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Caesars Entertainment Reports 4th-Quarter 2013 Losses Topping $1.7 billion
March 11, 2014
March 11--Caesars Entertainment Corp. today reported its fourth-quarter earnings, announcing a stunning loss of $1.756 billion. Revenue: $2.078 billion (up 3.2 percent from the fourth quarter of 2012). Casino revenues declined $75.3 million, or 5.1%, compared to the previous year. Earnings: The company lost $1.75 billion, a major hit compared to the $435 million loss Caesars suffered in the same quarter a year earlier. What it means: The company attributed the bulk of its losses to deteriorating Atlantic City market, where Caesars had to deal with impairments of about $2 billion. Casinos revenues also declined due to continued weakness
Laura Benner Joins HVS Asset Management – Newport as Senior Vice President
March 10, 2014
Newport, RI – March 11, 2014 - Kirby Payne, CHA, President of HVS's asset management division in Newport, Rhode Island, has announced the appointment of Laura Benner as Senior Vice President of HVS Asset Management – Newport. Laura Benner, who is based in Manhattan, is a hotel real estate executive with more than 20 years of experience in hotel asset management, value creation, contract negotiations, strategic and branding analysis, acquisitions, dispositions and highest and best use assessments. Ms. Benner has worked within the hospitality divisions of such well-established and highly regarded firms as Host Hotels & Resorts, St
Construction Underway on 150-room AC Hotel by Marriott in Miami Beach, Florida
March 10, 2014
March 10--Construction has started on the new AC Hotel by Marriott in Miami Beach, a design-centered brand exported from Europe, the contractor said Monday. Robert Finvarb Companies is developing the 150-room hotel at 2912 Collins Ave., which is set to be finished early next year. The brand has nearly 80 hotels in Europe, mostly in Spain but also in Italy, Portugal and France. Marriott International announced last year that AC Hotel by Marriott would expand to the United States and the rest of the Americas. Plaza Construction is the contractor for the Miami Beach hotel, which was designed by Kobi Karp Architecture & Interior Design.
Talk of a Strike by Las Vegas’ Culinary Union Unlikely to Gain Traction
March 9, 2014
March 09--The Culinary Union says its members will take a strike vote this month to prepare workers for the worst-case scenario against 16 casinos that have yet to sign contracts with some 10,000 workers. But could it really come to a strike? Considering the Culinary's track record and steady diet of warnings, it seems unlikely. The strike vote seems a common plot point in the union's storied negotiation process. It's one defined by the tremendous pressure it heaps on business partners. Representing 50,000 hospitality employees in Sin City, the hard-nosed labor camp last month voted to kill contract extensions with the casinos, includin
Garden Plaza in Decatur, AL to Rebrand as DoubleTree by Hilton Decatur Riverfront Following Upgrade
March 9, 2014
March 09--Garden Plaza Hotel & Suites, a dated eyesore and the first building visitors see after crossing the Alabama 31 bridge into Decatur, is undergoing a major facelift. Chad Udovich, general manager of the hotel, which will become the DoubleTree by Hilton Decatur Riverfront, said phase one of renovations will cost more than $1 million. Renovations include removing exterior guest rooms, new lighting, stone features around the building, painting, exterior architecture work, new windows and signage. "The hotel will be fully operational the whole time," Udovich said. "No guest will be impacted while we do this." He said guests woul
Developer Plans Two 250-room Hotels for 1,300 Acre “Crossroads Village” in West Bradenton, Florida
March 8, 2014
March 09--WEST BRADENTON -- Record tourism, packed beaches and an expanding IMG Academy have created an opportunity for new hotels in West Bradenton. As part of Whiting Preston's preliminary Crossroads village transforming 1,300 acres, two 250-room hotels are penciled in. One would be in a commercial district near 75th Street West and Cortez Road, and another would be close to IMG Academy's west entrance near 53rd Avenue West and Bollettieri Boulevard. IMG Academy has wanted hotels closer to its campus for some time to accommodate all the visiting athletes, parents and even more full sets of teams. While the master-developed Crossroads
The 309-key Eau Palm Beach Resort & Spa in Manalapan, Florida Completes Transition from Ritz-Carlton
March 8, 2014
March 08--For management at the Eau Palm Beach Resort & Spa, Friday's unveiling of a revamped entrance sign symbolically marked the ritzy resort's successful transition to a new identity and brand. In the past seven months, the 309-room luxury Manalapan resort, previously known as The Ritz-Carlton Palm Beach has adopted a new moniker, new energy and new management. "It's been terrific," Managing Director Michael King said of the reception from hotel guests and the community to its transition. The property has been receiving its highest ratings ever in-house and on travel websites such as TripAdvisor.com, he said. Last July, the reso
Father-Daughter Development Team to Acquire Historic Fenway Hotel in Dunedin, Florida
March 8, 2014
March 08--DUNEDIN -- A Pennsylvania real estate development team confirmed Friday that it has reached a verbal deal to purchase the iconic Fenway Hotel. Christy Bower said she and her father-turned-business partner James Bower got word from PNC Bank Thursday that their offer to buy the foreclosed 6.4-acre waterfront tract at 453 Edgewater Drive was accepted. She declined to reveal the purchase price. The real estate website Loopnet.com lists the property's value at $3.9 million. Bower said the bank made the closing date contingent on final approval by the city, which will present the plan in coming weeks to neighbors, a citizen advisory