CIT failure would chill US restaurant operators

A potential bankruptcy of CIT Group Inc would be another blow to restaurant operators and other franchisees by removing yet another funding source at a time when many large banks have frozen lending. But longer term, analysts say the long-suffering restaurant sector should be able to hunt down alternatives. "We think long term our people will find other places to go, short term there will be pain," said Matthew Shay, chief executive of the International Franchise Association, which has lobbied the Obama administration to rescue CIT -- one of the largest providers of loans to small businesses in the United States. "If CIT were to go away, it would take a financing option away from our franchisees who want to buy stores or expand their networks," said Michelle King, spokeswoman for Dunkin' Brands Inc,

Read more:
http://www.cnbc.com/id/31952041

Watergate Hotel to Go on Auction Block Tuesday

The Watergate Hotel will be auctioned Tuesday, five years after a developer bought it with hopes of restoring it to its glory days as a Washington icon.
Alex Cooper Auctioneers will take bids that morning at the company's Wisconsin Avenue offices from potential buyers with the capital to invest in one of the city's most famous buildings in the weakest economy in decades.

Read more:
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/15/AR2009071503702.html?hpid=moreheadlines

More cost cuts seen for U.S. hotels as revenues suffer

NEW YORK (Reuters) - The U.S. hotel industry is likely to report fresh cost cuts this earnings season as sluggish business demand and lower room rates eat into companies' revenues.
Analysts expect hotels' key sales metric, revenue per available room (RevPAR), to be sharply lower in the quarter as the continued drop in business travel forces hotels to rely more on price-sensitive consumers, who demand lower rates.

Read more:
http://www.reuters.com/article/reutersEdge/idUSTRE56E5N620090715

Some banks imposing blanket bans on pub and restaurant loans, warns FPB

The small business support and lobby group believes some banks may be automatically refusing loans to firms in the industry due to misplaced fears over their viability.
The issue was given heightened exposure today (Thursday July 16) when Business Minister Ian Lucas admitted that he was well aware of the problem. Mr Lucas made his remarks in response to Lib Dem MP Greg Mulholland during oral questions in the Commons. Mr Mulholland said pubs were not receiving credit from banks and asked Mr Lucas to look into it.
The FPB is concerned that the entire sector may have been classed as high risk by certain lenders. As a result, it is thought they have effectively imposed a blanket policy of not providing pubs and restaurants with loans, rather than looking into the viability of each business on a case-by-case basis.

Read more:
http://www.fpb.org/news/2220/Some_banks_imposing_blanket_bans_on_pub_and_restaurant_loans__warns_FPB.htm

Choice Hotels Opens 57 Hotels In June

Choice Hotels International Inc. continues to grow with the announcement of 57 newly-opened franchised properties during the month of June. The openings include hotels in 26 states and 4 countries, adding more than 4,600 rooms to the company’s existing 475,000-plus rooms. Select properties that opened in June include:

Read more:
http://www.hotelsmag.com/article/ca6671597.html

Mitchells & Butlers rebels try for board seats

A group of rebel investors in Mitchells & Butlers is trying to secure two board seats at the £1 billion embattled pub giant.
The consortium, led by the London-based Leo hedge fund, has met M&B’s chairman Drummond Hall in recent weeks. They have told him they want a greater say in the group’s strategy as well as board representation. If their request is not granted, Leo, together with other investors accounting for about 10% of the shares, are prepared to call for an extraordinary shareholders’ meeting to make their case.

Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article6543968.ece

Accor First-half 2009 revenue down 8.1% like-for-like

In a severely deteriorated economic environment
• Prepaid Services revenue grew 5.7% like-for-like.
• Hotels revenue continued to decline, contracting 11.4% like-for-like

Read more:
http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/PDF/EN/ACCOR_CP_CA_Q22009_VENG.pdf

Greenbrier resort plans to add gambling this year

CHARLESTON, W.Va. — The Greenbrier's new owner said Thursday he plans to open a small casino at the four-star southern West Virginia resort by fall, and he wants the dice rolling and cards being dealt at a full-scale gambling operation by April 1.
Jim Justice also unveiled architectural drawings for a casino, shops and restaurants featuring sushi and steaks that would be built under the resort's front lawn. Gambling guests would reach the operation via staircases and elevators near the hotel's front entrance.

Read more:
http://www.usatoday.com/travel/hotels/2009-07-16-greenbrier-gambling_N.htm?csp=34

Starbucks local cafe pilot has alcohol, live music

LOS ANGELES (Reuters) - Starbucks Corp next week will open a new neighborhood cafe pilot store that will feature beer and wine, night-time hours and live entertainment such as music and poetry readings.
That Seattle cafe, called 15th Avenue Coffee and Tea, takes its name from its street address and borrows heavily from neighborhood coffee shops.

Read more:
http://www.reuters.com/article/newsOne/idUSTRE56F72020090716

Charles Wells sells four out of ten pubs at auction

Bedford brewer and retailer Charles Wells managed to sell only four of the ten pubs it placed in a Colliers CRE auction earlier this week. Of the four that did sell, the Greyhound, in Eye, Peterborough, sold for £256,000 while two pubs, the White Horse, Keysoe, Bedford and the Smith Arms, Kempston, near Bedford sold prior and the Swan, Radwell, Bedford sold after.

Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83761

Nine Die In Bomb Explosions At Ritz Carlton, JW Marriot

JAKARTA, July 17 (Bernama) -- Nine people died in the bomb explosions at the JW Marriott Hotel and Ritz Carlton Hotel in the Mega Kuning commercial area here Friday, said Indonesian Coordinating Minister for Security, Widodo AS.He said the explosions within two minutes of each other, happened at 7.45am and 7.47am."These were highly-explosive bombs," he told reporters in front of the damaged JW Marriott Hotel.

Read more:
http://www.bernama.com/bernama/v5/newsgeneral.php?id=426095