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Travel Roundup: MGM Mirage Talks End, Aspen Goes Budget, NYC Hotels' Pay Cuts and More

By Barbara E. Hernandez | Apr 10, 2009

Possible investors end talks with MGM MirageColony Capital LLC and Crown Ltd. ended investment talks with MGM Mirage, closing the door on a joint investment with the struggling company. The casino operator had been talking with Colony to gain up to $750 million in loans to help refinance its $13.5 billion debt and save its financially troubled CityCenter project. Sources say that MGM Mirage is now concentrating on negotiations with its lenders. [Source: Bloomberg]

Aspen to go working class? — Making Aspen affordable has become an mayoral issue that could decide the city’s election. Mayor Mick Ireland wants Aspen’s tourism marketing to promote the posh city’s free buses, free Nordic skiing trails and complimentary music concerts. Ireland also wants to spearhead a city-wide campaign for discounted gold rounds, dinner packages and other budget-travel deals.  His opponent disagrees, saying the city should rely on its tried-and-true wealthy customers. [Source: Associated Press]

New York City hotels aim to cut pay — Hotel operators want to cut wages because of dwindling profits and are negotiating with unions representing 27,500 hotel and hospitality workers. About 20 hotels are seeking arbitration to settle pay cuts, including the Carlyle, Courtyard Times Square South, the Paramount Hotel and the Holiday Inn SoHo. The average occupancy rate in New York City hotels dropped about 12 percent from last year, while the average daily room rate fell to $196.30, down from $232.25 last year. [Source: New York Times]

Lenox Hotel introduces hypoallergenic rooms — The Lenox, a hotel in the Saunders Hotel Group, introduced its Pure rooms, a whole floor devoted to hypoallergenic room and materials. The 23 rooms cater to those with allergy sensitivity, like asthma or seasonal allergies. From its tea tree-scented rooms to tightly-knit microfiber bedding to prevent dust mites, the rooms’ air is considered “medical-grade.” [Source: Boston Globe]

Bay Area resident and award-winning business journalist Barbara E. Hernandez has covered tourism, real estate and personal finance. Her clients include the New York Times, Los Angeles Times, San Francisco Chronicle and Washington Post.

BNET User Analysis

Web Buzz:
  • Colony Capital Weighs Secured Loan to MGM Mirage

    New York Times - 231 days 10 hours 24 minutes ago

    Updated: Colony Capital, the real-estate-focused private equity firm, is considering making a loan to MGM Mirage to help the struggling casino operator refinance some of its debt, a person briefed on the talks told DealBook on Monday

  • Colony Capital, MGM Mirage break off talks: source

    Reuters - 227 days 23 hours 26 minutes ago

    By Megan Davies NEW YORK (Reuters) - Colony Capital LLC and MGM Mirage (MGM.N) are no longer in talks over a potential investment in the struggling casino company, a source close to the discussions said on Thursday. The source said while there were no talks going on now, the situation could change. The source did not want to be identified...

  • Colony Breaks Off Talks With MGM Mirage

    New York Times - 227 days 14 hours 22 minutes ago

    Colony Capital, the private equity firm focused on real estate, has broken off talks with the troubled casino operator MGM Mirage about a potential loan to it, a person briefed on the matter said on Thursday. The decision by Colony means that MGM Mirage must find alternative ways to raise enough money to pay off more

  • For Genting, From Malasia to Macau–Via MGM?

    The Wall Street Journal - 166 days 5 hours 35 minutes ago

    Genting's recent move to take a 3.2% stake in MGM Mirage and buy a chunk of its debt is sparking talk that the Malaysian gambling concern is after a foothold in Macau, where MGM has a joint-venture casino and resort with gambling heiress Pansy Ho

  • Colony Capital Weighs Investment in MGM Mirage

    New York Times - 231 days 10 hours 24 minutes ago

    Colony Capital, the real-estate-focused private equity firm, is considering a potential investment in MGM Mirage, a person briefed on the talks told DealBook on Monday

 

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