According to the Strait Times billionaire Prince Alwaleed bin Talal's investment group, Kingdom Hotel Investments (KHI), on Monday announced the sale of its Swissotel in Kunshan, China, to Malaysia's TA Global for US$61 million (S$78 million).
The sale is to be finalised in March 2011, the investment group said.
'We are delighted to realise the value of this investment amid a buoyant transactions environment in growth markets,' Prince Alwaleed said.
Sarmad Zok, a KHI chairman, added: 'This divestiture unlocks significant capital and we will continue to consider the sale of other assets as part of our capital allocation strategy.'
Prince Alwaleed's group has sold its share in several luxury hotels over the past two years as part of what it terms a rationalisation of its activities.
Tuesday, February 1, 2011
Trustee named to oversee Pittsburgh Hilton-Wyndham-Shubh Hotel's operations
A fed-up U.S, bankruptcy judge will appoint a trustee to oversee operations at the former Hilton Pittsburgh, the latest twist in the saga involving the troubled hotel.
Judge Jeffery A. Deller, clearly exasperated over the bickering between the two sides competing to take control over the Downtown landmark, announced his decision from the bench Monday.
He said the hotel owner, Shubh Hotels Pittsburgh LLC, now controlled by Tampa, Fla., cardiologist Kiran C. Patel, and New York lender BlackRock Financial Management Inc. "have found ways to fight over everything -- everything."
"I'm putting an end to it," he said. "We'll get someone in here totally neutral, not beholden to anyone."
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Sheraton to operate Montreal airport hotel
Starwood’s Sheraton brand will open its third property in Montreal this April, a 476-room rebranded hotel close to the entrance to Trudeau International Airport.
The property was previously branded as a Hilton hotel, before becoming a Wyndham property for a short period and then an independent brand, and it is currently “undergoing a comprehensive multi-million dollar renovation to all guest rooms and public spaces prior to opening as a Sheraton property”.
Facilities include 19,000 square feet of meeting space, open air gardens, indoor and outdoor swimming pools, as well as a whirlpool, steam room, sauna and fitness centre.
The rebranded hotel is scheduled to reopen in April, and will join other Starwood properties in the city including Le Meridien Versaille, Le Centre Sheraton Montreal Hotel, the W Montréal, Le Westin Montreal, the Aloft Montreal Airport, and the Sheraton Laval Hotel.
Woman stabbed in elevator at Pittsburgh Hyatt Regency
tAccording to an article in the Post Gazette, Allegheny County police are investigating the stabbing of a woman Monday night at the Hyatt Regency Pittsburgh International Airport.
Lt. Jeffrey Korczyk said the woman, whose identity he did not release, was stabbed in a hotel elevator just after 8 p.m., but he provided few other details about the case, saying the investigation is ongoing.
The woman was treated and released from Sewickley Hospital, the lieutenant said, though he declined to comment on the extent of her injuries or the weapon used.
Radisson Hotel in Nashua, NH suddenly shuts down
NASHUA, N.H.—The manager of the Radisson Hotel in Nashua, N.H., says the business is shutting down indefinitely for plumbing repairs due to frozen pipes and financial pressures, leaving customers and event organizers scrambling.
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MGM Resorts to develop hotel sites in New Delhi
The nongaming hotel division of MGM Resorts International announced an agreement Tuesday to participate in multiple hotel developments in the capital of India.
The casino operator said its MGM Hospitality subsidiary will break ground in March on the MGM Grand and Skylofts New Delhi. The project will mark the company's first venture into India.
The hotel is one of multiple hotel sites that will be built in several markets in India, including the cities of Gurgaon and South Delhi, a diplomatic region, New Delhi's central business district, and a new commercial and hospitality district near the New Delhi International Airport.
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The casino operator said its MGM Hospitality subsidiary will break ground in March on the MGM Grand and Skylofts New Delhi. The project will mark the company's first venture into India.
The hotel is one of multiple hotel sites that will be built in several markets in India, including the cities of Gurgaon and South Delhi, a diplomatic region, New Delhi's central business district, and a new commercial and hospitality district near the New Delhi International Airport.
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Roof collapses at Hard Rock Hotel and Casino in Catoosa
CATOOSA, Okla. - Cherokee officials confirm that a portion of the roof at Hard Rock Casino Tulsa has been damaged by the winter storm.
There were no injuries to guests or staff.
Casino officials closed the damaged portion of the facility.
CEO of Cherokee Nation Businesses David Stewart has released the following statement:
“The safety of our guests is a top priority for us, and we’re so glad that no one was hurt.”
Monte Haddox was in the casino at the time of the collapse.
He says he noticed water on the floor and started to take a picture when he noticed the ceiling had come down.
Haddox says he was told he was in an "unsafe area" and was quickly ushered out of the room, but not before he was able to snap this picture.
He says he was told by a casino employee that the weight of the snow caused the ceiling to give out.
Lenders file foreclosure notice against Hard Rock Hotel
A group of lenders has filed a notice of foreclosure against the financially struggling Hard Rock Hotel, which would give the lenders the right to take control of the hotel-casino in a public auction scheduled for Feb. 7.
The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
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The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
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Monday, January 31, 2011
Al Sharpton's after Darden's this time
Image via WikipediaThe Rev. Al Sharpton's National Action Network called Monday for major investors to dump Orlando-based Darden Restaurants, saying managers of a Cleveland-area Olive Garden sexually harassed women, discriminated against new moms, hired illegal immigrants and didn't adequately discipline a manager who had sex with employees.
The group plans to send letters this week to mutual-fund companies such as Vanguard, asking them to drop their holdings in Darden, said Richard Jones, a Midwestern representative for the National Action Network.
"We want to put pressure on the investors," Jones said. "We want them [Darden] to change the management and the culture in these stores."
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Can hotel pizza fliers be dangerous? Walt Disney World thinks so
There's a push in Florida to encourage a police crackdown on unsolicited pizza menus and other fliers in hotels, the Orlando Sentinel reports.
What's so dangerous about a flimsy piece of paper that advertises a $9.99 pizza pie and a 1-800 number?
The handouts are really said to be a ruse by criminals to convince hungry tourists to give out their names, credit-card information and hotel room number. They apparently pose such a threat to both tourists - and Florida's $60 billion-a-year tourism industry - that even Walt Disney World's backing legislation designed to fight them, the paper says.
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What's so dangerous about a flimsy piece of paper that advertises a $9.99 pizza pie and a 1-800 number?
The handouts are really said to be a ruse by criminals to convince hungry tourists to give out their names, credit-card information and hotel room number. They apparently pose such a threat to both tourists - and Florida's $60 billion-a-year tourism industry - that even Walt Disney World's backing legislation designed to fight them, the paper says.
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Boston W Hotel owners stave off lender's foreclosure effort
A US Bankruptcy Court judge rebuffed Prudential Insurance Co.'s efforts to foreclose on the developer of the W Hotel & Residences, which filed bankruptcy protection last spring after being unable to sell most of its Theatre District condos.
Judge Joan Feeney ruled that the developer, SW Boston Hotel Venture, is making progress stabilizing its finances and should be allowed to continue to do so without the threat of foreclosure by Prudential. The insurance company had provided a $192 million loan for the development of the W Hotel and 123 condominiums on Stuart Street in Boston, and is the primary creditor in bankruptcy proceedings.
SW Hotel Venture "has shown sufficient progress during this Chapter 11 case to support the conclusion that there is a reasonable possibility of a reorganization within a reasonable time," Feeney wrote in a 50-page ruling issued today.
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Judge Joan Feeney ruled that the developer, SW Boston Hotel Venture, is making progress stabilizing its finances and should be allowed to continue to do so without the threat of foreclosure by Prudential. The insurance company had provided a $192 million loan for the development of the W Hotel and 123 condominiums on Stuart Street in Boston, and is the primary creditor in bankruptcy proceedings.
SW Hotel Venture "has shown sufficient progress during this Chapter 11 case to support the conclusion that there is a reasonable possibility of a reorganization within a reasonable time," Feeney wrote in a 50-page ruling issued today.
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Mexico charges 5 for hotel blast that killed 7
CANCUN, Mexico -- Prosecutors in Mexico have filed charges against five employees and contractors at a Caribbean coast hotel where a Nov. 14 explosion killed five Canadian tourists and two Mexicans.
The assistant attorney general of the state where the hotel is located says investigators found an unauthorized extension of a gas line under the hotel lounge where the blast occurred.
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The assistant attorney general of the state where the hotel is located says investigators found an unauthorized extension of a gas line under the hotel lounge where the blast occurred.
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Sunday, January 30, 2011
China to become 'No 1' for tourists within seven years
China has put tourism at the top of its priorities, designating the sector a "key strategic industry", as a part of its attempt to transform its economy away from low-end manufacturing.
Significant inward investment is expected, with Thomas Cook eyeing acquisitions to bolster its China business.
"We can expect to see China become the No 1 country both in terms of receiving tourists and also of sending tourists abroad," said Taleb Rifai, the head of the UNWTO, saying he expected this to happen within "five to seven years". "China is full of attractions, from sea to mountain, and it has a culture that is tangible, from its food to its ancient history," he added.
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Chinese bid for big stake in the Maybourne Hotel Group
The battle for control of Maybourne Hotel Group, which owns the Berkeley, Claridge's and The Connaught hotels in London, has taken a dramatic turn this weekend with a surprise bid from the Chinese government for the 37 per cent stake in the group.
Although owner Paddy McKillen, one of Ireland's most successful property developers, has said he did not want to sell, he is understood to be evaluating the offer.
The deal could scupper plans by the Barclay brothers, owners of the Ritz in London and Telegraph Media Group, to take a controlling stake in Maybourne after acquiring 25 per cent from the family of British billionaire Peter Green earlier this month.
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Although owner Paddy McKillen, one of Ireland's most successful property developers, has said he did not want to sell, he is understood to be evaluating the offer.
The deal could scupper plans by the Barclay brothers, owners of the Ritz in London and Telegraph Media Group, to take a controlling stake in Maybourne after acquiring 25 per cent from the family of British billionaire Peter Green earlier this month.
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