Upscale hotels in building boom
Article Abstract:
Full-service, upscale hotel chains are on building hotel facilities again after staying on the sidelines for much of the decade. Among the new projects include Hyatt's opening of an 800-room convention center hotel in Chicago, IL; Host Marriott's construction of a 700-room hotel in Tampa, FL, which is slated to open in late 1999; and Loews' plan for four new hotels, including an 800-room hotel in Miami Beach slated to open in October 1998. Industry analysts expect a 4.9% increase in room supply in upscale hotels, thus making it the industry's fastest-growing segment.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Hilton to separate casino, hotel units
Article Abstract:
Hilton Hotels will spin off its casinos into a separate firm from Hilton's 260 hotels in the US. The company will also purchase the three Mississippi casinos of Grand Casinos for $650 million. Completion of the transaction, which requires investor and regulatory approval, is anticipated by Dec. 31, 1998. Stephen Bollenbach, the CEO of Hilton, will assume the chairmanship of the new gaming firm and CEO of the hotel operation. Arthur Goldberg, the head of the gaming operations of Hilton, will become the CEO of the new gaming firm.
Comment:
Its 3 Mississippi casinos are sought by Hilton Hotels for $650 mil
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Promus Hotels deals with exodus
Article Abstract:
Promus Hotels, the fifth biggest hotel chain in the US, with 1997 revenues worth $1.4 billion, witnessed the resignations of CEO Raymond Schultz, President Richard Kelleher and directors Michael Rose and Richard Ferris. The resignations of Promus' four top executives was prompted by the debate over the future of the hotel with the Doubletree, which it consolidated with in 1997. Under the merger agreement, Schultz was to supervise the firm until his retirement in 1999 and then be succeeded by Kelleher.
Comment:
Witnesses the resignations of CEO Raymond Schultz, President Richard Kelleher & directors Michael Rose & Richard Ferris
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Viewers find Gap ads toe-tapping good. Mercury's oddball ads backfire with viewers. Mountain Dew's hip ads refresh viewers
- Abstracts: Bouchard backtracks on bid for Provigo. Provigo board says bid is fair. Provigo plans overhaul of stores
- Abstracts: Netscape: changes paying off. Piloting Novell's turnaround. U.S., Vietnam strike trade agreement
- Abstracts: Manulife seeking merger partner. Manulife delays plans for going public. Manulife share buyback approved
- Abstracts: ADM fined $16-million in price-fix case. Pension crisis fears deepen as US Air seeks to skip contributions. Banks to pay record fine in U.S. mutual fund scandal