LOS ANGELES, California, March 26, 2010 (ENS) - The corporate operator of the Standard Hotel in downtown Los Angeles has agreed to plead guilty to violating federal environmental laws in an incident where a hotel employee poured pool chemicals down a rooftop drain. The chemical dump led to a street closure and several people became ill when fumes filled a nearby subway station.
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Friday, March 26, 2010
Miami Four Seasons Hotel Sold for $30M
BY DOUGLAS HANKS
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
Brinker International Announces Agreement to Sell On The Border Mexican Grill & Cantina(R)
DALLAS, March 25, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) has entered into a purchase agreement with OTB Acquisition LLC, an affiliate of Golden Gate Capital, to sell its On The Border Mexican Grill & Cantina brand. Terms of the transaction were not disclosed.
Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker Boosts Buyback Target as Earnings Exceed Estimates
March 26 (Bloomberg) -- Brinker International Inc., owner of Chili’s Grill & Bar, reported third-quarter earnings that topped analysts’ estimates and boosted its share buyback target.
Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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CKE Restaurants(R) Announces Fourth Quarter and Full Year Fiscal 2010 Results
"Blended same-store sales decreased 3.9% for our fiscal year and decreased 6.0% in the fourth fiscal quarter with poor end of year weather impacting our results. Even though we saw weakness in the overall economy, high unemployment rates and deep-discount burger wars, I'm proud to say that for the year we maintained market share, our premium branding and remarkably constant levels of profitability," said Andrew F. Puzder, chief executive officer. "We will stay on course as we enter Fiscal 2011 with our focus on big, juicy premium burgers for hungry guys and as we grow our company stores and quickly expand our franchisee presence. To grow same-store sales we will continue with our aggressive new product launches, cutting edge advertising, dual branding and remodeling; all the while looking for ways to increase profitability."
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Sbarro, Inc. Announces Results of Operations for the Fourth Quarter and Fiscal Year Ended December 27, 2009
Revenues were $94.0 million for the quarter ended December 27, 2009 as compared to revenues of $98.7 million for the quarter ended December 28, 2008. The decrease in revenues was due to a 4.6% decrease in Company-owned comparable-unit sales, lost sales from stores strategically closed and a decline in royalties on franchise sales, offset by sales generated by new Company-owned stores opened in 2009 and 2008. Domestic franchise comparable-unit sales declined 6.2%. The decrease in Company-owned and domestic franchise comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Without consideration for foreign currency fluctuations, international franchise comparable-unit sales declined 4.4%. The strengthening of the U.S. Dollar relative to virtually all foreign currencies added an additional 2.7% decline in international franchise comparable unit sales.
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