CP Hotels buying seven Princess resorts
Article Abstract:
Canadian Pacific Hotels has agreed to buy seven Princess Hotels from Lonrho PLC of London for $469 million and debt assumption of $71 million. The deal marks the company's first move to become a global company. David O'Brien, president and CEO of parent company Canadian Pacific Ltd., said overseas expansion is the key if the company is to continue growing at a more rapid pace. The seven full-service hotels, which have a combined rooms of more than 3,000, will be renovated by the company at a cost of $30 million to $40 million, said CP Hotels CEO Bill Fatt. The hotels are in the US, Mexico, Bermuda and Barbados.
Comment:
Agrees to buy seven Princess Hotels from Lonrho PLC for $469 mil and debt assumption of $71 mil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Marriott plans rapid Canadian expansion
Article Abstract:
Marriott International Inc. of Bethesda, MD, plans rapid expansion in Canada, including rebranding of 20 hotels and development of another 20 hotels by 2000. According to Marriott Lodging Canada's president, Simon Cooper, the company plans to build brand awareness in Canada just like it did in the US. Cooper said that most of the new hotels will be limited-service Courtyard brand. The new hotels will cost about C$12 million each. The company plans to build the new hotels in suburban markets. Meanwhile, the company is also aiming at existing properties recently bought by hotel real estate investment trusts.
Comment:
Plans rapid expansion in Canada, including rebranding of 20 hotels and development of another 20 hotels by 2000
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Comment about this article or add new information about this topic:
Grand Bay goes face to face with Four Seasons
Article Abstract:
Scottsdale, AZ-based Grand Bay Hotels and Resorts, a new chain owned by Patriot American Hospitality Inc., is working on a C$30-million renovation on the popular Park Plaza Hotel to rival Four Seasons Hotels Inc. in downtown Toronto, Ontario. Aside from trying to match Four Seasons' service standards, the Park Plaza Hotel will provide a few specialized amenities. The Park Plaza Hotel, which will reopen in January 1999, will have a 10,000-sq-ft Golden Door CitySpa, a miniaturized version of a popular California rest-and-relaxation destination.
Comment:
Is working on a C$30-mil renovation on the popular Park Plaza Hotel to rival Four Seasons Hotels in downtown Toronto, Ontario
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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