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...former accountant who became CEO in August, sees opportunity in crisis. He is undertaking a wide-ranging expansion that will take Shangri-La hotels to markets as diverse as Las Vegas and Doha. In January, the company launched its first Shangri-La hotel in North America, with the opening of a 119-room property in Vancouver. Japan will see its first open in March in Tokyo, and Europe later this year in Paris. Others are planned for Miami, New York City and Vienna. In all, Rao plans to open 32 new hotels by the end of 2011, increasing the chain...
...expansion is planned at a time when the hospitality industry appears headed for trouble. Corporations and consumers are slashing travel budgets just as a wave of new hotels is reaching the market. Some 5,400 hotels will likely open globally in 2009 and 2010, the biggest surge in a decade, according to research firm Lodging Econometrics. UBS real estate analyst Eric Wong predicts a glut. As a result, revenue per available room - a common measure of hotel performance - is expected to fall in every major market in 2009. "Everybody was trying to grab a slice of the action," says Wong...
...sure, Shangri-La is dealing with setbacks due to the credit crunch. In the Chinese gambling enclave of Macau, Shangri-La was scheduled to open two hotels along the city's nascent Cotai Strip this year, but casino operator Las Vegas Sands failed to raise the necessary funds and the entire project is on hold. In the U.S., a 223-room hotel in Chicago, due to open in 2011 in Waterview Tower, is also stalled due to the developer's financing difficulties...
Today, Libé has a new benefactor in the form of Edouard de Rothschild, and a new unstarry-eyed editor, Laurent Joffrin. The paper flirted briefly with break-even in 2007 and it's trying to find a way to go post-ideological, sort of. The Net, conferences, French open-shirted philosopher Bernard-Henri Lévy shilling with advertisers - the new Libé will try almost anything. Joffrin even invited Carla Bruni, wife of France's rightist President Nicolas Sarkozy, to serve as celebrity editor for a day, but that was a step too far and Joffrin was forced...
...Discus Thrower, which the museum had never allowed overseas. And on Feb. 16, the directors of Beijing's Palace Museum and Taipei's National Palace Museum brokered a deal to send Chinese imperial artifacts to Taiwan for the first time in 60 years. In a show scheduled to open in October, the pieces will be reunited with objects taken by nationalists when they fled the mainland after losing China's civil war. Analysts interpret Beijing's conciliatory approach as a bid to improve China's image in Taiwan, perhaps to soften opposition to reunification. Whatever's behind it, Beijing...