Upscale hotels in building boom

Article Abstract:

Full-service, upscale hotel chains are on building hotel facilities again after staying on the sidelines for much of the decade. Among the new projects include Hyatt's opening of an 800-room convention center hotel in Chicago, IL; Host Marriott's construction of a 700-room hotel in Tampa, FL, which is slated to open in late 1999; and Loews' plan for four new hotels, including an 800-room hotel in Miami Beach slated to open in October 1998. Industry analysts expect a 4.9% increase in room supply in upscale hotels, thus making it the industry's fastest-growing segment.

Market information - general, Facilities & equipment

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Hilton to separate casino, hotel units

Article Abstract:

Hilton Hotels will spin off its casinos into a separate firm from Hilton's 260 hotels in the US. The company will also purchase the three Mississippi casinos of Grand Casinos for $650 million. Completion of the transaction, which requires investor and regulatory approval, is anticipated by Dec. 31, 1998. Stephen Bollenbach, the CEO of Hilton, will assume the chairmanship of the new gaming firm and CEO of the hotel operation. Arthur Goldberg, the head of the gaming operations of Hilton, will become the CEO of the new gaming firm.

Comment:

Its 3 Mississippi casinos are sought by Hilton Hotels for $650 mil

Asset sales & divestitures, Acquisitions & mergers, Casinos, Casinos (except Casino Hotels), Hilton Hotels Corp., Grand Casinos Inc.

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Promus Hotels deals with exodus

Article Abstract:

Promus Hotels, the fifth biggest hotel chain in the US, with 1997 revenues worth $1.4 billion, witnessed the resignations of CEO Raymond Schultz, President Richard Kelleher and directors Michael Rose and Richard Ferris. The resignations of Promus' four top executives was prompted by the debate over the future of the hotel with the Doubletree, which it consolidated with in 1997. Under the merger agreement, Schultz was to supervise the firm until his retirement in 1999 and then be succeeded by Kelleher.

Comment:

Witnesses the resignations of CEO Raymond Schultz, President Richard Kelleher & directors Michael Rose & Richard Ferris

Executive changes & profiles, Promus Hotels Inc.

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