July 13 (Bloomberg) -- Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, filed for bankruptcy court protection under Chapter 11 in Nevada.
The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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Tuesday, July 13, 2010
Wynn tip policy not a violation of state law
A controversial tip-pooling program instituted by Wynn Resorts Ltd. nearly four years ago does not violate Nevada law, state Labor Commissioner Michael Tanchek wrote in a ruling released Monday.
The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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Monday, July 12, 2010
London 'has worst food in Europe'
British cities have fared poorly in a Europe-wide survey, with London having the worst food.
And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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City Hall Opens New Hotel Chain With Billionaire
Gostinichnaya Kompania, or GK, owned by billionaire Ronald Lauder and City Hall, is creating a new hotel chain called Vashotel.
The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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Morgans Hotel Group Provides Update on the Status of the Debt Secured by Hudson and Mondrian Los Angeles
NEW YORK, July 12 /PRNewswire-FirstCall/ -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced that it has entered into forbearance agreements with the lenders which hold the mortgage loans secured by its Hudson and Mondrian Los Angeles hotels. The forbearance agreements effectively extend the maturities of the loans until September 12, 2010 allowing the company and the lenders to complete the negotiation and documentation of the appropriate amendments to further extend the loans. Based on the negotiations to date, we believe that the time will result in a combination of amendments to the loans and extensions of the maturities.
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Italian judge orders Gaddafi's son to settle unpaid €392,000 hotel bill
An Italian judge has ordered Saadi Gaddafi, the third son of Libyan leader Muammar Gaddafi, to pay a €392,000 (£328,000) hotel bill he failed to settle.
Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Hilton official seek to improve flavor of hotels' restaurants
If you tuned in to last Wednesday's episode of Bravo's "Top Chef D.C.," you would have caught a glimpse of what Beth Scott does every day -- spicing up the menu.
On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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Sunday, July 11, 2010
Bahamian Hotels suffer $59m room revenue loss in 2009
THE Bahamas hotel industry lost more than $12 million in revenues during 2009 as a result of a 27 per cent year-over-year decline in business travellers, the Ministry of Tourism's yearly performance review has revealed.
Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Two Boston Blackies restaurants hit with foreclosure suits
(Crain’s) — Two Boston Blackies restaurants have been hit with foreclosure lawsuits, the latest setback for the burger chain, which is in bankruptcy protection and whose owners face criminal check-kiting charges.
Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Wheeling's Westin Hotel hit with foreclosure suit
Despite a foreclosure suit, Wheeling's most prominent hotel will remain open and operate as usual, according to Wheeling village officials.
"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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Gramercy Park Hotel owners default on loan
The Gramercy Park Hotel's website boasts the establishment is “original, romantic, surprising, poetic and whimsical.” It neglects to mention the hotel is also in financial trouble.
Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Chicago venture sidesteps foreclosure
(Crain’s) — River North developer Albert Friedman’s four-decade-long streak of never missing a mortgage payment was nearly broken by a $19.7-million foreclosure suit against a hotel near O’Hare International Airport.
On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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Part of Related Cos.' Aspen Project Faces Foreclosure
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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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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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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