| Four Seasons Hotels bought for $3.8B
Luxury hotel operator Four Seasons Hotels Inc. said Monday it agreed to accept a going-private offer from its founder and other investors worth about $3.8 billion cash, including debt. Under the terms of the agreement, parties including Cascade Investment LLC, Kingdom Hotels International and Isadore Sharp, Four Seasons' chairman and chief executive, will buy the Toronto company for $82 per share. The transaction will be implemented by way of a court-approved plan of arrangement under Ontario law. The offer price represents a premium of 28 percent over the company's closing price on Nov. 3, the last trading day on the New York Stock Exchange before the announcement of the proposed transaction. Shares closed Friday on the Big Board at $83.88. The company's board of directors has already approved the transaction, which is expected to close in the second quarter, subject to shareholder approval, among other conditions.
Divi Resorts Announces A New Director Of Timeshare, Mario Bodner
Divi Resorts announces a new Director of Timeshare, Mario Bodner, who will be responsible for overseeing the timeshare sales efforts of all Divi Resorts properties. Mr. Bodner joined the Divi Resorts team in January 2007 following his position as Project Director with Harborside Resort at Atlantis in The Bahamas. With 23 years of successful timeshare industry experience (working previously with Disney, upscale Caribbean timeshares and private residence clubs), his background also includes management of sales and marketing teams as well as the implementation of accomplished marketing programs. Were pleased to have Mario join the Divi team, and are confident that Mario will have a significant contribution to our timeshare sales efforts as we continue to grow in the Caribbean region, says Mark Steward, Divi Resorts Vice President of Sales and Marketing.
Strategic shares up in buyout rumor
Chicago-based Strategic Hotels & Resorts Inc, a chain of luxury accommodations, may be the target of a buyout effort by private equity firms, industry analysts said on Friday.
Possible buyers include the Blackstone Group, the Carlyle Group and Chicago-based Walton Street Capital, said Barry Vinocur, editor of REIT Zone Publications.
"Two or three private equity groups may offer $24 to $26 a share," he said. That would amount to a sale of about $2 billion for the company's equity, Vinocur estimated.
The Strategic share price rose 8.33 percent in regular Friday trading hours on the buyout news, to close at $22.10 Neither Strategic nor the the rumored buyers responded to requests for comment. .
Intrawest Debuts Newest Luxury Condos at Copper Mountain
COPPER MOUNTAIN, Colo., Feb. 19 /PRNewswire/ -- Catch a glimpse of Copper's hidden treasure and get in on the hot mountain properties at The Cache at Union Creek. Nestled near West Ten Mile Creek in Copper Mountain Resort, The Cache presents one of the few remaining chances to own a new home in the upscale Union Creek neighborhood at Copper. With close proximity to the ski school, resort lodge and ski lifts, this rare find is the perfect base camp for families to enjoy all that Copper has to offer. The Cache is offered exclusively by Playground Destination Properties Inc., an Intrawest company. With residences starting in the mid $300,000's, The Cache at Union Creek offers an intimate retreat in an exclusive residential neighborhood. These fully furnished one- to four-bedroom residences offer luxury accommodations in a serene mountain setting, with amenities such as granite countertops and stainless steel appliances.
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