A Cn$1.4 billion pension fund is moving to sort out the current woes at its two New Providence-based resort properties, Tribune Business has been told, pursuing a 'twin-track' approach in renewed attempts to foreclose on the $867 million New South Ocean project. It is also seeking a buy-out of its joint venture partner at the British Colonial Hilton.
In the very same week that trustees of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) were convicted of failing to properly supervise the plan's investments, especially those in its two Bahamian resort properties, informed sources said the fund and its officials have moved quickly - and quietly - to resolve the latest difficulties bedeviling the hotels.
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Monday, December 14, 2009
Wynn seeks dismissal of second-hand smoke suit
Attorneys for Wynn Las Vegas are seeking dismissal of a lawsuit claiming its casino workers are exposed to dangerous second-hand tobacco smoke.
In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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BVI Hotels: Bookings still down
Ask Virgin Islands hoteliers if 2010 will be busy, and they’ll ask you for a crystal ball. And while many say they can’t predict the future, more than one hotelier in the territory is hoping that a slow tic upwards in bookings this December could signal the light at the end of the tunnel.
“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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Abu Dhabi bails out neighbour.
Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $US10 billion injection, of which $US4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
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National & World Restaurant News Whitbread optimistic about year results
Hotel, pub and coffee shop group Whitbread has announced it expects results for 2009 to exceed top market estimates.
The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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Wendy's to exit Japan, 71 restaurants to close
LOS ANGELES, Dec 11 (Reuters) - Wendy's/Arby's Group Inc (WEN.N) said an agreement with its Japan franchisee will expire at year end, resulting in the closure of 71 Wendy's restaurants in a fast food market dominated by McDonald's Corp (MCD.N).
Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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One dead, two sick after stays at Miami Hotel
A foreign visitor has died and at least two other people have become sick after staying at a downtown Miami luxury hotel, and health officials are blaming an unusual type of pneumonia called Legionnaire's Disease.
Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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Sunday, December 13, 2009
Icahn Backs Beal Bid for Bankrupt Trump Entertainment
Dec. 11 (Bloomberg) -- Carl Icahn agreed to buy most of bankrupt Trump Entertainment Resorts Inc.’s bank debt, pitting the billionaire investor against a bondholder reorganization plan for the casino operator supported by Donald Trump.
Icahn affiliates will buy Beal Bank’s secured loan, which is first in line among creditors, and agreed to back the lender’s reorganization plan for Atlantic City, New Jersey-based Trump Entertainment, according to a statement today.
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Icahn affiliates will buy Beal Bank’s secured loan, which is first in line among creditors, and agreed to back the lender’s reorganization plan for Atlantic City, New Jersey-based Trump Entertainment, according to a statement today.
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Club Med Gains as Resort Earnings Beat Estimates, Bookings Jump
Dec. 11 (Bloomberg) -- Club Mediterranee SA, Europe’s largest resort owner, rose as much as 6.7 percent in Paris trading after operating profit beat some estimates and the company reported a jump in bookings for the last eight weeks.
The shares climbed as much as 93 cents to 14.85 euros, heading for the highest closing price since Oct. 23. They traded at 14.67 euros at 9:49 a.m
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The shares climbed as much as 93 cents to 14.85 euros, heading for the highest closing price since Oct. 23. They traded at 14.67 euros at 9:49 a.m
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Nakheel Possible Default to Affect $5.25 Billion Debt
Dec. 13 (Bloomberg) -- Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.
Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
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Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
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Booze Sitting on Docks Has Indonesia's Hospitality Sector in a Spin
Dozens of containers filled with wine and spirits are being held up by customs at the country’s largest port, causing restaurants and hotels to worry they will be unable to meet the Christmas and New Year holiday demand.
Yanti Sukamdani, the chairwoman of the Indonesian Hotel and Restaurant Association, said that shortages of wine and spirits had been occurring since early December
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Yanti Sukamdani, the chairwoman of the Indonesian Hotel and Restaurant Association, said that shortages of wine and spirits had been occurring since early December
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Ashford Hospitality Trust Inc. puts Dearborn Hyatt into receivership
Dallas hotel owner Ashford Hospitality Trust Inc. has agreed to put its Hyatt Regency hotel in Dearborn, Mich., into receivership.
The move helps Ashford (NYSE: AHT) and its lender avoid foreclosure on the hotel, and is the result of five months of negotiations with the lender, which the company did not identify in an announcement
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The move helps Ashford (NYSE: AHT) and its lender avoid foreclosure on the hotel, and is the result of five months of negotiations with the lender, which the company did not identify in an announcement
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Hard Rock opens the ultimate all-inclusive hotel.
Slated to be re-branded in Spring 2010, the 1800-room Hard Rock Hotel & Casino Punta Cana will combine the distinctive atmosphere and unparalleled guest experience of the Hard Rock brand together with the five-star Moon Palace Resort all-inclusive experience.
Hard Rock Hotel & Casino Punta Cana’s expansive 121-acre property rests on Macao Beach, one of the most beautiful, palm tree-lined beaches in the Caribbean that overlooks perfectly clear blue waters on the easternmost tip of the Dominican Republic.
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Hard Rock Hotel & Casino Punta Cana’s expansive 121-acre property rests on Macao Beach, one of the most beautiful, palm tree-lined beaches in the Caribbean that overlooks perfectly clear blue waters on the easternmost tip of the Dominican Republic.
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Thursday, December 10, 2009
London hotels full in November | Deloitte Reports
Deloitte, the business advisory firm, has confirmed that London’s hotel market is leading the recovery in European hotel performance after 13 consecutive months of decline. October showed the first signs of revPAR (revenue per available room) growth but data for November shows a dramatic increase in hoteliers’ revenue, rising 10% compared to the same month last year.
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Station Casinos property to be renamed after Days Inn agreement
Station Casinos Inc. today announced a franchise agreement to bring the Days Inn hotel brand to the Wild Wild West Gambling Hall on Tropicana Avenue west of Interstate 15 in Las Vegas.
The property will be rebranded as Days Inn - Las Vegas at Wild Wild West Gambling Hall. Room rates start at $39.99 a night, Station said.
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The property will be rebranded as Days Inn - Las Vegas at Wild Wild West Gambling Hall. Room rates start at $39.99 a night, Station said.
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