NEW YORK, Oct 8 (Reuters) - Marriott International (MAR.N) posted a lower quarterly profit on Thursday and said pricing pressures would continue to erode margins next year, sending its shares down as much as 5.9 percent.
The forecast overshadowed news that Marriott's third-quarter profit beat analysts' average forecast
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Thursday, October 8, 2009
Rio Race for Rooms by Marriott, Starwood Starts for 2016 Games
Oct. 8 (Bloomberg) -- Marriott International Inc.InterContinental Hotels Group Plc and Starwood Hotels & Resorts Worldwide Inc. are ready to compete for guests in Rio de Janeiro as the city famous for its Carnival parades and beaches races to more than double hotel capacity to host the 2016 Olympic Games.
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Luxury New Orleans hotel sold for $44.2 million
NEW ORLEANS -- The Windsor Court Hotel, a luxury 324-room hotel in New Orleans, has been sold for $44.2 million to a group that plans a two-year renovation of its guest rooms.
Orient-Express Hotels Ltd. said it sold the hotel to Windsor Court Partners because the hotel no longer fits its model of catering to leisure travelers.
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Orient-Express Hotels Ltd. said it sold the hotel to Windsor Court Partners because the hotel no longer fits its model of catering to leisure travelers.
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Ashford Hospitality in Talks to Revise Loan on Westin O'Hare
Hotel owner Ashford Hospitality Trust Inc. is negotiating to revise the terms of its $101 million securitized mortgage on the 525-room Westin O'Hare hotel near Chicago's O'Hare International Airport.
Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.
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Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.
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Leisure Industry Can't Ignore PCI Compliance
Compliance with the PCI Data Security Standard has been expected of merchants that accept payment cards and process payment card transactions for years now, but as is true with any compliance requirement, there are segments that tend to lag behind the rest in their efforts. Small public companies, for example, have had a reprieve when it comes to full Sarbanes-Oxley section 404 compliance.
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Peel Hotel Group Reports an Encouraging End to a Mixed First Half Performance
Mid-sized British hotel group, Peel Hotels (AIM: PHO) released H1 interim results today, in which they reported a 5.5% increase in turnover and a post tax profit of approximately £1.1 million. Peel Hotels stated that it was difficult to determine whether the improved performance is a result of stabilising economic conditions or an increase in market share. The initial headline figures add polish to a disappointing start the trading period.
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Carluccio's set to beat expectations after posting 8% rise in turnover
Italian restaurant chain Carluccio’s today revealed that it expects to post a pre-tax profit ahead of expectations after seeing an 8% rise in turnover for the financial year.
Unveiling a trading statement for the year to 27 September, the company said it had benefited from the opening of six new restaurants, largely outside its traditional London base.
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Unveiling a trading statement for the year to 27 September, the company said it had benefited from the opening of six new restaurants, largely outside its traditional London base.
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Still Winning with Wyndham Worldwide
Wyndham Worldwide (WYN) is becoming one of my favorite stocks this year - buying each dip has been very lucrative. Unlike many names, it actually pulls back relatively sharply and then bounces, which is perfect for the way we trade around a core position in a stock. After an upgrade in late September by Goldman, we have another upgrade today (from Goldman again?!)- pushing the stock up over 9%. I am going to sell 60% of the position at $17.75, and we'll keep trying to continue this pattern - buy the dips, sell the rips. Even here, it is *still* cheap - hope it doesn't run away on us.
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Shock pub business rates rise
Evidence of shocking business rates hikes has emerged, with some licensees set to see bills more than double from next April.
The news follows stark warnings from the Conservatives that pubs would receive “bombshell” bills under new rates revaluations.
A snap survey on the Morning Advertiser’s website found 21.7% of licensees said their rateable value had more than doubled. Nearly one third — 30.4% — said it had risen between 41% and 100%. However, 13% said it had stayed the same, while 8.6% saw it fall by up to 40%.
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The news follows stark warnings from the Conservatives that pubs would receive “bombshell” bills under new rates revaluations.
A snap survey on the Morning Advertiser’s website found 21.7% of licensees said their rateable value had more than doubled. Nearly one third — 30.4% — said it had risen between 41% and 100%. However, 13% said it had stayed the same, while 8.6% saw it fall by up to 40%.
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Blackstone buying Anheuser-Busch theme parks
(AP) - Anheuser-Busch InBev SA, the world's largest brewer, said Thursday that it will raise $2.7 billion from selling its U.S. theme parks to the Blackstone Group.
The sale of three SeaWorld parks, two Busch Gardens parks and five others is the largest of a string of AB InBev selloffs to help pay for the $52 billion takeover deal that formed it last year.
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The sale of three SeaWorld parks, two Busch Gardens parks and five others is the largest of a string of AB InBev selloffs to help pay for the $52 billion takeover deal that formed it last year.
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Starbucks sues defector to Dunkin’
WILMINGTON, Del. - Starbucks Corp., the largest coffee-shop operator, has sued a former executive, claiming he violated a noncompetition agreement by becoming Dunkin’ Donuts Inc.’s brand operations officer.
Paul Twohig was a senior vice president at Starbucks until March, responsible for the Southeast division. He violated an agreement that barred him from working for a direct rival for 18 months after his departure, according to a complaint filed in federal court in Seattle.
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Paul Twohig was a senior vice president at Starbucks until March, responsible for the Southeast division. He violated an agreement that barred him from working for a direct rival for 18 months after his departure, according to a complaint filed in federal court in Seattle.
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Marriott International Reports Third Quarter Results
Marriott International, Inc. (“Marriott”) (NYSE:MAR) today reported third quarter 2009 adjusted income from continuing operations attributable to Marriott of $53 million, a 57 percent decline over the year-ago quarter, and adjusted diluted earnings per share (“EPS”) from continuing operations attributable to Marriott shareholders of $0.15, down 55 percent. The company’s EPS guidance for the 2009 third quarter, disclosed on July 16, 2009, totaled $0.09 to $0.14.
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Tesco, Hilton Given One-Year Delay for Buying Emission Permits
Oct. 7 (Bloomberg) -- The U.K. delayed by a year its plan to make companies such as Tesco Plc, the country’s biggest supermarket chain, and hotelier Hilton Hotels Corp. buy permits for their carbon-dioxide emissions.
The government will require them to buy permits at 12 pounds ($19) each to discharge a ton of gas starting in April 2011, 12 months later than planned, and they must begin measuring CO2 emissions next year, the Department for Energy and Climate Change said today in an e-mailed statement.
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The government will require them to buy permits at 12 pounds ($19) each to discharge a ton of gas starting in April 2011, 12 months later than planned, and they must begin measuring CO2 emissions next year, the Department for Energy and Climate Change said today in an e-mailed statement.
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Hilton closure to leave 176 jobless
Hilton Reservations and Customer Care - a facility that handles reservations for the hotel chain - at 102 Maplewood Drive, Hazle Township, will close Dec. 8 when the company consolidates its Northeastern Pennsylvania customer service call center with its service center in Tampa, Fla., said Mark Ricci, director of Corporate Communications for Hilton's Northeast US and Canada.
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Ruby Tuesday, Inc. Reports First Quarter Fiscal 2010 Results
MARYVILLE, Tenn.--(BUSINESS WIRE)--Oct. 7, 2009-- Ruby Tuesday, Inc. today reported diluted earnings per share of $0.11 on net income of $6.1 million for the Company’s first quarter of fiscal 2010, which ended on September 1, 2009. This compares to diluted earnings per share of $0.01 on net income of $285 thousand for the first quarter of the prior year.
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California Pizza Kitchen, Inc. Reports Preliminary Third Quarter 2009 Results
LOS ANGELES--(BUSINESS WIRE)--Oct. 7, 2009-- California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 5.3% to $164.8 million for the third quarter ended September 27, 2009 versus $174.0 million in the third quarter ended September 28, 2008. Full service comparable restaurant sales decreased approximately 8.0% compared to a 2.4% decrease in the third quarter last year
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