FORT LAUDERDALE, Fla. -- A father and son who developed a thriving hotel business are seeking release on bail in Florida so they can fight federal tax charges.
Prosecutors claim 77-year-old Mauricio Cohen Levy and 46-year-old Leon Cohen Levy would flee prosecution and should be kept in custody. They were living in the principality of Monaco before their arrests last month in New York.
A judge in Fort Lauderdale scheduled a hearing Thursday afternoon on the bail request.
The Cohens are charged with failing to report U.S. income from the $33 million sale of one of their New York residential hotels, which operate under the Flatotel name. Their attorney insist both men will stay in South Florida to fight the charges.
Thursday, May 20, 2010
Atlantic City casinos report 25 percent drop in profits
ATLANTIC CITY — New Jersey casino regulators say Atlantic City's 11 casinos saw their gross operating profits decline by 25.2 percent in the first quarter of 2010.
Gross operating profits totaled $111.2 million for the three-month period. That's down from $148.7 million from the same quarter last year.
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Gross operating profits totaled $111.2 million for the three-month period. That's down from $148.7 million from the same quarter last year.
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Las Vegas Sands closes on $1.75B in Macau loans
LAS VEGAS — Las Vegas Sands Corp. says it has secured $1.75 billion in financing to build its next two phases of development in Macau. The Las Vegas-based casino company said Thursday the money will be used to build hotels along with casino, convention and retail space in the Cotai area of the Chinese gambling enclave. Sands chief executive Sheldon Adelson says a total of 6,000 hotel rooms will be built in phases to attract large conventions and trade shows. Adelson says the development's first phase includes 3,700 hotel rooms and will open during the third quarter of 2011.He says another 2,300 hotel rooms will open in 2012.The owner of the Venetian and Palazzo resorts in Las Vegas already owns three casino-resorts in Macau.
Government seizes $850,000 from company it says brought foreign hotel workers to Orlando illegally
The federal government has seized money from a company that it says misled hundreds of foreign workers brought to Orlando illegally to work in hotels.
The forfeited funds are tied to labor-contracting company Very Reliable Services, according to the U.S. Attorney's Office. The government took nearly $850,000 that is either in VR Services' accounts or owed to the company.
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The forfeited funds are tied to labor-contracting company Very Reliable Services, according to the U.S. Attorney's Office. The government took nearly $850,000 that is either in VR Services' accounts or owed to the company.
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Buddha Bar goes into administration
The well-known London nightspot Buddha Bar on Victoria Embankment has entered administration with the loss of 80 jobs.
Buddha Bar, famed for an 18ft-high Buddha statue in the dining room, opened in August 2008, shortly after the collapse of the bank Lehman Brothers.
The venue ceased trading immediately after administrator Baker Tilly was appointed yesterday and 80 full- and part-time staff were made redundant
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Buddha Bar, famed for an 18ft-high Buddha statue in the dining room, opened in August 2008, shortly after the collapse of the bank Lehman Brothers.
The venue ceased trading immediately after administrator Baker Tilly was appointed yesterday and 80 full- and part-time staff were made redundant
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Wednesday, May 19, 2010
People who down half a bottle of wine daily are HEALTHIER than teetotallers... at least that what French say
People who drink up to half a bottle of wine a day are healthier than teetotallers, according to a surprising new study.
This is because those who enjoyed three glasses of wine a day tended to take more exercise, have a higher social status and suffer from less stress, according to researchers.
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This is because those who enjoyed three glasses of wine a day tended to take more exercise, have a higher social status and suffer from less stress, according to researchers.
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Captain D's sold to Sun Capital affiliate
Private investment firm Sun Capital Partners Inc. has announced that an affiliate has completed the acquisition of Captain D's Seafood Kitchen, the second largest casual seafood chain in the United States. Terms of the purchase from Sagittarius Brands Inc. were not disclosed.
Fort Lee hotel to be privatized after it’s built
The new 1,000-room hotel approved by Congress to be built on Fort Lee to house many of the Army’s transient student population will be sold sometime after the hotel is completed in early 2012.
“The Army is intent on privatizing the hotel through a public, competitive bid process,” Fort Lee Commander Mike Morrow told members of the Chesterfield County Chamber of Commerce’s Government Relations Committee last week. About 10 years ago, all branches of the military began outsourcing the maintenance and civil engineering of bases to local businesses.
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“The Army is intent on privatizing the hotel through a public, competitive bid process,” Fort Lee Commander Mike Morrow told members of the Chesterfield County Chamber of Commerce’s Government Relations Committee last week. About 10 years ago, all branches of the military began outsourcing the maintenance and civil engineering of bases to local businesses.
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Dubai hotel industry to boom in 2010
WAM) With increasing number of hotels, Dubai's hospitality sector is witnessing a rapid surge after facing the impact of global recession last year, say industry experts.
When most of the global economies, especially the US and Europe, are struggling to shake off the shackles of recession, hoteliers in Dubai see more opportunity with large number of new hotel rooms coming up.
'There are between 16,000 and 20,000 hotel rooms to enter the Dubai market by the end of the year, which will contribute to producing lower room rates and attracting more visitors to Dubai,' said Khalid bin Sulayem, Director General of Dubai Tourism and Commerce (DTCM).
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When most of the global economies, especially the US and Europe, are struggling to shake off the shackles of recession, hoteliers in Dubai see more opportunity with large number of new hotel rooms coming up.
'There are between 16,000 and 20,000 hotel rooms to enter the Dubai market by the end of the year, which will contribute to producing lower room rates and attracting more visitors to Dubai,' said Khalid bin Sulayem, Director General of Dubai Tourism and Commerce (DTCM).
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Bankrupt - Another One Bites the Dust
Just 1½ years after opening one of downtown San Diego’s glitziest hotels in the midst a deep recession, the owner of the 184-room Sè San Diego has been notified that it is in default on its construction loan, owing the lender nearly $73 million.
Although the original mortgage of $67.8 million came due a year ago, the German lender, WestLB, waited until late March to officially file a notice of default on the 23-story luxury property.
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Although the original mortgage of $67.8 million came due a year ago, the German lender, WestLB, waited until late March to officially file a notice of default on the 23-story luxury property.
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Proposed levy on hotel development will harm London tourism
The future growth of the tourism industry in London could be at risk from a proposed levy on all new hotel developments.
InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies which have signed a letter to London Mayor Boris Johnson urging him to abandon his plans to put what is effectively a tax on all future hotel developments of £60 per sq m in Central London and £82 per sq m in the Isle of Dogs.
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InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies which have signed a letter to London Mayor Boris Johnson urging him to abandon his plans to put what is effectively a tax on all future hotel developments of £60 per sq m in Central London and £82 per sq m in the Isle of Dogs.
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Accor Sees Long-Term Growth Helped by Expanding Hotels Demand
May 19 (Bloomberg) -- Accor SA, Europe’s largest hotelier, said its long-term growth will be helped by “expanding demand” in both developed and emerging markets.
Accor, which owns the Novotel and Motel 6 chains, aims to become one of the world’s three leading hotel groups by 2015 and to add as many as 40,000 rooms a year, it said in a statement today, confirming earlier targets. The company currently has about 500,000 rooms in 90 countries.
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Accor, which owns the Novotel and Motel 6 chains, aims to become one of the world’s three leading hotel groups by 2015 and to add as many as 40,000 rooms a year, it said in a statement today, confirming earlier targets. The company currently has about 500,000 rooms in 90 countries.
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Panera Bread launches pay-what-you-want nonprofit restaurant
CLAYTON, Mo. -- Panera Bread Co. is asking customers at a new restaurant to pay what they want.
The national bakery and restaurant chain launched a new nonprofit store here this week that has the same menu as its 1,400 other locations. But the prices are a little different -- there aren't any. Customers are told to donate what they want for a meal, whether it's the full suggested price, a penny or $100.
The new store in the upscale St. Louis suburb of Clayton is the first of what Panera hopes will be many in the nation. Ronald Shaich, Panera's CEO until last week, was on hand at the new bakery Monday to explain the system to customers.
The pilot restaurant is run by a nonprofit foundation. If it can sustain itself financially, Panera will expand the model around the country within months. It all depends on whether customers will abide by the motto hanging above the deli counter: ``Take what you need, leave your fair share.''
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The national bakery and restaurant chain launched a new nonprofit store here this week that has the same menu as its 1,400 other locations. But the prices are a little different -- there aren't any. Customers are told to donate what they want for a meal, whether it's the full suggested price, a penny or $100.
The new store in the upscale St. Louis suburb of Clayton is the first of what Panera hopes will be many in the nation. Ronald Shaich, Panera's CEO until last week, was on hand at the new bakery Monday to explain the system to customers.
The pilot restaurant is run by a nonprofit foundation. If it can sustain itself financially, Panera will expand the model around the country within months. It all depends on whether customers will abide by the motto hanging above the deli counter: ``Take what you need, leave your fair share.''
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Hilton Checkers Changing Hands
DOWNTOWN LOS ANGELES – Chesapeake Lodging Trust, an Annapolis, Maryland-based lodging and real estate investment trust, is in escrow to purchase the Hilton Checkers in Downtown.
Chesapeake is buying the 188-room hotel at 535 S. Grand Ave. for $46 million, said Doug Vicari, the company’s chief financial officer. The deal is expected to close by May 30 and the hotel will remain a Hilton, Vicari said.
The company, which went public in January and purchased its first hotel, the Boston Hyatt Regency, in March, was drawn to Downtown Los Angeles by the lure of L.A. Live and signs of a turnaround in what has recently been a dismal hospitality industry market, said Vicari.
“We think the combination of L.A. Live and the Marriot/Ritz Carlton is going to add value and draw demand into the marketplace,” Vicari said.
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Chesapeake is buying the 188-room hotel at 535 S. Grand Ave. for $46 million, said Doug Vicari, the company’s chief financial officer. The deal is expected to close by May 30 and the hotel will remain a Hilton, Vicari said.
The company, which went public in January and purchased its first hotel, the Boston Hyatt Regency, in March, was drawn to Downtown Los Angeles by the lure of L.A. Live and signs of a turnaround in what has recently been a dismal hospitality industry market, said Vicari.
“We think the combination of L.A. Live and the Marriot/Ritz Carlton is going to add value and draw demand into the marketplace,” Vicari said.
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Tuesday, May 18, 2010
Acorn and Hyatt planning joint Africa hotel portfolio
Acorn Fund Management, in partnership with Hyatt International, is launching a portfolio that will invest in hotels in Africa.
The African Hospitality Growth fund is targeting a return of 100% over a five-year period, equal to an internal rate of return of 17% per year.
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The African Hospitality Growth fund is targeting a return of 100% over a five-year period, equal to an internal rate of return of 17% per year.
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