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Apr-27, 2012
The Man Who Relaunched the Orient-Express
The Telegraph
James Sherwood has been chasing faded beauties all his life. Sometimes they are hotels that have seen better days, and sometimes they are old railway carriages. On Wednesday, one of his famous conquests, the British Pullman, drew out of London's Victoria Station in a hailstorm to celebrate the story of how the American entrepreneur "restored the art of travel" by reviving the glory days of once-famous hotels and trains.
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Apr-22, 2012
Great Wolf Shows Shortcomings of Banker Valuation Opinions
Deal Journal (WSJ Blog)
You know the Great Wolf story. Just a little over a month ago Great Wolf signed up a deal to sell itself in a leveraged buyout to an affiliate of Apollo for $5 in cash per share. KSL, in an unusual move for a private-equity firm, challenged Apollo’s deal and began a bidding war. Friday, Apollo topped KSL’s last bid of $7.25 per share with a $7.85 offer and KSL finally raised the white flag of surrender.
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Apr-26, 2012
Financing Secured for Downtown Austin Convention Hotel
Austin American-Statesman
White Lodging Services Corp. has financing in place for its $275 million, 33-story upscale convention hotel planned along Congress Avenue and is preparing for a June launch for the project.
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Apr-24, 2012
Starwood's Crystal Vision
The Wall Street Journal
Trying to tap into Manhattan's hot market for luxury apartments and high-end hotels, Starwood Capital Group's Baccarat Hotels and Resorts is launching a plan to develop a project across from the Museum of Modern Art.
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Apr-23, 2012
Renaissance Fort Lauderdale in Special Servicing Over $40M Loan
South Florida Business Journal
With its $40 million mortgage set to mature in June, the Renaissance Fort Lauderdale Cruise Port Hotel has been placed in special servicing by its loan manager, according to Fitch Ratings.
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Apr-24, 2012
Stylish Hotels Sprouting in Brooklyn and Queens
The New York Times
The New York City hotel market managed to defy the slump most of the country experienced during and after the recession. Occupancy rates in the city were 85 percent last year, compared with a national average of 60 percent. And despite a tough market for financing, at least 15 hotels opened in the five boroughs in 2011 — roughly half of them outside Manhattan. From 2006 to 2011, 42 percent of the city’s new hotels were built in the outer boroughs, according to data from NYC & Company, the local tourism organization.
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Apr-19, 2012
Why All the Locals Are Lounging in the Hotel Lobby
The Wall Street Journal
When Ted Copeland comes in for his coffee, the barista has his order (black, no sugar) ready. Then he sets up his laptop and lingers for a few hours over the caffeine and free Wi-Fi. Refills are free.
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Apr-19, 2012
CityCenter Called Financial ‘Black Hole’ in Lawsuit Over Stock Losses
The Las Vegas Sun
MGM Resorts International shareholders and bondholders have filed an amended class-action lawsuit in hopes of recovering losses from the decline of the Las Vegas company’s stock and bond prices between 2007 and 2009.
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Apr-17, 2012
Goldman in Talks On Hotel's Debt
The Wall Street Journal
Goldman Sachs Group Inc., which purchased the massive Marriott Waikiki Beach Resort & Spa in Honolulu in 2005, is in talks to extend or modify the hotel's debt, which is probably more than the property is worth, according to people familiar with the matter.
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Apr-17, 2012
Another Bankruptcy for St. Louis-Based Roberts Brothers
St. Louis Post-Dispatch
Michael and Steven Roberts, two prominent St. Louis developers, turned to bankruptcy again on Monday in a bid to protect their ailing business empire from increasingly aggressive creditors.