The Wyndham Orange County hotel in Costa Mesa’s arts district has been sold at a foreclosure auction, trading hands at half of what the property was valued at three years ago.
Rosanna Inc., a real estate developer and investor that state records show as being based in Irvine, bought the 238-room hotel for $21 million at an auction held late last month.
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Sunday, December 6, 2009
Experts predict Las Vegas Sands casino will dominate Singapore market
The world’s newest gaming venue will be halfway around the world — with a Las Vegas company in the center of the competition.
Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
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Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
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Beal Bank makes its own bid for 3 Trump casinos
ATLANTIC CITY, N.J. — A Dallas bank that was once allied with Donald Trump in a bid to buy the three Atlantic City Trump casinos out of bankruptcy protection now wants to buy them on its own.
Beal Bank offered Wednesday to convert its $486 million loan to the casinos into equity in Trump Entertainment Resorts.
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Beal Bank offered Wednesday to convert its $486 million loan to the casinos into equity in Trump Entertainment Resorts.
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Ditching the Courtroom for California Pizza Kitchen
In 1985, after a grueling trial ended in a hung jury, criminal-defense lawyers Larry Flax and Rick Rosenfield decided to call it quits. The long-time business partners, then in their 40s, embarked on a radically different second career: Selling California-style pizza with unusual toppings, such as smoked gouda, cilantro and barbecued chicken. The verdict? Delicious, according to customers who mobbed the first location in Beverly Hills and prompted the lawyers-turned-restaurateurs to expand throughout Southern California. Today, publicly traded California Pizza Kitchen operates more than 250 restaurants in 33 states and nine countries
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Rolling Stone to launch restaurant chain in L.A.
olling Stone is about to take a leap into the entertainment industry, starting with a large-scale restaurant and nightclub in Hollywood.
Owners of the venerable magazine hope to leverage its status as a preeminent chronicler of the rock music world and pop culture into a new business built on food and drinks. The first Rolling Stone outpost is set to open next summer at Hollywood & Highland Center.
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Owners of the venerable magazine hope to leverage its status as a preeminent chronicler of the rock music world and pop culture into a new business built on food and drinks. The first Rolling Stone outpost is set to open next summer at Hollywood & Highland Center.
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Former banker James Brent buys Folio Hotels
A former head of real estate at Citibank will today announce the acquisition of Folio Hotels as a platform for building a chain of up to 150 regional hotels across Britain.
James Brent, who set up his own investment business last year, is launching Akkeron Hotels in partnership with Colin Johnston, who owns the freeholds of four of the hotels being acquired with Folio.
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James Brent, who set up his own investment business last year, is launching Akkeron Hotels in partnership with Colin Johnston, who owns the freeholds of four of the hotels being acquired with Folio.
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Boston Blackies files Chapter 11
(Crain’s) — Local bar and grill chain Boston Blackies is seeking Chapter 11 bankruptcy protection from creditors after an ambitious expansion plan that was fried by the recession.
Boston Blackies Management Co., which has eight locations in the Chicago area, list debts of $6.4 million against assets of about $17,000, according to a petition filed Nov. 24 in U.S. Bankruptcy Court in Chicago. The chain’s largest creditor is General Electric Capital Corp., which is owed $5.6 million, according to the petition.
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Boston Blackies Management Co., which has eight locations in the Chicago area, list debts of $6.4 million against assets of about $17,000, according to a petition filed Nov. 24 in U.S. Bankruptcy Court in Chicago. The chain’s largest creditor is General Electric Capital Corp., which is owed $5.6 million, according to the petition.
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Another potential suitor for the bankrupt Fontainebleau Las Vegas
A potential new suitor for the bankrupt Fontainebleau Las Vegas sent a letter to U.S. Bankruptcy Judge A. Jay Cristol expressing a ``preliminary, non-binding indication of interest'' in acquiring the partially built 63-story casino resort project for $350 million.
In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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Hoteliers leading investment charge in `Haiti of tomorrow'
PETIONVILLE, Haiti -- Within the elegant brick walls of the new hillside Oasis, locals dine on lobster, sip $300-a-bottle Dom Perignon, then relax in a sleek lounge.
Just outside, the skeleton of an exclusive boutique hotel, featuring a rooftop helipad and 300-car garage, dominates the pastel orange landscape.
It could be a scene out of Coral Gables or South Beach. But it's not.
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Just outside, the skeleton of an exclusive boutique hotel, featuring a rooftop helipad and 300-car garage, dominates the pastel orange landscape.
It could be a scene out of Coral Gables or South Beach. But it's not.
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Friday, December 4, 2009
Yum! Brands Announces Full-Year 2010 Expectations
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands Inc. (NYSE: YUM), in advance of its annual investor update meeting, reaffirms its full year 2009 EPS growth forecast of 12%, excluding special items. Yum! also announces that it expects to deliver at least 10% EPS growth in 2010, excluding special items, which would mark the ninth straight year of meeting or exceeding this annual EPS growth target.
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Thursday, December 3, 2009
Trial Attorney Willie Gary and Team File $5 Billion Lawsuit against SUBWAY's Co-Founder and President, Fred DeLuca for Breach of Contract, Fraudulent
WEST PALM BEACH, Fla., Dec. 3 /PRNewswire/ -- Prominent trial attorney Willie Gary along with his law partners Maria Sperando, CK Hoffler and Manny Socias of the law firm of Gary, Williams, Finney, Lewis, Watson & Sperando, P.L. filed a $5 billion lawsuit on behalf of Anthony V. Pugliese III and his business against the Co-Founder and President of SUBWAY, Fred DeLuca. The lawsuit was filed today in Palm Beach County (case #502009CA040295XXXXMB).
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Papa John’s rolls out franchisee incentive plan
Papa John’s International Inc. has rolled out an incentive-laden plan aimed at attracting more franchisees for its pizza stores.
Louisville-based Papa John’s (NASDAQ: PZZA) said it will eliminate its $25,000 franchise fee, reduce its royalty rate and cover the cost of pizza ovens for franchisees that open stores in the United States by November 2010
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Louisville-based Papa John’s (NASDAQ: PZZA) said it will eliminate its $25,000 franchise fee, reduce its royalty rate and cover the cost of pizza ovens for franchisees that open stores in the United States by November 2010
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Developer plans to buy, update old Hilton
A group of Florida investors led by Miami condo developer Jorge Perez of The Related Group is in the final stages of negotiating the purchase of a troubled Hilton Hotel in downtown Pittsburgh, a deal signaling a new direction for the embattled developer.
The seller of the 50 year-old Hilton is Shubh Hotels, a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.
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The seller of the 50 year-old Hilton is Shubh Hotels, a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.
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Isle of Capri Casino's loss expands 28% to $1.369m
ISLE of Capri signed off on its troubled management of Our Lucaya's casino with a 5.4 per cent year-over-year increase in its second quarter loss to $968,000, upon an almost-32 per cent fall in revenues to $1.418 million.
Revealing the losses sustained by Isle-Our Lucaya in the run-up to the end of its extended lease, the US gaming company said revenues for the three months to October 25, 2009, had fallen by almost one-third from the $2.072 million generated in the comparable period in 20o8.
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Revealing the losses sustained by Isle-Our Lucaya in the run-up to the end of its extended lease, the US gaming company said revenues for the three months to October 25, 2009, had fallen by almost one-third from the $2.072 million generated in the comparable period in 20o8.
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Folio Hotels portfolio split to create two new hotel groups
Folio Hotels – the 18-strong group of managed provincial hotels which went into administration last December – has been split between a newly formed hotel group, Akkeron Hotels and the Vineyard Group.
Eight properties have been sold to Akkeron Hotels, while seven have had their management contracts taken back in-house by The Vineyard Group – whose parent company, Sonoma, also owns The Vineyard at Stockcross and Donnington Valley hotel in Berkshire.
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Eight properties have been sold to Akkeron Hotels, while seven have had their management contracts taken back in-house by The Vineyard Group – whose parent company, Sonoma, also owns The Vineyard at Stockcross and Donnington Valley hotel in Berkshire.
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