Hotel Industry News Archive for 2009

Expedia, Inc. (NASDAQ:EXPE) , the world's leading online travel company, today announced a global partnership agreement with Prince Hotels & Resorts, the largest independent hotel chain in Japan. Under the agreement, Expedia will add Prince Hotels properties to the selection on its more than 70 Expedia- and hotels.com -branded sites in 55 countries worldwide.

Las Vegas Sands Corp. (NYSE: LVS) said today that it has closed and funded its previously announced $600 million pre-IPO financing transaction. The company said it has the flexibility to utilize the net proceeds from the issuance of the bonds for general corporate purposes.

Crescent Hotels & Resorts officials today announced that the company has taken over management of two hotels in St. Paul--the 470-room Crowne Plaza St. Paul-Riverfront and the 249-room Hilton Garden Inn St. Paul City Center. Both properties are owned by SP Hotels, LLC.

The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of the St. Tropez, a 150 room all-suite hotel situated on approximately 4.09 acres of land in Las Vegas, Nevada. The purchase price was $10.5 million with financing provided by the seller which just weeks earlier foreclosed on the property.

Vacation Rental, Destination Management Organizations, Tours and Activities on the Agenda

Hotel in Hollywood, Florida Joins Top 1% of Popular Travel Site's Hotels

Hotel guests expect a room in perfect working order. Preventive Guestroom Maintenance, a new video training program from the American Hotel & Lodging Educational Institute (EI), shows new maintenance employees the basics of keeping guestrooms functioning to the high standards guests demand.

The American Hotel & Lodging Association (AH&LA) released 'H1N1 Influenza Management in Hotels', a guide for lodging businesses to use in managing H1N1 influenza virus situations at their properties.

Adjusted EBITDA declined by 48.5% from $2.7 million to $1.4 million for the six month period of February 1 to July 31, 2009.

322 projects/72,077 rooms are forecasted to come online in 2011. LE has also adjusted its forecasts downward for 2009 and 2010 due to the recessionary declines that continue to impact the lodging industry and project totals in the Pipeline throughout the region. The 2009 forecast has been reduced to 380 new hotels/63,244 rooms, down a substantial 10,328 rooms. The 2010 forecast, adjusted down by 7,340 rooms, calls for New Openings of 392 projects/81,921 rooms.