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Apr-12, 2012
Blatstein proposes ‘spectacular’ casino project on Broad Street
Philadelphia Business Journal
Developer Bart Blatstein has expanded his holdings along North Broad Street and plans a $500 million mixed-use project that would include a casino, a hotel and other ancillary uses.
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Apr-11, 2012
Two downtown properties bound for auction block
San Antonio Express-News
Plagued by financial woes, two downtown hotels are set for the foreclosure auction block May 1. Both the Hotel Indigo-Riverwalk and the Holiday Inn San Antonio-Downtown Market Square have defaulted on notes exceeding $16 million, according to the Rex Report, a foreclosure listing service.
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Apr-12, 2012
Singapore's Kum Family Files for Hotel IPO
The Wall Street Journal
M&L Hospitality Trusts, a group comprising a real-estate investment trust and a business trust, on Thursday filed its IPO prospectus to the Monetary Authority of Singapore, paving the way for what could be the second sizeable IPO in the island nation this year. The move comes amid signs of a modest revival of corporate interest in tapping Singapore's capital markets, and, if successful, could signal an opportunity for other companies to follow suit.
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Apr-12, 2012
A Hotel Insider Shares Secrets
The New York Times
Think of Anthony Melchiorri as a capeless crusader for ailing hotels, swooping into troubled properties and conjuring cures. He is the host and driving force behind “Hotel Impossible,” a new show on the Travel Channel, and fixing what ails hotels is a skill he has been honing over decades in the industry. As general manager of the iconic Algonquin in New York, he oversaw a major renovation of the building and its image. He is also a former vice president of Tishman Hotels and is the founder of Argeo Hospitality, a hotel management and consulting firm.
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Apr-10, 2012
Indian Firm Seeks to Book the Plaza
The Wall Street Journal
An Indian conglomerate has made an unsolicited $600 million offer to acquire the storied Plaza Hotel in New York, but the deal would need approval of two owners: an Israeli-owned holding company and a Saudi Arabian prince.
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Apr-08, 2012
Intercontinental checks out of Barclay
The Sunday Times
Intercontinental Hotels is in talks to sell the Barclay to the Qatari owner of the Carlton hotel in Cannes.
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Apr-03, 2012
Rocco Forte Hotels Group Fears Default
The Telegraph
Sir Rocco said talks had begun with Unicredit Banca d'Impresa to restructure a €94.7m (£79m) facility after a loan covenant breach following below par trading at the Verdura Resort, which opened two years ago and hosted the Sicilian Open at the weekend. "These things take two to three months," he said. The group is also in talks with an unnamed party to secure a "strategic investment" in the resort, the company added.
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Apr-03, 2012
Fontainebleau Miami Beach Leaving Financial Woes Behind
The Miami Herald
The Fontainebleau Miami Beach brings in about $800,000 every day, or roughly $9 in revenue every second. That sort of sales clip, disclosed in a new credit report, helps explain why South Florida's largest resort is one the verge of borrowing nearly $600 million as it retires its past financial woes and reaps the benefits of the region's booming tourism market.
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Apr-01, 2012
Setai Owner Ousts Operator
The Miami Herald
Owners of the luxury Setai Resort & Residences in Miami Beach have tossed the property’s management company and brought in new operators, according to a statement issued this weekend.
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Mar-07, 2012
China's high-speed building boom
The Los Angeles Times
In early December, Liu Zhangning was tending her cabbage patch when she saw a tall yellow construction crane in the distance. At night, the work lights made it seem like day. Fifteen days later, a 30-story hotel towered over her village on the outskirts of the city like a glass and steel obelisk.