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Orlando Timeshare Developer Selling $353 Million in None-Core Assets
Posted by Alex Finkelstein 03/18/10 4:15 PM
(ORLANDO, FL) -- Harsh economic times have even caught up with Orlando billionaire timeshare developer David A. Siegel. The 78-year-old founder and chairman of 40-year-old, Orlando-based Central Florida Investments Inc. has retained global-oriented Carlton Advisory Services Inc. of New York... Read More
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U.S Hotel Construction Pipeline Drops 35.9% from One Year Ago
Posted by Michael Gerrity 03/18/10 10:54 AM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 3,551 projects comprising 368,740 rooms, according to the February 2010 STR/TWR/Dodge Construction Pipeline Report released last week. Read More
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Posted by Alex Finkelstein 03/17/10 3:03 PM
(LAS VEGAS, NV) -- MGM Mirage is breathing better today. The New Jersey Casino Control Commission (CCC) approved the settlement agreement between the company and the New Jersey Division of Gaming Enforcement (DGE) ... Read More
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Posted by Alex Finkelstein 03/16/10 2:20 PM
(LAS VEGAS, NV) -- Perini Building Co., one of the oldest and largest hospitality and gaming general contractors in the U.S., has threatened Las Vegas-based MGM Mirage with a $492 million lawsuit ... Read More
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Posted by Alex Finkelstein 03/15/10 2:10 PM
(ORLANDO, FL) -- Condo Developers LLC today beat out Greenwich, CT-based Starwood Capital and Orlando, FL-based Tavistock Group with a bid of $25.9 million for 165 unsold luxury condominiums and 7,972 square feet of vacant ground-floor retail space Read More
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U.S. Hotel Industry Posts Mixed Results in Early March
Posted by Michael Gerrity 03/15/10 11:24 AM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research (STR), the U.S. hotel industry reported mixed results in the three key performance measurements during the week of February 28th through March 6th 2010. Read More
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Posted by Alex Finkelstein 03/15/10 9:00 AM
(ORLANDO, FL) -- Tavistock Group, an Orlando-based investment and development organization funded by London-born billionaire Joe Lewis, knows a bargain when it sees one. Read More
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Vegas Casino Operators Pitch Florida's Cash-Strapped Lawmakers but Get No Positive Signals
Posted by Alex Finkelstein 03/15/10 8:00 AM
(TALLAHASSEE, FL) -- Hello, Mickey and Minnie - you can continue to sleep tight for probably another 100 years. Florida isn't ready to allow Las Vegas-style casino gambling in the state just yet. It hasn't been for 444 years, not since St. Augustine was founded in 1566. Read More
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MGM Mirage Mortgaging Two Casinos to Raise $845 Million
Posted by Alex Finkelstein 03/09/10 2:27 PM
(LAS VEGAS, NV) -- MGM Mirage (NYSE:MGM) today announced plans to offer up to $845 million in aggregate principal amount of senior secured notes due 2020 in a private placement. The company plans to use the net proceeds from the offering ... Read More
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U.S. Hotel Performance Shows Mixed Results in February
Posted by Michael Gerrity 03/08/10 4:01 PM
(HENDERSONVILLE, TN) -- According to data from STR, the U.S. hotel industry reported mixed results in the three key performance measurements during the week of 21-27 February 2010.In year-over-year measurements, the industry's occupancy ended the week with a 2.5-percent increase... Read More
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U.S. Hotels' HIL Index Dips in January
Posted by Michael Gerrity 03/05/10 10:04 AM
(DURHAM, NH) -- According to e-forecasting.com, in conjunction with Smith Travel Research, the U.S. Hotel Industry Leading Indicator-HIL-edged down 0.2 percent in January, the first monthly decrease after nine consecutive months of increases for the indicator. HIL went up 1.4... Read More
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LaSalle Pays Almost a Half Million Per Room for Sofitel Hotel in Washington DC
Posted by Alex Finkelstein 03/02/10 4:47 PM
Sofitel Washington DC LaFayette Square Hotel (WASHINGTON, DC) -- If it wasn't the highest-priced-per-room-deal this year, then LaSalle Hotel Properties' $95 million acquisition announced today was surely the second priciest, local hospitality brokers tell Real Estate Channel.LaSalle paid $400,843 per... Read More
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Starwood Names Minneapolis Hotelier Developer of the Year
Posted by Alex Finkelstein 03/01/10 4:18 PM
Le Meridien Chambers Hotel, Minneapolis (MINNEAPOLIS, MN) -- Ralph Burnet, a prominent Minneapolis hotelier, art collector and civic philanthropist, is Starwood's Developer of the Year for 2009.Starwood Hotels & Resorts Worldwide (NYSE:HOT) cited Burnet and his company, RWB Development, for... Read More
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Posted by Alex Finkelstein 03/01/10 10:00 AM
(SEATTLE, WA) -- Exchange availability and high maintenance fees are at the top of timeshare owners' complaint lists, according to a new survey by Seattle, WA-based RedWeek.com. After timeshare exchange problems and rising annual maintenance fees, survey respondents said... Read More
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Are Brighter Travel Days Ahead?
Posted by Peter Yesawich 02/25/10 2:15 PM
(ORLANDO, FL) -- It's safe to say that just about every travel service enterprise is eager to hear some good news about what is likely to happen to demand in the months ahead. And the results of our February travelhorizons... Read More
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U.S. Hotel Industry Continues Performance Decline in January
Posted by Michael Gerrity 02/24/10 9:00 AM
Mark Lomanno (HENDERSONVILLE, TN) -- According to data from STR, the U.S. hotel industry posted declines in all three key performance measurements during January 2010. In year-over-year measurements, the industry's occupancy ended the month virtually flat with a 0.4-percent decrease to... Read More
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British Realty Advisor Touts Florida as 'Hot Bed of Foreign Buyer Activity'
Posted by Alex Finkelstein 02/22/10 4:32 PM
Village at Town Center condos, Davenport, FL (OXFORD, ENGLAND) -- Property Frontiers, a six-year-old real estate investment advisory firm in southeast England, is telling its international clients "the whole of Florida is currently a hot bed of foreign buyer activity."The... Read More
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Feds Ask Starwood to Temporarily Halt Spy Suit Against Hilton
Posted by Alex Finkelstein 02/22/10 1:14 PM
Preet Bharara (NEW YORK, NY) -- HotelNewsNow.com reports U.S. Justice Department prosecutors are requesting that Starwood Hotels & Resorts Worldwide's (NYSE:HOT) 10-month-old corporate espionage lawsuit against Hilton Worldwide be halted so as not to interfere with a criminal investigation into... Read More
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U.S. Hotel Occupancy Rate Dips to 53.7% in February
Posted by Michael Gerrity 02/22/10 11:00 AM
(HENDERSONVILLE, TN) -- According to Smith Travel Research, the U.S. hotel industry reported decreases in all three key measurements during the week of 7-13 February 2010.In year-over-year measurements, the industry's occupancy ended the week with a 2.3-percent decrease to 53.7... Read More
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Hotel Industry Pulse Index Declines in January
Posted by Michael Gerrity 02/18/10 8:30 AM
(DURHAM, NH) -- According to e-forecasting.com in conjunction with Smith Travel Research announced today that Hotel Industry Pulse (HIP) index declined in January after improving 2.8 percent in December.HIP is a composite indicator that gauges business activity in the U.S.... Read More
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India Developers Discover New Niche in Golf Courses
Posted by Alex Finkelstein 02/16/10 1:10 PM
DLF Golf & Country Club, New Delhi, India (NEW DELHI, INDIA) -- Despite an overheated commercial and residential real estate market, savvy developers in India have discovered championship-designed golf courses can become a new revenue avenue that help sell their... Read More
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Luxury Hotel Spas' Average Treatment Rates Dip 4.5% in 2009
Posted by Michael Gerrity 02/16/10 9:00 AM
(HENDERSONVILLE, TN) -- According to a new Smith Travel Research report, luxury hotel spas showed mixed operating results for the full year 2009.The summary Spa STAR data shows that the Average Treatment Rate (ATR) was reported at US$135.39, a... Read More
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Florida Had 80.3 Million Tourist Visits in 2009
Posted by Michael Gerrity 02/15/10 7:10 PM
(TALLAHASSEE, FL) -- According to Visit Florida, the state's official tourism marketing corporation, Florida had an estimated 80.3 million visitors came to Florida in 2009. Compared to Florida's 2008 tourism stats, this represents a slight decrease of 0.8 percent. Read More
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US Hotel Performance Dips in Early February
Posted by Michael Gerrity 02/12/10 12:25 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry reported decreases in all three key measurements during the week of 31 January-6 February 2010.In year-over-year measurements, the industry's occupancy ended the week virtually flat with... Read More
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Deutsche Bank Pulls Plug on Ritz-Carlton at Lake Las Vegas
Posted by Alex Finkelstein 02/10/10 1:31 PM
(HENDERSON, NV) -- The 349-room Ritz-Carlton at Lake Las Vegas, constructed in 2003 as the centerpiece of a planned 3,600-acre mixed-use development 15 miles from the Las Vegas Strip, is closing for good May 2, 2010. Read More
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Vegas Casino Operator Ready to Invest $3B in South Florida, Tampa or Orlando
Posted by Alex Finkelstein 02/08/10 3:25 PM
(TALLAHASSEE, FL) -- Florida's perennial gambling expansion topic is up again and this time around it has a new face and voice at the discussion table. Sheldon Adelson, a billionaire global resort developer and CEO of Las Vegas Sands Corp (NYSE:LVS), ... Read More
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U.S. Hotel Sector Posting Mixed Result in late January
Posted by Michael Gerrity 02/08/10 9:00 AM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry reported mixed results in the three key measurements during the last week of January 2010.In year-over-year measurements, the industry's occupancy ended the week up 1.9 to... Read More
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Starwood Studies Potential Billion-Dollar Redevelopment of Times Square Hotel Site
Posted by Alex Finkelstein 02/05/10 9:00 AM
Sheraton Hotel New York (NEW YORK, NY) -- The 60-year-old, 665-room, 22-story Sheraton Manhattan at Times Square hotel sits on one of the most expensive real estate sites in New York City - and owner Starwood Hotels & Resorts Worldwide... Read More
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Starwood Loses $107M in Q4 2009 After Profit of $79M in Same 2008 Period
Posted by Alex Finkelstein 02/04/10 4:08 PM
(WHITE PLAINS, NY) -- Starwood Hotels & Resorts Worldwide (NYSE:HOT) CEO Frits van Paasschen tried to put a positive spin on the numbers but they couldn't be played down.The White Plains, NY-based organization lost $186 million from continuing operations in... Read More
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South Florida Near Goal Line on Super Bowl Economic Blitz - But No Touchdown Yet
Posted by Alex Finkelstein 02/04/10 9:00 AM
(MIAMI, FL) -- Super Bowl 44, featuring the Indianapolis Colts and the New Orleans Saints in Miami's Sun Life Stadium will be the most watched television sports event of the year Sunday, Feb. 7 - but it may not ring overly loud at South Florida merchants' cash registers. Read More
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Disney Announces Aulani, a New Hawaiian Destination Resort Opening Fall 2011
Posted by Michael Gerrity 02/03/10 2:37 PM
(KO OLINA, HAWAII) -- It's all in the name, just ask The Walt Disney Company (NYSE:DIS). The highly anticipated Disney destination resort currently under construction on the Hawaiian island of Oahu now has an official name - Aulani. "We want this resort destination to reflect the vibrant culture that surrounds it. The name 'Aulani' expresses a connection to tradition and deep story-telling ... Read More
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U.S. Hotels Occupancy Rates Drop to 50.6% in Fourth Quarter 2009
Posted by Michael Gerrity 01/29/10 12:24 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research (STR), the U.S. hotel industry reported decreases in all three key performance metrics for fourth-quarter 2009 in year-over-year measurements.The industry's occupancy dropped 4.4 percent to 50.6 percent, average daily rate... Read More
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U.S. Hotel Industry Posted a 16.7% Drop in Room Revenues in 2009
Posted by Michael Gerrity 01/28/10 9:06 AM
Mark Lomanno (HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry posted a double-digit drop in revenue per available room during 2009. The metric fell 16.7 percent to US$53.71, the largest year-end decrease of any... Read More
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Choice Adds 10 Hawaii Outrigger Hotels Totaling 1,700 Rooms to Ascend Collection
Posted by Alex Finkelstein 01/27/10 8:00 AM
(SILVER SPRINGS, MD) -- Choice Hotels International, Inc. (NYSE:CHH) keeps growing and growing and growing. The international franchisor of more than 6,000 hotels, representing more than 485,000 rooms in the United States and more than 35 other countries and territories, ... Read More
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U.S. Hotel Performance Indices Decline in Mid-January
Posted by Michael Gerrity 01/26/10 3:47 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry reported decreases in all three key measurements during the week of 10-16 January 2010.In year-over-year measurements, the industry's occupancy ended the week virtually flat with an... Read More
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STR Reports U.S. Hotel Performance Dips in Early January
Posted by Michael Gerrity 01/15/10 2:20 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry reported decreases in all three key measurements during the week of January 3-9, 2010.In year-over-year measurements, the industry's occupancy decreased 3.9 percent to end the week... Read More
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U.S. Hotel Construction Pipeline Dips 34.6 Percent in December
Posted by Michael Gerrity 01/14/10 1:42 PM
(HENDERSONVILLE, TN) -- The STR-TWR-Dodge Construction Pipeline Report released this week showed a total of 3,829 active projects comprising 401,090 rooms in the U.S. hotel development pipeline for December 2009. This represents a 34.6-percent decrease in the number of rooms... Read More
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U.S. Hotels Report Increases in Occupancy and Revenue over New Year Holiday Week
Posted by Michael Gerrity 01/08/10 11:54 AM
(HENDERSONVILLE, TN) -- According to data from STR, the U.S. hotel industry reported increases in occupancy and revenue per available room during the week 27 December 2009-2 January 2010. This is the first week in which two of the three... Read More
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Posted by Peter Yesawich 12/31/09 9:00 AM
(ORLANDO, FL) -- The arrival of the New Year brings renewed hope that market conditions will improve and the travel industry will begin to show meaningful signs of recovery. There are some anecdotal indicators this is likely to happen, but... Read More
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U.S. Hotel Market Posts Declines in Key Metrics
Posted by Michael Gerrity 12/23/09 10:10 AM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry posted declines in all three key performance measurements during November.In year-over-year measurements, the industry's occupancy fell 4.3 percent to end the month at 49.5 percent. Average... Read More
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Holidays Will See a 3.8% Increase in Travelers, Says AAA
Posted by Michael Gerrity 12/21/09 10:43 AM
(ORLANDO, FL) -- According to a report released this week by AAA, 87.7 million Americans are projected to travel 50 miles or more away from home during the year-end holidays. This is a 3.8 percent increase from the 84.5 million... Read More
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U.S. Hotel Market Continues Downward Performance Measurements, Says STR
Posted by Michael Gerrity 12/18/09 12:49 PM
(NASHVILLE, TN) -- According to data released today by Smith Travel Research (STR), the U.S. hotel industry posted declines in all three key performance measurements during the week 6-12 December 2009.In year-over-year measurements, the industry's occupancy fell 2.9 percent to... Read More
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Posted by Alex Finkelstein 12/17/09 10:27 AM
Pittsburgh Hilton sale slated to close shortly; price undisclosed.50-Year-old hotel saddled with $6 million debt load.Miami Dolphins owner Stephen Ross and condo developer Jorge Perez buying the property.25-story, 713-room Downtown hotel is largest in metro PittsburghShubh Hotels of Boca Raton... Read More
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Hotel Industry's HIP Index Drops in November
Posted by Michael Gerrity 12/15/09 2:52 PM
(DURHAM, NH) -- This week, economic research firm e-forecasting.com in conjunction with Smith Travel Research announced HIP hit another bump in November.After edging down 0.1 percent in October, HIP went down 1.8 percent in November. HIP, the Hotel Industry's Pulse... Read More
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U.S. Hotel Pipeline Declines 33% Since November 2008
Posted by Michael Gerrity 12/14/09 1:56 PM
(HENDERSONVILLE, TN) -- According to the November 2009 STR/TWR/Dodge Construction Pipeline Report released this week, the total active U.S. hotel development pipeline includes 3,939 projects comprising 417,412 rooms. This represents a 33.9-percent decrease in the number of rooms in the... Read More
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U.S. Hotel Market Posted Further Performance Declines in Early December
Posted by Michael Gerrity 12/11/09 12:59 PM
(HENDERSONVILLE, TN) -- According to newly released data from Smith Travel Research (STR), the U.S. hotel industry posted declines in all three key performance measurements during the week of November 29 to December 5, 2009.In year-over-year measurements, the industry's occupancy... Read More
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Miami Bulk Condo Buyer Pays Record Low $223 Per SF for 20 New Units
Posted by Alex Finkelstein 12/10/09 8:30 AM
(MIAMI, FL) -- A bulk condo buyer has set a new record low per-square-foot price of $223 with the $6.3 million purchase of 20 new units at the new Artech Residences at Aventura in North Miami.The previous low record of... Read More
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Mandarin Oriental Hotel and Residences Makes Glitzy Debut at Las Vegas' CityCenter
Posted by Michael Gerrity 12/07/09 1:14 PM
Mandarin Oriental, Las Vegas (LAS VEGAS, NV) -- The luxurious Mandarin Oriental, Las Vegas opened its doors this past Friday, bringing the hotel group's modern elegance and legendary service to the vibrant city. A festive ribbon cutting and feng shui... Read More
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Hotel Industry's HIL Index Continues Upward Gains
Posted by Michael Gerrity 12/07/09 10:05 AM
(DURHAM, NH) -- Last week the economic research firm e-forecasting.com in conjunction with Smith Travel Research announced that their U.S. Hotel Industry Leading indicator -- HIL -- went up in October, the seventh consecutive month of increase for the indicator.HIL... Read More
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Prime Wyndham Hotel Property in Costa Mesa, CA Trades at Fire-Sale Foreclosure Price
Posted by Alex Finkelstein 12/04/09 3:48 PM
(COSTA MESA, CA) -- Hong Kong investors know a bargain when they see one. And that bargain today was Wyndham Orange County, a 238-room, 23-year-old, strategically located hotel between Los Angeles and San Diego.Wyndham Orange County hotel Rosanna Inc., which... Read More
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U.S. Hotel Performance Down in November
Posted by Michael Gerrity 12/04/09 2:26 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 22-28 November 2009.In year-over-year measurements, the industry's occupancy fell 1.7 percent to end the... Read More
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Las Vegas' CityCenter Opens Vdara Resort Hotel and Spa
Posted by Michael Gerrity 12/01/09 7:00 PM
(LAS VEGAS, NV) -- Celebratory events today marked the first opening at CityCenter, the extraordinary urban resort destination destined to refine and redefine the Las Vegas Strip. Read More
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Two Food Critics Publish Worst Health-Related Products at Fast Food and Restaurant Chains
Posted by Alex Finkelstein 11/30/09 4:16 PM
(NEW YORK CITY, NY) -- Two food critics, obviously wearing bullet-proof vests, have published a tome listing the worst health-related products at national fast food and restaurant chains.David Zinczenkol New York City-based Rodale Inc. published "Eat This, Not That!" written... Read More
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U.S. Hotel Performance Index Down, Says STR
Posted by Michael Gerrity 11/30/09 4:02 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research (STR), the U.S. hotel industry posted declines in all three key performance measurements during the week of 15-21 November 2009.In year-over-year measurements, the industry's occupancy fell 2.8 percent to end... Read More
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53 Percent of U.S. Households Plan a Leisure Trip in Q1, 2010
Posted by Peter Yesawich 11/30/09 11:50 AM
(ORLANDO, FL) -- According to our October 2009 survey, 53% of all U.S. households are planning at least one leisure trip between now and April 2010, down slightly from the 56% who stated the same intention in October 2008. Concerns... Read More
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U.S. Hotels Average Daily Rate Drops 8.2% in October
Posted by Michael Gerrity 11/27/09 11:31 AM
(HENDERSONVILLE, TN) -- According to newly released data from Smith Travel Research (STR), the U.S. hotel industry posted declines in all three key performance measurements during October.In year-over-year measurements, the industry's occupancy fell 6.2 percent to end the month at... Read More
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STR Releases Hotel Forecasts Through 2011
Posted by Michael Gerrity 11/24/09 11:25 AM
(HENDERSONVILLE, TN) -- According to a Smith Travel Research hotel report released this week, they are now projecting the U.S. hotel industry will report increases in all three key metrics in 2011.STR's forecast projects 2011 occupancy to be up 2.4... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 11/23/09 1:56 PM
(HENDERSONVILLE, TN) -- According to data from Smith Travel Research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 8-14 November 2009.In year-over-year measurements, the industry's occupancy fell 6.4 percent to end the... Read More
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U.S. Hotels Posted Declines in Early November
Posted by Michael Gerrity 11/16/09 2:56 PM
(HENDERSONVILLE, TN) - According to data from Smith Travel research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 1-7 November 2009.In year-over-year measurements, the industry's occupancy fell 3.6 percent to end the... Read More
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Bankrupt South Florida Luxury Resort Sold for Fire-Sale Price of $29,707 Per Unit
Posted by Alex Finkelstein 11/12/09 3:30 PM
Resort at Singer Island (SINGER ISLAND, FL) -- Talk about fire-sale prices for luxury condominium resorts.The 239-suite, two-year-old Resort at Singer Island in South Florida has been sold for $7.1 million or $29,707 per unit. Comparable new construction would be... Read More
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STR Reports U.S. Hotel Pipeline for October
Posted by Michael Gerrity 11/12/09 12:31 PM
(HENDERSONVILLE, TN) -- According to Smith Travel Research, the total active U.S. hotel development pipeline includes 4,089 projects comprising 435,265 rooms, according to the October 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 32.7-percent decrease in the... Read More
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Posted by Alex Finkelstein 11/09/09 8:00 AM
(ORLANDO, FL) -- A foreign buyer has paid a foreign seller $37.6M or $58,750 per unit for 640 units at three properties on City Street near Downtown Orlando. On a square-foot basis, the price equates to $56.22. Gerald A. Smith and his brother, Robert E. Smith, principals at Orlando-based Smith Equities Real Estate Investment Advisors, ... Read More
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STR Reports U.S. Hotel Performance for October
Posted by Michael Gerrity 11/06/09 11:43 AM
(HENDERSONVILLE, TN) -- According to Smith Travel Research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 25-31 October 2009.In year-over-year measurements, the industry's occupancy fell 7.2 percent to end the week at... Read More
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Disney Debuts Newest Member of Cruise Fleet in Early 2011
Posted by Michael Gerrity 11/05/09 12:32 PM
(News Source: Walt Disney World Resorts)(CELEBRATION, FL) -- When the Disney Dream debuts in early 2011, the newest ship in the Disney Cruise Line fleet will bring to life new innovations that include a first-of-its kind water coaster that sends... Read More
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Posted by Michael Gerrity 11/03/09 3:50 PM
Howard Nusbaum (WASHINGTON, D.C.) -- The following statement was released today by Howard Nusbaum, president and CEO of the American Resort Development Association (ARDA), in response to the Florida Attorney General's Office move on Monday to seek an emergency injunction... Read More
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Will Tourism Industry Catch The Flu?
Posted by Peter Yesawich 11/02/09 10:15 AM
(ORLANDO, FL) -- The H1N1 epidemic has been declared a "national emergency" and the U.S. Centers for Disease Control and Prevention is reporting the virus (aka the Swine Flu) is now "widespread" in 46 of 50 states. Numerous schools have... Read More
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Posted by Alex Finkelstein 10/26/09 3:27 PM
(CHICAGO, IL) -- Strike plans by 21,000 hotel workers in Chicago and 3,000 workers in San Francisco are being reviewed today as union contracts expired with no quick settlement date in sight, according to union officials.The contracts for 31 hotels... Read More
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STR Reports Latest U.S. Hotel Performance Stats
Posted by Michael Gerrity 10/23/09 12:01 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 11-17 October 2009, according to data from STR. Read More
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Credit Crisis Continues to Significantly Affect Hotel Development
Posted by Michael Gerrity 10/22/09 2:00 PM
(PORTSMOUTH, NH) -- Early in the cycle, larger (150 rooms or more), high-end projects were impacted the most, as institutional-sized lenders halted real estate lending. Today, regional and community banks are experiencing growing balance sheet difficulties of their own Read More
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Mandarin Oriental Showcases Las Vegas' Most Sophisticated Meeting Facilities
Posted by Michael Gerrity 10/21/09 9:32 AM
(News Source: Mandarin Oriental)(LAS VEGAS, NV) -- New world-class function facilities will redefine Las Vegas events, whether for a high-level business conference or social soirée, when Mandarin Oriental, Las Vegas opens in December 2009. Featuring more than 12,000 square feet... Read More
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U.S. Hotel Market Post Declines in 3 Key Metrics Last Week
Posted by Michael Gerrity 10/16/09 3:37 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of October 4-10, 2009, according to data from STR. Read More
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No Golden Sunsets Over Key West Commercial Development
Posted by Alex Finkelstein 10/14/09 4:55 PM
(KEY WEST, FL) -- The high-rollers, the flippers and the multi-million-dollar development and re-development plans for the Florida Keys have left the station. Some of the envisioned development sights for luxury condominiums, ... Read More
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U.S. Hotel Development Drops Thirty One Percent
Posted by Michael Gerrity 10/14/09 1:45 PM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,218 projects with 450,899 rooms, according to the September 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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October Hotel Forecast Holds Steady, Says STR
Posted by Michael Gerrity 10/14/09 10:50 AM
(HENDERSONVILLE, TN) -- As the U.S. hotel industry traverses the precarious gulf between the summer months and the conference travel season, the year-end projections have not been adjusted, according to STR's monthly forecast. Read More
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Hotel Industry Pulse Index Stalls, Says STR
Posted by Michael Gerrity 10/13/09 1:20 PM
(DURHAM, NH) -- Economic research firm e-forecasting.com in conjunction with Smith Travel Research announced the HIP hit a snag in its recovery. After going up two months in a row, HIP declined 2.1 percent in September. Read More
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Las Vegas CityCenter Reveals The SPA at ARIA Resort
Posted by Michael Gerrity 10/13/09 12:15 PM
(LAS VEGAS, NV) -- Synchronizing balance and beauty, The Spa at ARIA invites guests into a peaceful haven where nature's healing properties take center stage. Salt, stone, earth, fire and water join to create a spa experience that will elevate guests to a meditative state for introspection and relaxation. Read More
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High-Rollers Slow Race to Colorado Ski Resorts
Posted by Alex Finkelstein 10/12/09 2:50 PM
(ASPEN, CO) -- Colorado's internationally-known ski resorts are getting a snow job --- and not by the weather. Many affluent visitors this year have curbed travel plans to the destinations. Smith Travel Research reports the first eight months of 2009 have been financially tough for hotel properties in Aspen. Snowmass Village, Vail and Beaver Creek. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 10/12/09 10:10 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 27 September - 3 October 2009, according to data from STR. Read More
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Hoteliers Await Senate Passage of Blockbuster Travel Promotion Act
Posted by Alex Finkelstein 10/09/09 9:00 AM
(WASHINGTON, DC) -- The U.S. hospitality industry today is holding its collective breath as it awaits final passage of a blockbuster travel promotion act structured to jump-start the nation's anemic lodging sectors. Read More
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Downtown Miami Condo Sales Set Hot Third-Quarter Pace
Posted by Alex Finkelstein 10/08/09 9:00 AM
(MIAMI, FL) -- Downtown Miami condo sales in third quarter were as hot as the sun over Biscayne Bay. Developers sold 923 condo units for $253 million, representing a 278 percent increase in sales activity from the previous quarter, according... Read More
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Posted by Alex Finkelstein 10/08/09 8:00 AM
(LAS VEGAS, NV) -- As expected, MGM Mirage has cut the price of its 2,440 luxury condominiums at the $8.5 billion CityCenter mixed-used development by 30%. "We believe that in this economic climate, this price reduction is an appropriate step to take on behalf of our buyers ... Read More
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Timeshare Industry Proves Resilient
Posted by Michael Gerrity 10/07/09 12:15 PM
(WASHINGTON, D.C.) -- Despite tighter credit markets and high unemployment rates, the U.S. timeshare industry continues to demonstrate its resilience. Read More
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Vegas Fontainbleau Developer Faces Loss of $500M in Bankrupt Casino Condo-Hotel
Posted by Alex Finkelstein 10/06/09 2:40 PM
Jeffrey Sofer (MIAMI, FL) -- This isn't one of the best days for 40-year-old developer Jeffrey Sofer. He faces the loss of $500 million by year end.Jeffrey Sofer is the son of Turnberry Associates' legendary founder Donald Sofer whose Aventura,... Read More
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Concord Sets Up $300M Fund to Buy Distressed Hotels and Debt
Posted by Alex Finkelstein 10/06/09 9:30 AM
(RALEIGH-DURHAM, NC) -- Concord Hospitality Enterprises sees an opportunity to double its portfolio quickly by grabbing off a handful of distressed hotels and debt and plans to accomplish that feat with a newly structured $300 million discretionary private equity fund.... Read More
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Miami Beach's Raleigh Hotel Sold in Multi-Million-Dollar Cash Deal
Posted by Alex Finkelstein 10/02/09 8:00 AM
(MIAMI BEACH, FL) -- The 69-year-old, 104-room Raleigh Hotel is under new ownership today.Raleigh Hotel - Miami Beach In a strategic alliance, Brilla Group, a Miami-based real estate private equity firm, and AJ Capital Partners, a Chicago-based real estate investment... Read More
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Insurer Pays Miami Condo Developer Far Less Than Firm Expected
Posted by Alex Finkelstein 09/29/09 5:40 PM
(SUNNY ISLES BEACH, FL) -- It was another glum day for Fortune International.One of South Florida's largest condo developers, privately held Fortune expected to receive about $4.5 million from its insurance company in a federal court lawsuit in Miami.Jade Beach... Read More
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Argentina Developer Pays $78M for Former Sonesta Beach Resort Site in Key Biscayne, FL
Posted by Alex Finkelstein 09/29/09 5:30 PM
(MIAMI, FL) -- In one the priciest land deals seen in Florida in years, an affiliate of Buenos Aires-based Consultatio, S.A. paid $78 million or $1,738 per square foot for a 10.3-acre oceanfront site that previously housed the 300-room, eight-story ... Read More
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Hotel Industry Indicators Show Improvement, Says STR
Posted by Michael Gerrity 09/29/09 10:07 AM
(DURHAM, NEW HAMPSHIRE) -- This morning economic research firm e-forecasting.com in conjunction with Smith Travel Research announced that their US hotel industry leading indicator - HIL - went up in August for the fourth consecutive month. Read More
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Governor and Hyatt Face Off in Boston Housekeeper Firing Tiff
Posted by Alex Finkelstein 09/28/09 5:34 PM
Gov. Deval Patrick (BOSTON, MA) -- Massachusetts Gov. Deval Patrick has stepped into the ring for Round Two in the ongoing Boston hotel housekeeper firing controversy.Patrick warns he will direct Massachusetts employees to boycott Hyatt Hotels Corp. properties when conducting... Read More
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AMREX Signs Deal with AdVantis to Open Foreclosed Hotel in Indiana
Posted by Alex Finkelstein 09/25/09 9:30 AM
(MURFREESBORO, TN) -- As hotel deals go, this is a small one. But its financial ramifications show how some distressed properties that wind up in bankruptcy court are being successfully handled and turned around today.VISTA University Inn lobby The 97-room... Read More
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STR Reports U.S. Hotel Performance for August
Posted by Michael Gerrity 09/23/09 12:15 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during August, according to data from STR. Read More
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ARDA Reports Vacations Can Make Kids Smarter
Posted by Michael Gerrity 09/22/09 11:28 AM
(WASHINGTON, D.C.) -- As the nation's children settle in for another school year, many parents and teachers wonder how the summer break affected their children's academic achievement. Read More
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Boston Politicians Back Fired Housekeepers at 3 Hyatt Hotels
Posted by Alex Finkelstein 09/21/09 3:06 PM
Hyatt Boston - housekeepers protest rally (BOSTON, MA) -- In a public relations nightmare, Chicago-based Hyatt Hotels Corp. today declined to back off a business decision that is costing 100 low-wage housekeepers at three Boston area hotels to lose their... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 09/21/09 3:01 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 6-12 September 2009, according to data from STR. Read More
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Philadelphia Luxury Condo 50% Sold Out at Topping Off Ceremony
Posted by Alex Finkelstein 09/21/09 10:00 AM
(PHILADELPHIA, PA) -- Three Philadelphia condo developers had a dream two years ago and 16 wealthy buyers made it come true last week.1706 Rittenhouse Square condos They plunked down deposits on condos priced between $3.9 million and $12.5 million. That... Read More
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SEC Alleges Ex-Miami Beach 'Hotel-Condo King' Robert Falor Stole $4.6M from Investors
Posted by Alex Finkelstein 09/21/09 9:30 AM
Robert Falor (NEW YORK CITY, NY) -- Robert Falor, who once called himself the 'King of Miami Beach' condominium-hotel developers, faces a civil fraud lawsuit filed by the Securities and Exchange Commission, alleging he stole at least $4.6 million from... Read More
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Posted by Alex Finkelstein 09/21/09 8:00 AM
(LAS VEGAS, NV) -- South Florida isn't the only luxury condominium market with headaches these days. Read More
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FDIC Getting Ready to Unload Balance of Corus Bank's Condo Assets in October; Bids Deadline Sept. 21
Posted by Alex Finkelstein 09/17/09 4:29 PM
(BAL HARBOUR, FL) -- A single institutional buyer in October is expected to purchase the $4 billion balance in condominium-related assets recently seized by the Federal Deposit Insurance Corp., according to Condo Vultures LLC, the Bal Harbour-based brokerage and research... Read More
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Vegas' CityCenter Plans a Multi-Tower Grand Opening in December
Posted by Michael Gerrity 09/16/09 3:50 PM
(LAS VEGAS, NV) -- In just three short months, the world will be introduced to CityCenter. An extraordinary urban resort destination brought to life by eight world-renowned architects, ... Read More
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STR Reports U.S. Hotel Pipeline for August 2009
Posted by Michael Gerrity 09/15/09 11:39 AM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,384 projects with 475,521 rooms, according to the August 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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Hotel Business Turning Corner, Say Two Industry Economists
Posted by Alex Finkelstein 09/15/09 8:30 AM
(DURHAM, NH) -- Signs of recovery for the battered hotel industry are on two economists' charts today. They show two straight months of improved bookings. They are showing up on a mystical index which the two economists call the Hospitality... Read More
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Las Vegas CityCenter's Aria and Vdara Resort Hotels Receive LEED Gold Certification Status
Posted by Michael Gerrity 09/14/09 4:30 PM
(LAS VEGAS, NV) -- CityCenter announced today that it has received three Leadership in Energy and Environmental Design (LEED) Gold Certifications from the U.S. Green Building Council for ARIA Resort's hotel tower, ARIA's convention center and the Vdara Hotel. Read More
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Disney Plans Largest Expansion in Magic Kingdom History
Posted by Alex Finkelstein 09/14/09 11:30 AM
(ANAHEIM, CA) -- The largest expansion in the history of Walt Disney World in Orlando, FL and new attractions at Disney's Anaheim, CA site are in the works today. The re-Imagined "Star Tours" attraction is coming to California and Florida in 2011 and a major Fantasyland expansion ... Read More
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Alabama Condo Developer Works Out Payment Plan Balance on $140M High-Rise
Posted by Alex Finkelstein 09/11/09 3:04 PM
(ORANGE BEACH, AL) -- High-rise condos in Alabama? You bet - right on the Gulf of Mexico. Developer Brett/Robinson received a $2.5 million benefits package from the city of Orange Beach, AL in 2004 to build Phoenix West I, a... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 09/11/09 3:00 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 30 August-5 September 2009, according to data from STR. Read More
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$35M, 10-Story Luxury Condos Planned for New York's NoHo Historic District
Posted by Alex Finkelstein 09/11/09 12:00 PM
(NEW YORK, NY) -- Ignoring the glut of luxury condominium homes nationwide, a newly formed New York City development group plans to break ground in early October on a 10-story, $35 million project in the city's NoHo Historic District.DDG Partners... Read More
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STR's 2009 Hotel Projections Hold Steady
Posted by Michael Gerrity 09/11/09 10:00 AM
(HENDERSONVILLE, TN) -- Although July performance results were better-than-expected, the year-end 2009 projections have not been adjusted, according to STR's monthly forecast. Read More
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Fortune International Takes Big Hits on 2 South Florida Real Estate Deals
Posted by Alex Finkelstein 09/07/09 9:30 AM
(MIAMI, FL) -- The sun isn't shining these days on Miami-based Fortune International's real estate portfolio. Sonesta Beach ResortThe third-largest residential developer in South Florida faces the loss of most its $30 million equity in a previous partnership deal... Read More
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Corus Bank's Trophy Caribbean Miami Beach Condo Sold After Owner Returns Keys to Lender
Posted by Alex Finkelstein 09/07/09 8:30 AM
(MIAMI BEACH, FL) -- The first luxury condominium community on Miami Beach's esteemed Millionaires Row has fallen. The one-year-old, 19-story, 103-unit Caribbean Miami Beach at 3737 Collins Ave. today is owned by an affiliate of low-key, privately held, New York... Read More
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Bulk Buyers Score Big on Miami Condo Re-Sale Front
Posted by Alex Finkelstein 09/07/09 8:00 AM
(MIAMI BEACH, FL) -- Bulk buyers of luxury Miami Beach condos are swinging for the fences and hitting homeruns these days. Condo Vultures LLC, a Bal Harbour-based brokerage and real estate research group, reports buyers of two Miami Beach area oceanfront condo packages are reselling ... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 09/04/09 10:30 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 23-29 August 2009, according to data from STR. Read More
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Florida Governor, VISIT FLORIDA Tackle Tourism Downturn
Posted by Michael Gerrity 09/04/09 10:00 AM
(MIAMI, FL) -- Because tourism is one of the biggest economic engines of the state, Florida Governor Charlie Crist and the state's VISIT FLORIDA tourism board held a special summit Read More
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On Again-Off Again Penthouse at Setai South Beach Returns to Market at $24M
Posted by Alex Finkelstein 09/03/09 8:00 AM
(MIAMI BEACH, FL) -- Miami-Dade County's controversial condo market continues to roll and generate attention.Setai South Beach Condos The newest buzz concerns the on again-off again; four-bedroom, 6,200-square-foot Penthouse Villa B at the 40-story, 163-unit Setai South Beach resort here.It... Read More
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$500M Fontainebleau Miami Beach Renovation Developer Sued by Contractors
Posted by Alex Finkelstein 08/31/09 8:15 AM
Fontainebleau Hotel Miami Beach (MIAMI BEACH, FL) -- In the scheme of things in South Florida leisure industry circles these days, an unpaid $65 million bill isn't that earth-shaking.That's what 30 contractors, designers and installers claim they are owed for... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 08/28/09 11:30 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 16-22 August 2009, according to data from STR. Read More
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Miami Condo Developer Gambling on Construction of New Multi-Million-Dollar Downtown Tower
Posted by Alex Finkelstein 08/28/09 11:26 AM
(MIAMI, FL) -- Just when everybody thought the frenzied Miami new condo development scene was stabilizing, here comes a brand new undertaking.Evangeline Gouletas Evangeline Gouletas, a well-known South Florida philanthropic and real estate personality, plans to break ground in November... Read More
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STR Reports U.S. Hotel Performance for July 2009
Posted by Michael Gerrity 08/25/09 12:40 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during July, according to data from STR. In year-over-year measurements, the industry's occupancy fell 7.3 percent to end the month at 64.1 percent. Read More
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Molinaro Koger Brokers 4 Hotels in Multi-Milllion-Dollar Deals
Posted by Alex Finkelstein 08/25/09 8:30 AM
(WASHINGTON, D.C.) -- Molinaro Koger, a 50-year-old, Washington, DC-based hotel brokerage, has brokered four name hotels in multi-million-dollar transactions. The firm didn't disclose terms of the individual deals.However, Real Estate Channel yesterday reported on one of the transactions, the $27... Read More
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Perez and Trump Jr. Pitch Sales for $355M Trump Hollywood Condos
Posted by Alex Finkelstein 08/24/09 10:00 AM
(HOLLYWOOD, FL) -- They are bucking the Gods of Condo Sales.Trump Hollywood Condos - Hollywood, FL That's what condominium industry analysts were saying privately Friday, Aug. 21 as they watched legendary Miami condo developer Jorge M. Perez and Donald Trump... Read More
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Recession Hurls InterContinental Chicago O'Hare and Radisson Los Angeles Airport Into Chapter 11
Posted by Alex Finkelstein 08/21/09 6:30 PM
(CHICAGO, IL) -- The 21-month-old Recession has claimed two major U.S. hotels - the one-year-old, 556-room, 12-story InterContinental Chicago O'Hare and the three-year-old, 580-room Radisson Los Angeles Airport.InterContinental Chicago O'Hare Hotel Both hotels continue to operate normally while their bankruptcy... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 08/21/09 12:45 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 9-15 August 2009, according to data from STR. Read More
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First New Miami Condo Tower Files for Chapter 11
Posted by Alex Finkelstein 08/20/09 12:30 PM
(MIAMI, FL) -- The bankruptcy bell has rung in the Miami-Dade luxury condominium market for one of the highest-profile Downtown residential communities.Saddled with estimated debt that could reach $500 million to 200 creditors, Cabi Downtown LLC, the Mexican owners of... Read More
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Florida's Has 20.1 Million Visitors in Q-2, Says State's Tourism Board
Posted by Michael Gerrity 08/18/09 12:00 PM
(TALLAHASSEE, FL) -- VISIT FLORIDA, the official tourism marketing corporation for the State of Florida, estimated 20.1 million people visited the Sunshine State during the second quarter of 2009, Read More
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NAHB Reports Apartment Market Stalls, While Condo Market Shows Movement
Posted by Michael Gerrity 08/18/09 10:47 AM
(WASHINGTON, DC) -- While some sectors of the housing industry are showing signs of rebounding, the apartment sector is on a slower trajectory for recovery according to data released today by the National Association of Home Builders (NAHB), in its Multifamily Market Index. Read More
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Supply Growth to Stifle Hotel RevPAR in 2010, Says STR
Posted by Michael Gerrity 08/17/09 10:55 AM
(HENDERSONVILLE, TN) -- RevPAR declines are expected to continue into the convention season according to STR's revised monthly forecast. The company also revised its forecasts for year-end 2009 and 2010. Read More
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STR Reports on U.S. Hotel Performance
Posted by Michael Gerrity 08/14/09 1:50 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the second week of August 2009, according to data from STR. Read More
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STR Reports U.S. Hotel Pipeline for July 2009
Posted by Michael Gerrity 08/12/09 12:46 PM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,554 projects with 487,831 rooms, according to the July 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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Hyatt Regency Bellevue Debuts $185M Expansion as Largest in Recent Pacific Northwest History
Posted by Alex Finkelstein 08/10/09 4:05 PM
(BELLEVUE, WA) -- Seattle's Eastside received an economic boost today with the formal completion by Kemper Development Corp. of a $185 million expansion at the 733-room, 20-year-old Hyatt Regency Bellevue, nine miles from Downtown Seattle.Hyatt Regency Bellevue Hotel General Manager... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 08/07/09 10:36 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 26 July-1 August 2009, according to data from STR. Read More
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Las Vegas' CityCenter to be one of World's Largest Green Developments
Posted by Michael Gerrity 08/07/09 9:00 AM
(LAS VEGAS, NV) -- Created with a vision to bring a new level of environmental consciousness to the world-famous Strip, CityCenter will be one of the world's largest sustainable developments, .... Read More
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FelCor Reduces Operating Expenses but RevPAR Still in the Basement
Posted by Alex Finkelstein 08/06/09 11:40 AM
(IRVING, TX) -- FelCor Lodging Trust Inc. (NYSE: FCH) president and CEO Richard A. Smith isn't happy about his company's second-quarter and six-months operating results but he isn't discouraged, either. FelCor lost $20.9 million in the second quarter or 33... Read More
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Posted by Michael Gerrity 08/04/09 3:00 PM
(LAS VEGAS, NV) -- Keeping with its commitment to sustainability, CityCenter has commissioned the first stretch-limo fleet powered by compressed natural gas (CNG). Read More
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Corporate Travel Market Down 15% This Year
Posted by Alex Finkelstein 08/03/09 1:45 PM
(SHERMAN, CT) -- PhoCusWright, a globe travel research firm based in Sherman, CT, reports the U.S. corporate travel market is down by 15 percent this year, an estimated industry loss of $85 billion. Corporate travel share of the total travel... Read More
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Hersha Sells Hilton Garden Inn Gettysburg, PA for $7.75M as it Continues to Shed Non-Core Assets
Posted by Alex Finkelstein 07/31/09 4:00 PM
(PHILADELPHIA, PA) -- Hersha Hospitality Trust (NYSE: HT) continues to strengthen its balance sheet and reduce its debt load with the continuing sales of non-core assets.(Please see Real Estate Channel posting July 15, 2009, "Hersha Unloads Its Interest in Three... Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 07/31/09 12:21 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 19-25 July 2009, according to data from STR. Read More
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TV Billionaire Bob Johnson Invests in Planned Hard Rock Casino at New York's Aqueduct Race Track
Posted by Alex Finkelstein 07/31/09 8:30 AM
(NEW YORK CITY, NY) -- Big names in the entertainment and leisure industries today struck a deal that could bring the state of New York $525 million in annual revenue.The deal: A proposed Hard Rock Casino at New York's Aqueduct... Read More
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Wyndham Second-Quarter Revenue Down 19% but Company's Cash Drawer is Full
Posted by Alex Finkelstein 07/30/09 2:00 PM
(PARSIPPANY, NJ) -- Revenue is down, but compared to the rest of the lodging industry, Wyndham Worldwide Corp (NYSE:WYN) is doing just fine, says company chairman and CEO Stephen P. Holmes. Stephen P. Holmes The Parsippany, NJ-based hotel company's second-quarter... Read More
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U.S. Luxury Hotel Market Facing Tough Enviroment, Says STR
Posted by Michael Gerrity 07/30/09 12:40 PM
(News Source: Smith Travel Research)(HENDERSONVILLE, TN) -- Continuing economic headwinds have not spared the luxury hotel spa industry. According to the latest figures of Spa STAR, the spa benchmarking program published by STR, performance metrics were either on par or... Read More
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Carlson Shakes Up Executive Suite
Posted by Alex Finkelstein 07/29/09 1:20 PM
(MINNEAPOLIS, MN) -- Carlson, the parent company of Carlson Hotels Worldwide, is on a fast track, both on the acquisition front and in the boardroom.The Minneapolis, MN-based lodging company today named Carlson president and CEO Hubert Joly to personally lead... Read More
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U.S. Hotels' Room Revenues Drop 18.7% in First Half of 2009, Says STR
Posted by Michael Gerrity 07/29/09 8:40 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry revenue per available room dropped 18.7 percent to US$53.87 percent for the first half of 2009 in year-over-year measurements, according to data from STR. Read More
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Rewards Programs at Hotels and Airlines Take a Hit
Posted by Alex Finkelstein 07/28/09 3:21 PM
(CINCINNATI, OH) -- It isn't news anymore but a Cincinnati, OH-based research group now makes it official: Hotel customers and airlines travelers have lost a chunk of interest in the industries' highly-promoted rewards programs.Colloquy, a 19-year-old online researcher and magazine... Read More
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New Vegas Hotel, Nearing Completion, Has 800 Jobs Available
Posted by Alex Finkelstein 07/28/09 2:42 PM
(LAS VEGAS, NV) -- It could happen only in Vegas. When the nation's jobless total has topped 10 percent, a new Las Vegas resort, under construction, has put out a call for 800 job applicants.PH Towers - Las Vegas resort... Read More
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Accor Steps Up Pace, opening 25 Motel 6 and Studio 6 Sites in First Half
Posted by Alex Finkelstein 07/28/09 2:30 PM
(CARROLLTON, TX) -- Noting a downturn at the higher-priced inns, Accor North America has opened 25 budget-priced Motel 6 and Studio 6 locations in the first half."We are very pleased with our pace of growth so far this year and... Read More
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W Hotels Unveils W South Beach
Posted by Michael Gerrity 07/27/09 12:58 PM
(MIAMI BEACH, FL) -- W Hotels Worldwide, the hotel category buster and industry innovator, today unveils its latest insider escape with the grand opening of W South Beach and The Residences at W South Beach, the W brand's 31st hotel property. Owned and developed by Tristar Capital and RFR Realty ... Read More
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Interstate Hotels & Resorts Opens and Manages TownePlace Suites Bethlehem-Easton
Posted by Michael Gerrity 07/24/09 5:00 PM
(ARLINGTON, VA) -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced the opening of the 86-suite TownePlace Suites Bethlehem/Easton in Pennsylvania's Lehigh Valley, an hour north of Philadelphia. Read More
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Posted by Alex Finkelstein 07/24/09 1:40 PM
(NEW YORK CITY, NY) -- When most hotel chains are pulling in their reins and scrutinizing costs at every turn, London-based InterContinental Hotels Group is opening the cash drawer in a $1 billion refurbishing program for its 4,200 worldwide hotels.In... Read More
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STR Reports U.S. Hotel Performance for June
Posted by Michael Gerrity 07/24/09 1:25 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during June, according to data from STR. Read More
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Disney's Bay Lake Tower Set to Open August 4th
Posted by Michael Gerrity 07/24/09 8:00 AM
(LAKE BUENA VISTA, FL) -- Nearly 38 years after Disney's Contemporary Resort opened its doors, its modern Disney Vacation Club addition, Bay Lake Tower at Disney's Contemporary Resort, is scheduled to welcome guests on Aug. 4. Read More
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Watergate Hotel Auction Strikes Out - No Bidders
Posted by Alex Finkelstein 07/22/09 8:00 AM
(WASHINGTON, D.C.) -- Ten corporate entrepreneurs from around the globe each wrote a check for $1.1 million to bid on a non-operating hotel in the Capital. But none showed up at the auction yesterday. Each lost the million-dollar deposit. It marked another bizarre twist in the 42-year-old saga of the shuttered 251-room Watergate Hotel ... Read More
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Saudi Arabian Investor Could be New Owner of Shuttered Watergate Hotel
Posted by Alex Finkelstein 07/20/09 3:20 PM
(WASHINGTON, D.C.) -- Dark since 2007, the 251-room, 12-story Watergate Hotel, across from the Kennedy Center, goes on the auction block tomorrow (July 21).The auction is being held after developer-owner Monument Realty of DC defaulted on a $70 million loan. ... Read More
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Marriott Income Drops 56% but J.W. Stays Bullish and Predicts Timeshare Sales Will Grow
Posted by Alex Finkelstein 07/17/09 12:29 PM
(BETHESDA, MD) -- If a company's income from operations totaled $153 million in second quarter 2008 and only $37 million in second quarter 2009, that company probably would be looking at Chapter 11 today.But not Marriott International Inc. The international,... Read More
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U.S. Hotel Construction Pipeline Decreases in June
Posted by Michael Gerrity 07/17/09 12:19 PM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,690 projects with 501,476 rooms, according to the June 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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Hersha Unloads Its Interest in Three Small Hotels totaling 325 rooms for $12.8M
Posted by Alex Finkelstein 07/15/09 5:16 PM
(PHILADELPHIA, PA) -- In a strategic move to sell non-core properties and recycle capital, Hersha Hospitality Trust of Philadelphia, PA has sold a Mainstay Suites and a Comfort Inn in Frederick, MD and a Four Points hotel in Revere, MA.The... Read More
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Mandarin Oriental Las Vegas Set to Debut in December
Posted by Michael Gerrity 07/13/09 1:25 PM
(LAS VEGAS, NV) -- Opening in early December 2009, Mandarin Oriental Las Vegas will be a sophisticated sanctuary of modern elegance in the heart of the Las Vegas Strip. Ideally located at the entrance of CityCenter, the extraordinary urban resort destination, Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 07/10/09 3:34 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 28 June-4 July 2009, according to data from STR. In year-over-year measurements, the industry's occupancy fell 6.0 percent ... Read More
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STR Releases Updated U.S. Travel Forecasts for 2009 and 2010
Posted by Michael Gerrity 07/09/09 8:00 AM
(HENDERSONVILLE, TN) -- As part of its new monthly forecast program, STR is projecting a 17.1-percent decrease in revenue per available room for the U.S. hotel industry in 2009. The company also revised its forecasts ... Read More
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Arizona Biltmore Getting $600M Facelift
Posted by Alex Finkelstein 07/06/09 6:02 PM
(PHOENIX, AZ) -- The 80-year-old, 739-room, 39-acre Arizona Biltmore Resort & Spa is getting a $600 million facelift. Phoenix City Council approved the surgery.The first phase of the project starts with the $120 million spa and its amenities. The design... Read More
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Pritzker Pays Blackstone $20M for 400-Acre Carmel Valley Ranch Golf Resort
Posted by Alex Finkelstein 07/06/09 5:57 PM
(CARMEL, CA) -- New York City-based Blackstone Group LP has unloaded the 400-acre, 144-room Carmel Valley Ranch golf resort to John Pritzker's San Francisco-based Geolo Capital company for $20 million or about $138,889 per room.The property is less than 50... Read More
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MGM CityCenter Reveals Unparalleled Collection of Luxury Retailers and Restaurants
Posted by Michael Gerrity 07/06/09 2:00 PM
(LAS VEGAS, NV) -- MGM CityCenter, the spectacular multi-use development opening later this year on the Las Vegas Strip, announced today an unparalleled collection of unique luxury retailers and restaurateurs that will join the already outstanding lineup at Crystals. Read More
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Landmark Watergate Hotel, Vacant for 5 Years, Faces Foreclosure
Posted by Alex Finkelstein 07/06/09 8:00 AM
(WASHINGTON, D.C.) -- Watergate, a name synonymous with the late President Richard M. Nixon, is in the news again. Getting the attention this time is the 251-room Watergate Hotel, ... Read More
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Rising Fuel Prices and Economic Uncertainty to Dampen July 4th Holiday Travel, Says AAA
Posted by Michael Gerrity 07/03/09 8:00 AM
(ORLANDO, FL) -- AAA projects the number of Americans traveling on vacation this Fourth of July holiday weekend will decrease 1.9 percent from 2008 with approximately 37.1 million ... Read More
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L.A. Hotels Expected to be Booked Solid as Michael Jackson Fans Rush to Anticipated Memorial Service
Posted by Alex Finkelstein 07/02/09 8:45 AM
(LOS ANGELES, CA) -- Like his life, details on Michael Jackson's farewell ceremonies, continue to mesmerize and excite his legion of fans. The details, or lack of them at this time, ... Read More
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Pinnacle Picks Up Marriott Riverside at Bargain Price of $19.3M
Posted by Alex Finkelstein 07/01/09 1:22 PM
(RIVERSIDE, CA) -- The bargain-basement acquisition chute has opened in the U.S. hotel industry.San Diego based Pinnacle Hotels USA has purchased the 292-room, 12-story Marriott Riverside in Riverside, California for $19.3 million or $66,000 per room. Sunstone Hotels (NYSE: SHO)... Read More
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Where Leisure Travelers Want To Go
Posted by Peter Yesawich 06/30/09 10:19 AM
(ORLANDO, FL) -- The summer vacation season is now upon us, and the latest results from Y Partnership's travelhorizons survey suggest the industry should be cautiously optimistic about what the next few months will bring. Specifically, fully 54% of U.S.... Read More
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California Hotel Defaults Jump 125% in Last 60 Days
Posted by Alex Finkelstein 06/29/09 8:00 AM
(IRVINE, CA) -- The bells are tolling for financially strapped California hotels. Hotel loans originated in California from 2005 to 2007 are coming due this year and the borrowers are stuck. They can't repay the loans.The number of California hotels in... Read More
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244-Room Four Points by Sheraton Debuts in Times Square
Posted by Alex Finkelstein 06/26/09 2:08 PM
(WHITE PLAINS, NY) -- Times Square today welcomed another prime lodging landmark - the 244-room Four Points by Sheraton Midtown hotel.The property, on 40th Street in the heart of New York City's Broadway theater district, is the brand's third hotel... Read More
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STR Reports U.S. Hotel Performance for May 2009
Posted by Michael Gerrity 06/24/09 1:44 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during May, according to data from STR. In year-over-year measurements, the industry's occupancy fell 11.8 percent to end the month at 55.7 percent. Read More
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Hotel Industry Posts Record Room Revenue in 2008, Other Indicators Slide
Posted by Michael Gerrity 06/23/09 3:26 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry average daily rate reached a record high, ending 2008 at US$106.55, but Pre-Tax Income Profits for the year were down 7.9 percent to US$25.8 billion, according to STR's Hotel Operating Statistics (HOST) Study. Read More
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Posted by Michael Gerrity 06/23/09 3:07 PM
(LAKE BUENA VISTA, FL) -- The latest Disney Vacation Club (DVC) property, Treehouse Villas at Disney's Saratoga Springs Resort & Spa, has opened its doors. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 06/22/09 1:04 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 7-13 June 2009, according to data from STR. Read More
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Posted by Alex Finkelstein 06/19/09 9:00 AM
(WASHINGTON, DC) -- It's a deal the Army couldn't refuse.London-based InterContinental Hotels Group PLC [LON: IHG; NYSE: IHG] (ADRs), which calls itself the world's largest hotel organization by number of rooms (500,000), plans to convert 3,200 old Army hotel rooms... Read More
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$100M Doubletree Hotel Opens in Chicago's Loop District
Posted by Alex Finkelstein 06/18/09 5:46 PM
(CHICAGO, IL) -- The Chicago skyline and the rejuvenated Loop District has a new permanent guest today - a $100 million, 27-story, 238 room luxury hotel called theWit--A Doubletree Hotel.theWit Doubletree Scott Greenberg's ECD Co. Inc. of nearby Lincolnshire, IL... Read More
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Nashville Getting 1,000-Room, 40-Story, $300M Downtown Hotel
Posted by Alex Finkelstein 06/18/09 8:00 AM
(NASHVILLE, TN) -- Country music capital Nashville thinks big--even if it always doesn't have the glint of cold cash to back up the blueprints.Today, the city's Metro Development and Housing Agency's board chose Colorado-based Phelps Development and Atlanta-based Portman Holdings... Read More
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STR Reports U.S. Hotel Pipeline for May 2009
Posted by Michael Gerrity 06/16/09 9:00 AM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 4,907 projects with 522,778 rooms, according to the May 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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JPMorgan Securities Arranges $200M Loan for FelCorp
Posted by Alex Finkelstein 06/15/09 5:42 PM
(IRVING, TX) -- In one of the largest deals of its kind this year, JPMorgan Chase Securities Inc. arranged a $200 million loan today for Irving, TX-based FelCor Lodging Trust. The loan gives FelCor breathing room from the new debt... Read More
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Extended Stay's $8B Buyout Triggers Record Bankruptcy Protection Filing
Posted by Alex Finkelstein 06/15/09 5:35 PM
(NEW YORK, NY) -- In April 2007, David Lichtenstein's Lakewood, NJ-based Lightstone Group LLC borrowed $7.4 billion to buy the 680-hotel chain Extended Stay Inc. from New York City-based Blackstone Group LP.Analysts at the time doubted the deal was a... Read More
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No Silver Lining for U.S. Hotel Industry Until 2011, Predicts PKF
Posted by Alex Finkelstein 06/15/09 8:00 AM
(ATLANTA, GA) -- There is good news and bad news today for the nation's hoteliers. "The good news is that the bottom of the current cycle for the U.S. hotel industry is soon to arrive," says R. Mark Woodworth, ... Read More
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Americas Best Value Inn Adds 22 Properties and 1,351 New Rooms in April and May
Posted by Alex Finkelstein 06/15/09 8:00 AM
(CLEVELAND, OH) -- The hotel industry is supposed to be in trouble, so why is Americas Best Value Inn adding properties to its growing portfolio instead of waiting out the 18-month Recession like most of its brethren? Roger Bloss, founder, president... Read More
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Fontainebleau Las Vegas Asks Bankruptcy Judge for Quick Ruling on $3B Lawsuit
Posted by Alex Finkelstein 06/11/09 6:02 PM
(MIAMI, FL) -- Fontainebleau Las Vegas LLC is rolling the legal dice today. The fight is over semantics.The company has asked Miami bankruptcy court Jay Cristol to set a quick hearing on its motion for a partial summary judgment in... Read More
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TD Ameritrade Pays $20M for 20-Year Name Rights to New Omaha Baseball Stadium
Posted by Alex Finkelstein 06/10/09 3:23 PM
(OMAHA, NB) -- In today's sagging economy, how many U.S. corporations can pay $20 million to get their name in lights over a sports stadium?Not many, say most industry analysts. But Omaha, NB-based TD Ameritrade Holding Corp. (NASDAQ: AMTD) can... Read More
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Posted by Alex Finkelstein 06/08/09 7:03 PM
(SAN CLEMENTE, CA) -- The predicted fallout in delinquent hotel properties is under way. Sunstone Hotel Investors Inc. disclosed today it plans to turn over its 258-room W. San Diego to its lender, Gatehouse Capital Corp. of Dallas, after the... Read More
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Ultra-Lux Plaza Cinema Cafe 12 Theatres Open up in Downtown Orlando
Posted by Michael Gerrity 06/05/09 2:24 PM
(ORLANDO, FL) -- The Orlando office of CB Richard Ellis (NYSE:CBG) announced the grand opening of The Plaza Cinema Café 12 in Downtown Orlando this past week. The theater opened with a private celebration and ribbon-cutting ceremony ... Read More
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STR Reports U.S. Hotel Performance Down in All Three Key Measurements
Posted by Michael Gerrity 06/05/09 1:52 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 24-30 May 2009, according to data from STR. Read More
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Wells Fargo Starts Foreclosure Fight Against Loews Lake Las Vegas
Posted by Alex Finkelstein 06/05/09 9:00 AM
(LAS VEGAS, NV) -- As hotel foreclosure fights go, this one is a bit peculiar.On the one hand, New York City-based Loews Hotels acknowledges it cannot pay off a $117 million loan to San Francisco-based Wells Fargo Bank. At the same... Read More
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Sonesta Launches Bold Franchise Program
Posted by Alex Finkelstein 06/02/09 3:46 PM
(BOSTON, MA) -- While most U.S. and European hotel companies are hunkering down and waiting out the 18-month Recessionary period, Sonesta International Hotels Corp. of Boston is plunging ahead with its first U.S. franchise platform."We are very enthusiastic about bringing... Read More
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Y Partnership Releases Travel Insights Report for June 2009
Posted by Peter Yesawich 06/01/09 12:06 PM
(ORLANDO, FL) -- Where do travelers go online first when making vacation plans? Are search patterns to select a destination different from those to book an airline ticket or select a hotel/resort? The results of Y Partnership's just-released 2009 National... Read More
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STR Reports U.S. Hotel Performance for April 2009
Posted by Michael Gerrity 05/27/09 10:34 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during April, according to data from STR. Read More
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PGA Tour star Fred Couples Opens New Canada Course
Posted by Scott Kauffman 05/23/09 9:00 AM
(VERNON, British Columbia) - 735-acre golf and winery resort, located minutes from the heart of Vernon on a south-facing hillside that overlooks Okanagan Lake. Read More
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Cliffs Communities Keowee Golf Course
Posted by Scott Kauffman 05/23/09 1:05 AM
(SIX MILE, S.C.) - The six-hole format is particularly convenient for those with busy schedules. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 05/22/09 11:10 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 10-16 May 2009, according to data from STR. Read More
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National Harbor Sells Land to Disney, Site Being Considered for New Resort Hotel
Posted by Michael Gerrity 05/19/09 7:36 PM
(NATIONAL HARBOR, MD) -- The Peterson Companies announced today the sale of land at its National Harbor development near Washington, DC to Walt Disney Parks and Resorts. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 05/15/09 4:03 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in all three key performance measurements during the week of 3-9 May 2009, according to data from STR. In year-over-year measurements, the industry's occupancy fell 14.0 percent to end the week at 53.6 percent. Read More
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STR Reports U.S. Hotel Pipeline for April 2009
Posted by Michael Gerrity 05/13/09 10:35 AM
(HENDERSONVILLE, TN) -- The total active U.S. hotel development pipeline includes 5,033 projects with 533,568 rooms, according to the April 2009 STR/TWR/Dodge Construction Pipeline Report released this week. Read More
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STR Reports U.S. Hotel Performance
Posted by Michael Gerrity 05/08/09 10:50 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in the three key performance measurements during the week of 26 April-2 May, according to data from STR. Read More
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Cornell University Creates Special Award to Honor J.W. Marriott Jr.
Posted by Alex Finkelstein 05/06/09 3:23 PM
(NEW YORK, NY and WASHINGTON, DC) -- J.W. "Bill" Marriott Jr., the acknowledged dean of the U.S. hospitality industry, will add still another memory to his mantelpiece June 2 when he accepts the first-of-its-kind Cornell Icon of the Industry Award.Cornell... Read More
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First-Quarter Hotel Earnings Down at Starwood, Wyndham and Choice
Posted by Alex Finkelstein 05/04/09 8:00 AM
(SILVER SPRING, MD, WHITE PLAINS, NY and PARSIPPANY, NJ) -- Hotel brand leaders Starwood, Wyndham and Choice expected a tough bottom-line first quarter - and they got it.Choice Hotels International Inc.In Silver Spring, MD, Choice reported:-- Diluted earnings per share... Read More
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STR Reports U.S. Hotel Performance For Week Ending April 25th
Posted by Michael Gerrity 05/01/09 4:10 PM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted decreases in all three key performance measurements during the week of 19-25 April, according to data from STR. Read More
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Y Partnership Previews 2009 National Travel Monitor™ Toursim Trends
Posted by Peter Yesawich 05/01/09 3:46 PM
The results of our 2009 National Travel Monitor™ will be released in three weeks, and the findings with respect to the travel intentions of Americans mirror those we have reported recently in our travelhorizons™ series: the percentage of leisure travelers... Read More
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Posted by Alex Finkelstein 04/30/09 5:00 PM
(LAS VEGAS, NV and DUBAI, U.A.E.) -- The green light is back on for the completion of CityCenter, an $8 billion resort-casino that is being billed by its partners as one of a kind in the world of ... Read More
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Bankruptcy Protection Looms for Extended Stay America
Posted by Alex Finkelstein 04/30/09 2:50 PM
(CHICAGO, IL) -- Extended Stay America, a 684-budget hotel chain with $4.9 billion in loans due in June, may consider filing for Chapter 11 protection under the U.S. Bankruptcy Code if it can't get extensions on the loans, according to... Read More
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Posted by Alex Finkelstein 04/29/09 1:37 PM
(WASHINGTON, D.C.) -- The swine influenza hasn't hit the U.S. hotel industry to date, according to federal Centers for Disease Control and ... Read More
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STR Releases Updated Projections for 2009 and 2010
Posted by Michael Gerrity 04/29/09 12:40 PM
(HENDERSONVILLE, TN) -- STR projects a 9.8-percent year-over-year decline in revenue per available room for 2009, and it expects a 1.5-percent increase in 2010, according to the latest data released from the Hendersonville-based company. Read More
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Lodging Econometrics Releases Q1 2009 Hotel Construction Pipeline Report
Posted by Michael Gerrity 04/28/09 4:00 PM
(PORTSMOUTH, NH) -- In Q1 2009, the US Construction Pipeline decelerated rapidly and now stands at 4,918 projects / 619,431 rooms. Compared to the Pipeline peak in Q2 2008, this is a drop of 16% by projects and 21% by rooms, ... Read More
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Ritz-Carlton Hotel Company Launches New Destination Club
Posted by Scott Kauffman 04/28/09 8:00 AM
(ORLANDO, FL) -- Twenty five years after setting a new timeshare standard by becoming the first branded hospitality company to enter the vacation ownership market, Marriott International Inc., is now about to redefine the vacation/destination club industry. Read More
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Fontainebleau Las Vegas Sues 11 Major Banks For $3B After They Allegedly Reneged on $800M Loan
Posted by Alex Finkelstein 04/24/09 11:20 AM
(LAS VEGAS, NV) -- In the largest civil lawsuit of its kind in decades, the owners of Fontainebleau Las Vegas filed a $3 billion action today against 11 major banks for allegedly reneging on an $800 million loan.The lawsuit was... Read More
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STR Reports U.S. Hotel Performance for March 2009
Posted by Michael Gerrity 04/24/09 11:01 AM
(HENDERSONVILLE, TN) - The U.S. hotel industry posted declines in all three key performance measurements during March 2009, according to data from STR. Read More
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Marriott First-Quarter Income Dips 27%
Posted by Alex Finkelstein 04/23/09 3:31 PM
(BETHESDA, MD) -- Marriott International, Inc. chairman and CEO J.W. Marriott Jr. isn't breaking out the bubble today after reporting his company's first quarter financial performance, but he remains upbeat.Marriott reported first quarter 2009 adjusted income from continuing operations of... Read More
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Starwood Wins Round One Against Hilton in Multi-Million-Dollar Corporate Espionage Lawsuit
Posted by Alex Finkelstein 04/23/09 8:00 AM
(BEVERLY HILLS, CA) -- Starwood Hotels & Resorts Worldwide Inc. has won the first round in what industry watchers anticipate will be a drawn-out, multi-million-dollar lawsuit against its arch rival, Hilton Hotels Corp.Hilton late today (April 22) announced it was... Read More
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Starwood Suit Alleges Hilton Stole Over 100,000 Trade Secret Files on New Brand
Posted by Alex Finkelstein 04/17/09 11:27 AM
(WHITE PLAINS, NY) -- Starwood and Hilton, two of the world's largest hotel chains, are at each other's throats in a multi-million-dollar corporate espionage lawsuit filed in Federal Court here. Read More
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Global Entertainment Unit Sells $1.25M License Fee for New Hockey Club in Texas
Posted by Alex Finkelstein 04/16/09 7:52 AM
(ALLEN, TX) -- Ice hockey in Texas? You bet, confirms New York Stock Exchange-traded Global Entertainment Corp.The Tempe, AZ-based company has sold a $1.25 million license fee for the expansion of the 10-state Central Hockey League. The new club will... Read More
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More Bad News for Newspaper Industry: Marriott Seeks to Curb Clutter in Hallways
Posted by Alex Finkelstein 04/13/09 3:33 PM
(BETHESDA, MD) -- Whether you read them or not, you just have to shed a small tear or three for the 233-year-old newspaper industry.Already battered by declining circulation, decreasing revenue and butting heads daily with new online publications, such as... Read More
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Y Partnership Releases Travel Insights Report for March 2009
Posted by Peter Yesawich 03/31/09 5:26 PM
(ORLANDO, FL) -- Most industry chatter is replete with anecdotal reports of cancelled business trips, meeting planners who are re-booking groups to more cosmetically "acceptable" venues in order to avoid the glare of the press, and postponed vacations. Yet the... Read More
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Wyndham Wins Honors for Plastic Staff Suits
Posted by Alex Finkelstein 03/30/09 7:14 PM
(PARSIPPANY, NJ) -- How 'green' can the workplace get? How far should business go towards 'saving the planet'? For one answer, check out Wyndham.Jeff Wagoner Bellboys, desk clerks, concierge captains, maids and backroom support staff at Wyndham Hotels and Resorts... Read More
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2008 Second-Home Sales Decline; More Buyers Pay Cash
Posted by NATIONAL ASSOCIATION OF REALTORS 03/30/09 10:00 AM
(WASHINGTON, D.C.) -- The combination of vacation and investment-home sales slipped to 30 percent of all existing and new-home transactions in 2008, according to the National Association of Realtors. However, more than four ... Read More
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STR Reports U.S. Hotel Performance Down In February
Posted by Michael Gerrity 03/26/09 11:25 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in three key performance measurements during the month of February, according to data from STR. In year-over-year measurements, the industry's occupancy fell 10.1 percent to end the month at 53.2 percent. Average daily rate dropped 7.8 percent to finish ... Read More
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Starwood Creating New Design, Branding and Retail Think Tank in Manhattan
Posted by Alex Finkelstein 03/25/09 4:49 PM
(NEW YORK, NY) -- Starwood Hotels & Resorts Worldwide Inc. isn't waiting for the leisure market to recover - it is moving ahead quickly with new design and branding concepts.In the process, the international lodging company is also consolidating office... Read More
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MGM Mirage Closes $775M Hotel Sale as Dubai World Sues on $8B Mixed-Use Project
Posted by Alex Finkelstein 03/23/09 5:28 PM
(LAS VEGAS, NV) -- Billionaire Phil Ruffin today closed a previously reported deal to buy the 2,885-room Treasure Island Hotel and Casino on the Las Vegas Strip for $775 million. Real Estate Channel reported the transaction Dec. 16, 2008. Read More
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Forecaster Says February Marked 16th Month of Recession for Hotel Industry
Posted by Alex Finkelstein 03/16/09 8:59 AM
(DURHAM, NH) -- If you like numbers, you'll enjoy the Hotel Industry Pulse Index for February. If you are a hotelier, you won't like the numbers at all.The Index tracks monthly overall business conditions in the hotel industry, like the... Read More
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Vail Resorts CEO and Employees Take Pay Cut Expected to Yield Annual Savings of $10M
Posted by Alex Finkelstein 03/15/09 5:58 PM
(BROOMFIELD, CO) -- Vail Resorts Inc. CEO Robert A. Katz and his 2,500 employees have agreed to take a pay cut in a voluntary strategy to reduce the company's expenses and save jobs. The leading mountain resort operator in the U.S. reported the action to the Securities and Exchange Commission. Katz, 42, will not take any salary for a 12-month period ... Read More
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Four Texas Hotels Find Financing in Their Backyard
Posted by Alex Finkelstein 03/06/09 9:00 AM
(DALLAS, TX) -- Kim Chong, developer of the Cedar Hill Holliday Inn Express hotel in Cedar Hill, TX, didn't have to travel far to find financing for his project. He rode to Dallas where Cameron Larkin's national investment banking firm,... Read More
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US Traveler Sentiment Index Rose in February
Posted by Peter Yesawich 03/01/09 10:09 PM
(ORLANDO, FL) -- Seems like the bad news just keeps coming from both within and outside the industry. As such, we were delighted to see, and are now pleased to share, some welcomed good news: the U.S. Traveler Sentiment Index™ is now rising, Read More
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Smith Travel Research Reports U.S. Hotel Performance for January 2009
Posted by Michael Gerrity 02/25/09 11:03 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry posted declines in the three key performance measurements during the month of January, according to data from STR. Read More
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Trump and His Hotel-Casinos Go Down Again
Posted by Alex Finkelstein 02/17/09 2:15 PM
(CAMDEN, NJ) -- As he has done on at least three previous occasions in the last 20 years, New York entrepreneur Donald J. Trump has placed his nine-company Trump Entertainment Resorts into Chapter 11 bankruptcy protection. Read More
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Hilton Plans $17M Investment and 300 Fulltime Jobs at New HQ Site
Posted by Alex Finkelstein 02/05/09 12:46 PM
(BEVERLY HILLS, CA) -- Hilton Hotels Corp. announced today it has selected Fairfax County, VA in the greater Washington, DC area for its new world headquarters site. Real Estate Channel previously reported Hilton was scouting metro DC for a site.... Read More
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Hotel Rates, Air Fares Slashed on Trips to Hawaii, Consultant Reports
Posted by Alex Finkelstein 02/03/09 8:37 AM
(HONOLULU, HI) -- With 10 million Americans out of work, Hawaii travel consultant John Lindelow is betting there are still vacationers who could be planning a trip to this legendary island. Read More
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InterContinental CEO Sees up to $200M in Energy Savings at 4,000 Hotels
Posted by Alex Finkelstein 02/01/09 9:35 PM
(LONDON, ENGLAND) -- InterContinental Hotels Group PLC, which calls itself the world's largest hotel company based on its 4,000 global properties, is betting it can save up to $200 million in energy costs beginning this year with a new online... Read More
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Motel 6 Hits Jackpot No. 1,000 in Biloxi, MS
Posted by Alex Finkelstein 01/30/09 5:25 PM
(BILOXI, MS)--The company that amused and continues to amuse TV audiences for 21 years with the tagline, "We'll leave the light on for you," has chalked up another milestone today with the opening of its 1,000th Motel 6/Studio 6 property... Read More
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Affluent Travelers Remain Active Travelers
Posted by Peter Yesawich 01/29/09 10:48 AM
(ORLANDO, FL) -- Although most travel service suppliers have watched many of their clients "trade down" to more affordable transportation, lodging and related options in recent months, "affluent travelers" appear to be bucking the trend. Read More
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Starwood Set for 1,000th Hotel Opening This Year
Posted by Alex Finkelstein 01/28/09 7:00 PM
(SAN DIEGO, CA) -- Already planning for the economic recovery, Starwood Hotels & Resorts Worldwide told the American Lodging Investment Summit meeting in San Diego that it will open its 1000th hotel in 2009... Read More
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After 40 Years, Hilton is Moving from Beverly Hills to D.C. Area
Posted by Alex Finkelstein 01/23/09 9:00 AM
(BEVERLY HILLS, CA) -- There is no joy in Beverly Hills today. Hilton Hotels Corp., one the California city's largest employers and brightest icons, is leaving town heading for the hurly-burly burg of metropolitan Washington, DC... Read More
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Interstate Hotels Cuts 45 Corporate Jobs
Posted by Alex Finkelstein 01/22/09 11:52 AM
(ARLINGTON, VA) -- Publicly traded Interstate Hotels & Resorts announced today it has completed trimming its corporate overhead, a move expected to save the Virginia-based company $13 million this year.The action included: Eliminating 45 corporate positions, Pay reductions of up... Read More
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STR Reports U.S. Hotel Performance for the Week Ending 10 January 2009
Posted by Michael Gerrity 01/16/09 9:00 AM
(HENDERSONVILLE, TN) -- The U.S. hotel industry experienced declines in all three key performance measurements, including double-digit drops in occupancy and revenue per available room, during the week of 4-10 January 2009, according to data from STR. Read More
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Asian Hotel Giants Halekulani and Imperial Forge Partnership
Posted by Alex Finkelstein 01/12/09 12:04 AM
(HONOLULU, HI) -- Two legendary Asian hotel companies are partnering in a new drive to generate increased revenue volume. Halekulani Resort, Hawaii The partnership deal between Halekulani Corp. of Hawaii and Imperial Hotel Ltd. of Tokyo closes April 1 of... Read More
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Hotel Spas Shore Up Bottom Line But Usage Expected to Dip
Posted by Alex Finkelstein 01/07/09 8:55 AM
(LOS ANGELES, CA) -- The hotel spa industry has had a good run but now may be facing the inevitable - a drop in usage as even its affluent clients start to monitor their personal expenses more closely.Bruce Baltin "During... Read More
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Asia Pacific New Hotel Construction Tapering Off
Posted by Alex Finkelstein 01/05/09 9:00 AM
(PORTSMOUTH, NH) -- A surge of new hotel openings in the seven Southeast Asia countries is expected to continue through 2010, then gradually slow down, according to new third-quarter data from Lodging Econometrics.New construction already has slowed, the Portsmouth, NH-based... Read More
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Houston and St. Louis Only Hotel Bright Spots in Dark December Week
Posted by Alex Finkelstein 01/02/09 9:09 AM
(HENDERSONVILLE, TN) -- Houston and St. Louis were the only gainers among the top-25 hotel markets in the Dec. 21-27 week. Read More
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Construction Started at Kauai's First Private Resort Clubhouse
Posted by Scott Kauffman 12/31/08 11:58 AM
(KOLOA, Kauai, Hawaii) -- Construction has begun on the $100 million Kukui'ula Plantation House, the 20,000-square-foot clubhouse at Kauai's first private luxury golf resort community. Work on the Kukui'ula Plantation House and Plantation House Spa kicked off three months ago with traditional Hawaiian blessing festivities. Meanwhile, a Tom Weiskopf-designed golf course is well under construction at the 1,010-acre master-planned development. Read More
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Posted by Peter Yesawich 12/29/08 1:29 PM
Most marketers of travel services will gladly bid adieu to 2008. But the year ahead promises to be equally challenging, and prevailing market conditions suggest it will be a year of heightened competition. The good news is that the travel... Read More
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LodgeNet Rating Lowered as S&P Notes Hotel Occupancy Dip
Posted by Alex Finkelstein 12/19/08 11:52 AM
(CHICAGO, IL) -- LodgeNet Interactive Corp., a leading provider of in-room movies at major hotels, is facing growing competition from broadband and other portable electronic products, reports Standard and Poor's.Scott C. Petersen Scott C. Peterson is LodgeNet's chairman and CEO.... Read More
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Disney Gets High Marks from S&P on Planned $1B Bond Issue
Posted by Alex Finkelstein 12/18/08 6:31 PM
(NEW YORK, NY) -- At last, some cheery news on the vacation-leisure industry front. Standard & Poor's Ratings Services today assigned its 'A' rating to the proposed $1.0 billion global notes due 2013 offered by The Walt Disney Co. of Burbank, CA. Read More
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$775M Vegas Hotel Deal Set to Close in Second Quarter 2009
Posted by Alex Finkelstein 12/16/08 6:01 PM
(LAS VEGAS, NV) -- MGM Mirage, an international hotel developer, and Phil Ruffin, a photo-shy billionaire entrepreneur, plan to close a $775 million deal on the 2,885-room Treasure Island Hotel & Casino in second quarter 2009.The Mirage Casino Hotel, an... Read More
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Tiger Woods Makes Punta Brava Site Visit
Posted by Scott Kauffman 12/15/08 11:46 PM
(ENSENADA, Mexico) -- Tiger Woods and members of the Tiger Woods Design team joined Flagship Group representatives and select guests this past Sunday at Woods' first oceanfront project called Punta Brava.Woods stopped at the preview event for prospective investors on... Read More
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W Hotels Marks 10th Anniversary With $40M Renovation
Posted by Alex Finkelstein 12/15/08 11:05 AM
(NEW YORK, NY) -- W Hotels Worldwide is celebrating its 10th anniversary with the completion of a $40 million renovation at its 688-room New York property. "Innovation has been central to the W brand since its inception," says Eva Ziegler,... Read More
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Cliffs Communities sell $40 million in Tiger Woods real estate
Posted by Scott Kauffman 12/10/08 7:15 PM
(ASHEVILLE, NC) -- Despite the recession, two brands appear to be holding their value well in the sluggish real estate market: the Cliffs Communities and Tiger Woods. At least that's one way to explain the Cliffs' successful real estate launch of its newest private golf course community - the Tiger Woods-anchored Cliffs at High Carolina. Read More
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PKF Predicts Sharp Drop in 2009 Hotel Revenue
Posted by Alex Finkelstein 12/09/08 3:54 PM
(ATLANTA, GA) -- The Lodging industry, like the auto industry, formally heard the bad news today from one of the leading research groups in the U.S.Mark Woodworth "U.S. hotels have entered the initial stages of one of the deepest and... Read More
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NYSE Warns Hotelier of Falling Stock Price
Posted by Alex Finkelstein 12/03/08 6:17 PM
(ARLINGTON, VA) - Interstate Hotels & Resorts, a leading hotel real estate investor and the nation's largest independent management company, has received notice from the New York Stock Exchange that its stock has fallen below one of the Exchange's continued... Read More
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Hunter Realty Closes 3 Hotel Deals in Single Week
Posted by Alex Finkelstein 12/02/08 8:04 PM
(ATLANTA, GA) - Hunter Realty Associates Inc., a 30-year-old family-founded and operated Atlanta-based hotel brokerage firm, has closed three national deals valued at more than $28 million in a single week.The investment market for under-$15 million-sized deals is growing quickly,... Read More
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S&P Lowers Trump Bond Rating After Company Holds Back Today's Scheduled Payment
Posted by Alex Finkelstein 12/01/08 8:26 PM
(NEW YORK, NY) - Joining the cash crunch bunch, real estate developer Donald J. Trump is holding back payment today on one of the bonds guaranteed by his Trump Entertainment Resorts Holdings LP (TER).Standard & Poor's Ratings Services immediately lowered... Read More
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Posted by Peter Yesawich 11/26/08 11:44 AM
(ORLANDO, FL) - Seems like the bad news just keeps coming. And practically every indication from the field suggests that most in the travel industry (both domestic and international) will have to work harder in the months ahead to capture... Read More
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Revised S&P Ratings Hit Host Hotels and Global Hyatt
Posted by Alex Finkelstein 11/20/08 9:51 AM
(NEW YORK, NY) - Two major international hotel organizations Wednesday night were formally told something they already know - the lodging industry is in trouble with no immediate improvement in sight.Standard & Poor's Ratings Services revised its outlook on Host... Read More
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The Lastest in Luxury Resort & Real Estate News
Posted by Scott Kauffman 11/17/08 10:46 PM
Ritz-Carlton Ready for Tucson Golf Course Opening(MARANA, AZ) - Arizona's first Ritz-Carlton golf resort community - the Ritz-Carlton Golf Club, Dove Mountain - is on track to open in two months in this northwestern part of Tucson. Officials for the... Read More
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Marshall Management Adds 9 Contracts in 45 Days
Posted by Alex Finkelstein 11/14/08 2:53 PM
(SALISBURY, MD)--Marshall Management Inc., a 28-year-old, mid-sized hotel management company, has added nine contracts in less than two months and sees additional growth opportunities despite the feeble economy.Michael Marshall"In addition to taking over and turning around properties, we are heavily... Read More
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Concord Hospitality Breaks Ground on 17th Hotel This Year
Posted by Alex Finkelstein 11/12/08 12:44 PM
(RALEIGH-DURHAM, NC) - Mark Laport isn't waiting for the economy to turn around. The president and CEO of Concord Hospitality Enterprises is moving ahead right now at full speed.Mark LaportLaport announced his 23-year-old firm has just broken ground on its... Read More
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S&P Downgrades Trump Entertainment Resorts Holdings
Posted by Alex Finkelstein 11/11/08 10:55 PM
(New York, NY) - This wasn't developer Donald Trump's best day. Standard & Poor's Ratings Services today lowered its corporate credit and issue-level ratings on Atlantic City-based Trump Entertainment Resorts Holdings L.P. (TER).The corporate credit rating was lowered to 'CCC'... Read More
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Kansas City Marriott Country Club Plaza Getting $9M Facelift
Posted by Alex Finkelstein 11/11/08 9:42 PM
(KANSAS CITY, MO) - The 19-story, 295-room Kansas City Marriott Country Plaza is getting a $9 million facelift, its second since the property was built 21 years ago.The hotel's new owner, Noble Investment Group of Atlanta, announced the renovation launch... Read More
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SPECIAL REPORT: Credit Crunch Squeezes Florida Timeshare Industry
Posted by Scott Kauffman 11/04/08 11:11 PM
(ORLANDO, FL) - The global credit crunch is now hurting the $10.6 billion time-share industry. And one of the hardest hit markets is Orlando, considered the time-share capital of the world. In the last few weeks, Wyndham Worldwide's time-share group,... Read More
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With All The Madness In The Market, Will They Still Travel?
Posted by Peter Yesawich 11/04/08 4:21 PM
The recent gyrations of the stock market are beginning to affect the leisure travel plans and habits of Americans as revealed in the results of our October 2008 travelhorizons™ survey, co-authored with the Travel Industry Association in Washington, DC. This... Read More
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Wyndham's Timeshare Sector Worries S&P
Posted by Alex Finkelstein 11/01/08 5:00 PM
(NEW YORK, NY) - Wyndham Worldwide Corp., an international hotel-brand icon that calls itself the world's largest lodging franchisor, today received mixed grades on its financial health.The Parsippany, NJ-based firm's timeshare sector particularly came in for sharp criticism from Standard... Read More
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Wyndham Adds New Orleans' Chateau Bourbon to its Historic Hotel Portfolio
Posted by Alex Finkelstein 10/28/08 7:29 PM
(NEW ORLEANS, LA) - Wyndham Hotels & Resorts of Parsippany, NJ, has struck a deal with New Orleans-based HRI Lodging to place HRI's 251-room, Chateau Bourbon into its Historic Hotel portfolio. The building which houses the hotel in the French... Read More
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Silverleaf Enjoys Success in Scottsdale Luxury Golf Market
Posted by Scott Kauffman 10/19/08 9:00 AM
(SCOTTSDALE, AZ) - A private, gated enclave of custom estate homesites and classically designed neighborhood tucked into the canyons of the McDowell Mountains. Read More
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Hampton Opens 15 Hotels Totaling 1,548 Rooms in September
Posted by Alex Finkelstein 10/14/08 6:29 PM
(BEVERLY HILLS, CA) - Location is one of the major keys to the company's success to date. Read More
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Where The NextGen Eyeballs Are
Posted by Peter Yesawich 10/05/08 11:09 AM
Seven out of ten use the Internet to search for information about travel experiences and travel service suppliers. Read More
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The Next Generation of Travelers Has Already Arrived
Posted by Peter Yesawich 10/05/08 9:55 AM
New facts debunk the belief that the usage of new technology is concentrated among younger travelers. Read More
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Hawaii's Booming Big Island: Luxury Living At Its Best
Posted by Scott Kauffman 10/03/08 1:10 AM
(KONA-KOHALA COAST, HI) - Perhaps the only place on the planet where one can visit a live volcano, snow ski and sunbathe all in the same day. Read More
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Posted by Peter Yesawich 07/30/08 10:00 AM
A travel service supplier's commitment to and communication of environmental responsibility may be sufficient to shift market share. Read More
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