Tag Archives: worldwide

La Quinta Selling Operating Business to Wyndham Worldwide After Spinoff of Property

After announcing plans a year ago to divide its hotel organisation into different companies, Blackstone-controlled La Quinta Holdings Inc. (NYSE: LQ)reached an offer this week to offer its hotel franchise and management organisations to Wyndham Worldwide Corp. (NYSE: WYN) for $ 1.95 billion.

As part of the arrangement, instantly prior to the sale La Quinta will spin off its owned real estate assets into a publicly-traded REIT to be called CorePoint Accommodations. The company’s owned and franchised portfolio currently consists of more than 880 hotel homes with about 87,500 rooms in 48 U.S. states, Canada, Mexico and Honduras.

Wyndham hopes the addition of La Quinta will expand its reach further into the fast-growing upper-midscale hotel section.

Wyndham’s Hotel Group is among the world’s largest and most varied hotel business based on variety of residential or commercial properties. With the acquisition of La Quinta’s asset-light, fee-for-service business consisting of almost 900 managed and franchised hotels, Wyndham Hotel Group will span 21 brand names and over 9,000 hotels across more than 75 nations.

“La Quinta will instantly turn into one of our flagship brands,” said Geoff Ballotti, president and CEO of Wyndham Hotel Group. “It is an exceptionally strong brand name that is led by service-minded associates who provide some of the greatest customer engagement levels in our market.”

Keith Cline, president and CEO of La Quinta, will serve in the same role at CorePoint Lodging.

“As we prepared for, the separation of our businesses is enabling greater strategic clarity and enabling our business to benefit from development chances that naturally circulation from each service model,” Cline stated. “The midscale and upper midscale sections are among the largest in the accommodations industry in regards to number of homes and designers – not unexpected provided the cash-on-cash returns. As a pure-play accommodations realty business with a portfolio focused in these highly preferable segments, there is a considerable chance to drive worth for CorePoint.”

Barclays is functioning as exclusive financial consultant and Kirkland & & Ellis LLP is functioning as legal consultant to Wyndham Worldwide. Barclays and Deutsche Bank are supplying dedicated financing to Wyndham Worldwide in connection with the transaction.

J.P. Morgan is acting as unique financial consultant and Simpson Thacher & & Bartlett LLP is functioning as legal consultant to La Quinta. J.P. Morgan is offering committed financing to CorePoint Lodging in connection with the deal.

Wyndham Worldwide Splitting Hotel and Timeshare Companies into Separate Publicly Traded Companies

Wyndham Hotel Group to Become Pure-Play Hotel Business; Wyndham Vacation Ownership Will Be World’s Largest Publicly Traded Timeshare Business

Wyndham Worldwide (NYSE: WYN) ended up being the latest hospitality firm to spin off separate company systems in a quote to enhance shareholder value.

The company announced that Wyndham Hotel Group, based in Parsippany, NJ, will become a brand-new, openly traded pure-play hotel business, while Orlando-based Wyndham Getaway Ownership, one of largest publicly traded timeshare business, will be combined with Wyndham Destination Network, the home of timeshare exchange business RCI, as a separate time-share company.

The corporate names of the post-spinoff public companies have not yet been decided. Wyndham also announced it prepares to shop its European hotel brands independently.

Wyndham’s brands vary from the spending plan Knights Inn, Super8 and Travellodge to the upscale Wyndham Grand and Dolce Hotels and Resorts.

“After a comprehensive evaluation procedure, the board of directors has figured out that a spin-off of the hotel service and the combination of Wyndham Vacation Ownership with RCI is the best structure to unlock shareholder worth and allow strong development across the businesses,” stated Stephen P. Holmes, chairman and CEO, Wyndham Worldwide.

The deal, which is anticipated to be tax-free to Wyndham Worldwide and its shareholders, will be made by means of a pro rata distribution of the new hotel business’s stock to existing Wyndham Worldwide shareholders. Wyndham Worldwide anticipates the transaction to be completed in the very first half of 2018.

As two separate public business, the getaway ownership business and the hotel company will have different boards of directors. Holmes will act as non-executive chairman of the board for both companies.

Geoff Ballotti, current CEO of Wyndham Hotel Group, will continue to lead the hotel business as president and CEO. Michael Brown, present CEO of Wyndham Holiday Ownership, will continue to lead the timeshare business as president and CEO.

Wyndham Hotel Group has a global portfolio of 18 hotel brand names and more than 8,100 hotels with around 705,700 spaces. The business published 2016 earnings of $1.3 billion.

Wyndham Holiday Ownership has more than 220 time-share homes situated throughout the USA, Canada, Mexico, the Caribbean, South America and the South Pacific. It created more than $2 billion in gross timeshare sales in 2016. The RCI timeshare exchange network has more than 4,300 affiliated residential or commercial properties.

Anticipate broadened home entertainment worldwide from the Cirque du Soleil-Blue Man Group offer


Lindsay Best The sky is the limit for the Blue Guy Group. By

. If you thought this month’s revealed acquisition of the Blue Male Group by Cirque du Soleil would ultimately cause a Cirque-ification of the popular, somewhat avant-garde programs in Las Vegas and beyond, reconsider. Heaven Guy brand– including its differences from and similarities to Cirque’s productions– is what the Montreal-based live home entertainment service provider digs most.

“They have come to it with the message of keeping the Blue Man DNA as it is, and sort of assisting us understand where the character could go,” says one of BMG’s creators, Phil Stanton. “At this point in our history, we have actually achieved a lot for 3 men starting out as we did, however there’s a lot more we can do and Cirque can really assist us with that. They can assist us get the present show principle around the world in the method it should be.”

Cirque announced the deal July 6, presuming control of the New York-based Blue Man Productions, which has provided its award-winning program in more than 20 nations to more than 35 million people because 1991. “We are incredibly thrilled to invite the renowned Blue Male Group to our portfolio of shows. Their unchecked imagination makes them a best cultural suitable for Cirque du Soleil,” said Cirque President and CEO Daniel Lamarre because statement. “Our comprehensive marketing research likewise verifies that Blue Male Group is a strong ‘love brand name’ with a strong fan base– something else our 2 brand names have in common.”

The terms of the deal were not disclosed however Lamarre told the New york city Times the list price was in the tens of millions.

The transaction offers Cirque another well-known creative asset in its mission to expand internationally and diversify its home entertainment offerings, and as Stanton states, must provide BMG with the resources and vision to expand its show to brand-new parts of the world while also establishing various Blue Man programs.

“We’re a little various than Cirque in many methods, although we share the very same guiding concepts of commemorating human imagination,” Stanton says. “Before we were even contemplating entering into Cirque, we had a lot of ideas for a completely different show concept. We’ll see how things unfold but I believe that will be the strategy, to not just get the present program concept around the globe, but to establish things we’ve had in mind for several years and have actually not been able to produce, along with brand-new things we can only see when collaborating with Cirque. We’re anticipating a lot of that.”

In Las Vegas, Cirque’s currently dominant empire ends up being that much more powerful. Blue Guy Group is Cirque’s 8th program on the Strip, and 2nd at Luxor with Criss Angel: Mindfreak Live running in the pyramid-shaped resort’s Criss Angel Theater. The Blue Guys do their thing in the smaller sized theater on the second-level boardwalk.

“They’ve been in town considering that 2000 and been a part of the same Vegas landscape Cirque has actually belonged of, so it’s not really including a program, and from a behind-the-scenes perspective, you’re not going to see Cirque branding on Blue Guy Group or vice versa,” states Jerry Nadal, senior vice president of Cirque’s resident shows division. “They’ve got such a terrific brand name. And that’s been part of our mission, broadening our role as a global entertainment leader not just by constructing our own things. Blue Male has such a fantastic fan base, too, so to me, it’s a natural to pick it up. Many people that concern town are going to go see Blue Man at some point.”

Nadal states Blue Guy Group has actually been among the most prominent shows on the Strip entertainment scene, specifically since of the immersive and interactive aspects to the program. Like Cirque productions, BMG has actually continuously tweaked its Vegas production for many years. “You’ve got to look and see what is at the heart of each show,” Nadal says. “There are iconic pieces you do not wish to touch, but you also need to [modification] to provide people a reason to return.”

There are no strategies at this time to move Blue Man from the Luxor, but in the future, with Cirque at the helm, anything is possible. A second full-time BMG program on the Strip is not out of the question.

“We’re actually excited about the future and we’re all type of writing the script together as we go,” Stanton states.

British Airways cancels flights amidst worldwide computer outage


Steve Marcus A British Airways’B777 passenger jet is shown at the gate after landing at McCarran International Airport in Las Vegas, Sunday, Oct. 25, 2009.

Saturday, Might 27, 2017|6:10 a.m.

LONDON– British Airways canceled all flights from London’s Heathrow and Gatwick airports Saturday as a worldwide IT failure causes extreme disruption for travelers.

The airline stated it was suffering a “major IT systems failure” worldwide. It didn’t say what was causing the issue but said there is no evidence of a cyberattack.

Bachelor’s Degree stated terminals at Heathrow and Gatwick had become incredibly overloaded and cancelled all flights from those airports until 6 p.m. (1 p.m. EDT). It is prompting guests not to go to the airports.

Bachelor’s Degree has not stated exactly what is triggering the computer failure. It stated in a tweet that the problem is global.

Previously, travelers at Heathrow reported long lines at check-in counters and flight hold-ups.

One posted a picture on Twitter of Bachelor’s Degree personnel writing gate numbers on a white board.

“We’ve attempted all of the self-check-in devices. None were working, apart from one,” stated Terry Page, booked on a flight to Texas. “There was a substantial line for it and it later on transpired that it didn’t in fact work, however you didn’t discover that till you got to the front.”

Another tourist, PR executive Melissa Davis, said she was held for more than an hour and a half on the tarmac at Heathrow aboard a Bachelor’s Degree flight getting here from Belfast.

She stated guests had actually been told they might not transfer to other flights due to the fact that “they cannot bring up our information.”

Heathrow said the IT issue had caused “some hold-ups for passengers” and it was dealing with Bachelor’s Degree to fix it.

The issue comes on a vacation weekend, when countless Britons are traveling.

Bachelor’s Degree passengers were hit with extreme delays in July and September 2016 due to the fact that of issues with the airline’s online check-in systems.

CBRE, Johnson Controls Close $1.48 B Worldwide Work environment Solutions Transaction

CBRE Group, Inc. finished its acquisition of the centers management business of Johnson Controls (NYSE: JCI) for about $1.48 billion, the companies revealed today.

JCI’s Global Workplace Solutions (GWS) is among the biggest international providers of facilities management services, with more than $3 billion in annual income in 2014. The companies announced the deal on March 31.

Johnson Controls spun off its GWS business as part of its strategy to pare back to its core manufacturing and commercial business, which includes COOLING AND HEATING equipment, developing automation systems and relevant services.

The deal includes a 10-year arrangement between the two companies under which JCI will continue to be the preferred provider of devices and services for the five billion-square-foot property and corporate facilities portfolio handled internationally by the two companies. When fully operational, the new business is expected to create as much as $500 countless yearly profits for JCI.

The transaction even more develops Los Angeles-based CBRE’s business outsourcing business, which has seen double-digit development for numerous years as more huge corporations opt to contract out their property functions.

CBRE will merge the JCI system with its occupier outsourcing company to develop a company line within CBRE under International Office Solutions. Costs Concannon, previously CEO of CBRE’s occupier outsourcing business, ends up being chief executive of GWS, while John Murphy, previously president of the JCI office options device, become its chief running officer.

With the transaction, CBRE now manages about 2.3 billion square feet in the Americas, 1.3 billion square feet in Europe, the Middle East & & Africa; and 1.4 billion square feet in the Asia Pacific area.

Oil prices slide as worries about worldwide supply excess mount


Eric Gay/ AP

In this July 21, 2015 file picture, an oil tanker passes a fisherman as it enters a channel near Port Aransas, Texas, heading for the Port of Corpus Christi.

Monday, Aug. 3, 2015|7:26 p.m.

. The slump in oil costs grew Monday, taking down the price of U.S. crude to the lowest level in more than 4 months.

The move came as traders braced for softer demand in the middle of a boost in the variety of active rigs and indicators of weakness in U.S. building spending and manufacturing.

Benchmark U.S. crude fell $1.95, or 4.1 percent, to close at $45.17 a barrel in New York. U.S. crude has been decreasing given that reaching a high this year of $61.43 a barrel on June 10. It’s down 15 percent up until now this year.

Brent crude, a benchmark for global oils utilized by lots of U.S. refineries, declined $2.69, or 5.2 percent, to $49.52 a barrel in London. It’s down 13.5 percent this year.

A number of factors have put pressure on oil costs.

Oil production companies have actually been increasing the number of rigs they have drilling for crude in current weeks.

The number of rigs checking out for oil in the united state rose by 5 recently to 664, according to oilfield services company Baker Hughes Inc. All informed, the rig count has actually increased in four of the past 5 weeks.

That added to a 21 percent decrease in the cost of oil last month.

On Monday, a couple of economic reports weighed on oil prices, contributing to growing speculation that international demand is set to weaken.

The Institute of Purchasing Supervisors’ production index slipped to 52.7 last month from 53.5 in June. The most recent reading, which economists had anticipated to continue to be the same from the previous month, signals that U.S. factories were a little less busy in July.

At the same time, the Department of Commerce stated building spending rose just 0.1 percent in June from a month previously.

“Some of the economic numbers that came out today were not encouraging of an increase in demand,” said Robert Yawger, director of energy futures at Mizuho Securities UNITED STATE. “It’s a headline market and the headings have all been negative.”

In other futures trading on the New York Mercantile Exchange, wholesale fuel fell 9.8 cents to $1.675 a gallon, heating oil fell 5.8 cents to $1.531 a gallon and natural gas rose 3.2 cents to close at $2.748 per 1,000 cubic feet.

Fight At the Top: What a Merged Cushman/DTZ Holds in Shop for Worldwide CRE Solutions

Projected Numbers Suggest It’s Possible, but Challenge will certainly be to Quickly Incorporate and Compete Versus Full-Service CRE Design Perfected By CBRE and JLL

The news this week that DTZ will certainly purchase Cushman & & Wakefield from Exor S.p.A. in an offer valued at $2.04 billion has produced a flurry of expert speculation over how the combination will influence the worldwide balance among the top CRE services law firms worldwide.

While Los Angeles-based CBRE Group, Inc. continues to be the clear industry leader, with a wide advantage in global earnings, headcount, number of workplaces and geographical reach, followed by JLL, a DTZ-Cushman & & Wakefield combination does appear establish a third international competitor, a minimum of by the numbers projected by Cushman and DTZ this week.

The consolidated Cushman/DTZ appears to draw even with JLL in gross earnings and go beyond the Chicago-based company in the variety of business offices. In the property/asset management business line, Cushman could vault past both CBRE and JLL, in big part due to the strength of DTZ’s 1.9 billion square feet of building management portfolio and its 1.3 billion square feet of facilities management on behalf of institutional, government, corporate and private clients worldwide.

Cushman decreased to comment even more on post-merger forecasts beyond exactly what was contained in its May 11 release, which said the combined company will certainly run under the internationally known Cushman & & Wakefield brand and boast profits of over $5.5 billion, with more than 43,000 workers and more than 4 billion square feet under management.

“With [former CBRE president] Brett White’s influence and the chance to combine the global footprints of C&W and DTZ, there are definitely some margin opportunities,” William Blair & & Co. equity expert Brandon Dobell informs CoStar News.

“(So) Cushman is a modest hazard to CBRE and JLL, however only if they can keep their people and convince the marketplace that the bigger business can’t do things in addition to Cushman/DTZ can– that’s not a simple task,” he included.

Cushman & & Wakefield’s parent business reported an EBITDA margin (incomes prior to expenses excluding tax, interest and depreciation) of 8.4 % in 2014, far below CBRE’s 14 % and JLL at 12 % however similar with the 9 % reported for in 2014 by Colliers International and its openly traded parent, FirstService Corp.

. Any DTZ-Cushman employees shed in the near term will be due to overlaps with DTZ in Europe, the Middle East and Asia. In the united state, however, “Colliers and possibly Avison Young, which have been the most aggressive of all the companies in obtaining skill in the U.S. and Canada, will benefit from the talent shift,” Dobell stated.

He said CBRE and JLL have actually been extremely effective at offering the full-service model to worldwide customers and Cushman will need to do the same, which will not be simple up until after the combination is full most likely in 2017. In any case, Dobell it’s challenging to tell because the general public markets do not have a clear view of Cushman’s company.

“Over the medium and long term, it definitely puts some pressure on CBRE and JLL, however we have so little visibility into Cushman’s revenue sources in terms of geographies, service lines, etc. that it is difficult to tell where the pressure might be felt the most or least,” Dobell said.In the important U.S. market, Cushman & Wakefield has actually 63 totally owned offices together with 66 workplaces operated through alliances, and two joint-venture offices, according to Cushman &’s Brad Dugard, managing director, business communications for the Americas. JLL has 90 business U.S. offices, consisting of LaSalle Investment Management operations, and utilized just under 18,000 individuals in the united state at the

end of 2014, according to company monetary files. CBRE has more than 150 U.S. workplaces, leaving out 31 affiliate offices, and employed more than 27,000 individuals in the Americas at the end of 2014, according to company information. Mitch Germain of JMP Securities kept in mind that the Cushman/DTZ pairing creates sensible competition for CBRE and JLL at a time when mergers and acquisitions activity has actually ramped up significantly in the home services sector in current quarters– most just recently the revealed$1.5 billion acquisition by CBRE of the Johnson Controls third-party property management Global Labor force Solutions company. Cushman would be the 3rd significant acquisition in less than a year crafted by the investment consortium of TPG Capital, PAG Asia Capital, and Ontario Educators’Pension. The consortium obtained DTZ from UGL Ltd., about a year earlier and settled its$550 million purchase of Cassidy Turley previously this year, getting a much coveted widening of its U.S. footprint. That said, the other significant players are hardly standing still, actively purchasing service lines and local presences in the U.S. and worldwide, Germain says. CBRE, JLL and FirstService/Colliers have actually all put aside substantial dry powder for external development, finishing

approximately 10-12 transactions each year. Trading platform BGC Partners has likewise aimed to increase its CRE platform through current acquisitions.

B.B. King was a worldwide, and Las Vegas, treasure


Erik Kabik/Retna/www. erikkabikphoto.com B.B. King performs at B.B. King’s Blues Club at The Mirage on Aug. 17

, 2010. By John Katsilometes(contact) Friday, May 15, 2015|10:37 a.m. B.B. King at The Mirage Release slideshow”B.B. King at The Mirage: Day 2 Introduce slideshow”B.B. King lived in Las Vegas in such a way that was not so noticeable.” I don’t believe the majority of people in Vegas understand that I live there. I never ever do hear anything about B.B. King living in Las Vegas,”King said in a prolonged phone interview John Katsilometes

in August 2010.”I see where a lot

of other people live in Las Vegas
B.B. King performs at B.B. King's Blues Club at The Mirage on Aug. 16, 2010.
. I examine the paper, I

review who lives there. But I
B.B. King performs at B.B. King's Blues Club at The Mirage on Aug. 17, 2010.see where individuals talk

about who they see right here, but I have actually just seen that about myself a couple of

times in Three Decade.”King died Thursday at his Las Vegas home at age 89. He had been under hospice take care of two weeks. He was at when an international legend, an American treasure and among Vegas’ most popular homeowners. King’s fellow Las Vegan and guitar legend Carlos Santana, who headings at Residence of Blues at Mandalay Bay, typically discusses King when talking of the artists who have influenced his own profession. In a statement this morning

, Santana stated:”I am deeply saddened by the death of’ The Chairman of the Board,’B.B. King. He is now on the other side with Bob Marley, John Coltrane, Miles Davis and numerous others. His one of a kind noise was an inspiration to an entire generation of musicians, including myself. He will be missed by countless fans and by numerous musicians. I would like to extend my sincerest acknowledgements to the King family. May he rest in everlasting peace.”The event of our latest discussion was his look at the since-closed B.B. King’s Blues Club at The Mirage. That performance, where King just sat on a chair and let his hands dance throughout his guitar, was among 2 programs I saw King perform. The other was a few years previously at Cox Structure, as King sported a purple, satin jacket and smiled his way through a sold-out concert. At the time of the interview in 2010

, among King’s customized Gibson”Lucille”guitars(Lucille No. 15 of 16 he had)had actually been stolen from his home in Spanish Oaks. “Oh yeah, somebody took among them, and I simply got it back about a month ago. Somebody stole one of my Lucille guitars, can you think that?”King stated. The famous instrument, easily recognizable for the” Lucille”and “B.B. King” scripted throughout its body, was discovered

awaiting a Las Vegas pawnshop.”This went in a round-about route– the guy that took it let a guy that he knew pawn it, so the pawnshop guy didn’t understand who he was or what was

going on, “King stated.”But to be sincere, they could not miss it! It has my name on it, I indicate made in it, from the factory. So, any person who saw it would need to know it’s mine.”Through the years King gave up two ruinous practices: Gaming and smoking cigarettes. Of his love for games of possibility, he stated,”I liked keno and blackjack, those were my games. However when I moved (to Las Vegas), it cut my practice. I go home now. The way I tell my pals, when you’re single, you’re always trying to find ladies. But when you get married, you don’t need to try to find girls anymore. With me, before I moved there, whenever you ‘d go to a gambling establishment, you ‘d wager and would never go to bed. Simply stay at the tables. That’s the method I was then, but now, I live there and it resembles being married. I do not need it.”He gave up smoking since it was disrupting his craft. “I have not smoked in 40 years. I do not care for smoke now, “he stated.”When the surgeon general stated smoking cigarettes was harmful to your health, I stopped smoking cigarettes. Smoking obstructed of performing. So what would I rather do: Smoke or perform? I ‘d rather carry out. It wasn’t a hard decision. “King was forever coy about his aptitude on the guitar. When I asked about how he adjusted the noise in his own club or other locations, he

said,”Musically, I’ve never been– who’s the excellent pianist who lived in Las

Vegas? Liberace. I’ve never been among them, who knows about the, will we say, the sound of a space and all of that. He understood the acoustics and studied that. Now, there have been some places I ‘d rather not go back to, because of the sound, but I didn’t know precisely what was causing the noise to be exactly what it was.”At the performance at his club three nights later, King closed with “The Excitement is Gone.”However it was not gone, not by a long shot, as King presented the tune by stating, “I’m gon na do this till the day I pass away, folks! “That’s how we remember him, under the hot lights, bringing life to that room with the beautiful Lucille. Mirage Hotel and Gambling establishment Found in the center of the well known Las Vegas Strip, The Mirage includes contemporary AAA Four Diamond accommodations; nightlife locations including 1 OAK Nightclub and The Beatles TRANSFORMATION Lounge; dining establishments produced by the world’s most renowned chefs including Tom Colicchio’s Heritage Steak (summertime 2013 ); a glamorous spa and salon; the luring Bare pool

lounge; and 170,000 square feet of conference and convention area. Special home entertainment choices consist of The Beatles LOVE by Cirque du Soleil commemorating the musical tradition of The Beatles; the Aces of Comedy series including one of the most extensive and varied comedic line-ups across the country; Terry Fator: The Voice of Home entertainment; four-time GRAMMY Acclaimed R&B musical feeling Boyz II Men; and the rich animal sanctuary of Siegfried & Roy’s Secret Garden and Dolphin Habitat. From the nightly Volcano eruption show and 20,000-gallon lobby aquarium to the rich tropical atrium and swimming pool, visitors experience an exotic world-class location unlike other. 3400 Las Vegas Blvd. South Las Vegas, NV 89109 702-791-7111 The Strip Las Vegas Boulevard Las Vegas, NV 89109 Follow John Katsilometes on Twitter at Twitter.com/ JohnnyKats. Also, follow”Kats With the Meal”at Twitter.com/ KatsWiththeDish.