The Bahamas was unable to cut hotel room rates as deeply as other Caribbean destinations in response to the recession because to have done so would have left the industry mired in "deeper unprofitability" due to high operating costs, the minister of tourism and aviation said yesterday.
Vincent Vanderpool-Wallace told the Bahamas Business Outlook Conference that this nation had to accept it would be unable to convert any cruise ship passengers to stopover visitors simply because land-based stays in this nation were out of their price range.
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Saturday, January 16, 2010
UK Hotel Values Off 34% From Peak
The full impact of the recession continued to hamper transactional activity and reduce average property values across the hotel, pub, restaurant, leisure, care and retail sectors during 2009, according to Christie + Co's Business Outlook 2010 publication.
The report shows that values in the hotel sector reduced by 19.5% during 2009, whilst the pub and restaurant sectors witnessed declines of 20.1% and 18.1% respectively. The care sector reported a fall in values of 11%, whilst the retail sector experienced a reduction of 9.8% in average values
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The report shows that values in the hotel sector reduced by 19.5% during 2009, whilst the pub and restaurant sectors witnessed declines of 20.1% and 18.1% respectively. The care sector reported a fall in values of 11%, whilst the retail sector experienced a reduction of 9.8% in average values
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Outsider is favourite as Whitbread seeks new chief
Whitbread has appointed headhunters to help find a successor for Alan Parker, who is expected to announce in the summer that he is retiring as chief executive of the leisure group, The Times has learnt.
Mr Parker, 63, was expected to complete a five-year stint when he was promoted to the top job from head of hotels in 2004. However, his success in turning around Whitbread’s fortunes, allied to his enthusiasm for the job, have allowed him to stay past his scheduled departure date.
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Mr Parker, 63, was expected to complete a five-year stint when he was promoted to the top job from head of hotels in 2004. However, his success in turning around Whitbread’s fortunes, allied to his enthusiasm for the job, have allowed him to stay past his scheduled departure date.
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Harrah's to manage Planet Hollywood in Las Vegas
LAS VEGAS (AP) -- Harrah's Entertainment is taking over management of hotel operations at the Planet Hollywood casino-resort in Las Vegas as it negotiates with lenders to buy the property.
The privately held casino operator said Friday that it would start managing the hotel at midnight on Saturday.
Planet Hollywood has 2,500 rooms and manages another 1,200 units, including vacation homes and regular hotel rooms, in an expansion tower that opened this month.
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The privately held casino operator said Friday that it would start managing the hotel at midnight on Saturday.
Planet Hollywood has 2,500 rooms and manages another 1,200 units, including vacation homes and regular hotel rooms, in an expansion tower that opened this month.
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Marriott International sues JBG Cos. over convention center hotel
Marriott Hotel Services Inc., a subsidiary of Bethesda-based Marriott International Inc., on Thursday sued The JBG Cos. and others in D.C. Superior Court over the proposed convention center hotel in D.C.
The hotel chain (NYSE: MAR) claims Chevy Chase-based JBG, along with one of its subsidiaries and co-investor, has interfered with Marriott’s deal to develop and operate a publicly financed convention center hotel in downtown D.C.
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The hotel chain (NYSE: MAR) claims Chevy Chase-based JBG, along with one of its subsidiaries and co-investor, has interfered with Marriott’s deal to develop and operate a publicly financed convention center hotel in downtown D.C.
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Gordon Ramsay at Claridge’s heads the list of lost Michelin stars
Gordon Ramsay Holdings (GRH) has lost its Michelin star at its eponymous restaurant at London’s Claridge’s hotel.
The restaurant is the most high profile of 15 establishments to have lost their stars in this year’s Michelin guide to Great Britain and Ireland.
Gordon Ramsay at Claridge’s first gained its Michelin star in 2002 under the leadership of former head chef Mark Sargeant, who left his position at the restaurant at the beginning of last year. He consequently left GRH last November.
A spokeswoman for GRH said the group was “very disappointed” to have lost the Michelin star but added that it plans to work “harder than ever to try to earn it back” next year.
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The restaurant is the most high profile of 15 establishments to have lost their stars in this year’s Michelin guide to Great Britain and Ireland.
Gordon Ramsay at Claridge’s first gained its Michelin star in 2002 under the leadership of former head chef Mark Sargeant, who left his position at the restaurant at the beginning of last year. He consequently left GRH last November.
A spokeswoman for GRH said the group was “very disappointed” to have lost the Michelin star but added that it plans to work “harder than ever to try to earn it back” next year.
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MGM Mirage, bar owners tangle over Mandalay lease dispute
MGM Mirage and a group tied to the troubled Privé nightclub are again set to wrangle in a landlord-tenant dispute, this time centering on the shuttered Bambu Bar at the pool at Mandalay Bay.
On Thursday, Vegas South Partners, which is backed by veteran nightclub operators Roman Jones and Mitchell Rubinson, filed a suit against Mandalay over the 2,400-square-foot outdoor pool bar’s lease, which Mandalay terminated in December.
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On Thursday, Vegas South Partners, which is backed by veteran nightclub operators Roman Jones and Mitchell Rubinson, filed a suit against Mandalay over the 2,400-square-foot outdoor pool bar’s lease, which Mandalay terminated in December.
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Domino's Pizza U.K. Continues to Defy the Recession
Domino's Pizza, the UK's biggest pizza delivery company, remains recession-proof as the company announces surging sales despite the continuing sluggish economy.
The Britain's Got Talent sponsor reported impressive growth with a like-for-like sales lift of 8.6% at its 501 mature stores in the three-month period ending 27 December 2009. As a result, like-for-like sales growth for the full year was 8.4%.
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The Britain's Got Talent sponsor reported impressive growth with a like-for-like sales lift of 8.6% at its 501 mature stores in the three-month period ending 27 December 2009. As a result, like-for-like sales growth for the full year was 8.4%.
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Fla. firm buys 91 Pizza Hut locations
A local firm quietly bought all 91 Orlando-area Pizza Hut restaurants for $35 million from Pizza Hut parent company Yum! Brands Inc. on Dec. 7 — and now plans to serve up a big slice of business to Central Florida vendors.
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