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Today in the news

Report: Natural disasters caused $110B in U.S. damage last year
posted on Jun 18 13

The natural catastrophes that hit the United States last year resulted in $110 billion in damage, making 2012 the second-costliest year since 1980 for such disasters, according to a report from the National Climate Data Center. Hurricane Sandy, drought, Midwest tornadoes and a “derecho” storm were among last year’s 11 major weather-related events that caused at least $1 billion apiece in damages. Read the LiveScience.com story here.

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Marriott eyes growth worldwide
posted on Jun 18 13

Because many middle-class people from developing countries are traveling, Marriott is planning for global growth, despite economic concerns. Read the HotelNewsNow.com story here.

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Wegmans in Rochester, N.Y. adds upscale Italian restaurant
posted on Jun 18 13

East Avenue Wegmans is taking on a whole new look, thanks to the Amore Italian Restaurant and Wine Bar. Amore is a sitdown, 85-seat restaurant along the upscale lines of Wegmans’ Next Door Bar & Grill in Pittsford. It is immediately adjacent to, and linked by indoor access, to the new 87,000-square-foot market. Read the Rochester Democrat and Chronicle story here.

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Lowe’s reportedly bidding $205M for Orchard Supply Hardware
posted on Jun 17 13

Home improvement retailer Lowe’s will reportedly bid to acquire 60 of California-based Orchard Supply Hardware‘s 91 stores, with an option to acquire the others, in a $205 million deal expected to be in a proposed recent Chapter 11 bankruptcy filing. Lowe’s would be the so-called stalking horse bidder in the deal, which means other bidders would have a chance to offer more for the chain, which has about $230 million in debt on the books. Read The Wall Street Journal story here.

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PKF: Hotels achieve highest occupancy level since 1997
posted on Jun 17 13

The national occupancy rate in U.S. hotels is expected to rise 2.2 percentage points next year, reaching 63.8 percent, the highest yearly occupancy rate since 1997, PKF Hospitality Research reports. The group forecasts a 15.4 percent growth in net operating income and a 7.7 percent increase in revenue per available room among U.S. hotels in 2014. Read the Hotel Management online story here.

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