Biz Briefs: Cleveland hotel open for guests

Biz Briefs: Cleveland hotel open for guests

January 31st, 2013 by Staff Reports and Associated Press in Business Around the Region

Work on the new Cleveland Hampton Inn in August 2012.

Work on the new Cleveland Hampton Inn in...

Photo by Paul Leach /Times Free Press.

Cleveland hotel open for guests

A Chattanooga-based development company opened a new Hampton Inn on Wednesday in Cleveland, Tenn.

The 97-room hotel is the first of eight hotels Vision Hospitality Group plans to open this year. The facility is located just off Interstate 75 and features 1,700 square feet of meeting space, an indoor pool, business center and exercise room.

Vision Hospitality Group President and CEO Mitch Patel said he's excited to be operating in the Cleveland area.

"Cleveland is a growing market and one that we know well," he said.

Fed reaffirms low-rate policy

The Federal Reserve Board says economic growth "paused" in recent months and reaffirmed its commitment to boost a sluggish U.S. economy by keeping borrowing cheaply for the foreseeable future.

The Fed took no new action after a two-day policy meeting. But it stood behind aggressive steps it launched in December to try to reduce unemployment, in a statement released Wednesday.

Last month, the Fed said it would keep its key short-term interest rate at a record low at least until unemployment falls below 6.5 percent. The rate is currently 7.8 percent.

And it said it would keep buying $85 billion a month in Treasurys and mortgage bonds to try to keep borrowing costs low and encourage spending.

Twinkies primed for a comeback

NEW YORK - Hostess has picked a lead bidder for its famous Twinkies.

The bankrupt company says it has selected a joint offer from two investment firms -- C. Dean Metropoulos & Co. and Apollo Global Management LLC -- as the lead bid for its Twinkies and other snack cakes.

Hostess, says the two are offering to pay $410 million for the snack-cake business and five bakeries.

The joint "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.

Hostess already announced separate lead bidders for its other brands including Collegedale-based McKee Foods for Drake's cakes.