DUBAI—Nearly all 10 planned hotel properties on Dubai’s Palm Jumeirah archipelago have seen setbacks.
The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
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Wednesday, August 4, 2010
Shooting at Baltimore Hilton
BALTIMORE - Baltimore City Police are investigating a shooting inside a room at the Pratt Street Hilton.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
Three metro Atlanta hotels to close, change course
The Wyndham Garden Hotel and Baymont Inn and Suites on Piedmont Avenue are expected to close sometime during the middle of August while Marriott's Renaissance Hotel on West Peachtree Street has announced it is laying off 142 employees in anticipation of closing later this year.
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Smartphones pose a threat to debit and credit cards in the US
The British bank has reportedly teamed up with AT&T, Verizon and TMobile to test out technology that would allow US consumers to buy products and services simply by waving their phone at a reader.
The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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Chesapeake Lodging Trust Reports Second Quarter Results
For the second quarter 2010, the Company reported total revenue of $11.8 million and net income of $1.4 million, or $.15 per diluted share. Funds from operations (FFO) were $2.1 million, or $.23 per diluted share, and Adjusted FFO was $2.7 million, or $.30 per diluted share. Net income before interest, income taxes, and depreciation and amortization (Corporate EBITDA) was $2.1 million, or $.23 per diluted share, and Adjusted Corporate EBITDA was $2.7 million, or $.29 per diluted share.
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Tuesday, August 3, 2010
Struggling metro Atlanta room rates create bargains for travelers
Five years ago, the chances of getting room rates of less than $100 at a swanky upscale hotel like the W or the Grand Hyatt were few and far between.
But these days, with the economy lumbering and the inventory of hotels in metro Atlanta way outnumbering guests, room rates -- the amount a visitor pays for lodging -- have stagnated and are creating unheard of deals that could last into 2012, lodging experts say.
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But these days, with the economy lumbering and the inventory of hotels in metro Atlanta way outnumbering guests, room rates -- the amount a visitor pays for lodging -- have stagnated and are creating unheard of deals that could last into 2012, lodging experts say.
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Austin Four Seasons Hotel Nabs $56M Refi
AUSTIN, TX-The Four Seasons Hotel here has received a $56 million first mortgage and mezzanine loan to refinance its existing mortgage. Los Angeles-based Mesa West Capital provided the hotel’s owners, Lodging Capital Partners and Syndicated Equities Group, with the first mortgage, while Blackstone Real Estate Debt Strategies provided the mezz piece.
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Gaylord Entertainment Company Reports Second Quarter 2010 Results
Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2010. Highlights from the second quarter include:
Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Trump SoHo Developers Sued for Fraud
The developers of the Trump SoHo Hotel Condominium have been sued for allegedly making fraudulent misrepresentations and using deceptive sales practices to market hotel-condominium suites.
The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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Monday, August 2, 2010
Hilton Honors to Offer Free Internet for Elite Members Starting Sept. 1
Following in the footsteps of Starwood and Marriott, Hilton Hotels HHonors program has just announced they will offer complimentary internet access to their Gold and Diamond members starting Sept. 1, 2010.
Ok, by now, you should know to slow your roll with these types of announcements. Gold and Diamond levels are for the serious travelers--i.e. Ryan Bingham. Gold members stay up to 36 nights a year or earn 60,000 base points (this can also be done through point promotions, credit card promotions, etc.) while Diamond members do 60 nights or 100,000 base points a year
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Ok, by now, you should know to slow your roll with these types of announcements. Gold and Diamond levels are for the serious travelers--i.e. Ryan Bingham. Gold members stay up to 36 nights a year or earn 60,000 base points (this can also be done through point promotions, credit card promotions, etc.) while Diamond members do 60 nights or 100,000 base points a year
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FelCor agrees to buy Fairmont Copley for $98.5m
Lodging owner FelCor Lodging Trust Inc. said it is buying the Fairmont Copley Plaza hotel in Boston for $98.5 million from an affiliate of Fairmont Hotels & Resorts.
Fairmont will continue to manage the hotel under a long-term contract. The deal is expected to close in the third quarter and will be funded with cash on hand.
The real estate investment trust plans to spend $20 million to renovate the 383-room historic hotel.
Fairmont will continue to manage the hotel under a long-term contract. The deal is expected to close in the third quarter and will be funded with cash on hand.
The real estate investment trust plans to spend $20 million to renovate the 383-room historic hotel.
Rocco Forte Collection appoints new Managing Director
The Rocco Forte Collection has appointed Karim Naffah as managing director with immediate effect.
Founder and executive chairman of the group Sir Rocco Forte said the appointment would allow him to devote more time to spearheading the expansion of the business, primarily via management contracts.
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Founder and executive chairman of the group Sir Rocco Forte said the appointment would allow him to devote more time to spearheading the expansion of the business, primarily via management contracts.
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Rockets fired at Red Sea resort
Four people have been injured, one seriously, after up to five rockets were fired at the popular Red Sea beach resort of Eilat and the nearby Jordanian port of Aqaba.
According to the BBC, the casualties were in Aqaba, less than 10 kms from Eilat, where one rocket struck.
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According to the BBC, the casualties were in Aqaba, less than 10 kms from Eilat, where one rocket struck.
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Greek terrorists threaten war on tourism
An urban guerrilla group has threatened to turn Greece into a war zone this summer, adding further concern for holidaymakers who already faced food and fuel shortages last week due to a strike by truck and tanker drivers.
Some tourists where also caught up in flight delays and cancellations after air traffic controllers began 'working to rule'.
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Some tourists where also caught up in flight delays and cancellations after air traffic controllers began 'working to rule'.
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Sunday, August 1, 2010
Rallying Hilton Troops With One Vision
LONDON—Since taking the helm of U.S. hotel giant Hilton Worldwide in December 2007, Chris Nassetta has made it a priority to expand the company internationally.
The CEO of Hilton, which has 3,600 hotels in 81 countries through its 10 brands, expects the company's fastest growth to come from outside the U.S. in the coming years. "With our strong global brands there is still great opportunity. The U.S. won't be where we have the highest growth. By way of example: 40% of our development pipeline exists outside of the U.S., compared to just 15% two years ago," Mr. Nassetta told the Wall Street Journal. Hilton's premium brands include Conrad Hotels & Resorts and Doubletree by Hilton
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The CEO of Hilton, which has 3,600 hotels in 81 countries through its 10 brands, expects the company's fastest growth to come from outside the U.S. in the coming years. "With our strong global brands there is still great opportunity. The U.S. won't be where we have the highest growth. By way of example: 40% of our development pipeline exists outside of the U.S., compared to just 15% two years ago," Mr. Nassetta told the Wall Street Journal. Hilton's premium brands include Conrad Hotels & Resorts and Doubletree by Hilton
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