Hotels / Motels / Cruise Lines
Ashford Hospitality Trust Inc announced that it has commenced a follow-on public offering of 11,000,000 shares of common stock. The Company expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 shares of common stock.Ashford intends to use the net proceeds of the offering to effect the planned spin-off of Ashford Hospitality Prime, Inc. that the Company announced on June 17, 2013, including, because of the way the spin-off is structured, to pay the common stock dividend just for this new share issue for the quarter ending June 30, 2013. If the spin-off is not effected, Ashford intends to use the net proceeds of the offering for other general corporate purposes, including, without limitation, financing future hotel-related investments, capital expenditures, working capital and repayment of debt or other obligations. BofA Merrill Lynch, Deutsche Bank Securities, and Morgan Stanley are acting as the joint book-running managers for the offering. KeyBanc Capital Markets, Credit Agricole CIB and Credit Suisse are acting as senior co-managers.
Derwent London In Talks To Sell 50% Interest In 1-5 Grosvenor Place To Hongkong and Shanghai Hotels Ltd
Dow Jones reported that Derwent London PLC said it has entered into heads of terms to sell its 50% interest in 1-5 Grosvenor Place SW1 to Hongkong and Shanghai Hotels Ltd or Peninsula Hotels, for GBP132.5 million. Heads of terms entered into with Peninsula Hotels are not legally binding and consequently the sale may or may not proceed. On completion of the proposed transaction with Peninsula Hotels, Derwent London will have received proceeds of almost GBP200 million from 1-5 Grosvenor Place since the start of 2012.
Felcor Lodging Trust Inc announced that from fiscal 2012-2015 FFO per share goes from $0.23-$1.06. According to I/B/E/S Estimates, analysts on an average were expecting FFO per share of $0.40 for fiscal year 2013 , FFO per share of $0.57 for fiscal year 2014 , FFO per share of $0.78 for fiscal year 2015.
Ashford Hospitality Trust Inc Announces Plan To Spin-Off High RevPAR Hotel Portfolio As Ashford Hospitality Prime Inc
Ashford Hospitality Trust Inc announced that the Company's Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution. The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc. (Ashford Prime), a newly formed company to which Ashford Trust plans to transfer the portfolio interests. This distribution is expected to be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date. The distribution is expected to take place toward the end of the third quarter. Ashford Prime is expected to qualify as a real estate investment trust (REIT) for federal income tax purposes, and intends to file an application to list its shares of common stock on the New York Stock Exchange, under the symbol AHP.
Host Hotels and Resorts Inc announced that its board of directors authorized a regular quarterly cash dividend of $0.11 per share on the Company's common stock, a 10% increase from the previous quarter. The dividend is payable on July 15, 2013 to stockholders of record on June 28, 2013.
Orascom Hotels and Development SAE Appoints New Chairman of the Board; Appoints External Auditors for FY 2013
Orascom Hotels and Development SAE announced that its Board of Directors has appointed Eng. Ali Ibrahim Ali Al Haitamy as the Company's new Chairman of the Board, effective as of May 30, 2013. It has ALSO appointed Mr. Kamel Magdy Saleh - Saleh & Barsoum & Abd El Aziz Deloitte Office as the Company's external auditors for the fiscal year 2013.
TC Financial Research reported that Nikkei Shimbun reported on June 16, 2013, that RESORTTRUST INC will establish a joint venture with Mitsui & Co Ltd, to collaborate in cloud service for medical institutions, in June 2013. RESORTTRUST and Mitsui & Co Ltd will hold 51% and 49% stakes in the joint venture, respectively.
Shanghai Jin Jiang International Hotels Development Co Ltd announced that it will take out a six-month term loan of RMB 1,100 million with an annual interest of 5.04% from Shanghai Jin Jiang International Holdings Co.,Ltd.