Travel Roundup: Hyatt Hotels' IPO, Legalizing Cuban Travel, MGM Mirage Changes Management and More
Hyatt Hotels Corp. to go public with IPO — Hyatt Hotels Corp. said it filed a registration statement with the SEC proposing an initial public offering of its shares valued at $1.15 billion. So far, no date was given for the IPO. Hyatt, a Chicago-based company that has 413 properties in 45 countries, is owned by the Pritzker family. No price range for the shares were given. For the first six months of the year, Hyatt had a loss of $36 million, compared to $173 million profit last year. [Source: Associated Press]
270 Americans travel illegally to Cuba – More than 200 Americans who openly journeyed to Cuba are hoping for a courtroom showdown to challenge the Cuban travel ban as unconstitutional. Most U.S. citizens have been barred from visits to Cuba since 1962 by President John. F. Kennedy. The Venceremos Brigade has been defying the ban to pressure the Obama administration to help decriminalize Cuban travel and better diplomatic ties. Although 270 American reported on customs forms they visited Cuba, the travelers were welcomed back into the country without incident. U.S. Treasury Department spokeswoman Marti Adams said the agency doesn’t comment on individual violations. [Source: Los Angeles Times]
MGM Mirage shakes up management — MGM Mirage realigned its management team and created an executive position to oversee its 11 properties. Chief executive Jim Murren said in an e-mail that the Las Vegas-based company’s board appointed Corey Sanders to the new position of chief operating officer for its properties. Sanders will oversee five properties on the Las Vegas Strip, including the Monte Carlo and Luxorcasino-resorts. Another four resorts will report to Murren. Bill Hornbuckle was also appointed as chief marketing officer. MGM Mirage lost $107.3 million for the first six months of 2009. [Source: Las Vegas Sun]
New Phoenix-Jamaica flight from US Airways — US Airways announced its new nonstop service from Phoenix to Jamaica. The seasonal service will begin Dec. 17 and run through April 12, 2010. The flights will be on an Airbus A319 aircraft with seating for 12 in first class and 112 in the main cabin. It’s also the first nonstop Caribbean destination for the airline’s Phoenix hub. [Source: US Airways]
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