April 9, 2004 |
Former U.S. Sen. George J. Mitchell, recently tapped as chairman of Walt Disney Co., is scaling back another board commitment. Mitchell will leave the board of Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin chains, at its annual meeting May 7, according to a regulatory filing. Neither Starwood nor Mitchell commented on the reason for his retirement. Mitchell, 70, joined the board of the White Plains, N.Y.-based company in 1997.
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.
June 21, 2003 |
A group that includes Starwood Hotels & Resorts Worldwide Inc. and the founder of the Planet Hollywood restaurant chain will be allowed to buy the Aladdin Hotel & Casino in Las Vegas, a bankruptcy judge ruled Friday. The purchase was endorsed by creditors for the property's owner, Aladdin Gaming, which filed for Chapter 11 bankruptcy in 2001, 13 months after the hotel opened.
August 24, 2005 |
Starwood Hotels & Resorts Worldwide Inc. confirmed Tuesday that it was launching a major expansion of its Las Vegas operations by becoming an equity partner in a $1.7-billion hotel and condominium project next to the Hard Rock hotel-casino. The owner of the Sheraton, W Hotels, Westin and St. Regis lodging chains said that it planned to open an upscale W hotel at the site, which it is developing with Edge Resorts, a group of private investors. The venture acquired the 21-acre parcel for $108.
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.