A commercial bank in the Philippines was fined $21 million for its role in laundering $81 million stolen from Bangladesh's central bank by hackers. The fine issued by the Philippine central bank was its largest ever.
Denver-based Good Times Restaurants will acquire Bad Daddy's Burger Bar for $21 million. Bad Daddy's operates 13 restaurants in six markets, with plans to open five more this year. Good Times took a 48% stake in the Charlotte, N.C.-based chain in 2013, along with the rights to license the concept in Colorado, Oklahoma and Kansas.
Lightstone Value Plus Real Estate Investment Trust has announced its acquisition of three hotels: a Fairfield Inn & Suites by Marriott and a SpringHill Suites by Marriott in West Des Moines, Iowa; and a Courtyard by Marriott in Willoughby, Ohio. The total purchase price was $21 million.
Irvine, Calif., real estate developer Rosanna has bought the Wyndham Orange County hotel, in Costa Mesa, Calif., at a foreclosure auction for $21 million. The 238-room hotel was valued at about twice that much just three years ago, and the property, located in Costa Mesa's arts district, went into default in June.