Financing for the 1,100-room Hilton headquarters hotel adjacent
to the Los Angeles Convention Center received a major setback when
Apollo Real Estate Advisors backed out of supplying an expected $60
million in equity. Representatives at LA Inc., the Los Angeles
Convention & Visitors Bureau, told M&C, "We know that in
the end there's going to be a convention center hotel. This is just
a process that can take a while." Apollo Real Estate Advisors was
not available for comment at press time.
Starwood Hotels & Resorts will build a new St. Regis
property in Atlanta. In the city's Buckhead neighborhood, the
26-story St. Regis Atlanta will open in the first half of 2008 and
will feature 150 rooms, an upscale restaurant, a spa, a pool and a
The U.S. government has pledged more than $337 million in
federal funds to help finance the first phase of an estimated $15
billion expansion of Chicago's O'Hare Airport. U.S. Secretary of
Transportation Norman Mineta agreed to give the city $20
million per year over 15 years, and, in a separate agreement, $37.2
million in Airport Improvement Program funds over five years.
Together, the grants will cover only 10 percent of the cost of the
first phase of expansion, which calls for two new runways, a new
concourse, and taxiway/navigation aids. Approved by the Federal
Aviation Administration in September, the expansion is expected to
allow O'Hare to increase its daily capacity by 18 percent, to an
average of approximately 3,300 flights per day.
Destination Marketing Association International has regained
sole ownership of Destinations Showcase, its trade show held
annually in both Chicago and Washington, D.C. The show was launched
in 1985 by DMAI (then the International Association of Convention
and Visitor Bureaus); DMAI sold it to trade show firm PGI in 1996.
PGI was acquired in July by TBA Global Events; TBA sold the show
back to DMAI last week.
Just a few months after being released from its contract to
manage The Plaza Hotel in New York City, Fairmont Hotels &
Resorts has entered into a new agreement to manage the 282-room
(down from 805) property when it emerges from its $350 million
renovation in early 2007. The project will convert much of the
hotel to condominiums.