February 14, 1993 |
The Sheraton-Town House, a 14-story hotel on the edge of Lafayette Park that drew a host of stars and celebrities to its famed Zebra Room throughout the 1950s, will close Feb. 28. "Business is poor," said Gerald Bahouth, the hotel's executive assistant manager. The hotel industry has been particularly hard hit by the recession and the neighborhood around the hotel has lost its luster, he said. The hotel will remain closed indefinitely while Sheraton considers its options, Bahouth said.
November 16, 1991 |
Redondo Beach Hotel Sold: In an all-cash deal, affiliates of GlenFed Development Corp. in Encino have sold the 339-room Sheraton at Redondo Beach Hotel and office plaza, according to a Salomon Bros. unit, which brokered the deal. Other terms were not disclosed. Salomon would identify the buyer only as "a major international hotel and beverage conglomerate."
April 25, 1989
ITT Corp.: The New York-based conglomerate reported net income of $200 million for the first quarter, a 12% increase over a year ago. Consolidated sales and revenue for the period were $4.8 billion, an increase of 6%. The company's service businesses registered gains during the quarter with the exception of the Hartford, which reflected a general downturn in domestic property and casualty underwriting. ITT Financial posted gains primarily as a result of higher levels of loan activity.
CALIFORNIA | LOCAL
November 11, 1987
The Sheraton hotel chain has announced that it will sever ties with Pasadena's landmark Huntington Hotel, which it once owned and now manages, and will build a new hotel in the city. Sheraton spokesmen said the company will end its management duties Jan. 11 because it does not agree with the current owners' plans to replace the main building with a luxury hotel. The main building was closed in 1985 when studies showed it might not withstand a major earthquake. Lary Mielke, head of Gemtel Corp.
September 21, 1986
Howard P. (Bud) James, former chairman and chief executive officer of the Sheraton Corp., has formed Global Hospitality Corp. to provide hotel owners and developers with a full range of management and consulting services. The firm is at 9171 Towne Centre Drive, San Diego.