Finance USA & Canada Press Releases - Hospitality Net

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June 22, 2009

Red Lion Hotels Corporation Set to Join Russell 2000(R) Index

Red Lion Hotels Corporation (NYSE: RLH) today announced that it anticipates being added to the U.S. small-cap Russell 2000(R) Index based upon preliminary disclosures by the index. The official addition is planned to occur after the Russell Investment Group reconstitutes its comprehensive family of global indexes on June 26, 2009. Membership in the Russell 2000, which remains in place for one year, is based on membership in the broad-market Russell 3000(R) Index. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007. Red Lion would also be added systematically to the appropriate growth and value indexes.

June 19, 2009

Sunstone Hotel Investors Announces the Sale of the Marriott Riverside, California for Gross Proceeds of $19.3 Million

Sunstone Hotel Investors, Inc. (NYSE:SHO) announced today that it has completed the sale of the 292-room Marriott located in Riverside, California for gross sale proceeds of $19.3 million, which equates to 10.1x 2009 forecasted EBITDA.

June 15, 2009

Jones Lang LaSalle Hotels Identifies Seven Winners in the U.S. Lodging Market

Following an analysis of the U.S. lodging industry, Jones Lang LaSalle Hotels today released a new research study, entitled FocusOn: Seven winners in the current market, that identifies segments and players that are more resilient, are performing better, or are less affected by the slowdown in economic fundamentals and the liquidity drought.

June 15, 2009

Felcor Announces Closing Of $200 Million Term Loan

FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that its wholly-owned subsidiaries closed a $200 million secured term loan. JPMorgan Securities Inc. was the lead arranger, and JPMorgan Chase Bank, N.A., is the administrative agent and provided a portion of the loan. Proceeds of the new loan will be used for general corporate purposes, including repayment of outstanding obligations totaling $128 million under FelCor’s line of credit, which was terminated by the Company.

June 10, 2009

LaSalle Hotel Properties Announces Pricing of a Public Offering of 10,000,000 Common Shares

LaSalle Hotel Properties (NYSE:LHO) today announced that it has priced a public offering of 10,000,000 common shares at a price of $14.75 per share. All of the shares are being offered by the Company. Raymond James, Morgan Stanley, and Wachovia Securities are acting as joint book-running managers for the offering. Robert W. Baird & Co., Deutsche Bank Securities, and Stifel Nicolaus are acting as senior co-managers.

June 10, 2009

Fontainebleau Las Vegas Files for Chapter 11 After Lenders Renege on Lending Commitment

Fontainebleau Las Vegas LLC and two of its affiliates (Fontainebleau Las Vegas Holdings LLC, Fontainebleau Las Vegas Capital Corp.) today announced that they filed voluntary petitions to reorganize under Chapter 11 of the United States Bankruptcy Code. The decision to file for Chapter 11 was the direct result of certain lenders having refused to honor their contractual commitments to provide nearly $800 million in construction funding for the $2.9 billion resort-casino project, which is 70 percent complete.

Las Vegas, Nevada, United States

June 8, 2009

Starwood Completes Sale of Timeshare Loans

On June 5th, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) completed a private placement of approximately $125 million floating rate Timeshare Loan Backed Notes by SVO 2009-A VOI Mortgage Corporation with a commercial paper conduit. The floating rate will be swapped into a fixed rate of 8.0%. Starwood contributed approximately $181 million in timeshare mortgages to the Issuer and retained a 31 percent residual interest in the Issuer.

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May 20, 2009

Sunstone Hotel Investors Announces the Sale of the Marriott Napa, California for Gross Proceeds of $36.0 Million

Sunstone Hotel Investors, Inc. (NYSE:SHO) announced today the sale of the 274-room Marriott located in Napa, California for gross sale proceeds of $36.0 million. Sunstone estimates that the property would require approximately $6 million in near-term renovation expenditures to comply with Marriott brand standards. The gross sale proceeds of $36.0 million, plus the $6.0 million of near-term capital requirements that Sunstone will not have to expend, equates to a 10.5x 2009 EBITDA multiple. The sale is scheduled to close by the end of business on May 20, 2009.

Napa, California, United States

May 15, 2009

New ALIS Summer Update To Launch On July 7 In Los Angeles And Via Global Webcast

On July 7, 2009, the Americas Lodging Investment Summit (ALIS) will host the first ALIS Summer Update, a half-day event presenting a mid-year snapshot of the hotel industry’s most important investment topics. Three of the most popular and timely sessions from the 2009 January ALIS event will be brought back to inform delegates about the current state of the industry and the outlook for the investment community, followed by a cocktail/networking reception. Held at the Hyatt Regency Century Plaza in Los Angeles, California, the ALIS Summer Update will also be available to attend via live webcast.

May 13, 2009

U.S. RevPAR To Hit New High In 2013 | Jones Lang LaSalle Hotels Report Says

Jones Lang LaSalle Hotels today released its first FocusOn: Outlook for RevPAR Turnaround, a five-year forecast indicating revenue per available room (RevPAR) will reach $68.28 in 2013, exceeding the previous peak achieved in 2007. The firm expects U.S. RevPAR to decline 12.1 percent this year, comprised of a 7.4 percent decline in average daily rate (ADR) and a 5.1 percent drop in occupancy. RevPAR is expected to bottom out in 2010, a positive indicator of upward momentum on the horizon.

May 13, 2009

STR reports US pipeline for April 2009

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. This represents a 19.7-percent decrease in the number of rooms in the total active pipeline compared to April 2008. The total active pipeline data includes projects in the In-Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.

May 11, 2009

An Industry Update With a Statistical Spin at 2009 NYU Hospitality Industry Investment Conference

Stephen Rushmore, president and founder of HVS, and Mark V. Lomanno, president of Smith Travel Research, will provide their annual insights and analysis of the hospitality industry in a general session titled Industry Update: The Statistical Spin at the 31st Annual NYU Hospitality Industry Investment Conference. Hosted by the NYU Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management and sponsored by the leading hospitality organizations, the conference is the premier hospitality finance and development forum of its kind where global hotel CEOs, analysts, and other hospitality leaders gather to discuss current and future developments in the industry.

New York, New York, United States

May 8, 2009

STR posts Canada results for week ending 2 May 2009

In year-over-year measurements, the industry’s occupancy fell 8.8 percent to end the week at 61.1 percent. Average daily rate dropped 5.0 percent to finish the week at CAD$123.83. Revenue per available room for the week decreased 13.4 percent to finish at CAD$75.65.

April 17, 2009

The Economists' Update at 2009 NYU Hospitality Industry Investment Conference

Bjorn Hanson, Ph.D., a clinical associate professor at the NYU Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management, will moderate the annual Economists’ Update, featuring well-known economists Bernard Baumohl and David Wyss, at the 31st Annual NYU Hospitality Industry Investment Conference. Hosted by the NYU Tisch Center and sponsored by the leading hospitality organizations, the conference is the premier hospitality finance and development forum of its kind where global hotel CEOs, analysts, and other hospitality leaders gather to discuss current and future developments in the industry.

New York, New York, United States

March 23, 2009

U.S.: Investors Remain Attracted to Hotels under $15 Million

While the debt capital markets remain constrictive for big-ticket investment sales transactions, trading opportunities prevail for select service properties, according to Jones Lang LaSalle Hotels’ bi-annual U.S. Select Service Hotel Investor Survey. Jones Lang LaSalle Hotels’ proprietary survey was completed by 500 of the nation’s top select service hotel owners and investors.

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March 22, 2009

Registration Now Open for 2009 NYU Hospitality Investment Conference

Registration is now open for the 31st Annual NYU International Hospitality Industry Investment Conference. Hosted by the NYU Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management and sponsored by the leading hospitality organizations, the conference features general sessions, workshops, and networking that provide insight, dialogue, and opportunity for those in the hotel investment and finance industry.

New York, New York, United States

January 28, 2009

Full Agenda Released For Ninth Annual Ragatz Fractional Interest Conference

Richard Ragatz, president of Ragatz Associates, has released the full agenda for the ninth annual Ragatz Fractional Interest Conference, set to take place on March 9th through 11th at the Fairmont Hotel in San Francisco. The conference is a highly anticipated annual forum which will discuss the current and future state of this unique resort real estate industry. Industry leader speakers scheduled to appear include representatives from Hyatt, Fairmont, Timbers Resorts, Harrison Group, Robb Report, etc.

Hotel Shattuck Plaza

San Francisco, California, United States

January 5, 2009

Thorpe Sotheby's International Realty Offers Unique Bal Harbour Oceanfront Ultra Luxury Hotel Parcel and Yacht Club Marina

Thorpe Sotheby's International Realty announced this month it will extend to a select group of luxury hoteliers and investors the opportunity to acquire the last developable oceanfront site in the Village of Bal Harbour, Florida. The Bal Harbour Beach Club hotel-marina site totals 16 acres, and is located on the world famous Collins Avenue within the confines of one of the world's most prestigious and exclusive communities. This ultra luxurious site also offers for the first time the 10.5 acre, 36 slip Bal Harbour Yacht Club on Biscayne Bay. The marina is directly accessible via a greenway from the Bal Harbour Beach Club hotel parcel.
Slips can accommodate yachts of 140' plus with direct ocean access. Known as "The Playground of the Rich and famous" Bal Harbour offers one of the most exclusive shopping destinations in the world only seconds away. Ranked "#1 Most Productive Shopping Center in the US" by Women's Wear Daily, the Bal Harbour Shops rivals Beverly Hills, Paris and St. Tropez.

Thorpe Sotheby's International Realty

Miami-Bal Harbour, Florida, United States

December 5, 2008

Economic Uncertainty Forms Backdrop of Cornell Hospitality Real Estate Roundtable

Ithaca, NY, Although the current recession has already dampened demand and deflated asset values, participants in the second annual Cornell Real Estate and Finance Roundtable see opportunities for astute investors and operators. The November 2008 roundtable, conducted under the aegis of the Cornell Center for Hospitality Research drew more than two dozen participants and was hosted by center partner Proskauer Rose at its New York City office.

Ithaca, United States