Colo. hotels see rise in April occupancies
Colorado hotel occupancy rates and average room rates rose in April compared to the same month last year, according to the Rocky Mountain Lodging Report released Thursday.
In the seven-county metro area, occupancy rates rose to 62.5 percent last month, up from 57.3 percent in April 2004.
Average room rates rose by $6.55, to $88.30. Statewide, occupancy rates rose by 3.7 percent, to 54.9 percent. Room rates rose by $5.92, to $89.63.
Council urges selling of historic Rossonian
The Denver City Council’s economic-development committee has recommended that the city sell the historic Rossonian hotel at 2650 Welton St. to a local developer for $800,000.
To complete the purchase, developer Carl Bourgeois must meet several conditions, including the ability to provide adequate parking for the site. The full City Council most likely would vote on the terms of the sale next month.
Morgan Stanley may take hit over penalty
Morgan Stanley may have to boost reserves, eroding earnings at the world’s biggest securities firm by market value, to cover a potential $1.45 billion penalty for defrauding billionaire investor Ronald Perelman.
Morgan Stanley, facing a bill exceeding its $1.4 billion first-quarter net income, will probably “substantially increase” its $360 million reserve, Standard & Poor’s said Thursday.
Red Robin flying high with 1st-quarter profit
Red Robin Gourmet Burgers Inc. on Thursday posted a 63 percent gain in first quarter net income to $8 million, or 48 cents per share, up from $4.9 million, or 30 cents per share, in the same quarter of 2004.
Total revenues at the restaurant chain increased nearly 23 percent to $143.1 million.
Company-owned comparable restaurant sales increased 5.7 percent.
Illegal Pete’s to open sites in south suburbs
Boulder-based Illegal Pete’s on Thursday said it is expanding into the south metro suburbs with new locations in Centennial near Park Meadows mall and in the Denver Tech Center near East Belleview Avenue and Interstate 25.
The restaurant operator has existing locations in Boulder and downtown Denver.
Wal-Mart hands DVD rentals over to Netflix
Wal-Mart Stores Inc. is handing off its online DVD rental business to Netflix Inc., signaling the world’s largest retailer couldn’t beat the Internet upstart at its own game.
Wal-Mart is offering its existing online DVD rental customers the chance to continue their subscriptions with Netflix at their current price for one year.Those who don’t sign up with Netflix by June 17 will lose their service.
Microsoft Office may add virtual workspace
The next wave of Microsoft’s flagship Office products, to be released in the second half of 2006, may include virtual “workspaces” that let people collaborating on a project update documents and keep track of e-mails, the company said Thursday.
Office Communicator, scheduled to be released sometime next month, will bundle e-mail, instant message and other services, letting people switch from text messaging to video chats with the click of a button, the company said at its annual CEO summit.
ConAgra workers stick with union reps
Workers at a ConAgra Food Inc. turkey processing plant in Longmont voted Thursday to continue to be represented by United Food and Commercial Workers union Local 7.
Workers chose whether to be represented by UFCW Local 7, to be represented by a committee of workers, or to have no union representation at all. The National Labor Relations Board called for the decertification vote after two workers filed a petition seeking it.
New Frontier invests in Slater Dome group
New Frontier Energy Inc. announced Thursday that it has invested $1 million in a private offering of Slater Dome Gathering LLLP. Slater Dome has built an 18-mile gathering line to collect gas from gas wells in the Slater Dome/Coal Bank Draw Prospect, near Baggs, Wyo.
Asian-American talks focus on economy
Aurora will host the Asian Pacific American Economic Summit from 9 a.m. to 4 p.m. today at the Aurora Municipal Center, 15151 E. Alameda Parkway.
Members and business leaders of the Asian Pacific American community will discuss economic issues.
PEOPLE: Microbusiness leader on enterprise board
Kersten Hostetter, executive director of Denver’s nonprofit Micro Business Development was elected to the board of directors of the Association for Enterprise Opportunity, a national collaboration of organizations committed to microenterprise development. … Denver independent geologist Steven L. Veal has been elected vice president by the 31,000-member American Association of Petroleum Geologists. … Durango Mountain Resort appointed Catherine Gervais real estate marketing director.
