Unofficially dubbed “The Miami of Central America” by its locals, Panama City is quickly expanding as a business destination. Developers are expecting a tremendous amount of growth in business travel during the next several years, and some are starting to see the potential the rest of the country has to become a top resort destination.
“We are starting to see a growth of luxury-independent travelers in this location,” said Laurent de Kousemaeker, chief development officer, Latin America and Caribbean for Marriott International.
- M Waikiki v. Marriott Hotel Services and Ian Schrager was filed 26 May, and the deposition deadline is 18 October 2013.
- Host Hotels & Resorts v. Molinaro Koger, Scioto Partners and Dearborn Hotel was filed 3 June, and a pretrial hearing is set for 15 June 2012.
- Family Suites Resorts v. Viacom International d/b/a MTV Networks was filed 1 June, 2010, and an answer was filed last week. The deposition deadline is 2 September 2012.
For details and analysis on these cases, read “Checking in on high-profile hotel lawsuits.”
HotelNewsNow.com news editor Jason Q. Freed spoke with Shah, who took a small chore of filling the Pepsi machine in his father’s independent roadside motel, learned the basics of supply and demand, and built a business in Noble where employees have a stake in the game and share a pot of proceeds.
Shah learned business skills from his father—and mentor—when he was 10. He also learned interpersonal skills at a young age and realized the importance of surrounding yourself with passionate people who enjoy being part of a team.
Today, the CEO of the privately held, Atlanta-based hospitality organization with investment, management and development arms, is teaching those same skills to his 13-year-old son.
- Read Shah’s profile, as well as those of seven other “Hospitality Innovators.”
In the deal that was previously announced in June, the six properties will continue to be managed by the Denihan Hospitality Group. All ownership decisions will require the agreement of both Pebblebrook and affiliates of Denihan.
Fitch reports the U.S. CMBS cumulative default rate for fixed-rate CMBS increased to 12.9% as of the end of second quarter 2011, representing a 228-basis point increase compared to year-end 2010.
"Limited conduit issuance so far this year has not yet helped to stabilize the cumulative CMBS default rate," said Managing Director Mary MacNeill. To date, US$9.95 billion in new fixed rate conduit CMBS has been rated by Fitch Ratings in 2011. "Highly leveraged loans from the 2005-2008 vintages are also still defaulting at an elevated rate," she said.
New defaults have declined during the year. Numbers for newly defaulted CMBS for second-quarter 2011 came in at US$4 billion, compared US$5.8 billion in the first quarter, the release said.
Compiled by Jason Q. Freed.