Hotel Financing – Guide Global http://guideglobal.com/ Fri, 04 Jun 2021 20:37:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://guideglobal.com/wp-content/uploads/2021/05/default1.png Hotel Financing – Guide Global http://guideglobal.com/ 32 32 Hilton Worldwide Holdings Inc. (HLT) Up 2% Since Last Earnings Report: Can It Continue? https://guideglobal.com/hilton-worldwide-holdings-inc-hlt-up-2-since-last-earnings-report-can-it-continue/ https://guideglobal.com/hilton-worldwide-holdings-inc-hlt-up-2-since-last-earnings-report-can-it-continue/#respond Fri, 04 Jun 2021 15:31:40 +0000 https://guideglobal.com/hilton-worldwide-holdings-inc-hlt-up-2-since-last-earnings-report-can-it-continue/ A months have passed since the last earnings report of Hilton Worldwide Holdings Inc. (HLT). Stocks rose about 2% during that time, outperforming the S&P 500. Will the recent positive trend continue until its next results release, or is Hilton Worldwide Holdings Inc. likely to experience a pullback? Before we dive into how investors and […]]]>


A months have passed since the last earnings report of Hilton Worldwide Holdings Inc. (HLT). Stocks rose about 2% during that time, outperforming the S&P 500.

Will the recent positive trend continue until its next results release, or is Hilton Worldwide Holdings Inc. likely to experience a pullback? Before we dive into how investors and analysts have reacted in recent times, let’s take a look at the latest earnings report to get a better understanding of the important factors.

Hilton Q1 profit and revenue not estimated, Fall Y / Y

Hilton reported disappointing first quarter 2021 results, in which both earnings and revenue not only missed Zacks’ consensus estimate, but also declined year over year. Notably, the company’s operations have been negatively affected by strict travel restrictions due to the resurgence of COVID-19 cases, particularly in Europe and the Asia-Pacific region.

Christopher J. Nassetta, President and CEO of Hilton, said, “We are pleased with our first quarter results. As increasing COVID-19 cases and tighter travel restrictions, especially in Europe and our Asia-Pacific region, weighed on demand in January and February, we saw significant improvement in March and April. We expect this positive momentum to continue as vaccines are more widely distributed and our customers once again feel safe while traveling. “

T1 in detail

In the quarter under review, Hilton reported adjusted earnings per share of 2 cents, lower than Zacks’ consensus estimate of 5 cents. In the quarter of the previous year, the company reported adjusted earnings per share of 74 cents.

Quarterly revenues of $ 874 million missed the consensus mark of $ 953 million. In addition, sales were down 54.5% compared to the quarter of the previous year. Both the results and the results were negatively affected by the coronavirus pandemic.

RevPAR and adjusted EBITDA

In the quarter under review, system-wide comparable revenue per available room (RevPAR) fell 38.4% on a currency neutral basis due to lower occupancy and lower occupancy. average daily rate (ADR). The downward trend was due to reimposed travel restrictions and the suspension of hotel operations (particularly in Europe and the Asia-Pacific region), due to the increase in coronavirus cases.

In the quarter under review, commission income fell by 34%. The company announced that its operations of nearly 275 properties primarily located in the United States and Europe were suspended for a period of time during the quarter.

Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter was $ 198 million, compared to $ 363 million in the previous year quarter.

Cash, Debt and Share Buyback

As at March 31, 2021, the cash and cash equivalents (including restricted cash) balance was $ 2,447 million. The company had $ 10.1 billion in long-term debt outstanding, excluding deferred financing charges and discounts, with a weighted average interest rate of 3.66%.

Business Updates

Notably, Hilton opened 105 new hotels in the first quarter of 2021. It also achieved net unit growth of nearly 13,100 rooms. During the quarter, the company marked the opening of the 100th Curio Collection by Hilton and its 50th Tapestry Collection by Hilton.

As of March 31, 2021, Hilton’s development pipeline included more than 2,570 hotels, with nearly 399,000 rooms in 114 countries and territories, including 31 countries and territories where there are currently no hotels in operation. In addition, 241,000 rooms in development were located outside the United States and 204,000 rooms were under construction. As of April 28, 2021, 97% of global Hilton hotel properties were open.

How have the estimates evolved since?

Over the past month, investors have seen a downward trend in revised estimates.

VGM scores

Currently, Hilton Worldwide Holdings Inc. has a low growth score of F, but its Momentum score is doing much better with a C. Charting a somewhat similar path, the stock received a D rating on the value side , which places it in the bottom 40% for this investment strategy.

Overall, the stock has an overall VGM score of F. If you’re not strategy-focused, this score is the one you should be interested in.

Outlook

Estimates are broadly trending down for the stock, and the magnitude of these revisions looks promising. Notably, Hilton Worldwide Holdings Inc. has a Zacks Rank # 3 (Hold). We expect the stock to come back online in the coming months.

Click to get this free report

Hilton Worldwide Holdings Inc. (HLT): Free Share Analysis Report

To read this article on Zacks.com, click here.

Zacks investment research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Source link

]]>
https://guideglobal.com/hilton-worldwide-holdings-inc-hlt-up-2-since-last-earnings-report-can-it-continue/feed/ 0
Stadium Authority Releases Chicago Taxpayers, Refinances $ 21.4 Million In Soldier Field Debt https://guideglobal.com/stadium-authority-releases-chicago-taxpayers-refinances-21-4-million-in-soldier-field-debt/ https://guideglobal.com/stadium-authority-releases-chicago-taxpayers-refinances-21-4-million-in-soldier-field-debt/#respond Thu, 03 Jun 2021 21:02:45 +0000 https://guideglobal.com/stadium-authority-releases-chicago-taxpayers-refinances-21-4-million-in-soldier-field-debt/ The Illinois Sports Facilities Authority has agreed to recoup some of the debt used to renovate Soldier Field to free beleaguered Chicago taxpayers for what would have cost $ 22 million. The bonds that funded the $ 660 million renovation of Soldier Field are being reimbursed by part of the city’s hotel tax – but […]]]>


The Illinois Sports Facilities Authority has agreed to recoup some of the debt used to renovate Soldier Field to free beleaguered Chicago taxpayers for what would have cost $ 22 million.

The bonds that funded the $ 660 million renovation of Soldier Field are being reimbursed by part of the city’s hotel tax – but this finance package also assumed that hotel tax revenues would grow 5.5% per year.

When it doesn’t, Chicago taxpayers are supposed to make up the difference.

This has only happened once before, in 2011 – for an amount of $ 185,000. Mayor Rahm Emanuel then complained that Chicago taxpayers are “not an ATM”. He dumped three members of the stadium board, including Richard M. Daley’s nephew.

The ATM was set to be turned back on – this time to the tune of $ 22 million – thanks to the devastating impact of the coronavirus pandemic on Chicago hotels.

That’s why a stadium board now headed by governor-appointed Leslie Darling came to the rescue this week – refinancing $ 21.4 million in Soldier Field bonds, despite the authority’s rating of the unwanted bonds. of the stadium.

This pushes back the debt at an initial cost of $ 468,000.

“During the last legislative session, the city worked closely with the board of directors of ISFA as well as the office of the governor to grant ISFA the necessary refinancing authority and take ownership of up to $ 20 million to deal with [2021 fiscal year] deficit resulting from the precipitous drop in hotel tax revenues during the pandemic which is expected to impact the City’s budget by [the 2021 fiscal year] and beyond, ”Chicago CFO Jennie Huang Bennett said in a statement.

“During the pandemic, hotel tax revenues declined 75-90%, creating a once-in-a-century once-in-a-century event that necessitated this adjustment. We appreciate the collaboration of everyone involved to make this a reality. “

Newly appointed ISFA CEO Frank Bilecki said COVID-19 had “devastated the hotel industry around the world and Chicago was not immune” to falling demand.

“Due to these extraordinarily low occupancy rates and the loss of hotel tax revenues, ISFA is unable to reimburse the state advance on hotel tax revenues. As a result, the city is responsible for making up this difference, which this year amounts to around $ 22 million, ”Bilecki wrote in a text message to the Sun-Times.

“ISFA worked with the city to meet its financial needs as it made its way through the pandemic, including this week’s unique ISFA board action of refinancing a part of… 2001 bonds. “

Last fall, the Chicago Sun-Times sounded the alarm about the city’s untimely embezzlement of state tax revenues to pay off $ 430 million of Soldier’s outstanding debt. Field.

At the time, Bennett said she believed it could be avoided, telegraphing the refinancing that took place this week.

“If the state does not have enough to cover the state advance, which is the first line of defense against hotel shortfalls, then debt restructuring would prevent such a shortfall from the city. or the state, ”Bennett said at the time.

A view of the interior of Soldier Field after a massive renovation project. Bonds used to pay for the works are supposed to be reimbursed from the city’s hotel tax revenue.
Sun-Times file

Last month, hotel occupancy rates “hovered in the high 20% range,” according to Michael Jacobson, president of the Illinois Hotel Lodging Association.

This was a “big improvement” from the single-digit figures a year ago, but well below the “1970s” occupancy rates that Chicago hotels normally enjoy in hotels. days and weeks leading up to Memorial Day.

The Westin River North reopened last month. The Sheraton Grand will follow suit next week. The Palmer House Hilton, still mired in bankruptcy, plans to reopen later this month, Jacobson said.

He urges Mayor Lori Lightfoot to allocate $ 75 million in new federal aid to help staff at hotels that “went a year penniless in revenue” reopen completely.

Soldier Field bonds are set to expire in 2032, but payouts are skyrocketing over time. During the current fiscal year, ending June 30, the debt service payment amounts to $ 46.5 million. It stands at $ 49.4 million in 2022 and continues to increase gradually until the end of the lump sum payments: $ 66.5 million in 2030, $ 81.7 million in 2031 and $ 86.9 million. dollars in 2032.

These lump sum payments were part of the changes made after the terrorist attacks of September 11, 2001, when the travel industry shut down.

To save the deal, then-mayor Richard M. Daley pressured the Bears to permanently relinquish their right to sell the name rights to Soldier Field and instituted protection for two years for Chicago taxpayers.

In the original version, the state could retain a portion of the city’s share of state income tax whenever the Chicago hotel tax did not increase at an annual rate of 5.5%. – enough to withdraw $ 399 million in stadium bonds.

The new version has been restructured – with deferred interest payments triggering these balloon amounts – to make a two-year local tax bailout unnecessary. This gave the airline, convention and tourism industries the opportunity to recover from the devastating losses they suffered as a result of the terrorist attacks.



Source link

]]>
https://guideglobal.com/stadium-authority-releases-chicago-taxpayers-refinances-21-4-million-in-soldier-field-debt/feed/ 0
Paloucek: North Platte learns about optimism | Chroniclers https://guideglobal.com/paloucek-north-platte-learns-about-optimism-chroniclers/ https://guideglobal.com/paloucek-north-platte-learns-about-optimism-chroniclers/#respond Wed, 02 Jun 2021 08:00:00 +0000 https://guideglobal.com/paloucek-north-platte-learns-about-optimism-chroniclers/ The unicameral has just allocated $ 10 million over the next two years for the development of a “rail fleet” that could help finance direct access to Union Pacific rails, an irresistible attraction for rail companies. processing and logistics, at a site just east of Hershey. In the past two weeks, K&M Tire Inc., a […]]]>


The unicameral has just allocated $ 10 million over the next two years for the development of a “rail fleet” that could help finance direct access to Union Pacific rails, an irresistible attraction for rail companies. processing and logistics, at a site just east of Hershey.

In the past two weeks, K&M Tire Inc., a nationwide tire supplier, announced plans to open a 50,000 square foot distribution center in the Twin Rivers business park in North Platte.

Our recent experience suggests that economic development may be subject to its own version of the physical law of conservation of momentum. It is the concept that, in the absence of an intervening force, an object at rest tends to remain at rest and a moving object continues to move. Until recently, we knew a lot about the “object at rest” side of the dynamics of economic development. So what intervening force has sparked our economic snowball down the hill?

One undeniable factor is that North Platte has thankfully lost its reputation for being unwelcoming, to say the least, to projects that will seek funding through tax increases and other government incentives. Our civic leaders and citizens have come to realize the reality that the desired development often requires incentives that local government can provide that the “free market” alone cannot generate. The TIF may briefly divert the increase in property tax revenue generated by development to the developer to help pay for eligible expenses, but this minimal delay in government revenue beats the development devil that never occurs for lack of financial sustainability. .



Source link

]]>
https://guideglobal.com/paloucek-north-platte-learns-about-optimism-chroniclers/feed/ 0
Why was the crowd in LA so much quieter than in Chicago or New York? https://guideglobal.com/why-was-the-crowd-in-la-so-much-quieter-than-in-chicago-or-new-york/ https://guideglobal.com/why-was-the-crowd-in-la-so-much-quieter-than-in-chicago-or-new-york/#respond Tue, 01 Jun 2021 11:00:57 +0000 https://guideglobal.com/why-was-the-crowd-in-la-so-much-quieter-than-in-chicago-or-new-york/ Quick, now: When you think of smugglers, blackmailers, guns and thugs in natty double-breasted overcoats, which city comes to mind? Chicago, probably. New York, maybe. Detroit, maybe. But certainly not Los Angeles. Organized crime, to the place that liked to praise that it was America’s simon-pure “white point”? Lift up a chair, kids. The gangsters […]]]>


Quick, now: When you think of smugglers, blackmailers, guns and thugs in natty double-breasted overcoats, which city comes to mind?

Chicago, probably. New York, maybe. Detroit, maybe.

But certainly not Los Angeles. Organized crime, to the place that liked to praise that it was America’s simon-pure “white point”?

Lift up a chair, kids.

The gangsters in LA were few in number, and maybe they wore swim shorts under those coats – yes, just kidding – but organized crime and LA rackets go a long way together, and also very high, from the hotel. city ​​and LAPD, and even illegal bars, stalls, game joints and brothels.

Our sun racketeers weren’t Capone quality, but Al Capone has been to town several times. The first time, in December 1927, he was a guest at the Biltmore Hotel for a day or two before his incognito was blown out and the cops shoved him on a train to Chicago. “I thought you liked tourists!” he then complained to the Times. “Who ever heard of someone who ran out of Los Angeles and had money?” The second time, in 1939, he stayed for about 10 months – as a guest of the Federal Correctional Hospital on Terminal Island.

Al Capone’s arrival at Terminal Island Prison made headlines in January 1939.

(Los Angeles Times Archives)

From the years before Prohibition until well after World War II and even until the Decade of the Nightclub – when ‘gangs’ had become drug and street gangs – organized crime led a range. full of criminality: bribes, loan fraud, extortion, winnings, shakedowns.

And did the LA civic ride a white horse to chase them away? As if.

In the 1920s and beyond, LA gangsters found themselves in vigorous criminal competition with boldly carried out corrupt operations from the mayor’s office and parts of the LAPD. There were times when Angelenos must have questioned whether the police “vice squad” was for vice or against him.

Longtime Los Angeles Times writer Patt Morrison

Explaining LA with Patt Morrison

Los Angeles is a complex place. In this weekly article, Patt Morrison explains how it works, its history and its culture.

Los Angeles’ criminal history comes under scrutiny in a new book, “Los Angeles Underworld,” a kind of picture book about organized crime and its civic cousin. Its central character is Jack Dragna, a man who The Times said was “perhaps the only classic ‘godfather’ the city has ever known.” It is written by Avi Bash and J. Michael Niotta – Dragna’s great-grandson.

Los Angeles had a lot less Italians than New York, but Sicilians like Dragna “came out of the West because they were free, or because they were herders or farmers as they were back in Sicily”, Niotta told me. “The climate in southern California was very similar to that of Sicily. And before Prohibition, I wouldn’t say it was an organization as much as maybe local criminals and cowardly confederations. Prohibition is what gave them a reason to organize and come together.

If they wanted the money to keep flowing, they had to unite to face another mob called “The Combination”, “The Spring Street Clique” – officials who used the authority of the hotel city ​​to enjoy the same criminal delights that enriched the crowd, sometimes in competition, sometimes hand in hand.

Joe Domanick, an authority on LAPD history, described it in The Times: “The LAPD Central Vice Brigade was on the move; and a cowardly organized crime syndicate was protected by Mayor George Cryer’s top aide. It was not violent, large-scale, high-profile, Chicago-style organized crime. But his corrupting influence was just as real.

Over the next decade, Mayor Frank Shaw upped the racket. He scammed city projects and contracts, and his brother sold LAPD hiring exam answers to candidates he favored. Liberty magazine wrote in 1940 that in the 20 years before Shaw’s recall, in 1938, “the city of Los Angeles had been, almost continuously, ruled by an underworld government invisible to the average person.”

When the crowd was not in competition with the town hall profiteers, it paid them. A minority report of the 1937 grand jury by some reformers in the city made it clear: “[A] part of the profits of the underworld were used in fundraising campaigns [of] . . . city ​​and county officials in vital positions. . . [While] the district attorney’s office, the sheriff’s office and the Los Angeles Police Department work in perfect harmony and never interfere with it. . . important personalities of the underworld. “

As a disgruntled customer posting a rating on Yelp, gangster Tony Cornero, whose gambling at sea was recently the subject of a Times article, allegedly complained that he was not receiving the police protection he was receiving. paid.

Prohibition in California had pushed small operators into the big leagues. Because the Volstead Act – the manual for use of Prohibition – arguably escaped 200 gallons of “non-intoxicating ciders and juices” for the personal use of an individual, wink, men like. Dragna won the gratitude of winemakers in the Inland Empire by buying up and brokering grapes for the newly stealthy wine trade. The crowd added hard liquor to their menu, which amplified the hardcore crime and intra-gang battles it took to protect contraband racketeering, in the mix with prostitution, gambling and the like.

If things didn’t get too bloody too publicly, the city and the crowd could keep an eye on things. “As long as it was quiet, no bloodshed in the streets,” Niotta thought to himself, “then that was good, because [L.A.] wanted to have this image of a family, fun and tourist place. But they also wanted these vices discreetly.

But if the crime became excessive and the moral crusaders demanded a banner campaign against vice, the blue uniforms of the city of the “white spot” were bound to go to the scene of the crime and make enough busts for a dime – couples drinking rattles from parked cars, haphazard hapless prostitutes, sidewalk craps players, Italian families pouring Chianti at Sunday supper – to calm the indignant.

The big fish kept getting bigger.

After WWII in particular, racketeers became interested in the popularity of restaurants and nightclubs. They either relied on the owners or owned clubs themselves. Dragna’s Club Alabam, says his great-grandson, has earned him a refined reputation as a “coffee man.”

Nightclubs attracted movie stars, and movies attracted crowds just as they attracted everyone. Even during his abbreviated stay here, Capone managed to tour the homes of the stars. A handsome guy by the name of Johnny Rosselli was the go-to man in organized crime for his studio shakedowns. (One of Rosselli’s criminal stage names was Jimmy Hendricks.)

He pulled the strings of some studio unions to extort humps with the threat of strikes – he was ultimately convicted of extortion – but he was a Hollywood creature enough himself to marry an actress and produce a few movies. police officers. He never came close to his leather shoe from a Hollywood Walk of Fame star, but you have to hand it to the man: he has an IMDb list.

Niotta believes it was Los Angeles’ almost idiotically complex civic sprawl – so many cities, so many city council members, so many cops and sheriffs – that ironically helped keep organized crime from organizing further. It was just too expensive to recruit and pay enough people in every city and every police department, “so if you paid the cops in [one] zone, there is always another pair of hands.

Courageous Crusaders for Clean Government have begun to clean up Los Angeles city government, but organized crime has not wavered. A new generation of Italian and Jewish gangsters found LA to be fun and profitable. It was the legendary age of the West Coast crowd: Dragna and glamorous Bugsy Siegel throwing themselves into the racquet of racing news before Siegel was erased – possibly for failing to keep his big Las plans. Vegas; Dragna tries to erase Mickey Cohen for challenging him.

The front page headline of the LA Times, June 21, 1947, reads: "Bugsy Siegel shot dead in Beverly Hills home."

The murder of Bugsy Siegel at his Beverly Hills home in June 1947 made headlines in the LA Times.

(Los Angeles Times Archives)

And all the while, the legalized vices in Nevada were starting to wash away the dirty lucre of Los Angeles. After Siegel’s murder, The Times sternly reported that Los Angeles was “No Winter Resort for Racketeers.”

Dragna was over 25 years old in her grave when Daryl F. Gates, the leader of the LAPD, called a press conference in the fall of 1984 and triumphantly announced around 20 bookmaker conspiracy arrests, including the capo of the local mafia, in Operation Lightweight.

“We think the name is appropriate because organized crime is so light in Southern California,” the chief said, with the note of sour mockery reporters were familiar with. As for the Mafia families, he called them “Mickey Mouse Mafia”.

In 1996, the California Attorney General’s report on “Organized Crime in California” dwelled on the dangers of Russian mobsters and Asian street gangs, and virtually dismissed “traditional” organized crime as “ineffective for many years.” years because he has not been able to do so. impose its territorial control ”here.

And it’s also true that, as Domanick pointed out, the corrupt decades of civic and mob crime in Los Angeles ultimately spawned the city’s own government protections like the civil service and weak mayors and commission systems. that it has today.

Throughout his digging into his family history, Niotta found personal solace in an FBI file he encountered by citing an informant who said, in Niotta’s words, that Dragna had been “disgusted by the fact that the Mexican border was used by the narcotics union. And he went back to New York and spoke to the [mafia families] commission on this. He was definitely against drugs.

Niotta was born long after Dragna died, but what, if given the chance, would be the one question he’d like to ask the perhaps classic LA Godfather?

It took him a while. “I have about a million questions. If I could only ask for one, I would ask for one word: why?



Source link

]]>
https://guideglobal.com/why-was-the-crowd-in-la-so-much-quieter-than-in-chicago-or-new-york/feed/ 0
Approval of the 2021 financial statements https://guideglobal.com/approval-of-the-2021-financial-statements/ https://guideglobal.com/approval-of-the-2021-financial-statements/#respond Mon, 31 May 2021 14:54:01 +0000 https://guideglobal.com/approval-of-the-2021-financial-statements/ COMPANY ANNOUNCEMENT Approval of the 2021 financial statements The board of directors of Corinthia Finance plc has approved the financial statements of the company for the year ended February 28, 2021. A copy of the financial statements is attached to this company announcement and is also available at the following link: https://www.cphcl.com/corinthia- finance-plc /. Eugenio […]]]>


COMPANY ANNOUNCEMENT

Approval of the 2021 financial statements

The board of directors of Corinthia Finance plc has approved the financial statements of the company for the year ended February 28, 2021.

A copy of the financial statements is attached to this company announcement and is also available at the following link: https://www.cphcl.com/corinthia- finance-plc /.

Eugenio Privitelli

Company Secretary

Encl.

May 31, 2021

22 Europa Center – Floriana FRN 1400 – Malta – Tel (356) 21233141 – Fax (356) 21234219

e-mail: group@corinthia.com – www.cphcl.com – Co. Reg. No: C25104

CORINTHIA FINANCE PLC

Annual report and financial statements for the year ended February 28, 2021

Company registration number C 25104

CORINTHIA FINANCE PLC

Annual report and financial statements February 28, 2021

Content

Report

1

Declaration of the directors on the financial statements and other information included in

the annual report

4

Governance

5

Other information in terms of listing rules

ten

Declaration of remuneration

11

13

Statement of total comprehensive income

22

Statement of Financial Position

23

Statement of changes in equity

24

Statement of cash flows

25

Notes to Financial Statements

26

CORINTHIA FINANCE PLC Annual Report and Financial Statements February 28, 2021

Main activities

The principal activity of the Company is to finance the ownership, development, operation and financing of hotels, resorts and leisure facilities, being part of the Corinthia group of companies, of which it is a member.

The Company is essentially a special purpose vehicle set up for the financing of the transactions of the Corinthia group of companies. It raised this funding primarily through the issuance of bonds, which are listed on the Malta Stock Exchange and guaranteed by Corinthia Palace Hotel Company Limited, to whom the proceeds of their issuance have been advanced.

Company review

In the year 6.715. as at February 28, 2021 is presented on page 22 of the financial statements.

Directors

The following people were directors of the company during the year under review:

Mr. Joseph Fenech (President)

Mr. Frank Xerri de Caro

Dr Joseph J. Vella

Mr. Mario P. Galea

Events after the end of the reporting period

No significant adjustment or non-adjustment event occurred between the reporting date and the authorization date.

Future developments

The Company intends to continue to act as a finance company on behalf of its parent company, Corinthia Palace Hotel Company Ltd.

Risk and uncertainties

The main risk of Corinthia Finance plc is that Corinthia Palace Hotel Company Limited, as borrower, will not

cash flow forecasts on a regular basis allowing them to follow the evolution of these cash flows.

Key performance indicators

The Company increased its interest income on loans made to the parent company, Corinthia Palace Hotel Company Limited, in accordance with the loan agreements in force.

1

CORINTHIA FINANCE PLC

Annual report and financial statements February 28, 2021

– continued

Continuity

As required by list rule 5.62 issued by the operational existence state for the foreseeable future. For this reason, when preparing the financial statements, they continue to adopt the going concern principle. concern the hypothesis.

Disclosure of information to the auditor

As of the date of this report, the directors confirm the following:

  • To the knowledge of each director, the independent auditor does not need relevant information in the context of the preparation of the audit report of which the independent auditor is not aware.
  • Each director has taken all the measures that he should have taken as a director in order to become aware of any relevant information that the independent auditor needs in the context of the preparation of the audit report and to establish that the independent auditor is aware of this information.

Declaration of d

The Companies Act, Cap 386, requires directors to prepare financial statements for each fiscal year that give a true and fair view of the state of affairs of the company at the end of the fiscal year and the profit or loss of the society. Company for this year. In preparing these financial statements, directors are required to:

  • adopt the principle of going concern, unless it is inappropriate to assume that the company will continue to operate;
  • select appropriate accounting policies and then apply them consistently;
  • make reasonable and prudent judgments and estimates;
  • recognize the income and expenses relating to the accounting period using the accrual accounting method;
  • separately assess the components of assets and liabilities; and
  • report comparative figures corresponding to those of the previous accounting period.

Directors are required to keep appropriate accounting records which disclose at all times with reasonable accuracy the financial position of the Company and to enable them to ensure that the financial statements have been properly prepared in accordance with the Companies Act, Cap 386. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements free from material misstatement, whether these result from fraud or error. They are also responsible for safeguarding the assets of the Company and for taking reasonable measures for the prevention and detection of fraud and other irregularities.

2

This is an excerpt from the original content. To continue reading it, access the original document here.

Warning

Corinthia Finance plc published this content on May 31, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 31 May 2021 14:51:03 UTC.



Source link

]]>
https://guideglobal.com/approval-of-the-2021-financial-statements/feed/ 0
Egypt’s agricultural exports exceed 3 million tonnes in five months https://guideglobal.com/egypts-agricultural-exports-exceed-3-million-tonnes-in-five-months/ https://guideglobal.com/egypts-agricultural-exports-exceed-3-million-tonnes-in-five-months/#respond Sun, 30 May 2021 20:05:57 +0000 https://guideglobal.com/egypts-agricultural-exports-exceed-3-million-tonnes-in-five-months/ JEDDAH: The Saudi Ministry of Commerce has granted six steel export licenses and six cement export licenses so far this year.In 2020, the ministry issued a total of 21 cement export licenses and 19 steel licenses, and is currently reviewing two more export applications.The new licenses come as construction activity begins to recover following the […]]]>


JEDDAH: The Saudi Ministry of Commerce has granted six steel export licenses and six cement export licenses so far this year.
In 2020, the ministry issued a total of 21 cement export licenses and 19 steel licenses, and is currently reviewing two more export applications.
The new licenses come as construction activity begins to recover following the postponement of many projects during the coronavirus pandemic (COVID-19).
At the same time, the price of steel jumped to SR 3,514.73 ($ 937.26) per tonne in the first quarter (Q1) of 2021, a 33% increase year-over-year and the highest price since 2008, according to the latest data from the General Statistics Authority (GASTAT).
Badr Jawhar, chairman of the National Cement Company Committee at the Council of Saudi Chambers of Commerce and Industry, said that since exports were allowed and companies were exempt from export duties, Saudi exports of clinker and of cement had increased, as had the Saudi product. become a strong competitor in foreign markets.
He said local businesses will continue their overseas export operations, which increased significantly in the first quarter of this year.
Materials prices rose as construction activity surged in the first quarter, according to a study by real estate consulting firm JLL.
“From a supply perspective, the first quarter saw an increase in construction activity,” the JLL report says.
According to its figures, in the residential sector in Riyadh, 7,700 homes were delivered in the first quarter, bringing the total to 1.3 million units in the capital. In Jeddah, around 2,000 units were added, bringing the total to 838,000 units.
According to the report, 36,000 units will be delivered to Riyadh and 12,000 units to Jeddah this year. This year Riyadh will see the construction of an additional 386,000 square meters of office space, 240 square meters of retail space and 2,800 new hotel rooms, while Jeddah will gain a total of 43,000 square meters of office space, 200,000 square meters of retail space and 2,700 new hotel rooms.
At the same time, the Kingdom issued 307 new factory licenses in the first three months of the year, according to government estimates. This reflects a total investment of SR 17.72 billion ($ 4.73 billion), an increase of 428.6% year-over-year in the first quarter of 2021.
According to data from the Ministry of Industry and Mineral Resources website, 240 permits were issued during the same period last year, an increase of 27.92% year-over-year.
Osama Ghanem Al-Obaidy, economic adviser and expert on international economic law, told Arab News that the initiatives were part of the government’s attempt “to transform Saudi Arabia into a leading industrial power.”
He added: “The development of this sector is one of the pillars of Saudi Vision 2030 to create a competitive economy and sustainable development. Saudi Arabia aims to develop promising industries in food, medicine and medical supplies, as well as military industries and industries related to oil, gas and petrochemicals, mining and products chemical.



Source link

]]>
https://guideglobal.com/egypts-agricultural-exports-exceed-3-million-tonnes-in-five-months/feed/ 0
Little support for the use of Nevada tax dollars on the baseball stadium https://guideglobal.com/little-support-for-the-use-of-nevada-tax-dollars-on-the-baseball-stadium/ https://guideglobal.com/little-support-for-the-use-of-nevada-tax-dollars-on-the-baseball-stadium/#respond Sat, 29 May 2021 21:30:00 +0000 https://guideglobal.com/little-support-for-the-use-of-nevada-tax-dollars-on-the-baseball-stadium/ CARSON CITY – The Nevada legislature gave the Oakland Raiders 750 million reasons to move to Las Vegas five years ago. Would they do the same for Oakland Athletics? The short answer is “no,” said most legislative leaders when asked about the use of tax dollars to fund a baseball stadium. “I think the idea […]]]>


CARSON CITY – The Nevada legislature gave the Oakland Raiders 750 million reasons to move to Las Vegas five years ago. Would they do the same for Oakland Athletics?

The short answer is “no,” said most legislative leaders when asked about the use of tax dollars to fund a baseball stadium.

“I think the idea of ​​giving public money for this type of effort, I just don’t think we can afford it as a state,” Assembly Speaker Jason said. Frierson.

Track and field officials traveled to southern Nevada this week to consider a move to Las Vegas after Major League Baseball gave them the green light to explore relocation as the team’s proposal to build a new stadium in Oakland was blocked.

Las Vegas is a newcomer to the world of the original cities of professional sports. But with the success of the Golden Knights at T-Mobile Arena and the Raiders at Allegiant Stadium, Southern Nevada has become an attractive option for teams looking to relocate.

The team is hoping for some sort of public-private partnership, similar to the agreement reached in 2016, using an increase in Clark County room taxes to provide $ 750 million in public funding for part of the cost of building the $ 2 billion for the Raiders’ new home.

The Clark County hotel room tax was increased by 0.88% to fund the stadium project as well as the expansion of the Las Vegas Convention Center. The stadium’s share of the room tax generated $ 164.6 million from its inception in March 2017 through February this year.

But there appears to be little appetite for such a deal in Carson City.

No public dollars

“It’s great for the community, it’s great for branding. But I would hesitate to consider any policy that proposes to use public funds to provide a vehicle for a private company like this if it is not going to have a relatively immediate return on investment, ”said Frierson.

This is a sentiment shared by members of the leadership of both parties, it seems.

“I believe we can attract an MLB team to our world-class city without using taxpayer dollars,” said assemblyman Tom Roberts, R-Las Vegas. “Our loyal fan base, sense of community, team spirit and sportsmanship are second to none.”

Public funding for the legislature that increased taxes would require a two-thirds vote in both houses to raise any existing taxes or create a new one. But that’s not the only kind of public support the team could receive.

Local governments in southern Nevada could offer land for a stadium for free or at a reduced price, as the town of Henderson did to get the Raiders to build its training facility. (The Raiders subsequently sold its headquarters for $ 191 million and leased it.) Henderson also entered into secret talks with the Arizona Diamondbacks in an attempt to lure the team to southern Nevada. .

Senate Minority Leader James Settelmeyer R-Minden believes the team may have a way to seek that public funding, using the law passed to fund the Raiders’ stadium to do so.

This law, as drafted, however, only applied to a “National Football League stadium project”. Settelmeyer said the Legislature may consider changing that statute, which he voted for, so that it can also include athletics.

Still, Settlemeyer said he was “ready to have the talk” and sees it as a great opportunity to attract another major professional franchise to the state.

“I hope Vegas is watching it. And I hope they talk to the [Legislature], and if there’s anything we can do to reasonably entice them, ”Settelmeyer said.

Governor mom on baseball

It was then-Gov. Brian Sandoval who called a special session of lawmakers in 2016 to iron out the deal for the Raiders.

Current Governor Steve Sisolak, a Democrat, didn’t have much to say when asked if he would consider a similar tax program for athletics.

“The governor is on Capitol Hill in Carson City and is focused on the legislative session,” Sisolak spokeswoman Meghin Delaney said in a statement.

Senate Majority Leader Nicole Cannizzaro of D-Las Vegas signaled on Saturday that stadium talks are not in the mix as lawmakers near the end of the regular legislative session.

“With three days to go to the end of the session, we are focusing on finalizing budgets and implementing policies as we move forward to help Nevadans recover from the pandemic,” Cannizzaro said in a statement. “A stadium isn’t even something that’s on our radar right now.”

Or maybe the Legislature likes football more.

Contact Capital Office Chief Colton Lochhead at clochhead@reviewjournal.com. To pursue @ColtonLochhead on Twitter.





Source link

]]>
https://guideglobal.com/little-support-for-the-use-of-nevada-tax-dollars-on-the-baseball-stadium/feed/ 0
Eagle Hospitality gets OK for a $ 482 million hotel sale at Ch. 11 https://guideglobal.com/eagle-hospitality-gets-ok-for-a-482-million-hotel-sale-at-ch-11/ https://guideglobal.com/eagle-hospitality-gets-ok-for-a-482-million-hotel-sale-at-ch-11/#respond Sat, 29 May 2021 00:26:00 +0000 https://guideglobal.com/eagle-hospitality-gets-ok-for-a-482-million-hotel-sale-at-ch-11/ Law360 (May 28, 2021, 8:26 p.m. EDT) – A Delaware bankruptcy judge on Friday approved Eagle Hospitality’s $ 481.9 million Chapter 11 sale of 14 of its hotels, rejecting calls from a failed bidder for more time to solidify a new last-minute offer. Following a virtual hearing, Judge Christopher Sontchi rejected requests by Constellation Hospitality […]]]>


Law360 (May 28, 2021, 8:26 p.m. EDT) – A Delaware bankruptcy judge on Friday approved Eagle Hospitality’s $ 481.9 million Chapter 11 sale of 14 of its hotels, rejecting calls from a failed bidder for more time to solidify a new last-minute offer.

Following a virtual hearing, Judge Christopher Sontchi rejected requests by Constellation Hospitality Group and a group of Eagle shareholders to delay the sale in order to give Constellation more time to secure financing for its new offer, claiming that Constellation’s offering wouldn’t be ready in the immediate future and didn’t appear to be a better deal.

“If you want to end a sales audience at the last …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (issues, filings, courts, nature of prosecutions, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create personalized alerts for specific case articles and topics and more!

TRY LAW360 FREE FOR SEVEN DAYS



Source link

]]>
https://guideglobal.com/eagle-hospitality-gets-ok-for-a-482-million-hotel-sale-at-ch-11/feed/ 0
ACORE invests $ 225 million in hotels for graduates of AJ Capital – Commercial Observer https://guideglobal.com/acore-invests-225-million-in-hotels-for-graduates-of-aj-capital-commercial-observer/ https://guideglobal.com/acore-invests-225-million-in-hotels-for-graduates-of-aj-capital-commercial-observer/#respond Fri, 28 May 2021 18:56:49 +0000 https://guideglobal.com/acore-invests-225-million-in-hotels-for-graduates-of-aj-capital-commercial-observer/ A few months after raising $ 1 billion in capital to deploy in the struggling hotel sector, the Los Angeles-based real estate financier ACORE Capital invested $ 225 million in preferred shares in AJ Capital Partners‘ Graduate hotels. The preferred stock investment served to support loan repayments in exchange for maturity extensions, and it added […]]]>


A few months after raising $ 1 billion in capital to deploy in the struggling hotel sector, the Los Angeles-based real estate financier ACORE Capital invested $ 225 million in preferred shares in AJ Capital PartnersGraduate hotels.

The preferred stock investment served to support loan repayments in exchange for maturity extensions, and it added some liquidity to the platform in anticipation of any operating deficit, according to marketing materials researching the provider. equity capital obtained by CO which detailed the purpose of the financing. Equity will also help to cross the finish line to a number of ongoing and unfinished development projects.

A source close to the deal said the investment was structured to ensure that AJ Capital does not need to sell the equity stake or associated residual value in its extensive portfolio of graduate hotels – which includes 35 properties in the US and UK and is rated at about $ 1.9 billion, according to the marketing memorandum.

Bloomberg first reported new of investment.

Graduate Hotels invests and operates boutique hotels near major universities, targeting clients who visit these universities. The company is headquartered in Nashville, Tennessee and its portfolio consists of 5,841 rooms, according to marketing materials.

ACORE launched its $ 1 billion rescue capital fund earlier this year to deploy a mix of debt and equity to hotels in the United States as the hospitality industry emerges from the depths of the pandemic COVID-19. It was reported that the company will target opportunities to acquire or create new first mortgages, mezzanine loans and preferred stocks.

Newmarkof Jordan roeschlaub, Dustin Stolly, Mark Schonholtz, Larry wolfe, Nick scribani, Miles spencer and Adam etra were approached by AJ Capital to secure the investment in equities. A team member confirmed Newmark’s involvement, but declined to comment on the preferred stock investment itself.

In February, Bloomberg reported that AJ Capital was seeking up to $ 300 million into debt and / or equity from a capital partner to grow the business and repay existing debt on its Graduate Hotels collection, which has likely suffered significant stress from school closures and resulting travel restrictions of the pandemic.

An ACORE Capital official declined to comment on the deal. AJ Capital could not be contacted immediately.



Source link

]]>
https://guideglobal.com/acore-invests-225-million-in-hotels-for-graduates-of-aj-capital-commercial-observer/feed/ 0
Judge Del. Denounces allegations of fraud in Eagle Hospitality Ch. 11 https://guideglobal.com/judge-del-denounces-allegations-of-fraud-in-eagle-hospitality-ch-11/ https://guideglobal.com/judge-del-denounces-allegations-of-fraud-in-eagle-hospitality-ch-11/#respond Thu, 27 May 2021 00:14:00 +0000 https://guideglobal.com/judge-del-denounces-allegations-of-fraud-in-eagle-hospitality-ch-11/ Law360 (May 26, 2021, 8:14 p.m. EDT) – A U.S. Bankruptcy Court judge on Wednesday said he was considering referring suspected fraud to the $ 2.4 million federal paycheck protection program to the U.S. Attorney’s Office, in a sweeping ruling on a preliminary injunction motion targeting the original sponsors of Eagle Hospitality. Judge Christopher S. […]]]>


Law360 (May 26, 2021, 8:14 p.m. EDT) – A U.S. Bankruptcy Court judge on Wednesday said he was considering referring suspected fraud to the $ 2.4 million federal paycheck protection program to the U.S. Attorney’s Office, in a sweeping ruling on a preliminary injunction motion targeting the original sponsors of Eagle Hospitality.

Judge Christopher S. Sontchi’s remark came during argument on an injunction offer filed by debtors EHT US 1 Inc. as well as Urban Commons Queensway, a California tenant in the bankruptcy of several hotels of Eagle’s US subsidiary. Hospitality Real, based in Singapore. Real estate investment trust.

Urban Commons Queensway, which operates the Queen Mary Floating Hotel and the …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (issues, filings, courts, nature of prosecutions, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create personalized alerts for specific case articles and topics and more!

TRY LAW360 FREE FOR SEVEN DAYS



Source link

]]>
https://guideglobal.com/judge-del-denounces-allegations-of-fraud-in-eagle-hospitality-ch-11/feed/ 0