D.C. convention center hotel deal close

Developers of the planned convention center hotel and D.C. officials have reached a tentative deal that would expedite the project without the city buying in as an equity partner.

The city has already committed land and $187 million for a planned $540 million, 1,167-room Marriott Marquis across the street from the Walter E. Washington Convention Center that is viewed as critical to the city’s ability to attract major convention business.

But in early June, when the search for private financing by development partners Quadrangle Development Corp. and Capstone Development LLC stalled, Mayor Adrian Fenty proposed issuing $750 million in bonds to finance and own the entire building.

Hilton to Move Headquarters to D.C. Area

Hilton Hotels, one of the world's largest lodging firms, said yesterday that it is moving its corporate headquarters -- and several hundred jobs -- to the D.C. region this year, parking itself squarely in the back yard of a major competitor, Marriott International.

The announcement, which surprised industry executives, comes less than two years after the Blackstone Group bought the Beverly Hills, Calif., hotel chain for $26 billion and later named Christopher Nassetta chief executive. Nassetta, who grew up in Arlington County, had been chief executive of Host Hotels & Resorts, based in Bethesda.

Hyatt Corp in JV with Emaar MGF to build hotels in India

NEW DELHI: US-based hotel chain operator Global Hyatt Corporation announced a 24:76 joint venture with property developer Emaar MGF for building six hotels in India by 2013. The two partners will jointly invest about Rs 1,000 crore(~$200 million) to build these hotels under the mid-market brand Hyatt Place.

Besides picking a minority stake in a JV with Emaar MGF, Global Hyatt has signed management contracts with different individual property developers for another 14 hotels under its premium brands-Park Hyatt, Grand Hyatt and Hyatt Regency. Under the management contract, the real estate developer sets up the hotel and the hotel operator charges a management fee from the real estate developer to manage the hotel.

Global Hyatt Corporation global head-real estate & developments Steve Haggaerty said, "We will spend about $ 200 million on six hotels jointly with Emaar MGF. This investment would be a mix of equity and debt and we are in the process of raising the debt component."

MGM Mirage’s Murren Cutting Debt, May Sell Casinos

Jan. 8 (Bloomberg) -- MGM Mirage’s new chief executive officer, James Murren, said he plans to “dramatically” reduce debt and will consider further casino sales as he overhauls the company’s balance sheet.

Murren plans to refinance maturing bonds as bank lending resumes and markets open up. MGM Mirage may buy back some notes trading at discounted levels, either through market purchases or tender offers, he said in an interview yesterday. Nothing is off the table, said Murren, 47, who also was named chairman.

“We’re going to pull every lever we feel like we should pull to strengthen this company, to not only weather the recession, but come out of it stronger,” Murren said. “We are certainly not looking to aggressively sell assets, but the point is that we do have assets that are attractive and we are going to be very responsive.”

Developer proposes to demolish Century Plaza hotel

The 726-room Century Plaza has played host to U.S. presidents, rock stars and business moguls, and served as the location for countless galas and social functions since it was completed in 1966 as the centerpiece of an office, retail and residential development carved out of the former back lot of the 20th Century Fox film studio.

For many years the Century Plaza's doormen wore red Beefeater costumes. The hotel's ballrooms welcomed high-profile events, including an opening charity gala in 1966 emceed by Bob Hope, who with singer Andy Williams entertained the likes of Ronald and Nancy Reagan and Walt and Lillian Disney.

President Nixon hosted a state dinner there in 1969 for the Apollo 11 astronauts after their successful journey to the moon. In 1995, Hollywood studio head and notorious embezzler David Begelman committed suicide in a room at the hotel.