News-Press from Fort Myers, Florida • Page 7

BUSINESS EDITOR: HARRIET SIMPSON 335-0393 Monday-Friday 10a.m.-7p.m. NEWS-PRESS SECTION WEDNESDAY, APRIL 12, 1995 PAGE 10 BUSINESS A Foreign investors to acquire part of Trump's Plaza Hotel The Associated Press "The financial strength of the partnership combined with the opportunities at the Plaza guarantee that this will be a home it ill Arabia's king, is an international Investor with interests in United Saudi Commercial Bank, Citicorp, Saks Fifth Avenue, Disneyland Paris and Four Seasons and Fairmont hotel chains. Fairmont will be retained to manage the Plaza Hotel. Trump will be a member of the Plaza managing committee. He will be responsible for several management functions Including union negotiations, real estate tax issues, construction matters and marketing events in New York City, Wallach said.

"Mr. Trump is flying to Singapore tomorrow, where he and his new partners will be putting together the business plan for the condominiums and for the development of the major retail center in the lobby and lower of the hotel," said Wallach. The Plaza, located on Fifth Avenue, has a special significance for Trump: he married his second wife, and model Maria Maples, In December 1993 at hotel. Last Christmas, it was rumored that the Sultan of the richest man in the world, would buy the hotel. was denied by Trump.

CDL said the deal values the 805-room hotel at $325 million and calls for the partnership to eventually control 80 percent. CDL and the prince will pay down a portion of the existing $300 million mortgage debt on the hotel within three years, a CDL statement said. The partnership plans to add a 19th floor to the hotel and to create new luxury condominiums there and on the 17th and 18th floors. The condos will have Central Park views, terraces and hotel services. Also planned are new retail shops in the lower floors.

A CDL spokesman said CDL and the prince plan to Invest about $28 million on the renovations over two years. "The financial strength of the partnership combined with the opportunities at the Plaza guarantee that this will be a home run," said Trump, in the CDL statement. Abraham Wallach, a spokesman at Trump's office, said the group hopes to complete the deal by summer. CDL Hotels, which has stock listed on the Hong Kong SINGAPORE Donald Trump is sellings controlling Interest in the Plaza Hotel, a landmark adjoining New York's Central Park, to a Saudi Arabian prince and a Singapore-based hotel company. The deal, announced Tuesday in Singapore, caps months of speculation about the fate of the Plaza, one of the most prestigious addresses in the city.

CDL Hotels International the hotel arm of Singapore Hong Leong Group, said it has formed a joint venture with an entity controlled by Saudi Arabian Prince Alwaleed bin Talal bin Abdulaziz Saud. That venture will join Trump and a group of banks as owners. Trump currently owns 51 percent of the Plaza. The rest is owned by the banks, which obtained their interest from Trump three years ago in exchange for a substantial reduction in his bank debt. The percentages of ownership in the new partnership weren't disclosed.

exchange, has a total of 35 hotels worldwide with more than 9,000 rooms. Among them are two U.S. hotels in New York, the Macklowe and the Millennium Hilton, both acquired last year. Prince Alwaleed, the 38-year-old nephew of Saudi DONALD TRUMP WGu levels actress the Brunei, That JOB T- Work's a 'picnic' for Lee bus driver ImrirMfloim Mm ff ait ll I i I 1 i I -j ll 1 I i Wi: 1 By LAURA RUANE News-Press staff writer One could say Ron Flesvig is on an extended busman's holiday. Working In Southwest Florida "is a picnic," said the 16-year Lee-Tran employee, who first drove a Chicago city bus In the 1960s: "You've got beautiful weather most of the time.

And most of the people are great." He also likes the latest company uniform Hawaiian shirt, shorts and loafers. It's popular with all the drivers, he says. "Long-sleeved shirt and tie forget It!" Flesvig, an east Fort Myers resident, returned to bus driving in the late 70s, after he and his wife sold a day-care center. He currently drives the Gold 60 route from downtown to North Fort Myers. Besides providing safe and timely transportation, Flesvig gives passengers directions and help with transfers.

"A lot of them are elderly. You kind of look out for them," he said. According to one anonymous admirer, "He's got a wonderful personality, and cracks everybody up." This compliment mystifies Flesvig, who insists he's not a sit- Energy, food The Associated Press WASHINGTON The cost of energy and food fell at the wholesale level in March, giving the country its best news on prices in five months and suggesting the economy was still on the Federal Reserve's glide path for a "soft landing." The Labor Department reported that Its Producer Price Index, after posting worrisome gains of 0.3 percent in both January and February, showed no increase at all in March, as the price of gasoline, autos and women's clothing dropped. Financial markets initially rallied on the news with economists taking heart from the fact that the steep slide in the dollar has so far failed to show up in higher prices. But the gains melted away later in the day after remarks by Federal Reserve board member Janet Yellen called into question the market's view that the Fed is through raising interest rates.

The Dow Jones industrial average finished the day down 11.07 at 4,187.08. Bond prices, however, were up, pushing the yield on Treasury's benchmark 30-year bond down to 7.37 percent in late trading as many investors continued to hold to the view that benign inflation reports were showing the Fed's string of seven rate increases had accomplished its inflation-fighting goals. Many economists said the PPI report added to their convictions that the central bank has put any ON THE AT WORK NAME: Ron Flesvig PLACE OF WORK: LeeTran HOW LONG THERE: 16 years TITLE: Bus driver WHAT THAT REALLY MEANS: Drives Gold 90 route in North Fort Myers; also assists riders in getting to their destinations WORKPLACE WISDOM: "A job Is what you make It. If you're grouchy (to customers), they'll be grouchy to you." down comedian. Still, his good humor is evident.

"My route is kind of laid back," he says. "We don't allow no grouches on the bus." On the Job is a weekly feature on peopleat work in Southwest Florida. If you 're interested, drop usaline. We'll need the worker's name, employer, what he or she doesand who to call for more information. Write: On the Job, BusinessNews, News-Press, P.O.

Box 1 0, Fort Myers, FL 33902. Darling, president of Southwest Florida Telecommunications, will stay on as acting manager until the license is transferred, Embrescia said. Second Generation Ltd. has owned radio and TV stations throughout the Midwest and in California. It has just sold most of its holdings there, said Embrescia on Tuesday, and now owns two radio stations in Cleveland.

It's also buying a Fox TV affiliate in the Midwest, he said. WNPL-TV, which went on the air in October 1990, filed for Chapter 11 bankruptcy protection from its creditors Sept. 24, 1993. Under Chapter 11, firms can stay open for business while devising a plan to repay their debts. The $4 million from the sale to Embrescia will go to repay those debts, said Edward Miller, debtor's attorney for WNPL.

Working JOB FAIR: Partners in Family Self Sufficiency is sponsoring a job fair June 1 from 10 a.m. to 8 p.m. at the Exhibition Hall in Fort Myers. The event is free to people looking for work. Ericka Cousley, the coordinator, said the one aim of the program is to help welfare recipients break the habit through various means, Including self employment training courses, education and counseling.

Organizers are planning to contact 1,000 business leaders. The cost of participation is $25 for each business. Businesses wishing to take part can write: Partners in Family Self Sufficiency, 7275 Concourse Drive, Fort Myers, FL 33908. Ohio firm buys Naples prices down Greenspan: Inflation is under control WASHINGTON Inflation is under control around the globe and the job of central banks worldwide is to keep up the progress, Federal Reserve. Chairman Alan Greenspan said Tuesday.

On another issue, he rejected more regulation to prevent another investment bank collapse like the one suffered by Baring Brothers urging tighter self-policing by private firms instead. "An environment conducive to stable product prices and to maintaining sustainable economic growth is a central responsibility of central banks," Greenspan said in a speech to a monetary policy conference in Stockholm, Sweden. The text was made available here. The Associated Press further credit tightening on hold. The March figures for inflation at the retail level will be released today.

"Women-owned businesses are growing more rapidly than is the overall economy and are major contributors to the nation's economic health and competitiveness," she added. The study found the 7.7 million companies, up from 5.4 million in 1991, provided jobs for 15.5 million people in the United States last year. That compared to 11.5 million jobs generated worldwide by the largest U.S. firms listed by Fortune magazine. The Associated Press World markets Key stock markets performance FRANKFURT Previous: 1972.29 Women-owned businesses up 18 percent from '91 to '94 LeeTran driver Ron Flesvig greets on his Gold 90 route bus.

TV station Under the plan, administrative expenses and secured debt will be paid in full. Unsecured creditors should get back about 92 cents on the dollar, Miller said. There won't be any money left to pay back the shareholders, he said, although many will get something because they're also unsecured creditors. The repayment plan could be okayed by the bankruptcy court June 8, when it's scheduled for a hearing. Once Embrescia takes over, most changes will happen slowly, he said.

His first priority will be to improve the station's broadcasting signal, so it's clearer and more people can receive it. Then he'll turn to programming. The station already is running United Paramount Network pro-gramming new, first-run programming not on other networks. He also will look at first-run programming from a Warner Brothers net- TOM PRICENews-Press a customer who's embarking "We're not going to be the leader in the market. But we think because it's a growing market, there's a place for a competitor." TOM EMBRESCIA Second Generation Ltd.

president work, as well as Florida sports events that aren't being carried elsewhere. Embrescia said the station will find its niche in doing something different from all the other local stations. "We're not going to be the leader in the market," he said. "But we think because it's a growing market, there's a place for a competitor. We're good competitors; we understand the business." Local By DEBORAH AUSTIN News-Press staff writer WNPL-TV, the young independent Naples station under bankruptcy protection since 1993, has found a buyer.

Tom Embrescia, president of Cleveland-based media firm Second Generation made a $4 million offer for the Naples station in a sale agreement reached April 7. The deal was made and approved in Fort Myers, before Judge Alexander Paskay of the U.S. Bankruptcy Court for the Middle District of Florida. The sale still must be approved by the Federal Communications Commission. Once that happens, the station's broadcasting license will be transferred from its corporate owner, Southwest Florida Telecommunications to Embrescia's firm.

WNPL general manager William Autos RECALL: Ford Motor Co. is recalling 10,000 Aerostar vans and extended-length wagons to modify a specification sticker that misidentifies the tire size on the vehicles, which could result in Improper replacements. Ford said the vans were built with proper tires. But the compliance certification label, which could be referred to in replacing tires, lists an incorrect size. If the wrong size tires were put on the vans In replacement it could result In excessive tire wear, Ford said.

Ford is not telling customers to return the vans to dealers but rather Is mailing new labels and instructions. BOTTOM LINE WASHINGTON The number of women-owned businesses jumped 18 percent between 1991 and 1994 and they now hire more workers in the United States than Fortune 500 companies do globally. "This new data strongly documents that women-owned businesses, are an increasingly potent economic force," Laura Henderson, who chairs the National Foundation for Women Business Owners, said Tuesday in announcing the results of national study by Dun Bradstreet Information Services. Deliveries SERVICE: United Parcel Service announced Tuesday a new same-day delivery service that will be provided through a recently acquired subsidiary, SonicAir Inc. The UPS SonicAir Service will be available starting Monday to the company's national accounts and to all of Its customers In May.

The new service offers guaranteed on-time delivery, door-to-door pickup and delivery, hand-carried courier service and Immediate package status Information. CHAMBER MEETING: A general membership meeting of the Greater Fort Myers Beach Area Chamber of Commerce will be held Thursday noon at Skipper's Galley on Estero Boulevard, Fort Myers Beach. Joe Mazurkiewicz will give a report from the Incorporation study committee. Cost is $7.50 per person. Reservations must be made by today.

Call 454-7500 or fax 454-7910. Opinion MONEY: Many Americans are worrying less about the status of their pocketbooks, yet believe the country is on a long-term slide and don't trust government a whit. Money magazine's 10th poll on "Americans and Their Money" highlights the pessimism about the future that people feel even amid evidence that the economy is growing at a healthy clip. Eleven percent of the 1 ,4 1 6 respondents said the best way to get rich was to play the lottery. All In all, Americans were fretting less about money than last year, the results showed.

33 4- 1.1 Today: 1993.73 PARIS Previous: 1880.92 0.6 Today: 1869.31 HONGKONG Previous: 8469.78 fr 0.5 Today: 8514.60 TOKYO Previous: 16163.09 0.7 Today: 16268.88 LONDON Previous: 3204.2 0.4 Today: 3190.9 ZURICH Previous: 2561.2 0.07 Today: 2563.1 Banking EARNINGS: Birmingham, SouthTrust Corp. reported record earnings for the quarter ended March 31. Net income totaled $46.8 million, up 15 percent over the $40.7 million reported a year ago. SouthTrust operates more than 420 offices in seven southern states Including Florida. MARKETS: Frankfurt: DAX.

Hong Kong: Hang Song. London: FT 100. Paris: CAC-40. Ibkyo: Nikkei. Zurich: Credit Suisse, na: not available, x-na: holiday.

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