The territory’s former United States marketing and press relations firm has sued the BVI Tourist Board for breach of contract, claiming more than $1.2 million in damages. The Florida-based Zimmerman Agency — which filed a claim in a Virgin Islands Court on Nov. 9 — alleges that the BVITB and government cut off all contact in 2008 after a protracted payment dispute.
Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
Read more:
Saturday, February 20, 2010
Casinos lost money for second time in history
CARSON CITY – For only the second time, Nevada casinos posted a loss – but this time it was the biggest.
The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
Read more:
The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
Read more:
U.K. hotels call for tight regulation of hotel reviews
Uproar in Britain over TripAdvisor's "dirtiest hotels" list has reignited calls for tighter regulations to ensure that consumer reviews on such websites are legitimate.
Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
Read more:
Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
Read more:
SABMiller To Merge Hotels, Casinos Unit With Gold Reef
JOHANNESBURG (Dow Jones)--SABMiller PLC (SAB.JO), one of the world's largest beer producers, Thursday said it will merge its South African hotels and casinos unit with rival Gold Reef Resorts Ltd. (GDF.JO) in exchange for a share in an enlarged company that will be worth about $2.7 billion.
The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
Read more:
The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
Read more:
Luxury resort developer files for bankruptcy
WILMINGTON, Del./BANGALORE, Feb 16 (Reuters) - A developer of luxury ski resorts, multimillion dollar townhouses and a Jack Nicklaus golf course near Lake Tahoe filed for bankruptcy on Tuesday, a victim of a commercial real estate crash.
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
Read more:
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
Read more:
The Next Chapter (11) In Buying Distressed Hotels: Bankruptcy Sales
These are tough times in the hotel business. The recession has squeezed room rates and net operating income. The credit crunch means new borrowing is available only at lower loan to value ratios near 50%, on already beaten down values. At the same time, many tens of billions of dollars of existing hotel loans are maturing or otherwise in default, leaving the owners with little ability to sell or refinance at for amounts sufficient to pay off existing debt.
However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
Read more:
However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
Read more:
London Town goes into administration
After months of speculation London Town, the indebted property developer turned pub operator, has gone into administration.
In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
Read more:
In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
Read more:
Ritz-Carlton raises Marriott’s commitment to Aruba
ORANJESTAD, Aruba — Ritz-Carlton will expand its presence in the Caribbean with the 320-room, $200 million Ritz-Carlton Aruba, slated to open in late 2012.
The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
Read more:
The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
Read more:
Blackstone Group Refinances Debt at Hilton Hotels
The Blackstone Group has reached a deal to reorganize the debt load of Hilton Hotels, shoring up the finances of one of its crown jewels, a person briefed on the matter said on Friday. The deal would cut Hilton’s debt burden to about $16 billion from $20 billion. Under the terms of the agreement, Blackstone will inject an additional $800 million of capital to buy back Hilton’s debt at a discount, this person said. The maturities of some of Hilton’s debt will also be pushed back. A Blackstone spokesman declined to comment. Blackstone agreed to acquire Hilton in 2007 for $26 billion. Negotiations with Hilton’s lenders have been going on for months. One complication is that several billions of dollars of Hilton debt is held by an unusual entity: the Federal Reserve, which assumed loans to Hilton made by Bear Stearns when it helped rescue the investment bank almost two years ago.
Read more:
Read more:
Friday, February 19, 2010
Stock proposal creates big battle over Benihana's future
The knives are out at Benihana and the ones doing the chopping aren't the chefs.
Shareholders and management of the Japanese-themed Miami restaurant company are squaring off over a proposed merger that would allow the issuance of an additional 12.5 million new shares.
In the last week, Benihana founder Rocki Aoki's children and another major shareholder have come out in opposition to management's plans. The showdown will come Monday afternoon at a shareholder meeting in Fort Lauderdale.
Benihana President and Chief Executive Richard Stockinger fought back Thursday in a press release that called not approving management's plans ``foolhardy.'' The proposal calls for merging Benihana with a wholly owned subsidiary, BHI Mergersub, in order to create 12.5 million new shares of Class A common stock.
Read more:
Shareholders and management of the Japanese-themed Miami restaurant company are squaring off over a proposed merger that would allow the issuance of an additional 12.5 million new shares.
In the last week, Benihana founder Rocki Aoki's children and another major shareholder have come out in opposition to management's plans. The showdown will come Monday afternoon at a shareholder meeting in Fort Lauderdale.
Benihana President and Chief Executive Richard Stockinger fought back Thursday in a press release that called not approving management's plans ``foolhardy.'' The proposal calls for merging Benihana with a wholly owned subsidiary, BHI Mergersub, in order to create 12.5 million new shares of Class A common stock.
Read more:
Full-year profits plunge by 32% at Millennium & Copthorne
London proved to be the most resilient market for International hotel firm Millennium & Copthorne hotels over 2009.
Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
Read more:
Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
Read more:
Strategic Hotels & Resorts Amends and Extends Loan Securing Intercontinental Prague Hotel
CHICAGO, Feb. 18 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE - News), today announced that the company has entered into an amendment with Aareal Bank AG on the euro 104 million non-recourse loan securing the InterContinental Prague Hotel. Under the terms of the amendment, the loan remains non-recourse and the maturity was extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is removed and the financial performance covenants are effectively waived.
MGM MIRAGE Reports Fourth Quarter and Full Year Financial Results
LAS VEGAS, Feb 18, 2010 /PRNewswire via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the fourth quarter of 2009. The Company reported a fourth quarter diluted loss per share of $0.98, which includes the impact of a pre-tax non-cash impairment charge totaling $548 million, or $0.73 loss per diluted share net of tax, related to the Company's undeveloped land holdings in Atlantic City. For the same quarter in 2008, the Company reported a diluted loss per share of $4.15, which included a non-cash goodwill and indefinite-lived intangible asset impairment charge of $1.2 billion, or $4.25 per diluted share net of tax, and a gain on repurchased debt of $87 million or $0.21 per diluted share net
Read more:
Read more:
Sea Island Co. has retained Goldman Sachs to review strategic alternatives
SEA ISLAND, GA-Private resort owner and real estate developer Sea Island Co. has retained Goldman Sachs to review strategic alternatives, including a possible sale. Additional details will not be disclosed until some sort of agreement is reached.
The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
Read more:
The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
Read more:
Accor Announces the Sale of 5 Hotels in 4 European Countries for EUR154 Million
PARIS, February 19, 2010 /PRNewswire-FirstCall/ -- As part of the ongoing deployment of its "asset right" strategy, Accor has announced an international real estate transaction involving the sale of five hotels (representing more than 1,100 rooms) in four European countries for EUR154 million.
The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
Read more:
The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
Read more:
