The hip, nongaming Artisan Hotel & Spa in Las Vegas has agreed to be foreclosed on by a lender.
Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Monday, December 28, 2009
Friday, December 25, 2009
Bahamas - $2.6bn Baha Mar deal '90% likely to go ahead'
Baha Mar's potential agreement with two Chinese state-owned entities for the financing and construction of its $2.6 billion Cable Beach project is "90 per cent likely to go" ahead, Tribune Business was told yesterday, with both sides trying to now tie down "a few commercial issues".
The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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Wednesday, December 23, 2009
U.S. tourist faces fraud charges in Brazil after claiming luggage stolen
A vacationing American faces charges of fraud after he told police in Rio de Janeiro robbers had stolen his luggage.
According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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Tuesday, December 22, 2009
UPS Store and FedEx Office race to open hotel locations
Need to make copies, ship documents or use a computer at your hotel?
Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Contractor files claim against Pittsburgh Hilton owner
P.J. Dick Inc. has filed a claim against the owner of the Pittsburgh Hilton, saying that the contractor is owed $1 million in unpaid work on the hotel addition project.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Wyndham O'Hare hotel to close
Crain’s) – The 467-room Wyndham O’Hare is shutting down, the latest sign of trouble in a brutal Rosemont hotel market that has been squeezed by a surge in supply and a dramatic drop in demand.
The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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Granite City Food & Brewery Ltd. Announces Renegotiation of Terms of Bridge Debt
MINNEAPOLIS--(BUSINESS WIRE)--Granite City Food & Brewery Ltd. (NASDAQ: GCFB - News). By agreement dated effective December 16, 2009, Granite City Food & Brewery Ltd. and Harmony Equity Income Fund, L.L.C. and Harmony Equity Income Fund II, L.L.C. amended the March 30, 2009 Bridge Loan Agreement between the parties. The original Agreement provided for the issuance of $1.0 million of partially convertible bridge notes and warrants which matured in April 2010 and then payable in 6 equal monthly installments. The maturity date of the current principal balance has been extended to January 1, 2011, at which time the principal amount outstanding will be payable in 12 equal monthly installments, with the final installment due on December 1, 2011. Further, the total amount of the commitment will be reduced to $800,000 from the initial $1.0 million commitment. Adjustments were also made to the provisions for payment of deferred and accrued interest.
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You're No Warren Buffett, Steak n Shake
Remember when Octomom tried to look like Angelina Jolie? Steak n Shake (NYSE: SNS) is trying to do something similar, with its recent channeling of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). But instead of lip-puffing Botox and a new layered 'do, Steak n Shake is going for a reverse split and an insurance-company acquisition.
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Ruth's Hospitality Group, Inc. Announces Proposed Transactions Intended to Strengthen the Company's Financial Position and Improve its Flexibility
HEATHROW, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH - News) today announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company’s balance sheet and improve its operating and financial flexibility.
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Monday, December 21, 2009
Sands China May Have Sales of $5 Billion in 2010, Adelson Says
Dec. 22 (Bloomberg) -- Sands China Ltd., the casino operator with the second-biggest market share in Macau, may have sales of $4.5 billion to $5 billion next year, according to the head of the company that controls it.
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Sir David Michels, deputy chairman of Marks & Spencer
Sir David Michels, the deputy chairman of Marks & Spencer, has been named non-executive chairman of Paramount Restaurants, the operator of the Chez Gérard, Caffè Uno, Bertorelli and Livebait restaurant chains.
The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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Sheraton hotel in Arlington Heights to close
(Crain’s) — The depressed local hotel market has claimed another casualty: the Sheraton in Arlington Heights, which is shutting down just three years after an adjoining $25-million water park was built next door.
The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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National Restaurant Association Issues Statement on Health Care Reform Bills
WASHINGTON, Dec. 21 /PRNewswire-USNewswire/ -- The National Restaurant Association issued a statement today regarding the health care reform package proposed by Senate Majority Leader Harry Reid (D-Nev.).
"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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STR Global reports Asia/Pacific pipeline for November 2009
The Asia/Pacific hotel development pipeline includes 975 hotels comprising 232,680 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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STR Global reports Middle East/Africa pipeline for November 2009
LONDON—The Middle East/Africa hotel development pipeline includes 441 hotels comprising 119,560 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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