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BUSINESS
September 15, 1986
Holiday said the adoption of the anti-takeover provision had nothing to do with a stock purchase by New York developer Donald Trump. "The effect is to dilute the stock unless the stockholders are offered a fair price," said John Onoda of the company's public relations office. Dan Dorfman, a nationally syndicated columnist, reported last week that Trump was planning a takeover attempt. Trump and Holiday were partners until last year in an Atlantic City, N.J., casino hotel.
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NEWS
September 15, 1993 | DAVID SHAW, TIMES STAFF WRITER
No aspect of the President's life is too trivial for the press these days. The vast maw of the modern media demands constant feeding, one factoid after another, no matter how personal or how inconsequential. For weeks this summer, the White House press corps buzzed with speculation about where President Clinton and his family would vacation.
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BUSINESS
April 24, 1989
U.S. Hotels Slated for China: Two hotels in China are among six new and eight converted hotels added to the Holiday Inn chain in the first quarter of 1989. The two hotels in the People's Republic of China, in Xian and Chongquing, give the company a total of five hotels in China, said Holiday Corp., the hotels' parent company. Two more hotels are scheduled to open later this year in Guangzhou and Dalian. Holiday Corp. expects to operate 20 hotels in China by 1995. The remaining four new hotels opened in Columbus and Lima, Ohio; Decatur, Ga., and Cancun, Mexico.
BUSINESS
August 1, 1989 | MICHAEL FLAGG, Times Staff Writer
Holiday Corp. said it sold its Embassy Suites hotel in Irvine near John Wayne Airport for $42.6 million. The hotel company said it sold the 293-room hotel to "an offshore investor." Holiday Corp. executives couldn't be reached to elaborate. The price represents an average $145,000 per room. The company said its Embassy Suites Inc. unit will continue to manage the property. The hotel opened in December, 1986, and a spokesman said it has reached and exceeded the break-even point for occupancy.
BUSINESS
September 24, 1989
Mr. Allan Sloan's article ("Holiday Inns Danced the Tax-Avoidance Two-Step," Sept. 3) concerning the so-called "tax avoidance" by Holiday Corp. resulting from its stock swap with Bass PLC overlooks a crucial point. There is a significant economic difference between the sale of an asset for cash and a sale that results in a continuing equity interest in the acquiring company. Basic tax policy recognizes that taxation generally ought to occur when cash is available to pay the tax. In the case of the Holiday Corp.
BUSINESS
August 25, 1989 | GEORGE WHITE, Times Staff Writer
Holiday Inn hotels will be sold to Bass PLC for $2.23 billion in a deal that will make the British conglomerate--now best known for its beers--the world's largest hotel operator, the two companies announced Thursday. The hotel chain's parent company, Memphis, Tenn.-based Holiday Corp., said it will form a new company to run its casinos and its other hotel chains--Embassy Suites, Hampton Inn and the proposed Homewood Suites. Holiday Corp.
BUSINESS
December 5, 1986
The parent of Holiday Inns Inc. said it will sell the hotels during the next three years so it can concentrate further on managing its hotel-casinos in New Jersey and Nevada and franchise property. Memphis, Tenn.-based Holiday Corp. is preparing to launch a $2.7-billion refinancing project, and analysts say the company is speeding up the sale of assets to cut its debt. Holiday Corp.'s debt after the refinancing program begins should be reduced to $1.3 billion by 1991, the spokesman added.
BUSINESS
September 24, 1989
Mr. Allan Sloan's article ("Holiday Inns Danced the Tax-Avoidance Two-Step," Sept. 3) concerning the so-called "tax avoidance" by Holiday Corp. resulting from its stock swap with Bass PLC overlooks a crucial point. There is a significant economic difference between the sale of an asset for cash and a sale that results in a continuing equity interest in the acquiring company. Basic tax policy recognizes that taxation generally ought to occur when cash is available to pay the tax. In the case of the Holiday Corp.
BUSINESS
August 25, 1989 | GEORGE WHITE, Times Staff Writer
Holiday Inn hotels will be sold to Bass PLC for $2.23 billion in a deal that will make the British conglomerate--now best known for its beers--the world's largest hotel operator, the two companies announced Thursday. The hotel chain's parent company, Memphis, Tenn.-based Holiday Corp., said it will form a new company to run its casinos and its other hotel chains--Embassy Suites, Hampton Inn and the proposed Homewood Suites. Holiday Corp.
BUSINESS
August 1, 1989 | MICHAEL FLAGG, Times Staff Writer
Holiday Corp. said it sold its Embassy Suites hotel in Irvine near John Wayne Airport for $42.6 million. The hotel company said it sold the 293-room hotel to "an offshore investor." Holiday Corp. executives couldn't be reached to elaborate. The price represents an average $145,000 per room. The company said its Embassy Suites Inc. unit will continue to manage the property. The hotel opened in December, 1986, and a spokesman said it has reached and exceeded the break-even point for occupancy.
BUSINESS
April 24, 1989
U.S. Hotels Slated for China: Two hotels in China are among six new and eight converted hotels added to the Holiday Inn chain in the first quarter of 1989. The two hotels in the People's Republic of China, in Xian and Chongquing, give the company a total of five hotels in China, said Holiday Corp., the hotels' parent company. Two more hotels are scheduled to open later this year in Guangzhou and Dalian. Holiday Corp. expects to operate 20 hotels in China by 1995. The remaining four new hotels opened in Columbus and Lima, Ohio; Decatur, Ga., and Cancun, Mexico.
BUSINESS
December 5, 1986
The parent of Holiday Inns Inc. said it will sell the hotels during the next three years so it can concentrate further on managing its hotel-casinos in New Jersey and Nevada and franchise property. Memphis, Tenn.-based Holiday Corp. is preparing to launch a $2.7-billion refinancing project, and analysts say the company is speeding up the sale of assets to cut its debt. Holiday Corp.'s debt after the refinancing program begins should be reduced to $1.3 billion by 1991, the spokesman added.
BUSINESS
November 27, 1985
Holiday, the Memphis, Tenn.-based parent company of Holiday Inns, said it sold the hotels to VMS Realty Inc. of Chicago for $390 million. As part of the agreement, Holiday Inns Inc. will have a long-term management contract for all 26 properties, Holiday said. Holiday expects to realize after-tax profits of $66 million. Included in the sale are hotels in Oakland, San Francisco, Santa Monica, Van Nuys, Long Beach, Brentwood and Los Angeles.
BUSINESS
November 13, 1986 | Associated Press
Holiday Corp.'s board proposed a $2.8-billion plan Wednesday to restructure the company's debt and limit the power that a single stockholder can wield in corporate affairs. Under the plan, shareholders would receive a $65-a-share dividend, but the company said in a statement that the value of each share of stock would likely decline after the recapitalization goes into effect. The company operates the original Holiday Inn chain and has four other hotel chains serving separate hotel markets.
BUSINESS
November 13, 1986 | Associated Press
Holiday Corp.'s board proposed a $2.8-billion plan Wednesday to restructure the company's debt and limit the power that a single stockholder can wield in corporate affairs. Under the plan, shareholders would receive a $65-a-share dividend, but the company said in a statement that the value of each share of stock would likely decline after the recapitalization goes into effect. The company operates the original Holiday Inn chain and has four other hotel chains serving separate hotel markets.
BUSINESS
September 15, 1986
Holiday said the adoption of the anti-takeover provision had nothing to do with a stock purchase by New York developer Donald Trump. "The effect is to dilute the stock unless the stockholders are offered a fair price," said John Onoda of the company's public relations office. Dan Dorfman, a nationally syndicated columnist, reported last week that Trump was planning a takeover attempt. Trump and Holiday were partners until last year in an Atlantic City, N.J., casino hotel.
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