On Friday, in the course of Afternoon trade, Shares of Planned Hotels and Resorts Inc (NYSE:BEE), climbed 0.15%, and is now trading at $13.70.
Planned Hotels & Resorts, declared that it has attained the remaining 49 percent ownership interest in the 514-room JW Marriott Essex House hotel.The Company formerly owned a 51 percent ownership position in the asset through a joint venture with certain associates of KSL Capital Partners, LLC (“KSL”). Following the terms of the joint venture agreements, KSL exercised a contractual put option of its equity interests in the asset and the Company will issue to certain associates of KSL an aggregate of 6,595,449 shares of common stock priced at $12.82 per share, or an implied valuation of $84.6 million. The transaction values the asset at a gross valuation of about $397.6 million, which comprises $6.3 million of value for three owned condominiums, $2.2 million of cash presently held within the joint venture, and the existing $225.0 million mortgage financing.
“We are very happy to acquire the remaining interest in the JW Marriott Essex House hotel from our partner, KSL,” commented Raymond L. “Rip” Gellein, Chairman and Chief Executive Officer of Planned Hotels & Resorts, Inc. “Under our joint ownership we created substantial incremental value, with EBITDA projected to have raised over six times by the end of 2015. There continues to be noteworthyupside in this iconic hotel, which is situated on Central Park. The New York City market is long-term one of the most outstanding travel markets in the world, and we are confident that our efforts to reposition the hotel will drive favorable future growth. This transaction also represents the acquisition of the sole remaining joint venture interest in our best-in-class portfolio of hotels and resorts, further simplifying our balance sheet.”
Planned Hotels & Resorts, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It is owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts. The firm was formerly known as Planned Hotel Capital Inc. Planned Hotels & Resorts, Inc was founded in 1997 and is based in Chicago, Illinois.
During an Afternoon trade, Shares of Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), climbed 1.99%, and is now trading at $72.14.
Ctrip.com International, will declare its second quarter 2015 results on Monday, August 3, 2015, U.S. Time, after the market closes.
Ctrip’s administration team will host a conference call at 8:00PM U.S. Eastern Time on August 3, 2015 (or 8:00AM on August 4, 2015 in the Shanghai/Hong Kong Time) following the declarement.
Ctrip.com International, Ltd., together with its auxiliaries, provides travel services for hotel accommodations, transportation ticketing services, packaged tours, and corporate travel administration in the People’s Republic of China.
Shares of GrubHub Inc (NYSE:GRUB), during its Friday’s current trading session raised 1.26%, and is now trading at $32.04.
GrubHub, declared financial results for the quarter ended June 30, 2015.
“We delivered noteworthyyear-over-year growth in the seasonally slower second quarter, driven by strong performance in all of our markets across the country,” said Matt Maloney, CEO. “GrubHub’s almost 6 million diners ordered more than 20 million times during the quarter, driving revenue growth of 47 percent year-over-year.”
GrubHub Inc., together with its auxiliaries, provides an online and mobile platform for restaurant pick-up and delivery orders in the United States. The company connects about 30,000 local restaurants with diners in about 800 cities.
Finally, Rovi Corporation (NASDAQ:ROVI), lost -11.74% Friday.
Rovi Corporation, stated financial results for the second quarter ended June 30, 2015.
The Company stated second quarter revenue of $127.8 million, a decrease of 7% contrast to $137.1 million in the second quarter of 2014. Revenues were lower than in the comparable period of the preceding year, which benefited from higher Consumer Electronics revenues, in part due to one-time revenues from Samsung. Second quarter 2015 Income from ongoing operations, net of tax, was $3.3 million, contrast to $2.7 million Loss from ongoing operations, net of tax, for the second quarter of 2014. Second quarter Diluted income per share from ongoing operations was $0.04, contrast to $0.03 Diluted loss per share from ongoing operations in the second quarter of 2014. After taking into consideration suspended operations, the Company stated second quarter Net income of $3.3 million, contrast to a Net loss of $2.6 million for the same quarter of 2014. Second quarter Diluted income per share was $0.04, contrast to $0.03 Diluted loss per share in the second quarter of 2014.
Rovi Corporation provides integrated solutions for the discovery and personalization of digital entertainment to service providers and consumer electronics (CE) industry worldwide.
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