New York developer Related Cos.' $3 billion plan to redevelop the village at the base of the Snowmass ski mountain near Aspen, Colo., appears to have hit its final impasse, with lenders filing to foreclose on part of the stalled project.
A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project's second and third phases, where dated retail and office buildings now stand.
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Sunday, July 11, 2010
World's most expensive cocktail at $1300 a glass!
A Mai Tai, served in Belfast’s The Merchant Hotel, has earned the distinction of being the World’s Most Expensive Cocktail.
The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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Top 10 Best Hotels In America: Chicago's Trump Tower Tops The List
Trump Tower was ranked the No. 1 in the list of "Best Large City Hotels in the US/Canada," meaning hotels with more than 100 rooms. Its rating of 94.32 was the highest of any hotel in America, and it was good enough to land the hotel the #20 spot on the World's Best Hotels list.
In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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Hyatt Regency to reopen New Orleans hotel
Hyatt Hotels Corp. said it is revamping and reopening its Hyatt Regency New Orleans in fall of 2011.
The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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Hotel TaxMay Not GO Up In San Francisco
Demonstrating once again the importance of the "Don't get mad, get even" maxim of politics, Mayor Gavin Newsom has a plan that could cut supporters of a hotel tax boost off at the knees.
Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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$20 million airline-ticket fraud aided by hotel workers, prosecutors say
Federal prosecutors on Friday revealed indictments against 38 people, accusing them of running a national airline-ticket fraud that involved buying tickets using stolen identities and selling the tickets at a steep discount - usually $100 or $200.
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Carrie Underwood books entire Ritz for Wedding
London: Country music star Carrie Underwood went to great lengths to keep her wedding paparazzi-free. And the singer booked out all the 251 rooms in a hotel in Georgia, where she spent her first night with husband, hockey player Mike Fisher.
The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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Santa Cruz may soon require hotels to verify identity of guests
SANTA CRUZ — Police coping with an influx of criminals selling drugs and sex in motel rooms have turned to city leaders for help.
The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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Cypriot Hotel Threatens To Sue J.Lo For $40m
A luxury hotel in northern Cyprus has threatened to sue pop star Jennifer Lopez for $40m (£27m) after she cancelled a gig there for "political" reasons
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Tuesday, July 6, 2010
Dubai's Union Properties To Sell Ritz Carlton
DUBAI: Dubai’s Union Properties expects to sell its Ritz Carlton hotel in the Gulf emirate by the end of July, and will use the cash to finish projects and reduce its debt, its chairman said on Monday.
The company, which has put the hotel on the market for 1.6 billion dirhams ($435.7 million), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban told Reuters in an interview. “Now we have two offers very close to our target price,” he said. “We expect to announce the sale by the end of the month.”
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The company, which has put the hotel on the market for 1.6 billion dirhams ($435.7 million), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban told Reuters in an interview. “Now we have two offers very close to our target price,” he said. “We expect to announce the sale by the end of the month.”
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Miami Beach officials consider rules for rooftop clubs
After months of discussion and speculation about a potential law to regulate rooftop lounges in Miami Beach, hoteliers and residents finally have something tangible to debate.
An initial draft of Commissioner Jonah Wolfson's proposal -- which some hoteliers have feared could strangle a lucrative aspect of their industry -- was crafted June 30.
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An initial draft of Commissioner Jonah Wolfson's proposal -- which some hoteliers have feared could strangle a lucrative aspect of their industry -- was crafted June 30.
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Receiver Appointed To One Of the Largest Hotels In Europe
Some 400 jobs could be under threat after a receiver was appointed to CItywest Hotel, it emerged this evening.
Citywest Hotel, one of the biggest hotels in Europe, comprises 1,730 hotel rooms, suites and apartments; two golf courses and a large convention centre. It employs some 400 people.
Bank of Scotland (Ireland) Limited has appointed Martin Ferris of Ferris & Associates as receiver to the company HSS, trading as Citywest Hotel, Golf and Leisure.
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Citywest Hotel, one of the biggest hotels in Europe, comprises 1,730 hotel rooms, suites and apartments; two golf courses and a large convention centre. It employs some 400 people.
Bank of Scotland (Ireland) Limited has appointed Martin Ferris of Ferris & Associates as receiver to the company HSS, trading as Citywest Hotel, Golf and Leisure.
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Monday, July 5, 2010
China hotel profitability slumps further
Gross Operating Profit (GOP) levels of the 5-star hotel sector in China have fallen to the lowest level recorded in the eight years the China Hotel Industry Study has been published.
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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Update: Wyndham back in New Kingston
Hilton Hotels said Monday that its displaced senior managers at Delroy Howell's New Kingston property would be offered, as appropriate, positions in the Caribbean and elsewhere in the global operation.
Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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How Will Google Shake Up Online Travel?
Google on Thursday announced that it is moving into the travel industry, buying a flight-information company called ITA Software for $700 million. But what does the entry of the Internet giant mean for companies already in the market, like Expedia, Priceline and even Microsoft’s Bing Travel?
Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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