April 8, 1994 |
A Japanese company is seeking to sell the Hotel Bel-Air in West Los Angeles, acquired for more than $100 million in the late 1980s during a Japanese buying spree of well-known American properties, a financier said here Thursday. If the sale goes through, it would mark the latest Japanese retreat from spectacular real estate purchases made in those years. The Japanese tycoon who bought the Pebble Beach golf resort in 1990 was thought to have lost $340 million when he sold it in 1992.
May 10, 2000 |
Los Angeles investor Gary Winnick, who built Global Crossing Ltd. into an international telecommunications player in three years, said Tuesday that he bought a majority stake in a real estate investment firm and will expand the company's investment focus into non-real estate ventures. Winnick's Pacific Capital Group purchased a 70% interest in Beverly Hills-based Colony Capital Inc. Colony Chairman Thomas Barrack will become one of three managing partners of Pacific Capital.
April 14, 1997 |
Santa Anita Cos., owner of the landmark Arcadia racetrack, said Sunday that it agreed to merge with Meditrust, a health-care real estate investment trust, in a deal valued at about $383 million. Santa Anita Chairman William Baker said the deal would allow the track to continue operating as a racing facility.
March 29, 1997 |
The tortuous chase for control of Santa Anita Cos. took another wide turn Friday when the only bidding group with a publicly announced offer said it has pulled out of the contest. The group--consisting of real estate specialists Koll Co. of Newport Beach, Colony Capital Inc. of Los Angeles and Apollo Real Estate Advisors in New York--made good on an ultimatum in which it threatened to withdraw unless it struck a deal with Santa Anita by the close of business Friday.
February 22, 2003 |
Pinnacle Entertainment Inc. decided Friday that there was no magic genie to uncork at the Aladdin Resort and Casino, abandoning its efforts to buy the troubled gambling palace on the Las Vegas Strip. The company wants to focus its capital spending on existing properties and a new $325-million casino in Lake Charles, La., rather than take a plunge into the 2,500-room Aladdin, said Chief Executive Daniel Lee. Pinnacle had worked with Colony Capital Inc. and Marriott International Inc.
March 12, 2001 |
Pinnacle Entertainment Inc. is a casino operator headquartered on Brand Boulevard in Glendale, but its future is riding on 315 acres along the Ohio River in the southern tip of Indiana. That's the site of Pinnacle's new flagship property called Belterra Casino Resort, a $200-million hotel-casino.
June 2, 1993 |
The Resolution Trust Corp.'s prospects of recouping losses from Charles Keating Jr.'s biggest real estate venture faded Tuesday when the agency revealed that the 20,000-acre project has been valued at less than 10 cents on the dollar. The valuation comes during a critical phase of the RTC's plan to dispose of the assets of failed savings and loans.
October 25, 1996 |
Santa Anita isn't the only Southern California horse-racing track in turmoil. Just look 30 miles west to Hollywood Park. Already beset by weak earnings, a failed subsidiary, stagnant growth in wagering, a dormant stock price and now revelations this week of dissent within its own boardroom, Hollywood Park is struggling. To counter these problems, the Inglewood-based company is assembling gaming properties that will help offset the flat growth in horse racing.
July 21, 1998 |
High-flying investor Colony Capital Inc. has teamed up with two Los Angeles real estate firms with Asian aspirations--Oakwood International and Kennedy-Wilson Inc.--as part of its global push to invest more than $1 billion in the coming year. Colony announced Monday that it has formed a joint venture with Oakwood to take its extended-stay corporate housing concept to Asia and has invested $26.
May 17, 1998 |
American investors are jockeying to scoop up prestigious resorts in Hawaii at bargain-basement prices as banks pressure their debt-ridden Japanese owners to sell them. "The bank reforms that went into effect in Japan in April have really forced the issue," said Joseph Toy, director of real estate and hospitality consulting for Coopers & Lybrand in Honolulu. "There's long been talk about the [Japanese] Ministry of Finance being more adamant about divestiture of these troubled loans.