Two Thousand Oaks Marriott hotels in default on a $25 million construction loan and facing foreclosure are just the latest indication that the region’s hotels have been hit hard by a decline in tourism and a sour commercial real estate market.
The neighboring hotels on Newbury Road — a Marriott TownePlace Suites and a Courtyard by Marriott — are owned and operated by Ocean Park Hotels, a San Luis Obispo-based firm. The lender, Nationwide Life Insurance Co., is seeking to foreclose and put the hotels into receivership, according to a suit filed this month in Ventura County Superior Court.
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Monday, April 26, 2010
More Pasta for New York City
Restaurateur Laurent Lesort, who has joined with his brother, Frederick, in the past, is now pairing up with two French friends to launch a new franchise called Hello Pasta.
The first of 10 planned restaurants will open in June on Lexington Avenue between 54th and 55th streets.
A month later the well-established French franchise Nooï, with more than 50 locations across France, will open its first U.S. location, just 13 blocks from Hello Pasta at 370 Lexington Ave.
"It's great to have competition," said Christopher Sanchez, chief operating officer of Nooï North America, which opened its first location in 2006 in France.
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The first of 10 planned restaurants will open in June on Lexington Avenue between 54th and 55th streets.
A month later the well-established French franchise Nooï, with more than 50 locations across France, will open its first U.S. location, just 13 blocks from Hello Pasta at 370 Lexington Ave.
"It's great to have competition," said Christopher Sanchez, chief operating officer of Nooï North America, which opened its first location in 2006 in France.
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Sands to restart work on Bethlehem hotel in May
The same crushing recession that stopped the Sands casino resort hotel in November 2008 is helping to restart it now.
Sands casino executives have agreed to resume building their 300-room hotel in south Bethlehem, largely because the global financial crisis has caused construction costs to plummet and because Sands has decided to strip some of the extravagant Las Vegas-style luxury from the hotel.
As a result, a hotel that was expected to cost $60 million to complete can now be finished for as little as $30 million, according to a source close to the project.
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Sands casino executives have agreed to resume building their 300-room hotel in south Bethlehem, largely because the global financial crisis has caused construction costs to plummet and because Sands has decided to strip some of the extravagant Las Vegas-style luxury from the hotel.
As a result, a hotel that was expected to cost $60 million to complete can now be finished for as little as $30 million, according to a source close to the project.
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Indians want their Taco Bell
BANGALORE, India -- Praful Desai celebrated his 65th birthday last weekend by doing something special with his family.
Mr. Desai, a retired chemical engineer and an avowed vegetarian, took his two brothers-in-law, their wives, children and grandchildren to Bangalore's latest hotspot -- the country's first Taco Bell. "I'm trying Mexican food for the first time in my life," he said, adding, "Never too old to try something new."
Like the Desai family who spread themselves across three tables, half of those who came into Bangalore's only Taco Bell that evening couldn't tell the difference between a taco and a burrito.
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Mr. Desai, a retired chemical engineer and an avowed vegetarian, took his two brothers-in-law, their wives, children and grandchildren to Bangalore's latest hotspot -- the country's first Taco Bell. "I'm trying Mexican food for the first time in my life," he said, adding, "Never too old to try something new."
Like the Desai family who spread themselves across three tables, half of those who came into Bangalore's only Taco Bell that evening couldn't tell the difference between a taco and a burrito.
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Navigating The Hotel Star System
"It's a five-star hotel!" But what exactly does that mean? And is a five-star hotel really worth a hundred dollars more a night than a three-star hotel? It doesn't help that the same hotel may have three different ratings depending on the travel website you visit or the tourist guidebook you read.
If you're blinded by these perplexing little stars, you're not alone. Read on to learn more about the intricate hotel star rating system.
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If you're blinded by these perplexing little stars, you're not alone. Read on to learn more about the intricate hotel star rating system.
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Starwood Capital Will Make New Bid for Extended Stay Hotels
April 23 (Bloomberg) -- Starwood Capital Group LLC will make a new bid for Extended Stay Hotels Inc., which filed the largest bankruptcy case by a U.S. hotel owner, a Starwood lawyer said in court.
“We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.”
Starwood’s earlier bid for the company, which had $7.6 billion in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4 million from Centerbridge Partners LP and Paulson & Co. Zirinsky told Peck that he and Starwood learned on April 21 that Blackstone Group LP will become a third partner in the Centerbridge-Paulson bid for the company.
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“We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.”
Starwood’s earlier bid for the company, which had $7.6 billion in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4 million from Centerbridge Partners LP and Paulson & Co. Zirinsky told Peck that he and Starwood learned on April 21 that Blackstone Group LP will become a third partner in the Centerbridge-Paulson bid for the company.
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Washington D.C.'s storied Renaissance Mayflower hotel struggles to make loan payments
The storied Renaissance Mayflower Hotel - Washington D.C.'s largest luxury hotel just six blocks from the White House - is struggling to make its loan payments, according to a Washington Post report that cites credit rating agency information.
It's hardly an unusual story at this point in time, but stories about The Mayflower always pique my interest.
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It's hardly an unusual story at this point in time, but stories about The Mayflower always pique my interest.
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Bahamian Hotels '1/2 way to full recovery' by year-end
The Bahamian hotel industry should be "at least 50 per cent of the way" to returning to pre-2008 Wall Street crash numbers by year-end if it maintains current performance trends, the Bahamas Hotel Association's (BHA) president telling Tribune Business the organisation had made several proposals to mitigate the impact of any rise in electricity tariffs.
Commenting on the Nassau/Paradise Island hotel sector's performance for March and the 2010 first quarter, during which room revenues increased by 16 per cent and 6.7 per cent respectively, Robert Sands said that while the trend was positive, the industry was "not prepared to hand our hats yet" on the notion that consistent improvement would be seen throughout the remainder of 2010.
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Commenting on the Nassau/Paradise Island hotel sector's performance for March and the 2010 first quarter, during which room revenues increased by 16 per cent and 6.7 per cent respectively, Robert Sands said that while the trend was positive, the industry was "not prepared to hand our hats yet" on the notion that consistent improvement would be seen throughout the remainder of 2010.
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Sunday, April 25, 2010
Grand Island Holiday Inn put in receivership
The Holiday Inn Resort and Conference Center on Grand Island is in receivership but continuing with its regular business operations.
Royal Bank of Canada, the mortgage holder, brought the foreclosure action on the property at 100 Whitehaven Road, which is owned by American Hospitality Group LLC. The bank says it is owed close to $7 million.
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Royal Bank of Canada, the mortgage holder, brought the foreclosure action on the property at 100 Whitehaven Road, which is owned by American Hospitality Group LLC. The bank says it is owed close to $7 million.
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Yum Brands Growing Faster Than Rivals in Emerging Markets
20 April 2010 - Speaking to investors last week, Rick Carucci, CFO of Yum Brands, parent of the KFC, Taco Bell and Pizza Hut chains, said that his company has a competitive advantage over rival restaurant operators in emerging markets and sees significant growth opportunities.
"Today, we have nearly 10,000 units in the emerging markets, or roughly 55% of our total YRI and China units. We are the largest restaurant company in emerging markets, and we are growing at a faster rate than our major QSR competition", he said.
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"Today, we have nearly 10,000 units in the emerging markets, or roughly 55% of our total YRI and China units. We are the largest restaurant company in emerging markets, and we are growing at a faster rate than our major QSR competition", he said.
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MGM-branded casino planned for Vietnam resort area
LOS ANGELES, April 21 (Reuters) - A group backed by hedge fund Harbinger Capital Partners plans to open in early 2013 Vietnam's first Las Vegas-style casino resort in a coastal area to be called the Ho Tram Strip.
Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Fairmont Royal York Hotel fires 22 staff members
The Fairmont Royal York isn’t just Toronto’s classiest hotel. It’s a temporary abode for visiting kings and queens, presidents and prime ministers – not to mention diplomats, movie stars and music legends from around the world.
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Turkey gets first nudist hotel
ANKARA - NUDIST tourists will be able to work on their full-body tan on the sun-kissed Turkish coast from next week, when the mainly Muslim country opens its first naturist hotel, a report said Sunday.
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CKE Restaurants, Inc. Announces Agreement to Be Acquired by Affiliates of Apollo Management VII, L.P
CARPINTERIA, Calif.--(BUSINESS WIRE)--CKE Restaurants, Inc. (NYSE: CKR) (the “Company”) announced today that, as a result of the takeover proposal submitted to the Company on April 19, 2010 by Columbia Lake Acquisition Holdings, Inc., an affiliate of Apollo Management VII, L.P. (“Apollo”), the Company has terminated the merger agreement previously entered into with affiliates of Thomas H. Lee Partners, L.P. and entered into a new merger agreement with Apollo, pursuant to which Apollo has agreed to acquire the Company for $12.55 per share in cash.
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Saturday, April 24, 2010
Labor group targeting Mario Batali
Celebrity Chef Mario Batali is in hot water. The former Iron Chef star has become the latest target of a labor campaign spearheaded by worker advocacy group Restaurant Opportunities Center of New York, according to an article coming in Monday's edition of Crain's New York Business.
Over the past eight years, ROC NY has played a central role in legal complaints against such high profile restaurateurs as Daniel Boulud, Shelley Fireman and Alan Stillman over alleged labor law violations involving discrimination and wages. The organization has won $4.5 million in settlements for restaurant workers and skewered many a reputation.
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Over the past eight years, ROC NY has played a central role in legal complaints against such high profile restaurateurs as Daniel Boulud, Shelley Fireman and Alan Stillman over alleged labor law violations involving discrimination and wages. The organization has won $4.5 million in settlements for restaurant workers and skewered many a reputation.
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