(Crain’s) — A local group has agreed to be the lead investor in Ian Schrager’s bid to buy the Ambassador East hotel.
Syndicated Equities Corp. has signed a letter of intent to potentially put upward of $15 million of equity into the famed hotelier’s bid to revitalize the legendary Gold Coast hotel at 1301 N. State Pkwy., says Richard Kaplan, president and founder of the Chicago-based real estate investment firm.
Mr. Kaplan says his firm’s due diligence will be wrapped up in about a month and that the sale to New York-based Schrager Co. could close as early as February.
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Saturday, December 19, 2009
Strategic Hotels sells hotel property for $51.5M
Strategic Hotels & Resorts Inc. said Wednesday it is selling the Renaissance Paris Hotel Le Parc Trocadero to an investment group led by an affiliate of Westmont Hospitality for 35.5 million euros ($51.5 million).
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
Kahala Hotel faces class-action claim on tips
Thousands of customers of the Kahala Hotel & Resort are now part of a lawsuit alleging that the hotel's tipping policy was deceptive.
Circuit Judge Gary Chang yesterday granted class-action status to a 2008 suit by local resident Jason Kawakami, who said the hotel charged him more than $4,800 in service fees but did not disclose that only portions of the fee would go to hotel employees.
The ruling increases the potential damages that the hotel would have to pay if it loses the suit. According to Kawakami's attorneys John Perkin and Brandee Faria, more than 4,300 customers have been billed for the service fees by the hotel.
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Circuit Judge Gary Chang yesterday granted class-action status to a 2008 suit by local resident Jason Kawakami, who said the hotel charged him more than $4,800 in service fees but did not disclose that only portions of the fee would go to hotel employees.
The ruling increases the potential damages that the hotel would have to pay if it loses the suit. According to Kawakami's attorneys John Perkin and Brandee Faria, more than 4,300 customers have been billed for the service fees by the hotel.
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Marriott's Edition boutique-hotel venture with Ian Schrager: When can we check in?
While speaking with Marriott International President Arne Sorenson about hotel growth in Mexico at Marriott's headquarters yesterday, I had a few spare moments with him. So besides asking him about the hotel business in general, I asked him what's happening with Edition - the luxury, boutique-style hotel chain that Marriott planned to develop with the bold, boutique-hotel pioneer Ian Schrager.
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San Francisco Four Seasons close to foreclosure
The Four Seasons San Francisco is heading closer to foreclosure after lenders rejected owner Millennium Partners’ proposal to renegotiate the loan on the property, according to the credit-rating agency Realpoint.
In June, Millennium Partners “strategically withheld payment of debt service” on the $90 million loan in an effort to force the servicer on the loan, LNR Property Corp., to enter into negotiations. In October, Millennium “submitted a proposal that the servicer deemed to be unacceptable,” according to Realpoint
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In June, Millennium Partners “strategically withheld payment of debt service” on the $90 million loan in an effort to force the servicer on the loan, LNR Property Corp., to enter into negotiations. In October, Millennium “submitted a proposal that the servicer deemed to be unacceptable,” according to Realpoint
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Chicago's Hotel 71 Sale Upends Condo-Hybrid Model
A Chicago hotel that was part of developer Robert Falor's ill-fated effort to build a condo-hotel empire has sold for a fraction of its debt.
A fund managed by Canyon Capital Realty Advisors of Los Angeles bought the 437-room Hotel 71 for $37 million. The all-cash deal wiped out tens of millions of dollars in debt, according to people familiar with the transaction.
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A fund managed by Canyon Capital Realty Advisors of Los Angeles bought the 437-room Hotel 71 for $37 million. The all-cash deal wiped out tens of millions of dollars in debt, according to people familiar with the transaction.
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Punch Taverns shares tumble on gloomy outlook
Shares in Punch Taverns, Britain's biggest pub company, fell 3 per cent today after it said that profits had continued to fall at the same rate as last year.
The group, whose weak performance and huge debt pile has forced it to sell off hundreds of pubs, said that profits "remained under pressure" with like-for-like income on its leased estate for the first 16 weeks of its financal year falling at a similar rate to last year — when they dropped 11 per cent.
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The group, whose weak performance and huge debt pile has forced it to sell off hundreds of pubs, said that profits "remained under pressure" with like-for-like income on its leased estate for the first 16 weeks of its financal year falling at a similar rate to last year — when they dropped 11 per cent.
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Developer apologizes for failure of $1 billion Sarasota project
SARASOTA -- The developer of the Proscenium real estate tower has apologized to downtown Sarasota land owners stung financially when the 18-story project failed.
Developer Zeb Portanova stopped short, however, of taking responsibility for the $1 billion Proscenium's collapse.
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Developer Zeb Portanova stopped short, however, of taking responsibility for the $1 billion Proscenium's collapse.
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Denny's shakes up top management as sales slump
SPARTANBURG, S.C. (AP) -- Denny's Corp. on Friday unveiled a top management shake-up as sales growth remains sluggish at the casual dining restaurant chain.
Out are Mark Chmiel, chief marketing and innovation officer, and Janis Emplit, chief operating officer. Their duties will be split among the marketing and operations teams while Denny's is searching for their replacements.
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Out are Mark Chmiel, chief marketing and innovation officer, and Janis Emplit, chief operating officer. Their duties will be split among the marketing and operations teams while Denny's is searching for their replacements.
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Friday, December 18, 2009
Interstate Acquired By Thayer Lodging, Jin Jiang
ARLINGTON, Va., December 18, 2009-Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction. The price represents a premium of 77 percent over yesterday's closing stock price. Interstate's lenders have approved the transaction subject to certain pay downs at closing on its senior credit facility and on one of its non-recourse mortgage loans. The transaction is not contingent upon obtaining any additional financing.
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Sheraton Orlando Sale Sparks Hope for Uptick in Hotel Transactions
Mixed amid the recent wave of bankruptcies, defaults and foreclosures, there has been a trickle of hotel transactions sparking hope that distressed assets can and will be sold.
On Dec. 8, the W Hotel Union Square in New York was sold at a foreclosure auction, like the Wyndham Orange County in California the week before. Last month the Sheraton Orlando was sold to a joint venture between a private equity firm and an asset manager after first going through bankruptcy court and then a foreclosure auction
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On Dec. 8, the W Hotel Union Square in New York was sold at a foreclosure auction, like the Wyndham Orange County in California the week before. Last month the Sheraton Orlando was sold to a joint venture between a private equity firm and an asset manager after first going through bankruptcy court and then a foreclosure auction
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Darden Restaurants Reports Second Quarter Diluted Net Earnings Per Share of 43 Cents
Second quarter sales from continuing operations were $1.64 billion, compared to $1.67 billion in the prior year, a 1.6% decrease. Blended same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 4.7% this quarter. Excluding the impact of the Thanksgiving holiday week, which was in the fiscal second quarter this year but the fiscal third quarter last year, blended same-restaurant sales were down 3.9%, which compares to an estimated decline of 5.9% for the Knapp-Track(TM) benchmark of U.S. same-restaurant sales, excluding Darden.
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Tuesday, December 15, 2009
STR reports US pipeline for November 2009
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 3,939 projects comprising 417,412 rooms, according to the November 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 33.9-percent decrease in the number of rooms in the total active pipeline compared to November 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
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Dave & Buster's, Inc. Reports Financial Results for its Fiscal 2009 Third Quarter
DALLAS—December 15, 2009—Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its third quarter ended November 1, 2009.
Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008. This revenue decline was comprised primarily of a 7.4% decrease in comparable store sales offset by a $5.9 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.3%, while revenues from Amusements and Other increased 1.4%.
EBITDA (Modified) for the third quarter of 2009 of $10.2 million was less than prior year EBITDA (Modified) of $10.9 million by 6.9%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $11.3 million versus $11.8 million in the third quarter of fiscal 2008.
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Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008. This revenue decline was comprised primarily of a 7.4% decrease in comparable store sales offset by a $5.9 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.3%, while revenues from Amusements and Other increased 1.4%.
EBITDA (Modified) for the third quarter of 2009 of $10.2 million was less than prior year EBITDA (Modified) of $10.9 million by 6.9%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $11.3 million versus $11.8 million in the third quarter of fiscal 2008.
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Host Hotels & Resorts to raise $300M
Host Hotels & Resorts Inc. plans to sell at least $300 million in 20-year debentures exchangable into company stock or cash, the company announced Tuesday.
The Bethesda-based hospitality company will use proceeds to pay down debt, including $346 million of notes due in 2012.
The company may offer an additional $60 million in debentures if the investors are interested
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The Bethesda-based hospitality company will use proceeds to pay down debt, including $346 million of notes due in 2012.
The company may offer an additional $60 million in debentures if the investors are interested
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