The U.S. government's bankruptcy monitor is expected to ask a court Tuesday to authorize an investigation into the bankruptcy of hotel operator Extended Stay Inc.
The official, U.S. Trustee Diana Adams, filed a motion in July asking the court to appoint an examiner to investigate pre-bankruptcy deals between the company, its chief executive and senior lenders. Adams said "serious" fraud allegations involving the company's top management prompted the request.
The government is raising questions about a proposed restructuring plan that provides "critical protections and inducements" to Chief Executive David Lichtenstein, whose Lightstone Group bought the 680-hotel chain in 2007 for $8 billion
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Saturday, September 19, 2009
Lender takes Fairmont Orchid
A lender quietly acquired The Fairmont Orchid Hawaii in lieu of foreclosure earlier this year, giving the luxury hotel at Mauna Lani Resort on the Big Island its fourth different owner in seven years.
An affiliate of New York-based lender Barclays Capital in June repossessed the 540-room hotel from Westbrook Partners LLC, a Boston-based real estate investment firm that bought the 32-acre oceanfront property for $250 million in 2005, property records show.
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An affiliate of New York-based lender Barclays Capital in June repossessed the 540-room hotel from Westbrook Partners LLC, a Boston-based real estate investment firm that bought the 32-acre oceanfront property for $250 million in 2005, property records show.
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Hundreds attend rally for fired Hyatt housekeepers
Several hundred hotel workers and their supporters turned out yesterday for a raucous rally in front of the Hyatt Regency Boston for the 100 housekeepers who were fired by the hotel chain. Politicians called for businesses to boycott the Hyatt, and workers banged on drums, rattled detergent bottles filled with rocks, and chanted “Hyatt, shame on you’’ as they marched in front of the hotel with picket signs.
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Ireland - 900 jobs under threat after court ruling
ALMOST 900 jobs were under threat in Dublin last night after the High Court appointed a provisional liquidator and interim examiner to a leading hotel and bar group and also appointed an examiner to a laundry company.
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Bob Evans Farms Announces Organizational Changes
Chief Financial Officer, Treasurer and Assistant Secretary Don Radkoski has decided to retire after nearly 30 years with the organization. Radkoski has served as chief financial officer since 1993 and has also held the positions of restaurant accounting supervisor, general accounting supervisor and vice president of finance, among others, since joining Bob Evans in February 1980. Radkoski plans to stay with the Company through the end of the current fiscal year to ensure an orderly transition of responsibilities.
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$65,000 Suite Touts 007 Security
GENEVA (TheStreet) -- Your average world-class hotel suite might be adorned in mother-of-pearl, accented by a grand piano and punctuated with a complete library.
But can it take a bullet for you?
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But can it take a bullet for you?
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Penn National in Fontainebleau Vegas talks--source
NEW YORK, Sept 18 (Reuters) - Penn National Gaming Inc ( PENN - news - people ) is one of at least two companies in talks to buy the bankrupt, unfinished Fontainebleau Las Vegas casino and resort, a source familiar with the matter said on Friday. The negotiations, like any bankruptcy sale, are complicated by the large number of constituencies with a stake in the process and by the fact the resort's retail mall component is not part of the bankruptcy filing, said the source, who was not authorized to speak on the record. Penn spokesman Joe Jaffoni said the company does not comment on rumors or speculation.
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Friday, September 18, 2009
Sunstone Hotel turns over 2nd property to lenders
SAN CLEMENTE, Calif. -- Sunstone Hotel Investors Inc. plans to turn over its Marriott Ontario Airport hotel in Southern California to its lenders, the second of its properties to be handed back to the bank after the company decided against making further mortgage payments.
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Sonic expects adjusted 2010 profit to rise
OKLAHOMA CITY (AP) -- Sonic Corp. said Thursday that its fiscal 2010 adjusted profit will climb from the previous year, helped by lower commodity costs and reduced interest expense.
The chain of drive-in restaurants anticipates adjusted earnings will rise 10 percent to 12 percent from 2009.
It hasn't reported its fiscal 2009 results yet, but is expected to do so on Oct. 20.
Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, expect 2009 earnings of 71 cents a share and 2010 earnings of 80 cents per share.
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The chain of drive-in restaurants anticipates adjusted earnings will rise 10 percent to 12 percent from 2009.
It hasn't reported its fiscal 2009 results yet, but is expected to do so on Oct. 20.
Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, expect 2009 earnings of 71 cents a share and 2010 earnings of 80 cents per share.
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Ten New Pullman Hotels Signed in Asia in One Month
Pullman hotels - designed for the modern business and leisure traveler, announced today the addition of 5 more hotels (in addition to the 5 announced in mid August) to its ever growing network in Asia. The 5 hotels are located in the key growth markets of India and China. These hotels take the development commitments for the Pullman brand in Asia to 22 hotels, in addition to the 12 operating Pullman hotels in the region.
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Cornell Research Study Says Look at ADR to Find Competing Hotels
While some hotel managers might simply look out the window to see their competition, new hotel research from Cornell's Center for Hospitality Research finds that the real competition is hotels that are charging similar average rates. The study, "Product Tiers and ADR Clusters: Integrating Two Methods for Determining Hotel Competitive Sets," by Jin-Young Kim and Linda Canina, compared two different ways of identifying a hotel's competitive set.
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STR Global reports Central and South America pipeline for August 2009
LONDON—The Central/South America hotel development pipeline includes 145 projects with 21,750 rooms, according to the August 2009 STR Global Construction Pipeline Report released this week.
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MGM Mirage warns of possible charge to earnings for CityCenter
MGM Mirage today warned it may take a charge against earnings to write down the value of its 50-percent interest in the $8.5 billion CityCenter complex preparing to open in December on the Las Vegas Strip.
At least part of the writedown may be related to the company's need to lower condominium prices at the resort in order to close sales of the condos. There are some 2,400 condominium and condominium-hotel units in multiple towers at the resort.
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At least part of the writedown may be related to the company's need to lower condominium prices at the resort in order to close sales of the condos. There are some 2,400 condominium and condominium-hotel units in multiple towers at the resort.
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STR reports Caribbean and Mexico pipeline for August 2009
The Caribbean/Mexico hotel development pipeline includes 141 hotels comprising 18,535 rooms, according to the August 2009 STR Construction Pipeline Report released this week.
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STR Global reports Europe pipeline for August 2009
The European hotel development pipeline includes 585 hotels comprising 94,259 rooms, according to the August 2009 STR Global Construction Pipeline Report released this week
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