"It's a visual affirmation that they're continuing to invest," said state tourism liaison Marsha Wienert, as the third floor of the resort started to emerge from a forest of pilings. "It confirms Disney's commitment to the Islands and the future of the Islands."
Disney expects to invest about $800 million in the project, completing the first phase in the fall of 2011 and eventually employing 1,000 people.
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Wednesday, October 14, 2009
‘Boneless’ Wings, the Cheaper Bite
Just in time for football season, the Lion’s Head Tavern in New York City stopped selling 25-cent chicken wings on Monday nights. In Tucson, a sports bar called O’Malleys on Fourth scrapped its fall special of a dozen wings on Monday nights for $4.
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Hotel Term Defaults Push U.S. CMBS Delinquencies 54 bps Higher
The reprieve is over for U.S. CMBS as delinquencies resumed their upward trajectory to end the month at 3.58%, according to the latest Loan Delinquency Index results from Fitch Ratings. The hotel sector now leads as the property type with the largest proportion of delinquencies at 5.83%.
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Administrators appointed at Sir John Ritblat’s pubs chain
Sir John Ritblat, the veteran property magnate who turned British Land into one of Britain’s top companies, has suffered a setback to his pub ambitions after the appointment of administrators to his fledgeling Merchant Inns chain.
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Australia's Packer Raises Stakes in Casino Bet That Has Cost $1 Billion
Oct. 14 (Bloomberg) -- James Packer, Australia’s richest man, has raised the stakes in a bet that has so far lost at least $1 billion.
Packer paid A$205 million ($187 million) to increase his stake in Crown Ltd., Australia’s largest casino owner, to more than 40 percent, according to a filing yesterday. The purchase of 3 percent of Crown’s shares is the most he can make for six months without making a full bid, according to Australian stock exchange rules.
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Packer paid A$205 million ($187 million) to increase his stake in Crown Ltd., Australia’s largest casino owner, to more than 40 percent, according to a filing yesterday. The purchase of 3 percent of Crown’s shares is the most he can make for six months without making a full bid, according to Australian stock exchange rules.
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Host Hotels & Resorts, Inc. Reports Results of Operations for the Third Quarter of 2009
Total revenue decreased $227 million, or 19.9%, to $912 million for the third quarter and $719 million, or 20.2%, to $2,839 million for year-to-date 2009 as compared to last year.
Net loss was $58 million for the third quarter of 2009 compared to net income of $47 million for the third quarter of 2008. For year-to-date 2009, net loss was $187 million compared to net income of $303 million for year-to-date 2008. Loss per diluted share was $.09 for the third quarter of 2009 compared to earnings per diluted share of $.09 in 2008. For year-to-date 2009, loss per diluted share was $.33 compared to earnings per diluted share of $.53 for year-to-date 2008.
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Net loss was $58 million for the third quarter of 2009 compared to net income of $47 million for the third quarter of 2008. For year-to-date 2009, net loss was $187 million compared to net income of $303 million for year-to-date 2008. Loss per diluted share was $.09 for the third quarter of 2009 compared to earnings per diluted share of $.09 in 2008. For year-to-date 2009, loss per diluted share was $.33 compared to earnings per diluted share of $.53 for year-to-date 2008.
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Hotwire Rate Report - October 2009
Hotel rates in the U.S. and Canadian cities change quickly, especially in this economy. The Hotwire Hotel Rate Report pinpoints cities where rates have dropped, making it easier for you to see where to find the best values. To compile the report we look at rates from a wide range of the top markets, compare pricing trends from the previous year, and factor in month-by-month price fluctuations. The report shows the destinations that have the biggest hotel price drops each month.
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Timing Becomes an Issue in Tavern on the Green Dispute
The current operator of Tavern on the Green says it will have to lay off all of its more than 400 employees during the lucrative Christmas season unless the Parks Department lets it occupy the restaurant past midnight on Dec. 31, when the current operating license expires.
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The Tragedy of Krispy Kreme
There's a truism among investors that you should invest in what you know, understand, and like. It's a common sense strategy: You spot something new. It's special. It's useful or innovative. It's cool and affordable. Let me buy some of that!
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FelCor Completes $636 Million Senior Notes Offering
IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH - News) and its subsidiary FelCor Lodging Limited Partnership (“FelCor LP”), today announced that it completed the previously announced offering of $636 million in aggregate principal amount of FelCor LP's senior secured notes
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Strategic Hotels sell enough bonds to keep New Orleans restoration plan alive
NEW ORLEANS (AP) -- The owners of the Hyatt Regency New Orleans have sold only 10 percent of the special bonds needed to help finance the hotel's post-Hurricane Katrina overhaul, but that's enough to keep a redevelopment plan alive through 2010.
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Business travel survey shows budgets for 2010 remain tight
A survey of members by the Association of Corporate Travel Executives underscores the caution prevalent in the industry. Only a quarter of respondents said they will spend more on corporate travel next year, while about half will operate at 2009 levels
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Pubcos set out 'fundamental reform' plans
The British Beer and Pub Association (BBPA) claims to have reached a binding agreement with licensee groups, the BII and the Federation of Licensed Victuallers Associations, for “fundamental reform”, which will make any further intervention by Government or competition authorities unnecessary
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Domino's Pizza Announces Third Quarter 2009 Financial Results
ANN ARBOR, Mich., Oct. 13 /PRNewswire-FirstCall/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the third quarter ended September 6, 2009. Net income as-reported was up 76.6% versus the prior year, driven by gains on the extinguishment of debt, improved operating margins, lower interest expense and international store growth. Year-to-date, the Company has repurchased approximately $161 million in principal amount of its long-term debt. As of the quarter end, the Company had nearly $49 million of unrestricted cash and cash equivalents.
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CKE Restaurants(R), Inc. Reports Period Nine Same-Store Sales
CARPINTERIA, Calif.--(BUSINESS WIRE)--Oct. 14, 2009-- CKE Restaurants, Inc. (NYSE: CKR) announced today period nine company-operated same-store sales for the period ended October 5, 2009, for Carl’s Jr.® and Hardee’s®.
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Punch Retreats After Posting Widened Full-Year Loss
Oct. 14 (Bloomberg) -- Punch Taverns Plc, the largest U.K. pub owner, fell the most since June in London trading after posting a widened full-year loss and taking impairment charges to reflect declining pub values.
Punch fell as much as 13 percent. The net loss was 176.4 million pounds ($282 million) in the year ended Aug. 22, from a loss of 64.7 million pounds a year earlier, the Burton upon Trent, England-based company said in a statement today. Sales declined 7.7 percent to 1.44 billion pounds.
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Punch fell as much as 13 percent. The net loss was 176.4 million pounds ($282 million) in the year ended Aug. 22, from a loss of 64.7 million pounds a year earlier, the Burton upon Trent, England-based company said in a statement today. Sales declined 7.7 percent to 1.44 billion pounds.
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Hugo Chavez orders 'forced acquisition' of Hilton-run hotel on Venezuela resort island
CARACAS, Venezuela — President Hugo Chavez has ordered his government to buy a Hilton-run hotel on Venezuela's Margarita Island.
Chavez issued a decree last week ordering the "forced acquisition" of the Margarita Hilton&Suites and its marina. The president's order was reported by Venezuelan media Tuesday, after being published in the Official Gazette on Friday.
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Chavez issued a decree last week ordering the "forced acquisition" of the Margarita Hilton&Suites and its marina. The president's order was reported by Venezuelan media Tuesday, after being published in the Official Gazette on Friday.
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