Trump selling share in the PlazaDonald Trump is selling a...

BUSINESS DIGEST

April 12, 1995

Trump selling share in the Plaza

Donald Trump is selling a controlling interest in the Plaza Hotel, a landmark adjoining New York's Central Park, to a Saudi Arabian prince and a Singapore-based hotel company.

The deal, announced yesterday in Singapore, caps months of speculation about the Plaza, one of New York's most prestigious addresses.

CDL Hotels International Ltd., the hotel arm of Singapore Hong Leong Group, said it has formed a joint venture with an entity controlled by Saudi Arabian Prince Alwaleed bin Talal bin Abdulaziz Saud. That venture will join Mr. Trump, who owns 51 percent of the Plaza, and a group of banks as owners.

AMD delays its Pentium rival

Advanced Micro Devices Inc. says it will delay a microprocessor intended to compete with Intel Corp.'s Pentium to make sure it works properly.

AMD had expected to deliver the K5 chip in the second half of the year. But the company told analysts late Monday it now expects volume shipments to start in early 1996.

The company's stock dropped $3.25, to $33.50, on the New York Stock Exchange. Intel's stock rose $2.75, to $91.25, in Nasdaq trading.

FCNB declares gain, stock split

FCNB Corp. reported slightly higher first-quarter earnings yesterday and also said it would split its stock three-for-two.

FCNB, the Frederick holding company for FCNB Bank and Elkridge Bank, reported that it earned $1.31 million, or 48 cents per share, in the three months that ended March 31, compared with $1.22 million, or 45 cents per share, in the same period a year earlier. Assets were up nearly 8 percent, to $532 million.

The stock split, in the form of a 50 percent stock dividend, is payable May 12 to shareholders of record April 21.

Storage USA buys 11 sites

Storage USA Inc. said yesterday that it has acquired 11 properties in four states. The properties, in California, Connecticut, Illinois, and New Jersey, were part of a portfolio of 25 properties for which the Columbia-based real estate investment trust had agreed to purchase, pending review.

Ford, Chrysler lower forecasts

Ford Motor Co. and Chrysler Corp. yesterday cut their estimates for U.S. auto sales as buyers scale back purchases due to higher interest rates.

Chrysler Corp. cut its 1995 vehicle sales forecast for the third time this year, predicting automakers will sell a total of 15.5 million cars and trucks in the United States instead of its earlier estimate of 15.8 million.

Ford trimmed its 1995 projection for U.S. industry sales to 15.5 million to 15.6 million vehicles, from an earlier estimate of 15.8 million to 15.9 million.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.