NEW YORK (AP) -- Hotel owner and manager Orient-Express Hotels Ltd. said Tuesday that it purchased a hotel in Peru from Industrias Turistica Vagamundos SAC for $7 million.
The acquisition was made by Orient-Express Hotels' joint venture company, Peru OEH SA, which used cash reserves and $2.5 million of long-term debt for the purchase.
The Hotel Rio Sagrado, which opened in April, contains 21 suites and two villas. The hotel, located in the Sacred Valley of the Incas, is the fifth Peru acquisition for Orient-Express.
Orient-Express is the owner or part-owner and manager of 49 luxury hotel, restaurant, tourist train and river cruise properties in 25 countries.
Tuesday, December 29, 2009
Station Casinos bondholders want permission to sue
Station Casinos Inc.'s bondholders asked the Las Vegas company's bankruptcy court Monday for permission to sue the company over the 2007 leveraged-buyout deal that took Station private, charging the transaction crippled the company by saddling it with excessive debt.
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Woman sues NYC eatery over fallen moose head
(AP) - A New York City restaurant-goer says she was struck by the decor at a Manhattan restaurant -- but not in a visual way.
Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Can Lady Gaga Save The Fontainebleau in Miami?
Admit it. 2010 was all about Lady Gaga and it seems only fitting that her New Year's Eve concert at Miami's Fontainebleau Resort is officially the hottest New Year's Eve party in America, according to NewYearsEve.com. Page Six reports:
Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Ruth Improves Financial Position
Ruth’s Hospitality Group Inc. (NasdaqGS: RUTH - News), the operator of upscale casual-dining chains, in order to improve its financial position and flexibility has taken prudent steps to raise $69.7 million through a stock sale to a private equity firm, a right offering to existing shareholders and the sale of its headquarters building.
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Morgans Hotel Group Announces Extension of Loan Maturities on Hard Rock Hotel & Casino in Las Vegas
NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”), the operator and part owner of the Hard Rock Hotel & Casino in Las Vegas, today announced that the maturity date of the loan secured by the hotel and casino has been amended so that it is extendable to February 2014. In addition, the non-recourse loan, secured by approximately 11 acres of unused land owned by a Hard Rock subsidiary is now extendable until February 2014.
“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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Monday, December 28, 2009
Artisan Hotel & Spa agrees to foreclosure
The hip, nongaming Artisan Hotel & Spa in Las Vegas has agreed to be foreclosed on by a lender.
Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Friday, December 25, 2009
Bahamas - $2.6bn Baha Mar deal '90% likely to go ahead'
Baha Mar's potential agreement with two Chinese state-owned entities for the financing and construction of its $2.6 billion Cable Beach project is "90 per cent likely to go" ahead, Tribune Business was told yesterday, with both sides trying to now tie down "a few commercial issues".
The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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Wednesday, December 23, 2009
U.S. tourist faces fraud charges in Brazil after claiming luggage stolen
A vacationing American faces charges of fraud after he told police in Rio de Janeiro robbers had stolen his luggage.
According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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Tuesday, December 22, 2009
UPS Store and FedEx Office race to open hotel locations
Need to make copies, ship documents or use a computer at your hotel?
Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Contractor files claim against Pittsburgh Hilton owner
P.J. Dick Inc. has filed a claim against the owner of the Pittsburgh Hilton, saying that the contractor is owed $1 million in unpaid work on the hotel addition project.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Wyndham O'Hare hotel to close
Crain’s) – The 467-room Wyndham O’Hare is shutting down, the latest sign of trouble in a brutal Rosemont hotel market that has been squeezed by a surge in supply and a dramatic drop in demand.
The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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Granite City Food & Brewery Ltd. Announces Renegotiation of Terms of Bridge Debt
MINNEAPOLIS--(BUSINESS WIRE)--Granite City Food & Brewery Ltd. (NASDAQ: GCFB - News). By agreement dated effective December 16, 2009, Granite City Food & Brewery Ltd. and Harmony Equity Income Fund, L.L.C. and Harmony Equity Income Fund II, L.L.C. amended the March 30, 2009 Bridge Loan Agreement between the parties. The original Agreement provided for the issuance of $1.0 million of partially convertible bridge notes and warrants which matured in April 2010 and then payable in 6 equal monthly installments. The maturity date of the current principal balance has been extended to January 1, 2011, at which time the principal amount outstanding will be payable in 12 equal monthly installments, with the final installment due on December 1, 2011. Further, the total amount of the commitment will be reduced to $800,000 from the initial $1.0 million commitment. Adjustments were also made to the provisions for payment of deferred and accrued interest.
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You're No Warren Buffett, Steak n Shake
Remember when Octomom tried to look like Angelina Jolie? Steak n Shake (NYSE: SNS) is trying to do something similar, with its recent channeling of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). But instead of lip-puffing Botox and a new layered 'do, Steak n Shake is going for a reverse split and an insurance-company acquisition.
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Ruth's Hospitality Group, Inc. Announces Proposed Transactions Intended to Strengthen the Company's Financial Position and Improve its Flexibility
HEATHROW, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH - News) today announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company’s balance sheet and improve its operating and financial flexibility.
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