Dubai’s tourism sector is showing signs of a strong recovery. On September 13, the Department of Tourism and Commerce Marketing (DTCM) issued a report on the sector’s performance for the first six months of the year, with the results making for pleasant reading for those in Dubai’s tourist trade. Tourist arrivals were up by 9% in the first half of the year, with more than 4.18m visitors, while hotel revenue rose by 6% to $1.87bn. Occupancy rates were also solid, at 71%, this despite the fact that there had been a 7% increase in the number of hotel rooms on offer.
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Saturday, October 9, 2010
Four Seasons penthouse sells: $7.2M
The two-story penthouse atop the Four Seasons Hotel and Private Residences in downtown Seattle has been sold for $7.19 million.
The 5,256-square-foot unit sold earlier this week as an unfinished shell for approximately $1,368 a square foot. Finishing the interior could cost anywhere from $200 a square foot on up, depending on what level of finishes the new owner wants, said Scot Wasner, director of the Four Seasons Private Residences and co-founder of Realogics Sotheby’s International Realty.
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The 5,256-square-foot unit sold earlier this week as an unfinished shell for approximately $1,368 a square foot. Finishing the interior could cost anywhere from $200 a square foot on up, depending on what level of finishes the new owner wants, said Scot Wasner, director of the Four Seasons Private Residences and co-founder of Realogics Sotheby’s International Realty.
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5-star hotel with armored rooms opens in Cali Colombia
The Colombian city of Cali gets its first five-star hotel, the Hotel Spiwak, with 226 suits and five armored rooms.
"The armored rooms will meet the requirements of multinational companies that demand higher safety standards for their executives," says the manager of the hotel, Bernardo Velasquez.
The average room size is 50 square meters, with the master suits offering 83 square meters space. The customer can opt for a room with a bath, a shower or a jacuzzi and request whether they wants the mattress hard, soft or semi-hard. Each room has purified water, a microwave, a 36-42 inch TV and an iron with an ironing board.
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"The armored rooms will meet the requirements of multinational companies that demand higher safety standards for their executives," says the manager of the hotel, Bernardo Velasquez.
The average room size is 50 square meters, with the master suits offering 83 square meters space. The customer can opt for a room with a bath, a shower or a jacuzzi and request whether they wants the mattress hard, soft or semi-hard. Each room has purified water, a microwave, a 36-42 inch TV and an iron with an ironing board.
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Extended Stay emerges from Chapter 11 after buyout
Extended Stay Inc. emerged from Chapter 11 bankruptcy protection, a few months after the hotel chain was bought by a group of investors led by private equity firm Centerbridge Partners LP.
The group, which includes Paulson & Co. Inc. and Blackstone Real Estate Partners VI, paid $3.925 billion in July for the owner of 685 properties bearing the brands Extended Stay America, Extended Stay Deluxe and Homestead Studio Suites in the U.S. and Canada.
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The group, which includes Paulson & Co. Inc. and Blackstone Real Estate Partners VI, paid $3.925 billion in July for the owner of 685 properties bearing the brands Extended Stay America, Extended Stay Deluxe and Homestead Studio Suites in the U.S. and Canada.
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Hotel Los Gatos nears foreclosure
The posh Hotel Los Gatos is headed into foreclosure, a victim of the economic tsunami that has hit the hospitality industry with a vengeance.
The boutique 72-room hotel that opened on Main Street has not made a payment on its $11.5 million loan since October 2009, according to Trepp LLC, a real estate research firm based in New York City.
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The boutique 72-room hotel that opened on Main Street has not made a payment on its $11.5 million loan since October 2009, according to Trepp LLC, a real estate research firm based in New York City.
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Boutique hotel vs. chain reliability
Given that business travellers are spending increasingly more time on the road, finding the right hotel is key. Luckily, they have more options than ever, from the tried-and-true branding of large chains to the smaller boutique hotels aiming for a chunk of the business-travel market.
Both options work, but offer distinctly contrasting atmospheres.
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Both options work, but offer distinctly contrasting atmospheres.
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Gross 'mismanagement' cited at former Pitsburgh Hilton
The former Pittsburgh Hilton Hotel suffered "substantial mismanagement" during the time current owner Dr. Kiran Patel was putting money into the property to keep it afloat, an attorney for the mortgage holder said Thursday in U.S. Bankruptcy Court.
Attorney Gregory Taddonio said mismanagement has caused the hotel's value to drop. Under questioning by Taddonio, hotel controller William Sfamenos described how money was moved among accounts and unexplained withdrawals and payments were made at the behest of Jai Lalwani, whom he described as a "consultant" to former owner Atul Bisaria.
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Attorney Gregory Taddonio said mismanagement has caused the hotel's value to drop. Under questioning by Taddonio, hotel controller William Sfamenos described how money was moved among accounts and unexplained withdrawals and payments were made at the behest of Jai Lalwani, whom he described as a "consultant" to former owner Atul Bisaria.
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Thursday, October 7, 2010
Abu Dhabi's biggest hotel to open next month
Abu Dhabi will get its biggest hotel next month when Millennium Hotels and Resorts opens the doors on its new 850-room Grand Millennium property in the city.
The Grand Al Wahda will comprise of 585 hotel rooms and 265 residences and promises a “first-class guest experience” with a range of eateries and a new nightclub for the city.
The new hotel will be located adjacent to the Al Wahda Shopping Mall and Al Wahda Sports Club.
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The Grand Al Wahda will comprise of 585 hotel rooms and 265 residences and promises a “first-class guest experience” with a range of eateries and a new nightclub for the city.
The new hotel will be located adjacent to the Al Wahda Shopping Mall and Al Wahda Sports Club.
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NY Fed takes $180m hit on Hilton debt restructuring
The Federal Reserve Bank of New York has suffered a loss of about $180m on a debt restructuring that staved off financial problems at Hilton, the hotel group owned by Blackstone, the buy-out fund.
The Fed’s decision to agree to a lossmaking sale of about $320m of its Hilton debt to Blackstone highlights the problems faced by US authorities as they manage billions of dollars in assets acquired during the financial crisis.
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The Fed’s decision to agree to a lossmaking sale of about $320m of its Hilton debt to Blackstone highlights the problems faced by US authorities as they manage billions of dollars in assets acquired during the financial crisis.
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Wealthy hotel developers convicted on tax charges
A father and son who developed hotels in New York and Florida have been convicted on federal tax charges in Fort Lauderdale.
The U.S. Attorney's Office reports that 77-year-old Mauricio Cohen Assor and 46-year-old Leon Cohen-Levy were found guilty Wednesday of conspiring to defraud the United States and filing false tax
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The U.S. Attorney's Office reports that 77-year-old Mauricio Cohen Assor and 46-year-old Leon Cohen-Levy were found guilty Wednesday of conspiring to defraud the United States and filing false tax
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Former hotel operator facing jail over tax charges
REDWOOD CITY, Calif.—The former operator of a South San Francisco hotel is facing up to a year in jail after pleading no contest to charges that he collected hundreds of thousands of dollars in taxes from guests, but failed to turn the money over to city.
The San Mateo County Times reports that Sanjay Bakshi is due to be sentenced Dec. 16 after pleading no contest Monday to three counts of felony misappropriation of public funds.
South San Francisco officials say when Bakshi surrendered to police last December he owed the city $340,000 for taxes collected from guests at the Comfort Inn & Suites he operated.
San Mateo County prosecutors say the 47-year-old Bakshi was released on his own recognizance while he awaits sentencing.
The San Mateo County Times reports that Sanjay Bakshi is due to be sentenced Dec. 16 after pleading no contest Monday to three counts of felony misappropriation of public funds.
South San Francisco officials say when Bakshi surrendered to police last December he owed the city $340,000 for taxes collected from guests at the Comfort Inn & Suites he operated.
San Mateo County prosecutors say the 47-year-old Bakshi was released on his own recognizance while he awaits sentencing.
Savoy Hotel reopens after £220m facelift, but Gordon Ramsay's Grill is still delayed
London's most famous hotel will reopen this weekend after a three-year closure and a £220m facelift.
The 121-year-old Savoy Hotel, the historic stomping ground of Hollywood stars, world leaders and even a few royals, is set to welcome guests on October 10 - a year and a half later than originally planned.
The 268 plush suites and rooms have been fully booked for the first night and a dinner will be held in the iconic River Restaurant to celebrate the reopening
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The 121-year-old Savoy Hotel, the historic stomping ground of Hollywood stars, world leaders and even a few royals, is set to welcome guests on October 10 - a year and a half later than originally planned.
The 268 plush suites and rooms have been fully booked for the first night and a dinner will be held in the iconic River Restaurant to celebrate the reopening
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Ritz-Carlton chain, Clayton hotel owner face off over payment dispute
CLAYTON • The Ritz-Carlton Hotel, known for its genteel atmosphere, has become caught in a legal fight between the hotel owner and the Ritz-Carlton chain that manages the property.
A contract dispute over millions of dollars led the owner, Maritz, Wolff & Co., to threaten to cancel a management agreement with Ritz-Carlton Hotel Co., which in turn spurred Maryland-based Ritz-Carlton to file a lawsuit to stop this from happening. .
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A contract dispute over millions of dollars led the owner, Maritz, Wolff & Co., to threaten to cancel a management agreement with Ritz-Carlton Hotel Co., which in turn spurred Maryland-based Ritz-Carlton to file a lawsuit to stop this from happening. .
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Radisson Hotel Boston has a new owner
The Radisson Hotel Boston, a 358-room hotel on Stuart Street, has been sold to Northwood Investors LLC, said a broker involved in the transaction.
The broker is CBRE Hotels, which said it represented the seller, JPA Trust, a third-generation family owned and operated real estate firm.
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The broker is CBRE Hotels, which said it represented the seller, JPA Trust, a third-generation family owned and operated real estate firm.
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Marriott Swings To 3Q Profit On Higher Room Rate
NEW YORK (Dow Jones)--Hotel giant Marriott International Inc. (MAR) late Wednesday said it swung to a fiscal third-quarter profit as rising room rates helped to boost revenues.
While the results continue to underscore a rebound in lodging, one of the hardest hit industries in the recent recession, it signals the recovery will be much slower and daunting than Wall Street had anticipated.
Marriott, Bethesda, Md., posted its quarterly profit following a prior-year $502 million write-down at its timeshare business. Marriott's stock, up 39% this year, fell 2.5% to $36.89 in after-hours trading as revenue numbers were slightly short of what Wall Street's expectations.
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While the results continue to underscore a rebound in lodging, one of the hardest hit industries in the recent recession, it signals the recovery will be much slower and daunting than Wall Street had anticipated.
Marriott, Bethesda, Md., posted its quarterly profit following a prior-year $502 million write-down at its timeshare business. Marriott's stock, up 39% this year, fell 2.5% to $36.89 in after-hours trading as revenue numbers were slightly short of what Wall Street's expectations.
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