DENVER – Sage Hospitality Resources announced Monday it has formed a joint venture with Wave Development LLC and Hexagon Investments to open several water resorts.
Called CoCo Key Water Resorts LLC, the company will focus on transforming 17 to 20 business hotels in major markets into Key West-type resorts with at least 40,000 square feet of water amenities, including slides, indoor rivers and spas.
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JEFFERSON COUNTY
Infinite Power plans move to Ken-Caryl
Infinite Power Solutions, a privately held developer of thin- film batteries used in products including cellphones and smart bombs, announced Monday it will move its corporate headquarters from Golden to the Ken-Caryl Business Center in Jefferson County.
The company will retain its Golden operations but will also open a manufacturing facility, a move that may eventually double the company’s local workforce of 18 people.
Infinite has received more than $35 million in venture capital this year, plus financing from the venture-capital arm of the Central Intelligence Agency.
DENVER
Walgreen pact to protect private data
Walgreen Co., the nation’s largest drugstore chain, has contracted with Denver-based Vericept to protect its confidential information.
Vericept’s “360-degree Risk Management Platform” is designed to help companies such as Chicago-based Walgreen prevent information leaks, comply with privacy laws and spot employees’ inappropriate use of technology.
GREENWOOD VILLAGE
First Data completes purchase of Argencard
First Data International, a Green wood Village-based provider of electronic commerce and payment services, completed the acquisition of Argencard SA, a processor of payment transactions in Argentina and Uruguay.
WOODLAND HILLS, Calif.
Auto insurer enters Colorado market
California-based 21st Century Insurance Group, a provider of direct-to-consumer auto insurance, has entered the Colorado market.
As part of its standard coverage, the company offers 24-hour towing and roadside assistance, and full replacement if a car is totaled in its first year.
SAN FRANCISCO
Venture investing may top $32 billion
Venture-capital investment worldwide is on track to surpass $32 billion this year, the biggest one-year amount since 2001, according to a report released Monday by accounting giant Ernst & Young.
Industries attracting increased attention from venture firms include clean-energy and Web 2.0 companies, which are focused on interactive Web applications. The total number of deals, however, will fall short of the 3,931 transactions completed during 2005, the report said.
SPRING HILL, Tenn.
GM to close plant for renovations
General Motors Corp. plans to spend $225 million to renovate its Saturn auto plant in Spring Hill for a new vehicle, idling production at the factory for several months next year.
The plant will stop building Ion small cars and Vue sport utility vehicles in March and will shut down in April, GM said Monday.
WASHINGTON
PBGC slashes investment in UAL
The Pension Benefit Guaranty Corp., which took over United Airlines’ pensions and became an investor in parent UAL Corp., cut its UAL stake by more than two-thirds.
The PBGC now holds 3.34 million UAL shares, or 3 percent, the agency said Monday in a regulatory filing.
WASHINGTON
China accused of trade violations
The Bush administration on Monday criticized China’s record on opening its markets and said the U.S. would not hesitate to seek economic sanctions if that record does not improve.
U.S. Trade Representative Susan Schwab released a 100-page report that accused the Chinese of failing to live up to commitments they made five years ago when the nation joined the World Trade Organization.
WASHINGTON
Treasury auctions $34 billion in T-bills
The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 4.8 percent and an additional $16 billion in six-month bills at a rate of 4.865 percent.
