Facing similar challenges to that of the domestic airline and auto industries—namely, rising costs and a lack of customers—the hotel industry has also been forced to slash operating costs and reduce staff in hopes of remaining competitive. But even though reduced demand has forced hotel properties to make sweeping changes, hotel guest satisfaction actually improved in 2009, according to a recent J.D. Power and Associates study. How have hoteliers accomplished this feat? By focusing on their customers.
Read more:
http://www.jdpower.com/travel/articles/2009-North-America-Hotel-Guest-Satisfaction-Study
Wednesday, July 29, 2009
Eateries say biz is cooking
The summer months are usually the worst for the city's restaurants as New Yorkers head to the beach, business meetings are put on hold and the Big Apple simply slooows.
But this year is different. The summer seems to be ushering in a period of growth. “The mood is getting back to normal,” says Dean Poll, president of the Boathouse restaurant in Central Park. “It seems like things have finally stabilized.”
Read more:
http://www.crainsnewyork.com/article/20090726/SMALLBIZ/307269955
But this year is different. The summer seems to be ushering in a period of growth. “The mood is getting back to normal,” says Dean Poll, president of the Boathouse restaurant in Central Park. “It seems like things have finally stabilized.”
Read more:
http://www.crainsnewyork.com/article/20090726/SMALLBIZ/307269955
Starbucks to Expand Further in China, Won’t Enter India Soon
July 29 (Bloomberg) -- Starbucks Corp., the world’s biggest coffee-shop operator, will keep China as a key part of its Asia growth strategy and has no immediate plans to enter India, the head of the company’s international unit said.
“China clearly is a huge opportunity for us, today and into the foreseeable future,” Martin Coles, president of Starbucks Coffee International Inc., said in an interview in Seoul. “We certainly have aspirations to have operations in India, but this is not something that is on the front burner and about to happen.”
Read more;
http://www.bloomberg.com/apps/news?pid=20601205&sid=aYVXEkEZkjmc
“China clearly is a huge opportunity for us, today and into the foreseeable future,” Martin Coles, president of Starbucks Coffee International Inc., said in an interview in Seoul. “We certainly have aspirations to have operations in India, but this is not something that is on the front burner and about to happen.”
Read more;
http://www.bloomberg.com/apps/news?pid=20601205&sid=aYVXEkEZkjmc
DineEquity, Inc. Announces Solid Second Quarter 2009 Financial Results
GLENDALE, CA, Jul 28, 2009 (MARKETWIRE via COMTEX) -- DineEquity, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, today announced financial results for the second quarter ended June 30, 2009. DineEquity's financial performance included the following highlights: -- Excluding gains and impairment charges, diluted net income per share
available to common shareholders increased by $0.72 to $0.74 from $0.02
compared to the same quarter last year, primarily due to lower interest
expense and reduced General & Administrative (G&A) expenses. Diluted net
income per share available to common shareholders increased by $2.51 to
$1.09 from a loss of $1.42 compared to the same quarter last year.
Read more:
http://investors.dineequity.com/phoenix.zhtml?c=104384&p=irol-newsArticle_Print&ID=1312780&highlight=
available to common shareholders increased by $0.72 to $0.74 from $0.02
compared to the same quarter last year, primarily due to lower interest
expense and reduced General & Administrative (G&A) expenses. Diluted net
income per share available to common shareholders increased by $2.51 to
$1.09 from a loss of $1.42 compared to the same quarter last year.
Read more:
http://investors.dineequity.com/phoenix.zhtml?c=104384&p=irol-newsArticle_Print&ID=1312780&highlight=
UK Chain Hotels Market Review – June 2009
Hotel occupancy in June proved relatively robust, according to the latest HotStats survey by industry experts, TRI Hospitality Consulting.
Occupancy levels in London for June 2009 reached 84.1%, only one percentage point below last year. June is traditionally the best performing month in the capital, driven by strong corporate demand, leisure tourism and major events such as Wimbledon, which attracts over half a million visitors to London.
Read more:
http://ehotelier.com/hospitality-news/item.php?id=P16763
Occupancy levels in London for June 2009 reached 84.1%, only one percentage point below last year. June is traditionally the best performing month in the capital, driven by strong corporate demand, leisure tourism and major events such as Wimbledon, which attracts over half a million visitors to London.
Read more:
http://ehotelier.com/hospitality-news/item.php?id=P16763
Bay Restaurant Group refinances to tune of £150m
Bay Restaurant Group (BRG), which operates La Tasca, Slug & Lettuce and ha ha bar & grill eateries, has reduced its debt by between £100m and £150m following a refinancing, according to sources.
The 180 strong group, which emerged from the controversial ‘pre-pack’ administration deal of Laurel Pub Company last year, said it had refinanced to the tune of £150m, with debt believed to have been cut by up to £150m.
BRG said it had agreed the new facility terms with Icelandic bank Kaupthing and Germany’s Commerzbank until 2012.
Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64664&c=1
The 180 strong group, which emerged from the controversial ‘pre-pack’ administration deal of Laurel Pub Company last year, said it had refinanced to the tune of £150m, with debt believed to have been cut by up to £150m.
BRG said it had agreed the new facility terms with Icelandic bank Kaupthing and Germany’s Commerzbank until 2012.
Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64664&c=1
DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2009 RESULTS
BETHESDA, Maryland, Tuesday July 28, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its second quarter ended June 19, 2009. The Company is a lodging-focused real estate investment trust that owns twenty premium hotels in North America.
Second Quarter 2009 Highlights
RevPAR: The Company’s RevPAR was $109.85, a decrease of 22.2 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s Hotel Adjusted EBITDA margins were 25.19%, a decrease of 604 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $32.6 million, a decline of 39% compared to the same period in 2008.
Adjusted FFO: The Company’s Adjusted FFO was $24.9 million and Adjusted FFO per diluted share was $0.24.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share during the second quarter, which resulted in net proceeds of $82.1 million.
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTEyNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Second Quarter 2009 Highlights
RevPAR: The Company’s RevPAR was $109.85, a decrease of 22.2 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s Hotel Adjusted EBITDA margins were 25.19%, a decrease of 604 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $32.6 million, a decline of 39% compared to the same period in 2008.
Adjusted FFO: The Company’s Adjusted FFO was $24.9 million and Adjusted FFO per diluted share was $0.24.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share during the second quarter, which resulted in net proceeds of $82.1 million.
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTEyNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Total Insanity: Commerce Restaurant to go Cashless
Bad news for mobsters, drug dealers, and The Real Housewives of New Jersey: Following up on a Gael Greene tweet, Eater learns from Tony Zazula, the owner of West Village restaurant Commerce, that starting in September, they will no longer accept cash. That's right: they will no longer accept our standard monetary unit, the good old American greenback
Read more:
http://eater.com/archives/2009/07/total_insanity_commerce_restaurant_to_go_cashless.php
Read more:
http://eater.com/archives/2009/07/total_insanity_commerce_restaurant_to_go_cashless.php
Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the First Fiscal Quarter 2010
First Fiscal Quarter 2010 Restaurant Sales
Total restaurant sales increased 1.7% to $95.5 million in the first fiscal quarter 2010 from $93.9 million in the first fiscal quarter 2009. For the first fiscal quarter 2010, Company-wide comparable restaurant sales were (10.1%), comprised of (13.1%) at Benihana teppanyaki, 3.5% at RA Sushi, and (14.8%) at Haru.
During the period, Benihana teppanyaki represented approximately 66.2% of consolidated restaurant sales, while RA Sushi and Haru accounted for 23.2% and 10.6% of consolidated restaurant sales, respectively. There were a total of 1,532 store-operating weeks in the first fiscal quarter 2010 compared to 1,348 store-operating weeks in the first fiscal quarter 2009.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=111271&p=irol-newsArticle&ID=1313473&highlight=
Total restaurant sales increased 1.7% to $95.5 million in the first fiscal quarter 2010 from $93.9 million in the first fiscal quarter 2009. For the first fiscal quarter 2010, Company-wide comparable restaurant sales were (10.1%), comprised of (13.1%) at Benihana teppanyaki, 3.5% at RA Sushi, and (14.8%) at Haru.
During the period, Benihana teppanyaki represented approximately 66.2% of consolidated restaurant sales, while RA Sushi and Haru accounted for 23.2% and 10.6% of consolidated restaurant sales, respectively. There were a total of 1,532 store-operating weeks in the first fiscal quarter 2010 compared to 1,348 store-operating weeks in the first fiscal quarter 2009.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=111271&p=irol-newsArticle&ID=1313473&highlight=
J. ALEXANDER’S CORPORATION REPORTS RESULTS
NASHVILLE, TN., July 28, 2009 ‐‐ J. Alexander’ Corporation (NASDAQ: JAX) today
reported operating results for the second quarter and first half of 2009.
A summary of the second quarter of 2009 compared to the second period of 2008
follows:
• Net sales were $34,710,000 as compared to $34,767,000 recorded in the
second quarter of 2008.
• Average weekly same store sales per restaurant declined by 7%.
• The loss before income taxes was $1,431,000 compared to income before
income taxes of $950,000 in the second quarter of 2008.
• An income tax benefit of $635,000 was recorded for the second quarter of
2009 compared to a tax benefit of $273,000 for the second quarter of 2008.
The benefit for the second quarter of 2008 was due to the effect of lowering
the estimated annual effective tax rate for 2008 during that quarter primarily
because of lower estimates of pre‐tax income for the year.
• The net loss was $796,000 compared to net income of $1,223,000 in the
second period of 2008, and the loss per share was $ .13 compared to diluted
earnings per share of $ .18 in the second quarter of 2008.
Read more:
http://www.jalexanders.com/investor/reports/July_28_09.pdf
reported operating results for the second quarter and first half of 2009.
A summary of the second quarter of 2009 compared to the second period of 2008
follows:
• Net sales were $34,710,000 as compared to $34,767,000 recorded in the
second quarter of 2008.
• Average weekly same store sales per restaurant declined by 7%.
• The loss before income taxes was $1,431,000 compared to income before
income taxes of $950,000 in the second quarter of 2008.
• An income tax benefit of $635,000 was recorded for the second quarter of
2009 compared to a tax benefit of $273,000 for the second quarter of 2008.
The benefit for the second quarter of 2008 was due to the effect of lowering
the estimated annual effective tax rate for 2008 during that quarter primarily
because of lower estimates of pre‐tax income for the year.
• The net loss was $796,000 compared to net income of $1,223,000 in the
second period of 2008, and the loss per share was $ .13 compared to diluted
earnings per share of $ .18 in the second quarter of 2008.
Read more:
http://www.jalexanders.com/investor/reports/July_28_09.pdf
STR Global posts June 2009 results for Asia/Pacific region
LONDON—Hotels in the Asia/Pacific region experienced double-digit decreases when reported in U.S. dollars for all three key performance metrics for June 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 10.8 percent to 56.2 percent; average daily rate declined 16.3 percent to US$111.85; and revenue per available room fell 25.3 percent to US$62.88.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1596
In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 10.8 percent to 56.2 percent; average daily rate declined 16.3 percent to US$111.85; and revenue per available room fell 25.3 percent to US$62.88.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1596
STR Global posts Middle East/Africa June 2009 results
LONDON—The Middle East/Africa region suffered declines in all three key measurements in year-over-year results when reported in U.S. dollars for June 2009, according to data compiled by STR Global.
The region’s occupancy dropped 11.7 percent to 59.6 percent; average daily rate decreased 2.8 percent to US$138.23; and revenue per available room decreased 14.2 percent to US$82.38.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1599
The region’s occupancy dropped 11.7 percent to 59.6 percent; average daily rate decreased 2.8 percent to US$138.23; and revenue per available room decreased 14.2 percent to US$82.38.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1599
STR Global posts June 2009 results for Europe
LONDON—The European hotel industry posted mixed year-over-year results when reported in U.S. dollars, euros and British pounds for June 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to single-digit gains, depending on the market and the currency used for comparison.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1600
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to single-digit gains, depending on the market and the currency used for comparison.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1600
Buffalo Wild Wings Spices Up the Joint
Once again, Buffalo Wild Wings (Nasdaq: BWLD) has defied the recession to report an impressive quarter.
Second-quarter net income increased 24.2%, to $7 million, or $0.39 per share. Revenue surged an impressive 32.4%, to $129.6 million. Same-store sales increased 2.8% and 3.7% at company-owned and franchise locations, respectively. Furthermore, Buffalo Wild Wings' franchise royalties and fees jumped 14%, to $11.9 million. In short, the company made a good showing all around
Read more:
http://www.fool.com/investing/general/2009/07/28/buffalo-wild-wings-spices-up-the-joint.aspx
Second-quarter net income increased 24.2%, to $7 million, or $0.39 per share. Revenue surged an impressive 32.4%, to $129.6 million. Same-store sales increased 2.8% and 3.7% at company-owned and franchise locations, respectively. Furthermore, Buffalo Wild Wings' franchise royalties and fees jumped 14%, to $11.9 million. In short, the company made a good showing all around
Read more:
http://www.fool.com/investing/general/2009/07/28/buffalo-wild-wings-spices-up-the-joint.aspx
Buffalo Wild Wings, Inc. Announces Second Quarter 2009 Results
MINNEAPOLIS--(BUSINESS WIRE)--Jul. 27, 2009-- Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the second quarter ended June 28, 2009. Highlights for the second quarter versus the same period a year ago were:
Total revenue increased 32.4% to $129.6 million
Company-owned restaurant sales grew 34.6% to $117.8 million
Same-store sales increased 2.8% at company-owned restaurants and 3.7% at franchised restaurants
Net earnings increased 24.2% to $7.0 million from $5.6 million, and earnings per diluted share increased 25.8% to $0.39 from $0.31
Read more;
http://phx.corporate-ir.net/phoenix.zhtml?c=146403&p=irol-newsArticle&ID=1312504&highlight=
Total revenue increased 32.4% to $129.6 million
Company-owned restaurant sales grew 34.6% to $117.8 million
Same-store sales increased 2.8% at company-owned restaurants and 3.7% at franchised restaurants
Net earnings increased 24.2% to $7.0 million from $5.6 million, and earnings per diluted share increased 25.8% to $0.39 from $0.31
Read more;
http://phx.corporate-ir.net/phoenix.zhtml?c=146403&p=irol-newsArticle&ID=1312504&highlight=
Kona Grill Reports Second Quarter Results
SCOTTSDALE, Ariz., July 28, 2009 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its second quarter ended June 30, 2009.
Second Quarter 2009 Highlights Include:
* Opened restaurant in Woodbridge, New Jersey
* Restaurant sales increased 9.1% to $21.5 million
* Same-store sales decreased 9.5%
* Restaurant operating profit margin of 18.4%
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=191864&p=irol-newsArticle&ID=1313153&highlight=
Second Quarter 2009 Highlights Include:
* Opened restaurant in Woodbridge, New Jersey
* Restaurant sales increased 9.1% to $21.5 million
* Same-store sales decreased 9.5%
* Restaurant operating profit margin of 18.4%
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=191864&p=irol-newsArticle&ID=1313153&highlight=
Panera Bread Reports Q2 EPS of $0.65
HIGHLIGHTS
- Q2 2009 net income up 28% over Q2 2008
- Q2 2009 operating margin up 140 bps over Q2 2008
- Q2 2009 system-wide comparable bakery-cafe sales flat, net of the Easter impact
- Company-owned comparable bakery-cafe sales up 2.8% for the first 27 days of Q3 2009
- Q3 2009 EPS target set at $0.55 to $0.59 (up 22% to 31% versus Q3 2008)
- FY 2009 EPS target tightened to $2.60 to $2.68 (up 17% to 21% versus FY 2008 with one less week)
Read more:
http://www.panerabread.com/pdf/er-20090728.pdf
- Q2 2009 net income up 28% over Q2 2008
- Q2 2009 operating margin up 140 bps over Q2 2008
- Q2 2009 system-wide comparable bakery-cafe sales flat, net of the Easter impact
- Company-owned comparable bakery-cafe sales up 2.8% for the first 27 days of Q3 2009
- Q3 2009 EPS target set at $0.55 to $0.59 (up 22% to 31% versus Q3 2008)
- FY 2009 EPS target tightened to $2.60 to $2.68 (up 17% to 21% versus FY 2008 with one less week)
Read more:
http://www.panerabread.com/pdf/er-20090728.pdf
Interstate Hotels & Resorts Successfully Appeals NYSE Ruling
ARLINGTON, Va., July 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that the company has successfully appealed a NYSE ruling in March under which Interstate's stock was suspended from trading for failing to meet the minimum $15 million market capitalization requirement. The NYSE has now determined that Interstate's stock will resume trading on Wednesday, July 29 under its previous symbol IHR
Read more:
http://www.ihrco.com/INVESTORRELATIONS/PressReleases/tabid/81/Default.aspx
Read more:
http://www.ihrco.com/INVESTORRELATIONS/PressReleases/tabid/81/Default.aspx
Station Casinos Files for Bankruptcy as Talks Fail
July 28 (Bloomberg) -- Station Casinos Inc., taken private by Colony Capital LLC and management in 2007, filed for Chapter 11 bankruptcy after failing to reach agreement with unsecured creditors on a plan for a prepackaged court restructuring.
Read more:
http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo
Read more:
http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo
