You check in at the luxury hotel. You let yourself in the room. You realize something is missing. Bathrobe? Check. Minibar? Check. High thread count bed sheets? Check. Those amenities are all there. You walk to the bathroom, you pull back the shower curtain, and what the ...?
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Thursday, May 27, 2010
Shuttered Kissimmee Florida hotel sells for $7M
The former Howard Johnson-Heritage Park hotel in Kissimmee sold to a San Francisco firm for $7 million, or nearly $35,000 per unit.
Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Wednesday, May 26, 2010
$2.6 billion Cable Beach Redevelopment Still has Hurdles to Overcome
Baha Mar has 49 "conditions precedent" that it must fulfill to consummate its $2.6 billion Cable Beach redevelopment, the Prime Minister confirmed to Tribune Business, the most important being to resolve negotiations with Scotiabank over its outstanding $170-$180 million loan.
Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Kerzner plans $100m worth of PI upgrades
Kerzner International will this year begin a $100 million project to renovate its existing Paradise Island properties, which include Atlantis and the One & Only Ocean Club, a move that is set to create some 400 jobs.
It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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Japanese restaurant worker 'dies from overworking'
The 24-year-old died of heart failure in his sleep after working an average of 14 hours a day for a four-month period at the Nihonkai Shoya chain. Motoyasu Fukiage worked more than 112 hours of overtime a month for the four- month period of his employment at the restaurant, in addition to his regular 40 hours a week – making a total of around 272 hours a month. A court in Kyoto ordered the restaurant chain and four of its senior executives to make a payment of £607,000 (78.63 million yen) to the victim's parents in damages.
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Revel CEO vows casino hotel will be completed
ATLANTIC CITY - The chief executive officer of the $2.5 billion Revel casino hotel said Tuesday he will be a bidder for the half-finished project following the withdrawal of his financial backer.
Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Foreign investors eye San Francisco hotels
San Francisco's famed Sir Francis Drake Hotel is up for sale, and if recent trends in San Francisco and Los Angeles persist, there is some likelihood it will be bought by an investor from Asia.
Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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World's Most Outrageous Hotel Fees
There's nothing new about outlandish hotel surcharges. The October 6, 1904, edition of The Daily Star in Fredericksburg, VA, published a list of unscrupulous lodging fees, mainly in Europe, that included fees for towels, nightshirts, heat, hot water, horse stabling (whether the guest brought a horse or not), and, in one hotel, a one-penny fee for each ascent and descent in the hotel elevator.
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US adds tax charges against hotel developers
FORT LAUDERDALE, Fla. -- A father and son who developed hotels in New York and Florida have been indicted on several new federal tax fraud charges. Prosecutors said Wednesday that Mauricio Cohen Assor and Leon Cohen Levy now face a seven-count tax fraud indictment. They had previously been charged with only fraud conspiracy and have pleaded not guilty. The Cohens are accused of failing to report income from the $33 million sale of a New York hotel. They are also accused of hiding assets including multimillion-dollar Miami homes, a condo at Trump World Tower in New York, commercial property, luxury vehicles, and a helicopter worth $1.2 million. If convicted, the Cohens each face up to 14 years in prison and fines, back taxes and penalties.
IHG CFO: Buyback Talk Premature
LONDON (Dow Jones)--InterContinental Hotels Group PLC's (IHG) chief financial officer said Wednesday it would be premature to consider returning cash to shareholders, despite the Holiday Inn-owner's promising start to the year, as it isn't yet clear whether the recovery is sustainable.
In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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In an interview with Dow Jones Newswires, Richard Solomons said it was too early to talk about a resumption of the company's share buyback program.
"I think it's a bit premature," he said. "In this environment we need to keep investing and keeping a lid on debt is important."
Citigroup analyst James Ainley raised the prospect of IHG renewing its share buyback program in a recent note to investors. He estimates that IHG will have surplus cash of over $100 million this year and $200 million in 2011.
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Tuesday, May 25, 2010
Columbia Sussex to sell 14 hotels
CRESTVIEW HILLS - Columbia Sussex has struck a deal with a California real estate company to sell 14 of its hotels.
The $518 million sale would cut the hotel franchisee company's holdings to 53 hotels in 26 states, the District of Columbia, Canada and the Caribbean. The hotels being sold garnered Columbia Sussex $142.6 million in revenue in 2009, according to a government filing. Under the deal, the company will continue to manage the properties and also manage future hotel acquisitions.
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The $518 million sale would cut the hotel franchisee company's holdings to 53 hotels in 26 states, the District of Columbia, Canada and the Caribbean. The hotels being sold garnered Columbia Sussex $142.6 million in revenue in 2009, according to a government filing. Under the deal, the company will continue to manage the properties and also manage future hotel acquisitions.
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The World Has Ended - Miami Beach's oceanfront hotels can't serve alcohol on beach
The days of enjoying a piña colada beneath an umbrella on the shores of Miami Beach may be over. The city's attorney has advised officials that beachfront hotels are not allowed to sell or serve alcoholic drinks to customers on the beach. Although hotels regularly peddle tropical drinks through oceanfront concession stands and waiters ferrying libations to sunbathers on lounge chairs, City Attorney Jose Smith says that's against the law. ``Why they haven't been cited, I don't know,'' Smith said.
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Accor to become largest franchiser in Europe
French hotel giant Accor, operator of the Ibis and Novotel brands, aims to become the largest franchiser in Europe.
Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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Setting out its goals at an investor day for Accor Hospitality, as the hotel business of the demerged Accor Group will be known, the company revealed plans to adopt the ‘asset light’ model of many of its rivals.
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DiamondRock Signs $155M Agreement for Minneapolis Hilton
MINNEAPOLIS-DiamondRock Hospitality Co., based in Bethesda, MD, has signed a purchase agreement to pay $155.5 million for the 821-room Minneapolis Hilton here. The hotel, the largest in the city, is owned by a joint venture of Greenwich, CT-based Starwood Capital Group and locally-based Haberhill LLC. The venture bought the property in March 2006 for $92 million.
The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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