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Hotel Deal

CALIFORNIA | LOCAL
September 8, 2005 | Patrick McGreevy, Times Staff Writer
The Los Angeles City Council's top two advisors have recommended that it approve $266 million in public subsidies and loans for the developers of a 55-story hotel next to the city's Convention Center, a much higher amount than previously disclosed.
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BUSINESS
August 15, 2005 | From Reuters
Billions of dollars have already been spent on hotel deals this year, and the pace probably will accelerate into 2006, further boosting lodging stocks, analysts and industry experts say. Historically low interest rates and an abundance of capital have made hotels attractive to investors chasing higher yields. Another hotel deal catalyst has been a surge in construction costs -- up more than 30% in the last two years -- which has driven the inclination to buy rather than build.
BUSINESS
May 17, 2005 | Nancy Cleeland, Times Staff Writer
Eight prominent Los Angeles-area hotels Monday sweetened their labor contract offer, but a union official said workers would probably reject the deal because of its expiration date. The hotels said they offered a $2.50 hourly raise over four years and a $1,000 signing bonus to full-time workers who don't collect tips. That would apply mainly to housekeepers, the largest group in the union local.
BUSINESS
April 4, 2005 | Roger Vincent, Times Staff Writer
California hotels remained popular with real estate investors for a second consecutive year in 2004, as both the number of hotels sold and dollars spent again grew 20% or more. Investors spent nearly $2.2 billion in snapping up 320 hotels in the state last year, according to a survey by Costa Mesa consulting firm Atlas Hospitality Group. That compared with almost $1.8 billion spent on 267 hotels in 2003 and reflected increases of 23% and 20%, respectively.
CALIFORNIA | LOCAL
February 12, 2005 | Patrick McGreevy, Times Staff Writer
The City Council agreed Friday to provide up to $177 million in subsidies to developers proposing to build a 55-story hotel and condominium project next to the Convention Center, in the hopes that the project will help make the city-owned center profitable. "This is a tremendous boon for the city and will complete the concept of downtown as a tourist destination," said Councilwoman Jan Perry, who represents the area.
TRAVEL
July 4, 2004 | Arthur Frommer, Special to The Times
In a recent column, I said that if you use one of the well-known Internet booking engines -- Hotels.com, Expedia, Travelocity or Orbitz -- to make reservations at a chain hotel, you will nearly always pay more than if you had gone directly to the website of the hotel chain. That's because many hotel chains (accounting for at least half of all U.S. hotels) have determined that their own websites won't be undercut in price by the booking engines.
BUSINESS
September 3, 2003 | From Bloomberg News
InterActiveCorp on Tuesday ended an agreement between its Hotels.com unit, which sells discounted rooms on the Internet, and Sabre Holdings Corp.'s Travelocity.com, and is shifting the business to its own Expedia Inc. travel site. InterActiveCorp, which is owned by Barry Diller, stopped offering hotel rooms on Travelocity.com because it said the site breached an agreement that gave Hotels.com the exclusive right to be featured.
CALIFORNIA | LOCAL
September 2, 1998 | RICH CONNELL and ROBERT J. LOPEZ, TIMES STAFF WRITERS
Los Angeles City Councilman Richard Alatorre helped win approval for a financially disastrous downtown housing project, allegedly in exchange for a $100,000 donation to a charity that hired a firm his wife founded, according to new accusations lodged in court documents. The allegations were made by some of those who invested in an ill-fated plan to overhaul the 70-year-old Hayward Hotel and turn it into a showcase low-income housing development near skid row.
TRAVEL
November 2, 1997 | TIMES STAFF AND WIRES
Worried that the much-ballyhooed wet weather of El Nino--or fear of it--will wash away tourist business, California tourism bureaus have devised some novel promotions. In Northern California's Humboldt County, home to Eureka, some hotels are promising free accommodations to guests stranded in January or February by storm-caused road closures or flight cancellations.
BUSINESS
September 12, 1997 | JOHN O'DELL, TIMES STAFF WRITER
A Los Angeles man who claims a 30-year business relationship with entrepreneur Peter Ueberroth has sued him and several of his present and former companies and advisors for $50 million. The suit, filed by Wallace G. Smith, said Ueberroth and the others reneged on a deal that would have paid Smith fees for helping arrange hotel acquisition deals. Ueberroth, a Laguna Beach resident, could not be reached for comment.
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