Hyatt to Offer XM in U.S. Hotel Rooms
XM Satellite Radio and Hyatt Hotels said Hyatt would offer XM for free in 50,000 U.S. hotel rooms starting this fall, making Hyatt the first hotelier to offer the radio service chain-wide. District-based XM usually charges a monthly fee for its more than 150 channels, but Hyatt guests will get free access on custom-designed tabletop radios. As part of its deal, XM will also offer special deals on hardware to the frequent guests in the Gold Passport program. Financial terms were not disclosed.
IRS Resolves Marriott Plant Tax Issue
Marriott International said the Internal Revenue Service ruled that its synthetic-fuel plants qualify to receive tax credits.
IRS field auditors had challenged whether the four plants Bethesda-based Marriott bought in 2001 were in service before the 1998 deadline required to receive the credits, which are granted to facilities that produce cleaner-burning coal.
Fannie Mae Names Audit Executive
Fannie Mae said S. Jean Hinrichs will take over as senior vice president for internal auditing starting in July. Hinrichs, consultant for the San Francisco chapter of the Institute of Internal Auditors and a former managing director for risk at Barclays Global Investors, will report directly to the audit committee of the board of directors, as required by Fannie's chief regulator, the Office of Federal Housing Enterprise Oversight.
Separately, District-based Fannie Mae said in May its investment portfolio decreased at an annualized rate of 28.9 percent, the seventh monthly decline in a row, due in part to its efforts to build up a 30 percent surplus of capital by Sept. 30.
NeighborCare Wants Bid Rejected
NeighborCare of Baltimore told its shareholders to reject rival Omnicare's sweetened takeover bid, saying the revised offer is still inadequate. Earlier this month, Omnicare raised its buyout offer by $2 per share to $32, or about $1.46 billion.
Carlyle Group Plans Asia Fund
District-based private equity investor Carlyle Group plans to raise $1 billion in the next few months for a new Asia investment fund to focus on India, China, Korea and Australia, said Rajeev Gupta, who will head the group's India unit.
Compiled from staff and news service reports.