The Hard Rock Hotel and Casino posted a loss of $26.5 million during the first quarter of 2010 as expenses increased at the newly expanded property, it reported today in a regulatory filing. That loss compares to a $24.3 million loss during the same period of 2009.
The property reported expenses increased by 71.1 percent during the quarter. Hard Rock has added two hotel towers and an expanded casino floor, as well as a new pool, spa, restaurants and nightclubs as part of its $750 million expansion project.
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Monday, May 10, 2010
Austin Hilton target in series of lawsuits
Poor construction of luxury condos included in the 800-room Hilton development in downtown Austin is evolving into an array of legal filings, attorney’s fees and finger pointing.
At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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Debate stirs over Canadian falls hotel plan
NIAGARA FALLS — A plan is in the works to build a 57-story hotel and two more high-rise buildings on a prime piece of real estate overlooking the Horseshoe Falls in Canada.
The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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American and British Investors Acquire London's St. Ermin's Hotel
LONDON, May 10 /PRNewswire/ -- A group of investors including American hotel turnaround specialist Amerimar Enterprises, has acquired the Jolly St. Ermin's hotel in London from N-H Hotels for GBP65 million. Work will begin as soon as all approvals are obtained, to completely transform the Westminster property into a classically elegant, four-star deluxe hotel with contemporary sensibilities. The new St. Ermins will target business and leisure travelers from Europe, the U.S. and around the world.
"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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Fairmont targets Q4 2011 Palm hotel opening
Fairmont Raffles Hotels International reaffirmed its commitment to its Fairmont Palm Jumeirah project, which could finally open by Q4 2011.
The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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Bulgarian Private Enforcement Agents Foreclose 11 Hotels
The Bulgarian Chamber of Private Enforcement Agents has listed a total of 11 hotels in the country for foreclosure over owners’ unpaid debt.
One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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Sunday, May 9, 2010
Hoteliers checked out, left baggage
In 2008, Kronos Hotels and Resorts and its CEO, Charles Morais, were the toast of the industry.
The Malaysian-born entrepreneur's acquisition of eight hotels for $45 million in May raised the Atlanta-based company's holdings to 36 properties in 10 states with an asset value of $250 million.
And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.
Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.
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The Malaysian-born entrepreneur's acquisition of eight hotels for $45 million in May raised the Atlanta-based company's holdings to 36 properties in 10 states with an asset value of $250 million.
And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.
Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.
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Jamaica favoured by hotel financiers
International financiers see Jamaica as a top destination for hotel developments and are willing to back investors rolling out projects here, a new KPMG survey has found.
The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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Fiesta plans $180M expansion of Jamaica resort
Jamaica says Spain's Fiesta Hotel Group plans a $180 million resort expansion that is expected to create 2,000 jobs on the island.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
Saturday, May 8, 2010
'Morgue drawers' back in style as Hotel pods catch on
The idea originated in Japan, to provide a cheap place for hard-working businessmen to get a night’s sleep at a reasonable price if they missed their last train home. But bunking down in a box was a tough experience to sell to the masses, so the concept has been reworked – bigged up, even – to become a bone-fide hotel sector of its own.
It meant making pod hotel rooms a little bigger – but not by much: just under five square metres is the average size, which is just enough for a wide single bed, a shower and a television.
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It meant making pod hotel rooms a little bigger – but not by much: just under five square metres is the average size, which is just enough for a wide single bed, a shower and a television.
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Former Holiday Inn manager accused of stealing more than $45,000 from hotel
NEW HARTFORD, N.Y. (WKTV) - The former accounting manager for the New Hartford Holiday Inn is now facing a charge of grand larceny after police said he stole more than $45,000 from the hotel.
According to Utica Police, an investigation began in March 2010 to the theft of funds from the Holiday Inn located on 1777 Burrstone Road in New Hartford. Police said Marnee Card, 29, of Vernon, who was the accounting manager there, was stealing funds from daily deposits from September 8, 2008 through December 18, 2009. Police said a total of $45,000 was taken during the 15 month period. Now, Card faces one count of third-degree grand larceny.
According to Utica Police, an investigation began in March 2010 to the theft of funds from the Holiday Inn located on 1777 Burrstone Road in New Hartford. Police said Marnee Card, 29, of Vernon, who was the accounting manager there, was stealing funds from daily deposits from September 8, 2008 through December 18, 2009. Police said a total of $45,000 was taken during the 15 month period. Now, Card faces one count of third-degree grand larceny.
CHI Hotels to operate Wyndham hotel in Cardiff
CHI Hotels & Resorts (CHI), together with Wyndham International Hotels and Bayscape Ltd, a development company based in Cardiff, Wales, have announced the signing of a 25-year hotel management agreement for the new ‘Wyndham Cardiff’ – a £60 million upscale hotel project that will be built on the waterfront of Cardiff Bay. The hotel location is on the prestigious site of the International Sports Village and overlooks the newly completed, 350 berth Cardiff Marina
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European hotel prices rise for fifth consecutive month
The average price of a hotel room in Europe is €120 this month, a climb of two per cent from April.
The figures, compiled by online travel firm Trivago, show significant price hikes in Nuremberg, which rose 35 percent; Barcelona, which climbed 22 percent and Oslo, which experienced a 15 percent increase to an average of €175 a night.
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The figures, compiled by online travel firm Trivago, show significant price hikes in Nuremberg, which rose 35 percent; Barcelona, which climbed 22 percent and Oslo, which experienced a 15 percent increase to an average of €175 a night.
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Hotel Loans, Fraud, Contribute to Alpharetta Bank Failure
A fraud scheme orchestrated by a "dirty insider" and a Florida hotel developer contributed to the collapse of an Alpharetta bank that had assets totaling more than $1 billion, federal authorities said.
An indictment unsealed Friday alleges bribery, insider trading and enough money in fraudulent loans that the developer could buy his own private island in the Bahamas. It says Integrity Bank, in one of Georgia's largest bank failures, suffered $80 million in losses because of the scheme.
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An indictment unsealed Friday alleges bribery, insider trading and enough money in fraudulent loans that the developer could buy his own private island in the Bahamas. It says Integrity Bank, in one of Georgia's largest bank failures, suffered $80 million in losses because of the scheme.
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Banquet Sales Person Accused of Embezzling $70,000 from Radisson Hotel
Lexington County, SC (WLTX) - Lexington County deputies have arrested a woman they say embezzled $70,000 from the Radisson Hotel on Bush River Road.
Denise McCray, 33, turned herself over to deputies Friday on a charge of breach of trust with fradulent intent.
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Denise McCray, 33, turned herself over to deputies Friday on a charge of breach of trust with fradulent intent.
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