63 billion ($1.15 billion) in a rights issue to strengthen its finances and raise cash for possible acquisitions.

Read more:

Las Vegas Sands plans exchangeable bonds sale

Las Vegas Sands Corp. said Wednesday that it plans to raise up to $600 million in proceeds from an exchangeable bonds sale, as the casino operator looks to boost its liquidity.
The Sheldon Adelson-led company said it will be mandatory for the bonds to be exchanged into common stock of one of its units pending its Hong Kong IPO. A subsidiary of Las Vegas Sands submitted an application to the Hong Kong Stock Exchange for a potential listing late last month.

Read more:

Notable Financing at Empire Resorts

MONTICELLO, N.Y.--(BUSINESS WIRE)--Empire Resorts, Inc. (NASDAQ: NYNY - News) (the “Company”) announced today that it has entered into an Investment Agreement with Kien Huat Realty III Limited (“Kien Huat”) under which $55 million in new equity capital will be invested in the Company in two tranches in exchange for Common Stock representing just under 50% of the voting power of the Company.

Read more:
http://seekingalpha.com/article/157187-notable-financing-at-empire-resorts?source=yahoo

Prepare for Commercial Real Estate Bust?

CIT failure would chill US restaurant operators

A potential bankruptcy of CIT Group Inc would be another blow to restaurant operators and other franchisees by removing yet another funding source at a time when many large banks have frozen lending. But longer term, analysts say the long-suffering restaurant sector should be able to hunt down alternatives. "We think long term our people will find other places to go, short term there will be pain," said Matthew Shay, chief executive of the International Franchise Association, which has lobbied the Obama administration to rescue CIT -- one of the largest providers of loans to small businesses in the United States. "If CIT were to go away, it would take a financing option away from our franchisees who want to buy stores or expand their networks," said Michelle King, spokeswoman for Dunkin' Brands Inc,

Read more:
http://www.cnbc.com/id/31952041

Some banks imposing blanket bans on pub and restaurant loans, warns FPB

The small business support and lobby group believes some banks may be automatically refusing loans to firms in the industry due to misplaced fears over their viability.
The issue was given heightened exposure today (Thursday July 16) when Business Minister Ian Lucas admitted that he was well aware of the problem. Mr Lucas made his remarks in response to Lib Dem MP Greg Mulholland during oral questions in the Commons. Mr Mulholland said pubs were not receiving credit from banks and asked Mr Lucas to look into it.
The FPB is concerned that the entire sector may have been classed as high risk by certain lenders. As a result, it is thought they have effectively imposed a blanket policy of not providing pubs and restaurants with loans, rather than looking into the viability of each business on a case-by-case basis.

Read more:
http://www.fpb.org/news/2220/Some_banks_imposing_blanket_bans_on_pub_and_restaurant_loans__warns_FPB.htm

Interstate Hotels & Resorts Extends Senior Credit Facility to March 2012

ARLINGTON, Va., July 14 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has extended the maturity of its senior credit facility to March 2012 by converting the facility's outstanding balance of $161.2 million to a new term loan. The agreement also provides the company with an $8 million revolving credit line. The revised facility carries an interest rate of LIBOR plus 550 bps, with a 2.0 percent LIBOR floor plus additional PIK interest (payment-in-kind) of 2.0 percent through March 2011 and 3.0 percent thereafter. The accrued PIK interest is payable at maturity.

Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/07-14-2009/0005059899&EDATE=

Class action sought against Synovus

A suit seeking class action against Synovus Financial Corp. has been filed alleging the company and some of its officers and directors lied about the company’s financial exposure through a loan to the Sea Island Co. resort in Georgia.
The case was filed by Coughlin Stoia Geller Rudman & Robbins LLP in the U.S. District Court for the Northern District of Georgia

Read more:
http://www.bizjournals.com/atlanta/stories/2009/07/06/daily32.html?

Adelson says Sands considering Macau IPO

SINGAPORE — Cash strapped casino operator Las Vegas Sands Corp. is considering an initial public offering of its Macau assets and the sale of peripheral businesses to raise $3.5 billion to $4.0 billion, chairman Sheldon Adelson said Wednesday.
The company — hit by a funding crunch as the financial crisis unfolded — needs about $2 billion to finish its latest Macau hotel and casino project, and hopes to have the financing in place by September, Adelson said.
"We're actively, aggressively, sincerely looking at an IPO," he said at a news conference in Singapore. "We're talking to investors about putting in large amounts of equity and we're also talking to banks about project financing."

Read more:
http://www.chron.com/disp/story.mpl/ap/business/6518980.html

Real Mex Restaurants, Inc. Prices Private Placement of $130 Million of 14% Senior Secured Notes Due 2013

CYPRESS, Calif.--(BUSINESS WIRE)--Real Mex Restaurants, Inc. (“RMR”) announced today the pricing of $130 million of senior secured notes. The 14% notes mature on January 1, 2013, and were priced at 90% of the principal amount to yield 17.983%. The offering is expected to settle and close on July 7, 2009, subject to customary closing conditions.
RMR intends to use the net proceeds from the offering to repay its existing senior secured notes, pay related fees and expenses of the transaction and to use the balance, if any, for general corporate purposes

Read more:
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090701006236&newsLang=en

Hotel projects back on track as liquidity eases

Work on some hotel projects that have been put on hold is likely to resume as liquidity improves in the third and fourth quarters of this year, according to a senior real estate research analyst.
A number of projects in Dubai and elsewhere in the region were postponed when the global crisis reduced the supply of funding to developers. But there could be an infusion of new lending in the second half of 2009, Jalil Mekouar, Executive Vice-President and Head of the Middle East and Africa at Jones Lang LaSalle Hotels, told Emirates Business.
"Investors are more inclined to wait until the summer is over before showing any strong interest," he said. "More positive investment sentiment might appear after the summer and the Holy month of Ramadan."

Read more:
http://ehotelier.com/hospitality-news/item.php?id=P16568

Cracker Barrel Old Country Store, Inc. Announces Completion of Sale-Leaseback Transactions

LEBANON, Tenn.--(BUSINESS WIRE)--Cracker Barrel Old Country Store, Inc. (“Cracker Barrel,” or the “Company”) (Nasdaq: CBRL) today announced the closing of the sale-leaseback of its retail distribution center and fourteen of its store locations, with a fifteenth expected to close on or before July 31st. The transactions are expected to produce aggregate gross proceeds of approximately $57.6 million, consisting of $12.4 million relating to the distribution center and slightly more than three million dollars for each of the 15 store locations. The sale-leaseback transactions were the result of a competitive bidding process.

Read more:
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090701005143&newsLang=en

Wyndham Worldwide Completes Renewal of South Pacific Lending Facility

PARSIPPANY, N.J. 06-30-2009 —
Wyndham Worldwide (NYSE:WYN) today announced that it closed on the renewal of the secured, revolving foreign credit facility for its South Pacific vacation ownership business. The 364–day facility bears interest based on a variable rate plus a spread and has capacity of approximately AUD 193 million.

Innovative financing for new hotel

Despite his impressive portfolio of successful hotels along the Gulf Coast, including the Hilton on Pensacola Beach, MacQueen was turned down by more than 50 banks, including every one in Pensacola.
But MacQueen didn't get mad — well, maybe a little — he got creative. He began thinking in unconventional terms, and it paid off, to the tune of $38 million.

Read more:
http://www.pnj.com/article/20090628/BUSINESS/906280309/Carlton-Proctor--Innovative-financing-for-new-hotel

Sunstone Hotel Investors Amends Credit Facility

http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005051858&EDATE=

Jamba, Inc. Receives Approval for SBA Franchise Registry Listing