Solana was featured in the WSJ today regarding it's request for debt relief, which we commented on in early March, here.
Nothing much new. Noted that Travelocity did not renew it's 145k sq ft lease (they have a total of 540k sq ft), and that revenue was down 60% at the Marriott. Maguire is the guarantor, the person not the company, and has defended the request as just standard paper pushing - it is not standard when you call up the special servicer (unless you work at a distressed debt fund).
I really don't like Travelocity - you can't open your travel plans in different windows/tabs - it will just crash. They went to some effort to make it work in a non-userfriendly way, as evidenced by American Express travel, which uses Travelocity's framework for their website but just brands it as AmEx Travel. The American Express website doesn't have all the non-user-friendly bits. So, my point is that I'm negative on Solana.
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After additional experience with American Express travel, they suck too. You go in with your big fancy AMEX card, book travel, and then it doesn't even recognize you (even though you're logged in). Want to see all your trips historically, say for an expense report - can't do it. they suck. AND they charge you 6.99 more than Travelocity for the privilege of using their system - isn't that what the annual fee and rates are for. Fockers.
"I'm hanging by a thread. I'm reading don't-kill-myself books. "
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