Wynn may offload shares: Steve Wynn may try to sell his shares in Wynn Resorts now that he and ex-wife Elaine Wynn have scrapped an agreement preventing them from selling their combined 21% stake, potentially setting off a scramble to control the US$19 billion casino company.
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Ctrip stumbles in projected revenue: Ctrip.com International projected revenue well below expectations, blaming the shortfall on new rules that constrained its business as well as a childcare scandal that drove customers away. Shares in the world’s No. 2 online travel service fell after the Chinese company said sales would rise 9 to 11% this quarter, lagging the 16% analysts projected. Ctrip, which is backed by global leader Booking Holdings, also reported fourth-quarter revenue below estimates.
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Bobbi gets a hotel: Beauty maven Bobbi Brown is getting into the hotel business. Brown, who sold the company bearing her name to Estee Lauder in 2016, is now moving to open a hotel in her suburban New Jersey hometown. The property will be The George, a 32-room boutique hotel named after, and inspired by, George Washington. It officially opens to the public on April 1.
Red Planet sells four: Red Planet Japan, the Tokyo Stock Exchange-listed subsidiary of Thailand’s Red Planet Hotels, announced Friday a ¥11.77 billion (US$111 million) sale and leaseback transaction with Goldman Sachs involving four of its Japan hotels. The company has sold ownership rights to hotels in Asakusa, Naha and Nagoya and has simultaneously entered into a lease-and-operate agreement with Goldman Sachs for an initial period of 20 years.
An IHG Dallas rebrand: The InterContinental Dallas hotel on the Dallas North Tollway has changed hands and will be rebranded as the Renaissance Dallas Addison. The 528-room hotel built in 1981 was recently purchased by Columbia Sussex, a hotel firm based in Crestview Hills, Kentucky that is one of the nation’s largest franchisees of Marriott hotels. Design firm DiLeonardo is handling the makeover of the property which will be done later this year.