Chinese Government seizes control of Anbang Insurance

In its ongoing campaign to lower financial risks, the Chinese government on Friday seized control of Anbang Insurance Group Co., owners of the Waldorf Astoria in New York City and Marriott International’s former competitor in the Starwood Hotels & Resort deal, according to a statement from the China Insurance Regulatory Commission (CIRC). Despite the news, “The work we are doing at the Waldorf (in New York City) is continuing,” a representative from construction firm AECOM Tishman told HOTELS Mag on Friday. The CIRC also said Anbang’s chairman and key shareholder, [...]

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Missile by Corbellati: possibly the fastest supercar in the world to debut in Geneva

Family jewellers Corbellati have swapped their bespoke bijoux for what is being billed as potentially the world’s fastest supercar – aptly named the Corbellati Missile hypercar. This twin-turbo charged V8 hypercar with 1,800 horsepower is understood to have the capacity to reach 500 km/h (312 m/h). “The adventure began a few years ago, a little for fun and a little for passion, but in a short time, it became a serious and demanding project that absorbed all our energies,” a spokesman for the company said. “Missile, this is the name [...]

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Hyatt sells three properties worth US$ 1.5 billion

Host Hotels & Resorts on Wednesday during its Q4 2017 earnings call stated it is under contract to acquire three assets from Hyatt Hotels Corp. for US$1 billion (about US$703,000 per key). The purchase price of the 301-room Andaz Maui, the 668-room Grand Hyatt San Francisco and the 454-room Hyatt Regency Coconut Point represents a 5% NOI cap rate and 17x EBITDA multiple on forward projections. R.W. Baird Senior Research Analyst Michael Bellisario said the while pricing appears relatively full on an absolute basis, management sees plenty of growth and ROI [...]

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Kering and Stella McCartney split up is underway

After a 17-year partnership, French luxury group Kering is selling its 50 percent share of Stella McCartney back to the namesake designer, BoF has learned. The public announcement, originally slated for early January, is imminent, according to a source with first-hand knowledge of the discussions. According to the source, the Stella McCartney HR team is preparing a booklet outlining the details of the separation to answer outstanding questions and ease employee concerns. However, both parties issued a joint statement saying nothing has been confirmed. “Kering and Ms Stella McCartney have been operating and growing [...]

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Regent Seven Seas Cruises announces refurbishment of Seven Seas Mariner

Regent Seven Seas Cruises confirmed details for the upcoming bow-to-stern refurbishment of Seven Seas Mariner, the world’s first all-suite, all-balcony cruise ship. After a 20-day drydock in April 2018 at Chantier Naval de Marseille, Seven Seas Mariner will re-emerge with dramatic new culinary experiences, elegant new suite designs, and completely renewed modern guest spaces. After her drydock refurbishment, Seven Seas Mariner will immediately reposition to the Pacific Northwest to take travellers on a fully immersive Alaska experience. To celebrate Seven Seas Mariner’s refurbishment milestone, Regent Seven Seas Cruises is offering a three-category upgrade aboard the ship’s 10- and [...]

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