Morgans goes to court: Morgans Hotel Group has filed a lawsuit to retain management of the Mondrian Soho after the hotel recently was foreclosed upon and sold. Morgans claims it would be owed US$110 million if its 30-year agreement is breached. The suit names lender German American Capital Corp., as well as the Sapir Organization, which paid US$205 million for the hotel in June.
Starwood reports 3Q earnings: Starwood Hotels & Resorts Worldwide reported third-quarter 2014 financial results. Excluding special items, earnings per share from continuing operations was US$0.66, and adjusted EBITDA was US$298 million.
Read more at Starwood’s website
TripAdvisor launches personalized hotel recommendations: The travel website announced the launch of its Just for You feature that provides more personalized hotel recommendations to TripAdvisor users based on their individual preferences and travel research on the site.
NYC hotel to be sold: Real estate investors Aby Rosen and Michael Fuchs have hired brokerage firm Eastdil Secured to market the 186-room Gramercy Park Hotel in New York City. With the strength of the New York market, Crains New York reported the hotel could fetch US$260 million or more, which would work out to at least US$1.4 million per room.
Read more at Crain’s New York Business
Pebblebrook to issue 3.2 million common shares: Pebblebrook Hotel Trust announced today it intends to issue 3.2 million of its common shares of beneficial interest, US$0.01 par value per share, in an underwritten public offering. The offering is expected to close on October 30, and the company expects to contribute the net proceeds for general corporate purposes, which may include acquiring and investing in hotel properties.
Hyatt Regency to expand in Houston: Hyatt Hotels Corp. announced a Hyatt affiliate has entered into a franchise agreement with Atlanta-based Songy HighRoads to develop Hyatt Regency Houston Galleria. The 325-room hotel will be managed by Aimbridge Hospitality and is scheduled to open in fall 2015.