| November 6, 2009 | News for hotel and lodging professionals |
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- AAA awards Five Diamond status to 113 hotels
AAA's list of Five Diamond hotels grew by 10 properties this year to 113. "To achieve and maintain the highest level of hospitality during these difficult economic times is a significant accomplishment," said Michael Petrone, tourism information development director at AAA. Sixteen hotels were added to the list, and six were dropped from it. USA TODAY/Hotel Check-in blog
(11/5)
      
 | Their Security. Your Control. — SAFLOK integrates with Control4 for your guests' safety. Read the full story or visit SAFLOK at IHMRS #2902. A flagship installation of the SAFLOK and Control4 integration is currently under construction at the MGM CityCenter Las Vegas. Set to open in early 2010, SAFLOK and Control4's integration will secure more than 4,000 guestrooms! |
| Business Update |  | |
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- Analysts call Hyatt shares risky; price climbs after IPO anyway
In separate interviews, Todd Jordan, managing director at Research Edge, and David Menlow, president of IPOfinancial.com, described shares of Hyatt Hotels Corp. as a bit risky. Their words of caution didn't have much effect on the post-IPO trading. Hyatt shares advanced 3% in trading after completion of the hotel chain's $1.09 billion IPO, the second-biggest initial public offering in the U.S. this year. Hyatt's successful debut on the New York Stock Exchange came as a relief to banks after three earlier IPOs had to be pulled at the last minute because of a lack of interest from investors.  ClipSyndicate/Bloomberg
(11/5)
, ClipSyndicate/Bloomberg
(11/5)
, Bloomberg
(11/5)
- Sunstone Hotel Investors gets aggressive on mortgage
The hotel REIT Sunstone Hotel Investors said in its third-quarter earnings report that it had not made the loan payment due Nov. 1 for a mortgage secured by 11 of its hotels. The REIT took the action in an effort to persuade the lender, Massachusetts Mutual Life Insurance, to extend the maturity of the debt or cut the principal balance. The REIT's executives said the properties are now worth less than the loan balance. The Wall Street Journal/Developments blog
(11/5)
| Market Trends | | |
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- MGM Mirage posts Q3 loss but has high hopes for CityCenter
A charge related to MGM Mirage's investment in the CityCenter project caused the company to lose $750.4 million in the third quarter. Excluding the charge, MGM broke even for the quarter. Executives hope CityCenter attracts business travelers and tourists when it opens next month. MGM Mirage chief executive Jim Murren noted that the Las Vegas market has improved in recent months and predicted that CityCenter could boost the city's visitor volume by up to 10% in 2010. Bloomberg
(11/5)
, Las Vegas Review-Journal
(11/5)
- Telluride's Peaks resort sold for $20M
The Blackstone Group has sold the Peaks, the largest resort in the Telluride, Colo., region, for about $20 million. The buyers included local investors and principals of Grand Heritage Hotels and Resorts, and the deal includes the 140-unit hotel, a 42,000-square-foot spa and fitness center, a restaurant and additional land. GlobeSt.com
(11/5)
- Yankees' World Series win scores a home run for Ritz-Carlton
The Ritz-Carlton New York hotel, located in Manhattan near Battery Park, nearly sold out within 12 hours of the end of Wednesday's World Series game as Yankees fans rushed to claim rooms for today's victory parade. Rooms at the luxury property aren't cheap, but at $475 and up per room, guests will be just a short walk from the parade route. Crain's New York Business
(11/5)
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| Development | | |
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- $140M Rhode Island resort to replicate historic hotel
A group of investors is pouring $140 million into the construction of a luxurious Rhode Island resort that will be a replica of the original Ocean House, a Victorian structure with striking ocean views. The hotel was razed in 2003 after falling into disrepair, and the replica, which will feature 49 rooms and 23 condos, is being designed to compete with rival destinations in places such as Nantucket and the Hamptons. Forbes/The Associated Press
(11/5)
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Save 10% on essential compensation, benchmarking, benefits survey information
AH&LA members can access vital benchmarking data from WageWatch, the first comprehensive, Internet-based solution that thoroughly addresses all lodging industry wage, salary and benefits data. Visit the Members Only section of www.ahla.com for more information.
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