A group led by Centerbridge Partners LP prevailed in an auction to take Extended Stay Inc. out of bankruptcy protection, offering nearly $4 billion to clinch the purchase of the distressed hotel chain.
The investor consortium, which includes Paulson & Co. and Blackstone Group, put up $3.925 billion for Extended Stay, topping a rival bid from a group led by Starwood Capital Group, said people familiar with the matter.
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Friday, May 28, 2010
Thursday, May 27, 2010
New loyalty scheme for US independent hotels
Stash Hotel Rewards has launched a loyalty scheme with 65 independent properties in 50 US cities, and aims to have 200 hotels participating by the end of the year.
The scheme says that it only includes hotels with “a star rating of 3.5 or above, with some exceptional three-star properties” (although note that the programme itself determines these star ratings), and that its portfolio of properties have on average 150-200 rooms, and a Tripadvisor “Recommend” rating of over 80 per cent.
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The scheme says that it only includes hotels with “a star rating of 3.5 or above, with some exceptional three-star properties” (although note that the programme itself determines these star ratings), and that its portfolio of properties have on average 150-200 rooms, and a Tripadvisor “Recommend” rating of over 80 per cent.
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Watergate Hotel sold
The Watergate Hotel was sold Wednesday to a European real estate group that plans to restore the fabled, 251-room property to a luxury hotel.
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Hyatt Regency workers back on the job
Crain’s) — Union employees at the Hyatt Regency Chicago returned to work just before noon Wednesday after a brief walkout to protest the hotel’s treatment of housekeepers.
“They wanted to demonstrate that they are angry and frustrated,” says Annemarie Strassel, a spokeswoman for Unite Here Local 1, which represents about 700 workers at the hotel, 111 E. Wacker Drive.
She says the decision to return to work after a couple hours of picketing was not triggered by any response or promises by hotel management.
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“They wanted to demonstrate that they are angry and frustrated,” says Annemarie Strassel, a spokeswoman for Unite Here Local 1, which represents about 700 workers at the hotel, 111 E. Wacker Drive.
She says the decision to return to work after a couple hours of picketing was not triggered by any response or promises by hotel management.
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Jamaican Hotels Boost Security as Tourists Cancel
May 26 (Bloomberg) -- Jamaican hotels are adding security to reassure tourists as clashes in the capital Kingston cause visitors to cancel trips, said Wayne Cummings, the head of Jamaica’s Hotel and Tourism Association.
There have been 300 hotel room cancellations on the Caribbean island since Prime Minister Bruce Golding declared a state of emergency May 23 to contain gang violence related to the government’s efforts to extradite an accused drug lord to the U.S., Cummings said today. At least 44 people have been killed in street battles between police and supporters of Christopher “Dudus” Coke, the target of a four-day manhunt.
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There have been 300 hotel room cancellations on the Caribbean island since Prime Minister Bruce Golding declared a state of emergency May 23 to contain gang violence related to the government’s efforts to extradite an accused drug lord to the U.S., Cummings said today. At least 44 people have been killed in street battles between police and supporters of Christopher “Dudus” Coke, the target of a four-day manhunt.
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Hotel trade group spends $305,000 lobbying in 1Q
WASHINGTON — The American Hotel & Lodging Association spent $305,000 in the first quarter lobbying federal officials on travel to Cuba, labor and other issues, according to a recent disclosure report.
That's less than the $350,000 the group spent lobbying both in the same period last year and in 2009's fourth quarter.
The trade group, which represents hotel companies, also lobbied the federal government on family medical leave and health insurance for small businesses in January through March.
The trade group lobbied both houses of Congress and the Departments of Labor, Commerce and Homeland Security, according to a disclosure report it filed April 19 with the House clerk's office.
That's less than the $350,000 the group spent lobbying both in the same period last year and in 2009's fourth quarter.
The trade group, which represents hotel companies, also lobbied the federal government on family medical leave and health insurance for small businesses in January through March.
The trade group lobbied both houses of Congress and the Departments of Labor, Commerce and Homeland Security, according to a disclosure report it filed April 19 with the House clerk's office.
Hotels dispensing with bathroom clutter
You check in at the luxury hotel. You let yourself in the room. You realize something is missing. Bathrobe? Check. Minibar? Check. High thread count bed sheets? Check. Those amenities are all there. You walk to the bathroom, you pull back the shower curtain, and what the ...?
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Shuttered Kissimmee Florida hotel sells for $7M
The former Howard Johnson-Heritage Park hotel in Kissimmee sold to a San Francisco firm for $7 million, or nearly $35,000 per unit.
Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Menlo Capital Group LLC’s 201 Simpson Road LLC bought the nearly 200-room hotel on Simpson Road between U.S. Highway 192 and Florida’s Turnpike from Hollywood-based Mazel Investments LLC. Akhil Suri, a managing director of Menlo Capital Group, was unavailable for comment on plans for the property by press time.
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Wednesday, May 26, 2010
$2.6 billion Cable Beach Redevelopment Still has Hurdles to Overcome
Baha Mar has 49 "conditions precedent" that it must fulfill to consummate its $2.6 billion Cable Beach redevelopment, the Prime Minister confirmed to Tribune Business, the most important being to resolve negotiations with Scotiabank over its outstanding $170-$180 million loan.
Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Mr Ingraham confirmed the number of conditions still to be fulfilled by the resort developer, Tribune Business having been told this number by one of its contacts, with the Government awaiting approval of the project by the Chinese government before it starts to move on its own process.
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Kerzner plans $100m worth of PI upgrades
Kerzner International will this year begin a $100 million project to renovate its existing Paradise Island properties, which include Atlantis and the One & Only Ocean Club, a move that is set to create some 400 jobs.
It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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It is unclear whether those posts are permanent or temporary, although sources familiar with the situation told Tribune Business they could be permanent, full-time jobs. Regardless, the move is likely to be seen as a shot of much-needed confidence for the Bahamian economy, providing immediate work for the construction industry.
Approvals for the renovations have been obtained from the Government, it is understood, with one source telling Tribune Business: "Kerzner is going to do $100 million worth of stuff on Paradise Island, with some of the work to start this year."
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Japanese restaurant worker 'dies from overworking'
The 24-year-old died of heart failure in his sleep after working an average of 14 hours a day for a four-month period at the Nihonkai Shoya chain. Motoyasu Fukiage worked more than 112 hours of overtime a month for the four- month period of his employment at the restaurant, in addition to his regular 40 hours a week – making a total of around 272 hours a month. A court in Kyoto ordered the restaurant chain and four of its senior executives to make a payment of £607,000 (78.63 million yen) to the victim's parents in damages.
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Revel CEO vows casino hotel will be completed
ATLANTIC CITY - The chief executive officer of the $2.5 billion Revel casino hotel said Tuesday he will be a bidder for the half-finished project following the withdrawal of his financial backer.
Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to help revitalize the slumping Atlantic City market.
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Foreign investors eye San Francisco hotels
San Francisco's famed Sir Francis Drake Hotel is up for sale, and if recent trends in San Francisco and Los Angeles persist, there is some likelihood it will be bought by an investor from Asia.
Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.
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World's Most Outrageous Hotel Fees
There's nothing new about outlandish hotel surcharges. The October 6, 1904, edition of The Daily Star in Fredericksburg, VA, published a list of unscrupulous lodging fees, mainly in Europe, that included fees for towels, nightshirts, heat, hot water, horse stabling (whether the guest brought a horse or not), and, in one hotel, a one-penny fee for each ascent and descent in the hotel elevator.
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