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Laurence Geller

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May 13, 1999 | E. SCOTT RECKARD, E. Scott Reckard covers tourism for The Times. He can be reached at (714) 966-7407 and at scott.reckard@latimes.com
Laurence Geller, whose private Strategic Hotel Capital bought the Ritz-Carlton in Dana Point for $225 million in 1997, keeps moving fast. His group now owns 28 hotels, including New York's Essex House, which it purchased recently for more than $250 million. Geller, 50, a transplanted Londoner based in Chicago, foresees more acquisitions in California. "Since the last recession, things have beefed up into a wonderfully diversified economy," he said, "and we want to be part of that."
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BUSINESS
August 18, 2011 | By Roger Vincent, Los Angeles Times
Terranea, a Tuscan-themed luxury resort on the bluffs of Rancho Palos Verdes, couldn't have opened at a worse time. The sprawling seaside resort had 582 rooms to rent, a fancy spa, eight restaurants and bars, plus one of the largest ballrooms in the region — and, at its debut two years ago, faced the coldest hospitality market in decades. The owners hired 50% fewer employees than they had planned, launched generous discount promotions and prepared for the worst. In 2009, the hotel industry was in the roughest shape since the Great Depression of the 1930s.
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BUSINESS
February 7, 2011 | By Roger Vincent, Los Angeles Times
The historic Hotel del Coronado, one of the country's most legendary inns, has a new majority owner ?Blackstone Real Estate Advisors, a division of Wall Street powerhouse Blackstone Group. Blackstone stepped in as the previous majority owner, Strategic Hotels & Resorts, faced a $630-million loan balance due this month. The recapitalization with Blackstone values the hotel at about $590 million and gives Blackstone a 60% ownership interest, Strategic Hotels said Monday. Strategic Hotels retains 34.3% of the ownership, and La Quinta-based KSL Resorts, the hotel's operator, retains 5.7%.
BUSINESS
February 7, 2011 | By Roger Vincent, Los Angeles Times
The historic Hotel del Coronado, one of the country's most legendary inns, has a new majority owner ?Blackstone Real Estate Advisors, a division of Wall Street powerhouse Blackstone Group. Blackstone stepped in as the previous majority owner, Strategic Hotels & Resorts, faced a $630-million loan balance due this month. The recapitalization with Blackstone values the hotel at about $590 million and gives Blackstone a 60% ownership interest, Strategic Hotels said Monday. Strategic Hotels retains 34.3% of the ownership, and La Quinta-based KSL Resorts, the hotel's operator, retains 5.7%.
BUSINESS
April 7, 2009 | Roger Vincent
Shamed by images of wealthy corporateers cavorting at the expense of ordinary people, U.S. companies canceled an estimated $1 billion worth of conferences in the first two months of this year and trimmed back on others. Hoteliers are calling it "the AIG effect," after the insurance company that took a public drubbing for spending freely on corporate perks despite its financial turmoil.
BUSINESS
August 18, 2011 | By Roger Vincent, Los Angeles Times
Terranea, a Tuscan-themed luxury resort on the bluffs of Rancho Palos Verdes, couldn't have opened at a worse time. The sprawling seaside resort had 582 rooms to rent, a fancy spa, eight restaurants and bars, plus one of the largest ballrooms in the region — and, at its debut two years ago, faced the coldest hospitality market in decades. The owners hired 50% fewer employees than they had planned, launched generous discount promotions and prepared for the worst. In 2009, the hotel industry was in the roughest shape since the Great Depression of the 1930s.
BUSINESS
November 8, 1985 | BRUCE HOROVITZ, Times Staff Writer
Hyatt Hotels Corp., best known for its towering hotels in many of America's big cities, Thursday announced an about-face that would thrust the Chicago hotel operator into smaller cities with new, scaled-down hotels. Hyatt officials said the company plans to spend $750 million during the next five years to build 200- to 300-room hotels in smaller cities and suburbs near large metropolitan areas.
BUSINESS
February 4, 1998 | E. SCOTT RECKARD
Largely because of a huge number of foreclosure sales in Southern California, twice as many hotels have gone on the auction block in the region than in Northern California since 1994. But the price per room--an easy way of keeping tabs on the market--is still 22% lower in Southern California, according to calculations by the Atlas Hospitality Group in Costa Mesa.
BUSINESS
January 24, 1995 | PATRICK LEE, TIMES STAFF WRITER
For the second time in six months, a financially troubled local Ritz-Carlton resort hotel--this time in Rancho Mirage--has been taken over by new owners as the previous owners struggle to rid themselves of debt problems. The 240-room Ritz-Carlton Rancho Mirage was built seven years ago on 24 acres in Riverside County and has become a popular destination for Southern California's rich and famous. It was taken over last week by Olympus Real Estate Corp.
BUSINESS
May 11, 2006 | Annette Haddad, Times Staff Writer
The Ritz-Carlton Laguna Niguel, the posh seaside resort that launched the luxury building boom along Orange County's coastline 20 years ago, is being sold in one of California's priciest hotel acquisitions. Strategic Hotels & Resorts Inc., a Chicago real estate investment trust, said Wednesday that it was buying the 393-room hotel for $330 million.
BUSINESS
April 7, 2009 | Roger Vincent
Shamed by images of wealthy corporateers cavorting at the expense of ordinary people, U.S. companies canceled an estimated $1 billion worth of conferences in the first two months of this year and trimmed back on others. Hoteliers are calling it "the AIG effect," after the insurance company that took a public drubbing for spending freely on corporate perks despite its financial turmoil.
BUSINESS
May 13, 1999 | E. SCOTT RECKARD, E. Scott Reckard covers tourism for The Times. He can be reached at (714) 966-7407 and at scott.reckard@latimes.com
Laurence Geller, whose private Strategic Hotel Capital bought the Ritz-Carlton in Dana Point for $225 million in 1997, keeps moving fast. His group now owns 28 hotels, including New York's Essex House, which it purchased recently for more than $250 million. Geller, 50, a transplanted Londoner based in Chicago, foresees more acquisitions in California. "Since the last recession, things have beefed up into a wonderfully diversified economy," he said, "and we want to be part of that."
BUSINESS
July 14, 1999 | DARYL STRICKLAND, TIMES STAFF WRITER
Sunstone Hotel Investors Inc., which owns 59 hotels, mostly in the Western U.S., said Tuesday that it accepted a sweetened buyout offer of nearly $453 million by an investor group that includes top Sunstone management. SHP Acquisition LLP, which plans to take the San Clemente company private, will pay $10.35 per share in cash, a 37% increase over its previous offer in April. In addition, SHP will absorb Sunstone's debt of about $440 million.
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