Chartwell Hospitality plans to spend $400 million to $500 million on select-service hotels, taking advantage of bargains made possible by the recession.
The Franklin-based hotel investor and operator announced its plans Tuesday, saying it has raised $200 million for Chartwell Hospitality Fund I, which will be leveraged to create a half billion in investment capital. Company founders Phillip McNeill Sr. and Robert Schaedle — who kicked in a total of $50 million — hope to recreate the acquisition strategy they used in the early 1990s and 2001.
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Tuesday, September 7, 2010
Whitbread Confident After Strong Second Quarter
LONDON (Dow Jones)--Hotel and restaurant chain Whitbread PLC (WTB.LN) said Tuesday it's confident of its full year performance, but the strong sales growth in the first half is unlikely to continue in the rest of the financial year.
"It's unrealistic to expect the rates of growth seen in the first half to repeat themselves," said Finance Director Chris Rogers on a conference call with reporters, "I would expect a lower rate of growth."
The operator of Premier Inn hotels and the Costa Coffee chain said that sales in the 24 weeks to Aug. 19 grew 14%. Stripping out the opening of new outlets, sales in the U.K. were up 7.9%--a slight acceleration from the 7.6% growth reported in the first quarter.
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"It's unrealistic to expect the rates of growth seen in the first half to repeat themselves," said Finance Director Chris Rogers on a conference call with reporters, "I would expect a lower rate of growth."
The operator of Premier Inn hotels and the Costa Coffee chain said that sales in the 24 weeks to Aug. 19 grew 14%. Stripping out the opening of new outlets, sales in the U.K. were up 7.9%--a slight acceleration from the 7.6% growth reported in the first quarter.
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Shubh Hotels Files for Bankruptcy After Hilton Pulls Pittsburgh License
Shubh Hotels Pittsburgh LLC, the owner of Pittsburgh’s largest hotel, filed for bankruptcy protection days after Hilton Hotels Corp. terminated its franchise license agreement.
The Boca Raton, Florida-based company listed assets of as much as $50 million and debt of as much as $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Pittsburgh.
Hilton Hotels terminated a 20-year franchise agreement and pulled its name from the hotel last week, according to the Pittsburgh Tribune-Review. Shubh bought the 713-room hotel in downtown Pittsburgh in 2006 for $28 million.
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The Boca Raton, Florida-based company listed assets of as much as $50 million and debt of as much as $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Pittsburgh.
Hilton Hotels terminated a 20-year franchise agreement and pulled its name from the hotel last week, according to the Pittsburgh Tribune-Review. Shubh bought the 713-room hotel in downtown Pittsburgh in 2006 for $28 million.
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Pandox acquires Brussels Hilton
Pandox's strengthens its position as a leading player with six hotels and total of 1,750 rooms in Brussels, one of Europe's most dynamic hotel markets. Brussels Hilton is one of Brussel's largest and best-known hotels. The hotel property is located at Boulevard Waterloojust a few steps fromthe prestigious shopping street Avenue Louise. The hotel, which is a landmark, comprises 432 rooms on 26 floors with several conference floors, two restaurants, fitness and spa center. The acquisition totals EUR 29 million, which includes the hotel building and the operations. The seller is a US investment company.
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Monday, September 6, 2010
Minnesota county considers anti-porn bill for employee hotel stays
A Minnesota county tomorrow will consider passing a bill that would ban county employees from selecting hotels with porn on their pay-per-view TV systems.
Concerned about sexual and domestic violence, Winona County commissioners will consider a so-called "clean hotel" policy, the Winona Daily News reports. It's not clear how county employees would figure out whether or not the hotel they're thinking about booking offers porn.
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Concerned about sexual and domestic violence, Winona County commissioners will consider a so-called "clean hotel" policy, the Winona Daily News reports. It's not clear how county employees would figure out whether or not the hotel they're thinking about booking offers porn.
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Sunday, September 5, 2010
Drop in hotel Occupancy hurts USA Today
USA Today has always been coy about what percentage of that circulation comes from hotel distribution, but it may have been as much as half. Its deal with Marriott and other chains has changed. As any traveler can observe, the paper-outside-your-door pattern is far from universal anymore. At many hotels you now find a stack of USA Todays in the lobby or dining room, often as not next to a stack of Wall Street Journals.
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Union Properties in talks to finish two Dubai hotels
Union Properties is in negotiations with contractors for the completion of two hotels at its MotorCity development in Dubai.
The Renaissance Dubai MotorCity and the Marriott Courtyard, which are about 75 per cent finished, have been at a standstill while the developer raised cash to complete construction.
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The Renaissance Dubai MotorCity and the Marriott Courtyard, which are about 75 per cent finished, have been at a standstill while the developer raised cash to complete construction.
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Unpaid sales taxes add up for Tulsa Hilton
About $193 million is owed in sales taxes to the Oklahoma Tax Commission by 9,045 businesses and individuals dating to the 1980s, according to a Tulsa World analysis of active tax warrants.
Tulsa has 1,471 active tax warrants for sales tax totaling about $32 million, of which the city would receive about $11 million, according to the analysis.
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Tulsa has 1,471 active tax warrants for sales tax totaling about $32 million, of which the city would receive about $11 million, according to the analysis.
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2 Top Executives leave Wynn Las Vegas
Wynn's split from Drai may have been expensive, but both men say it wasn't ugly. Wynn bought Drai out of his management role running Vegas clubs Tryst and XS for about $20 million, sources estimate.
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Arizona Hilton to be auctioned off
The Pointe Hilton Tapatio Cliffs Resort and its adjacent golf club are scheduled to be sold to the highest bidder at a foreclosure auction in November.
The 584-suite resort and its golf club, the Pointe Golf Club on Lookout Mountain, received a notice of trustee's sale from lender Bank of America on Aug. 23.
The compound financial pressure from a difficult tourism year and plummeting real-estate value forced several resorts into bankruptcy or foreclosure, including the Wigwam Resort in Litchfield Park; the former Mondrian Scottsdale Hotel in Scottsdale (reopened in May as Hotel Theodore); the Arizona Golf Resort in Mesa, and the Club at Seven Canyons in Sedona.
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The 584-suite resort and its golf club, the Pointe Golf Club on Lookout Mountain, received a notice of trustee's sale from lender Bank of America on Aug. 23.
The compound financial pressure from a difficult tourism year and plummeting real-estate value forced several resorts into bankruptcy or foreclosure, including the Wigwam Resort in Litchfield Park; the former Mondrian Scottsdale Hotel in Scottsdale (reopened in May as Hotel Theodore); the Arizona Golf Resort in Mesa, and the Club at Seven Canyons in Sedona.
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Hotel made of shipping containers in London
When complete in June, rooms at the new Travelodge in Uxbridge, west London, will cost £19 a night.
The chain said it may build up to half of its future hotels in this way.
The purpose-built containers are shipped from China with the bathrooms, plasterboard walls and electrical points already fitted.
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Saturday, September 4, 2010
Hilton Pittsburgh in forclosure
The other shoe has dropped for the owner of the former Hilton Pittsburgh.
BlackRock Financial Management Inc. has begun a foreclosure action against Shubh Hotels Pittsburgh LLC, one day after the prominent Downtown hotel lost the Hilton name.
The New York-based lender filed the complaint Friday in Allegheny County Common Pleas Court against Shubh and CEO Atul Bisaria.
As part of the action, BlackRock is asking the court to order the sale of the hotel. It also is seeking a judgment for $49.6 million, plus interest, the amount of the mortgage to Shubh.
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BlackRock Financial Management Inc. has begun a foreclosure action against Shubh Hotels Pittsburgh LLC, one day after the prominent Downtown hotel lost the Hilton name.
The New York-based lender filed the complaint Friday in Allegheny County Common Pleas Court against Shubh and CEO Atul Bisaria.
As part of the action, BlackRock is asking the court to order the sale of the hotel. It also is seeking a judgment for $49.6 million, plus interest, the amount of the mortgage to Shubh.
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Sunstone’s Deal for Big San Diego Hotel Scuttled
All isn’t sunny in San Diego. Developer Doug “Papa Doug” Manchester’s deal to sell the Manchester Grand Hyatt convention center hotel in San Diego to Sunstone Hotel Investors Inc. is off.
“It happened again,” Papa Doug’s attorney, Michael Levinson, declared in an email sent recently to the San Diego Unified Port District, which owns the land under the Grand Hyatt. “Sunstone made material changes to terms overnight, and we informed them this a.m. that (the) deal is off.”
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“It happened again,” Papa Doug’s attorney, Michael Levinson, declared in an email sent recently to the San Diego Unified Port District, which owns the land under the Grand Hyatt. “Sunstone made material changes to terms overnight, and we informed them this a.m. that (the) deal is off.”
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