PORT-AU-PRINCE -- It was supposed to be an oasis in an investment-hungry nation riding a wave of improved security and optimism: a 60-room South Beach-inspired hotel offering upscale shops, a 300-car garage and a helipad.
Then the catastrophic Jan. 12 earthquake hit, wiping out $6.4 million in investments as investors lay dead, and others stood in financial ruin. Almost six months after the disaster, the Oasis hotel project is on its way back with more than double the rooms.
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Wednesday, June 30, 2010
iPhone Restaurant Apps
CIO — Apps for finding cool places to grab a bite to eat are some of the most popular in the App Store. Of course, most iPhone owners know about the gorilla in the category, UrbanSpoon. But have you seen these six worthy alternatives?
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Singapore Visitor Arrivals Up By 30.3% For May 2010
The Singapore Tourism Board said that visitor arrivals to Singapore grew by 30.3% year-on-year in May 2010 to reach 946,000 visitors.
This is the highest ever recorded in the month of May.
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This is the highest ever recorded in the month of May.
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Sonesta Announces Purchase of Sonesta Bayfront Hotel Coconut Grove
BOSTON, Jun 29, 2010 (GlobeNewswire via COMTEX) -- Sonesta International Hotels Corporation /quotes/comstock/15*!snst.a/quotes/nls/snsta (SNSTA 14.70, 0.00, 0.00%) (the "Company") has entered into agreements to purchase Sonesta Bayfront Hotel Coconut Grove, and plans to close the transaction on July 1, 2010. The Hotel has been operated by the Company under a management agreement since its opening in April 2002. Sonesta Bayfront Hotel Coconut Grove is a condominium hotel. The Company will acquire the "Hotel Lot", which includes the restaurant and other hotel facilities, and the right to operate the Hotel.
At closing, the company will assume a $6,500,000 first mortgage loan, and pay cash of approximately $1,400,000. In addition, the Company will assume the Hotel's working capital. The seller will be entitled to a percentage of net operating income, as defined, for an eleven year period starting January 1, 2010
At closing, the company will assume a $6,500,000 first mortgage loan, and pay cash of approximately $1,400,000. In addition, the Company will assume the Hotel's working capital. The seller will be entitled to a percentage of net operating income, as defined, for an eleven year period starting January 1, 2010
Could You Soon Be Sleeping in a Virgin Hotel after Your Virgin Flight?
Branson told us they are "not many months away from making an announcement" regarding Virgin Hotels (an opening announcement that is.) He says they have the resources and the concept which is somewhat under wraps but he did confirm it would be very much a translation of the airline experience. And remember, Virgin Hotels is very much an urban brand that will only open in cities.
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Accor demerger paves way for new strategy
PARIS—Anyone who has heard Accor Hospitality chairman and CEO Gilles Pélisson speak during the past few months knows the company is geared up for an “asset right” strategy.
The details, however, of that plan have been unclear—until now. Accor’s shareholders yesterday approved the demerger of Accor Hospitality and its voucher services company, Edenred. Now there is an open road for the hotel group to address its goals.
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The details, however, of that plan have been unclear—until now. Accor’s shareholders yesterday approved the demerger of Accor Hospitality and its voucher services company, Edenred. Now there is an open road for the hotel group to address its goals.
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Golfing great buys Silverado Resort
A flurry of pink slips was issued Friday by Silverado Resort’s new management company, gutting the ranks of top management as the property changes ownership.
A syndicate headed by Johnny Miller, a golfing great who is an analyst for NBC Sports, will become the new owners of the resort effective Thursday
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A syndicate headed by Johnny Miller, a golfing great who is an analyst for NBC Sports, will become the new owners of the resort effective Thursday
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Tuesday, June 29, 2010
Has Chipotle Peaked?
Chipotle (NYSE:CMG), the Mexican fast food joint, is a valuable stock for investors, having generated over 200% returns since its public launch in 2006. The current market price of the stock is $145, up more than 3X since the initial public offering. Chipotle’s dramatic runup can be attributed to the company’s impressive growth and increasing profitability.
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Ramsay axes pub after loss of
The chef, 43, is shutting gastro pub The Devonshire in West London.
It comes after parent company Gordon Ramsay Holdings recorded a £4.3million loss last year.
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It comes after parent company Gordon Ramsay Holdings recorded a £4.3million loss last year.
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Three Red Roof Inns hit with foreclosure
Three Phoenix area Red Roof Inns have been noticed for trustee sales that are scheduled for Sept. 2. All were involved in a massive $1.3 billion transaction in 2007 when international hotel brand Accor sold the Red Roof group to investors in Citi’s Global Special Situations Group and Westbridge Hospitality Fund.
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Kempinski to Cease Management of Hotel in Sanya on Hainan
Beijing, China (May 17, 2010) /ChinaNewswire.com/ — Kempinski Hotel announces that in line with the company's strategic plan, Kempinski Hotel Sanya Hainan Island in China will cease to be a Kempinski hotel and will exit the portfolio. Existing hotel reservations will remain at the same conditions as confirmed
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Singapore Gambles Low Crime Rate With $10.2 Billion Casino Push
June 23 (Bloomberg) -- Singapore’s casinos have attracted more than three million visitors, created thousands of jobs and spurred spending at hotels, restaurants and shopping malls. They’re also keeping the courts busy.
Since the opening of Resorts World Sentosa in February and Marina Bay Sands in April, the island-state has seen cases of fraud, embezzlement and identity theft. Some offenders were fined or sent to prison, three European suspects have jumped bail and two Africans have been charged for cheating the casinos out of about S$140,000 ($102,000).
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Since the opening of Resorts World Sentosa in February and Marina Bay Sands in April, the island-state has seen cases of fraud, embezzlement and identity theft. Some offenders were fined or sent to prison, three European suspects have jumped bail and two Africans have been charged for cheating the casinos out of about S$140,000 ($102,000).
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Biltmore Hotel seeks repayment plan for $2M in back rent owed to Coral Gables
The Biltmore Hotel wants to delay paying more than $2.3 million it owes in back rent to Coral Gables until July 2012, according to a letter from Biltmore management to the city.
Under the terms it's proposing, the Biltmore would begin paying $100,000 to the city quarterly as of July 1, 2012. At that rate, it could take at least five years for the Biltmore to pay back the money it owes since it stopped paying rent in April 2009.
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Under the terms it's proposing, the Biltmore would begin paying $100,000 to the city quarterly as of July 1, 2012. At that rate, it could take at least five years for the Biltmore to pay back the money it owes since it stopped paying rent in April 2009.
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Monday, June 28, 2010
Lodging companies poised for strong 2Q results
Lodging companies are poised to report strong second-quarter results as the industry slowly recovers from weak demand during the recession, a Citi Investment Research analyst said Monday.
THE OPINION: Analyst Joshua Attie said revenue per available room, or revpar -- a key gauge of a lodging operator's performance -- is up 7 percent in the U.S. quarter to date. That is mainly due to higher occupancy, he said, but pricing is improving as well.
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THE OPINION: Analyst Joshua Attie said revenue per available room, or revpar -- a key gauge of a lodging operator's performance -- is up 7 percent in the U.S. quarter to date. That is mainly due to higher occupancy, he said, but pricing is improving as well.
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San Diego Hotel Operator 5th Avenue Partners Enters Bankruptcy
The Chapter 11 petition that 5th Avenue Partners LLC filed Friday halts a state court hearing slated for Monday at which lender WestLB AG Bank would have sought the appointment of a receiver to take over the company's assets, including the Se San Diego Hotel and the adjacent building that houses the House of Blues.
The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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Dubai hotels will offer 14,000 new rooms by 2012
Strong demand growth is expected in Dubai hotels over the short to medium term, maintaining occupancy rates in the low to mid-70 per cent level, according to Jones Lang LaSalle's (JLL) second quarter 2010 report.
It stated that nearly 14,000 additional rooms are due to be completed by the end of 2012 with the opening of major hotels such as the Ritz Carlton (DIFC), the Pullman (Mall of the Emirates) and the Fairmont Resort & Spa (The Palm Jumeirah).
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It stated that nearly 14,000 additional rooms are due to be completed by the end of 2012 with the opening of major hotels such as the Ritz Carlton (DIFC), the Pullman (Mall of the Emirates) and the Fairmont Resort & Spa (The Palm Jumeirah).
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Hilton Chongqing to reopen after suspension amid mob crackdown
CHONGQING, June 28 (Xinhua)-- The Hilton Hotel in southwest China's Chongqing Municipality will reopen Tuesday after its operation was suspended June 20 for involvement in prostitution and gang activities, local police said Monday.
The hotel can resume business but its Diamond Dynasty Club will be kept closed for its sheltering of prostitution, drug-taking and gang activities, said Gao Xiaodong, deputy chief of the municipal Public Security Bureau.
Nearly 60 people, including the hotel's major shareholder, Peng Zhiming, were detained after a police raid on June 19.
Peng and others used the Hilton to shelter prostitutes.
Even hotel porters and security guards were getting a slice of the illegal profits, said Public Security Bureau official Zhou Jingping.
The hotel's general manager, Jean Philippe Jacopin, said the hotel's management will ensure prostitutes are no longer allowed to enter the hotel.
The hotel can resume business but its Diamond Dynasty Club will be kept closed for its sheltering of prostitution, drug-taking and gang activities, said Gao Xiaodong, deputy chief of the municipal Public Security Bureau.
Nearly 60 people, including the hotel's major shareholder, Peng Zhiming, were detained after a police raid on June 19.
Peng and others used the Hilton to shelter prostitutes.
Even hotel porters and security guards were getting a slice of the illegal profits, said Public Security Bureau official Zhou Jingping.
The hotel's general manager, Jean Philippe Jacopin, said the hotel's management will ensure prostitutes are no longer allowed to enter the hotel.
Friday, June 25, 2010
BofA, Goldman Sell $2.3B In Debt From Hilton LBO-Sources
NEW YORK (Dow Jones)--Bank of America Merrill Lynch and Goldman Sachs (GS) priced $2.3 billion in mezzanine debt left over from the $26 billion buyout of Hilton Worldwide by Blackstone Group (BX) in 2007, according to people familiar with the matter.
That buyout deal was done at the peak of the market, and just before the credit market collapsed, making it difficult for the seven banks involved in the transaction to get the debt off their books.
In the past six months, prices of commercial real estate securities both in the primary and secondary debt markets have improved dramatically. Much of this is due to the ready flow of capital from a growing pool of investors, who see these assets as relatively safe and cheaper than other comparable corporate debt.
So much so that the stalled attempts to securitize and sell the Hilton debt have been revived after nearly three years. Bank of America and Goldman are working together to sell the more than $5 billion of debt on their books. The first phase was the mezzanine debt sale, of which Bank of America held $1.7 billion and Goldman the remaining $600 million.
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That buyout deal was done at the peak of the market, and just before the credit market collapsed, making it difficult for the seven banks involved in the transaction to get the debt off their books.
In the past six months, prices of commercial real estate securities both in the primary and secondary debt markets have improved dramatically. Much of this is due to the ready flow of capital from a growing pool of investors, who see these assets as relatively safe and cheaper than other comparable corporate debt.
So much so that the stalled attempts to securitize and sell the Hilton debt have been revived after nearly three years. Bank of America and Goldman are working together to sell the more than $5 billion of debt on their books. The first phase was the mezzanine debt sale, of which Bank of America held $1.7 billion and Goldman the remaining $600 million.
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Shareholder of Chongqing Hilton Held By Police
Police have detained Peng Zhimin, a major shareholder of the Chongqing Hilton Hotel, for suspected links to organized crime and prostitution, the police announced on June 24.
Peng is also accused of a giving 300,000 yuan (US$44,200) bribe to the former vice director of Chongqing Public Security Bureau.
On June 19, police raided the Chongqing Hilton Hotel over suspicions of prostitution and other crimes. A total of 22 people were arrested.
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Peng is also accused of a giving 300,000 yuan (US$44,200) bribe to the former vice director of Chongqing Public Security Bureau.
On June 19, police raided the Chongqing Hilton Hotel over suspicions of prostitution and other crimes. A total of 22 people were arrested.
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Gucci Sues Founder’s Granddaughter Over Branded Hotel in Dubai
June 25 (Bloomberg) -- Elisabetta Gucci’s plan to open a global chain of hotels under her name may be blocked by the luxury goods company founded by her great-grandfather.
The daughter of late fashion mogul Paolo Gucci, who designed the Italian brand’s trademark stirrup, plans to open an 87-suite property in Dubai’s Media World district by the end of the year, according to Lorens Ziller, managing director of her EG Hotels company. Branded EG Hotels by Elisabetta Gucci, it will showcase furniture designed by her and built by Formitalia.
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The daughter of late fashion mogul Paolo Gucci, who designed the Italian brand’s trademark stirrup, plans to open an 87-suite property in Dubai’s Media World district by the end of the year, according to Lorens Ziller, managing director of her EG Hotels company. Branded EG Hotels by Elisabetta Gucci, it will showcase furniture designed by her and built by Formitalia.
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Wyndham Group to manage Kingston's Hilton Hotel
DELROY Howell, chairman of Ocean Chimo, has announced that the Hilton Kingston Hotel located on Knutsford Boulevard, New Kiingston is to change management. He further declared that the hotel will change its flag effective June 30, 2010 at midnight.
"We have forged a partnership with the Wyndham Group, the largest hotel group in the world to manage the property effective July 1, 2010. This is a strategic move on our part to ensure that we deliver the highest quality service to our guests and team members and ensure high returns to shareholders." Howell believes this opportunity represents a stronger projected revenue base and heightened support from the Wyndham management group.
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"We have forged a partnership with the Wyndham Group, the largest hotel group in the world to manage the property effective July 1, 2010. This is a strategic move on our part to ensure that we deliver the highest quality service to our guests and team members and ensure high returns to shareholders." Howell believes this opportunity represents a stronger projected revenue base and heightened support from the Wyndham management group.
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Four Seasons names Kathleen Taylor CEO; founder Isadore Sharp to step down
Four Seasons just announced that Kathleen Taylor on Aug. 1 will take on the new title of CEO, as founder Isadore Sharp transitions from his longtime role.
Taylor's promotion will make her the only female chief among the big luxury hotel companies, including Ritz-Carlton and Starwood's group that includes the St. Regis chain.
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Taylor's promotion will make her the only female chief among the big luxury hotel companies, including Ritz-Carlton and Starwood's group that includes the St. Regis chain.
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Why eliminating nightly turndown service wasn't an option at Four Seasons hotels
At the height of the luxury travel downturn last year, the Four Seasons hotel chain questioned whether the longtime tradition of preparing every guest's room for bed time was still worth it at a time when guests were paying less. But, ultimately, the company concluded that eliminating nightly turndown service would be a costly mistake.
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Thursday, June 24, 2010
Darden shares fall on 4th-quarter earnings miss
Shares of Darden Restaurants Inc. fell on Thursday, after the operator of Olive Garden, Red Lobster and LongHorn steakhouse said its fourth-quarter profit fell more than analysts expected as consumer spending remained volatile.
THE SPARK: The restaurant chains' combined revenue at locations open at least a year declined 2.3 percent in the company's 2010 fiscal fourth quarter. The Orlando, Fla.-based company's CEO said month-to-month sales volatility in the industry during the March-through-May period "is an indication consumers remain cautious." Still he said in this fiscal year he expects economic and industry conditions to improve, with same-restaurant sales growth at the chains seen rising 2 precent to 3 percent.
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THE SPARK: The restaurant chains' combined revenue at locations open at least a year declined 2.3 percent in the company's 2010 fiscal fourth quarter. The Orlando, Fla.-based company's CEO said month-to-month sales volatility in the industry during the March-through-May period "is an indication consumers remain cautious." Still he said in this fiscal year he expects economic and industry conditions to improve, with same-restaurant sales growth at the chains seen rising 2 precent to 3 percent.
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Abramoff's Updated Resume: Fraudster Now Working at Baltimore Pizza Restaurant
Jack Abramoff, the Washington lobbyist who once snapped photos with President Bush, is now working at a pizza joint in Baltimore, the Jewish Times of Baltimore reports.
After serving 43 months in prison, Casino Jack has been hired by Tov Pizza, a kosher pizza restaurant, and is working in the back office, according to a report by The New York Times, which recently sent a reporter on an unsuccessful stake out.
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After serving 43 months in prison, Casino Jack has been hired by Tov Pizza, a kosher pizza restaurant, and is working in the back office, according to a report by The New York Times, which recently sent a reporter on an unsuccessful stake out.
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Toronto hotel workers strike ahead of G20 summit
June 24 (Reuters) - Employees at a downtown Toronto hotel hosting Group of 20 summit delegates walked off the job on Thursday, two days before the gathering of world leaders begins.
Several dozen picketing workers at the Hotel Novotel Toronto Centre (ACCP.PA) blocked traffic, banged pots and blew "vuvuzela" noise-makers outside the French-owned hotel.
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Several dozen picketing workers at the Hotel Novotel Toronto Centre (ACCP.PA) blocked traffic, banged pots and blew "vuvuzela" noise-makers outside the French-owned hotel.
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700-Plus Credit Cards Stolen from Hotel
Computer hackers targeting travelers at luxury hotels across the country made off with hundreds of thousands of dollars during the past three months by breaking into the computer system of a national hotel chain and stealing the guests' credit card information, Texas police officials told ABC News today
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Wednesday, June 23, 2010
Waldorf Hotel Used as Torture Den by Bondage Couple
THE WALDORF Hilton hotel, one of London's most prestigious five star establishments, was the location for what a judge called 'medieval torture' involving nipple clamps, hot wax and blood.
Southwark Crown Court heard yesterday that Finola McKenna, 46, and Neil Fagan, 61, had been meeting for S&M sex for several years, but that on 20 May 2009, things took a more sinister turn.
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Southwark Crown Court heard yesterday that Finola McKenna, 46, and Neil Fagan, 61, had been meeting for S&M sex for several years, but that on 20 May 2009, things took a more sinister turn.
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Two firefighters suspended for taking beer from fire-ravaged hotel
Two firefighters in Oliver, B.C., have been suspended over allegations that they drank beer saved from a fire at a historic hotel.
The RCMP is investigating allegations that six kegs of beer were removed from the fire-ravaged Mesa Hotel on May 23. One of the kegs was tapped after all six were moved to the Oliver fire hall in the back of a private truck.
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The RCMP is investigating allegations that six kegs of beer were removed from the fire-ravaged Mesa Hotel on May 23. One of the kegs was tapped after all six were moved to the Oliver fire hall in the back of a private truck.
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Whitbread to maintain hotel price war
The hotel price war that broke out last summer is expected to continue to the end of this year after Whitbread said it had no plans to end the cheap room promotion at its Premier Inn budget hotel chain.
Having for years shunned discounting, Whitbread introduced a £29-a-room offer last June in response to aggressive price-cutting by mid-market competitors
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Having for years shunned discounting, Whitbread introduced a £29-a-room offer last June in response to aggressive price-cutting by mid-market competitors
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Pittsburgh Hotel-condo project OK'd by city
City planning commission members cleared the way Tuesday for the start of a grandiose $100 million hotel-condominium project on Mount Washington, but one key hurdle remains: financing.
Members voted unanimously to approve the final land development plan for the One Grandview Avenue development, which would sit at the site of the former Edge restaurant and offer guests and residents dramatic views of the Downtown skyline.
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Members voted unanimously to approve the final land development plan for the One Grandview Avenue development, which would sit at the site of the former Edge restaurant and offer guests and residents dramatic views of the Downtown skyline.
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Hotel capex to drop for second straight year
NEW YORK, June 22 (Reuters) - Spending on new carpets, beds and lampshades at U.S. hotels will drop for a second straight year in 2010, as the lodging industry grapples with high debt and a slow recovery of demand.
Capital expenditures at U.S. hotels will fall about 10 percent from 2009 levels to $3 billion, according to a new study from New York University's hospitality school.
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Capital expenditures at U.S. hotels will fall about 10 percent from 2009 levels to $3 billion, according to a new study from New York University's hospitality school.
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Hotels Hint at a Turnaround
The long-battered hotel industry is turning the corner as occupancy and revenue in the U.S. finally start to rebound.
But hotel owners can't start partying just yet. Hotel properties remain deeply indebted, with billions of dollars of mortgages coming due in the coming years amid forecasts the industry won't regain its full strength until 2013.
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But hotel owners can't start partying just yet. Hotel properties remain deeply indebted, with billions of dollars of mortgages coming due in the coming years amid forecasts the industry won't regain its full strength until 2013.
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Pebblebrook Hotel Trust Acquires the Sir Francis Drake Hotel in San Francisco, California
BETHESDA, Md., Jun 22, 2010 (BUSINESS WIRE) -- Pebblebrook Hotel Trust today announced that it has acquired the Sir Francis Drake Hotel for $90.0 million from a partnership led by The Chartres Lodging Group, LLC. The 416-room, upper upscale, full-service hotel is located in downtown San Francisco, California in the heart of Union Square. The hotel will continue to be managed by Kimpton Hotels & Restaurants ("Kimpton"). The transaction was funded entirely with proceeds from the Company's initial public offering.
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Suburban hotel busts may hit taxpayers
Two convention-sized hotels built during the boom years in the Chicago suburbs have become monuments to municipal hubris. If the lodging market doesn't turn around soon, they could become a burden on taxpayers.
In 2005, village officials in both Schaumburg and Wheeling were boasting of their investments in hotels. Schaumburg itself is the owner of the Marriott Renaissance at the village's convention center, Interstate 90 and Meacham Road. Wheeling provided a $23 million subsidy for the new Westin North Shore, 601 N. Milwaukee. The hotel's developer said the subsidy was "totally, completely, unequivocally essential" to the project.
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In 2005, village officials in both Schaumburg and Wheeling were boasting of their investments in hotels. Schaumburg itself is the owner of the Marriott Renaissance at the village's convention center, Interstate 90 and Meacham Road. Wheeling provided a $23 million subsidy for the new Westin North Shore, 601 N. Milwaukee. The hotel's developer said the subsidy was "totally, completely, unequivocally essential" to the project.
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Budget-conscious hotels turn to optional housekeeping
Room cleaned, sir? Want to sleep on your bedsheets a few more days, madam?
More hotels are cutting back on housekeeping services. With their business sharply reduced, hotels are looking to save money by urging customers to forgo daily changing of linens, towels and toiletries
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More hotels are cutting back on housekeeping services. With their business sharply reduced, hotels are looking to save money by urging customers to forgo daily changing of linens, towels and toiletries
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Tuesday, June 22, 2010
Goldman Request to Foreclose on Sawgrass Resort Denied by Judge
June 21 (Bloomberg) -- Goldman Sachs Mortgage Co., the lender to the owners of Florida’s Sawgrass Marriott Resort, failed to win bankruptcy court permission to take over and sell the company’s assets.
Judge Paul M. Glenn in Jacksonville, Florida, denied Goldman’s request to lift the automatic stay, a part of the bankruptcy code that shields a company from creditors’ efforts to collect on its assets. Goldman Sachs Mortgage is a division of Goldman Sachs Group Inc
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Judge Paul M. Glenn in Jacksonville, Florida, denied Goldman’s request to lift the automatic stay, a part of the bankruptcy code that shields a company from creditors’ efforts to collect on its assets. Goldman Sachs Mortgage is a division of Goldman Sachs Group Inc
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Fertitta sweetens Landry's offer again
Landry's Restaurants Inc. CEO Tilman Fertitta has raised his offer in a successful bid to gain an activist investor’s approval for the executive's acquisition of the company, Landry’s said Tuesday.
Fertitta upped his bid for the Houston-based restaurant chain by 50 cents to $24.50 a share.
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Fertitta upped his bid for the Houston-based restaurant chain by 50 cents to $24.50 a share.
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Chipotle: Too Caliente For Investors
Chipotle Mexican Grill (CMG) has been on fire as the "quick-casual" burrito joint continues to grow returning over 200% for investors since going public in 2006. The company now employs over 22,000 people to deliver "food with integrity" using all natural ingredients. From 1998 to 2006, McDonald's Corporation owned a majority interest in Chipotle but divested their interest in 2006
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Judge gives early OK to Lake Las Vegas bankruptcy plan
A judge verbally approved Lake Las Vegas’ plan to emerge from Chapter 11 bankruptcy at a hearing Monday, the development’s parent company said today.
Sandra Sternberg, a spokeswoman for the Atalon Group, said the company expects to have written approval for the plan from Judge Linda Riegle by Friday. Sternberg said the development won’t emerge from bankruptcy for a few weeks, but Lake Las Vegas on Monday overcame a big hurdle in the process.
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Sandra Sternberg, a spokeswoman for the Atalon Group, said the company expects to have written approval for the plan from Judge Linda Riegle by Friday. Sternberg said the development won’t emerge from bankruptcy for a few weeks, but Lake Las Vegas on Monday overcame a big hurdle in the process.
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$1.2 billion in Fontainebleau construction permits pulled
Some $1.2 billion in construction permits were pulled for the idled Fontainebleau casino resort on the Las Vegas Strip this month — but no one is saying if that means construction will actually resume anytime soon.
Clark County Development Services, the county office that tracks the issuance of building permits, reported last week that a company that acquired the Fontainebleau property on the Strip pulled 47 permits for projects at the development’s 2777 Las Vegas Blvd. South address.
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Clark County Development Services, the county office that tracks the issuance of building permits, reported last week that a company that acquired the Fontainebleau property on the Strip pulled 47 permits for projects at the development’s 2777 Las Vegas Blvd. South address.
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Tavern on the Green Could Become a Site for Street Vendors
UPPER WEST SIDE — The future of famed Central Park eatery Tavern on the Green could include up to four hot dog carts and a bike rental business.
As the city continues its search for someone to open a new restaurant on the famous site, the former Tavern space will become a visitor center with plans by the city to solicit bids for up to four "specialty carts" to do business there for up to a year.
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As the city continues its search for someone to open a new restaurant on the famous site, the former Tavern space will become a visitor center with plans by the city to solicit bids for up to four "specialty carts" to do business there for up to a year.
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Foreclosure suit hits suburban Chicago Westin hotel
Crain’s) — The lender group on the Westin Chicago North Shore has filed to foreclose on the 412-room hotel in northwest suburban Wheeling, five months after the owner stopped making loan payments.
The Westin is straining under an $86-million loan taken out three years ago, when the hotel market was booming and lenders were still shoveling money out the door. But local occupancies and room rates have tumbled since then, and bad loans keep piling up.
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The Westin is straining under an $86-million loan taken out three years ago, when the hotel market was booming and lenders were still shoveling money out the door. But local occupancies and room rates have tumbled since then, and bad loans keep piling up.
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US steakhouse chain The Palm plans new London and European sites
US steakhouse and grill chain The Palm is to open two more sites in London in 2011, amid further plans for European expansion.
The company, one of America's oldest privately owned restaurant chains, will open an outpost at Heathrow Airport with another restaurant planned for the West End, following its debut in the UK last year. It also has restaurants in Vienna, Austria, and Frankfurt, Germany, in the pipeline.
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The company, one of America's oldest privately owned restaurant chains, will open an outpost at Heathrow Airport with another restaurant planned for the West End, following its debut in the UK last year. It also has restaurants in Vienna, Austria, and Frankfurt, Germany, in the pipeline.
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Budget hotels and coffee chain boost Whitbread sales
Alan Parker, the outgoing chief executive of Whitbread, today told shareholders the group's focus on budget hotels and "affordable treats" at high street coffee shops was continuing to power industry-beating sales performance.
After six years at the helm of the company behind Premier Inn and Costa Coffee, Parker is departing on a high, telling shareholders gathered at the QEII Conference Centre in Westminster that sales were continuing to rebound ahead of peers.
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After six years at the helm of the company behind Premier Inn and Costa Coffee, Parker is departing on a high, telling shareholders gathered at the QEII Conference Centre in Westminster that sales were continuing to rebound ahead of peers.
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India Court asks Hilton to drop brand name
Conrad Hilton may have set up the first Hilton Hotel in 1925, but a Rajasthan court has barred the US hotel group with business in 80 countries from operating in India under that brand, holding that it was deceptively similar to Sirohi-based Hilltone Hotel.
Additional District Judge Narinder Singh Dadda, Sirohi, restrained the international hospitality group from using any kind of "misleading logo and mark" which has potential to cause confusion among the general public and directed it not to carry on the business of hotel and food items under "such duplicate trademark".
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Additional District Judge Narinder Singh Dadda, Sirohi, restrained the international hospitality group from using any kind of "misleading logo and mark" which has potential to cause confusion among the general public and directed it not to carry on the business of hotel and food items under "such duplicate trademark".
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Monday, June 21, 2010
Clueless Wendy's Franchisees Surprised Their Company is a Takeover Target
Here’s something you don’t see every day: Franchise owners so out of touch with how their chain is doing, they have no idea their corporate parent is a takeover target. After Wendy’s/Arby’s Group (WEN) chairman and major shareholder Nelson Peltz announced earlier this week he’d been contacted about a possible sale of the struggling company, the head of Wendy’s biggest franchise-owner association told Nation’s Restaurant News members were shocked and dismayed at the news.
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“Even slight reductions in ADR can yield dramatic increases in occupancy”
Hotel room pricing is a difficult subject within the larger school of revenue management, and as such it has garnered much study over the years. At the heart of any pricing discussion is the balance between healthy average daily rate and high occupancy; the metric representing this balance is revenue per available room, or RevPAR.
Pricing strategies generally take three forms: those that try to maximize ADR, those that try to maximize occupancy and those that try to maximize RevPAR. Though each of these categories of strategy may be applicable in different situations, the only consistently workable pricing strategy is one that focuses on keeping RevPAR at a high, sustainable level.
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Pricing strategies generally take three forms: those that try to maximize ADR, those that try to maximize occupancy and those that try to maximize RevPAR. Though each of these categories of strategy may be applicable in different situations, the only consistently workable pricing strategy is one that focuses on keeping RevPAR at a high, sustainable level.
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Battle of the Buns: Wendy's Takes 2nd Shot at Dismissing Antitrust Suit
Fast food restaurant chain Wendy's International Inc. is taking a second shot at dismissing a closely watched antitrust case filed by a franchisee against Wendy's and a subsidiary that makes hamburger buns.
On June 16 in Burda v. Wendy's International Inc. in the Southern District of Ohio, Wendy's and another defendant filed a motion to dismiss franchisee Robert Burda's amended complaint. The defendants argue that Burda and the corporate entities he controls are not properly prosecuting the case. They also argue that Burda and the other plaintiffs have failed to comply with a court order requiring them to obtain new counsel by June 3.
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On June 16 in Burda v. Wendy's International Inc. in the Southern District of Ohio, Wendy's and another defendant filed a motion to dismiss franchisee Robert Burda's amended complaint. The defendants argue that Burda and the corporate entities he controls are not properly prosecuting the case. They also argue that Burda and the other plaintiffs have failed to comply with a court order requiring them to obtain new counsel by June 3.
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P.F. Chang's, Burger King, Jamba Juice sell frozen food
Some of the most familiar names in the restaurant world are moving into the grocer's freezer.
P.F. Chang's, Burger King and Jamba Juice all have recently licensed their names for new products to be sold in supermarkets. They join other high-profile restaurant chains including Marie Callender's, Starbucks, T.G.I. Friday's and California Pizza Kitchen, which already have substantial presence at the grocery store.
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P.F. Chang's, Burger King and Jamba Juice all have recently licensed their names for new products to be sold in supermarkets. They join other high-profile restaurant chains including Marie Callender's, Starbucks, T.G.I. Friday's and California Pizza Kitchen, which already have substantial presence at the grocery store.
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Has the Rio lost its shine for buyers?
When billionaire Phil Ruffin bought Treasure Island last year, speculation swirled about other Las Vegas hotels that could be sold by cash-strapped casino giants.
The name game fizzled, however, as the big corporations chipped away at their massive debts. Banks are helping out by granting extensions and more flexible terms on loans, some in exchange for higher interest rates. And few potential buyers — less than half a dozen entities, by some measures — have Ruffin’s resources and industry background.
For those casino companies that have not fallen into bankruptcy or defaulted on loans, the desire to sell has waned. As long as they can restructure their debts outside the courtroom, they are not going to be eager to unload casinos that are still earning money.
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The name game fizzled, however, as the big corporations chipped away at their massive debts. Banks are helping out by granting extensions and more flexible terms on loans, some in exchange for higher interest rates. And few potential buyers — less than half a dozen entities, by some measures — have Ruffin’s resources and industry background.
For those casino companies that have not fallen into bankruptcy or defaulted on loans, the desire to sell has waned. As long as they can restructure their debts outside the courtroom, they are not going to be eager to unload casinos that are still earning money.
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California Pizza Kitchen cuts outlook
The company, known for its Barbecue Chicken pizza and other offbeat creations, said based on early results in the quarter it now expects second-quarter earnings in the range of 10 to 15 cents a share, down from its prior forecast of 24 to 26 cents a share. Analysts polled by Thomson Reuters I/B/E/S were expecting 26 cents.
California Pizza also said it now expects same-store full-service restaurant sales in the range of negative 6 percent to negative 7 percent. Before, it had forecast a decline of 0.5 percent to 2.5 percent.
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California Pizza also said it now expects same-store full-service restaurant sales in the range of negative 6 percent to negative 7 percent. Before, it had forecast a decline of 0.5 percent to 2.5 percent.
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Prostitution ring scandal hits Hilton hotel chain in China
THE Hilton Hotel chain was hit by scandal in China today as a branch was shut down by police investigating a prostitution ring.
Police in southwest China's Chongqing municipality closed the local Hilton Hotel and arrested 22 people suspected of running a prostitution ring, state press reported.
Chongqing police were investigating the owner of the property, Qinglong Property Development Co, and its alleged links to an underworld gang running a prostitution ring at the hotel, China National Radio said.
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Police in southwest China's Chongqing municipality closed the local Hilton Hotel and arrested 22 people suspected of running a prostitution ring, state press reported.
Chongqing police were investigating the owner of the property, Qinglong Property Development Co, and its alleged links to an underworld gang running a prostitution ring at the hotel, China National Radio said.
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Four Seasons is now the Park Hyatt Aviara
Four Seasons will officially part company today from the Aviara resort in Carlsbad and will now be known as a Park Hyatt hotel.
The changeover follows what had been a months-long, acrimonious dispute between the hotel owner, Broadreach Capital Partners, and the hotel’s longtime operator, Four Seasons Hotels and Resorts.
Although Broadreach had sought to immediately remove Four Seasons more than a year ago, alleging that it had failed to run the property in a “cost-effective manner,” the matter ultimately went to arbitration.
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The changeover follows what had been a months-long, acrimonious dispute between the hotel owner, Broadreach Capital Partners, and the hotel’s longtime operator, Four Seasons Hotels and Resorts.
Although Broadreach had sought to immediately remove Four Seasons more than a year ago, alleging that it had failed to run the property in a “cost-effective manner,” the matter ultimately went to arbitration.
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Friday, June 18, 2010
Luby's to Buy Fuddruckers, Magic Brands
Luby's Inc. said Friday it will buy most of the assets of burger chain Fuddruckers Inc., its parent Magic Brands LLC and their affiliates for about $61 million in cash.
The Houston-based cafeteria chain also will assume some of Fuddruckers' obligations, real-estate leases and contracts. It will pay $2.45 million more in cash if it doesn't assume some contracts.
Luby's, which has 96 restaurants, bought the assets in an auction Thursday.
Fuddruckers filed for Chapter 11 bankruptcy protection in April, saying that would ease the company's sale to private-equity firm Tavistock Group for $40 million.
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The Houston-based cafeteria chain also will assume some of Fuddruckers' obligations, real-estate leases and contracts. It will pay $2.45 million more in cash if it doesn't assume some contracts.
Luby's, which has 96 restaurants, bought the assets in an auction Thursday.
Fuddruckers filed for Chapter 11 bankruptcy protection in April, saying that would ease the company's sale to private-equity firm Tavistock Group for $40 million.
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17 Inadvertently Meaningful Chinese Menu Misspellings
Whether these represent typos, misspellings, bad transliterations, or -- as some have suggested, Chinese menu writers are working with a badly flawed 19th century English dictionary -- all of these come from restaurants located in the five boroughs. Whatever the cause, they form a highly entertaining and cross-cultural type of meta-literature.
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Bed-bug sniffer dog Lola starts work in UK hotels
Lola, the first certified bed bug scent detection dog in Europe, has started working for a number of UK hotels.
Trained and certified by the National Entomology Scent Detection Canine Association (NESDCA), Lola is a 16-month-old Jack Russell. She arrived back in the UK in May after receiving her training in the United States and is now checking out bedrooms in independent and group hotels on behalf of London-based company Trust K9.
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Bidder for Amelia Island Plantation expects success
A weak economy and lack of financing forced the owner of the Amelia Island Plantation into Chapter 11 bankruptcy last fall. But the potential new owner of the well-known resort says it has the financial strength to ensure its success once it emerges from bankruptcy.
The Amelia Island Co. filed a Chapter 11 reorganization plan in late May that is centered on a $45.9 million buyout by a fund associated with Atlanta-based Noble Investment Group. The money will be used to pay off the company's debts and allow the resort to emerge from bankruptcy.
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The Amelia Island Co. filed a Chapter 11 reorganization plan in late May that is centered on a $45.9 million buyout by a fund associated with Atlanta-based Noble Investment Group. The money will be used to pay off the company's debts and allow the resort to emerge from bankruptcy.
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Starwood Plan For Extended Stay Gets Unsecured Creditors' Support
Extended Stay Inc.'s unsecured creditors are backing investor Starwood Capital Group's plan to take over the hotel chain, and they're seeking to end Extended Stay's exclusive control over its Chapter 11 case.
In court papers filed Tuesday, the committee representing the company's unsecured creditors said Extended Stay should lose its exclusive right to file a bankruptcy-exit plan so that creditors can consider Starwood's rival proposal to inject up to $700 million in cash into the company. Extended Stay is seeking to emerge from Chapter 11 with a $3.93 billion investment from Centerbridge Partners LP and other investors.
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In court papers filed Tuesday, the committee representing the company's unsecured creditors said Extended Stay should lose its exclusive right to file a bankruptcy-exit plan so that creditors can consider Starwood's rival proposal to inject up to $700 million in cash into the company. Extended Stay is seeking to emerge from Chapter 11 with a $3.93 billion investment from Centerbridge Partners LP and other investors.
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Krispy Kreme in Court Fight Over Secret Recipe
Famed doughnut company Krispy Kreme is suing the operators of its last remaining New York City store over a claim that they cooked up their own recipe when they ran out of "key proprietary Krispy Kreme ingredients," the New York Post reported Friday.
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Ft. Lauderdale creating $110m Atlantis-style water park
A potential competitor to Bahamas tourism could spring up in two years as Fort Lauderdale launches a partnership to build an Atlantis-style water park resort with a company which worked on Paradise Island's attractions.
Currently Fort Lauderdale is one of the corridors through which thousands of U.S. tourists cruise and fly to The Bahamas but now that city's aging sports stadiums could be turned into a major water park resort by 2012.
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Currently Fort Lauderdale is one of the corridors through which thousands of U.S. tourists cruise and fly to The Bahamas but now that city's aging sports stadiums could be turned into a major water park resort by 2012.
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Thursday, June 17, 2010
Yum Brands to buy Russia's Rostik's-KFC
Rostik's-KFC is a 161-store quick service restaurant chain owned by Yum and Rostik Group -- a company which also controls Russia's biggest restaurant chain Rosinter (ROST.MM).
Valeriya Silina, a spokeswoman for Rosinter, said the deal was part of a 2005 agreement under which Yum had an option to buy the restaurant chain by June 7.
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Valeriya Silina, a spokeswoman for Rosinter, said the deal was part of a 2005 agreement under which Yum had an option to buy the restaurant chain by June 7.
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Gulf seafood price spikes hit area eateries
New Orleans restaurant owner Ralph Brennan had only recently started to see business pick up following Hurricane Katrina and the recession when he was hit with another blow: the Gulf oil disaster.
Since the Deepwater Horizon oil rig exploded and began spewing oil off the coast of Louisiana, Brennan says the price he pays for shrimp has gone up around 25 percent, and oyster prices have almost doubled.
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Since the Deepwater Horizon oil rig exploded and began spewing oil off the coast of Louisiana, Brennan says the price he pays for shrimp has gone up around 25 percent, and oyster prices have almost doubled.
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The Savoy London Will Re-Open on 10.10.10 at £350 a Night
According to Hotel Chatter the Savoy will open on 10.10.10 with a rate of 350GBP. This is quite amazing as the original renovation budget was 100M GBP and the estimate is that they have now spent 200M GBP on the renovation of the 268 room hotel. So on a "per room basis" the renovation has cost around 750K GBP.
One wonders how a rate of 350 GBP will pay for that , let a lone the original cost of the building.
Read the Hotel Chatter Article:
One wonders how a rate of 350 GBP will pay for that , let a lone the original cost of the building.
Read the Hotel Chatter Article:
The free WiFi revolution is near
Whatever you think of its coffee, Starbucks has always been a nice place to get some work done. The stores are clean, the music inoffensive, the furniture comfortable, and the electrical outlets plentiful. And if you just need a quick pit stop to charge your phone, transfer photos to your laptop, or play a little Minesweeper, the Starbucks mermaid is always just around the corner, whether you're in Boston, Bangor or Beijing. Convenience has no borders.
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Qatar Fund Moves on Two of London’s Luxury Hotels
June 17 (Bloomberg) -- The Qatar Investment Authority, one of the world’s best endowed sovereign wealth funds, is in talks to buy a one-third stake in London’s Savoy Hotel and is among the final bidders in an auction for the Grosvenor House Hotel, the London-based Times reported, without saying where it got the information.
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Hotel workers accuse LAX Hilton of circumventing L.A.'s 'living wage' law
June 16, 2010
By Patrick J. McDonnell, Los Angeles Times Staff Writer
The Hilton Los Angeles Airport hired scores of workers through a subcontractor in an illegal scheme to circumvent a city law mandating that airport-area hotel employees receive a "living wage," according to a lawsuit announced Wednesday.
The civil suit, filed in Los Angeles County Superior Court on behalf of some 150 current and former hotel workers allegedly cheated out of legal wages, seeks back pay for affected employees and a court injunction mandating that Hilton comply with the city living wage laws in the airport area.
By Patrick J. McDonnell, Los Angeles Times Staff Writer
The Hilton Los Angeles Airport hired scores of workers through a subcontractor in an illegal scheme to circumvent a city law mandating that airport-area hotel employees receive a "living wage," according to a lawsuit announced Wednesday.
The civil suit, filed in Los Angeles County Superior Court on behalf of some 150 current and former hotel workers allegedly cheated out of legal wages, seeks back pay for affected employees and a court injunction mandating that Hilton comply with the city living wage laws in the airport area.
Wednesday, June 16, 2010
Hilton Worldwide lost its bid to dismiss a lawsuit by Starwood
NEW YORK, June 16 (Reuters) - Hilton Worldwide lost its bid to dismiss a lawsuit by rival hotel operator Starwood Hotels & Resorts Worldwide Inc (HOT.N) that accused it and two former Starwood executives of stealing trade secrets.
U.S. District Judge Stephen Robinson on Wednesday ruled that Starwood had presented sufficient evidence to allow the case against Hilton, which is owned by private equity firm Blackstone Group LP (BX.N), to go forward
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U.S. District Judge Stephen Robinson on Wednesday ruled that Starwood had presented sufficient evidence to allow the case against Hilton, which is owned by private equity firm Blackstone Group LP (BX.N), to go forward
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Ritz-Carlton to put environmentally-friendly water bottles in hotel rooms
The Ritz-Carlton announced today it will offer environmentally-friendly water bottles at its North American hotels and select properties in the Caribbean. This news comes at a time when many travelers are seeking information on the oil spill clean-up efforts, and is another example of how the hospitality industry is working hard to help build social awareness around our top environmental issues.
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Jamaica Tourism Still Suffering As Manhunt for Drug Kingpin Continues
KINGSTON, Jamaica -- As the manhunt for alleged drug kingpin Christopher "Dudus" Coke drags into a third week and the government takes its anti-gang crusade nationwide, this nation of 2.6 million is fretting about the strength of its economic backbone: the event and tourism industries.
As scenes of firefights between government forces and gunmen loyal to Coke spooked tourists, airlines canceled flights, event planners pulled the plug and the government suspended its promotional ads
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As scenes of firefights between government forces and gunmen loyal to Coke spooked tourists, airlines canceled flights, event planners pulled the plug and the government suspended its promotional ads
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UK Travelodge CEO Sees No Impact From Parent's Woes
LONDON (Dow Jones)--Budget hotel operator Travelodge remains committed to its rapid U.K. expansion rather than further ventures overseas, and will not be affected by the troubles faced by its owners in Dubai, its new chief executive Guy Parsons told Dow Jones Newswires.
"The focus now really is on the U.K.," said Parsons in an interview in London. "For the next two-to-three years you're not going to see a change in strategy because the opportunity's so much greater here than other locations."
Travelodge operates almost 400 hotels in the U.K. and also operates a handful of hotels in Spain and the Republic of Ireland.
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"The focus now really is on the U.K.," said Parsons in an interview in London. "For the next two-to-three years you're not going to see a change in strategy because the opportunity's so much greater here than other locations."
Travelodge operates almost 400 hotels in the U.K. and also operates a handful of hotels in Spain and the Republic of Ireland.
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Hyatt seeks buyers for big portfolio
Crain’s) — Hyatt Hotels Corp. plans to sell a 4,154-room hotel portfolio, including three properties in the Chicago suburbs, as part of a strategy to expand its hotel management business while reducing its investment in real estate.
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Atlantis Phase 4, Baha Mar can't go up at same time
While a fourth phase of the Atlantis Resort on Paradise Island and the Baha Mar project on Cable Beach may coexist years down the road, The Bahamas cannot sustain constructing them at the same time, according to Prime Minister Hubert Ingraham.
"The Bahamas needs a major project," said Ingraham during a news conference at the Free National Movement Headquarters on Sunday. "Baha Mar would be a major project, so would Atlantis Phase Four be a major project.
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"The Bahamas needs a major project," said Ingraham during a news conference at the Free National Movement Headquarters on Sunday. "Baha Mar would be a major project, so would Atlantis Phase Four be a major project.
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EuroCheapo announces the best cheap hotels in Europe
Today is an important day: EuroCheapo has just announced their first ever Cheapo 100 list of the best cheap hotels in Europe. If you're a traveler on a budget and don't know where to go, this is where you should look.
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Kerzner International hires Blackstone to address debt maturity in paradise lost
In 2006, a consortium of investors including Dubai World, a Goldman Sachs fund and Colony Capital raised USD 3.2bn to take Kerzner International private. That CMBS debt falls due in September, and with no clear avenue for refinancing, the Bahamas-based empire of luxury resorts has hired Blackstone Group for advice, two financial advisors and a real estate investor told Debtwire.
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Tuesday, June 15, 2010
Hilton Hotels and Marriott Tie for First Place in Customer Satisfaction
The American Customer Satisfaction Index released its report on hotels on Tuesday showing that Hilton Hotels and Marriott tied for the lead in customer satisfaction. Forging ahead with lots of promotions, low rates, and plenty of free perks, this is the third year in a row that guest’s satisfaction with their choice of hotels has remained steady at an ACSI score of 75.
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IHG signs agreement for new hotel in Columbia
InterContinental Hotels Group said Tuesday that it has reached an agreement with Espacios Urbanos S.A. to manage a new hotel in Cartagena, Colombia.
The hotel will be InterContinental's 23rd property in its Latin America and Caribbean region.
The 280-room hotel in the city's Bocagrande district is scheduled to open in 2013.
IHG owns or franchises more than 4,4000 hotels and other properties around the world under names such as Crowne Plaza Hotels & Resorts, Holiday Inn Express and others.
The hotel will be InterContinental's 23rd property in its Latin America and Caribbean region.
The 280-room hotel in the city's Bocagrande district is scheduled to open in 2013.
IHG owns or franchises more than 4,4000 hotels and other properties around the world under names such as Crowne Plaza Hotels & Resorts, Holiday Inn Express and others.
Reopening of Four Seasons Nevis Could Give St. Kitts Much-Needed Boost
NEW YORK CITY – As part of our coverage of the Caribbean Tourism Organization’s annual Caribbean Week event last week, Travel Agent sat down with St. Kitts and Nevis’ Minister of State for Tourism Ricky Skerritt and discussed how important the anticipated November re-opening of the Four Seasons Nevis will be on St. Kitts.
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Monday, June 14, 2010
The Fight at Landry’s Gets Uglier
The management buyout of Landry’s Restaurants first earned the dubious honor of being a “deal from hell” well over a year ago.
In its first iteration, the deal showed the perils of weak special committees, managers bent on a buyout no matter the legal consequences and the nightmare of a lawyer losing control of a client and the deal process.
The Landry’s situation now appears to have become much worse.
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In its first iteration, the deal showed the perils of weak special committees, managers bent on a buyout no matter the legal consequences and the nightmare of a lawyer losing control of a client and the deal process.
The Landry’s situation now appears to have become much worse.
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Starbucks to Offer Free Wi-Fi
Many coffee shops try to discourage people from buying a cup of coffee and then lingering for hours to use the free wireless Internet access. Starbucks, meanwhile, is encouraging them to stay as long as they want.
Starbucks said Monday that as of July 1 its stores in the United States would offer free Wi-Fi, via AT&T, that anyone can access with a single click. In case customers run out of distractions on the Web, Starbucks is giving them even more reason to sit and surf, offering a variety of digital content through a partnership with Yahoo.
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Starbucks said Monday that as of July 1 its stores in the United States would offer free Wi-Fi, via AT&T, that anyone can access with a single click. In case customers run out of distractions on the Web, Starbucks is giving them even more reason to sit and surf, offering a variety of digital content through a partnership with Yahoo.
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Haggle for lower hotel prices
Need a hotel for your summer vacation or next long weekend? There are great deals to be had -- but you're going to have to work for them.
A recent survey by Consumer Reports of 27,000 subscribers gave high marks to the posh Ritz Carlton. But moderately priced hotels like the Wingate by Wyndham, the Drury Inn and Hampton Inn and Suites scored well, too.
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A recent survey by Consumer Reports of 27,000 subscribers gave high marks to the posh Ritz Carlton. But moderately priced hotels like the Wingate by Wyndham, the Drury Inn and Hampton Inn and Suites scored well, too.
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Pebblebrook buys Doubletree Bethesda for $67.1 millionPebblebrook buys Doubletree Bethesda for $67.1 million
Pebblebrook Hotel Trust, fresh from a recent initial public offering, said it bought the 15-story, 269-room Doubletree Bethesda Hotel and Executive Meeting Center for $67.1 million. The Bethesda real estate investment trust said the hotel will continue to operate under the Doubletree brand and be run by its current manager, Thayer Lodging Group in Annapolis. The Doubletree Bethesda is near the National Institutes of Health and the National Naval Medical Center.
Carolina Parrot Heads rejoice as second Margaritaville Beach Hotel is planned for Myrtle Beach, SC
Tropical crooner Jimmy Buffett’s song lyrics come to fruition as plans are made for yet another Margaritaville Beach Hotel.
“From the bottom of my heart…off the Coast of Carolina” rings true as Jimmy plans to open a second Margaritaville Hotel on the coast of South Carolina in the vacation hot spot of Myrtle Beach.
The first and original Margaritaville themed hotel is scheduled to open on July 1st in Pensacola Beach Florida. Despite the oil spill and devastation to the local beaches, the hotel is still set to open as scheduled and Buffett is optimistic and looking forward to the grand opening for July 4th holiday.
In addition to the Pensacola and Myrtle Beach hotels, a third Margaritaville Beach Hotel is planned for Hollywood, Florida.
“From the bottom of my heart…off the Coast of Carolina” rings true as Jimmy plans to open a second Margaritaville Hotel on the coast of South Carolina in the vacation hot spot of Myrtle Beach.
The first and original Margaritaville themed hotel is scheduled to open on July 1st in Pensacola Beach Florida. Despite the oil spill and devastation to the local beaches, the hotel is still set to open as scheduled and Buffett is optimistic and looking forward to the grand opening for July 4th holiday.
In addition to the Pensacola and Myrtle Beach hotels, a third Margaritaville Beach Hotel is planned for Hollywood, Florida.
Adult and topless pools make a splash in Vegas
LAS VEGAS — Adorned with lip stud, bellybutton ring, star tattoos and perfect makeup, off-duty exotic dancer Erika Murphy leaps into the pool at the Hard Rock Hotel & Casino like a happy seal and flutters her bikini-covered tush to hip-hop music blaring on the mega-sound system. Another woman struts poolside showing off a tattoo above her low-riding swimsuit bottom that reads: "Lucky You."
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Now Hiring: Hotel Duck Master
Forget that job as a bellhop, housekeeper or concierge. The Peabody Orlando is looking to fill one of the most unique jobs in the hospitality industry: duck master.
The lucky new hire will be in charge of overseeing the hotel's five mallards, parading them through the lobby twice a day and informing guests about the duck's daily lives.
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InterContinental Plans New York Hotel Expansion
InterContinental Hotels Group PLC is planning to nearly double its stable of hotels in New York City in the coming years, starting with the luxury, 600-room lodging slated to open July 12 in the Times Square area.
The U.K.-based hotel chain, which owns the Holiday Inn and Crowne Plaza brands, among others, has 15 hotels in development in the city to add to the 22 it already operates. Those on the drawing board include a Hotel Indigo boutique on 38th Street, a Crowne Plaza in Long Island City and a Holiday Inn in the Bronx.
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The U.K.-based hotel chain, which owns the Holiday Inn and Crowne Plaza brands, among others, has 15 hotels in development in the city to add to the 22 it already operates. Those on the drawing board include a Hotel Indigo boutique on 38th Street, a Crowne Plaza in Long Island City and a Holiday Inn in the Bronx.
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Hanging body found on Disney property
According to the Orange County Sheriff's Office, the corpse was found hanging in a tree near the Double Tree Resort by the entrance to Disney off of Hotel Plaza Boulevard.
Police roped off a wooded area next to the resort Sunday afternoon after police received a 9-1-1 call about the hanged man at about 3:30 p.m. Officials said the caller left the scene after making the report.
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Police roped off a wooded area next to the resort Sunday afternoon after police received a 9-1-1 call about the hanged man at about 3:30 p.m. Officials said the caller left the scene after making the report.
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Sunday, June 13, 2010
Royal Caribbean employee allegedly broke into homes of passengers
First she took your cruise booking, and then -- while you were at sea -- she burglarized your home.
That, in a nutshell, is the charge against Bethsaida Sandoval, a 38-year-old vacation planner for Royal Caribbean who was arrested in Miami Thursday along with her husband on burglary charges.
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That, in a nutshell, is the charge against Bethsaida Sandoval, a 38-year-old vacation planner for Royal Caribbean who was arrested in Miami Thursday along with her husband on burglary charges.
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Cadillac Calls Ritz to Capture Luxury Lost on Young
June 11 (Bloomberg) -- General Motors Co. Chief Executive Officer Ed Whitacre wants Cadillac to treat customers better.
At a June 3 meeting in Chicago, GM managers told 300 salespeople how a Texas salesman had dissuaded a friend of Whitacre’s from buying a Caddy. When his buddy test drove a CTS- V sedan, it ran out of gas. Whitacre’s e-mailed response was projected in large letters on a screen: “If true, awful.”
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At a June 3 meeting in Chicago, GM managers told 300 salespeople how a Texas salesman had dissuaded a friend of Whitacre’s from buying a Caddy. When his buddy test drove a CTS- V sedan, it ran out of gas. Whitacre’s e-mailed response was projected in large letters on a screen: “If true, awful.”
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Club Med Says Fosun Acquires 7.1%, Forms Strategic Alliance
June 13 (Bloomberg) -- Club Mediterranee SA said China’s Fosun International has acquired 7.1 percent of its share capital and becomes one of Club Med’s largest strategic investors.
“At the same time, the two groups announce a strategic partnership agreement in order to build comprehensive cooperation in upscale resort construction and operation as well as developing global business synergies,” the French company said in a statement today
“At the same time, the two groups announce a strategic partnership agreement in order to build comprehensive cooperation in upscale resort construction and operation as well as developing global business synergies,” the French company said in a statement today
Four Seasons Sees Rates Returning to Peak Levels in Some Areas
June 8 (Bloomberg) -- Four Seasons Hotels Inc. expects nightly rates at some of its properties will climb to the peak levels of 2008 by the end of this year as demand for luxury accommodation picks up, President Kathleen Taylor said.
The Four Seasons hotels in Washington, Paris, Buenos Aires and the Maldives will achieve or “come extremely close” to 2008 rates, Taylor said in an interview at the NYU Hospitality Conference in New York. She is also the company’s chief operating officer.
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The Four Seasons hotels in Washington, Paris, Buenos Aires and the Maldives will achieve or “come extremely close” to 2008 rates, Taylor said in an interview at the NYU Hospitality Conference in New York. She is also the company’s chief operating officer.
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Greening Your Hotel Meetings and Conferences
Does your hotel offer meeting and/or conference space? Have you noticed a trend in the RFP’s you receive from groups, asking about your “green” or “sustainable” initiatives? All signs are pointing in the direction of a widespread increase in this trend.
Even with the current recession, business meetings in the United States alone constitute an amazing $175 billion industry, and Americans make more than 400 million long-distance business trips each year. Don’t let your hotel miss an opportunity to garner its share of group business.
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Even with the current recession, business meetings in the United States alone constitute an amazing $175 billion industry, and Americans make more than 400 million long-distance business trips each year. Don’t let your hotel miss an opportunity to garner its share of group business.
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Hyatt Regency Trinidad hotel - island's first in 48 years
To say the new Hyatt Regency Trinidad hotel - the island's first new full-service hotel in 48 years - has hit the ground running is a gross understatement.
The staff and management at the English-speaking Caribbean's newest and largest hotel-convention center are off to a stellar start.
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The staff and management at the English-speaking Caribbean's newest and largest hotel-convention center are off to a stellar start.
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Atlantic City Casino Revenue Declines For 21th Consecutive Month In May
Atlantic City’s woes look set to continue after the city’s casinos posted yet another fall in their monthly revenue, down 9% in May compared to the same period in 2009.
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Saturday, June 12, 2010
Disney hotel workers walked off the job
More than 200 Disney hotel workers walked off the job Friday in a one-day strike that is the latest in a series of job actions at the Anaheim resort.
Representing the striking workers is Local 11 of the Unite Here union, which negotiates on behalf of some 2,100 Disney employees who have been without a contract for more than two years.
Local 11, known for its activist stance, has staged numerous public protests in a bid to pressure publicity-conscious Disney on contract negotiations.
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Representing the striking workers is Local 11 of the Unite Here union, which negotiates on behalf of some 2,100 Disney employees who have been without a contract for more than two years.
Local 11, known for its activist stance, has staged numerous public protests in a bid to pressure publicity-conscious Disney on contract negotiations.
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Club Med Shares Surge on Summer Bookings, First-Half Profit
June 11 (Bloomberg) -- Club Mediterranee SA surged in Paris trading after the resort operator said bookings rose 18 percent in the last eight weeks and reported a first-half profit.
The shares advanced as much as 1.05 euros, or 9.1 percent, to 12.57 euros, the steepest intraday gain since Sept. 25.
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The shares advanced as much as 1.05 euros, or 9.1 percent, to 12.57 euros, the steepest intraday gain since Sept. 25.
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Wendy’s/Arby’s a takeover target
ATLANTA (June 11, 2010) Wendy’s/Arby’s Group Inc. chairman Nelson Peltz disclosed Thursday he received an inquiry expressing interest in the acquisition of the fast-food company, according to documents filed with the U.S. Securities and Exchange Commission.
In the filing, Peltz indicated he is considering the matter, which was made by an unnamed third party, and would review his options as well as alternatives with regard to the possible acquisition of the company. Peltz’s Trian Fund Management LP, which owns about 23.5 percent of Wendy’s/Arby’s Group, is the company’s largest shareholder.
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In the filing, Peltz indicated he is considering the matter, which was made by an unnamed third party, and would review his options as well as alternatives with regard to the possible acquisition of the company. Peltz’s Trian Fund Management LP, which owns about 23.5 percent of Wendy’s/Arby’s Group, is the company’s largest shareholder.
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Friday, June 11, 2010
Shh! Hotel sleep wardens listen for night noise
As a New Yorker, Patricia Luebke is used to sleeping through a lot of ambient noise. But there was no chance she was going to get any shut-eye with a party going on in the hallway outside her Cincinnati hotel room door.
She tried complaining to the hotel management. “But they did nothing,” Luebke said. “By the time party finally broke up, at around 4 a.m., I was screaming at the front desk. In retrospect, I should have called the police.”
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She tried complaining to the hotel management. “But they did nothing,” Luebke said. “By the time party finally broke up, at around 4 a.m., I was screaming at the front desk. In retrospect, I should have called the police.”
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Thursday, June 10, 2010
After 10 Million Ribs, Burger King Begins to Run Out
Make no bones about it: Burger King Holdings Inc. restaurants are running short of ribs.
Amid brisk demand, some Burger King outlets have already exhausted their supply of the relatively pricey new pork ribs, and the company expects to use up its entire rib order in the next week or so, said John Schaufelberger, Burger King's senior vice president of global product marketing and innovation. That means the limited-time offer on the ribs, slated to end June 20, may be cut short.
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Amid brisk demand, some Burger King outlets have already exhausted their supply of the relatively pricey new pork ribs, and the company expects to use up its entire rib order in the next week or so, said John Schaufelberger, Burger King's senior vice president of global product marketing and innovation. That means the limited-time offer on the ribs, slated to end June 20, may be cut short.
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Latest Jekyll plans call for mix of hotels, shops
Jekyll Island's latest redevelopment plan calls for a $75 million mix of hotels, shops and restaurants in the heart of the state park beloved by generations of vacationing Atlantans.
After numerous proposals the last four years, a failed deal with an Atlanta developer and the crippling recession, Jekyll officials were elated and relieved Wednesday to announce that construction on the scaled-back plan should begin in October. All projects should be finished by mid-2012.
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After numerous proposals the last four years, a failed deal with an Atlanta developer and the crippling recession, Jekyll officials were elated and relieved Wednesday to announce that construction on the scaled-back plan should begin in October. All projects should be finished by mid-2012.
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McDonald's Still Hungry for U.K. Growth
High energy levels are no guarantee of success as a chief executive, particularly at a fast food chain in the UK where its 2.5 million customers a day can vote with their feet. But it helps, and if the recent exploits of Steve Easterbrook, the president of McDonald's Northern Europe, are a guide he has plenty.
Last weekend, Mr Easterbrook, who became chief executive of McDonald's UK in 2006, completed a sprint triathlon at Blenheim Palace, comprising 750m in the water, 20km on the bike and a 6km run. For the record, he completed the event in one hour 48 minutes.
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Last weekend, Mr Easterbrook, who became chief executive of McDonald's UK in 2006, completed a sprint triathlon at Blenheim Palace, comprising 750m in the water, 20km on the bike and a 6km run. For the record, he completed the event in one hour 48 minutes.
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Singapore squashes PETA chicken protest at KFC
SINGAPORE (AP) -- Singapore police squelched a planned demonstration against a KFC restaurant Thursday, but the detained animal rights activist vowed to return to protest in the tightly controlled city-state.
Edward Basse, a 24-year-old American activist with the People for the Ethical Treatment of Animals, or PETA, said plainclothes police snatched him off the street and interrogated him for several hours before warning him not to leave his hotel until his flight out of the country Friday.
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Edward Basse, a 24-year-old American activist with the People for the Ethical Treatment of Animals, or PETA, said plainclothes police snatched him off the street and interrogated him for several hours before warning him not to leave his hotel until his flight out of the country Friday.
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Extended Stay seeks court OK of Centerbridge group bid
Extended Stay said the group, which emerged as the successful bidder at a court supervised auction last month, had also agreed to contribute certificates representing interests in a $4.1 billion mortgage loan for equity of the company.
"The Debtors (Extended Stay) are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and, thus, provides maximum recoveries and distributions to creditors," the company said in court papers filed late on Tuesday.
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"The Debtors (Extended Stay) are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and, thus, provides maximum recoveries and distributions to creditors," the company said in court papers filed late on Tuesday.
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Euro Disney hit by growing debt fear
Euro Disney runs the Disneyland Paris resort on the outskirts of Paris and it has been battered by the downturn as more holidaymakers have stayed at home and the pound has reached record lows against the euro.
Euro Disney still has €1.9bn (£1.6bn) of the debt used to fund the park’s construction on its books. The company made a €26.4m operating profit on revenue of €1.2bn in the year ending September 30 2009 but paying €89.2m of financial charges on the debt left it with a €63m net loss.
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Euro Disney still has €1.9bn (£1.6bn) of the debt used to fund the park’s construction on its books. The company made a €26.4m operating profit on revenue of €1.2bn in the year ending September 30 2009 but paying €89.2m of financial charges on the debt left it with a €63m net loss.
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Fuddruckers shutters all of its Colorado restaurants
The burger chain with a name everyone loves to say (or is it slay?) has packed its beef and left the state for good.
Fuddruckers has closed its three Colorado restaurants as a result of the Chapter 11 bankruptcy filing of its parent company. The closures, effective April 30, came down less than two weeks after parent company Magic Brands, LLC announced it was selling off $40 million worth of its assets to an investment company called Tavistock Group.
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Fuddruckers has closed its three Colorado restaurants as a result of the Chapter 11 bankruptcy filing of its parent company. The closures, effective April 30, came down less than two weeks after parent company Magic Brands, LLC announced it was selling off $40 million worth of its assets to an investment company called Tavistock Group.
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TGI Friday’s operator hopes to cut debt through bankruptcy
BiState Bistro Associates of Chesterfield, which operates a dozen TGI Fridays restaurants, included an outline for a reorganization plan and said it hopes to cut its more than $9.5 million in debt in a bankruptcy it filed June 2.
The Chesterfield business, controlled by Steve Bell and Bradley Bax, sought bankruptcy June 2 in the U.S. Bankruptcy Court for Eastern Missouri. The action came after facing increased expenses with a TGI Fridays remodeling program that came at the same time revenue at its restaurants started to drop as the economy declined, BiState Bistro said in its bankruptcy disclosure. Its largest secured creditor is General Electric Capital Corp., which is owed about $5.6 million, according to bankruptcy court
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The Chesterfield business, controlled by Steve Bell and Bradley Bax, sought bankruptcy June 2 in the U.S. Bankruptcy Court for Eastern Missouri. The action came after facing increased expenses with a TGI Fridays remodeling program that came at the same time revenue at its restaurants started to drop as the economy declined, BiState Bistro said in its bankruptcy disclosure. Its largest secured creditor is General Electric Capital Corp., which is owed about $5.6 million, according to bankruptcy court
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$525m Ginn foreclosure: Credit Suisse closing in
A major international financial institution is moving to obtain the necessary Bahamian government approvals to foreclose on a major chunk of Grand Bahama's $4.9 billion Ginn sur mer project, with the 2006 Heads of Agreement that expanded the development's size alleged to have been central to a scheme to artificially inflate its net worth.
The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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McDonald’s Targets Emerging Markets With Restaurant Openings
June 10 (Bloomberg) -- McDonald’s Corp., the largest restaurant chain, plans to open 100 more restaurants in South Africa and 120 in India over the next five years as the company seeks out further growth in emerging markets.
The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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Sands Singapore Casino Sued for Conference Mishaps
June 10 (Bloomberg) -- Las Vegas Sands Corp.’s Singapore casino resort was sued by organizers of the first conference it hosted for misrepresenting a “complete disaster” as a world- class venue and for imposing duress, fear and force.
IPBA 2010 Pte, on behalf of the Inter-Pacific Bar Association conference, is asking the Singapore High Court to assess damages for misrepresentation, breach of agreement and Marina Bay Sands Pte’s conduct, according to a lawsuit filed June 8. The case counters the casino’s suit over unpaid bills.
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IPBA 2010 Pte, on behalf of the Inter-Pacific Bar Association conference, is asking the Singapore High Court to assess damages for misrepresentation, breach of agreement and Marina Bay Sands Pte’s conduct, according to a lawsuit filed June 8. The case counters the casino’s suit over unpaid bills.
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Wynn Shareholder Universal Aims for Casino Unit IPO
June 10 (Bloomberg) -- Universal Entertainment Corp., a Japanese pachinko game maker and the biggest shareholder in Wynn Resorts Ltd., plans a Hong Kong initial public offering within three years for a unit that is building a $2.7 billion Manila casino resort.
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UNITE HERE Wages National Actions Against Billionaire Pritzkers
Inside the plush Hyatt Regency McCormick Place in Chicago on June 9 assembled blue-chip Hyatt stockholders - anxiously anticipating dividend announcements that would perhaps justify a nice evening on the town, maybe in one of the city’s acclaimed five-star restaurants. Protesting outside were hotel workers who had their own concerns about how to put food on the table. Hyatt employees average less than $30,000 a year in most of the country.
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American Express CEO: Customers 'are traveling again'
American Express CEO Kenneth Chenault says U.S. card holders are traveling more and spending more on hotels this year than last year, even though they remain cautious travel spenders.
"Our mutual customers are traveling again," Chenault told the audience of about 1,000 people at the 32nd annual NYU hospitality investment conference luncheon on Monday.
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"Our mutual customers are traveling again," Chenault told the audience of about 1,000 people at the 32nd annual NYU hospitality investment conference luncheon on Monday.
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Ian Schrager launches a hotel chain with a difference
Legendary hotelier Ian Schrager - who revolutionised the travel industry with his creation of the boutique hotel genre - is celebrating the launch of his new hotel brand Edition today.
The American real estate developer - whose Ian Schrager Company already owns /magazine/the-gold-list-2010/gramercy-park-hotel,-new-york- Gramercy Park Hotel and who launched Morgans Hotel Group and Studio 54 - has teamed up with luxury group Marriott International to create an original hotel range that is the 'antithesis of a chain', and will be characterised by personalised and unique design spaces, modern service and outstanding beverage and entertainment facilities.
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The American real estate developer - whose Ian Schrager Company already owns /magazine/the-gold-list-2010/gramercy-park-hotel,-new-york- Gramercy Park Hotel and who launched Morgans Hotel Group and Studio 54 - has teamed up with luxury group Marriott International to create an original hotel range that is the 'antithesis of a chain', and will be characterised by personalised and unique design spaces, modern service and outstanding beverage and entertainment facilities.
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Wednesday, June 9, 2010
McDonald's threatens to McSue over Oakland's 'Little Mac'
All Allison Arevalo and Erin Wade wanted to do was open a small restaurant. So they quit their jobs and poured all their money into launching a macaroni and cheese eatery in Oakland. They dubbed their slice of comfort food heaven "Little Mac." According to Arevalo and Wade, "mac" referred to the dish, while "little" was a nod "to the small environmental footprint we aim to achieve."
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Denny's shares climb after CEO departs
CHICAGO — Shares of Denny's Corp. soared Wednesday after the struggling restaurant chain said it was replacing CEO Nelson Marchioli with board Chairwoman Debra Smithart-Oglesby on an interim basis and looking for a permanent replacement.
THE SPARK: Tuesday evening's announcement came less than a month after the end of bitter proxy fight with investors that had pushed to oust Marchioli, Smithart-Oglesby and former Chairman Robert Marks from the company's board.
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THE SPARK: Tuesday evening's announcement came less than a month after the end of bitter proxy fight with investors that had pushed to oust Marchioli, Smithart-Oglesby and former Chairman Robert Marks from the company's board.
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Disney Closes Doors on Five ESPN Zone Restaurants
After this latest round of cuts, California will be the lone state left with a branch of the sports bar-restaurant-arcade combos.
The Walt Disney Co. announced on Wednesday that it is shutting down five of its ESPN Zone Restaurants. The AP reports that the spots set to close are Baltimore, Chicago, New York, Las Vegas, and Washington D.C. The only two locations that escaped the out-of-business axe are Los Angeles and Anaheim, Calif.
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The Walt Disney Co. announced on Wednesday that it is shutting down five of its ESPN Zone Restaurants. The AP reports that the spots set to close are Baltimore, Chicago, New York, Las Vegas, and Washington D.C. The only two locations that escaped the out-of-business axe are Los Angeles and Anaheim, Calif.
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Dubai’s Union Properties Nears Ritz-Carlton Sale to Fund Towers
June 9 (Bloomberg) -- Union Properties PJSC is close to selling its Ritz-Carlton hotel in Dubai and plans to dispose of other assets after the developer “got distracted” during the property boom and took on projects and businesses that were a poor fit, its chairman said.
The company “got involved in so many businesses that were not core,” said Khalid Bin Kalban, who took over when Chief Executive Officer Simon Azzam resigned a year ago after 23 years in charge. “I don’t understand the rationale.”
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The company “got involved in so many businesses that were not core,” said Khalid Bin Kalban, who took over when Chief Executive Officer Simon Azzam resigned a year ago after 23 years in charge. “I don’t understand the rationale.”
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LA's Little Tokyo landmark hotel has money woes
LOS ANGELES—A 21-story Little Tokyo landmark is in financial trouble.
The 434-room downtown Kyoto Grand Hotel and Garden has defaulted on a nearly $34 million loan and could face foreclosure if a resolution isn't reached by Monday.
Little Tokyo Partners LP attorney Martin Taylor said Tuesday that he was optimistic a deal can be worked out with lender First Citizens Bank and Trust.
The hotel's Thousand Cranes restaurant recently closed.
Hotel general manager Richard Gaines says the recession hit hotels hard last year, but adds Kyoto Grand business has been picking up this year.
The 434-room downtown Kyoto Grand Hotel and Garden has defaulted on a nearly $34 million loan and could face foreclosure if a resolution isn't reached by Monday.
Little Tokyo Partners LP attorney Martin Taylor said Tuesday that he was optimistic a deal can be worked out with lender First Citizens Bank and Trust.
The hotel's Thousand Cranes restaurant recently closed.
Hotel general manager Richard Gaines says the recession hit hotels hard last year, but adds Kyoto Grand business has been picking up this year.
Tuesday, June 8, 2010
Eva Longoria Parker Sued Over Restaurant Dispute
Eva Longoria Parker is being sued by her former managers at her restaurant 'Beso'.
The part-owners Ronan and Mali Nachum have accused the actress of trying to push them out of their jobs at the Las Vegas restaurant by using scare tactics.
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The part-owners Ronan and Mali Nachum have accused the actress of trying to push them out of their jobs at the Las Vegas restaurant by using scare tactics.
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McDonald's May sales up but sees euro drag on profit
Roughly a quarter of McDonald's consolidated operating income originates in countries that use the euro currency, the world's biggest hamburger chain said on Tuesday. Based on current exchange rates, McDonald's expects currency conversion to hurt full-year net income per share, versus its previous expectation for a slight benefit. The company, which gets more than half of its revenue and profits from outside the United States, gave no further details.On Tuesday, the euro hovered near a four-year low against the dollar on concerns over a widening European debt crisis that has struck financial markets and could constrict consumer demand.
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Baird and STR launch new hotel stock index
Milwaukee-based Robert W. Baird & Co. and Smith Travel Research Inc. (STR) have launched the Baird/STR Hotel Stock Index, the first widely available U.S. hotel stock index in the financial industry. The index combines Baird’s knowledge of the financial markets with STR’s data processing.
“We believe this index can help hotel industry professionals monitor investment values and gauge interest in hotel investment broadly,” said David Loeb, managing director of Baird’s hotel research platform.
The newly launched Baird/STR Hotel Stock Index ended May at 1619.749, an 11.3-percent decrease for the month and a 17.4-percent increase for year-to-date 2010.
“It is surprising how frequently we in the industry have one view of the outlook while investors have an entirely different view,” said Randy Smith, CEO at STR. “For example, industry stocks began rebounding long before improvements in RevPAR became the norm. This index will provide one more variable in developing an improved model to better understand where the industry is going and how we get there.”
“We believe this index can help hotel industry professionals monitor investment values and gauge interest in hotel investment broadly,” said David Loeb, managing director of Baird’s hotel research platform.
The newly launched Baird/STR Hotel Stock Index ended May at 1619.749, an 11.3-percent decrease for the month and a 17.4-percent increase for year-to-date 2010.
“It is surprising how frequently we in the industry have one view of the outlook while investors have an entirely different view,” said Randy Smith, CEO at STR. “For example, industry stocks began rebounding long before improvements in RevPAR became the norm. This index will provide one more variable in developing an improved model to better understand where the industry is going and how we get there.”
U.K. Men Fraudulently Tried to Sell the Ritz Hotel
June 8 (Bloomberg) -- Three men went on trial in London accused of trying to sell the city’s landmark Ritz Hotel and Casino even though they didn’t own it.
Conn Farrell, 57, Patrick Dolan, 68, and Anthony Lee, 49, are accused of trying to sell the hotel, owned by billionaire British financiers David and Frederick Barclay, to a property development company for 250 million pounds ($359 million). That price was a “gross undervaluation” of the property, according to a prosecutor at the trial, which began today at Southwark Crown Court in London. The men have all pleaded not guilty.
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Conn Farrell, 57, Patrick Dolan, 68, and Anthony Lee, 49, are accused of trying to sell the hotel, owned by billionaire British financiers David and Frederick Barclay, to a property development company for 250 million pounds ($359 million). That price was a “gross undervaluation” of the property, according to a prosecutor at the trial, which began today at Southwark Crown Court in London. The men have all pleaded not guilty.
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Pebblebrook buys first hotel since going public
(Reuters) - Pebblebrook Hotel Trust (PEB.N) said it bought the Doubletree Bethesda Hotel and Executive Meeting Center for $67.1 million, the first deal for the company that was formed to take advantage of acquisition opportunities in the lodging space.
Pebblebrook said it funded the acquisition of the 269-room, upscale hotel located in downtown Bethesda, through its initial public offering.
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Pebblebrook said it funded the acquisition of the 269-room, upscale hotel located in downtown Bethesda, through its initial public offering.
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FelCor Repaying $177 Million of Debt at Substantial Discount
IRVING, Texas, Jun 08, 2010 (BUSINESS WIRE) -- FelCor Lodging Trust Incorporated /quotes/comstock/13*!fch/quotes/nls/fch (FCH 5.40, -0.18, -3.14%) today announced that it has agreed to repay $177 million of secured debt at a significant discount to the principal balance. The two loans bear interest at LIBOR plus 155 basis points and are scheduled to mature in May 2012. The loans will be settled for $130 million, plus accrued interest, representing a 27% discount to the principal balance. The two hotels that secure the loans have a combined 921 guest rooms and more than 100,000 square feet of meeting space. The payment, approximately $141,000 per room, will be funded with cash on hand and reflects a substantial discount to replacement cost.
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Burger King says currency translation will hurt 4Q
Restaurant operator Burger King Holdings Inc. said Thursday current currency translation will hurt its revenue.
The company expects foreign exchange translation will cut its earnings per share by a penny to 2 cents per share in the fiscal fourth quarter. Previously, the company said currency translation would benefit earnings
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The company expects foreign exchange translation will cut its earnings per share by a penny to 2 cents per share in the fiscal fourth quarter. Previously, the company said currency translation would benefit earnings
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iPad replaces menu in hotel restaurant
Can iPads replace waiters and waitresses? We'll soon find out. A hotel restaurant in Australia last week ditched its printed menus and replaced them with iPads, giving us yet another peak at what the hotel of the future might look like.
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Rome Plans Hotel Tax as Credit Rating Under Siege
June 8 (Bloomberg) -- Rome is considering a hotel tax on the 9 million visitors to the Eternal City each year, a revenue- raising measure that may hurt tourism in the Italian capital and put further pressure on its credit rating.
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Hotel investor buys Dallas Le Meridien out of foreclosure
HEI Hotels & Resorts of Connecticut has bought the 258-room Le Meridien Dallas North Hotel near the Galleria shopping mall.
HEI gained title to the 9-year-old hotel at last week's foreclosure auction. Earlier, the investor had bought the debt on the property at 13402 Noel Road.
The Far North Dallas hotel acquisition is HEI's fourth hotel purchase in 2010.
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HEI gained title to the 9-year-old hotel at last week's foreclosure auction. Earlier, the investor had bought the debt on the property at 13402 Noel Road.
The Far North Dallas hotel acquisition is HEI's fourth hotel purchase in 2010.
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Big money, plans for Joie de Vivre hotels
At a time when "hotel" and "foreclosure" have become a fast word association, a string of Bay Area boutique hotels is getting tens of millions of dollars in new capital in order to expand.
San Francisco's Joie de Vivre Hospitality, the second-largest operator of boutique hotels in the country, has entered a "strategic capital partnership" with Geolo Capital, the private equity investment arm of the John A. Pritzker family (yes, the Pritzkers of Hyatt Hotels fame), which will take a controlling interest in Joie de Vivre's 33 Bay Area-operated hotels, including the Galleria Park, Hotel Drisco and Hotel Vitale in San Francisco.
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San Francisco's Joie de Vivre Hospitality, the second-largest operator of boutique hotels in the country, has entered a "strategic capital partnership" with Geolo Capital, the private equity investment arm of the John A. Pritzker family (yes, the Pritzkers of Hyatt Hotels fame), which will take a controlling interest in Joie de Vivre's 33 Bay Area-operated hotels, including the Galleria Park, Hotel Drisco and Hotel Vitale in San Francisco.
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Monday, June 7, 2010
Wyndham Hotel Group to Acquire Tryp Hotel Brand from Sol Meliá
PARSIPPANY, N.J. (June 7, 2010) –Wyndham Worldwide (NYSE: WYN) today announced
that its Wyndham Hotel Group business unit has agreed to acquire the Tryp® hotel brand from
Sol Meliá Hotels & Resorts.
In addition, Wyndham will enter into a license agreement with the current 91 Tryp hotels located
throughout Europe and South America that will continue to be owned, operated, managed or
licensed by Sol Meliá. Wyndham Hotel Group and Sol Meliá will form a strategic alliance to
work together to develop the Tryp brand globally and market the hotels cooperatively through
their central reservations systems and loyalty programs
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that its Wyndham Hotel Group business unit has agreed to acquire the Tryp® hotel brand from
Sol Meliá Hotels & Resorts.
In addition, Wyndham will enter into a license agreement with the current 91 Tryp hotels located
throughout Europe and South America that will continue to be owned, operated, managed or
licensed by Sol Meliá. Wyndham Hotel Group and Sol Meliá will form a strategic alliance to
work together to develop the Tryp brand globally and market the hotels cooperatively through
their central reservations systems and loyalty programs
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Sunday, June 6, 2010
Hotels connecting dots to online reviewers
An increasing number of image-conscious properties have begun connecting the dots between unbylined write-ups that appear on such popular travel sites as TripAdvisor or Yelp, and your personal information, such as your loyalty program preferences.
If you write a positive review, you might expect a reward from the hotel -- a gift basket or a discount on your next stay. Pan a property, and you could get a concerned e-mail from the general manager asking you to reconsider your review. Or even a black mark against you in the chain's guest database.
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If you write a positive review, you might expect a reward from the hotel -- a gift basket or a discount on your next stay. Pan a property, and you could get a concerned e-mail from the general manager asking you to reconsider your review. Or even a black mark against you in the chain's guest database.
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USDA Olive Oil Standard Goes Into Effect October 25th
The USDA published a standard for olive oil in the Federal Register on April 28, 2010. The standard will take effect on October 25, 2010. The standard is the result of a petition filed by the California Olive Oil Council in August 2005. Patricia Darragh, executive director of the California Olive Oil Council told the L.A. Times that the new standard "will put an end to marketing terms that are confusing to the consumer, such as light, extra light — language that really doesn't meant too much."
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Grill Concepts CEO Philip Gay steps down
LOS ANGELES (June 5, 2010) Grill Concepts Inc., parent company to 28 restaurants under the Daily Grill and Grill on the Alley brands, said Friday its president and chief executive Philip Gay has stepped down and has been replaced by company co-founder Robert Spivak.
The shift in leadership for the company was effective June 2. Gay’s departure was not explained in the brief statement from the company.
In a phone interview, Gay said he was looking for a new challenge, “something I can grow even more than I did Grill Concepts.” He said it was too soon to disclose his plans.
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The shift in leadership for the company was effective June 2. Gay’s departure was not explained in the brief statement from the company.
In a phone interview, Gay said he was looking for a new challenge, “something I can grow even more than I did Grill Concepts.” He said it was too soon to disclose his plans.
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Quinlan hotel empire hangs on debt deal
Six years ago Derek Quinlan, the former tax inspector from Dublin, outbid one of the richest men in the world, Prince Alwaleed bin Talal.
Quinlan and his partners bought a clutch of London’s smartest hotels — the Savoy, Claridge’s, Berkeley and Connaught — for £750m, outflanking the Saudi billionaire. It was a deal that epitomised the era of easy money.
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Quinlan and his partners bought a clutch of London’s smartest hotels — the Savoy, Claridge’s, Berkeley and Connaught — for £750m, outflanking the Saudi billionaire. It was a deal that epitomised the era of easy money.
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Illegal hotels like 'Jazz on Times Square' raise red flags for City Hall
City Hall should be able to see that the building at 341 W. 51st St. is operating illegally: There are literally red flags all over it.
The flags call it "Jazz on Times Square," a cheap hotel for backpackers and foreign students. And there are plenty of other red flags inside the city's files.
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The flags call it "Jazz on Times Square," a cheap hotel for backpackers and foreign students. And there are plenty of other red flags inside the city's files.
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Hotel wars: Drama and intrigue behind the hospitality trade
Reporting from New York — — When Ross Klein arrived at Hilton Worldwide's Beverly Hills headquarters to create a new luxury chain, he was the "it" guy in the hottest segment of the lodging business.
A former retail marketing whiz, Klein had trained his fashion sense on the buttoned-down hotel industry, helping turn the W chain into a hip money-maker for its parent, Starwood Hotels and Resorts Worldwide Inc. Hilton lacked a product to compete. So it lured Klein away from Starwood in 2008 by offering him a chance to build a brand from scratch.
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A former retail marketing whiz, Klein had trained his fashion sense on the buttoned-down hotel industry, helping turn the W chain into a hip money-maker for its parent, Starwood Hotels and Resorts Worldwide Inc. Hilton lacked a product to compete. So it lured Klein away from Starwood in 2008 by offering him a chance to build a brand from scratch.
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Saturday, June 5, 2010
Whitbread chief’s £5m pay perks
THE outgoing boss of Whitbread, the leisure group, has started collecting his pension, including a one-off payment of £5.4m, even though he does not retire until November.
Alan Parker, who has been at Whitbread for 18 years, the past six of them as chief executive, will be entitled to an annual payment of just over £135,000 on top of the lump sum he has already received.
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Alan Parker, who has been at Whitbread for 18 years, the past six of them as chief executive, will be entitled to an annual payment of just over £135,000 on top of the lump sum he has already received.
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MGM Mirage says it is paying CityCenter subcontractors
LAS VEGAS, Nevada -- MGM Mirage said in a court filing it has begun the process of paying subcontractors caught in the middle of its legal skirmish with CityCenter general contractor Perini Building Co.
The casino operator, which owns CityCenter in a 50-50 joint venture with Dubai World, said it is actively working through the closeout process with 25 of the 220 first-tier subcontractors who worked on the development. MGM Mirage said there are "hundreds" of lower-tier subcontractors who are also owed for their work on CityCenter.
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The casino operator, which owns CityCenter in a 50-50 joint venture with Dubai World, said it is actively working through the closeout process with 25 of the 220 first-tier subcontractors who worked on the development. MGM Mirage said there are "hundreds" of lower-tier subcontractors who are also owed for their work on CityCenter.
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Toronto hotel workers threaten strike during G20 summit
OTTAWA — Hotel workers in Toronto threatened Thursday to strike and picket at least one hotel where journalists and a French delegation have reservations to attend the G20 summit at the end of June.
Unionized workers at 32 grand hotels in the Canadian metropolis voted overwhelmingly in favor of a strike, said Unite Here Canada spokesman Paul Clifford.
Clifford said one hotel, the Novotel Toronto Centre owned by French firm Accor, may see pickets as early as June 24 through the June 26-27 G20 summit.
The hotel is to house journalists and part of the French G20 delegation.
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Unionized workers at 32 grand hotels in the Canadian metropolis voted overwhelmingly in favor of a strike, said Unite Here Canada spokesman Paul Clifford.
Clifford said one hotel, the Novotel Toronto Centre owned by French firm Accor, may see pickets as early as June 24 through the June 26-27 G20 summit.
The hotel is to house journalists and part of the French G20 delegation.
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Inside The World's Largest Hotel Company
IHG (InterContinental Hotels Group) is the world's largest hotel company, with 650,000 rooms globally and 450,000 in the Americas. Primarily using a franchise operating model, IHG's 3,400 hotels in the Americas include brands like InterContinental (165 hotels), Crowne Plaza (400 hotels) and Holiday Inn and Holiday Inn Express, their largest brands, representing 75% of their rooms.
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Starwood Capital buys stake in hotel management co
Private equity firm Starwood Capital has bought a 49.9 percent stake in privately held Hersha Hospitality Management to form a partnership to tap into management opportunities in the lodging space.
Starwood Capital, led by Barry Sternlicht -- founder of Starwood Hotels and Resorts (HOT.N) -- will contribute capital and deal-flow to the partnership.
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Starwood Capital, led by Barry Sternlicht -- founder of Starwood Hotels and Resorts (HOT.N) -- will contribute capital and deal-flow to the partnership.
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Many US hotels lack fire sprinklers
A fast-moving fire that killed four college students in a suburban Birmingham motel illustrates a deadly problem facing travelers around the country: Many older hotels and motels can legally avoid installing sprinklers that stop blazes before they kill guests.
Since a catastrophic fire killed 87 at the MGM Grand Hotel in Las Vegas in 1980, a national push to require sprinkler systems in new hotels and motels has helped bring fire deaths down significantly.
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Since a catastrophic fire killed 87 at the MGM Grand Hotel in Las Vegas in 1980, a national push to require sprinkler systems in new hotels and motels has helped bring fire deaths down significantly.
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Wednesday, June 2, 2010
Police carry out real life raid searching for virtual furniture stolen from online hotel
Police in Finland have raided five homes searching for virtual furniture stolen from an online hotel.
Detectives said around 400 items - including virtual beds, tables, chairs and 'several flat-screen televisions' - were taken from rooms at the Habbo web hotel.
Internet gamers check into the hotel where they can meet friends and then purchase furniture to decorate their rooms.
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Detectives said around 400 items - including virtual beds, tables, chairs and 'several flat-screen televisions' - were taken from rooms at the Habbo web hotel.
Internet gamers check into the hotel where they can meet friends and then purchase furniture to decorate their rooms.
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Viacom Sued by Family Suites Over Nickelodeon License
June 2 (Bloomberg) -- Viacom Inc., the owner of MTV Networks, was sued by hotel operator Family Suites Resort LLC for breach of contract over the licensing of the Nickelodeon brand to a rival chain.
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Coral Gables Commissioners concerned about Biltmore Hotel's fiscal health
The Biltmore Hotel wasn't on the commission's agenda, but it was on the commissioners' minds.
Toward the end of Tuesday's Gables commission meeting, Commissioner Wayne ``Chip'' Withers brought up the hotel and the problems it has faced in paying the city $2.4 million in back rent.
``They are a caretaker of our asset; we should do whatever we can to help [them] improve that asset,'' Withers said.
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Toward the end of Tuesday's Gables commission meeting, Commissioner Wayne ``Chip'' Withers brought up the hotel and the problems it has faced in paying the city $2.4 million in back rent.
``They are a caretaker of our asset; we should do whatever we can to help [them] improve that asset,'' Withers said.
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Luxury Chain Cuts the Flowers, Sends Out Wash at Some Hotels
TORONTO–Four Seasons Hotels & Resorts, famed for its top-flight hotels, has agreed to skimp on some of its signature features, bowing to pressures by some financially strapped owners of properties that bear its name.
Many Four Seasons hotels have stopped displaying huge vases of fresh flowers. Others are closing their high-end restaurants on slow days. And some have begun outsourcing laundry.
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Many Four Seasons hotels have stopped displaying huge vases of fresh flowers. Others are closing their high-end restaurants on slow days. And some have begun outsourcing laundry.
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Lenders foreclose on Four Seasons Resort in Las Colinas
Mortgage holders sold the 431-room luxury Irving golf course hotel, conference center and spa at auction Tuesday morning. The foreclosure comes seven months after lenders first posted the 400-acre property for sale after the owners missed payments on the more than $175 million in debt
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Bankruptcy filings rise among small hotels around Tampa
TAMPA - Small hoteliers are taking it on the chin, with at least four in the Tampa Bay area seeking bankruptcy protection since March.
Last week, the owners of a 75-room Hampton Inn, 11740 Tampa Gateway Blvd. in Seffner, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Tampa. Chapter 11 allows a company to reorganize its finances while protected from creditors.
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Last week, the owners of a 75-room Hampton Inn, 11740 Tampa Gateway Blvd. in Seffner, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Tampa. Chapter 11 allows a company to reorganize its finances while protected from creditors.
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Gaylord Entertainment Co. Provides Updates on Impact of Historic Flooding to Nashville Properties
Gaylord Entertainment Co. /quotes/comstock/13*!get/quotes/nls/get (GET 26.29, +0.98, +3.87%) today provided an update on the Company's restoration efforts following the flood damage experienced at the Gaylord Opryland Resort, the Grand Ole Opry and the Company's other Nashville-area facilities on May 2nd and May 3rd, 2010. Gaylord also provided an update on the Company's employment strategy during remediation and restoration, as well as efforts to relocate customers with events scheduled at Gaylord Opryland over the next five months
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Booking Pace Up
REPORT FROM THE U.S.—In the summer of 2008, before the fall of Lehman Brothers and the precipitous economic collapse, transient booking pace at hotels in the top 25 markets in the United States started to dramatically wane.
During June 2008, the 28-day booking pace declined 5.0 percent, according to Rubicon. By July, it had dropped by 18.0 percent, followed by an 18.3-percent drop in August. During October, the month following Lehman’s collapse, booking pace had dropped 32.0 percent.
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During June 2008, the 28-day booking pace declined 5.0 percent, according to Rubicon. By July, it had dropped by 18.0 percent, followed by an 18.3-percent drop in August. During October, the month following Lehman’s collapse, booking pace had dropped 32.0 percent.
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Hotel toiletries - the new green battleground
Hotel amenity kits are quickly becoming the latest battleground for hotels looking to assert their green credentials.
Last week, Spanish hotel chain NH Hotels rolled out a new set of environmentally-friendly amenity bottles, which the firm says biodegrade faster than comparable products.
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Last week, Spanish hotel chain NH Hotels rolled out a new set of environmentally-friendly amenity bottles, which the firm says biodegrade faster than comparable products.
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Dearborn hotel to take off the Ritz, put on the Henry name
The Ritz-Carlton Dearborn will officially become the Henry on Thursday, joining Marriott International's Autograph Collection of independent hotels as it gains new owners.
Most of the luxury hotel's more than 200 employees will retain their jobs, said Vivian Deuschl, a spokeswoman for Ritz-Carlton, which is owned by Marriott. "This is likely to mean it will still be a place people will go for Sunday brunches and weddings," she said. "We're glad it's going to be staying within the Marriott family."
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Most of the luxury hotel's more than 200 employees will retain their jobs, said Vivian Deuschl, a spokeswoman for Ritz-Carlton, which is owned by Marriott. "This is likely to mean it will still be a place people will go for Sunday brunches and weddings," she said. "We're glad it's going to be staying within the Marriott family."
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Tuesday, June 1, 2010
HLG To Build Ten Guoman Hotels In China Over Next Five Years
SHANGHAI, June 1(Bernama)-- Malaysian conglomerate, Hong Leong Group(HLG) is to create a luxury hotel chain in China, with at least ten Guoman Hotels over the next five years.
Violet Lee, Group Managing Director of Guocoland China, HLG's property investment arm here, told reporters at a special interview, the company would bring the unique English hospitality to the market long dominated by hotel chains from the United States
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Violet Lee, Group Managing Director of Guocoland China, HLG's property investment arm here, told reporters at a special interview, the company would bring the unique English hospitality to the market long dominated by hotel chains from the United States
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Cuba, China to build new luxury hotel in Havana
While the U.S. continues to talk tourism with Cuba, Caribbean developers will break ground on Havana's first luxury hotel later this year, the Latin American Herald Tribune reported.
The luxe-hotel is a joint effort between Cuba and China that will cost approximately $117 million (51 percent Chinese capital and 49 percent Cuban). According to reports, the hotel complex will have 650 rooms and cover an area of about 19 acres in the "Marina Hemingway" tourist center in western Havana.
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The luxe-hotel is a joint effort between Cuba and China that will cost approximately $117 million (51 percent Chinese capital and 49 percent Cuban). According to reports, the hotel complex will have 650 rooms and cover an area of about 19 acres in the "Marina Hemingway" tourist center in western Havana.
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Dubai Holding hotel-real estate group reports $6.4 billion loss for 2009
DUBAI, United Arab Emirates (AP) - A real estate and hotel group owned by Dubai's ruler announced a steep loss for 2009 on Tuesday, less than a week after a sister company sought to delay its debt payments.
The slide by Dubai Holding Commercial Operations Group includes major write-offs that reflect the slumping property market in Dubai, where the global downturn has cooled the city-state's once red-hot growth and left many of its companies mired in debt.
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The slide by Dubai Holding Commercial Operations Group includes major write-offs that reflect the slumping property market in Dubai, where the global downturn has cooled the city-state's once red-hot growth and left many of its companies mired in debt.
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Asia Pacific hotel transactions projected at US$3.7b for 2010
SINGAPORE: Asia Pacific hotel transactions are seeing a boom, with sales expected to reach some US$3.7 billion or S$5.2 billion - or 29 per cent of global sales - in 2010.
This is according to Jones Lang LaSalle Hotels, which said that global transaction volume is forecast to reach US$12.8 billion or S$18.1 billion this year.
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This is according to Jones Lang LaSalle Hotels, which said that global transaction volume is forecast to reach US$12.8 billion or S$18.1 billion this year.
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Singapore Fund Bids for London Hotel
TOKYO—Government of Singapore Investment Corp. is among a handful of cash-rich buyers seeking to buy Grosvenor House Hotel, a London landmark, from Royal Bank of Scotland Group PLC, people familiar with the matter said.
The hotel was expected to fetch a record price for a European hotel and flag the return of trophy asset sales to overseas buyers. The Grosvenor House Hotel carries a price tag of about £500 million ($727.1 million). This would make it the biggest amount garnered for a single European hotel, according to consultancy firm HVS.
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The hotel was expected to fetch a record price for a European hotel and flag the return of trophy asset sales to overseas buyers. The Grosvenor House Hotel carries a price tag of about £500 million ($727.1 million). This would make it the biggest amount garnered for a single European hotel, according to consultancy firm HVS.
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Marriott's first stylish, Edition hotel close to opening
New York University's 32nd annual hospitality conference is set to begin on June 6, so I'm scouting out this year's hot topics before I arrive. One of them will surely be Edition, Marriott's answer to Starwood's W chain created with boutique-hotel-guru Ian Schrager.
Marriott's poised to open its first Edition this summer in Waikiki, with another in the works in Istanbul, recent reports say.
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Marriott's poised to open its first Edition this summer in Waikiki, with another in the works in Istanbul, recent reports say.
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