ATLANTA, June 30 /PRNewswire/ -- In the 'moo'd for a free meal? As part of the chain's fifth-annual Cow Appreciation Day celebration, Chick-fil-A(R) restaurants are offering a free meal (breakfast, lunch or dinner) to any customer who visits one of the 1,440-plus participating restaurants fully dressed as a cow on Friday, July 10.
I hope that they don't announce this on Oprah, or there won't be any left!
Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-30-2009/0005052673&EDATE=
Tuesday, June 30, 2009
Restaurant Industry Outlook Softened in May as Restaurant Performance Index Posted First Decline in Five Months
WASHINGTON, June 30 /PRNewswire-USNewswire/ -- The outlook for the restaurant industry was dampened somewhat in May, as the National Restaurant Association's comprehensive index of restaurant activity registered its first decline in five months. The Association's Restaurant Performance Index (RPI) - a monthly composite index that tracks the health of and outlook for the U.S. restaurant industry - stood at 98.3 in May, down 0.3 percent from April and its 19th consecutive month below 100.
Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-30-2009/0005052755&EDATE=
Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-30-2009/0005052755&EDATE=
Super Yacht hotel project delayed in London
The Super Yacht hotel due to open in London, is on hold owing to the economic crisis
Aquiva, the 170 meter long super yacht-hotel, is permanently anchored at London’s Docklands and is to be converted into a hotel. Featuring 158 rooms and suites, an on-board ballroom, a spa, gym, pool, and a celebrity chef restaurant and bar it is to be a contemporary luxury hotel.
Read more:
http://www.worldinteriordesignnetwork.com/news/super_yacht_hotel_project_delayed_in_london_090629
Aquiva, the 170 meter long super yacht-hotel, is permanently anchored at London’s Docklands and is to be converted into a hotel. Featuring 158 rooms and suites, an on-board ballroom, a spa, gym, pool, and a celebrity chef restaurant and bar it is to be a contemporary luxury hotel.
Read more:
http://www.worldinteriordesignnetwork.com/news/super_yacht_hotel_project_delayed_in_london_090629
Premium Bars in asset sale talks
Premium Bars & Restaurants, the owner of the Prohibition and Living Room bar chains, is in exclusive talks to sell some or all of its assets to the Reuben brothers, the billionaire property investors.
David and Simon Reuben, the company’s biggest shareholders with a 32.5 per cent stake, are understood to have offered to buy all but five of PBR’s 47 sites for £52m.
Read more:
http://www.ft.com/cms/s/0/733c438c-64e6-11de-a13f-00144feabdc0.html
David and Simon Reuben, the company’s biggest shareholders with a 32.5 per cent stake, are understood to have offered to buy all but five of PBR’s 47 sites for £52m.
Read more:
http://www.ft.com/cms/s/0/733c438c-64e6-11de-a13f-00144feabdc0.html
Widening losses put Globe in jeopardy
Questions were mounting over the future of Globe Pub Company after it reported another quarter of widening losses.
The company, owned by Robert Tchenguiz, the property entrepreneur, has been in default of its securitisation covenants for the past two financial quarters.
On Monday, the company warned there was little sign that a recovery was on the horizon
Read more:
http://www.ft.com/cms/s/0/9126ea34-64d0-11de-a13f-00144feabdc0.html
The company, owned by Robert Tchenguiz, the property entrepreneur, has been in default of its securitisation covenants for the past two financial quarters.
On Monday, the company warned there was little sign that a recovery was on the horizon
Read more:
http://www.ft.com/cms/s/0/9126ea34-64d0-11de-a13f-00144feabdc0.html
Disney to pump new funds into HK park
Walt Disney has agreed to finance a HK$3.63bn ($467m) expansion of its struggling theme park in Hong Kong to lure more visitors, following two years of “challenging” negotiations with the territory’s government.
Disney, which has a joint venture with the Hong Kong government to operate the park, will inject HK$3.5bn of new capital to fund the expansion. The US company will also put in HK$2.7bn by converting its loans in the partnership to equity.
Read more:
http://www.ft.com/cms/s/0/25166828-6567-11de-8e34-00144feabdc0.html
(you need to sign up for free membership)
Disney, which has a joint venture with the Hong Kong government to operate the park, will inject HK$3.5bn of new capital to fund the expansion. The US company will also put in HK$2.7bn by converting its loans in the partnership to equity.
Read more:
http://www.ft.com/cms/s/0/25166828-6567-11de-8e34-00144feabdc0.html
(you need to sign up for free membership)
Benihana Inc. Reports Fiscal Fourth Quarter & Full Year 2009 Results
MIAMI--(BUSINESS WIRE)--Jun. 29, 2009-- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today reported results for its 12-week fiscal fourth quarter and full year ended March 29, 2009.
Highlights for the Company's 12-week fiscal fourth quarter 2009 relative to the 12-week fiscal fourth quarter 2008 include:
Total restaurant sales increased 5.4% to $73.6 million
Opened 2 Benihana teppanyaki restaurants in Coral Springs, Florida and Columbus, Ohio
Restaurant operating profit of $11.4 million, or 15.6% of restaurant sales, compared to $9.7 million, or 13.9% of restaurant sales
Diluted earnings per share of $0.06, which included a $0.12 per diluted share compensation charge, net of tax, related to the retirement of the Company’s former Chief Executive Officer, compared to diluted earnings per share of $0.17. Exclusive of this compensation charge, diluted earnings per share totaled $0.18.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=111271&p=irol-newsArticle&ID=1303096&highlight=
Highlights for the Company's 12-week fiscal fourth quarter 2009 relative to the 12-week fiscal fourth quarter 2008 include:
Total restaurant sales increased 5.4% to $73.6 million
Opened 2 Benihana teppanyaki restaurants in Coral Springs, Florida and Columbus, Ohio
Restaurant operating profit of $11.4 million, or 15.6% of restaurant sales, compared to $9.7 million, or 13.9% of restaurant sales
Diluted earnings per share of $0.06, which included a $0.12 per diluted share compensation charge, net of tax, related to the retirement of the Company’s former Chief Executive Officer, compared to diluted earnings per share of $0.17. Exclusive of this compensation charge, diluted earnings per share totaled $0.18.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=111271&p=irol-newsArticle&ID=1303096&highlight=
In Face of Adversity, Laid-Off Americans Find Silver Lining
Four in 10 say dismissal was blessing in disguise, SnagAJob.com survey finds
Displaying a perennial optimism that is perhaps characteristically American, four in 10 U.S. workers who recently have been laid off themselves, or are a significant other to someone who has, now believe getting the ax was a blessing in disguise.
Read more:
http://www.hotelresource.com/article39650.html
Displaying a perennial optimism that is perhaps characteristically American, four in 10 U.S. workers who recently have been laid off themselves, or are a significant other to someone who has, now believe getting the ax was a blessing in disguise.
Read more:
http://www.hotelresource.com/article39650.html
Vegas casinos offering bargains all over
LAS VEGAS, Nevada –- Two years ago Gary Hamm and his wife gambled $200 at the Bellagio.
About two months ago it paid off.
He opened the mailbox at his Tacoma, Wash., home and found an offer from Bellagio for three free nights plus $50 in free play and food and drink credits.
"I was amazed, really," said Hamm. "Usually you expect to hear from casinos if you gamble a lot of money. We stayed there for three days and really didn't gamble much."
Read more:
http://www.rgtonline.com/Article.cfm?ArticleId=85094&CategoryName=Vegas
About two months ago it paid off.
He opened the mailbox at his Tacoma, Wash., home and found an offer from Bellagio for three free nights plus $50 in free play and food and drink credits.
"I was amazed, really," said Hamm. "Usually you expect to hear from casinos if you gamble a lot of money. We stayed there for three days and really didn't gamble much."
Read more:
http://www.rgtonline.com/Article.cfm?ArticleId=85094&CategoryName=Vegas
Capital reports strong trading
Capital Pub Company has reported a 7% increase in pre-tax profit to £2.1m on turnover up 5% to £19.8m.
Capital, which has 25 London pubs, has complete the refurbishment of the entire estate, spending £1m in the financial year to 28 March.
Clive Watson, chief executive of Capital, said: “This is an encouraging set of results in what has remained a relatively resilient London trading market
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83579
Capital, which has 25 London pubs, has complete the refurbishment of the entire estate, spending £1m in the financial year to 28 March.
Clive Watson, chief executive of Capital, said: “This is an encouraging set of results in what has remained a relatively resilient London trading market
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83579
British Hospitality Association backs tips code of practice
Service charge controversy has 'damaged induustry's reputation'
The debate over tipping has damaged the reputation of UK pubs and restuarants, according to the chief executive of the British Hospitality Association (BHA).
Bob Cotton is now urging all restaurants to adopt a new code of practice on service charges, which is being developed in conjunction with the Department for Business, Innovation and Skills.
The governnment confirmed in May that the practice of using tips to boost staff pay to minimum wage levels will be illegal from October this year.
Read more at
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64315&c=1
The debate over tipping has damaged the reputation of UK pubs and restuarants, according to the chief executive of the British Hospitality Association (BHA).
Bob Cotton is now urging all restaurants to adopt a new code of practice on service charges, which is being developed in conjunction with the Department for Business, Innovation and Skills.
The governnment confirmed in May that the practice of using tips to boost staff pay to minimum wage levels will be illegal from October this year.
Read more at
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64315&c=1
Monday, June 29, 2009
Marston’s faces flak over £176m fundraising
http://www.ft.com/cms/s/0/d8dcb94e-6408-11de-a818-00144feabdc0.html
YOu will need to sign up for a free account
YOu will need to sign up for a free account
Arcandor chief hopes to keep Thomas Cook
http://www.ft.com/cms/s/0/499c3a28-63fb-11de-a818-00144feabdc0.html
You will need to sign up for a free account to see this article
You will need to sign up for a free account to see this article
Registration Statement filed for proposed reorganization of Tim Hortons as a Canadian public company
Sunday, June 28, 2009
Saturday, June 27, 2009
Friday, June 26, 2009
Ruth’s Hospitality Group, Inc. Announces Shelf Registration Declared Effective by the Securities and Exchange Commission
Thursday, June 25, 2009
'The worst hotel in the world' a hit with travellers
You have to watch the video. It's GREAT
http://www.news.com.au/travel/story/0,28318,25687699-5014090,00.html
http://www.news.com.au/travel/story/0,28318,25687699-5014090,00.html
Hotel delinquencies predicted to exceed 8% by year end. Red Roof defaults on $361 million in loans. Are there lessons for hotel lenders and investors
Wednesday, June 24, 2009
Tuesday, June 23, 2009
Worlds 50 Best Restaurants
And OutBack has the best steak
http://www.hospitalityfinanceblog.com/2009/06/outback-steakhouse-voted-1-steak-in.html
Must be the time of year for this sort of thing
http://www.hospitalityfinanceblog.com/2009/06/outback-steakhouse-voted-1-steak-in.html
Must be the time of year for this sort of thing
Darden Restaurants Reports Fourth Quarter and Annual Diluted Net Earnings Per Share; Increases Quarterly Dividend by 25 Percent
Fourth quarter sales from continuing operations were $1.98 billion, compared to $1.83 billion in the prior year, an 8% increase (14 weeks vs. 13 weeks). Combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 1.4% this quarter (13 weeks vs. 13 weeks). For the full year, fiscal 2009 sales from continuing operations were $7.22 billion, a 9% increase (53 weeks vs. 52 weeks) from the prior year's $6.63 billion. Combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 1.4% in fiscal 2009 (52 weeks vs. 52 weeks), which compares to an estimated decline of 5.6% for the Knapp-Track(TM) benchmark of U.S. same-restaurant sales for casual dining chains, excluding Darden. Darden's total sales increase reflects meaningful new unit growth at Olive Garden, LongHorn Steakhouse and Red Lobster as well as the benefit of an additional operating week in fiscal 2009. The additional operating week contributed approximately two percentage points of sales increase in fiscal 2009.
Sonic Reports Third Quarter Earnings
For the third quarter ended May 31, 2009, revenues declined 10% to $191.9 million from $213.0 million in the year-earlier period, reflecting lower restaurant sales at partner drive-ins as well as the impact of refranchising on the company's revenue mix. Net income for the quarter was $16.8 million or $0.27 per diluted share, declining slightly from $17.2 million or $0.28 per diluted share in the same quarter last year. For the first nine months of the fiscal year, revenues declined 6% to $545.0 million from $577.8 million in the prior year. Net income on a year-to-date basis was $32.6 million or $0.53 per diluted share compared with $40.1 million or $0.64 per diluted share for the comparable period last year
Parcel delivery is part of new pub support package
Interesting Idea. Now you can sit and drink beer all day in the Pub as you wait for the UPS guy
Monday, June 22, 2009
Sunday, June 21, 2009
Saturday, June 20, 2009
Friday, June 19, 2009
Sunstone Hotel Investors Announces the Sale of the Marriott Riverside, California for Gross Proceeds of $19.3 Million
So the CEO states
Art Buser, President and Chief Executive Officer, stated, "The sale of the Marriott Riverside demonstrates our ability to monetize non-core assets at an attractive valuation in a very challenging transaction environment.
So the hotel was sold at 10.1 times 2009 EBITDA. Yes its a good multiple, but in a DOWN year. The hotel sold for $66K per room?
Check out the web site http://www.marriott.com/hotels/travel/ralmc-riverside-marriott/
It says "newly renovated rooms"
Art Buser, President and Chief Executive Officer, stated, "The sale of the Marriott Riverside demonstrates our ability to monetize non-core assets at an attractive valuation in a very challenging transaction environment.
So the hotel was sold at 10.1 times 2009 EBITDA. Yes its a good multiple, but in a DOWN year. The hotel sold for $66K per room?
Check out the web site http://www.marriott.com/hotels/travel/ralmc-riverside-marriott/
It says "newly renovated rooms"
Thursday, June 18, 2009
Wednesday, June 17, 2009
Travel sites lose ruling
This is going to get big. The issue is; If an Internet booking agent, such as Travelocity, charges a guest $100.00 per night for a room and then only pays the hotel $75.00 per night per agreement, what happens to the Room Tax on the $25.00 "commission".
In a true commission situation the hotel would bill the guest $100 and then pay the agent $25. But in this case as the rate is net there is a discrepancy.
The same could be said for a Wholesaler such a GoGo Tours? They normally have net rate agreements and then charge the guest more.
In a true commission situation the hotel would bill the guest $100 and then pay the agent $25. But in this case as the rate is net there is a discrepancy.
The same could be said for a Wholesaler such a GoGo Tours? They normally have net rate agreements and then charge the guest more.
Tuesday, June 16, 2009
Monday, June 15, 2009
Saturday, June 13, 2009
Starwood Capital to acquire Golden Tulip | Group becomes the 11th largest hotel group in the world
Note: Starwood Capital is different from Starwood Hotels
Friday, June 12, 2009
Thursday, June 11, 2009
Luby’s Announces Third Quarter Fiscal 2009 Results
HOUSTON, TX – June 10, 2009 – Luby’s, Inc. (NYSE: LUB) today announced unaudited financial results for the third quarter of fiscal 2009, a twelve-week period, which ended on May 6, 2009.
Third Quarter Highlights:
Restaurant sales were $66.0 million, a decrease of $6.7 million compared to the same quarter last year; approximately $1.5 million of the reduction in sales related to closed operations partially offset by new restaurant sales.
Culinary contract services revenue increased to $3.0 million in the third quarter compared to $1.8 million in the same quarter last year. The increase was due to culinary contract services operating 13 facilities as of May 6, 2009 compared to operating 9 facilities as of May 7, 2008.
Restaurant sales declined $6.7 million in the third quarter but store level profit declined only $1.4 million due to effective cost management. The Company defines store level profit as restaurant sales minus costs of food, payroll and related costs and other operating expenses.
Same-store sales, which consisted of 118 restaurants, decreased approximately 8.9% due primarily to declines in guest traffic partially offset by higher menu prices. The third quarter fiscal 2009 partially benefited from the favorable timing of Lent in the third quarter. Adjusted for this item, the Company estimated same-store sales declined approximately 9.4% in the third quarter fiscal 2009.
Third Quarter Highlights:
Restaurant sales were $66.0 million, a decrease of $6.7 million compared to the same quarter last year; approximately $1.5 million of the reduction in sales related to closed operations partially offset by new restaurant sales.
Culinary contract services revenue increased to $3.0 million in the third quarter compared to $1.8 million in the same quarter last year. The increase was due to culinary contract services operating 13 facilities as of May 6, 2009 compared to operating 9 facilities as of May 7, 2008.
Restaurant sales declined $6.7 million in the third quarter but store level profit declined only $1.4 million due to effective cost management. The Company defines store level profit as restaurant sales minus costs of food, payroll and related costs and other operating expenses.
Same-store sales, which consisted of 118 restaurants, decreased approximately 8.9% due primarily to declines in guest traffic partially offset by higher menu prices. The third quarter fiscal 2009 partially benefited from the favorable timing of Lent in the third quarter. Adjusted for this item, the Company estimated same-store sales declined approximately 9.4% in the third quarter fiscal 2009.
CLUB MÉDITERRANÉE: RESULTATS DU PREMIER SEMESTRE 2009
In a nutshell......
Revenues down 4.2% for the quarter year on year
Gross 28M euros vs 26M euros last year
Net (22) M euros vs (9)M euros last year . Increase in loss due to "impacté par des éléments non récurrents " - nonrecurring items. Although I do not see what they are.
Summer occupancy does not look good.
Revenues down 4.2% for the quarter year on year
Gross 28M euros vs 26M euros last year
Net (22) M euros vs (9)M euros last year . Increase in loss due to "impacté par des éléments non récurrents " - nonrecurring items. Although I do not see what they are.
Summer occupancy does not look good.
Dave and Buster’s, Inc. Reports Financial Results for its Fiscal 2009 First Quarter
DALLAS—June 11, 2009—Dave & Buster's, Inc., a leading operator of high volume
entertainment/dining complexes, today announced results for its first quarter ended May 3, 2009.
Total revenues decreased 2.8% to $138.4 million in the first quarter of 2009, compared to $142.5 million in the first quarter of 2008. This revenue decline was comprised primarily of a 7.9% decrease in comparable store sales offset by a $7.1 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 4.9%, while revenues from Amusements and Other decreased 0.5%.
entertainment/dining complexes, today announced results for its first quarter ended May 3, 2009.
Total revenues decreased 2.8% to $138.4 million in the first quarter of 2009, compared to $142.5 million in the first quarter of 2008. This revenue decline was comprised primarily of a 7.9% decrease in comparable store sales offset by a $7.1 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 4.9%, while revenues from Amusements and Other decreased 0.5%.
Wednesday, June 10, 2009
HOTELS Magazine Ranks the World’s Largest Hotel Companies
UPDATE: This links to the 2008 ranking. The 2009 ranking will be out the beginning of July
Tuesday, June 9, 2009
Outback Steakhouse Voted #1 Steak in Zagat Survey of National Restaurant Chains
If there was ever a sign that the world is ending. . . . THIS is it! ! !
According to Zagat the top five places for steak (among national chains) are . . . . . .
1. Outback Steakhouse
2. LongHorn Steakhouse
3. Texas Roadhouse
4. Cheesecake Factory, The
5. Carrabba's Italian Grill
I know that most people will not believe this so here is a link. http://www.zagat.com/promo.aspx?pn=37#
According to Zagat the top five places for steak (among national chains) are . . . . . .
1. Outback Steakhouse
2. LongHorn Steakhouse
3. Texas Roadhouse
4. Cheesecake Factory, The
5. Carrabba's Italian Grill
I know that most people will not believe this so here is a link. http://www.zagat.com/promo.aspx?pn=37#
Monday, June 8, 2009
Hotel price war hots up
This is interesting. You will need to sign up for the Financial Times to read. Its FREE.
Sunstone Hotel Investors has defaulted on its mortgage on the W Hotel (San Diego) and is prepared to surrender the hotel to its lender.
"While the Company’s elective default of the W San Diego mortgage was precipitated by a number of unique, market and hotel-specific factors, in the future other factors may lead the Company to pursue similar options with certain of its other mortgaged hotels. The Company believes such cases will be limited in number. For perspective, the average mortgage debt per room of the Company’s mortgaged hotels equates to approximately $129,500, approximately half that of the W San Diego."
Fine wine merchant Berry Bros & Rudd is set to launch an online trading platform
This is interesting. perhaps a way to reduce un-needed inventory
Saturday, June 6, 2009
Friday, June 5, 2009
INNSUITES HOSPITALITY TRUST (IHT) REPORTS FIRST QUARTER EARNINGS
Phoenix, AZ, June 4, 2009 - InnSuites Hospitality Trust (NYSE AMEX:IHT)
Highlights:
Adjusted EBITDA declined by 35.5% from $2.2 million to $1.4 million
Net income attributable to Shares of Beneficial Interest decreased to $532,000, or $0.06 per basic share, for the three months ended April 30, 2009 from $1.5 million, or $0.16 per basic share, for the three months ended April 30, 2008, primarily due to a decline in revenue due to lower occupancy and an increase of $479,000 in depreciation expense.
Revenues for the first quarter of fiscal 2010 of $5.5 million were down $1.3 million, or 19.0%, compared to $6.8 million in the prior year period, reflecting the current economic environment.
The Trust continues to proactively review and reduce operating expenses to offset declining revenue.
Highlights:
Adjusted EBITDA declined by 35.5% from $2.2 million to $1.4 million
Net income attributable to Shares of Beneficial Interest decreased to $532,000, or $0.06 per basic share, for the three months ended April 30, 2009 from $1.5 million, or $0.16 per basic share, for the three months ended April 30, 2008, primarily due to a decline in revenue due to lower occupancy and an increase of $479,000 in depreciation expense.
Revenues for the first quarter of fiscal 2010 of $5.5 million were down $1.3 million, or 19.0%, compared to $6.8 million in the prior year period, reflecting the current economic environment.
The Trust continues to proactively review and reduce operating expenses to offset declining revenue.
Thursday, June 4, 2009
Wednesday, June 3, 2009
Drake Hotel's loo up for America's Best Restroom award
Not much to do with finance or accounting. I always thought the the rest room was nice, butt....
Tuesday, June 2, 2009
The Employee Free Choice Act of 2009 has franchises lobbying politicians to block the legislation that could ‘dramatically increase labor costs
BRITS PAY 9 TIMES MORE BEER TAX THAN GERMANS
"Experts say around 46p for every pint sold in the UK goes straight into the Chancellor’s pocket – while in Romania it is just 4p"
