Travel Roundup: Las Vegas Sands' Macao IPO, Cruise Industry OKs Peepholes, Hong Kong Investors Buy S.F. W Hotel and More
Las Vegas Sands Corp. may offer Macau IPO to raise cash -- Las Vegas Sands Corp. is considering an initial public offering of its Macao properties along with some business sales to raise a much-needed $3.5 to $4 billion. The company needs about $2 billion to finish a Macau hotel and casino or face losing all of its assets completely, according to U.S. Securities and Exchange Commission filings. Chief executive Sheldon Adelson said the company is looking at an IPO and talking to investors about the project as well as selling its retail space and condos at its Venetian and Four Seasons properties. Adelson also said its $5.5 billion Marina Bay Sands resort opening will be delayed until January or February 2010 because of construction material shortages. [Source: Associated Press, BNET]
New cruise ship safety rules -- The Cruise Lines International Association agreed to implement peepholes and safety latches for passenger cabin doors, something not standard on cruise ships. Sen. John Kerry helped push the Cruise Vessel Security and Safety Act of 2009 in Congress, but Terry Dale, president of the association, said he would endorse much of the bill -- including requiring operators to quickly report serious crimes, train medical personnel on sexual-assault examinations and keep an incident log of minor crimes -- only if Kerry would drop part of the bill that would allow victims' families to sue cruise ship operators for pain and suffering. Current law only allows families to sue for lost wages and funeral expenses on the high seas. Source: Miami Herald]
San Francisco W hotel sold to Hong Kong investors -- Starwood Hotels & Resorts Worldwide Inc. agreed to sell its W Hotel in San Francisco to Keck Seng Investments Ltd., a Hong Kong investment company, for $90 million. The 423-room hotel, which opened in 1999, will still be run by the Starwood but details were unavailable. The sale is expected to close later this month. [Source: San Francisco Chronicle]
A free night for community service -- About 50 hotels across the United States, including the Residence Inn in Denver, The Nines in Portland, Ore. and The Blackstone in Chicago, are giving a free night to guests who can prove they completed at least eight hours of community service between July 1 and Dec. 20. Guests must provide a letter on the nonprofit's letterhead that proves they completed volunteer work from a 501c3 organization and the room must be reserved 48 hours before arrival. Blackout dates and hotel taxes apply. The hotels participating are all managed by Sage Hospitality. The offer ends Dec. 20. More information can be found at http://www.giveadaygetanight.com. [Source: Associated Press]