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5 things to know: 17 March 2010
March 17 2010
By The HNN editorial staff

STR has released hotel development pipeline data for Caribbean/Mexico and Central/South America.

Caribbean/Mexico: The Caribbean/Mexico hotel development pipeline includes 127 hotels comprising 17,057 rooms, according to the February 2010 STR/TWR/Dodge Construction Pipeline Report released this week.

Among the countries in the region, Mexico ended the month with 10,351 rooms in the total active pipeline, accounting for nearly 65 percent of the region’s total rooms under development. Puerto Rico followed with 1,403 rooms in the total active pipeline.

• Read “STR: Caribbean/Mexico pipeline for Feb. 2010.”

Central/South America: The Central/South America hotel development pipeline includes 132 projects comprising 21,119 rooms, according to the February 2010 STR Global Construction Pipeline Report released this week.

Among the countries in the region, Brazil reported the largest amount of rooms in the total active pipeline with 8,311. Panama also ended the month with a large number of rooms in the total active pipeline with 4,253. Panama City, Panama, accounted for 3,808 of Panama’s 4,253 total rooms in the active pipeline.

• Read “STR Global: Central/South America pipeline Feb. 2010.”

Deloitte & Touche has raised concerns about Lodgian’s mortgage debt.

In its audit report, Deloitte questions approximately US$55.7 million of Lodgian mortgage debt that is scheduled to mature this year. Lodgian said it is looking into refinancing the debt, but is unsure whether a refinance will be possible because of current market conditions.

• Read “Deloitte questions Lodgian mortgage debt.”

Forty-eight percent of Americans believe health-care reform is a “bad idea,” a new Wall Street Journal/NBC survey (Wall Street Journal subscription required) released this week indicates. Meanwhile, 36 percent of respondents said reform is a “good idea.”

The survey also found President Obama’s approval rating staying steady at 48 percent, with 47 percent disapproving.

MGM Mirage today said it has raised US$826 million from its private offering of US$845 million of its 9 percent senior secured notes due March 2010. The proceeds have been applied to the prepayment of approximately US$820 million of loans and to related fees and expenses.

"The closing of this much anticipated transaction is a milestone for our company and its shareholders. It is a re-affirmation of our bank partners' commitments and their long term view of our prospects. These transactions punctuate our many achievements over the last several months and provides our Company with a solid financial foundation," said Jim Murren, Chairman and CEO of MGM Mirage in a news release.

• Read “MGM Mirage closes private offering.”

David Neff, a partner in the bankruptcy and workouts practice at Perkins Coie and a HotelNewsNow.com columnist, has been inducted as a Fellow into the American College of Bankruptcy.

Inductees to the organization are selected based on standards of professionalism and service to the profession, according to a Perkins Coie news release. Neff is the only lawyer from the Seventh Circuit inducted in this year’s class.

Compiled by Shawn A. Turner.

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