Landry's Restaurants plans to fund part of going-private deal with private debt offering

HOUSTON (AP) -- Landry's Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.

The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.

Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.

Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own

Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.

Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.

Interstate Hotels & Resorts Reports Third-Quarter 2009 Results

Same-store(4) RevPAR for all managed hotels in the third quarter of 2009 decreased 20.8 percent to $78.97. Average daily rate (ADR) declined 15.1 percent to $115.29, and occupancy was off 6.7 percent to 68.5 percent.

Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.

Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.

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Great Wolf Resorts Reports 2009 Third Quarter Results

For the third quarter ended September 30, 2009, the Company reported net loss of $(42.1) million, or $(1.35) per diluted share, compared to net income of $2.2 million, or $0.07 per diluted share for the same period a year earlier. The 2009 results include (1) a non-cash charge of $28.5 million to establish a valuation allowance against its deferred tax assets, and (2) a non-cash impairment charge of $24.0 million related to the Company’s Blue Harbor Resort & Conference Center in Sheboygan, Wisconsin.

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McCormick & Schmick's Seafood Restaurants, Inc. Reports Third Quarter 2009 Financial Results

Financial results for the third quarter 2009 compared to the third quarter 2008:

•Revenues decreased 13.6% to $86.3 million from $99.9 million
•Comparable restaurant sales decreased 18.8%
•Comparable restaurant traffic decreased 14.2%
•Total operating expenses were 87.1% of revenues compared to 87.5% last year
•Net income of $1.3 million, or $0.09 per diluted share, compared to net income of $1.4 million, or $0.09 per diluted share

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Wellington sees 2.6% EBITDA fall

Wellington Pub Company, the 829-strong free-of-tie pub company — owned by the Reuben brothers, but subject to a securitisation — has seen a 2.6% decline in Ebitda.

According to a Fitch report published last month, that decline was made up of rental income excluding property disposals, in the year to the end of June 2009, compared to the year before.

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Hersha Hospitality Announces Third Quarter 2009 Results

- Achieved consolidated Hotel EBITDA margins of 37.7% -

- Margin decline excluding property taxes held to 117 bps -

- Consolidated Hotel RevPAR decreased 14.8% -

- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -

- Beginning to benefit from Improving Market in NYC -

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Hyatt Hotels Corporation Prices Initial Public Offering

CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (“Hyatt”) announced today the pricing of its initial public offering of 38,000,000 shares of Class A common stock at a price of $25.00 per share. Hyatt’s Class A common stock will begin trading on the New York Stock Exchange under the symbol “H” on November 5, 2009.

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