The Irish Hotels Federation (IHF) has negotiated a deal with the unions to cut Sunday pay rates for new hotel workers from double time to time and one third as the industry goes through the worst financial crisis in recent history.
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Wednesday, September 9, 2009
Wyndham Worldwide hires former DineEquity exec as CFO
NEW YORK, Sept 8 (Reuters) - Wyndham Worldwide Corp (WYN.N) on Tuesday announced the appointment of a former DineEquity Inc (DIN.N) executive as its chief financial officer, effective immediately.
Thomas Conforti replaces former CFO Virginia Wilson, who said in June that she would leave the hotel operator in the third quarter to pursue other interests
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Thomas Conforti replaces former CFO Virginia Wilson, who said in June that she would leave the hotel operator in the third quarter to pursue other interests
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Hyatt's IPO: Bad Timing or Family Necessity?
That's the question industry observers are asking as hotel powerhouse Hyatt Hotels prepares to jump into the public markets at a time when the lodging sector has spiraled to lows not seen since the Sept. 11 terrorist attacks.
"Hotels are highly sensitive to economic conditions, labor, cost of living and consumer confidence. So, when times are at the lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young's hospitality advisory practice. "It would appear that this is early in the cycle to have a hotel IPO."
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"Hotels are highly sensitive to economic conditions, labor, cost of living and consumer confidence. So, when times are at the lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young's hospitality advisory practice. "It would appear that this is early in the cycle to have a hotel IPO."
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Genting Singapore plans $1 bln rights issue
SINGAPORE, Sept 9 (Reuters) - Casino operator Genting Singapore said it plans to raise S$1.63 billion ($1.15 billion) in a rights issue to strengthen its finances and raise cash for possible acquisitions.
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Landry's Restaurants Special Committee to Explore Alternative Proposals to Indication of Interest From Tilman J. Fertitta
HOUSTON, Sept. 9 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company") announced today that on August 14, 2009, its Board of Directors appointed a special committee ("Special Committee") comprised solely of independent directors of the Company and authorized the Special Committee to review strategic alternatives for the Company, including a possible sale of the Company. The Special Committee has retained independent legal advisors and engaged Moelis & Company LLC as its financial advisor.
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Marriott signs 21 management contracts in Asia Pac
HONG KONG, Sept 9 (Reuters) - Hotelier Marriott International Inc (MAR.N) said on Wednesday it sees a strong Asia market and had signed 21 hotel and resort management contracts in the Asia Pacific region.
The hotels with a total of about 7,000 rooms are scheduled to open through the end of 2013, expanding Marriott's Asia-Pacific Portfolio to 154 hotels offering 51,500 rooms in 18 countries by the end of 2013, it said in a statement
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The hotels with a total of about 7,000 rooms are scheduled to open through the end of 2013, expanding Marriott's Asia-Pacific Portfolio to 154 hotels offering 51,500 rooms in 18 countries by the end of 2013, it said in a statement
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Sonic Appoints New President of Sonic Restaurants, Inc.
OKLAHOMA CITY--(BUSINESS WIRE)--Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced that Omar Janjua has joined the Company as President of its restaurant operating subsidiary, Sonic Restaurants, Inc. ("SRI"). Janjua was previously Executive Vice President and Chief Operating Officer for Steak 'n Shake Company, where he reported to the Chief Executive Officer and was responsible for the operations of 490 system restaurants with annual revenues of approximately $700 million.
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