January 21, 1997 |
Asian investors have completed the previously reported purchase of the Inter-Continental Hotel in downtown Los Angeles for less than half what its Japanese owners spent to build it, according to people familiar with the deal, the latest example of the dramatic tumble in downtown hotel values. The purchase comes at a time of gradual improvement in business for downtown Los Angeles hotels, said hotel industry analyst Bruce Baltin at PKF Consulting.
December 1, 1992 |
In more than 25 years in the hotel business, Michel Tourniaire has worked through a revolution in Afghanistan and a coup in Thailand. Now comes one of his most daunting assignments yet: opening a hotel in downtown Los Angeles. "I was always dropped into interesting situations," said Tourniaire, who today will greet the first guests at the 439-room Inter-Continental in the midst of a regional recession, a glut of hotel rooms and tensions left over from the Los Angeles riots.
August 6, 1987 |
Beset by high debt costs, the Hotel Inter-Continental San Diego lost $1.2 million over the first four months of 1987, despite a healthy 82% occupancy rate that was significantly above the local market average. For all of 1986, the hotel lost $7.6 million while operating at a 69% occupancy rate.
May 9, 2011 |
Great deals sometimes come at great personal cost, like the super-cheap airfare you scored from L.A. to Europe that makes three stops and takes 20 hours to get there. By the time you touch down, you might be in need of a soft landing. So consider this summer offer from the InterContinental Hotels & Resorts luxury chain: a free night on a five-night stay plus 100 euros (about $148) in hotel credit. The deal: InterContinental hotels aren't cheap; room rates start around $300 a night in top European cities.
July 23, 1987 |
Hotel Inter-Continental lenders are balking at developer Doug Manchester's demands that they restructure more than $218 million in loans as a condition of Marriott Corp.'s taking over as operator of the financially troubled 681-room hotel.
August 7, 2005 |
THE Willard InterContinental, a historic hotel near the White House that has hosted power brokers for decades, is making a pitch for vacationers to Washington. Under the tutelage of its new French general manager, Herve Houdre, a veteran of the tony Hotel de Crillon and Hotel Plaza Athenee in Paris, the Willard has opened a sidewalk cafe on Pennsylvania Avenue, put up a history gallery and started serving afternoon tea.