CerXus Makes Mistake By Rejecting Starwood Property Trust Takeover Attempt
Starwood Property Trust put another company on the map this week – Crexus Investment Corporation – by making an unsolicited bid to purchase the entire company at a 20% premium to their current stock price. What did Crexus’ board decide to do? Reject it. Why would they do that? What company would not want to [...]
Caesars Centurion Tower Changing to Nobu Hotel
Caesars Palace in Las Vegas announced today they are converting their old and unloved Centurion Tower into a boutique hotel called Nobu Hotel, based on the famous Nobu Restaurant that has a number of locations around the world. It’s going to be the first property from Nobu Hospitality (owned by Nobu Restaurant Group) with the [...]
Starwood Capital Buys 1414 Ave of the Americas for Hotel Conversion
In the last few hours my email inbox has been bombarded with news that Barry Sternlicht’s Starwood Capital has purchased 1414 Ave of the Americas in Manhattan for a conversion into a hotel. This is pretty exciting news because its one of the first purchases that Starwood has made in years on a property to [...]
Revel AC Apparently Revived – By NJ’s Governor Christie
Today’s NY Post has a story about NJ’s Governor Christie successfully persuading Morgan Stanley to give it another shot at funding the unfinished Revel project on the boardwalk in Atlantic City. Morgan Stanley — after failing to raise money for Revel last month — is launching a new $1.15 billion debt offering so Revel can [...]
Hilton & Starwood Hotels Finally Settle Denizen Debacle
Hilton & Starwood Hotels has finally settled their lawsuit which has been going on for almost 2 and a half years. Here is Hilton’s Statement In the lawsuit, originally filed in mid-2008, Starwood accused Hilton of stealing thousands of confidential documents and material which had information on how to create, brand and operate a boutique/lifestyle [...]
Ian Schrager is Back.. Again.. With Schrager Hotels
Ian Schrager is back – again – with a new hotel company and two new hotel brands, this is in addition to his existing properties with Marriott’s Edition brand. Schrager always alluded to not being done in the hotel industry, and even when his partnership with Marriott was announced, he was very forthcoming about stating [...]
Cosmopolitan Las Vegas – Finally Open!
The Cosmopolitan Las Vegas’s opening today is being written about, and broadcast on almost every major and minor news/blogging outlet in the world today (along the Bellagio’s robbery) – I’ll save my readers from the fluff of how great the property is and how many restaurants it has and the like, if you’re looking for [...]
UK Metro Bank’s Launch Success
Three months ago, MetroBank UK finally opened its doors after a long ramp up period, and a lot of excitement from the press and the public just interested in what this new banking concept is all about. Ever since I started this blog I’ve made posts here and there about Vernon Hill’s banking ventures – [...]
Ian Schrager’s Looking to Create Not 1, but 2 Hotel Brands (and Edition doesn’t count)
A few weeks back, USAToday’s Barbara De Lollis mentioned on her Twitter account @barbdelollis that she would be sitting down with Ian Schrager and seeing what he’s up too.. I asked her if she was going to get some details on his new brands that he was supposedly creating – not including his joint venture [...]
Starwood Capital Does Something With the Former Baccarat Wailea Property
Back in 2008 Starwood Capital announced the property they had recently purchased, the Renaissance Wailea, would be torn down and replaced as a completely new resort – Baccarat Wailea Hotel & Residences. Unfortunately, like alot of construction projects announced during that time – the project never got off the ground and was eventually canceled. Not [...]
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