Monday, July 19, 2010

“Host Hotels Acquires Asset” plus 3 more

“Host Hotels Acquires Asset” plus 3 more

Host Hotels Acquires Asset

Posted: 19 Jul 2010 06:07 AM PDT

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Host Hotels & Resorts Inc. (NYSE: HST - News), the largest lodging real estate investment trust (REIT) in the U.S., has recently acquired W Union Square, a premium luxury hotel in New York, through a joint venture in which it has a majority stake. The transaction, the terms and conditions of which were not revealed, and it is expected to be completed by September 2010.

 

W Union Square was previously owned by Istithmar World Capital, the Dubai World unit that bought the property in 2006 for $285 million. However, the hotel, which was placed in the premium category, was hit hard by the economic downturn as consumers reduced their discretionary spending.

 

Furthermore, Istithmar had defaulted on loans taken for purchasing the hotel. A legal suit relating to the default also alleged that no payments were made on mezzanine debt since October 2009. Consequently, W Union Square was sold to a joint venture led by Host Hotels for an undisclosed amount bringing an end to its bankruptcy proceedings.

 

Istithmar retains a minority stake in the hotel. The property is operated by W Hotel Management Inc., a unit of New York-based Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT - News), the third-largest U.S. lodging company. W Hotel Management Inc. will continue to manage the hotel under the existing agreement.

 

Host Hotels is one of the largest owners of luxury and upper-upscale hotels, primarily operated under premium brand, such as Marriott, Westin, Sheraton, Ritz-Carlton, Hyatt, W, Four Seasons and St. Regi. Over the years, the company has executed a focused and disciplined long-term strategic plan to acquire high quality lodging assets in hard-to-replicate areas, which have the potential for significant capital appreciation.

 

Host Hotels anticipates that gradual revival of the overall economy will positively affect its operating results in 2010, with comparable hotel RevPAR (revenue per available room) expected to increase in the range of 1% to 4% for the full year.

 

Host Hotels further anticipates FFO (funds from operations) for 2010 in the range of 58 cents to 65 cents per share, up from its earlier guidance of 41 cents to 57 cents. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

 

However, the continuous acquisition spree of Host Hotels involves significant upfront operating expenses with limited near-term profitability. New hotels usually go through longer gestation to create revenues and are a drag on performance till they start generating healthy margins. Consequently, we maintain our Neutral rating on Host Hotels with a Zacks #2 Rank, which translates into a short-term 'Buy' recommendation.

HOST HOTELS & RESORTS INC (HST): Read the Full Research Report

STARWOOD HOTELS&RESORTS WRLD (HOT): Read the Full Research Report

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Renaissance for Historic Vinoy Hotel With Iconic DESSO Carpet

Posted: 19 Jul 2010 11:00 PM PDT

WAALWIJK, Netherlands, July 20 /PRNewswire/ -- It took over 500 hours to design and is set to become an iconic carpet in one of America's most famous hotels.

(Photo: http://www.newscom.com/cgi-bin/prnh/20100720/399941 )

(Photo: http://photos.prnewswire.com/prnh/20100720/399941 )

The Renaissance Vinoy Resort and Golf Club Hotel, which first opened in 1925, is of historic and architectural importance and is listed on the US National Register of Historic Places.

The hotel in St Petersburg, Florida with stunning views over Tampa Bay, is regarded as the grande dame of the Gulf Coast, and has reopened after a two-year $93 million renovation, beautifully blending period opulance with modern luxury.

Central to its unique ambience is the Grand Ballroom, that can seat 499 guests, and which has welcomed great luminaries of screen, sport and politics such as Marilyn Monroe, James Stewart, Babe Ruth, Herbert Hoover and Calvin Coolidge.

The Grand Ballroom is illuminated by an exclusive Dale Chihuly-designed chandelier, made-up of 750 silver and amber glass pieces in a cone-shaped formation, and carpeted in unique and luxurious Axminster from international carpet manufacturer DESSO.

Such was the design challenge involved in recreating a modern carpet that would also perfectly echo the hotel's historic past, that DESSO designers, working closely with the Dallas office of design firm Leo A Daly, one of the largest architecture, engineering, planning, and interior design firms in the United States, spent over 500 hours perfecting the pattern and colourways.

The hotel was built by oil tycoon Aymer Vinoy Laughner, from whom it takes its name, and was originally completed for $3 million in just 10 months, opening on New Year's Eve, 1925 - with Paul Whiteman and his Orchestra, the most popular jazz band of the 1920s, providing the musical accompaniment.

Back then, the hotel charged $20 a night, a huge amount, and had a total of 510 guest bedrooms.  However, of those, according to a contemporary newspaper account, 85 "are reserved for servants" – an indication of the wealth of its clientele!

Its origins go back to a late night prank involving legendary golfer Walter Hagen who was using Laughner's pocket watch as a golf tee, driving golf balls without damaging the watch.

When they later went to collect the balls from the property across the road, they saw the view that it offered across the bay – and the idea for a luxury hotel on the site was born.

The hotel now, with its own marina, 12 tennis courts and 18-hole golf course, is the epitome of style and elegance, also underlining how modern carpeting can play a crucial role in helping to translate design vision into design reality.  The length of time it took to design carpet for the hotel's main spaces, and their stringent design specifications, reflect the importance placed on flooring by the hotel's owners, Felcor Lodging Trust, and its design team.

DESSO's reputation, built on over 80 years of experience, is embodied in the quality of its Axminster and Wilton ranges, the company's intimate understanding of the hotel sector, and in the creative processes that bring brands to life.  The company's carpets can be found almost everywhere in the world.

In addition to its traditional ranges, DESSO has recently introduced sound-absorbent and dust-trapping carpets, designed to give improved acoustics and interior air quality – using design and technology to give customers next generation performance.

The issue of air quality in hotels is important because there are an estimated 300 million asthma sufferers worldwide, and its prevalence is increasing in many countries.  

The new carpet, AirMaster®, significantly reduces the amount of dust and particulate matter floating in the air - providing important health benefits that other flooring solutions simply cannot match.

It wasn't always champagne and caviar for the Vinoy.  During World War II it was taken over by the US Army as a training camp, then operated as a hotel again after the war before closing in 1974 and falling into disrepair.

Now, the famous hotel has once more opened its doors, and the Grand Ballroom is once more its iconic heart – carpeted with a design that took over 20 days and nights to achieve perfection.

DESSO's latest design brochure for the hospitality sector is entitled Urban Retro, and takes timeless, fluid design ideas suitable for open spaces or hotel corridors, but giving them new light and intense vibrancy – offering designers challenging ideas to inspire their imaginations.

Other brochures in DESSO's hospitality series include the Gates of Bisagra whose inspiration came from travels through Spain and Morocco, to the award-winning Around the World in 80 Days, which offers a fresh perspective on design, reflecting diverse geographic influences.

To find out more, visit www.desso.com or contact hospitality@desso.com

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SC tourism agency puts welcome centers up for bid

Posted: 19 Jul 2010 08:16 AM PDT

COLUMBIA, S.C. (AP) -- Concerned that South Carolina's tourism agency may have to close or reduce operations at its welcome centers because of state budget cuts, one local visitors bureau and its member hotels picked up the funding slack.

A year later, with its budget in even worse shape, the state Parks, Recreation and Tourism Department is hoping others will do the same and help fund the $1.9 million cost of operating nine welcome centers that tourism marketers consider key sales points for their business.

"We spend a lot of money trying to get people to consider coming to South Carolina," said Helen Hill, executive director of the Charleston Area Convention and Visitors Bureau. "The visitors centers, that's where the rubber meets the road: They're here."

Last year, Hill's group adopted the state's only welcome center located in central South Carolina - near the intersection of Interstates 95 and 26. The nearly $200,000 came from special donations from the group's hotel members.

"I think it's a testament to how strongly we feel about its importance as a marketing tool," Hill said.

Georgia's tourism agency has used a similar tactic to keep some of its 11 centers open and staffed during tough budget times, said Alison Tyrer, spokeswoman for Georgia Economic Development Department.

Local tourism agencies provided funding to keep open that state's oldest visitor information center on U.S. 301 near Sylvania and provided a staffer for another center.

"They understood the value of keeping them open and took steps to make that happen," Tyrer said. Still some Georgia centers have been reduced to operating five days a week instead of seven.

In South Carolina, the money paid by the Charleston visitors bureau was used to put all the state's welcome centers back on a seven-day-a-week schedule instead of the five days they were operating because of the budget cuts.

Hill said her group spent some money - less than $10,000 - to spruce the place up a bit with more recent photograph and posters on the walls and other cosmetic changes.

The center operates as the fifth Charleston Visitors Center, but with the same staffers who continue to be state employees. Charleston locations are spotlighted at the facility, but travelers can find information about other areas of the state. Hill said her group wants to continue the arrangement and is considering teaming up with other groups to take over the center on I-95 at the southern entrance to the state near Hardeeville.

The state tourism department has sent letters to other nonprofits asking them to make proposals for similar arrangements at the other centers along highways near the state line.

"There are things that will need to be done to balance the budget," department spokesman Marion Edmonds said. "This is new territory. It's a new way of thinking about it."

The land and the buildings where the centers are located are owned by the state Transportation Department and certain restrictions apply to what kind of activity can be in the centers that sit in federal highway rights-of-way. The groups could not operate gift shops or restaurants in the buildings, for example.

The centers recorded more than 2 million visits last year with the Hardeeville stop accounting for nearly a quarter of those. The staff at that one location helped travelers make more than 6,000 reservations last year, most of them in the Lowcountry and resort islands.

The tourism department estimates that based on an average room rate of $84 a night, the Hardeeville welcome center had an economic impact of $525,000. The cost to run the Hardeeville center is $223,000 - almost all of that is employee salaries.

"It's not an expense, it's an investment," said Tripp Hayes, director of sales and marketing at the Mills House Hotel in Charleston.

Hayes spends a few hundred dollars visiting welcome centers twice a year with discounts and new material on his hotel and to talk with staffers who make lodging recommendations to travelers. In return, he said, the Mills House gets about $30,000 in reservations from the centers each year.

Hayes said he is glad local groups can step in during this time of need, but thinks ultimately, the state should run the outposts.

"I think it's sad that the state is in this situation," Hayes said. "But I do believe that if we can come in and help keep them open, it is a couple-year bridge, not a permanent solution."

The department hopes to have contracts in place by August and to turn over operation of the centers to organizations by September 1. Groups have until July 30 to get their proposals to the agency. In his letter to interested groups, agency director Chad Prosser encouraged organizations to coordinate their proposals with other groups and split the costs.

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FelCor Announces Second Quarter Earnings Release Date and Conference Call

Posted: 19 Jul 2010 10:45 AM PDT

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IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH - News) today announced that it will release its second quarter financial results after the close of the market on Tuesday, August 3, 2010. A conference call will be held at 10:00 a.m. (Central Time) on Wednesday, August 4, 2010.

The conference call will include a discussion of the company's operating results and outlook by Richard A. Smith, FelCor's President and Chief Executive Officer, and Andrew J. Welch, Executive Vice President and Chief Financial Officer.

The conference call will be accessible by telephone or through the simultaneous Web cast via the internet. Interested investors and other parties can access the conference by dialing (888) 839-3864 (conference ID #88979012) or by logging on to the Company's Web site at www.felcor.com, choosing "Investor Relations" and selecting the microphone icon. The conference call replay will be archived on the Company's Web site for three months.

FelCor, a real estate investment trust, is the nation's largest owner of upper upscale, all-suite hotels. FelCor owns interests in 84 hotels and resorts, located in 23 states and Canada. FelCor's portfolio consists mostly of upper upscale hotels, which are flagged under global brands - Embassy Suites Hotels®, Doubletree®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company's Web site at www.felcor.com.

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