Word: starwood
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...majors like Chevron and ExxonMobil, and European giants such as BP and Royal Dutch Shell, arrived to tap Libya's vast oil reserves, betting that the country would become an energy powerhouse. Construction crews now bang and clatter across Tripoli, building apartment and office towers, Western hotels (InterContinental, Starwood and Marriott are all working on new hotels) and a new airport...
...shouldn't bet on an easy run in Libya. In fact, American firms are late to the scramble for the country's riches. If they look out their hotel windows, they will see crews from Korean, Turkish and Italian companies building luxury seaside towers, including an Intercontinental Hotel; a Starwood Four Points and a Marriott hotel are scheduled to open next year. U.S. businesses are not expected to seal any deals this week; with few contacts, they are focusing on just breaking the ice with Libyans. "This is a get-to-know-Libya trip," says Gene Cretz, the first...
...need. A McDonald's franchisee recently opened an electric-vehicle charging station in Cary, N.C. "The networked, grid-friendly charging stations are a perfect complement to the many innovative green features of the restaurant," says Ric Richards, president of Richard's Advantage Inc., the owner of the franchise. Also, Starwood Hotels is installing charging stations in some of its Element hotels, including those in Lexington, Mass.; Las Vegas; and Dallas...
...public in the sector: PennyMac raised only $335 million in its IPO - less than half of the $750 million it had expected - and its stock fell below its opening price after trading began; Invesco Mortgage Capital Inc. (IVR) raised $170 million; and Cypress Sharpridge Investments (CYS) grabbed $100 million. Starwood fared better, raising $810 million - the second largest IPO this year - but its share price also slipped below its IPO price the first day. (See which businesses are bucking the recession...
...jittery, having watched a number of mortgage REITs, such as New Century Financial Corp. and American Home Mortgage Investment Corp., file for Chapter 11 bankruptcy protection over the past couple of years, and others, such as Arbor Realty Trust and Gramercy Capital, struggling to stay afloat. Even Starwood's newest offering could stir concerns if investors check out the sour performance of one of Sternlicht's previous specialty finance companies, iStar Financial...