Word: bollenbach
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Feldstein’s exit comes as the last in a series of departures of veteran directors at AIG. The company’s recently-appointed Chairman and CEO Edward M. Liddy and long-time directors Stephen F. Bollenbach and James F. Orr have all announced that they will step down...
...story Eiffel Tower and surf in the ocean. And you'll be happy to pay up for it, or there will be some very unhappy investors. "The driving feature of Vegas will always be gambling, but the days of giving away rooms to gamblers are over," says Stephen Bollenbach, CEO of Hilton, which is building the $760 million re-creation of Paris. The idea now is to command better room rates, more on a par with resort or European vacation destinations, by offering comparable accommodations. A discounted room on the Strip now goes for $49 to $99. To sleep...
...upper-crust vacationers don't show up in the predicted numbers, leaving half-empty high-cost hotels. The Strip's bread-and-butter visitor isn't likely to trade up to $150-a-night rooms from $49 ones, even if there's a mint on the pillow. Hilton chief Bollenbach (who is also on the board at Time Warner, the parent company of TIME) is predicting 18 months of bruising battles, with older, smaller properties taking a hit from big outfits like...
...loophole, or that his stock would completely deflate. He's a respected hotel owner-operator who has already cut a $1.6 billion deal for Westin Hotels and has franchise agreements with major chains, including Hilton. It's not even clear that Starwood's structure gives him an unfair edge. Bollenbach says it does; Sternlicht says it doesn't. Ken Kies, chief of staff for the congressional Joint Taxation Committee, is concerned enough to be looking, but he says chances of a change anytime soon "are about zero...
...chief concern, as it relates to the battle over ITT, is that the structure seems to generate so much potential tax and other savings that Starwood can afford to outbid all comers. When Sternlicht was snapping up smaller companies, heavyweights like Bollenbach took note but didn't fuss. Now that Sternlicht is going after bigger quarry, he's on Bollenbach's radar, and the fuss has just begun. The Hilton boss has been lobbying against the paired-share structure. By opting to go after a big name like ITT, Sternlicht has created a personal Catch-22. If the scrutiny...