Sheraton may have buyer
Boston-based Pyramid Hotel Group appears to be in line to buy the Sheraton Station Square Hotel from Forest City Enterprises. The city Urban Redevelopment Authority board is expected to act Thursday to approve an agreement with Forest City and Pyramid "for the Sheraton Station Square Hotel transaction" as it relates to tax-increment financing obligations. No other information was available. Forest City spokesman Jeff Linton declined to comment. The property has been on the market since at least January. Pyramid operates 38 hotels and 15 resorts in 25 states, Washington D.C., and the Caribbean.
Rohr's $10M in stock options
PNC chairman James Rohr netted $10.3 million exercising stock options since retiring as CEO of Pittsburgh's biggest bank last month, according to filings with the Securities and Exchange Commission. Mr. Rohr plans to stay on at PNC as executive chairman for another year.
Duquesne Light to expand
Duquesne Light Energy LLC announced Tuesday it was expanding customer service to 12 Pennsylvania counties. The company's service territory extends north to Butler, Lawrence and Mercer counties; south to Washington, Greene, and Fayette counties; and east to Westmoreland and Armstrong counties. The company also supplies several Central Pennsylvania areas, such as State College, St. Mary's and Chambersburg. Duquesne Light Energy already serves customers in Allegheny and Beaver counties.
U.S. hiring slowed in March
U.S. employers posted fewer job openings in March compared with February and slowed overall hiring, the Labor Department said Tuesday. Job openings fell 1.4 percent to a seasonally adjusted 3.8 million jobs. Total hiring declined 4.3 percent to 4.3 million. There were 3.1 unemployed people, on average, for each job opening. That's above the ratio of 2 to 1 that is typical in a healthy economy. Retailers, hotels and restaurants, and entertainment firms were the only major industries to post more job openings.
Nova sees drop in Q1 profit
Nova Chemicals said its first-quarter profit slipped by 1.6 percent mainly because of costs associated with paying down its debt. Net income was $185 million, down from $188 million in the first quarter of 2012. Revenues for the producer of plastics resins and chemicals fell slightly to $1.25 billion from $1.34 billion a year ago. Nova, based in Calgary, Canada, has an executive operations center in Moon and a plant in Monaca, Beaver County. The company is owned by International Petroleum Investment Co. of the United Arab Emirates.businessnews