A HOTEL investment company, Innkeepers USA Trust, has filed for bankruptcy protection after its room revenue fell and debt payments rose.
Bloomberg News said the Palm Beach, Florida-based company with stakes in 72 U.S. hotels owes more than $1 billion, Chapter 11 documents filed last month in U.S. Bankruptcy Court in Manhattan indicated.A plan supported by franchiser Marriott International Inc. will let Innkeepers keep its properties as it reorganizes, Innkeeper’s chief financial officer Dennis Craven said in reports.
Craven attributed the financial difficulties of the company to the slowdown in travel amid the economic slowdown, compounded by higher fuel prices and an oversupply of new hotels.
Marriott is the franchiser of 44 Innkeepers hotels. In exchange for Innkeepers’ improving 23 of the Marriott-branded hotels, Marriott will maintain the branding. (Sun Star
_______________
Seaweed producers project zero growth in three years
CEBU, Philippines – Seaweed producing countries, of which the Philippines is one, now project a zero growth rate in the next three years due to the lingering effects of the global economic crisis made worst by the substitution of carrageenan with other hydrocolloids.
Seaweed Industry Association of the Philippines (SIAP) president Benson U. Dakay, made this projection in his speech held in
Dakay, the president of the world's largest carrageenan supplier, Shemberg Marketing Corporation (SMC), called other Asian producing countries to unite and start collaborative efforts to fight the odds of the seaweed industry. (The Freeman / August 2, 2010)
No. 2 * 08.5.10
No comments:
Post a Comment