ATLANTIC CITY, N.J. — Talk about dog days: What should have been one of the best months of the year for Atlantic City's casinos instead saw revenue at the gambling houses fall by 11.3 percent.
August was the first full month in which the nation's second-largest gambling market was competing against table games offered in neighboring Pennsylvania, whose slots parlors have been siphoning off Atlantic City's revenue for nearly four years.
The shore resort's 11 casinos took in $347.5 million in August, down from $391.7 million in August 2009.
Read More:
Saturday, September 11, 2010
Pacific Host Hotels in deal for control of La Jolla's La Valencia Hotel
According to several sources, Pacifica Host Hotels has assumed control of La Jolla's historic, pink-hued, 113-room La Valencia Hotel.
"We are told that Pacifica has it under contract," Steven Grady of The Focus Group, a real estate development company at 7938 Ivanhoe Ave. told the Light late Friday. "We were competing for it but did not get it."
Read More:
"We are told that Pacifica has it under contract," Steven Grady of The Focus Group, a real estate development company at 7938 Ivanhoe Ave. told the Light late Friday. "We were competing for it but did not get it."
Read More:
Hotels prepare to do battle in court with TripAdvisor over negative reviews
Hundreds of hotels in the UK and the U.S. could bring legal action against a controversial travel website over claims that its reviews are defamatory.
More than 400 hotel and restaurant businesses have indicated they are prepared to join a 'group defamation action' against TripAdvisor which claims to be the world's biggest travel site. The initiative is being led by an online reputation management firm.
Read More:
More than 400 hotel and restaurant businesses have indicated they are prepared to join a 'group defamation action' against TripAdvisor which claims to be the world's biggest travel site. The initiative is being led by an online reputation management firm.
Read More:
USVI hotel reopens as Marriott with $15M govt aid
A U.S. Virgin Islands hotel that struggled after Hurricane Hugo in 1989 and eventually shut its doors is back in business with the help of $15 million from the government.
The Marriott Renaissance Carambola Beach Resort and Spa in St. Croix expects to employ 130 workers.
Gov. John de Jongh says about 40 percent of the resort is still under construction.
Read More:
The Marriott Renaissance Carambola Beach Resort and Spa in St. Croix expects to employ 130 workers.
Gov. John de Jongh says about 40 percent of the resort is still under construction.
Read More:
Moody's: CMBS Delinquencies Up in August; Hotels Hurt The Worst
Moody's Investors Service said delinquencies on loans in U.S. commercial mortgage-backed securities increased again in August as a big hotel loan added to that sector's woes.
Last month's increase to 8.10% from 7.89% in July comes as the pace of the ongoing rise in commercial property loan delinquencies has moderated of late. Commercial real estate has been pummeled for more than a year as occupancy rates and rents decline, putting pressure on property owners.
In August, hotels again had the highest delinquency rate, at 15.47%. The $825 million Innkeepers portfolio loan, backed by hotel properties throughout the U.S., represented more than 75% of the newly delinquent hotel loans the past month. Innkeepers USA Trust (KPA), a real-estate investment trust that owns more than 70 midmarket hotels, filed for bankruptcy in July as it labored under more than $1 billion in debt.
Read More:
Last month's increase to 8.10% from 7.89% in July comes as the pace of the ongoing rise in commercial property loan delinquencies has moderated of late. Commercial real estate has been pummeled for more than a year as occupancy rates and rents decline, putting pressure on property owners.
In August, hotels again had the highest delinquency rate, at 15.47%. The $825 million Innkeepers portfolio loan, backed by hotel properties throughout the U.S., represented more than 75% of the newly delinquent hotel loans the past month. Innkeepers USA Trust (KPA), a real-estate investment trust that owns more than 70 midmarket hotels, filed for bankruptcy in July as it labored under more than $1 billion in debt.
Read More:
Morgans Hotel gets more time to pay back loans
Boutique hotel operator Morgans Hotel Group Co. said Friday lenders have again agreed to give it more time to pay back $377.5 million in loans secured by two hotels.
The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
Read More:
The company owes $217 million on a first mortgage secured by the Hudson Hotel in New York and $120.5 million on a first mortgage secured by the Mondrian Los Angeles.
Read More:
Attempted suicide bombing at Denmark hotel on eve of 9/11
Police in Copenhagen have arrested a man who apparently tried to blow himself up in a hotel bathroom.
The explosion occurred in a bathroom of the Hotel Jørgensen, located on Israel’s Square. A man with arm and facial injuries was arrested a short time later in a city park near the hotel, according to police spokesman Henrik Moeller Jacobsen.
Read More:
The explosion occurred in a bathroom of the Hotel Jørgensen, located on Israel’s Square. A man with arm and facial injuries was arrested a short time later in a city park near the hotel, according to police spokesman Henrik Moeller Jacobsen.
Read More:
Two robbed in hotel room invasion
ORLANDO, Fla. (WOFL FOX 35) - Flashing red and blue lights lit up the night as Orlando Police tried to track down two gunmen who forced their way into a hotel room on International Drive. Orlando Police say a tourist from England was outside smoking a cigarette when two men with guns followed him back into his room.
The gunmen made the tourist and his wife get face down on the ground, then forced one of them to open a safe. The two gunmen took off with the English couple's cash and electronics.
Read More:
The gunmen made the tourist and his wife get face down on the ground, then forced one of them to open a safe. The two gunmen took off with the English couple's cash and electronics.
Read More:
Friday, September 10, 2010
Fairmont Royal york workers on one day strke
Unionized employees at the Fairmont Royal York Hotel went on a one-day strike early Friday morning, the first full day of the Toronto International Film Festival.
Talks between the hotel and the union broke down late Thursday night, sending more than 900 workers onto the picket line early Friday morning.
Members of the union, Unite Here Local 75, have been without a contract since July 16, and say their "patience has run out with hotel owners who have dragged their heels" on contract negotiations, according to a statement released Friday. The union is protesting increasing workloads, shortened shifts and high injury rates. This strike follows one on Sept. 3 at the Hyatt-Regency where members of the same union, demanded laid-off workers be hired back.
Talks between the hotel and the union broke down late Thursday night, sending more than 900 workers onto the picket line early Friday morning.
Members of the union, Unite Here Local 75, have been without a contract since July 16, and say their "patience has run out with hotel owners who have dragged their heels" on contract negotiations, according to a statement released Friday. The union is protesting increasing workloads, shortened shifts and high injury rates. This strike follows one on Sept. 3 at the Hyatt-Regency where members of the same union, demanded laid-off workers be hired back.
Administrators put The Eton Group up for sale
KPMG, the Administrator for The Eton Group announced today that it has selected CBRE Hotels as the exclusive agent to sell the portfolio of 5 prestigious boutique and townhouse hotels. The hotels consist of
- Threadneedles, London
- The Colonade, London
- The Academy, London
- Quebec, Leeds
- The Glasshouse, Edinburgh
The properties comprise a total of 271 bedrooms and continue to trade, while in Administration, at levels which exceed those of 2009.
Craig Millward, Director of CBRE Hotels EMEA commented “This is an excellent opportunity to acquire the hotels unencumbered therefore offering a new owner flexibility in regard to integrating them into an existing group and in regard to re-branding. We expect there to be significant interest in these assets from operators and investors alike”.
- Threadneedles, London
- The Colonade, London
- The Academy, London
- Quebec, Leeds
- The Glasshouse, Edinburgh
The properties comprise a total of 271 bedrooms and continue to trade, while in Administration, at levels which exceed those of 2009.
Craig Millward, Director of CBRE Hotels EMEA commented “This is an excellent opportunity to acquire the hotels unencumbered therefore offering a new owner flexibility in regard to integrating them into an existing group and in regard to re-branding. We expect there to be significant interest in these assets from operators and investors alike”.
Thursday, September 9, 2010
Los Angeles fast-food ban may become law
A quick-service restaurant ban is still under debate in Los Angeles. Southern California Public Radio reported the Los Angeles City Council committee unanimously approved a year-long ban on new QSRs in a 32-square-mile area, mostly in South Los Angeles.
An approval by the whole council and the signature of Mayor Antonio Villaraigosa is all that's needed to make the ban a law.
Read More:
An approval by the whole council and the signature of Mayor Antonio Villaraigosa is all that's needed to make the ban a law.
Read More:
Dominos online ordering systems boosts profits by 23%
Amazon.com sells everything from car parts and jewelry to groceries and golf clubs -- in addition to the books that first got it started -- so it's not surprising that the Internet titan is ranked first among e-tailers.
But the company that is the No. 4 e-tailer puts all its eggs in one crust, er, basket: Domino's.
The Ann Arbor-based chain's online ordering system has catapulted it to the forefront of Internet commerce, and it's giving the pizza seller a big advantage in the marketplace.
Read More:
But the company that is the No. 4 e-tailer puts all its eggs in one crust, er, basket: Domino's.
The Ann Arbor-based chain's online ordering system has catapulted it to the forefront of Internet commerce, and it's giving the pizza seller a big advantage in the marketplace.
Read More:
FelCor Lodging Trust purchases The Fairmont Copley Plaza for $98.5 million
Boston, MA CBRE Hotels acted as exclusive advisor to Fairmont Hotels & Resorts in the sale of The Fairmont Copley Plaza, located on Copley Sq. in Back Bay. FelCor Lodging Trust Inc. has purchased a fee-simple interest in the famed hotel for $98.5 million and will implement a capital plan in excess of $20 million which includes an overall refreshing of guestrooms and public areas and the addition of a new fitness center.
Read More:
Read More:
Wyndham Hotels and Resorts Franchise Unveils Eco-Friendly Beverage Menu
PARSIPPANY, N.J. — Wyndham Hotels and Resorts, LLC today announced the introduction of a new eco-friendly beverage menu available beginning this month at North American and Caribbean properties across the brand's portfolio. Properties also will be able to customize the menu to include local and regional selections and offer promotions that allow customers to contribute to the environment.
Read More:
Read More:
When it comes to getting an operating license Bangkok hotels say Phuket
PHUKET : Hundreds of hotels in Phuket are operating without licences, claiming the cost of getting one is far too high.
Officials have set up a working group to close the unlicensed establishments, deputy governor Niwit Arunrat said yesterday.
Government figures show that Phuket has 702 hotels with 42,684 rooms _ but only 273 of these hotels are licensed.
Mr Niwit said the hotels operating without licences violated building control and environmental laws and did not pay taxes.
Read More:
Officials have set up a working group to close the unlicensed establishments, deputy governor Niwit Arunrat said yesterday.
Government figures show that Phuket has 702 hotels with 42,684 rooms _ but only 273 of these hotels are licensed.
Mr Niwit said the hotels operating without licences violated building control and environmental laws and did not pay taxes.
Read More:
