Blackstone Group LP agreed to sell the Miami Beach Resort in Florida to Joseph Chetrit for $117 million as part of a debt restructuring in its LXR Luxury Resorts & Hotels unit, a person with knowledge of the deal said.
Sun Resorts Ltd. , the second-biggest hotel chain and tour operator in Mauritius by market capitalization, said its loss for the third quarter widened 27 percent on lower revenue at its luxury resorts.
A lender group including Paulson & Co., the New York-based hedge fund run by John Paulson , seized control of former CNL Hotels & Resorts Inc. properties from Morgan Stanley ’s real estate funds through a $600 million debt restructuring, said two people with knowledge of the deal.
Luxury resorts along Queensland’s coast, a destination for Great Barrier Reef visitors, are selling at a fraction of peak prices as a rising Australian dollar sends domestic vacationers overseas and hampers a recovery from last year’s hurricanes.
Hurricane Danielle, the strongest Atlantic storm this season, is heading toward Bermuda with waves high enough to dwarf a three-story building and winds capable of knocking down trees, the National Hurricane Center said.
Amer Group Holding , an Egyptian developer of luxury resorts, said it plans to raise about 1.14 billion Egyptian pounds ($200 million) in a share sale, the second initial public offering in the country this year.
Greece’s plan to raise billions of euros from state-owned land may fail if the government succumbs to pressure to keep assets in public hands, according to Miltos Kambourides , managing partner at Dolphin Capital Partners .
The lenders that seized eight luxury resorts from Morgan Stanley’s real estate funds hired a law firm to explore a bankruptcy filing for the properties that may come as early as today, said a person familiar with the talks.