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Caesars Entertainment to File Bankruptcy, Restructure Finances
December 19, 2014
Dec. 19--Casino giant Caesars Entertainment, which for years has struggled with massive debt, announced today that its largest subsidiary reached an agreement with key creditors on a financial restructuring plan. The subsidiary, Caesars Entertainment Operating Company or CEOC, will file for bankruptcy in mid-January, the company said in a statement. Bloomberg News reported this morning that an agreement was in the works. Under terms of the plan, the subsidiary will split into two parts: an operating entity and a publicly traded real estate investment trust that will "directly or indirectly" own a newly formed property company. "The plan
A Pentinent Sam Nazarian Saves His Casino License; Must Submit to Random Drug Testing
December 19, 2014
Dec. 19--LAS VEGAS -- Los Angeles nightlife mogul Sam Nazarian saved his casino license Thursday by eating heaping portions of humble pie before the Nevada State Gaming Commission. All four commission members said they had arrived at the meeting intending to reject Nazarian's application -- after disclosures that he had recently used cocaine, lied about it to investigators and paid as much as $3 million to a two-time felon in what Nazarian described as extortion. All four members changed their minds after hearing from a penitent Nazarian, promising to address any addiction issues he may have and to take time off from running his sprawli
$31 million Hotel Planned for Historic Downtown Chattanooga Bank Building
December 19, 2014
Dec. 19--A landmark downtown Chattanooga high-rise is the latest redevelopment target by builders as the central city sees a flurry of new and planned construction projects. "Next year is the year of the crane," said Kim White, who heads the downtown nonprofit redevelopment group River City Co. The vacant Chattanooga Bank Building at Eighth and Market streets is the latest project on the drawing board as an out-of-town development group plans to remake the 10-story building into a 150-room hotel. The proposed $31 million price tag to renovate the 87-year-old structure would make it one of the most expensive hotels ever in Chattanooga. T
Sichuan Xinglida Group Enterprises Buys Los Angeles Airport Marriott Hotel for $160 million
December 19, 2014
Dec. 19--A Chinese real estate developer has purchased the vast Los Angeles Airport Marriott for $160 million and vowed to make substantial improvements. It was the largest hotel sale of the year in Los Angeles County, brokers said, and a sign that the appetite for Southern California properties remains strong among Chinese investors. Sichuan Xinglida Group Enterprises Co., which has built numerous mixed-use projects in mainland China, bought the hotel through its U.S. subsidiary, XLD Group. The seller was DiamondRock Hospitality Co., a Maryland real estate investment trust that owned it for about a decade, according to Karin Chao of As
Booking Misunderstandings: What it Might Create for a Guest
Ahmed Mahmoud | December 18, 2014
by Ahmed Mahmoud This is a true story by one guest about a problem with a hotel honoring a room price. Through the internet the guest tried to book three nights at XYZ hotel, but for some reason the site wouldn't accept his dates. So he phoned the hotel's toll-free number, and was offered a rate of 180 US$ per night. The case was, they never asked him how many people were staying in the room. The hotel e-mailed him a confirmation and he prepaid the entire three-night stay for the room by credit card. Then he realized that he needed to add another night to his stay for the night before the return flight, so he called back. He was told th
Red Roof Partners with Brazil-based Nobile Hotels to Develop 40 Hotels in Brazil by 2025
December 18, 2014
Dec. 18--Columbus-based Red Roof Inn has announced a partnership with a Brazil-based company to develop as many as 40 hotels in the South American country by 2025. Red Roof and Nobile Hoteis will open their first hotel next year, a conversion in the city of Brasilia. Brazil has a growing economy, recently hosted the World Cup and will be the site of the 2016 Summer Olympics. "Red Roof was the ideal partner to develop budget and economy segments in Brazil," said Roberto Bertino, CEO of Nobile, in a statement. "It is a company with a great reputation, image and success, and we know our exclusive alliance with this quality brand will be in
An Adaptive Re-use Project, the 136-room Aloft Detroit at The David Whitney Building, Detroit Opens
December 18, 2014
Dec. 18--The dormant David Whitney Building, a landmark 1915 tower near Grand Circus Park, reopens soon as a boutique hotel, the latest addition to the greater downtown revitalization. The Aloft Detroit at the David Whitney Building is scheduled to welcome its first guests in a few days. Plans announced earlier this week to open Thursday were delayed. The latest of Detroit's architectural gems to be restored, the David Whitney Building was built in 1915 and designed by the firm of famed Chicago architect Daniel Burnham. The 19-story tower served for many years as the locale of doctors and dentists. It closed in 1999. A development team
New York State Picks Three Resort Casino Locations; Passes On Mohegan Sun’s Plans for the Catskills
December 18, 2014
Dec. 18--A Mohegan Sun casino in the Catskills isn't in the cards after all. Gambling regulators passed over a bid by the Mohegan Tribal Gaming Authority to redevelop the former Concord Resort Hotel in Thompson, N.Y., which used to be a major attraction during the heyday of the Borscht Belt, part of the Catskills region where Jewish people in Greater New York City vacationed in the early- to mid-20th century. Instead, the New York Gaming Facility Location Board on Wednesday chose three destinations for resort casinos for consideration by the New York Gaming Commission: -- Montreign Resort Casino in Thompson, N.Y., for the Catskills/Huds