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BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | May 28, 1998
Marriott International Inc. struck a definitive deal yesterday regarding future ownership and operations of 62 Marriott hotels, paving the way for completion of a $2.1 billion merger between Patriot American Hospitality Inc. and Interstate Hotels Co.The Bethesda-based hotel company had sued the pair in U.S. District Court in Baltimore to block the merger, because Patriot American intended to convert 10 Marriott hotels owned by Interstate to its Wyndham brand....
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BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 15, 1999
The city Board of Estimates gave a development group led by businessman John Paterakis Sr. $10 million yesterday for the construction of a hotel east of the Inner Harbor, despite questions about financing and other critical components of the 750-room project.The action marked a sweeping change from the agreement the city made with Paterakis' H&S Properties Development Co. two years ago. That contract stipulated that the Inner Harbor East hotel carry the Wyndham International Inc. flag and be financed by a Dallas hotelier.
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BUSINESS
By BLOOMBERG NEWS | December 23, 1998
DALLAS -- Patriot American Hospitality Inc., one of the largest U.S. hotel companies, adopted a plan that would let existing shareholders buy stock cheaply in the event of a takeover attempt, making any acquisition more expensive.The Dallas-based real estate investment trust, which owns the Wyndham hotel chain, said the shareholder-rights plan wasn't adopted in response to any known imminent takeover attempt."This is not to discourage any discussions," said Patriot American chief executive Paul Nussbaum.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | March 2, 1999
The Dallas company that is a partner in developing the Wyndham Inner Harbor East Hotel completed a financial restructuring yesterday that it says virtually assures its future involvement in the $134 million lodging project.Patriot American Hospitality Corp.'s restructuring involves a cash infusion of more than $1 billion from a group of investors led by a New York merchant bank, and a commitment from two other firms to refinance $2.45 billion in debt.The capital from Apollo Real Estate Advisors and pledges to refinance other debt from Chase Manhattan Bank and Bear, Stearns & Co. mean that Patriot American is likely to continue as part of the group constructing the 750-room hotel.
BUSINESS
By BLOOMBERG NEWS | December 18, 1998
DALLAS -- Patriot American Hospitality Inc.'s shares fell 15 percent yesterday, the day after the company agreed to sell a 30 percent stake to an investor group, on concerns that the transaction is too expensive and bad for shareholders.Shares of the Dallas-based real estate investment trust, one of the biggest U.S. hotel companies and owner of the Wyndham hotel chain, fell $1.1875, to $6.75.Patriot American is scheduled to buy the $134 million Wyndham Inner Harbor East Hotel being developed by H&S Bakery Inc. co-owner John Paterakis Sr. and a pair of Atlanta companies.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF Bloomberg News contributed to this article | December 17, 1998
Patriot American Hospitality Inc. said yesterday that it would sell a 30 percent stake for $1 billion to an investor group led by financiers Leon Black and Thomas Lee, giving it cash to help repay $1.7 billion of debt coming due.The Dallas-based real estate investment trust said the Black and Lee group will purchase convertible preferred stock and be entitled to six of 15 seats on the company's board."
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 15, 1999
The city Board of Estimates gave a development group led by businessman John Paterakis Sr. $10 million yesterday for the construction of a hotel east of the Inner Harbor, despite questions about financing and other critical components of the 750-room project.The action marked a sweeping change from the agreement the city made with Paterakis' H&S Properties Development Co. two years ago. That contract stipulated that the Inner Harbor East hotel carry the Wyndham International Inc. flag and be financed by a Dallas hotelier.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | March 2, 1999
The Dallas company that is a partner in developing the Wyndham Inner Harbor East Hotel completed a financial restructuring yesterday that it says virtually assures its future involvement in the $134 million lodging project.Patriot American Hospitality Corp.'s restructuring involves a cash infusion of more than $1 billion from a group of investors led by a New York merchant bank, and a commitment from two other firms to refinance $2.45 billion in debt.The capital from Apollo Real Estate Advisors and pledges to refinance other debt from Chase Manhattan Bank and Bear, Stearns & Co. mean that Patriot American is likely to continue as part of the group constructing the 750-room hotel.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | November 12, 1998
Caught in a vise of continuing financial turmoil, the Dallas real estate firm working to develop the $134 million Wyndham Inner Harbor East hotel said yesterday that it has retained a New York investment bank to formulate a financial rescue of the company.Patriot American Hospitality Inc. hired Morgan Stanley Dean Witter & Co. for advice on repaying $1.72 billion in debt. The move follows an ownership restructuring of the planned 31-story Wyndham.Under a new ownership deal, John Paterakis Sr.'s H&S Properties Development Inc. and Stormont Trice Development Inc. of Atlanta will hold a larger stake in the 750-room Wyndham, the result of Patriot American's financial troubles.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | December 2, 1997
How white hot is investor interest in Baltimore hotels? Look no further than the Omni Inner Harbor Hotel.As part of a deal to buy a pair of hotel and casino operating companies, a Dallas real estate investment trust has for the second time in four years acquired the twin-towered Omni, and ratcheted up the prices by which future sellers will measure downtown lodging property sales at the same time.That's because in the four years since Patriot American Hospitality Inc. first bought the 707-room project for $17.5 million in September 1993, the price to buy the Omni has more than tripled.
BUSINESS
By BLOOMBERG NEWS | December 23, 1998
DALLAS -- Patriot American Hospitality Inc., one of the largest U.S. hotel companies, adopted a plan that would let existing shareholders buy stock cheaply in the event of a takeover attempt, making any acquisition more expensive.The Dallas-based real estate investment trust, which owns the Wyndham hotel chain, said the shareholder-rights plan wasn't adopted in response to any known imminent takeover attempt."This is not to discourage any discussions," said Patriot American chief executive Paul Nussbaum.
BUSINESS
By BLOOMBERG NEWS | December 18, 1998
DALLAS -- Patriot American Hospitality Inc.'s shares fell 15 percent yesterday, the day after the company agreed to sell a 30 percent stake to an investor group, on concerns that the transaction is too expensive and bad for shareholders.Shares of the Dallas-based real estate investment trust, one of the biggest U.S. hotel companies and owner of the Wyndham hotel chain, fell $1.1875, to $6.75.Patriot American is scheduled to buy the $134 million Wyndham Inner Harbor East Hotel being developed by H&S Bakery Inc. co-owner John Paterakis Sr. and a pair of Atlanta companies.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF Bloomberg News contributed to this article | December 17, 1998
Patriot American Hospitality Inc. said yesterday that it would sell a 30 percent stake for $1 billion to an investor group led by financiers Leon Black and Thomas Lee, giving it cash to help repay $1.7 billion of debt coming due.The Dallas-based real estate investment trust said the Black and Lee group will purchase convertible preferred stock and be entitled to six of 15 seats on the company's board."
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | November 12, 1998
Caught in a vise of continuing financial turmoil, the Dallas real estate firm working to develop the $134 million Wyndham Inner Harbor East hotel said yesterday that it has retained a New York investment bank to formulate a financial rescue of the company.Patriot American Hospitality Inc. hired Morgan Stanley Dean Witter & Co. for advice on repaying $1.72 billion in debt. The move follows an ownership restructuring of the planned 31-story Wyndham.Under a new ownership deal, John Paterakis Sr.'s H&S Properties Development Inc. and Stormont Trice Development Inc. of Atlanta will hold a larger stake in the 750-room Wyndham, the result of Patriot American's financial troubles.
BUSINESS
By June Arney and June Arney,SUN STAFF | October 28, 1998
As year's end approaches, what was shaping up to be a downtown Baltimore landscape dotted with hotel construction sites will be quieter than expected.Progress on each of the city's three proposed large downtown hotels -- the Grand Hyatt, the Wyndham and the Westin -- once slated for completion by 2002, has slowed.A ceremonial groundbreaking was held in June for the controversial 31-story Wyndham Inner Harbor East Hotel, but little has happened since."Due to unfortunate circumstances beyond the control of Patriot American, completing the financing for the project has taken longer than expected and construction is now expected to begin by year end," according to a statement released yesterday by Patriot American Hospitality Inc., which will own the property once it is completed.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | May 28, 1998
Marriott International Inc. struck a definitive deal yesterday regarding future ownership and operations of 62 Marriott hotels, paving the way for completion of a $2.1 billion merger between Patriot American Hospitality Inc. and Interstate Hotels Co.The Bethesda-based hotel company had sued the pair in U.S. District Court in Baltimore to block the merger, because Patriot American intended to convert 10 Marriott hotels owned by Interstate to its Wyndham brand....
BUSINESS
May 5, 1998
Patriot American Hospitality Inc. and Interstate Hotel Inc. said yesterday that they had reached a settlement in principle with Bethesda-based Marriott International Inc., paving the way for Patriot to complete its delayed $2.1 billion purchase of Interstate.The companies said they asked the U.S. District Court in Baltimore to delay a trial scheduled to begin yesterday for one week to allow the parties to complete a settlement agreement.The companies said they agreed to keep the terms of the settlement confidential in the interim.
BUSINESS
By BLOOMBERG NEWS | December 3, 1997
DALLAS -- Patriot American Hospitality Inc. agreed yesterday to buy Interstate Hotels Corp. for $2.1 billion in cash, stock and assumed debt, giving it more upscale hotels to help build the flagship Wyndham chain it is buying.The real estate investment trust will pay $37.50 a share in cash and stock and take on $785 million in debt.Interstate is the nation's largest independent hotel operator, with 222 hotels and resorts with 45,000 rooms.The purchase is the biggest yet in Chairman Paul Nussbaum's $5 billion buying spree that will give Patriot 455 hotels, up from 45 a year ago. The company will focus on expanding the Wyndham chain.
BUSINESS
May 5, 1998
Patriot American Hospitality Inc. and Interstate Hotel Inc. said yesterday that they had reached a settlement in principle with Bethesda-based Marriott International Inc., paving the way for Patriot to complete its delayed $2.1 billion purchase of Interstate.The companies said they asked the U.S. District Court in Baltimore to delay a trial scheduled to begin yesterday for one week to allow the parties to complete a settlement agreement.The companies said they agreed to keep the terms of the settlement confidential in the interim.
NEWS
February 8, 1998
AFTER MONTHS of public wrangling, the financing and design details for the Inner Harbor East Wyndham hotel finally have emerged. A building that at one point was to be a 48-story skyscraper has been scaled down to 31 floors.Public funding for the $134 million project also has been decreased. It now totals $41 million, including forgiveness of real estate taxes for 25 years, $5.5 million in outright taxpayer grants and a $5 million loan.In return, the city is promised a share of the hotel's eventual profits.
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