PORT-AU-PRINCE -- It was supposed to be an oasis in an investment-hungry nation riding a wave of improved security and optimism: a 60-room South Beach-inspired hotel offering upscale shops, a 300-car garage and a helipad.
Then the catastrophic Jan. 12 earthquake hit, wiping out $6.4 million in investments as investors lay dead, and others stood in financial ruin. Almost six months after the disaster, the Oasis hotel project is on its way back with more than double the rooms.
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Wednesday, June 30, 2010
iPhone Restaurant Apps
CIO — Apps for finding cool places to grab a bite to eat are some of the most popular in the App Store. Of course, most iPhone owners know about the gorilla in the category, UrbanSpoon. But have you seen these six worthy alternatives?
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Singapore Visitor Arrivals Up By 30.3% For May 2010
The Singapore Tourism Board said that visitor arrivals to Singapore grew by 30.3% year-on-year in May 2010 to reach 946,000 visitors.
This is the highest ever recorded in the month of May.
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This is the highest ever recorded in the month of May.
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Sonesta Announces Purchase of Sonesta Bayfront Hotel Coconut Grove
BOSTON, Jun 29, 2010 (GlobeNewswire via COMTEX) -- Sonesta International Hotels Corporation /quotes/comstock/15*!snst.a/quotes/nls/snsta (SNSTA 14.70, 0.00, 0.00%) (the "Company") has entered into agreements to purchase Sonesta Bayfront Hotel Coconut Grove, and plans to close the transaction on July 1, 2010. The Hotel has been operated by the Company under a management agreement since its opening in April 2002. Sonesta Bayfront Hotel Coconut Grove is a condominium hotel. The Company will acquire the "Hotel Lot", which includes the restaurant and other hotel facilities, and the right to operate the Hotel.
At closing, the company will assume a $6,500,000 first mortgage loan, and pay cash of approximately $1,400,000. In addition, the Company will assume the Hotel's working capital. The seller will be entitled to a percentage of net operating income, as defined, for an eleven year period starting January 1, 2010
At closing, the company will assume a $6,500,000 first mortgage loan, and pay cash of approximately $1,400,000. In addition, the Company will assume the Hotel's working capital. The seller will be entitled to a percentage of net operating income, as defined, for an eleven year period starting January 1, 2010
Could You Soon Be Sleeping in a Virgin Hotel after Your Virgin Flight?
Branson told us they are "not many months away from making an announcement" regarding Virgin Hotels (an opening announcement that is.) He says they have the resources and the concept which is somewhat under wraps but he did confirm it would be very much a translation of the airline experience. And remember, Virgin Hotels is very much an urban brand that will only open in cities.
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Accor demerger paves way for new strategy
PARIS—Anyone who has heard Accor Hospitality chairman and CEO Gilles Pélisson speak during the past few months knows the company is geared up for an “asset right” strategy.
The details, however, of that plan have been unclear—until now. Accor’s shareholders yesterday approved the demerger of Accor Hospitality and its voucher services company, Edenred. Now there is an open road for the hotel group to address its goals.
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The details, however, of that plan have been unclear—until now. Accor’s shareholders yesterday approved the demerger of Accor Hospitality and its voucher services company, Edenred. Now there is an open road for the hotel group to address its goals.
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Golfing great buys Silverado Resort
A flurry of pink slips was issued Friday by Silverado Resort’s new management company, gutting the ranks of top management as the property changes ownership.
A syndicate headed by Johnny Miller, a golfing great who is an analyst for NBC Sports, will become the new owners of the resort effective Thursday
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A syndicate headed by Johnny Miller, a golfing great who is an analyst for NBC Sports, will become the new owners of the resort effective Thursday
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Tuesday, June 29, 2010
Has Chipotle Peaked?
Chipotle (NYSE:CMG), the Mexican fast food joint, is a valuable stock for investors, having generated over 200% returns since its public launch in 2006. The current market price of the stock is $145, up more than 3X since the initial public offering. Chipotle’s dramatic runup can be attributed to the company’s impressive growth and increasing profitability.
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Ramsay axes pub after loss of
The chef, 43, is shutting gastro pub The Devonshire in West London.
It comes after parent company Gordon Ramsay Holdings recorded a £4.3million loss last year.
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It comes after parent company Gordon Ramsay Holdings recorded a £4.3million loss last year.
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Three Red Roof Inns hit with foreclosure
Three Phoenix area Red Roof Inns have been noticed for trustee sales that are scheduled for Sept. 2. All were involved in a massive $1.3 billion transaction in 2007 when international hotel brand Accor sold the Red Roof group to investors in Citi’s Global Special Situations Group and Westbridge Hospitality Fund.
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Kempinski to Cease Management of Hotel in Sanya on Hainan
Beijing, China (May 17, 2010) /ChinaNewswire.com/ — Kempinski Hotel announces that in line with the company's strategic plan, Kempinski Hotel Sanya Hainan Island in China will cease to be a Kempinski hotel and will exit the portfolio. Existing hotel reservations will remain at the same conditions as confirmed
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Singapore Gambles Low Crime Rate With $10.2 Billion Casino Push
June 23 (Bloomberg) -- Singapore’s casinos have attracted more than three million visitors, created thousands of jobs and spurred spending at hotels, restaurants and shopping malls. They’re also keeping the courts busy.
Since the opening of Resorts World Sentosa in February and Marina Bay Sands in April, the island-state has seen cases of fraud, embezzlement and identity theft. Some offenders were fined or sent to prison, three European suspects have jumped bail and two Africans have been charged for cheating the casinos out of about S$140,000 ($102,000).
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Since the opening of Resorts World Sentosa in February and Marina Bay Sands in April, the island-state has seen cases of fraud, embezzlement and identity theft. Some offenders were fined or sent to prison, three European suspects have jumped bail and two Africans have been charged for cheating the casinos out of about S$140,000 ($102,000).
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Biltmore Hotel seeks repayment plan for $2M in back rent owed to Coral Gables
The Biltmore Hotel wants to delay paying more than $2.3 million it owes in back rent to Coral Gables until July 2012, according to a letter from Biltmore management to the city.
Under the terms it's proposing, the Biltmore would begin paying $100,000 to the city quarterly as of July 1, 2012. At that rate, it could take at least five years for the Biltmore to pay back the money it owes since it stopped paying rent in April 2009.
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Under the terms it's proposing, the Biltmore would begin paying $100,000 to the city quarterly as of July 1, 2012. At that rate, it could take at least five years for the Biltmore to pay back the money it owes since it stopped paying rent in April 2009.
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Monday, June 28, 2010
Lodging companies poised for strong 2Q results
Lodging companies are poised to report strong second-quarter results as the industry slowly recovers from weak demand during the recession, a Citi Investment Research analyst said Monday.
THE OPINION: Analyst Joshua Attie said revenue per available room, or revpar -- a key gauge of a lodging operator's performance -- is up 7 percent in the U.S. quarter to date. That is mainly due to higher occupancy, he said, but pricing is improving as well.
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THE OPINION: Analyst Joshua Attie said revenue per available room, or revpar -- a key gauge of a lodging operator's performance -- is up 7 percent in the U.S. quarter to date. That is mainly due to higher occupancy, he said, but pricing is improving as well.
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San Diego Hotel Operator 5th Avenue Partners Enters Bankruptcy
The Chapter 11 petition that 5th Avenue Partners LLC filed Friday halts a state court hearing slated for Monday at which lender WestLB AG Bank would have sought the appointment of a receiver to take over the company's assets, including the Se San Diego Hotel and the adjacent building that houses the House of Blues.
The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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