Finance USA & Canada Press Releases - Hospitality Net

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March 12, 2010

Interstate Stockholders Approve Merger with 50/50 Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels

Interstate Hotels & Resorts (NYSE:IHR) , a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that its stockholders approved, at a special meeting held today, the merger agreement by which Interstate will be acquired by Hotel Acquisition Company, LLC ("HAC"). HAC is a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group ("Thayer Lodging"), and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels").

March 3, 2010

Increase in Asset-Backed Securities Signifies Robust Recovery for Timeshare Market

Despite the recession, timeshare asset-backed securities (ABS) is one of the few asset classes demonstrating a renewed level of investor demand and resilient credit performance according to a recent Standard & Poor’s analysis. In addition, Fitch Ratings found that total ABS delinquencies fell compared to the same period last year for the first year-over-year improvement since August, 2007.

February 10, 2010

Wyndham Reverses Prior-Year 4Q Loss Caused By Charges | wsj.com

Wyndham reversed a prior-year loss in the fourth quarter earnings caused by a $1.3 billion write-down of its time-share business. In the latest quarter, the company saw more weakness at its hotel and time-share businesses, though results beat expectations. The company also tripled its quarterly dividend to 12 cents a share and announced the resumption of its share-buyback program, which has $157 million in remaining capacity, the latest company to do so amid signs the economy is stabilizing. Wyndham's market value is about $3.5 billion.

February 3, 2010

Magnuson Hotels reports $1.4 Billion in hotel financing for non-franchised independents

Despite a US hotel occupancy crash and frozen global credit markets, Magnuson Hotels, the world’s largest independent hotel group, announced today that nearly 700 hotels signed in the past 24 months have received over $1.4 Billion in non-franchise hotel financing. Of the $1.4 Billion total, more than one-half billion dollars in loans have been issued to hotels shedding costs and converting from traditional franchise style chains such as Holiday Inn, Ramada, Best Western, Comfort Inn, Wyndham, Super 8 and Days Inn.

Magnuson Hotels

January 21, 2010

Hartmann heads STR’s new analytics company

STR has formed STR Analytics (www.STRanalytics.com) to extend its range of analytical services and creative applications to the hotel industry. This new endeavor will satisfy the demand for more in-depth and comprehensive analysis of STR products, including Performance, Census, and Pipeline databases.

January 5, 2010

Statement 167: Insights for the Tourism, Hospitality & Leisure Industry | Deloitte

The Financial Accounting Standards Board (FASB) recently issued FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) (Statement 167), which significantly changes the consolidation determination for variable interest entities (VIEs). Statement 167 will likely have considerable implications on the financial reporting of the tourism, hospitality & leisure (THL) industry.

Deloitte Development LLP

December 24, 2009

Lingle: Use Hotel Tax Money For State Budget | AP

Faced with a $1.2 billion budget gap, Gov. Linda Lingle on Monday proposed the state take about $100 million in hotel taxes from Hawaii's four counties next year and delay the payment of some personal and corporate income tax refunds. The governor's supplemental budget for the 2011 fiscal year that begins July 1 does not call for wholesale layoffs or an increase in the number of furlough days state workers are already taking.

Associated Press

Honolulu, Hawaii, United States

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December 19, 2009

Interstate Hotels & Resorts Agrees to be Acquired by Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels

Interstate Hotels & Resorts (NYSE:IHR) , a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels")

December 9, 2009

Thayer Lodging Group Completes Fifth Investment Fund

Thayer Lodging Group, a privately held, real estate investment company, today announced the final closing of Thayer Hotel Investors V LP and a parallel fund, Thayer Hotel Investors V-A LP. With approximately $280 million in equity commitments, the new discretionary equity funds for lodging investments expect to selectively acquire between $600 and $700 million in hospitality assets over the next 36 months. Since 1991, the company has acquired approximately $1.8 billion in hotels and resorts. Funds V and V-A are the largest in the company's history.

November 9, 2009

Choice Hotels Reports Third Quarter 2009 Adjusted Diluted EPS of $0.56, Domestic Unit Growth of 4.9%

"Our well-known diversified brands and our unrelenting focus on our owners' property-level profitability and return on investment has fueled our continued unit and room growth in the face of a continued difficult economic and lodging industry environment," said Stephen P. Joyce, president and chief executive officer. "Recently, we announced that we reached the 6,000 property milestone and we remain confident that the strength of brands will allow us to continue to attract hotels into our global distribution system."

November 5, 2009

Hyatt Hotels Corporation Prices Initial Public Offering

Hyatt Hotels Corporation (“Hyatt”) announced today the pricing of its initial public offering of 38,000,000 shares of Class A common stock at a price of $25.00 per share. Hyatt’s Class A common stock will begin trading on the New York Stock Exchange under the symbol “H” on November 5, 2009.

November 3, 2009

Starwood Hotels Signs an Agreement to Sell Bliss Spas to Steiner Leisure for $100 Million

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that the company has signed an agreement to sell the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million. As part of the transaction, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels respectively.

October 29, 2009

First Cornell Real Estate Case Competition Attracts Teams from Top Programs

Students from seven of the top undergraduate real estate programs in the country will go toe to toe in the Cornell Real Estate Case Competition, November 12, at the TIAA-CREF headquarters at 730 3rd Avenue in New York City. The Center for Real Estate Finance at Cornell's School of Hotel Administration is proud to host the first annual event.

October 29, 2009

Barcelo Crestline Corporation Announces the Promotion of Sean Dell'Orto to Chief Financial Officer for Crestline Hotels & Resorts

Bruce Wardinski, President and CEO of Barcelo Crestline Corporation, today announced the promotion of Sean Dell'Orto to Chief Financial Officer for Crestline Hotels & Resorts. Mr. Dell'Orto was previously the Vice President and Treasurer of Barcelo Crestline Corporation which is the parent company of Crestline Hotels & Resorts, Inc. Crestline manages 66 hotels in 13 states and the District of Columbia, and is among the top 10 hospitality management companies in the U.S.

October 26, 2009

Triyar Hospitality Scottsdale, LLC, Owner of W Scottsdale Hotel, Has Reached Resolution with Its Lender and Contractors, Ending Litigation and Canceling Foreclosure Proceedings

Triyar Hospitality Scottsdale, LLC, owner of the W Scottsdale Hotel, announced today that it has reached a resolution in its legal disputes with its lender and the hotel’s construction contractors, which ends litigation between them and the lender’s foreclosure proceedings.

Scottsdale, Arizona, United States

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October 20, 2009

Hotel Asset Recovery Team Formed to Help Grand Strand Hotel Owners, Lenders and Special Servicers Through Worst Real Estate Crisis in More than 50 Years

A group of leading hotel and commercial real estate executives have formed a hotel asset recovery company to help Grand Strand hospitality real estate owners, lenders and special servicers work through the worst crisis in the area in more than 50 years. The firm also has the capacity and expertise to provide services regionally and nationally in support of its clients' needs.

Tradd Hospitality Resources

October 16, 2009

HVS Presents the 2009 Hotel Valuation Index (HVI)

Steve Rushmore, president and founder of HVS, the leading global hospitality consulting and hotel appraisal firm, has announced the publication of the 2009 Hotel Valuation Index. The 2009 publication of the HVI marks an unprecedented time for hotel values. As markets fluctuated wildly throughout the past year and major banking institutions folded, hotel demand dropped dramatically, and average rates soon followed suit. The availability of credit virtually evaporated, and equity stakes dwindled. Hotel values have subsequently decreased significantly in most major markets.

October 16, 2009

Morgans Hotel Group Announces Agreement with Mezzanine Lender for Hudson Hotel

Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”) today announced that it has entered into an agreement with one of its lenders which holds, among other loans, the mezzanine loan on the Company’s Hudson Hotel property in New York City.

New York, New York, United States

October 15, 2009

Morgans Hotel Group Receives $75 Million Investment from Yucaipa to Fuel Future Growth

Morgans Hotel Group Co. (Nasdaq: MHGC) (“MHG”) today announced that an affiliate of The Yucaipa Companies, LLC (“Yucaipa”) has invested $75 million in MHG. The capital infusion will significantly strengthen the company’s balance sheet and provide long-term financing for growth. Combined with the recent amendment to MHG’s credit line, the company has added approximately $200 million of liquidity in the last two months.

September 23, 2009

Gaylord Entertainment Company Announces Proposed Private Placement

Gaylord Entertainment Co. (NYSE:GET) today announced that it proposes to offer, subject to market and other conditions, $200 million in aggregate principal amount of convertible senior notes due 2014 in a private placement. Gaylord intends to grant the initial purchasers of the notes a 30-day option to purchase up to $40 million in principal amount of additional notes to cover over-allotments, if any.

Ryman Hospitality