Hilton Pittsburgh owner seeking investor to help pay debts

The owner of the Hilton Pittsburgh is looking to bring in another investor to help pay off hundreds of thousands in debts and get the Downtown hotel's $25 million renovation rolling again.
After meeting with Mayor Luke Ravenstahl this afternoon, Atul Bisaria, CEO of Shubh Hotels LLC, the Hilton owner, said the firm was "actively negotiating" to bring another investment group in to raise capital to settle debts with contractors and suppliers and to complete a stalled exterior addition at the hotel's entrance.

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http://www.post-gazette.com/pg/09210/987197-100.stm

Westin O'Hare at risk of default

(Crain’s) — The owner of the Westin O’Hare is in danger of defaulting on a $101-million loan because of falling occupancy levels and room rates at the 525-room hotel, according to a recent report.
The hotel is no longer generating enough cash flow to cover its monthly interest payments, and its owner, Dallas-based Ashford Hospitality Trust Inc., “is asking for debt service relief during the downturn,” according to the report by a so-called special servicer overseeing the loan. The loan is in a danger of “imminent default,” the report says.

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http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34965

Fast Food Restaurants Have Right Menu for Recession

As the U.S. restaurant industry struggles through the economic downturn, quick-service operators such as McDonald’s (MCD), Burger King (BKC) and Wendy’s (WEN) may enjoy a comparative advantage that helps them navigate the weakness better than their competitors in the casual-dining and higher-end segments, according to Moody’s Investors Service.

Read more:
http://seekingalpha.com/article/152544-fast-food-restaurants-have-right-menu-for-recession?source=yahoo

Lenders battling in Station Casinos bankruptcy case

The bankruptcy of Station Casinos Inc. has revealed that the Las Vegas company's banks are fighting amongst themselves as different groups of lenders move to protect their positions in the company's $6.4 billion of debt

Read more:
http://www.lasvegassun.com/news/2009/jul/30/lenders-battling-station-casinos-bankruptcy-case/

IHG poster boy no more

When he was picked two years ago to replace Patrick Imbardelli as InterContinental Hotels Group (IHG)'s head in Asia-Pacific, IHG chief Andy Cosslett praised Gowers to the moon.This was what Cosslett told TTG Asia: "Peter is an exceptionally bright man, an Oxford (University) union president who came into IHG (in 1999 as management consultant) and made a big difference...He has the capacity to lead a team...he has been engaged with owners who hugely admire him...He knew our strategy, really understood our brands and systems and is the best man for this fastest-growing part...He'll go very well and very far; it's a big opportunity for him and that's what you need to give people. Give them the opportunity when they are young enough to do it. Age is irrelevant. If you are good enough, you're old enough."

Read more:
http://ehotelier.com/hospitality-news/item.php?id=P16786

Another Cautionary Casino Tale

Less than 48 hours before Las Vegas Sands (NYSE: LVS) -- a casino operator with a battered balance sheet -- was due to reveal second-quarter results, Station Casinos, which has a shakier balance sheet, filed for bankruptcy reorganization. The company filed for Chapter 11 on Tuesday, saying its casino operations won't be affected.

Read more:
http://www.msnbc.msn.com/id/32218494/ns/business-motley_fool/

Vegas casinos cut costs, slash room prices in 2Q

Declines in convention business and tourism took their toll on Las Vegas casino operators in the second quarter, as Wynn Resorts Ltd. and Las Vegas Sands Corp. each reported worse results Thursday than they did a year earlier.

Read more:
http://www.lasvegassun.com/news/2009/jul/30/vegas-casinos-cut-costs-slash-room-prices-in-2q/

Las Vegas Sands Corp. Reports Second Quarter 2009 Results

Net revenue for the second quarter of 2009 was $1.06 billion, a decrease of 4.8% compared to $1.11 billion in the second quarter of 2008. Consolidated adjusted property EBITDAR in the second quarter of 2009 decreased 14.0% to $247.6 million, compared to $287.9 million in the year-ago quarter.

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http://phx.corporate-ir.net/phoenix.zhtml?c=185629&p=irol-newsArticle&ID=1314517&highlight=

Euro Disney S.C.A. Reports Revenues for the Nine Months Ended June 30, 2009

MARNE-LA-VALLEE, France, July 30 /PRNewswire-FirstCall/ --
- Nine-Month Year-To-Date Revenues Decreased 7% to EUR 867 Million, Reflecting a Decline in Guest Spending, in Real Estate Revenues and in Hotel Occupancy
- Third Quarter Revenues Decreased 7% to EUR 308 Million, Reflecting Declines in Guest Spending and Hotel Occupancy

Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/07-30-2009/0005068714&EDATE=

Chuck E. Cheese Reports Financial Results for the Second Quarter of Fiscal 2009

IRVING, Texas--(BUSINESS WIRE)--Jul. 30, 2009-- CEC Entertainment, Inc. (NYSE: CEC) today reported net earnings of $9.0 million for the second quarter ended June 28, 2009, compared to net earnings of $11.3 million in the second quarter of 2008. Diluted earnings per share decreased to $0.39 for the second quarter of 2009, compared to $0.47 in the second quarter of 2008. The decrease in diluted earnings per share between the two quarters was impacted by our repurchase of approximately 3.4 million shares of our common stock since the beginning of the second quarter of 2008. Total quarterly revenues decreased 4.0% to $184.8 million during the second quarter of 2009 from total quarterly revenues of $192.5 million in the second quarter of 2008. Comparable store sales for the second quarter of 2009 declined 5.4%.

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http://phx.corporate-ir.net/phoenix.zhtml?c=72589&p=irol-newsArticle&ID=1314566&highlight=

Wynn Resorts, Limited Reports Second Quarter Results

LAS VEGAS--(BUSINESS WIRE)--Jul. 30, 2009-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the quarter ended June 30, 2009.
Net revenues for the second quarter of 2009 were $723.3 million, compared to $825.2 million in the second quarter of 2008.
Consolidated adjusted property EBITDA (1) decreased 18.7% to $192.7 million for the second quarter of 2009, compared to $237.0 million in the second quarter of 2008.

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http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1314279&highlight=

Starwood Hotels Completes Sale of the W San Francisco to Keck Seng for $90 million

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the W San Francisco to Keck Seng Investments (Hong Kong) Limited for $90 million. The sales price represents a multiple of over 14X anticipated 2009 EBITDA. Starwood also entered a long-term management agreement to continue operating the hotel as a W

Britannia Hotels buys Heathlands Hotel out of adminstration

Britannia Hotels has bought the Heathlands Hotel in Bournemouth from its joint administrators Andy Beckingham and Matthew Chadwick of BDO Stoy Hayward LLP for an undisclosed amount. The deal was brokered by property agent Christie + Co.The acquisition takes Britannia's hotel portfolio to 34 properties.

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http://www.propertyeu.info/newsletter/default.asp?id=10153

Manchester United team 'was target' for hotel bombings

Indonesian police are investigating the origin of an internet message which claims responsibility for twin hotel bombings in Jakarta nearly two weeks ago, and names the Manchester United football team as the target.

Read more:
http://www.independent.ie/world-news/asia-pacific/manchester-united-team-was-target-for-hotel-bombings-1846940.html

Marriott to Expand by Converting Competitors’ Hotels

July 30 (Bloomberg) -- Marriott International Inc., the largest U.S. hotel chain, plans to expand by taking over the operation of hotels from competitors unable to pay or refinance debt, Chief Financial Officer Carl Berquist said.
“There’s a lot of money on the sidelines to step in and take the position as an owner,” Berquist said yesterday in a telephone interview. “We are more than willing to work with those folks and help manage or franchise those opportunities,” he said, adding that Marriott would be prepared to “put in some equity if it makes sense to us.”

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http://www.bloomberg.com/apps/news?pid=20601206&sid=asB.tscMVU6s

Arcandor Lenders Say They’ll Probably Sell Thomas Cook Stake

July 30 (Bloomberg) -- Arcandor AG’s main lenders said they’re likely to sell most of the company’s stake in tour operator Thomas Cook Group Plc to investors after the insolvent German retailer defaulted on convertible debt.
“The most likely outcome would involve a market placing, off market sales or some combination of the two,” Royal Bank of Scotland Group Plc, Commerzbank AG and BayernLB said in a Regulatory News Service statement. The sale would involve a 43.9 percent stake in Thomas Cook that was granted to the lenders by Arcandor as security for their loans.

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http://www.bloomberg.com/apps/news?pid=20601205&sid=aCTyB9LXJkjU

Accor First-half 2009 revenue down 8.1% like-for-like

First-half 2009 revenue performance was shaped by the following factors:
• The expansion strategy, which added 4.3% to growth for the quarter (of which €104 million from the full consolidation of Orbis).
• The strategic refocusing on Hotels and Prepaid Services (with the disposal of the Brazilian foodservices business) and ongoing deployment of the asset-right strategy, which had a 4.5% negative impact on revenue for the period.
• The 1.0% negative currency effect, resulting from the euro’s appreciation against the British pound, the Australian dollar and the Brazilian real. On the upside, the dollar impact was a positive 1.1%. 　
• At constant scope of consolidation and exchange rates, revenue contracted by 8.1%.
Read more:
http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/PDF/EN/ACCOR_CP_CA_Q22009_VENG.pdf

Starbucks, McDonald's carve coffee niches

LOS ANGELES (Reuters) - When the dust from the great coffee war that wasn't settles, McDonald's and Starbucks will find that each plays on a slightly shifted field, but neither side has captured the spoils -- the other's customers.

Read more:
http://www.reuters.com/article/ousiv/idUSTRE56S67V20090729

Travelodge snaps up six London properties for £84m

Budget hotel chain Travelodge is to expand by a further six properties in the capital in a deal worth £84m, which will make it the largest hotel brand in London by 2012.
The six London hotel exchanges will be a mixture of office developments and new-builds across five London boroughs in Drury Lane, Covent Garden; Ealing; Stratford; Harrow Lyon Road; Harrow Sheridan House; and Bromley.

Read more:
http://www.caterersearch.com/Articles/2009/07/30/328987/travelodge-snaps-up-six-london-properties-for-84m.html

Copacabana hotel sold for £54.5m

The former Le Meridien Copacabana hotel in Rio de Janeiro, Brazil, has been sold for around R$170m (£54.5m).
The 38-floor property is one of the most famous landmarks in Rio de Janeiro and is situated in a prime position overlooking the Copacabana and the Atlantic Ocean with direct views of the Sugarloaf mountain and the Christ Redeemer statue on Corcovado.

Read more:
http://www.caterersearch.com/Articles/2009/07/30/328986/former-le-meridien-copacabana-hotel-sold-for-54.5m.html

Empire Resorts Announces That the Park Avenue Bank of New York Has Issued a 90-Day Standstill Notice to Company's Note Holders

MONTICELLO, N.Y.--(BUSINESS WIRE)--Empire Resorts, Inc. (the "Company") (NASDAQ: NYNY) announced today that The Park Avenue Bank of New York (the “Bank”) has issued a notice of default for failure of the Company to repay $4.4 million in debt obligations to the Bank on their maturity date of July 28, 2009. As a result of the Company's default, the Bank contemporaneously exercised a right under an Intercreditor Agreement which was assigned by the Bank of Scotland to the Bank on July 28, 2009, to issue a Standstill Notice to the Note Holders of the Company's $65 million Senior Notes. Pursuant to the Standstill Notice, Note Holders are prohibited from exercising any rights or remedies in respect of collection on, set off against, marshalling of, or foreclosure on the collateral pledged by the Company to secure its obligations under the Notes for a period of 90 days. The standstill period will expire on October 27, 2009

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http://finance.yahoo.com/news/Empire-Resorts-Announces-That-bw-2067242610.html?x=0&.v=1

Station Casinos Voluntarily Files Chapter 11 Petitions to Restructure Its Debt

Station Casinos, Inc. (the "Company") announced today that it and certain of its non-casino subsidiaries filed voluntary petitions to reorganize under Chapter II of the United States Bankruptcy Code in Reno, Nevada. Pursuant to an agreement with the Company's senior secured lenders, none of the Company's casino operating subsidiaries or affiliates were included in the Chapter 11filings and the Company will continue normal operations at all of its properties under the direction of its existing management team. In addition to cash generated from its operating subsidiaries and affiliates, the Company has in place an agreement with its senior secured lenders that~ subject to court approval, permits it to borrow, as needed, up to $150 million of cash from one of its non-operating subsidiaries.
Read more:
http://www.hotelinteractive.com/article.aspx?articleid=14391

Choice Hotels Reports Second Quarter 2009 Adjusted Diluted EPS of $0.44, Domestic Unit Growth of 4.8%

SILVER SPRING, Md., July 29 /PRNewswire-FirstCall/ -- Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for second quarter 2009:

• Adjusted diluted earnings per share ("EPS") for second quarter 2009 were $0.44, compared to $0.49 for the same period of the prior year.
• Diluted EPS were $0.42 for second quarter 2009 compared to $0.43 for second quarter 2008.
• Adjusted diluted EPS for second quarter 2009 and 2008 exclude certain special items, as described below, totaling $0.02 and $0.06, respectively.
• Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $42 million for the three months ended June 30, 2009, compared to $53.1 million for the same period of 2008.
• Operating income for the three months ended June 30, 2009 was $38.1 million compared to $44.6 million for the same period of 2008.
• Adjusted selling, general and administrative ("SG&A") costs for the second quarter of 2009 totaled $25.2 million which represented a 10% decline from the same period of the prior year.
• Adjusted SG&A costs exclude special items totaling $1.9 million and $6.4 million for the three months ended June 30, 2009 and 2008, respectively.
• Domestic unit and room growth increased 4.8 percent and 4.5 percent, respectively, from June 30, 2008.
• Domestic system-wide revenue per available room ("RevPAR") declined 15.7% for the second quarter of 2009 compared to the same period of 2008.
• The effective royalty rate increased 6 basis points to 4.26% for the three months ended June 30, 2009 compared to 4.20% for the same period of the prior year.
• Franchising revenues declined 17% from $80.5 million for the three months ended June 30, 2008 compared to $66.9 million for the same period of 2009.
• Total revenues for the three months ended June 30, 2009 declined 14% compared to the same period of 2008.
• The company executed 118 new domestic hotel franchise contracts for the three months ended June 30, 2009, a decline of 40% compared to the 198 contracts executed in the same period of the prior year.
• The number of domestic hotels under construction, awaiting conversion or approved for development declined 17% from June 30, 2008 to 827 hotels representing 64,384 rooms; the worldwide pipeline declined 15% from June 30, 2008 to 937 hotels representing 73,121 rooms.

Read more:

http://investor.choicehotels.com/phoenix.zhtml?c=99348&p=irol-newsArticle&t=Regular&id=1313875&

Wyndham Worldwide Reports Second Quarter 2009 Results

PARSIPPANY, N.J. 07-29-2009 —
Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2009.

SECOND QUARTER 2009 HIGHLIGHTS:

• The Company generated diluted adjusted earnings per share (EPS) of $0.41, compared with Company–issued guidance of $0.36 – $0.4
• The Company reaffirms full–year 2009 revenue and adjusted EBITDA guidance
• Wyndham Hotel Group's concentration in the economy and mid–scale segments led it to outperform the overall industry average domestic revenue per available room (RevPAR), posting a decline of 13.6% compared with a decline of 19.5%, as reported by Smith Travel Research
• Group RCI adjusted EBITDA, excluding the net effect of foreign currency impacts, increased 30%
• Volume per guest (VPG) at Wyndham Vacation Ownership increased 17%, reflecting strong pricing and higher close rates
• In May 2009, the Company successfully completed $480 million of debt issuances maturing in 2012 and 2014; increasing available capacity on its revolving credit facility to approximately $840 million as of June 30, 2009

Read more:

http://www.wyndhamworldwide.com/investors/show_release.cfm?id=557

Famous Dave's Reports Second Quarter Earnings of $0.26 per share

MINNEAPOLIS, Jul 29, 2009 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced revenue and net income of $36.3 million and $2.4 million, respectively, or $0.26 per diluted share for its fiscal 2009 second quarter ended June 28, 2009. This compares to revenue and net income of $38.8 million and $2.3 million, respectively, or $0.23 per diluted share for the comparable period of 2008. For the six months ended June 28, 2009, the Company had revenue and net income of $70.1 million and $3.7 million, respectively, or $0.40 per diluted share. For the comparable six months of 2008, the Company had revenue and net income of $72.5 million and $3.1 million, respectively, or $0.32 per diluted share

Read more:
http://ir.famousdaves.com/phoenix.zhtml?c=92947&p=irol-newsArticle&ID=1313845&highlight=

2009 North America Hotel Guest Satisfaction Study

Facing similar challenges to that of the domestic airline and auto industries—namely, rising costs and a lack of customers—the hotel industry has also been forced to slash operating costs and reduce staff in hopes of remaining competitive. But even though reduced demand has forced hotel properties to make sweeping changes, hotel guest satisfaction actually improved in 2009, according to a recent J.D. Power and Associates study. How have hoteliers accomplished this feat? By focusing on their customers.

Read more:
http://www.jdpower.com/travel/articles/2009-North-America-Hotel-Guest-Satisfaction-Study

Eateries say biz is cooking

The summer months are usually the worst for the city's restaurants as New Yorkers head to the beach, business meetings are put on hold and the Big Apple simply slooows.
But this year is different. The summer seems to be ushering in a period of growth. “The mood is getting back to normal,” says Dean Poll, president of the Boathouse restaurant in Central Park. “It seems like things have finally stabilized.”

Read more:
http://www.crainsnewyork.com/article/20090726/SMALLBIZ/307269955

Starbucks to Expand Further in China, Won’t Enter India Soon

July 29 (Bloomberg) -- Starbucks Corp., the world’s biggest coffee-shop operator, will keep China as a key part of its Asia growth strategy and has no immediate plans to enter India, the head of the company’s international unit said.
“China clearly is a huge opportunity for us, today and into the foreseeable future,” Martin Coles, president of Starbucks Coffee International Inc., said in an interview in Seoul. “We certainly have aspirations to have operations in India, but this is not something that is on the front burner and about to happen.”

Read more;
http://www.bloomberg.com/apps/news?pid=20601205&sid=aYVXEkEZkjmc

DineEquity, Inc. Announces Solid Second Quarter 2009 Financial Results

GLENDALE, CA, Jul 28, 2009 (MARKETWIRE via COMTEX) -- DineEquity, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, today announced financial results for the second quarter ended June 30, 2009. DineEquity's financial performance included the following highlights: -- Excluding gains and impairment charges, diluted net income per share
available to common shareholders increased by $0.72 to $0.74 from $0.02
compared to the same quarter last year, primarily due to lower interest
expense and reduced General & Administrative (G&A) expenses. Diluted net
income per share available to common shareholders increased by $2.51 to
$1.09 from a loss of $1.42 compared to the same quarter last year.
Read more:
http://investors.dineequity.com/phoenix.zhtml?c=104384&p=irol-newsArticle_Print&ID=1312780&highlight=

UK Chain Hotels Market Review – June 2009

Hotel occupancy in June proved relatively robust, according to the latest HotStats survey by industry experts, TRI Hospitality Consulting.
Occupancy levels in London for June 2009 reached 84.1%, only one percentage point below last year. June is traditionally the best performing month in the capital, driven by strong corporate demand, leisure tourism and major events such as Wimbledon, which attracts over half a million visitors to London.

Read more:
http://ehotelier.com/hospitality-news/item.php?id=P16763

Bay Restaurant Group refinances to tune of £150m

Bay Restaurant Group (BRG), which operates La Tasca, Slug & Lettuce and ha ha bar & grill eateries, has reduced its debt by between £100m and £150m following a refinancing, according to sources.
The 180 strong group, which emerged from the controversial ‘pre-pack’ administration deal of Laurel Pub Company last year, said it had refinanced to the tune of £150m, with debt believed to have been cut by up to £150m.
BRG said it had agreed the new facility terms with Icelandic bank Kaupthing and Germany’s Commerzbank until 2012.

Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64664&c=1

DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2009 RESULTS

BETHESDA, Maryland, Tuesday July 28, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its second quarter ended June 19, 2009. The Company is a lodging-focused real estate investment trust that owns twenty premium hotels in North America.
Second Quarter 2009 Highlights
 RevPAR: The Company’s RevPAR was $109.85, a decrease of 22.2 percent compared to the same period in 2008.
 Hotel Adjusted EBITDA Margins: The Company’s Hotel Adjusted EBITDA margins were 25.19%, a decrease of 604 basis points compared to the same period in 2008.
 Adjusted EBITDA: The Company’s Adjusted EBITDA was $32.6 million, a decline of 39% compared to the same period in 2008.
 Adjusted FFO: The Company’s Adjusted FFO was $24.9 million and Adjusted FFO per diluted share was $0.24.
 Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share during the second quarter, which resulted in net proceeds of $82.1 million.

Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTEyNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Total Insanity: Commerce Restaurant to go Cashless

Bad news for mobsters, drug dealers, and The Real Housewives of New Jersey: Following up on a Gael Greene tweet, Eater learns from Tony Zazula, the owner of West Village restaurant Commerce, that starting in September, they will no longer accept cash. That's right: they will no longer accept our standard monetary unit, the good old American greenback

Read more:
http://eater.com/archives/2009/07/total_insanity_commerce_restaurant_to_go_cashless.php

Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the First Fiscal Quarter 2010

First Fiscal Quarter 2010 Restaurant Sales
Total restaurant sales increased 1.7% to $95.5 million in the first fiscal quarter 2010 from $93.9 million in the first fiscal quarter 2009. For the first fiscal quarter 2010, Company-wide comparable restaurant sales were (10.1%), comprised of (13.1%) at Benihana teppanyaki, 3.5% at RA Sushi, and (14.8%) at Haru.
During the period, Benihana teppanyaki represented approximately 66.2% of consolidated restaurant sales, while RA Sushi and Haru accounted for 23.2% and 10.6% of consolidated restaurant sales, respectively. There were a total of 1,532 store-operating weeks in the first fiscal quarter 2010 compared to 1,348 store-operating weeks in the first fiscal quarter 2009.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=111271&p=irol-newsArticle&ID=1313473&highlight=

J. ALEXANDER’S CORPORATION REPORTS RESULTS

NASHVILLE, TN., July 28, 2009 ‐‐ J. Alexander’ Corporation (NASDAQ: JAX) today
reported operating results for the second quarter and first half of 2009.
A summary of the second quarter of 2009 compared to the second period of 2008
follows:
• Net sales were $34,710,000 as compared to $34,767,000 recorded in the
second quarter of 2008.
• Average weekly same store sales per restaurant declined by 7%.
• The loss before income taxes was $1,431,000 compared to income before
income taxes of $950,000 in the second quarter of 2008.
• An income tax benefit of $635,000 was recorded for the second quarter of
2009 compared to a tax benefit of $273,000 for the second quarter of 2008.
The benefit for the second quarter of 2008 was due to the effect of lowering
the estimated annual effective tax rate for 2008 during that quarter primarily
because of lower estimates of pre‐tax income for the year.
• The net loss was $796,000 compared to net income of $1,223,000 in the
second period of 2008, and the loss per share was $ .13 compared to diluted
earnings per share of $ .18 in the second quarter of 2008.

Read more:
http://www.jalexanders.com/investor/reports/July_28_09.pdf

STR Global posts June 2009 results for Asia/Pacific region

LONDON—Hotels in the Asia/Pacific region experienced double-digit decreases when reported in U.S. dollars for all three key performance metrics for June 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 10.8 percent to 56.2 percent; average daily rate declined 16.3 percent to US$111.85; and revenue per available room fell 25.3 percent to US$62.88.

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1596

STR Global posts Middle East/Africa June 2009 results

LONDON—The Middle East/Africa region suffered declines in all three key measurements in year-over-year results when reported in U.S. dollars for June 2009, according to data compiled by STR Global.
The region’s occupancy dropped 11.7 percent to 59.6 percent; average daily rate decreased 2.8 percent to US$138.23; and revenue per available room decreased 14.2 percent to US$82.38.
Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1599

STR Global posts June 2009 results for Europe

LONDON—The European hotel industry posted mixed year-over-year results when reported in U.S. dollars, euros and British pounds for June 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to single-digit gains, depending on the market and the currency used for comparison.

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1600

Buffalo Wild Wings Spices Up the Joint

Once again, Buffalo Wild Wings (Nasdaq: BWLD) has defied the recession to report an impressive quarter.
Second-quarter net income increased 24.2%, to $7 million, or $0.39 per share. Revenue surged an impressive 32.4%, to $129.6 million. Same-store sales increased 2.8% and 3.7% at company-owned and franchise locations, respectively. Furthermore, Buffalo Wild Wings' franchise royalties and fees jumped 14%, to $11.9 million. In short, the company made a good showing all around
Read more:
http://www.fool.com/investing/general/2009/07/28/buffalo-wild-wings-spices-up-the-joint.aspx

Buffalo Wild Wings, Inc. Announces Second Quarter 2009 Results

MINNEAPOLIS--(BUSINESS WIRE)--Jul. 27, 2009-- Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the second quarter ended June 28, 2009. Highlights for the second quarter versus the same period a year ago were:
Total revenue increased 32.4% to $129.6 million
Company-owned restaurant sales grew 34.6% to $117.8 million
Same-store sales increased 2.8% at company-owned restaurants and 3.7% at franchised restaurants
Net earnings increased 24.2% to $7.0 million from $5.6 million, and earnings per diluted share increased 25.8% to $0.39 from $0.31

Read more;
http://phx.corporate-ir.net/phoenix.zhtml?c=146403&p=irol-newsArticle&ID=1312504&highlight=

Kona Grill Reports Second Quarter Results

SCOTTSDALE, Ariz., July 28, 2009 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its second quarter ended June 30, 2009.
Second Quarter 2009 Highlights Include:
* Opened restaurant in Woodbridge, New Jersey
* Restaurant sales increased 9.1% to $21.5 million
* Same-store sales decreased 9.5%
* Restaurant operating profit margin of 18.4%

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=191864&p=irol-newsArticle&ID=1313153&highlight=

Panera Bread Reports Q2 EPS of $0.65

HIGHLIGHTS
- Q2 2009 net income up 28% over Q2 2008
- Q2 2009 operating margin up 140 bps over Q2 2008
- Q2 2009 system-wide comparable bakery-cafe sales flat, net of the Easter impact
- Company-owned comparable bakery-cafe sales up 2.8% for the first 27 days of Q3 2009
- Q3 2009 EPS target set at $0.55 to $0.59 (up 22% to 31% versus Q3 2008)
- FY 2009 EPS target tightened to $2.60 to $2.68 (up 17% to 21% versus FY 2008 with one less week)

Read more:
http://www.panerabread.com/pdf/er-20090728.pdf

Interstate Hotels & Resorts Successfully Appeals NYSE Ruling

ARLINGTON, Va., July 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that the company has successfully appealed a NYSE ruling in March under which Interstate's stock was suspended from trading for failing to meet the minimum $15 million market capitalization requirement. The NYSE has now determined that Interstate's stock will resume trading on Wednesday, July 29 under its previous symbol IHR

Read more:
http://www.ihrco.com/INVESTORRELATIONS/PressReleases/tabid/81/Default.aspx

Station Casinos Files for Bankruptcy as Talks Fail

July 28 (Bloomberg) -- Station Casinos Inc., taken private by Colony Capital LLC and management in 2007, filed for Chapter 11 bankruptcy after failing to reach agreement with unsecured creditors on a plan for a prepackaged court restructuring.

Read more:
http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo

DORCHESTER HOTEL GROUP BOOKS IN AT THE TOP

DORCHESTER Group, the deluxe hotel chain which owns the iconic Dorchester hotel on London’s Park Lane, has bucked the economic downturn by posting a 12 per cent increase in revenues to £259.4 million in 2008.
The group is owned by the oil-rich state of Brunei which took a £20 million dividend from the business, up from just £1 million in 2007 according to the latest accounts filed with Companies House.

Read more:
http://www.express.co.uk/money/view/116538/Dorchester-hotel-group-books-in-at-the-top-

Jurys raises £60m worth of funding for expansion plans

Hotels chain Jurys Inn has said it has secured £60 million in funding to support further growth in the UK.
The mid-market operator, which has 21 hotels in the UK and seven in Ireland, attracted £15m each from major shareholders — the Oman Investment Fund and investment business Quinlan Private — with the remainder in debt.

Read more:
http://www.belfasttelegraph.co.uk/business/business-news/jurys-raises-pound60m-worth-of-funding-for-expansion-plans-14433468.html

UK Hotel bankruptcies soaring on recession

The full impact the recession has had on the UK's hotel industry was laid bare today by new figures showing that sector insolvencies soared 120% since last June.
Research by administrators PricewaterhouseCoopers also showed that 90 hotels have already failed in the first half this year, compared with 36 in the first six months of last year, a rise of 150%.

Read more:
http://www.thisislondon.co.uk/standard-business/article-23724259-details/article.do?ito=newsnow&

Hotels price war rattles chains

For Miles Cheetham the price war among Britain’s hotel chains has been a godsend. “Sometimes it makes a difference whether I should do a trip or kill it. Or whether I should go on my own or two of us should go,” said the director at The Key Revolution, a technology start-up.
To date, Cheetham has not managed to snag any of the ultra-cheap deals – £60 is his usual going rate – but he was happy when, on a recent business trip to Dublin, he secured a room for €80 overlooking Trinity Square that would normally cost €300 (£260).

Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6727576.ece

Macau’s New Leader Raises Prospect of Casino Revival

July 27 (Bloomberg) -- Macau’s new leader Fernando Chui says China will help the casino hub develop, which may boost operators including Las Vegas Sands Corp. and Wynn Resorts Ltd. that were hurt last year by mainland travel restrictions.

Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=a0znh1yrbw7g

Whitbread to dispose of four top pubs

Whitbread has placed four high-quality pubs on the market as part of plans to restructure its estate.
The company, which owns the Premier Inns, Brewers Fayre and Beefeater brands, is disposing of the pubs as part of plans to focus on its properties that offer hotel accommodation.

Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64633&c=1

Hard Rock hotel expands as Vegas rates stay down

LAS VEGAS -- As a 490-room tower opens at the Hard Rock Hotel and Casino just east of the Las Vegas Strip this week, hotel operators citywide are struggling to fill existing rooms and staggering at the prospect of 10,000 more coming online this year and next.
"It's (the) wrong place, wrong time," said Randy Fine, a former Harrah's Entertainment Inc. vice president and the founder of Fine Point Group, a casino marketing and consulting firm based here. "They want to turn a boutique property into a mega-resort. This is probably not the time to be doing that."

Read more:
http://www.miamiherald.com/business/breaking-news/story/1158477.html

Chains, franchisees square off over discounted menu items

(July 27, 2009) The recession-driven rush to grease sales with promotions and value deals is leading to mounting frictions between franchisors and franchisees.
Brands such as Burger King, McDonald’s, Quiznos, Subway, Popeyes and KFC all have recently found themselves working to restore the delicate balance between the franchisor’s need to drive traffic and the franchisee’s need to protect margins.

Read more:
http://www.nrn.com/article.aspx?id=370304

Starwood Hotels & Resorts - HOT

We maintain our Sell rating on shares of Starwood Hotels and Resorts Worldwide (NYSE: HOT - News). The shares have climbed significantly since bottoming out in early March.
Industry fundamentals have continued to deteriorate, with year-to-date weekly revenue per available room, or RevPAR, down nearly 20% versus the year-ago period

Read more:
http://finance.yahoo.com/news/Starwood-Hotels-Resorts-zacks-1312077355.html?x=0

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Eleven restaurants in St Kitts get approval for stimulus package

BASSETERRE, St Kitts (CUOPM) -- Just about a dozen restaurants in St Kitts have been benefitting from the stimulus package for “Full Service Stand Alone Restaurants.”
Circus Grill Restaurant (Photo by Erasmus Williams) “Thus far 11 applications have been approved for the stimulus package. These are Ballahoo, Bobsy’s Bar & Grill, Circus Grill, King’s Palace, La Belle Vie, Marshall’s, PJ’s, Reggae Beach Bar & Grill, Rock Lobster, Serendipity and Spice Mill,” a statement from the St Kitts Investment Promotion Service (SKIPA) said Friday.

Read more:
http://www.caribbeannetnews.com/business/business.php?news_id=17879&start=0&category_id=14

Global hotel transactions rebound

Worldwide hotel transaction activity is showing green shoots of recovery, according to new figures released by of Jones Lang LaSalle Hotels. Following five consecutive quarters of sharp contraction, the second quarter of 2009 registered a 3 percent increase in activity.
Global hotel transactions during the first half of 2009 totalled $3.7 billion, representing a 78 percent downturn compared with the first half of 2008, according to the new report.

Read more;
http://www.breakingtravelnews.com/news/article/global-hotel-transactions-rebound/

Hotel prices crash across Britain

It’s getting desperate in hotel land. Across the country hoteliers are facing up to the facts: rooms are empty, occupancy rates have plummeted and business in general is terribly slow.
All the talk of “staycations” may be holding true for self-catering apartments and camping sites, but not for hotels — even upmarket ones.

Read more:
http://www.timesonline.co.uk/tol/travel/where_to_stay/article6724944.ece

Irish Hotels 'being run by banks'

CREDIT CRUNCH: BANKS ARE effectively managing 30 hotels, in order to keep capital allowances alive and minimise losses, it has been claimed.
John Brennan, owner of The Park Hotel Kenmare, said banks are propping up hotels by hiring management teams to sell five-star rooms at two-star rates.

Read more:
http://www.irishtimes.com/newspaper/travel/2009/0725/1224251292099.html

Club Med Strengthens Giscard’s Position With Board Appointments

July 24 (Bloomberg) -- Club Mediterranee SA bolstered the position of the resort company’s top executive, Henri Giscard d’Estaing, by naming representatives of shareholders supportive of his strategy to the board.
Club Med said late yesterday that it appointed nominees of Caisse des Depots et de Gestion du Maroc, the Benetton family and lender Credit Agricole to the board. The shareholders have all given their backing to Giscard, who has been accused by French investor Bernard Tapie of squandering shareholders’ money. Club Med is suing Tapie, who bought 1 percent of the company’s shares last month, for spreading false information.

Read more:
http://www.bloomberg.com/apps/news?pid=20601205&sid=a3.h7qZcX204

The Outlook For Hotel Investments

As we now live through the current economic recession and its impact on lodging revenues and expenses, it has become evident that investors anticipate continued declines in operating incomes and resulting loss in property values through the remainder of 2009 and into 2010. That being said, investors also expect the industry to rebound in 2011, and today's distressed environment will provide exceptional investment opportunities to those buyers with the ability to take advantage.
To gain a better understanding of today's lodging investment environment, let us review the results of the 2009 edition of PKF Consulting's Hospitality Investment Survey.

Read more:
http://www.hotelresource.com/article40141.html

STR reports US performance for June 2009

HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during June, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 9.7 percent to end the month at 61.3 percent. Average daily rate dropped 9.9 percent to finish the month at US$96.77. Revenue per available room for the month decreased 18.6 percent to finish at US$59.34.
Through the first six months of 2009, the industry experienced decreases in all three key metrics in year-over-year comparisons. Occupancy fell 10.9 percent to 54.6 percent, ADR decreased 8.7 percent to US$98.66, and RevPAR fell 18.7 percent to US$53.87.

Read more:
http://www.hotelnewsnow.com/Articles.aspx?ArticleId=1577&ArticleType=38&PageType=STRPressRelease

Canadian doughnut chain enters NYC doughnut wars

For a sip of hot chocolate and his preferred pastry fix, the 32-year-old Manhattan lawyer has driven 100 miles (160 kilometers) to Meriden, Connecticut, to what was then the closest Tim Hortons, a beloved Canadian chain that sells coffee and baked goods.
Abella, a Toronto native, now has an easier time satisfying his cravings. Earlier this month, Tim Hortons opened its first New York City locations, replacing 11 Dunkin' Donuts in Manhattan and Brooklyn.

Read more:
http://finance.yahoo.com/news/Canadian-doughnut-chain-apf-3983613882.html?x=0&.v=4

Debts push Lynch Hotel Group into examinership

THE Lynch Hotel Group, which employs 530 people in seven hotels in the west, gained court protection from its creditors yesterday as it tries to re-organise its finances.
Judge Mary Finlay Geoghegan appointed Michael McAteer of Grant Thornton as interim examiner of Ireland's largest family-run hotel group

Read more:
http://www.independent.ie/business/irish/debts-push-lynch-hotel-group-into-examinership-1838213.html

Lobby group lodges beer 'super-complaint'

CAMRA, the Campaign for Real Ale, has this morning tabled a "super-complaint" to the Office of Fair Trading relating to the supply of beer in pubs.
The move could spark a lengthy investigation by the competition watchdog into the activities of Britain’s biggest two pub operators, Enterprise Inns and Punch Taverns, which together own about a fifth of the UK’s pubs.

Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6726050.ece

Le Big Mac Seduces France as Haute Cuisine Slides: Book Review

July 24 (Bloomberg) -- Go out to eat in France and you can be assured of a certain standard of food, from restaurants on the boulevards of Paris to corner eateries in provincial towns.
Yes, we’re talking McDonald’s Corp.
A total of 1,130 outlets serve 1.3 million customers a day. As of 2007, France was the most profitable market for McDonald’s outside the U.S. and annual sales there were growing at twice the rate of the U.S., according to the Oak Brook, Illinois-based company.

Read more;
http://www.bloomberg.com/apps/news?pid=20601205&sid=aCGy22ITtJac

Morton's Restaurant Group, Inc. Announces Settlement of Certain Wage and Hour Claims

CHICAGO, July 23 /PRNewswire-FirstCall/ -- Morton's Restaurant Group, Inc. (NYSE: MRT - News) announced today that agreements have been reached to settle certain wage and hour claims against the Company and certain of its subsidiaries. The settlements involve claims filed against the Company as far back as 2003 and cover all of the remaining wage and hour litigation pending against the Company and its subsidiaries, including a nationwide class action filed in 2005. While the Company and its subsidiaries deny allegations underlying the claims, they have agreed to the settlements to avoid additional legal fees, uncertainty surrounding the litigation and the management time that would have been devoted to continued litigation. The settlements are subject to respective arbitrator and court approvals.

Read more:
http://finance.yahoo.com/news/Mortons-Restaurant-Group-Inc-prnews-3730517112.html?x=0&.v=1

Chain Restaurant Same Store Sales Components Still Negative

We’ve recently listened carefully to McDonald's (MCD), Starbucks (SBUX), Chipotle (CMG), YUM, Dominos (DPZ) and Darden (DRI) earnings calls for news on sales/traffic/mix components. Brinker (EAT) and the upscale Morton’s (MRT) and Ruth Chris (RUTH) are forthcoming. Steak N Shake (SNS) and CKE reported Q3 sales via 8K filings. Not all companies disclose the same store sales components

Read more:
http://seekingalpha.com/article/150982-chain-restaurant-same-store-sales-components-still-negative?source=yahoo

Receivers called in for half-finished Foster-designed hotel

The half-completed £25m hotel on the Strand designed by Lord Foster of Thames Bank has gone into receivership after more than six months of inactivity.
PricewaterhouseCoopers (PwC) has now been appointed receiver on controversial 11-storey development on the Strand, central London, which was to house a five-star hotel and 79 luxury apartments.

Read more:
http://www.caterersearch.com/Articles/2009/07/24/328880/receivers-called-in-for-half-finished-foster-designed-hotel.html

Will Hotel Values Rise Next Year?

Not surprisingly, a panel of hotel valuation experts at the Midwest Lodging Investors Summit was unable to definitively answer the question embedded in the session’s title: What Is Your Hotel Worth Today? It wasn’t their individual or collective faults, however; the truth is that no one can say for sure what any particular hotel or portfolio of properties is worth today.

Read more:
http://nreionline.com/property/hotel/hotel_values_rise_0723/

St. Regis Foreclosure: Sign of More Troubled Times for Hotels

Hotel owners are under enormous economic pressure, especially those carrying a lot of maturing debt. The St. Regis Monarch Beach Resort in Orange County, CA, this week became the latest luxury hospitality property to be taken over by its lender when Citigroup Inc. seized the 400-room hotel after it fell into default on a $70 million mezzanine loan

Read more:
http://www.costar.com/News/Article.aspx?id=52E38CE07EFF430C3D2E091236B9AF4C

The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2009

CALABASAS HILLS, Calif.--(BUSINESS WIRE)--Jul. 23, 2009-- The Cheesecake Factory Incorporated (NASDAQ:CAKE) today reported financial results for the second quarter of fiscal 2009, which ended on June 30, 2009.
Total revenues were $407.9 million in the second quarter of fiscal 2009 as compared to $407.1 million in the prior year second quarter. Net income and diluted net income per share were $16.6 million and $0.28, respectively.

Read more:
http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol-newsArticle&ID=1311086&highlight=

BJ's Restaurants, Inc. Reports Financial Results for the Second Quarter of Fiscal 2009

HUNTINGTON BEACH, Calif., Jul 23, 2009 (BUSINESS WIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for the second quarter of fiscal 2009 that ended on Tuesday, June 30, 2009.
Total revenues for the second quarter of fiscal 2009 increased approximately 17% to $107.7 million compared to $92.2 million for the same quarter last year. Comparable restaurant sales decreased by 1.3% during the second quarter of fiscal 2009 compared to an increase of 0.6% during the same quarter last year. Net income and diluted net income per share for the second quarter of fiscal 2009 increased approximately 52% and 45%, respectively, to $4.4 million and $0.16, respectively, compared to the same quarter last year.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=99411&p=irol-newsArticle&ID=1311045&highlight=

Unexploded bomb found in Marriot Hotel in Jakarta

The unexploded bomb was found in Room 1808 of the Marriott Hotel, the so-called command centre for the twin bombings that killed nine people, including three Australians, and injured more than 50.
The unexploded bomb resembled devices used in attacks on three Bali restaurants in 2005, and one discovered in a raid on a Jemaah Islamiah school in Central Java last week.

Read more:
http://www.news.com.au/heraldsun/story/0,21985,25810888-663,00.html

Inventing a Better Burger

Innovating on the familiar hamburger is no easy task. But a combination of recessionary times and perhaps fatigue with vertically stacked food, or that which is formed in metal rings before serving, has prompted chefs and restaurateurs to rethink, if not re-imagine, what a hamburger could be or should be.

Read more:
http://www.businessweek.com/innovate/content/jul2009/id20090722_371449.htm?campaign_id=yhoo

McDonald's shares fall on light June sales

LOS ANGELES (Reuters) - McDonald's Corp (NYSE:MCD - News) reported light June same-store sales on Thursday and shares fell 3.8 percent after the top-performing restaurant chain only matched Wall Street's profit view.
"The problem is that good isn't good enough for these guys," said RBC Capital analyst Larry Miller, who said as McDonald's shares approach $60, the company needs to show growth catalysts to lift its stock.

Read more:
http://finance.yahoo.com/news/McDonalds-shares-fall-on-rb-3623116313.html?x=0&.v=2

McDonald's Delivers Strong Second Quarter Results

OAK BROOK, Ill., July 23 /PRNewswire-FirstCall/ -- McDonald's Corporation today announced strong operating results for the second quarter ended June 30, 2009, driven by positive global comparable sales in every area of the world. In constant currencies, the Company posted higher revenues, operating income and earnings per share compared with the prior year.
"We're driving results by staying focused on our global business strategy, the Plan to Win," said Chief Executive Officer Jim Skinner. "In today's economic environment, our performance speaks to the strength of our plan and McDonald's ongoing commitment to our customers around the world."

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=97876&p=irol-newsArticle&ID=1310582&highlight=

The Marcus Corporation Reports Fourth Quarter and Fiscal 2009 Results

MILWAUKEE--(BUSINESS WIRE)--Jul. 23, 2009-- The Marcus Corporation (NYSE: MCS) today reported results for the fourth quarter and year ended May 28, 2009. Results for both the fourth quarter and fiscal year benefited from the strong performance of Marcus Theatres®.
Fourth Quarter Fiscal 2009 Highlights
Total revenues for the fourth quarter of fiscal 2009 were $84,171,000, compared to revenues of $89,463,000 for the fourth quarter of fiscal 2008.
Operating income was $4,932,000 for the fourth quarter of fiscal 2009, compared to operating income of $9,288,000 for the same period in the prior year.
Net earnings were $2,208,000 or $0.07 per diluted common share for the fourth quarter of fiscal 2009, compared to net earnings of $4,030,000 or $0.14 per diluted common share for the fourth quarter of fiscal 2008.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=99966&p=irol-newsArticle&ID=1310606&highlight=

Irish Hotel profits predicted to fall by 70%

PROFITS at Irish hotels fell 25% to hit a 15-year low in 2008, and could fall by as much 70% this year, threatening the survival of many establishments, according to accountants Horwath Bastow Charleton (HBC). A survey by HBC shows profits fell 25% last year as hotels struggle to pay back €7 billion in debts while cutting room prices by a quarter to attract business.

Read more:
http://www.examiner.ie/business/snqlkfaugb/

Journeys Inns sites on the market after administration

Sites belonging to London-based pub, hotel and hostel company Journeys Limited have been placed on the market after the company fell into administration.
Journeys Limited operated a number of brands including Journeys Inns and was the operational division of the property development company, HFHA Group.

Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64586&c=1

Landmark London hotel development falls into administration

A luxury new London hotel and apartment development designed by Norman Foster has fallen into administration.
The 11-storey complex, which is situated on The Strand on the site of the former Marconi Building, is owned by Urvasco, a subsidiary of Spanish hotel chain Grupo Hotelero Uravasco.

Read more:
http://www.breakingtravelnews.com/news/article/luxury-london-hotel-development-goes-bankrupt/

Cigarette firm invests in Strategic Hotels

(Crain’s) — A discount cigarette company has acquired more than 7% in Strategic Hotels & Resorts Inc., saying it might take an activist role in the struggling luxury hotel company.
Miami-based Vector Group Ltd., which traces its history to the Liggett & Meyers tobacco company, bought 5.33 million shares in Chicago-based Strategic Hotels from June 2 through July 8, according to a filing Monday with the Securities and Exchange Commission. Vector paid about $7.14 million for the shares, a stake of about 7.1%, according to the filing.

Read more:
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34808

Stanford Receiver Asks to Sell Stake in Houston Hotel Project

July 23 (Bloomberg) -- The court-appointed receiver for R. Allen Stanford’s businesses asked a federal judge for emergency approval to sell the accused swindler’s share of a Houston hotel project to avoid capital calls or a default.
Ralph Janvey, receiver for Stanford’s businesses, asked to sell Stanford’s interest in Midway CC Hotel Partners, which is nearing completion on a luxury hotel in CityCenter, in Houston’s Memorial area. Janvey said that unless he accepts a $2.7 million offer from another limited partner in the project by July 31, Stanford’s 72 percent ownership stake will shrink to 60 percent.

Read more:
http://www.bloomberg.com/apps/news?pid=20601206&sid=ajeDcFoRUWt8

P.F. Chang's lifts full-year earnings forecast

SCOTTSDALE, Ariz. (AP) -- P.F. Chang's China Bistro Inc. boosted its full-year outlook for earnings from continuing operations Wednesday, citing improved restaurant operating margins.
The restaurant operator now expects income from continuing operations in a range of $1.60 to $1.65 per share. Its previous guidance was for profit in a range of $1.45 to $1.50 per share.
Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast net income of $1.63 per share.
P.F. Chang's also reported a 23 percent rise in its second-quarter profit. The company's stock added 73 cents, or 2.1 percent, to $34.91 in electronic premarket trading.

Monarch Casino Reports 2009 Second Quarter Results

RENO, NV--(Marketwire - 07/22/09) - Monarch Casino & Resort, Inc. (NASDAQ:MCRI - News) (the "Company"), owner of the Atlantis Casino Resort Spa (the "Atlantis") in Reno, Nevada, today announced results for the quarter ended June 30, 2009.
The Company reported net revenue of $34.5 million and EBITDA(1) of $6.4 million which were 2.5% lower and 1.3% higher, respectively, when compared with the second quarter of 2008. The Company announced quarterly income from operations of $3.3 million and diluted EPS of $0.11 which represent decreases of 25.3% and 31.3%, respectively, compared to the prior year's second quarter. Revenue generated in the casino department decreased by 6.0% while revenue from the food and beverage and hotel departments increased by 2.9% and 6.1%, respectively.

Read more:
http://finance.yahoo.com/news/Monarch-Casino-Reports-2009-iw-3817205075.html?x=0&.v=1

Canada's Tallest Hotel Tower Changes Niagara Falls' Skyline Forever

After months of construction and anticipation, Canada's tallest hotel tower has opened its doors and forever changed the skyline in Niagara Falls, Canada. With the best views, the new Hilton Hotel & Suites Niagara Falls - Fallsview rises 500 meters (more than 5 football fields) over the thundering Falls.The Hilton Hotel & Suites began its transformation to become the tallest hotel tower in Canada in January 2007. Now the largest resort in Niagara Falls, it boasts over 1,000 hotel rooms and suites, including two spectacular Presidential Suites on the 52nd Floor. Each elegantly appointed 2-bedroom suite features a sitting room with a fireplace, magnificent city or falls views and wireless technology.

Read more:
http://www.hotelresource.com/article40106.html

LASALLE HOTEL PROPERTIES REPORTS SECOND QUARTER RESULTS

BETHESDA, MD, July 22, 2009 -- LaSalle Hotel Properties (NYSE: LHO) today reported net
income to common shareholders of $8.2 million, or $0.16 per diluted share for the quarter ended June 30, 2009, compared to net income of $20.5 million, or $0.51 per diluted share for the second quarter of 2008.
For the quarter ended June 30, 2009, the Company generated funds from operations (“FFO”) of
$35.6 million versus $47.4 million for the second quarter of 2008. On a per diluted share basis, FFO for the second quarter was $0.70, compared to $1.18 for the same period of 2008.

Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4MTZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

High-profile Four Seasons condo project cuts prices

The Four Seasons Private Residences, Seattle's priciest condo development ever, plans to cut prices. Apparently the richest of the rich aren't buying, either.
"Market pressures are creating an environment in which even the most premium brands are having to make price adjustments to meet the market realities and buyers' expectations," Deborah Buchta of RMA Consultants, the firm marketing the condos, said in an e-mail.
"Even [the Four Seasons] is not immune to these conditions."
It's been nearly six months since a sale closed at the Four Seasons, which opened late last year. Buchta said she couldn't say how big the price reductions will be, or when they will take effect

Read more:
http://seattletimes.nwsource.com/html/businesstechnology/2009520590_fourseasons23.html

STARWOOD REPORTS SECOND QUARTER 2009 RESULTS

WHITE PLAINS, NY, July 23, 2009 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE:
HOT) today reported second quarter 2009 financial results.
Second Quarter 2009 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.22. Including
special items, EPS from continuing operations was $0.72.
􀂃 Adjusted EBITDA was $200 million.
􀂃 Excluding special items, income from continuing operations was $41 million.
Including special items, income from continuing operations was $131 million.
􀂃 Special items totaled a benefit of $90 million ($0.50 per share) primarily related to a
$120 million benefit for a tax incentive program in Italy, partially offset by net
impairment charges of $26 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 27.7% (down
23.6% in constant dollars) compared to the second quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 25.4% (down 24.2% in
constant dollars).
􀂃 Management and franchise revenues decreased 18.0% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
35.5% (down 30.5% in constant dollars) compared to the second quarter of 2008.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased 34.4% (down 32.5% in constant dollars)

Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4NzF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Ruby Tuesday, Inc. Announces Pricing of Common Stock Offering

MARYVILLE, Tenn.--(BUSINESS WIRE)--Jul. 22, 2009-- Ruby Tuesday, Inc. (NYSE:RT) today announced the pricing of the previously announced offering of 10,000,000 shares of its common stock at a price to the public of $6.75 per share. The Company has granted the underwriters a 30 day option to purchase up to 1,500,000 additional shares to cover over-allotments, if any. The Company will use the net proceeds to pay down debt. The Company expects to close the offering on July 28, 2009. Wells Fargo Securities and BofA Merrill Lynch are joint book-running managers and SunTrust Robinson Humphrey and Morgan Keegan & Company, Inc. are co-managers of the offering.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=1310343&highlight=

Chipotle Mexican Grill, Inc. Reports Second Quarter 2009 Results

DENVER--(BUSINESS WIRE)--Jul. 22, 2009-- Chipotle Mexican Grill, Inc. (NYSE: CMG and CMG.B) today reported financial results for its second quarter ended June 30, 2009.
Highlights for the second quarter of 2009 as compared to the second quarter of 2008 include:

• Revenue increased 14.1% to $388.8 million
• Comparable restaurant sales increased 1.7%
• Restaurant level operating margin was 26.0%, an increase of 360 basis points
• Net income was $35.4 million, an increase of 44.7%
• Diluted earnings per share was $1.10, an increase of 48.6%

Read more;

http://phx.corporate-ir.net/phoenix.zhtml?c=194775&p=irol-newsArticle&ID=1310158&highlight=

IFRS FAQs

Want to easily and quickly find out what has been happening with International Financial Reporting Standards and what could be on the horizon? Read the completely updated IFRS FAQs, formatted so you can select the questions and answers you're interested in

Read more:
http://www.ifrs.com/ifrs_faqs.html

Hilton launches mobile booking tool

Hilton Hotels is launching a mobile web application that will offer customers full booking capabilities, initially in the UK and Germany with a view to a global roll-out.
The solution, created by Mobile Travel Technologies, enables travellers to search and select a hotel, view hotel information and images, plus make and change bookings. It will be launched this Friday and also includes a dedicated version for the iPhone.

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http://www.breakingtravelnews.com/news/article/hilton-launches-mobile-booking-tool/

Washington's Watergate Hotel fails to get bids

The famous Watergate Hotel in the US capital of Washington has failed to attract any bids at auction.The hotel was up for auction priced at $25 million (£15.2 million) but there were no takers.

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http://www.viewlondon.co.uk/news/washingtons-watergate-hotel-fails-to-get-bids-19276419.html

Lenders take control of Chez Gerard owner

The Chez Gerard and Bertorelli restaurant chains came under new ownership on Monday when lenders to Paramount Restaurants took control of the company.
Bankers to Paramount Restaurants, the owner of Chez Gerard and Bertorelli, acquired the controlling stake from Silverfleet Capital, the private equity company, for an undisclosed sum.

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http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6721216.ece

Restaurants' Biggest Drop in 3 Decades

The U.S. Restaurant Industry is facing its toughest times in 3 decades and the outlook appears to be grim unless the economy shows signs of rebound. With lower disposable income, consumers are spending less and dining out seldom.
Moreover, rising unemployment is making things worse. Most of the companies have either scaled back or postponed further unit development. Famous Dave’s of America , Cosi Inc. (NasdaqGM: COSI - News), BJ’s Restaurants (NasdaqGS: BJRI - News), California Pizza Kitchen (NasdaqGS: CPKI - News) and Red Robin Gourmet Burgers (NasdaqGS: RRGB - News), which operate in the casual dining segment, are experiencing declining same-store sales and traffic counts.

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http://finance.yahoo.com/news/Restaurants-Biggest-Drop-in-3-zacks-2989138941.html?x=0&.v=1

HOST HOTELS & RESORTS, INC. REPORTS RESULTS OF OPERATIONS FOR THE SECOND QUARTER OF 2009

BETHESDA, MD; July 22, 2009 – Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (REIT), today announced its results of operations for the second quarter ended June 19, 2009.
􀂃 Total revenue decreased $324 million, or 23.3%, to $1,064 million for the second quarter and $494 million, or 20.3%, to $1,936 million for year-to-date 2009 as compared to last year.
􀂃 Net loss was $69 million for the second quarter of 2009 compared to net income of $193 million for the second quarter of 2008. For year-to-date 2009, net loss was $129 million compared to net income of $256 million for year-to-date 2008. Loss per diluted share was $.12 for the second quarter of 2009 compared to earnings per diluted share of $.34 in 2008. For year-to-date 2009, loss per diluted share was $.24 compared to earnings per diluted share of $.45 for year-to-date 2008.

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http://www.hosthotels.com/pressReleases/7_22_2009.pdf

US full-service hotels operating expense trends

HENDERSONVILLE, Tennessee—Smith Travel Research recently released its 2009 Hotel Operating Statistics (HOST) report. While reviewing a 10-year history of full-service hotels’ expenditures and revenues, several questions come to mind: How effectively has this segment of the hospitality industry been managing profitability during poor and strong economic cycles? During market downturns, how were expenses managed while revenues declined? Was profitability maximized during robust economic periods?

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http://www.hotelnewsnow.com/articles.aspx?ArticleId=1570

Rate of pub closures accelerates to record 52 a week

The rate of pub closures has now risen to a record 52 per week, as the number of industry job losses in the past year reaches 24,000.
Latest figures released by the British Beer and Pub Association (BBPA) show that the rate of pub closures has increased by a third in the first half of 2009, up from 39 pubs a week in the last six months of 2008.

Read more;
http://www.bighospitality.co.uk/item/3692

Landry's Restaurants, Inc. ('LNY'/NYSE) Reports Second Quarter 2009 Results; Net Income of $8.3 Million Compared to $13.9 Million in the Prior Year

HOUSTON, July 22 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the second quarter ended June 30, 2009. The Company's income from continuing operations for the quarter was $0.51 per share-diluted as compared to $0.86 reported last year.

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http://finance.yahoo.com/news/Landrys-Restaurants-Inc-prnews-1985617068.html?x=0&.v=1

China's Upscale Hotels Struggling

The Olympic Games didn't bring in the expected turnover for the hotel industry. According to statistics, during the 2008 Beijing Olympics, 5-star hotels in Beijing witnessed a 2.3% decline in occupancy over the same period last year, while Shanghai saw a 10.4% decline. Due to the financial crisis, hotels nationwide suffered further occupancy drop and drastically reduced prices in 2009.

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http://www.hotelsmag.com/article/CA6672408.html

Marshall Hotels & Resorts, Inc. Adds Five Management Contracts in Last 120 Days

Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the company has added five management contracts in the past 120 days, and expects to add as many as four more within the next 60 days. The hotels range from upper upscale to focused-service brands and include three newly opened properties. The company now operates more than 50 hotels worldwide.

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http://www.hotelchange.com/article40064.html

Domino's Pizza Announces Second Quarter 2009 Financial Results

ANN ARBOR, Mich., July 22 /PRNewswire-FirstCall/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the second quarter ended June 14, 2009. Domestic same store sales were down 0.7% and international same store sales grew 4.1%. The international division continued its strong performance, posting its 62nd consecutive quarter of same store sales growth. Net income as-reported was down 22.4% versus the prior year, due primarily to the negative impacts of foreign currency, gains on the sale of Company-owned stores in 2008 and expenses incurred in connection with changes made to the Company's stock option plans, offset in part by gains on the extinguishment of debt.

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http://phx.corporate-ir.net/phoenix.zhtml?c=135383&p=irol-newsArticle&ID=1309873&highlight=

Hilton is the hospitality leader in the UK business superbrands list

Hilton and Compass Group are the highest-ranked hotel and contract caterers respectively in the latest UK Business Superbrands 2009 list.The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. Google topped the list which saw Michelin, the renowned tyre company and foodie guide, come in at number eight.

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http://www.caterersearch.com/Articles/2009/07/22/328818/hilton-is-the-hospitality-leader-in-the-uk-business-superbrands-list.html

Starbucks Returns to Store Expansion

SEATTLE-After closing hundreds of units in the last year, Starbucks Corp. is ready to expand again in 2010, executives said at the company’s third-quarter conference call.
The company now expects to open approximately 55 net new licensed stores in the United States and approximately 310 net new licensed stores internationally this year. Plans for 2010 are still being made, noted Troy Alstead, executive vice president and chief financial officer, and growth will largely be concentrated internationally. In addition, the company is testing a new store design in Seattle, Paris and Tokyo, and has opened a new concept, 15th Avenue Coffee and Tea, which removes the Starbucks logo and sells beer and wine as well, in Seattle

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http://www.globest.com/news/1457_1457/seattle/179962-1.html

CKE Restaurants, Inc. Reports Period Six Same-Store Sales

“The decline in our same-store sales remains our management team’s primary focus,” said Andrew F. Puzder, chief executive officer. “Period six was a particularly difficult period from a same-store sales perspective as both brands were rolling over strong prior year sales due, in part, to last year’s government stimulus checks. However, we are encouraged by the results of some of our recent sales-building initiatives.

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http://phx.corporate-ir.net/phoenix.zhtml?c=117249&p=irol-newsArticleInvestor&ID=1309888&highlight=

Starbucks' Earnings Bode Well for 'Restaurant' ETFs

Starbucks’ (SBUX) announcement after the close Tuesday that it walloped the Street’s earnings expectations for its fiscal third quarter (as well as strong fourth quarter and fiscal 2010 earnings guidance) sent its stock higher, as shares of SBUX jumped nearly 10% in after hours trading.
But the earnings report isn’t good news for just Starbucks: it might be an indication that the country’s restaurant business, which was stung particularly hard during the recent recession as consumers slashed discretionary spending, may be poised to continue its strong rebound.

Read more;
http://seekingalpha.com/article/150405-starbucks-earnings-bode-well-for-restaurant-etfs?source=feed

Starbucks Posts Strong Third Quarter Fiscal 2009 Results

SEATTLE--(BUSINESS WIRE)--Jul. 21, 2009-- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its third quarter ended June 28, 2009, provided its FY09 EPS target and introduced FY10 targets. Fiscal Third Quarter 2009 Highlights include:

• EPS of $0.20 compared to $(0.01) in Q308
• Non-GAAP EPS of $0.24 compared to $0.16 in Q308, a 50% year-over-year increase
• Operating margin of 8.5% vs. negative 0.8% in Q308; Non-GAAP operating margin of 10.6% vs. 6.9% in Q308
• U.S. operating margin of 11.2% vs. negative 1.4% in Q308; Non-GAAP U.S. operating margin of 13.4% vs. 8.8% in Q308
• Net revenues of $2.4 billion, compared to $2.6 billion in Q308
• Cost savings of approximately $175 million, exceeding Q3 target of $150 million
• Comparable store sales decline of 5%, a sequential improvement from a decline of 8% in Q209

Read more:

http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1309655&highlight=

P.F. Chang's Reports Second Quarter Earnings and Raises Fiscal 2009 Earnings Guidance

SCOTTSDALE, Ariz., Jul 22, 2009 (BUSINESS WIRE) -- P.F. Chang's China Bistro, Inc. (NASDAQ:PFCB) today reported consolidated income from continuing operations(1) of $12.1 million for the second quarter ended June 28, 2009 compared to $9.9 million for the second quarter of the prior year. Net income (2) for the second quarter of fiscal 2009 totaled $11.6 million compared to $9.4 million for the second quarter of the prior year.
Income from continuing operations(1) per diluted share for the second quarter of fiscal 2009 was $0.51 compared to $0.41 for the second quarter of the prior year. Net income (2) per diluted share was $0.49 compared to $0.39 in the prior year.

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http://phx.corporate-ir.net/phoenix.zhtml?c=62237&p=irol-newsArticle&ID=1309861&highlight=

Future of $545m Bahrain beach resort in doubt - paper

A $545m beach resort on Bahrain's south coast is reported to be hanging in the balance with construction at a standstill for months and millions of dinars worth of bills unpaid.
The Gulf Daily News reported that "hundreds" of companies are still waiting for payment for work done on the Salam Bahrain Beach Resort and Spa.

Read more:
http://www.hotelsmag.com/articleXML/LN1008972640.html

Nakeel confirms QE2 in Cape Town for World Cup

Nakeel, the owner of the QE2, has confirmed the cruise liner will be moved to Cape Town in South Africa to become a hotel in time for the Fifa 2010 World Cup.
Nakheel, which owns a share in the South African port, said the ship would berthed in Cape Town for 18 months.
A spokesman for the Dubai-based property developer said: “It has been our intention for some time to provide a short term opportunity to enjoy QE2 as a stationary hotel in her current condition before refurbishment begins.

Read more:
http://www.breakingtravelnews.com/news/article/nakeel-confirms-qe2-in-cape-town-for-world-cup/

Kingdom Holding Net Falls 83% on Investments, Hotels

July 21 (Bloomberg) -- Kingdom Holding Co., the investment company owned by Saudi Prince Alwaleed bin Talal, said second- quarter profit fell 83 percent as returns from investments in the stock markets and hotels declined.
Net income was cut to 92.1 million riyals ($24.6 million) from 534.7 million riyals in the year-earlier period, the Riyadh-based company told the Saudi bourse in a statement today.

Read more;
http://www.bloomberg.com/apps/news?pid=20601206&sid=ahFE2YJEh4p4

Sky City Surges as Full-Year Profit More Than Doubles

July 21 (Bloomberg) -- Sky City Entertainment Group Ltd., New Zealand’s biggest casino operator, had its biggest gain in 21 months in Wellington trading after saying full-year profit more than doubled.
Net income was as much as NZ$116 million ($76 million) for the year ended June 30 from NZ$49.9 million a year earlier when the company took a NZ$60 million charge against its cinema unit, Auckland-based Sky City said today, citing preliminary accounts. The stock surged 6.6 percent.

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http://www.bloomberg.com/apps/news?pid=20601205&sid=aKIcAsRBfMK0

Domino’s Pizza (UK) boosts interim profits by one-quarter

Takeaway chain Domino’s Pizza is thriving despite the recession with first half profits up by 25.2% to £13.6m.
Sales increased by 15.4% over the six month period and like-for-like sales were up by 7.1%, but down from 9% in the first four months as the warmer weather coaxed customers to leave their homes and eat out.

Read more;
http://www.caterersearch.com/Articles/2009/07/20/328794/dominos-pizza-boosts-interim-profits-by-one-quarter.html

MGM’s Murren unwavering in defense of CityCenter

After engineering last week’s rescue of CityCenter from the brink of bankruptcy, the urban planning major who created the concept for the resort complex — and has shouldered the blame for the way it has imperiled MGM Mirage — defended the company’s investment in the $8.5 billion project.
MGM Mirage CEO Jim Murren said in an interview that CityCenter’s critics, including competitors, “just don’t get it” and will be proven wrong when it attracts new visitors to Las Vegas.

Read more:
http://www.lasvegassun.com/news/2009/may/04/murren-unwavering-defense-citycenter/

RBS urged to free pubs from tie and sell to tenants

campaign has been launched urging the government and Royal Bank of Scotland (RBS) to free the bank’s 1,000 pubs from tied agreements and allow tenants to buy their pubs.
Fair Pint and the Federation of Small Businesses (FSB) have set up the campaign and want RBS – of which the government has a 68 per cent stake – to offer mortgages to its licensees and sell the pubs at “realistic” prices.

Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64565&c=1

Great Circle Emerges from Chapter 11; Krispy Kreme Doughnuts is Alive, Well and Expanding Again in Southern California

LOS ANGELES, July 20 /PRNewswire/ -- Great Circle Family Foods, LLC (the "Company" or "Great Circle"), the franchisee of Krispy Kreme Doughnut Corporation in Southern California, announced today that the United States Bankruptcy Court for the Central District of California has confirmed its Second Amended Chapter 11 Plan of Reorganization (the "Plan").

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http://www.smartbrief.com/news/NRA/industryPR-detail.jsp?id=1AE0FC3A-537C-49F9-A88C-6C28B30B0DE1&sb_code=RSS&i=Specialty%20Eateries

Despite improved 2nd-Q results, Ruby feels investor indifference

MARYVILLE, Tenn. (July 20, 2009 ) —Ruby Tuesday Inc. posted another quarter of financial results that topped both corporate and Wall Street expectations, as both cost cutting and improved consumer traffic paid dividends for the struggling casual-dining company.

Read more:
http://www.nrn.com/article.aspx?id=370126

Wynn Resorts files for HK IPO of Macau unit

HONG KONG, July 21 (Reuters) - Las Vegas casino company Wynn Resorts has submitted an application to list its Macau unit on the Hong Kong exchange, sources said on Tuesday, hoping to raise between $500 million and $1 billion.
Reuters reported last month that Wynn was reviving its Macau IPO plans, a process that began last year.

Read more:
http://www.forbes.com/feeds/afx/2009/07/21/afx6677997.html