Monday, April 5, 2010

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Local officials to discuss potential <b>lodging</b> tax

Posted: 05 Apr 2010 11:06 PM PDT

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What: Craig City Council, Moffat County Commission public workshop to discuss possible city lodging tax

When: 6:30 p.m. Wednesday

Where: Craig City Hall, 300 W. Fourth St.

• The meeting is open to the public.

Craig — Craig City Council member Ray Beck said it is important for the community to attend an upcoming workshop about a potential new city tax.

"I think people should come out and voice their opinions on it and at the same time get educated," Beck said.

Beck was referring to the Craig City Council and Moffat County Commission's public workshop at 6:30 p.m. Wednesday to determine whether Craig should move forward with a lodging tax.

The issue was suggested by council member Terry Carwile and received the go-ahead March 23 from the council to host the workshop.

The council and commission will be on hand to hear community feedback on the issue and decide whether it will be placed on November's ballot. Any decision to collect a lodging tax would need the approval of Craig voters.

Lodging taxes are collected from people staying in hotels, motels and other forms of lodging, and funds tourism and other county or city projects.

Currently, Moffat County imposes a 1.9 percent lodging tax, which funds the Moffat County Tourism Association.

The county is limited to collecting no more than 2 percent, a rule that would be eliminated if the city imposed a tax.

In addition, the city would not be limited on how it could spend the revenue, and it would not be required to spend the money on tourism only.

If the city were to implement a lodging tax, the county would have to withdraw its collection of taxes within city limits.

In 2009, Moffat County collected $155,260.51, all of which was allocated to MCTA.

Carwile said the idea to start the lodging tax dialogue with residents came from observations on declining city revenues.

"We were (seeing) a disturbing downward trend in sales tax revenues and the revenue picture isn't all that bright yet," Carwile said. "We were looking at some way to try to turn that around, and on top of that, you see the evaporation of energy impact grant money.

"We don't know when we'll see that build back up again."

Carwile said a larger force is at work in Colorado's sales tax climate.

"There is a larger demographic question coming into play, that is, as the population age increases … we're talking about a shift away from money being spent on things that generate sales tax dollars," he said.

Beck said he supports the tax.

"I think it would be an asset to Craig if the community would jump on board with this and pursue it and get it on the ballot," he said. "It would have huge benefits."

Beck also mentioned possible uses for the tax, including a community recreation center, construction and maintenance of new city sidewalks, and installation of new downtown streetlights.

Carwile said he would like to see a stipulation on the proposed ballot measure that the lodging tax could not be funneled into the city's general fund.

"This is not about using those dollars as backfill directly into the general fund," he said. "It's about using that money in a similar fashion for where it is being used now, but only in an enhanced way.

"Those are investment dollars, and you don't put those in your checking account."

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Palm Beach-based Chatham has LOI to Purchase Four More <b>Hotels</b>

Posted: 05 Apr 2010 12:28 PM PDT

Palm Beach-based Chatham Lodging Trust is actively pursuing hotel deals, reviewing potential hotel acquisitions having an aggregate transaction value in excess of $145 million, based on its preliminary discussions with sellers and internal assessments of the properties' values, according to filings with the SEC.

Four hotel properties (a 133-room Residence Inn by Marriott, a 120-room Hampton Inn & Suites, a 105-room Courtyard by Marriott and an 86-room Springhill Suites) are under a non-binding letter of intent to purchase from a single seller. The letter of intent provides for an aggregate purchase price for the four properties of $61 million, including the assumption of approximately $12.7 million of existing indebtedness on two of the properties.

Chatham Lodging Trust had previously filed information related to its purchase of six hotels, including three in the citybiz real estate coverage area.

SEE: Chatham Lodging Trust to Acquire Homewood Suites Billerica

Chatham is in the process of raising $137.5 million through an offering, which - if the underwriters' overallotment option is exercised in full - could be up to $158,425,000.

The company intends to invest approximately $11 million over the next two years to enhance the quality of the six initial acquisition hotels. This capital will be used to upgrade guest rooms and common areas and includes the estimate of the amounts Hilton will require it to spend as part of a property improvement plan, or PIP, for the hotels.

The operating partnership will use the remaining net proceeds to invest in hotel properties.


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Citi Appointed Depositary for China <b>Lodging</b>'s Nasdaq-Listed ADR Program

Posted: 05 Apr 2010 06:34 AM PDT

NEW YORK & HONG KONG--(BUSINESS WIRE)--Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by China Lodging Group Ltd. ("China Lodging"), a Cayman Island registered, China based company, as the depositary bank for its NASDAQ-listed American Depositary Receipt (ADR) program.

China Lodging's ADR program was established through a $126,787,500 offering, originally priced at $12.25 per ADR. The ADRs are listed on NASDAQ under the symbol "HTHT", and represent the first IPO of 2010 conducted in ADR form and listed on the NASDAQ Stock Exchange. Each ADR represents 4 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer's home market.

"We are very excited to have successfully completed the IPO and listed on the NASDAQ Stock Exchange, as this is another milestone for our growth," said Mr. Matthew Zhang, CEO of China Lodging. "With the booming economy in China, we'll continue to benefit from increasing demand in the travel and lodging industry. We look forward to further creating shareholders' value in the future."

Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, said, "We are very pleased to have been appointed by China Lodging to participate in their ADR capital raising as the depositary bank. Citi's investor relations expertise and unmatched global equity distribution network can deliver the resources required to assist China Lodging in building and maintaining a successful ADR program."

For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.

Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2009, it held on average $335 billion in liability balances and $12.1 trillion in assets under custody.

About China Lodging

China Lodging Group Ltd. operates a leading economy hotel chain serving value-conscious business and leisure travellers in China under the HanTing brands. As of December 31, 2009, the company operated 236 hotels in 39 cities all across China. China Lodging has 3 brands of different price points under management, including HanTing Seasons Hotel, HanTing Express Hotel and HanTing Hi Inn. For additional information on China Lodging, visit www.htinns.com [English site: http://ir.htinns.com/]

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

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