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Associated Press | Radisson is writing one of the biggest checks
in company history for 18 floors in downtown Chicago’s Aqua Tower
high-rise. Carlson Hotels Worldwide announced Wednesday it would spend
$125 million on the first American property in its upscale Radisson Blu
line.
It’s one of the most expensive purchases in a busy shopping season for
hotel investors searching for distressed properties. But credits
markets are still so tight Carlson is paying half upfront in cash.
By Kathy Bergen | Jim Reilly, the legislative’s chief adviser on McCormick Place, would take the reins of the convention center and likely lead it into an era of private management, if the General Assembly approves legislation introduced this afternoon.
Reilly, who is chairman of the Regional Transportation Authority and formerly chief executive of the agency that runs McCormick Place, would step into a $185,250-a-year role that carries extensive decision-making power for an 18-month transition period.
Dow Jones Newswires | Hyatt Hotels Corp. posted a surprise
profit in the first quarter, though earnings fell 64 percent as the
hotelier benefited from an $8 million settlement and the company was
the latest to report signs of a travel and tourism industry rebound.
President and Chief Executive Mark Hoplamazian said room rates remain
under pressure, but the company is encouraged by year-to-year occupancy
increases in most of its markets. Group bookings also have begun to
rise, but continue to have limited visibility owing to short lead times
and smaller bookings.
By Kathy Bergen | Juan Ochoa, chief executive of the agency that runs McCormick Place,
Wednesday announced his resignation, which was widely anticipated. He
said in a statement he intends to work on immigration reform.
Ochoa’s exit as CEO of the Metropolitan Pier and Exposition Authority,
or McPier, comes as the General Assembly is preparing to restructure
operations at McCormick Place later this week.
The legislature’s chief adviser on the McCormick Place overhaul is
recommending installation of a state-appointed trustee for an 18-month
transition period. If the General Assembly goes along, this would have
meant Ochoa’s exit.
Dow Jones Newswires | Orbitz Worldwide Inc. significantly
narrowed its loss in the first quarter — its second-straight period in
the red — absent $331.5 million in 2009 write-downs partly related to
declines in the online travel company’s stock price. The results beat
analysts’ expectations, and Orbitz also reported significantly stronger
bookings.
By Kathy Bergen and Ray Long | Juan Ochoa, chief executive of the agency that runs McCormick Place, has broached the possibility of resigning with Gov. Pat Quinn, according to sources close to the situation.
Whether he made a formal offer or had a more informal exchange remains unclear. There was no information as to whether Quinn had accepted an offer. His office declined to comment.
New lobby of the Ritz-Carlton Chicago. (Handout)
By Julie Wernau |
The Ritz-Carlton Chicago is unveiling a $25 million renovation today at
its Four Seasons Hotel at Water Tower Place that includes a new
restaurant and bar, new presidential suite that includes daily in-room
massages and an updated promenade, ballroom and lobby.
The renovation included few structural changes and focused on updating
the decor of the 435-room hotel, which has been ranked one of the best
hotels in the world by Travel + Leisure.
Associated Press | Hertz Global Holdings Inc., the world’s
largest car rental company, said Monday it has agreed to buy rival
Dollar Thrifty Automotive Group for about $1.17 billion in cash and
stock. Hertz said the deal will give it an additional 1,550 additional
locations, boosting its total to 9,800. It said it will boost its
leisure rental business in Europe and elsewhere.
Dick and Janeen Schmaedeke exit the Pump Room, located inside the Ambassador East Hotel, 1300 N. State Street, in January. (Chris Sweda/Chicago Tribune) Below: New owner Ian Schrager in 2000. (AP Photo) .
By Wailin Wong |
Ian Schrager is officially the new owner of the Ambassador East hotel
and the legendary Pump Room restaurant, and the famous hotelier has
ambitious plans to restore the grandeur of the faded Gold Coast
landmarks.
“It already has great DNA,” Schrager told the Tribune in an interview.
“It already has this great ethos and history and tradition. So it’s a
matter of going back in there and coming with a product that’s
distinguishable from everything else in the marketplace.”
The motor entrance to The Elysian, a hotel and condominium tower near State Street and Walton. (Chris Walker/ Chicago Tribune)
Dow Jones Newswires-WSJ | The Elysian Hotel in Chicago, which
opened in December, has adopted a no-tipping policy, a move that breaks
with standard practices across the high-end- and luxury-hotel market,
says the head of a trade association.
“I haven’t seen ‘a no-tipping policy’ anyplace else,” says Joe
McInerney, president and chief executive officer of the American Hotel
& Lodging Association. “If you go to a no-tipping policy, certain
positions that have always lived off tips — like doormen, uniformed
services staff — what would they do?”
Elysian employees are paid competitive wages and benefits, says an Elysian spokeswoman.
Associated Press | United Airlines is seeing passenger revenue
rise faster than the rest of the airline industry, with business travel
and other high-end fares picking up.
The carrier said on Tuesday that January passenger revenue for each
mile it flew rose 10.5 percent. That gain is three times bigger than
the airline industry as a whole.
Associated Press | Online travel retailer Orbitz Worldwide Inc.
said Thursday that it has named Martin Brand and Brad Gerstner to its
board of directors, effective immediately.
Brand is a managing director in the private equity group at The
Blackstone Group, which held more than half of Orbitz shares as of the
end of 2009, according to filings. He is also on the board at
Travelport Limited, Performance Food Group and Bayview Asset Management
LLC.
Associated Press | The owner of the Radisson chain is launching a $1.5 billion rebranding and expansion to make its hotels more luxurious in markets where it now lags and increase the number of hotels it operates by 50 percent.
Carlson Hotels Worldwide is announcing the plan Wednesday even as its industry continues to struggle with plunging revenue and mounting debt. About 15 percent of hotels nationwide are behind on payments, according to one measure.
A room in the Windy City Urban Inn bed and breakfast owned by Andy Shaw and his wife.
| ELITE STREET | By Bob Goldsborough | With a desire to spend more time at their Michigan summer home, former WLS-Ch. 7 political reporter Andy Shaw and his wife want to scale back from their labor-intensive lifestyle running their Windy City Urban Inn bed-and-breakfast inside their Lincoln Park mansion.
So, they’ve listed the eight-bedroom mansion for $3 million. After they sell it, they plan to move to a condo downtown. |
See also • Elite Street: Former Blackhawk from $6,000 a month renter |
Associated Press | The regional affiliate of American Airlines says it will set aside room on some of its planes for first-class seating beginning this summer.
American Eagle said Thursday it will offer nine first-class seats on its CRJ-700 jets, which are much smaller than most planes operated by big sister American Airlines. The jets will have 63 or 65 coach seats after the redesign.
