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More than 70% of U.S. hotels may not survive pandemic
As COVID-19 cases continue to rise in the U.S. and travel restrictions are reinstated, the American Hotel & Lodging Association (AHLA) projects that 71% of hotels won’t survive another six months without federal assistance, according to recent survey results. In Virginia alone, Virginia hotel revenues continued last week to stay well below pre-pandemic levels compared […]
Online education provider K12 Inc. rolls out new brand name
Herndon-based online education provider K12 Inc. announced Wednesday plans to change its brand name to Stride Inc., effective Dec. 16. “A great education doesn’t stop at high school graduation,” Stride CEO and Chairman Nate Davis said in a statement. “The Stride brand recognizes that, as a company, we are no longer limited by the boundaries […]
Hilton to sell $1.9B in debt in private offering
As hotel industry revenues continue plummeting, McLean-based Hilton Worldwide Holdings Inc. announced this week it will sell $1.9 billion in debt in a private offering to institutional buyers. The hotelier will sell $800 million of senior notes (due in 2029) at a 3.75% interest rate and an additional $1.1 billion at a 4% rate. Those […]
Northrop Grumman completes design review for astronaut living quarters
Falls Church-based Fortune 100 defense contractor Northrop Grumman Corp. announced Wednesday it has completed the initial preliminary design review (PDR) for the Habitation and Logistics Outpost (HALO), which will serve as living quarters for astronauts at the Lunar Gateway mini space station during lunar exploration missions. T[...]
Northam: ‘Staying home is an act of love’
Gov. Ralph Northam said that news about mobile morgues in other states with COVID-19 spikes prompted him to enact new mitigation measures on Friday across the state. “What really affected me was seeing mobile morgues outside hospitals because there was no place to put the dead,” the governor said at his news conferen[...]
McLean health IT provider forms board of advisers
McLean-based health information technology provider CNSI announced Wednesday it has formed a board of advisers. “Their deep policy, technology, clinical, Medicaid, Medicare and commercial health knowledge and experience will be invaluable to CNSI’s future strategic growth,” CNSI CEO Todd Stottlemyer said in a statement. “They will also advise us on better ways to support our […]
UR offers ‘no loan’ financial aid to Richmond public school students
The University of Richmond is launching a “No Loan Program” in partnership with Richmond Public Schools, the university announced Wednesday. RPS graduates who attend the university can receive grants to pay for all demonstrated financial need — instead of loans that must be repaid. “We know that the thought of ta[...]
Va. home prices, sales up during October
Home prices in Virginia continued to surge during October due to high demand, low inventory and mortgage rates, according to a report released by Virginia Realtors on Tuesday. Northern Virginia, Central Virginia and Hampton Roads saw median home prices rise by 15% when compared with the same time last year. The median statewide [...]
Construction begins on $20M Norfolk apartment complex
Construction began late last week on a $20 million apartment complex at the site of the former American Cigar Co. in Norfolk, according to S.L. Nusbaum Realty Co. The 118-unit complex (including one-, two- and three-bedroom floor plans) will be located at 1140 and 1148 E. Princess Anne Road in Norfolk’s Bruce’s Park [...]
BAE Systems wins potential $100M Navy contract
The U.S. Navy awarded BAE Systems Norfolk Ship Repair, a business unit of Arlington-based defense contractor BAE Systems Inc., a potential one-year, $100.5 million contract to perform work on the USS Stout ship, the U.S. Department of Defense announced Tuesday. Under the contract, BAE Systems Norfolk Ship Repair will perform shi[...]
Gannett announces $500M debt refinancing
McLean-based Gannett Co. Inc., the largest newspaper publisher in the U.S., announced Tuesday it has refinanced approximately $500 million in debt to more quickly repay on outstanding loans. Gannett announced in early April that it was negotiating with its vendors, creditors and pension regulators in order to preserve the company’s liquidity. It was noticeably not […]
Hampton Roads Navy installations under increased COVID-19 restrictions
U.S. Navy personnel in Hampton Roads were ordered Tuesday to restrict their travel to work, home and essential stops, and avoid gathering in groups of more than 10 people. Rear Adm. Charles W. Rock, commander of the Navy’s mid-Atlantic region, issued the order after an increase in COVID-19 cases. The following restrictions[...]
