April 28, 1999 |
Park Place Entertainment Corp., the world's largest casino operator, said Tuesday that it agreed to buy the Caesars World casino chain from Starwood Hotels & Resorts Worldwide Inc. for $3 billion in cash to expand in Las Vegas and Atlantic City, N.J. Caesars is the sixth-largest U.S. casino chain. Park Place, spun off from Hilton Hotels Corp. in December, owns the Hilton, Bally's and Grand casino chains.
September 16, 2004 |
The union representing workers in contentious contract negotiations with nine local hotels said it would file a lawsuit today against Starwood Hotels & Resorts Worldwide Inc. alleging unfair job practices. The lawsuit will accuse two hotels managed by Starwood, the St.
April 22, 1999 |
Starwood Hotels & Resorts Worldwide Inc. President and Chief Operating Officer Richard Nanula resigned under pressure after only a year at the White Plains, N.Y.-based company. Starwood said there were no immediate plans to name a successor. The chief executives of Starwood's hotel and gaming units will now report directly to Chairman Barry Sternlicht. Sternlicht hired former Walt Disney Co.
April 16, 1998 |
Walt Disney Co. Chief Financial Officer Richard Nanula, one of Chairman Michael D. Eisner's most trusted lieutenants, will quit to become president and chief executive of Phoenix-based Starwood Hotels & Resorts Worldwide Inc. Nanula's jump to Starwood, the world's largest hotel and gaming company, comes as the firm, a real estate investment trust, is struggling to digest its acquisitions of the last year. They include the $10.2-billion purchase of ITT Corp.
August 28, 1998 |
Starwood Hotels & Resorts said it will take a massive $1.2-billion charge as a result of its widely anticipated plan to convert from a real estate investment trust to a traditional corporation. New York-based Starwood, which owns Sheraton hotels and Caesars Palace in Las Vegas, said it will take the $1.2-billion charge against earnings to reflect deferred tax liabilities. In addition, the company will reduce its dividend and repurchase as much as $1 billion worth of stock.
October 15, 1998 |
Starwood Hotels & Resorts said it's exploring ways to sell its 35% stake in trade-school operator ITT Educational Services Inc., worth about $258 million, to focus on hotels and casinos. Starwood acquired the stake with its $14.6-billion purchase in February of ITT Corp. and ITT's Sheraton hotels and Caesars World casinos. Indianapolis-based ITT Educational operates 64 schools and had revenue of $261.7 million last year.
October 29, 1998 |
Amazon.com Inc. said its loss widened in the third quarter, but much less than analysts had expected, as it poured more money into advertising and as its sales quadrupled. The No. 1 online bookseller said it lost $24.7 million, or 49 cents a share, in the latest quarter, compared with a loss of $9.6 million, or 21 cents, a year ago. Analysts expected a loss of 57 cents a share, according to First Call Corp. Sales climbed to $153.7 million from $37.
August 27, 1998 |
Starwood Hotels & Resorts, the world's largest owner of hotels, said it will announce a new corporate structure today, in response to new legislation taking away a tax advantage it had enjoyed. White Plains, N.Y.-based Starwood, owner of the Sheraton and Westin hotels and Caesars World casinos, is likely to convert from a real estate investment trust into a traditional corporation, analysts said. It is now one of four companies structured as a so-called paired-share REIT.
March 1, 2006 |
The swank Sheraton Maria Isabel Hotel aspires to be many things, but a symbol of U.S. imperialism is not one of them. But such has been the case since Feb. 3, when staff at the U.S.-owned hotel just across from the American Embassy politely suggested that 16 visiting Cuban officials check out. The reason: U.S. Treasury officials had told the Sheraton's owner, Starwood Hotels & Resorts Worldwide, of White Plains, N.Y., that taking money from the guests from Cuba violated the 4-decade-old U.S.
June 3, 2008 |
Hilton Hotels Corp., the Beverly Hills-based U.S. hotel chain, hired two executives from rival Starwood Hotels & Resorts Worldwide Inc. to boost expansion into luxury accommodations.