Hospitality Law360 provides breaking legal news and analysis on the hospitality industry. Coverage includes litigation, policy developments, and corporate deals involving hotels, casinos, cruise lines, restaurants, amusement parks, entertainment venues, travel services providers, and other hospitality companies.
Hotel operator Extended Stay America Inc. said Friday that its private equity backers are again selling down their position in the company and its real estate investment trust subsidiary, this time unloading $520.5 million worth of stock in a secondary offering.
Federal prosecutors in Florida slammed a convicted real estate executive's bid for leniency Wednesday, saying that the onetime chief financial officer behind a $300 million Ponzi scheme "has no remorse" for his crimes, and reiterated their sentence recommendation for 93 years' imprisonment and hundreds of millions of dollars in restitution and fines.
Thor Equities is reportedly trying to get out of a $42.5 million contract to buy a New York rental building, Samar Hospitality is said to have scored a $24 million loan for a Florida hotel project, and Snap Inc. is reportedly taking an additional 26,000 square feet of space from real estate investment trust Columbia Property in New York.
A Barbadian fiduciary services firm that claimed to have suffered more than $200 million in losses after its investments in the Venezuelan tourism and hospitality industries were expropriated has had its claim against the embattled South American nation rejected by a World Bank tribunal for lack of jurisdiction.
An exotic dancer filed a lawsuit on Thursday in Pennsylvania federal court against Philadelphia club Vanity Grand Cabaret, alleging that it doesn’t pay its dancers a proper minimum wage and improperly claims they are independent contractors.