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Genesis Posts: 71435 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1224-A....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-07-16 09:06:04
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Dji Posts: 720 Incept: 2009-04-21 
Fleming Island Online
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time to make the Thanks for Traveling signs again huh.
---------- What goes up Must come Down- Alan Parsons Project THE TRUTH HURTS! -Dji
2009-07-16 09:17:21
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Amgrace Posts: 1304 Incept: 2008-02-15
New Castle, PA 16101
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Here's another one folks - from ZeroHedge: http://zerohedge.blogspot.com/ Thursday, July 16, 2009 Simmons Fails To Make Coupon Payment Posted by Tyler Durden at 9:04 AM Troubled mattress maker Simmons announced that it did not make it scheduled July 15th bond payment of $7.9 million. The company's bondholders who are hoping for some hail mary bailout as millions of unemployed people upgrade from a hard floor to a memory foam king size are due for a big surprise, even with the extended forbearance they have granted the company. One can hope that the "certain conditions" to be met by July 31 include a clause of 100% equity conversion as that is the only return hopeful investors may hope to extract from the company. From the press release: ATLANTA, July 16 /PRNewswire/ -- Simmons Bedding Company ("Simmons Bedding"), a subsidiary of Simmons Company ("Simmons" or the "Company"), and a leading manufacturer of premium-branded bedding products, today announced that it did not make the scheduled interest payment of $7.9 million due on July 15, 2009 on its $200.0 million 7.875% senior subordinated notes ("Notes"). Under the terms of Simmons Bedding's existing forbearance agreement with the majority of the outstanding holders of the Notes, the holders of a majority of the Notes have agreed to refrain from exercising their rights and remedies under the Notes with respect to such non-payment of interest. Simmons announced on June 30, 2009 that it had reached agreements with the majorities of both its senior bank lenders and holders of its $200.0 million 7.875% senior subordinated notes as required to extend the forbearance periods from June 30, 2009 to August 14, 2009. The extension under the senior bank lenders agreement is subject to meeting certain conditions on or before July 31, 2009. The Company's cash on hand as of July 14, 2009 was approximately $62 million, which is available to pay operating costs and expenses. The Company continues normal day-to-day business operations. ---------- "In an informal survey at a recent meeting of 150 or so institutions, those admitting to feeling nervous about underexposure to risk outnumbered those feeling too aggressive by a neat 10 to 1! This also suggests how a speculative rally can keep going longer than reasonable investors expect." - Jeremy Grantham 07/2009
2009-07-16 09:18:23
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Eighty6thebs Posts: 768 Incept: 2007-06-26
It's contained to sub-prime! Online
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How the hell can a company who makes a 150 dollar product they sell for 2000 owe 200M in debt?
---------- "Sounds to me like you guys are a couple of bookies" - Billy Ray Valentine
2009-07-16 09:22:15
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Markytom Posts: 217 Incept: 2009-02-19
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The hotel industry has been cratering for almost 2 years now: http://www.calculatedriskblog.com/2009/0.... Richard Warnick of Warnick & Co. said he'd be surprised if nearly all hotels and resorts, here and across the country, weren't in technical default on their loans, falling below required minimums on debt service coverage, for example, given the sad state of travel. That is often a precursor to more serious financial problems that prompt lenders to foreclose. Red Roof Inn went belly up recently. So did Extended Stay America. Hotels are in deep doo doo.
2009-07-16 09:24:09
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Future_shock Posts: 1143 Incept: 2007-10-16 
Texas
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Vacancies across hotels going to kill local governments too. Look at your hotel bill they tack $25 on every hotel bill for the local taxing authority. Over 10% of the price of your stay.
2009-07-16 09:26:42
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Widgeon Posts: 6530 Incept: 2007-08-30
OK Online
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Why won't my PCLN Crater Too? BooHoo.
2009-07-16 11:00:58
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Flaps10 Posts: 121 Incept: 2008-10-17
seattle
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*Future, Good point. In Seattle they have played "screw the tourist" with hotel and rental car taxes so we could fund ball stadiums. If the revenue from that craters does that mean that Seattle/King County will miss a bond payment? ---------- "Among the many misdeeds of the British rule in India, history will look upon the Act depriving a whole nation of arms as the blackest." -Ghandi
2009-07-16 11:13:36
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Ckuennen Posts: 142 Incept: 2008-01-25
Southwestern Virginia
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I travel on business about 100 nights per year, and stay in Marriott properties almost exclusively (Platinum baby!). For the past several months I can tell you that the Marriott properties I go to are never full, not even close, and usually only have about 30-40 cars in the lot at 6 a.m. A few of the places I've stayed I swear did not have 20 guests, these were Courtyards and Fairfield Inns.
2009-07-16 11:14:33
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Twoells Posts: 20 Incept: 2009-07-06 Oregon
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It seems like there really are two Americas, the one that Wall Street lives in where everything is fine and green shoots are sprouting. And the one that the rest of us live in, where the green shoots are going to be sprouting in the empty hotel and motel parking lots.
2009-07-16 11:33:32
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Randy123 Posts: 2006 Incept: 2008-09-24 New Jersey Online
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Worked for Marriot for 3 years. Not happy years.
---------- Mliu is my hero. Captain melamine.
2009-07-16 11:35:42
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Blackswan Posts: 3602 Incept: 2007-11-06
Ponzi Roller Coaster
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Staycations = death for hotel and leisure bubble. I just want to know who the ****ing marketing genius is that put together these commercials - Southwest Airlines "It's On." or the GM let's start a rally bull****. Am I suppossed to ignore everything and go gee let me blow some money on travel or a new car? ---------- Last modified:
2009-07-16 11:49:58 by blackswan
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Deejunk Posts: 578 Incept: 2008-10-11 Now DC - Solar Power.
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I know what happened; Everybody bought used RVs with all the "green shoots" money and now they just stay in the Walmart parking lots while conducting business...
---------- http://www.myvideo.de/watch/2451556/The_.... - I'm seriously ready for inflation, deflation & TOTAL collapse of the US & Global economic & market systems.. I'm the sexy blonde not in this vid but my x is the lead chichen-> http://www.youtube.com/watch?v=vdFIXsrjk....
2009-07-16 20:30:31
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Markytom Posts: 217 Incept: 2009-02-19
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Hotel RevPar off 18% http://www.calculatedriskblog.com/2009/0....
2009-07-17 13:20:47
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Sunriser1 Posts: 1879 Incept: 2007-10-30
lake tahoe nevada
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Hotels in the Reno-Tahoe area are slashing rates in an effort draw visitors. Montbleu Resort, Casino and Spa at South Lake Tahoe, for instance, advertised $39 rooms during June. Midweek rates for the Peppermill Hotel Casino Spa's Montego Bay wing are running $49 through mid-August. Tourists can stay at the Club Cal-Neva for just $34. Mid-week room rates at Terrible's Sands Regency are just $29, while mid-week rates at Circus Circus Reno currently start at $39. Jay Thiel, general manager of Terrible's Sands Regency, says the drop in room rates has helped fill rooms. Occupancy is up from last year, but occupancy has been boosted as well by the three-month long U.S. Bowling Congress women's championship in Reno. July occupancy at Terrible's Sands Regency is tracking slightly ahead of the same month the prior year, but at the sacrifice of the rate, Thiel says. And weekend occupancies have not dipped as much as mid-week numbers. Mid-week rates at the Sands are down 10 to 12 percent from 2008. “It is a consumers' market. You can find all kinds of deals wherever you look,” Thiel says. “With a casino property, you are better off with somebody in a bed than without.” Mike Woods, a specialist in lodging properties and founder of Sierra Realty Group in Genoa, says that deeply discounted room rates at gaming properties draw business away from non-gaming properties. That's led to a sharp reduction in hotel sales. “Casinos generate income from two sources. They need the bodies,” says Woods. “They have to have people. It makes it a lot tougher for non-gaming properties.” Woods says occupancy and revenues at many non-gaming properties in the region are down about 25 percent for the first two quarters. They continue to draw their regulars — folks who come back to the same lodging property every year — but struggle to woo occasional or one-time visitors. Business-class hotels also find themselves embroiled in the rate wars. Sushil Patel, who owns two business-class hotels in south Reno and the Days Inn, Quality Inn and Suites and an independently branded property at South Lake Tahoe, says his properties have held their own despite deep discounts at nearby casinos. “We have dropped rates because of tourism activity in general, but we are still holding rates substantially higher than the gaming properties,” Patel says. “We had a good June — all three properties held numbers from last year — and July is looking not too bad as well.” Patel says his two properties that carry the flags of national hotel chains have held up despite reduced tourism numbers because they are well-known brands. “From a marketing standpoint, they are all over the country and the world. A lot of folks know the name, and a lot of foreign travelers tend to stick with the brand names that they know.” The declines in rates come as occupancies in Washoe County and Lake Tahoe hotels have experienced sharp declines. Tourists visiting South Lake Tahoe in April rented 26,405 rooms for the month. That's the second-lowest total this decade, trailing only the 19,654 rooms rented in November. The April figure represented a 17 percent decline from year-earlier figures — and it's off 54 percent from the start of the decade. Overall, occupancy rates on the California side of Lake Tahoe have dropped 10 percent for the fiscal year. Nevada properties at Lake Tahoe haven't fared much better. April room rentals were down just 6 percent from a year ago, but room rentals declined 17 percent in March and 23 percent in February from the previous year's totals. And the decline in tourists staying in Tahoe hotels is reflected in the area's declining gaming win for May: South Lake Tahoe was down 25.5 percent, while North Lake Tahoe dipped nearly 19 percent. Properties in Washoe County have struggled to fill rooms as well. Room nights in May declined nearly 7 percent from a year ago, and average room rates fell to $73 compared to $77.71 for the previous year. (The figures don't include comp rooms at casino properties.) The dip in room nights and rates led to a 12 percent decline in taxable room revenues for May, a loss of $2.96 million for Washoe County. ---------- "CHAPTER 9"
2009-07-17 13:35:51
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Widgeon Posts: 6530 Incept: 2007-08-30
OK Online
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I'm going on a 2-week "vacation" ... pulling the little pop-up camper. No "lodging" for me.
2009-07-17 13:45:41
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