Tag: capital (Page 11 of 12)

Wynn Ends Acquisition Talks with Australia’s Crown Resorts

April 9, 2019 / WIL BALDWIN

FILE PHOTO – The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File Picture

(Reuters) – Wynn Resorts Ltd, the world’s No. 2 casino operator, said on Tuesday it scrapped preliminary talks to acquire Crown Resorts Ltd for A$10 billion ($7.1 billion), after the Australian Financial Review broke news of the negotiations.

Wynn’s backtracking illustrates how media leaks of deal talks can test the resolve of potential acquirers. Crown shares jumped as much as 22 percent on the news to A$14.37, close to the $A14.75 per share level that Crown said Wynn’s latest cash-and-stock offer valued the company.

This can make deal negotiations more difficult by emboldening acquisition targets to drive a hard bargain, analysts said. In this case, Wynn’s inexperience with pursuing big deals also likely played a factor, some analysts added.

“(Wynn) management’s experience with acquisitions is limited, so when you target synergies it’ll be nice to have more of a track record for such a large transaction,” said Roth Capital Partners analyst David Bain, calling the termination of the deal talks a positive development for Wynn.

After the Australian Financial Review revealed Wynn’s takeover approach, Crown not only confirmed the confidential talks on Tuesday, but also disclosed the price that Wynn was offering. It added that Crown’s board had not yet considered Wynn’s latest offer.

Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended.

“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in a statement.

Wynn’s shares were down 3.2 percent at $140.21 in New York at mid-afternoon.

Examples of companies confirming acquisition talks only to back out hours later are few and far between, because they reflect a lack of conviction on the part of the aspiring acquirers.

Last year, drug maker Allergan Plc confirmed it was in the early stages of making an offer for peer Shire Plc, after Reuters broke news of the deliberations, only to issue a second statement a few hours later stating it would not make an offer.

Insurer Aon Plc said last month it would not pursue a merger with rival insurance brokerage Willis Towers Watson Plc, a day after it confirmed it was in early stages of considering an all-stock offer for the Irish company following a Bloomberg News report revealing the deliberations.

HEDGE AGAINST MACAU

Wynn was founded in 2002 by Steve Wynn, who started his casino business in Las Vegas in the 1960s and created some of the city’s most iconic landmarks – the Mirage, Bellagio and Treasure Island – before selling them. Beset by sexual misconduct allegations, Wynn left the company and sold his entire 11.8 percent stake in Wynn Resorts for $2.1 billion last month.

Wynn operates large resort-and-casino complexes in Las Vegas and Chinese gambling hub Macau, with another under construction in Massachusetts. The deal would have offered a hedge against Macau, where its licences are up for renewal, by giving it two lavishly revamped Australian casinos and a third being built on the prized Sydney harbour front.

Buying Crown would also fit in with Wynn’s strategy to diversify geographically to protect its growth prospects if its Macau licences are not renewed.

The company’s efforts so far have included ramping up promotion of a resort in Japan, a market seen as the next potential goldmine to Macau and a former expansion target for Crown.

“Wynn has typically grown through building their own facilities, not through acquisition,” said Bain, the Roth Capital Partners analyst.

For Crown’s 47 percent owner James Packer, who re-badged his father’s media empire as a gambling concern in 2007 only to withdraw from business engagements last year due to mental illness, the deal would have ended his career as a casino mogul with a A$4.7 billion payout.

He would have ended up as Wynn’s biggest shareholder with 9.8 percent of its shares, based on its current number of shares on issue.

“We think Wynn’s strategy was mostly defensive, but if they have a strong strategic rationale for wanting to acquire Crown, they would likely come back to the table when things settle down,” said John DeCree, Union Gaming Securities’ director of North America research.

(Reporting by Byron Kaye, Tom Westbrook and Paulina Duran in SYDNEY, Devika Syamnath and Nivedita Balu in BENGALURU, and Greg Roumeliotis in NEW YORK; Editing by Sriraj Kalluvila, Shounak Dasgupta and Richard Chang)

(Nattee Chalermtiragool/Shutterstock) stock-Wynn-Macau-01-shutter Macao, China – March 12, 2016: View of Macao city at night in Macao, China

China Approves 10 Routes From New Beijing Airport

March 7, 2019 / WIL BALDWIN

SHANGHAI (Reuters) – China has approved plans by China Eastern Airlines, Xiamen Air and Capital Airlines to fly out of Beijing’s new mega-airport from September to cities such as Moscow, Cairo and Busan.

The Civil Aviation Administration of China said in a statement on its website on Thursday that it had approved 32 new airline routes, 10 of which will be from Beijing Daxing International Airport in September and October.

Of the 10, five were proposed by Hainan Airlines unit Beijing-based Capital Airlines, one by China Southern Airlines subsidiary Xiamen Air and four by China Eastern Airlines.

The airport, due to open in September, can handle 72 million passengers a year by 2025 and is expected to become one of the world’s busiest airports upon completion.

This will be the city’s second such facility and help relieve pressure on Beijing Capital International Airport, whose annual capacity has reached 100 million passengers.

Airlines including China Southern, China Eastern, Capital Airlines and China United Airlines will be relocated to the new airport, while carriers such as Air China Hainan Airlines and Grand China Air will stay at the old facility.

(Reporting by Brenda Goh; Editing by Subhranshu Sahu)

India’s Jet Airways Recovery Still On Shaky ground

February 21, 2019 / WIL BALDWIN

Feb 21 (Reuters) – India’s Jet Airways Ltd has approved a rescue deal by the lenders of the carrier reeling under a net debt of 72.99 billion rupees ($1.02 billion), but doubts linger over whether the bailout would help it clear dues on time.

The resolution plan will make Jet’s lenders its largest shareholders and fix a near 85 billion rupee funding gap.

Jet has been steadily losing market share to its rival and low-cost carrier IndiGo, which is owned by InterGlobe Aviation Ltd.

The airline has also seen its share price suffer as it navigated through several negotiations with its lenders and shareholders.

For an interactive graphic on the airline’s market value, click https://tmsnrt.rs/2V2ef8x

Jet takes the resolution plan to its shareholders on Thursday, where it will seek their approval to convert debt into 114 million shares.

Here are some major developments in Jet’s story:

Aug 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale

Aug 9 – Airline defers board meet for first-quarter results

Aug 11 – After State Bank of India chairman says Jet’s loan is on the bank’s watch list, Jet says it is regular in payment obligations to all banks

Aug 20 – Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal

Aug 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years

Sept 6 – Jet says it paid salaries to 84 percent of its employees after reports emerge that pilots warned ‘non-cooperation’ over salary default

Oct 4 – Rating agency ICRA downgrades https://www.icra.in/Rationale/ShowRationaleReport/?Id=73861 the company’s long term loans and NCDs

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report “speculative”

Oct 30 – U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways

Nov 5 – Report says Tata aims to buy the 51 percent stake in the airline owned by Naresh Goyal, and Etihad Airways’ 24 percent stake, and merge Jet with Vistara

Nov 12 – Jet posts third straight quarterly loss

Nov 13 – Tata Sons begins due diligence to buy Jet, reports say

Nov 15 – Shares surge nearly 25 percent following reports that the debt-laden airline was nearing a rescue deal with Tata Sons; another report says the Indian government asked Tata to explore buying Jet

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made

Nov 22 – Independent director Ranjan Mathai resigns, citing rising pressure from other commitments

Dec 3 – Jet says it will stop providing free meals to most domestic economy class passengers from January

Dec 5 – Jet and Etihad Airways have been holding rescue talks with Jet’s bankers, sources tell Reuters

Dec 6 – Jet tells its pilot union it will clear all salary dues by April, a source tells Reuters

Dec 7 – ICRA cuts https://www.icra.in/Rationale/ShowRationaleReport/?Id=75657 Jet rating yet again

Dec 14 – Goyal’s penchant for control has come up as a major obstacle as the airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years tell Reuters

Jan 2, 2019 – The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating again

Jan 10 – Jet proposes to creditors that it will catch up with debt payments in arrears by September, and from April will meet debt payments as they come due, according to a document seen by Reuters

Jan 11 – Some aircraft lessors were prompted to explore taking back aircraft from Jet, people familiar with the matter told Reuters. Etihad is not “in any position to sink new equity into Jet at this juncture”, says a person familiar with Etihad’s position.

Jan 14 – Report states Goyal is likely to step down from the board and give up majority control

Jan 16 – TV channel reports that Etihad offered to buy Jet shares at a 49 percent discount and immediately release $35 million.

Jan 17 – Top creditor SBI says Jet’s lenders are considering a plan to resolve its debt issues, amid further reports that Goyal is willing to invest 7 billion rupees in the airline and pledge all his shares but wants to retain a 25 percent stake.

Jan 24 – India capital markets regulator says it has no “view” on relaxing norms for a Jet bailout

Jan 25 – Etihad appoints Alvarez & Marsal to conduct due diligence on Jet, sources tell Reuters

Jan 30 – Jet denies its aircraft had been grounded by GE Capital Aviation Services

Feb 1 – Jet agrees to most conditions set by Etihad Airways for a lifeline, a report says

Feb 8 – Airline grounds four aircraft after failing to make payments to lessors

Feb 14 – Jet’s board approves a rescue deal which will make its lenders its largest shareholders and fix a near 85 billion rupee funding gap

Feb 15 – Jet is seeking an $840 million bailout from shareholders and a state-backed fund, Business Television India reports

Feb 21 – International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources tell Reuters

($1 = 71.2325 Indian rupees)

(Compiled by Arnab Paul and Chris Thomas in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)

Tesla To Buy Battery Tech Maker Maxwell Technologies

February 4, 2019 / WIL BALDWIN

(Reuters) – Tesla Inc has agreed to buy energy storage company Maxwell Technologies Inc for $218 million in an all-stock deal that could help the electric car maker produce batteries that hold more energy and last longer at a time when it needs to cut costs and faces growing competition.

Tesla is rapidly increasing production of its Model 3 sedan and needs to lower the price to reach a broader customer base than its pure luxury vehicles.

Maxwell executives told investors in January that it had developed and patented a “dry electrode” technology that could significantly increase the driving range and reduce the cost of electric vehicle batteries. In a presentation, Maxwell said it expected strategic alliances “within six months” centered around this technology.

The company also makes ultracapacitors, which discharge energy faster than batteries and are seen as complementing battery technology.

Ultracapacitors, combined with the energy of batteries, can enable rapid response times, function across a broader temperature range and lengthen battery life by up to two times, according to a blog post on Maxwell’s website.

Volvo-owner Geely Holding Group last May announced a deal with Maxwell and described the company’s ultracapacitor technology as helping to deliver “peak power” for hybrid cars.

“Tesla needs Maxwell’s solvent-free battery electrode manufacturing for a viable path to lower battery costs,” said Craig Irwin of Roth Capital Partners. “Real competitors are coming now, so Tesla needs to move fast.”

Maxwell’s customers also include General Motors and Lamborghini.

The offer values each Maxwell share at $4.75, representing a 55 percent premium to the stock’s closing price on Friday, the companies said. Maxwell shares rose to trade at $4.58.

Currently, Japan’s Panasonic Corp is the exclusive battery cell supplier for Tesla cars.

Tesla chief Elon Musk had highlighted the importance of ultracapacitors back in 2013.

“I’m a big fan of ultracapacitors. Was going to do my PhD at Stanford on them. But we need a breakthrough in energy density…,” Musk had tweeted https://twitter.com/elonmusk/status/336598500156518400?lang=en.

Tesla also sells power storage, often in conjunction with its solar power business, and ultracapacitors could be used in backup systems for homes and for utility power grids.

Maxwell expects the deal, which has already been approved by its board, to close in the second quarter of 2019, or shortly thereafter.

DLA Piper was Maxwell’s outside legal counsel, while Barclays Capital was the independent adviser. Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.

(Reporting by Supantha Mukherjee, Peter Henderson and Akanksha Rana in Bengaluru and by Joe White and Paul Lienert in Detroit; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)

Avianca Brasil Looking for Additional Capital

January 23, 2019 / WIL BALDWIN

SAO PAULO, Jan 22 (Reuters) – Avianca Brasil, which filed for bankruptcy protection in December, is looking for a cash injection and has hired Brazilian consulting firm Galeazzi & Associados to help in talks with investors and creditors, the airline said.

Galeazzi’s executives are already visiting the carrier’s creditors to discuss options, a source said, asking for anonymity to disclose private talks. Reuters first reported the news of the Galeazzi hire, citing sources.

Avianca shareholders are discussing a potential cash injection with different investors, including hedge fund Elliott Management Corp, two sources said. Any investment now would need to happen within the bankruptcy protection process, likely in the form of debtor-in-possession financing.

Elliott and Galeazzi did not immediately reply to requests for comment.

Any capital injection or loan would need authorization from the bankruptcy judge.

Avianca is battling two of its main aircraft lessors, Aircastle Ltd and General Electric Co’s unit GE Capital Aviation Services, who have tried so far unsuccessfully to ground or repossess 40 percent of its fleet.

Avianca also said in the statement it continues to operate normally.

The escalating legal battle has added to the uncertainty surrounding Avianca Brasil’s ability to maintain its current flight schedule.

(Reporting by Tatiana Bautzer Editing by Susan Thomas and Alistair Bell)

SMBC Aviation Capital Orders 65 A320neo Aircraft

January 21, 2019 / WIL BALDWIN

Leading aircraft lessor SMBC Aviation Capital has boosted its total order book for the A320neo Family to 181 aircraft after signing a firm order for an additional 65 A320neo Family aircraft (15 A321neo and 50 A320neo). The order was finalised in 2018 and included in the year-end order figures.

In addition the agreement includes an upsizing of 15 A320neo from a pre-existing order to 15 of the largest member of the single aisle, the A321neos, taking SMBC Aviation Capital’s total for the type to 30. With its unbeatable seat mile cost, longer range and wider cabin, the A321neo offers airlines the flexibility to expand their networks using wide-body cabin products on new longer haul routes which were not previously possible with a single aisle.

“Demand for the latest technology aircraft has been strong both from our existing and new customers hence our decision today to proceed with this order. In the current environment, airlines are seeking more fuel efficient aircraft. The make-up of our order book positions us very well for the future to deliver on those needs. We have a strong relationship with Airbus and we look forward to working with them to continue to deliver for our customers long into the future,” said Peter Barrett, CEO, SMBC Aviation Capital.

The order for 65 is in addition to an earlier agreement for six A320neo made in March, bringing the total number of A320neo Family ordered in 2018 to 71.

“As one of the world’s leading aircraft lessors, SMBC Aviation Capital’s repeat order demonstrates its financial astuteness in making wise investments in the A320neo Family. In 2018, the direct leasing market represented over 30 per cent of our 800 worldwide deliveries – as much as Europe and the Americas combined,” said Christian Scherer, Airbus Chief Commercial Officer.

The A320neo Family incorporates the very latest technologies including new generation engines, Sharklets and cabin efficiency enablers, which together deliver 20 percent fuel savings by 2020. With more than 6,500 orders received from over 100 customers since its launch in 2010, the A320neo Family has captured some 60 percent share of the market.

Story and image from http://www.airbus.com

Avianca Brasil Lessor Set to Seize 20% of Airline’s Fleet

January 11, 2019 / WIL BALDWIN

SAO PAULO, Jan 11 (Reuters) – Lessor Aircastle is set to repossess 10 jets from Avianca Brasil, the country’s No. 4 airline, after a bankruptcy hearing on Monday, a source familiar with the matter said, potentially disrupting flights for thousands of passengers.

The 10 Airbus A320 planes represent more than 20 percent of Avianca Brasil’s current fleet, according to data provided by Brazil’s aviation regulator, raising doubts about the carrier’s ability to fly its full flight schedule if the aircraft are seized.

And it could lose more planes in the future. Lessor GE Capital Aviation Services and an affiliate are seeking to repossess 12 Airbus A320s from Avianca Brasil, according to James Luton, a GE spokesman.

When the airline filed for bankruptcy protections last month, the airline discussed the possible loss of 14 planes, which it said would affect 77,000 passengers over a three-week period.

A representative for Avianca Brasil declined to comment. The bankruptcy filing came after years of mounting losses and late aircraft payments.

Bankruptcy filings, while providing protection from creditors, do not cover leases, the source of the carrier’s entire 46-aircraft fleet.

Between the end of 2016 and September 2018, Avianca Brasil’s liabilities to aircraft lessors quintupled to 415 million reais ($112 million), according to the carrier’s financial statements.

Still, a Brazilian bankruptcy judge stayed a decision that would have allowed Aircastle to repossess the planes last month. That stay, however, expires on Monday.

Since the stay was issued, the source said, Avianca Brasil has not made any proposal to Aircastle that would have allowed the carrier to keep the planes. Avianca Brasil owes Aircastle more than $30 million, the source added.

The stakes are also high for Aircastle, as Avianca Brasil is its largest single customer, representing some 7 percent of its net book value, according to the lessor’s financial disclosures.

Avianca Brasil is separate from the better-known Avianca Holdings SA, which is based in Colombia. But they share the same owner, a family company owned in part by Bolivian-born airline entrepreneur German Efromovich.

United Continental Holdings gave the family company a $500 million loan last November.

Neither party has revealed why the loan was needed, but Efromovich has been sued for failure to repay his debts in the United States and Brazil in recent years.

($1 = 3.7138 reais)

(Reporting by Marcelo Rochabrun)

India’s Debt-laden Jet Airways’ Rocky Ride

January 11, 2019 / WIL BALDWIN

(Reuters) – Jet Airways Ltd, India’s biggest full-service carrier, has been under dark clouds for the most part of the past year, and several efforts are on to save the sinking airline.

While intense pricing competition, weak rupee and rising fuel costs have hurt Indian airlines like IndiGo owned by InterGlobe Aviation Ltd and SpiceJet Ltd, Jet Airways is in a league of its own.

Saddled with a debt of about 80.52 billion rupees ($1.14 billion) as of Sept. 30, Jet is desperately searching for a deal that could help mitigate its severe liquidity crunch. The airline has a market capitalisation of 28.81 billion rupees as of Friday’s close.

Here’s how Jet has fared:

May 3 – Jet shares fall 12.3 percent after InterGlobe Aviation reported a slump in net profit for March-quarter a day earlier

May 23 – Jet posts first quarterly loss in at least 12 quarters, says it has a negative net worth that ‘may create uncertainties’

Aug 1 – Media report says Jet asked employees to take an up to 25 percent cut in salaries as a part of a cost cutting measure

Aug 3 – Jet denies report that it cannot fly beyond 60 days, and dismisses conjecture of stake sale

Aug 9 – Airline defers board meet for first-quarter results

Aug 11 – After State Bank of India chairman says Jet’s loan is on the bank’s watch list, Jet says it is regular in payment obligations to all banks

Aug 13 – Airline reaffirms that it is considering various options to meet its funding requirements

Aug 15 – Report says U.S. private equity firm Blackstone Group LP is in talks to buy a stake in Jet’s frequent-flier loyalty programme JetPrivilege

Aug 20 – Sources tell Reuters that private equity firm TPG Capital is considering investing in Jet, but is not close to finalising a deal

Aug 27 – Jet posts loss for the June-quarter, says it will inject funds and cut costs by more than 20 billion rupees in two years

Sept 4 – Government plans relief package for airlines

Sept 6 – Jet says it paid salaries to 84 percent of its employees after reports emerge that pilots warned ‘non-cooperation’ over salary default

Sept 20 – Income Tax department conducts survey at Jet’s premises

• Over two dozen passengers on a Jet flight are treated for minor injuries after the plane loses cabin pressure

Oct 4 – Rating agency ICRA downgrades the company’s long term loans and NCDs, citing impact of steep increase in jet fuel prices, rupee depreciation, delay in implementation of liquidity initiatives

Oct 18 – Report says Indian conglomerate Tata Group is in talks to buy stake in Jet. Jet calls report “speculative”

Oct 30 – U.S.-based Delta Air Lines Inc expresses interest to buy Jet stake from promoter Naresh Goyal and Etihad Airways

Nov 5 – Report says Tata aims to buy the 51 percent stake in the airline owned by Naresh Goyal, and Etihad Airways’ 24 percent stake, and merge Jet with Vistara

Nov 12 – Jet posts third straight quarterly loss, chief executive officer Vinay Dube expresses confidence in overcoming current challenges

Nov 13 – Tata Sons begins due diligence to buy Jet, reports say

Jet executive says company is in talks with multiple parties for a stake sale in its loyalty program, and equity infusion in the airline

Nov 16 – Tata Sons says discussions on Jet is preliminary and no proposal has been made

Nov 20 – Tata Sons may go slow on Jet deal after some directors from Tata’s board expressed concerns, according to media reports

Nov 21 – The airline says news on Naresh Goyal, Etihad discussing merger of JetPrivilege with Jet Airways is speculative

Nov 22 – Independent director Ranjan Mathai resigns, citing rising pressure from other commitments

Nov 26 – Report says Naresh Goyal may hand over Jet Airways ops to Etihad Airways

Dec 3 – Jet says it will stop providing free meals to most domestic economy class passengers from January, in its latest move to cut costs and boost revenues

Dec 5 – Jet and Etihad Airways have been holding rescue talks with Jet’s bankers, sources tell Reuters

Dec 6 – Jet tells its pilot union it will clear all salary dues by April, and gives them schedule outlining when the payments will be made, source tells Reuters

Dec 7 – ICRA cuts Jet rating yet again, cites delays in implementation of the proposed liquidity initiatives by Jet’s management

Jan 2 – The airline says it has delayed payment to a consortium of Indian banks, led by SBI; ICRA cuts rating again

Jan 10 – Jet proposes to creditors that it will catch up with debt payments in arrears by September and from April will meet debt payments as they come due, according to a document seen by Reuters

Jan 11 – Crisis talks between Jet and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter tell Reuters. Etihad is not “in any position to sink new equity into Jet at this juncture,” says a person familiar with Etihad’s position.

($1 = 70.5090 rupees)

(Compiled by Arnab Paul and Chris Thomas in Bengaluru; Editing by Gopakumar Warrier)

Image from http://www.jetwairways.com

Apollo Eyeing Deal for GE’s Jet Leasing Unit

January 7, 2019 / WIL BALDWIN

(Reuters) – Private equity firm Apollo Global Management LLC is working on an offer to acquire General Electric Co’s aircraft leasing operations, which are worth as much as $40 billion, people familiar with the matter said on Friday.

Apollo’s bid comes as GE’s new chief executive officer, Larry Culp, is battling to restore profits and slash debt after the industrial conglomerate lost $22.8 billion in the third quarter, mostly from its ailing power unit.

GE is already pressing on with divesting several assets, including spinning off its healthcare unit and shedding its stake in oilfield services company Baker Hughes. Apollo’s offer could put pressure on GE to also sell the aircraft unit, known as GE Capital Aviation Services (GECAS).

Apollo is looking at financing its bid partly through debt and equity provided by Athene Holding Ltd, the annuity provider for which it provides asset management services, the sources said. Apollo’s private equity funds, co-investment from Apollo’s investors, and debt financing from banks will also help fund the deal, the sources added.

In addition, Apollo is open to exploring a transaction for GE’s long-term-care insurance business, whose liabilities have emerged as a significant burden, according to the sources.

GE has not yet agreed to a deal with Apollo, the sources said. The company could decide to explore a deal with other buyers or not sell GECAS at all, the sources added, asking not to be identified because the matter is confidential.

Apollo and GE declined to comment. Bloomberg News first reported on Apollo’s offer.

GECAS has a fleet of more than 1,900 planes, which it provides to airlines under long-term leases. Consolidation in the sector has intensified in the last few years, as Asian competitors chip away at the market shares of GECAS and its rival AerCap Holdings NV.

GECAS is a unit of GE Capital, which GE has been trimming since the 2008 financial crisis. In 2015, it clinched a deal to sell most of GE Capital’s real estate assets to Blackstone Group LP and Wells Fargo & Co for $23 billion.

Apollo has done several deals with GE. In October, Apollo agreed to buy a portfolio of $1 billion in energy investments from GE Capital. In 2015, Mubadala GE Capital, a joint venture between Abu Dhabi state fund Mubadala and GE Capital, agreed to sell a $3.6 billion portfolio of corporate and real estate loans in the United States and Europe to Apollo.

(Reporting by Greg Roumeliotis in New York; Editing by Leslie Adler)

Image from http://www.airbus.com

Hyatt Place Chongli, China Now Open

December 11, 2018 / WIL BALDWIN

CHICAGO (December 10, 2018) – Hyatt Place Chongli is the first Hyatt-branded hotel to open in Zhangjiakou in China’s Hebei Province. The hotel features the Hyatt Place brand’s intuitive design, casual atmosphere and practical amenities such as free Wi-Fi.

Hyatt Place Chongli is located within Thaiwoo Ski Resort, which offers offering skiing and other exhilarating snow-sports in the winter and mountain biking and horse riding in the summer.

Hyatt Place Chongli is a 55-minute drive from Zhangjiakou Ningyuan Airport and a three-hour drive from Beijing Capital International Airport. By the end of 2019, guests will be able to travel by train from Beijing to Thaiwoo Ski Resort in 50 minutes. The hotel offers easy access to local attractions, including Grass Skyline, a 133-kilometer stretch of picturesque grassland dotted with Mongolian yurts and grazing cattle; Cuiyun Mountain Forest Park, which is comprised of more than 20 peaks; Huapiling scenic area, a mountainous border between Zhangbei and Chongli counties; and Ice & Snow Museum Chongli, the largest museum of its kind in China.

“As the Chongli district continues to develop its infrastructure and thrive economically, we are excited to add to the momentum with the opening of the first Hyatt Place hotel,” said General Manager Luke Li. “With our smartly designed social spaces and guestrooms with separate work and sleep areas, our multitasking guests can easily accomplish what they need to do while on the road.”

Hyatt Place Chongli offers:

132 spacious guestrooms with separate spaces to sleep, work and play, as well as a Cozy Corner sofa-sleeper
Free Wi-Fi throughout the hotel and guestrooms
Gallery Kitchen Breakfast features an array of Western and Chinese breakfast favorites, including noodles, dim sum, ham, and eggs, as well as fresh fruit, yogurt and more
Gallery Menu serving freshly prepared meals
24/7 Gallery Market offering ready-to-go sandwiches and salads all day long
Coffee to Cocktails Bar featuring coffees and premium beers, as well as wines and specialty cocktails
Odds & Ends program for forgotten items that guests can buy, borrow or enjoy for free
Meeting Places with 160 square meters of flexible, high-tech meeting/function space
24-hour Gym featuring cardio equipment with LCD touchscreens and free ear buds
Heated indoor swimming pool with views of Thaiwoo Ski Resort as well as a freeform kids pool and a massage pool

HYATT PLACE CHONGLI LEADERSHIP

Hyatt Place Chongli is under the leadership of General Manager Luke Li and Director of Sales Justin Guo. In his role, Li is directly responsible for managing the day-to-day operations of the hotel, including overseeing the hotel’s 54 associates and ensuring guests encounter the thoughtful service for which the Hyatt Place brand is known. Guo is responsible for providing sales service and support to travelers and meeting planners frequenting the Beijing area.

For more information, please visit chonglihyattplace.com

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