Arrow-right Camera

Business

Red Lion Hotel renovation done

Fri., June 30, 2006, midnight

Red Lion Hotels Corp. announced Thursday it has finished a $40 million hotel renovation project.

The work included replacing beds and bedding, installing new carpeting, drapes and lighting and updating bathrooms, the Spokane-based company said in a press release.

“Our renovation program was designed to position Red Lion as a premium hotel brand in the upper mid-scale sector,” the release said.

Red Lion, formerly called WestCoast Hospitality Corp., sold some of its hotels and other properties, including the historic Crescent department store building in downtown Spokane, to finance the renovation project.

Olympia

Four Geico firms fined by state

Washington state’s insurance commissioner fined four Geico Inc. insurance companies $120,000 Thursday, alleging they used an unapproved scoring model to evaluate and offer personal auto coverage to consumers two years ago.

Insurance Commissioner Mike Kreidler said the companies – Government Employees Insurance Co., Geico General Insurance Co., Geico Indemnity Co. and Geico Casualty Co. – failed to comply with changes in insurance-scoring requirements the Legislature enacted in 2004.

Geico officials have said roughly 900 of the 24,000 policyholders scored under the unapproved model were adversely affected.

Even so, Kreidler said, 24,000 policyholders were subjected to an illegal process. He noted other insurers had no trouble complying with the new requirements in a timely manner.

San Francisco

Apple options problems noted

Apple Computer Inc. on Thursday joined the crowd of Silicon Valley companies to acknowledge some stock options awarded to employees might have been mishandled – a problem that threatens to raise questions about the accuracy of past financial statements.

Without providing details, the Cupertino, Calif.-based maker of personal computers and the iPod music player said its own internal investigation had uncovered “irregularities” in employee stock options issued between 1997 and 2001.

The troublesome stock options included a batch that went to Apple co-founder Steve Jobs, but the company said those rewards were canceled before its chief executive could cash them in and realize a gain.


 

Click here to comment on this story »