Admiral Taverns, the 2,000-strong pub company bailed out by its bank late last year, is understood to be looking to sell up to 200 of its pubs.
Licensees were told of the planned disposal of their businesses by letter today.
Sources would not confirm the exact number of sites, but The Publican understands it is between 150 and 200 pubs.
Read more:
Friday, March 12, 2010
Yum Brands to repurchase up to $300M in stock
The Yum Brands Inc. board of directors Friday authorized the company to repurchase as much as $300 million of the company’s common stock over the next 12 months.
The authorization is in addition to a $300 million repurchase the board approved in September 2009. To date, Yum Brands has repurchased about $130 million under that repurchase plan, according to a news release from Louisville-based Yum Brands (NYSE: YUM).
Read more:
The authorization is in addition to a $300 million repurchase the board approved in September 2009. To date, Yum Brands has repurchased about $130 million under that repurchase plan, according to a news release from Louisville-based Yum Brands (NYSE: YUM).
Read more:
Extended Stay Seeks to Exit Bankruptcy
Extended Stay Inc.'s senior lenders, who are owed more than $4 billion, will join Paulson & Co. and Centerbridge Partners to pump $450 million into the hotel chain and take it out of bankruptcy.
Extended Stay's proposed plan to exit bankruptcy protection, unveiled Friday in court papers, calls for Paulson and Centerbridge to invest $225 million into the struggling hotel operator for a 22.5% stake.
Read more:
Extended Stay's proposed plan to exit bankruptcy protection, unveiled Friday in court papers, calls for Paulson and Centerbridge to invest $225 million into the struggling hotel operator for a 22.5% stake.
Read more:
Palm Beach Convention Center hotel gets go-ahead
WEST PALM BEACH — Palm Beach County commissioners this morning chose The Related Cos. to build a 400-room hotel next to the downtown convention center, relaunching a project beset by corruption and years of delay.
A selection committee recommended last month that the firm be chosen to develop the project. Today's approval from commissioners allows county administrators to begin working with the development team on financing for the project
Read more:
A selection committee recommended last month that the firm be chosen to develop the project. Today's approval from commissioners allows county administrators to begin working with the development team on financing for the project
Read more:
Westin Times Square Hotel baker awarded $3M by federal jury because hotel spied on him
A hotel baker who claimed he was tormented with vile taunts and even physically abused at work was awarded $3 million by a federal jury Wednesday.
But Moises Mendez's tale of being mocked for stomach scars and his ethnicity at the Westin Times Square Hotel isn't what swayed jurors.
Instead, they decided he deserved a whole lot of dough because after he complained, the hotel installed a hidden camera over his work station. The jury awarded Mendez $1 million for pain and suffering and ordered Westin and parent company Starwood Hotels to pay him $2 million in punitive damages. "It is like a big building has been lifted from my shoulders," Mendez said. "They spied on me and wanted to find ways to get rid of me. It shows what I went through just trying to do my job."
Read more:
But Moises Mendez's tale of being mocked for stomach scars and his ethnicity at the Westin Times Square Hotel isn't what swayed jurors.
Instead, they decided he deserved a whole lot of dough because after he complained, the hotel installed a hidden camera over his work station. The jury awarded Mendez $1 million for pain and suffering and ordered Westin and parent company Starwood Hotels to pay him $2 million in punitive damages. "It is like a big building has been lifted from my shoulders," Mendez said. "They spied on me and wanted to find ways to get rid of me. It shows what I went through just trying to do my job."
Read more:
Las Vegas casino execs make pitch to open up to 6 resorts in Florida
Multibillion-dollar hotel resorts with casino gambling, celebrity chefs and luxury shopping.
It could all come to Florida — if the state wants to cash in on its image as a sun-soaked haven for tourists and authorize sprawling, Vegas-style casino resorts, gambling executives told lawmakers Thursday.
Executives from Las Vegas Sands, which operates the Venetian and Palazzo on the Vegas strip, flew to Tallahassee to pitch lawmakers on their vision: Four to six gambling destinations, each costing $2 billion or more to build, that would beckon gamblers from several continents.
Read more:
It could all come to Florida — if the state wants to cash in on its image as a sun-soaked haven for tourists and authorize sprawling, Vegas-style casino resorts, gambling executives told lawmakers Thursday.
Executives from Las Vegas Sands, which operates the Venetian and Palazzo on the Vegas strip, flew to Tallahassee to pitch lawmakers on their vision: Four to six gambling destinations, each costing $2 billion or more to build, that would beckon gamblers from several continents.
Read more:
Nelum Gunewardane Appointed as Hotel Manager at InterContinental Mark Hopkins San Francisco
Nelum Gunewardane has been appointed as Hotel Manager for the iconic InterContinental Mark Hopkins San Francisco, a AAA four-diamond historic landmark property on Nob Hill featuring 380 rooms and 19,000 sq. ft. of event space, and home to the legendary Top Of The Mark sky lounge. In her new position, Gunewardane will oversee all aspects of day-to-day operations in the front office, uniformed services, guest relations, housekeeping, engineering, and IT departments, and will report directly to Peter Koehler, Regional Director of Operations and General Manager of InterContinental San Francisco.Bringing over 17 years of hospitality experience, Gunewardane began her career in 1992 with the InterContinental Hotels Group at the Riyadh InterContinental Hotel in Saudi Arabia, and then moved on to the May Fair InterContinental Hotel in London in 1997. From London, she joined the InterContinental The Barclay in New York in 2001 where she initially served as Assistant Manager in the Front Office department and finally as Front Office Manager in 2005. During her tenure at The Barclay, Gunewardane was the recipient of a cash scholarship from Cornell University School of Hotel Administration in cooperation with the New York State Hospitality and Tourism Association, which she used toward three intensive classes in Managing Hotel Electronic Distribution, Hospitality Financial Management: Operations Decision-Making, and Strategic Pricing for Hotels: Revenue Enhancement through Pricing. After several promotions in New York, she was then appointed in 2006 as Director of Front Office Operations for the opening team of the InterContinental Boston, a 424-room new-build property located in Boston’s historic waterfront district. In 2007, Gunewardane was recognized as “Best of the Best for Director of Front Office” for InterContinental Hotels, North America.
Gunewardane holds a Bachelor’s degree in Business Studies from the University of Buckingham in the United Kingdom.
Enterprise Inns shifts five of eight London pubs up for auction
Enterprise Inns has sold five of eight London pubs it put up for auction with Cushman Wakefield earlier this week.
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Ortiz Promotes Salt Ban for NYC Restaurants
What's next? Ban food from restaurants!
Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
Read more:
Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
Read more:
Do hotel chains owe you when a hotel closes its VIP lounge?
Road warriors: Some hotels are closing their VIP lounges earlier than normal, reducing food offerings or, in rare cases, closing them entirely in light of today's reduced business. So I'm curious if you think that the chains owe you something - anything - for what amounts to fewer frills for your loyalty. If your hotel chain does give you a little nod - a few points, for instance - does it help you get over it?
Read more:
Read more:
MGM Mirage to Sell Borgata Stake
MGM Mirage said Friday that it had reached an agreement with the state of New Jersey's Division of Gaming Enforcement to place its 50% stake in Atlantic City's Borgata Hotel Casino & Spa in a divestiture trust after the regulatory group found problems with its partner in Macau.
Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
Read more:
Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
Read more:
