A $545m beach resort on Bahrain's south coast is reported to be hanging in the balance with construction at a standstill for months and millions of dinars worth of bills unpaid.
The Gulf Daily News reported that "hundreds" of companies are still waiting for payment for work done on the Salam Bahrain Beach Resort and Spa.
Read more:
http://www.hotelsmag.com/articleXML/LN1008972640.html
Tuesday, July 21, 2009
Nakeel confirms QE2 in Cape Town for World Cup
Nakeel, the owner of the QE2, has confirmed the cruise liner will be moved to Cape Town in South Africa to become a hotel in time for the Fifa 2010 World Cup.
Nakheel, which owns a share in the South African port, said the ship would berthed in Cape Town for 18 months.
A spokesman for the Dubai-based property developer said: “It has been our intention for some time to provide a short term opportunity to enjoy QE2 as a stationary hotel in her current condition before refurbishment begins.
Read more:
http://www.breakingtravelnews.com/news/article/nakeel-confirms-qe2-in-cape-town-for-world-cup/
Nakheel, which owns a share in the South African port, said the ship would berthed in Cape Town for 18 months.
A spokesman for the Dubai-based property developer said: “It has been our intention for some time to provide a short term opportunity to enjoy QE2 as a stationary hotel in her current condition before refurbishment begins.
Read more:
http://www.breakingtravelnews.com/news/article/nakeel-confirms-qe2-in-cape-town-for-world-cup/
Kingdom Holding Net Falls 83% on Investments, Hotels
July 21 (Bloomberg) -- Kingdom Holding Co., the investment company owned by Saudi Prince Alwaleed bin Talal, said second- quarter profit fell 83 percent as returns from investments in the stock markets and hotels declined.
Net income was cut to 92.1 million riyals ($24.6 million) from 534.7 million riyals in the year-earlier period, the Riyadh-based company told the Saudi bourse in a statement today.
Read more;
http://www.bloomberg.com/apps/news?pid=20601206&sid=ahFE2YJEh4p4
Net income was cut to 92.1 million riyals ($24.6 million) from 534.7 million riyals in the year-earlier period, the Riyadh-based company told the Saudi bourse in a statement today.
Read more;
http://www.bloomberg.com/apps/news?pid=20601206&sid=ahFE2YJEh4p4
Sky City Surges as Full-Year Profit More Than Doubles
July 21 (Bloomberg) -- Sky City Entertainment Group Ltd., New Zealand’s biggest casino operator, had its biggest gain in 21 months in Wellington trading after saying full-year profit more than doubled.
Net income was as much as NZ$116 million ($76 million) for the year ended June 30 from NZ$49.9 million a year earlier when the company took a NZ$60 million charge against its cinema unit, Auckland-based Sky City said today, citing preliminary accounts. The stock surged 6.6 percent.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aKIcAsRBfMK0
Net income was as much as NZ$116 million ($76 million) for the year ended June 30 from NZ$49.9 million a year earlier when the company took a NZ$60 million charge against its cinema unit, Auckland-based Sky City said today, citing preliminary accounts. The stock surged 6.6 percent.
Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=aKIcAsRBfMK0
Domino’s Pizza (UK) boosts interim profits by one-quarter
Takeaway chain Domino’s Pizza is thriving despite the recession with first half profits up by 25.2% to £13.6m.
Sales increased by 15.4% over the six month period and like-for-like sales were up by 7.1%, but down from 9% in the first four months as the warmer weather coaxed customers to leave their homes and eat out.
Read more;
http://www.caterersearch.com/Articles/2009/07/20/328794/dominos-pizza-boosts-interim-profits-by-one-quarter.html
Sales increased by 15.4% over the six month period and like-for-like sales were up by 7.1%, but down from 9% in the first four months as the warmer weather coaxed customers to leave their homes and eat out.
Read more;
http://www.caterersearch.com/Articles/2009/07/20/328794/dominos-pizza-boosts-interim-profits-by-one-quarter.html
MGM’s Murren unwavering in defense of CityCenter
After engineering last week’s rescue of CityCenter from the brink of bankruptcy, the urban planning major who created the concept for the resort complex — and has shouldered the blame for the way it has imperiled MGM Mirage — defended the company’s investment in the $8.5 billion project.
MGM Mirage CEO Jim Murren said in an interview that CityCenter’s critics, including competitors, “just don’t get it” and will be proven wrong when it attracts new visitors to Las Vegas.
Read more:
http://www.lasvegassun.com/news/2009/may/04/murren-unwavering-defense-citycenter/
MGM Mirage CEO Jim Murren said in an interview that CityCenter’s critics, including competitors, “just don’t get it” and will be proven wrong when it attracts new visitors to Las Vegas.
Read more:
http://www.lasvegassun.com/news/2009/may/04/murren-unwavering-defense-citycenter/
RBS urged to free pubs from tie and sell to tenants
campaign has been launched urging the government and Royal Bank of Scotland (RBS) to free the bank’s 1,000 pubs from tied agreements and allow tenants to buy their pubs.
Fair Pint and the Federation of Small Businesses (FSB) have set up the campaign and want RBS – of which the government has a 68 per cent stake – to offer mortgages to its licensees and sell the pubs at “realistic” prices.
Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64565&c=1
Fair Pint and the Federation of Small Businesses (FSB) have set up the campaign and want RBS – of which the government has a 68 per cent stake – to offer mortgages to its licensees and sell the pubs at “realistic” prices.
Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64565&c=1
Great Circle Emerges from Chapter 11; Krispy Kreme Doughnuts is Alive, Well and Expanding Again in Southern California
LOS ANGELES, July 20 /PRNewswire/ -- Great Circle Family Foods, LLC (the "Company" or "Great Circle"), the franchisee of Krispy Kreme Doughnut Corporation in Southern California, announced today that the United States Bankruptcy Court for the Central District of California has confirmed its Second Amended Chapter 11 Plan of Reorganization (the "Plan").
Read more:
http://www.smartbrief.com/news/NRA/industryPR-detail.jsp?id=1AE0FC3A-537C-49F9-A88C-6C28B30B0DE1&sb_code=RSS&i=Specialty%20Eateries
Read more:
http://www.smartbrief.com/news/NRA/industryPR-detail.jsp?id=1AE0FC3A-537C-49F9-A88C-6C28B30B0DE1&sb_code=RSS&i=Specialty%20Eateries
Despite improved 2nd-Q results, Ruby feels investor indifference
MARYVILLE, Tenn. (July 20, 2009 ) —Ruby Tuesday Inc. posted another quarter of financial results that topped both corporate and Wall Street expectations, as both cost cutting and improved consumer traffic paid dividends for the struggling casual-dining company.
Read more:
http://www.nrn.com/article.aspx?id=370126
Read more:
http://www.nrn.com/article.aspx?id=370126
Wynn Resorts files for HK IPO of Macau unit
HONG KONG, July 21 (Reuters) - Las Vegas casino company Wynn Resorts has submitted an application to list its Macau unit on the Hong Kong exchange, sources said on Tuesday, hoping to raise between $500 million and $1 billion.
Reuters reported last month that Wynn was reviving its Macau IPO plans, a process that began last year.
Read more:
http://www.forbes.com/feeds/afx/2009/07/21/afx6677997.html
Reuters reported last month that Wynn was reviving its Macau IPO plans, a process that began last year.
Read more:
http://www.forbes.com/feeds/afx/2009/07/21/afx6677997.html
Admiral to sell 14 more pubs
The pubs, described as ‘quality mid-range stock’, are primarily located in towns and villages in Gloucestershire, Berkshire, Worcestershire and Hampshire.
Prices vary from £125,000 to £395,000. All have planning permissions which would allow conversions into offices, shops or restaurants.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83784
Prices vary from £125,000 to £395,000. All have planning permissions which would allow conversions into offices, shops or restaurants.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83784
Blackstone wrote down Hilton by 49 pct at end '08
NEW YORK, July 20 (Reuters) - Private equity firm Blackstone Group (BX.N) wrote down its investment in Hilton Hotels by nearly half at the end of 2008, documents obtained by Thomson Reuters' private equity website peHUB show.
The $26 billion deal to buy Hilton was struck at the peak of the buyout bubble in July 2007 and was financed with $20.6 billion of debt and about $5.7 billion of equity. Since then, the hotel market has been hammered by the economic crisis as consumers and businesses have cut back on travel spending.
Read more:
http://www.reuters.com/article/privateEquity/idUSN2014772120090720
The $26 billion deal to buy Hilton was struck at the peak of the buyout bubble in July 2007 and was financed with $20.6 billion of debt and about $5.7 billion of equity. Since then, the hotel market has been hammered by the economic crisis as consumers and businesses have cut back on travel spending.
Read more:
http://www.reuters.com/article/privateEquity/idUSN2014772120090720
St. Regis Monarch Beach seized by Citigroup
The seizure of the St. Regis Monarch Beach, where American International Group Inc. sponsored a luxury retreat just days after accepting a federal bailout, is the most dramatic sign yet of the deep troubles in the market for high-end hotels.Citigroup Inc. took over the Dana Point hotel and golf course Monday after months of negotiations over a $70-million loan that was in default. A foreclosure auction slated for today was canceled after the lender realized there would be no serious bids for the property, according to a knowledgeable person who was not authorized to discuss the situation publicly and spoke on condition of anonymity.
Read more:
http://www.latimes.com/business/la-fi-stregis-foreclose21-2009jul21,1,4070255.story
Read more:
http://www.latimes.com/business/la-fi-stregis-foreclose21-2009jul21,1,4070255.story
