Sol Kerzner, the casino magnate, is hoping to revive his £200m plan to build a super-casino and hotel at the site of London's former Millennium Dome.
The 74-year-old South African made the disclosure as he prepared for Saturday's gala opening of Mazagan Beach Resort, 90km outside Casablanca, Morocco, where snake-charmers and belly dancers are set to mingle with celebrities including Naomi Campbell, Lindsay Lohan, Naomi Watts and Simon and Yasmin Le Bon.
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Saturday, October 31, 2009
Travelodge hotel chain posts pretax profit of €1.2m
THE TRAVELODGE hotel chain have posted pretax profits of more than €1.2 million for 2008 in abridged accounts filed with the Companies Registration Office.
Smorgs (Ireland) Limited, the company which trades as the Travelodge chain in Ireland, posted pretax profits for the 12-month period ending December 31st, 2008, of €1.26 million, down over €500,000 on the previous year.
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Smorgs (Ireland) Limited, the company which trades as the Travelodge chain in Ireland, posted pretax profits for the 12-month period ending December 31st, 2008, of €1.26 million, down over €500,000 on the previous year.
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Win a hotel
[UKPRwire, Tue Oct 27 2009] If you are bored with the same old nine to five slog, why not start a whole new life as the manager of your own hotel – a stylish sixteen-bedroom hotel in Wiltshire and £50,000 annual income is being offered as a prize in the latest property competition to hit the headlines...
The Landmark Swindon is set in the heart of the beautiful Marlborough Downs near Swindon in Wiltshire.
Its directors, Malcolm and Margaret Pearson, have owned the hotel property since it was built in 1979, converted and refurbished the building into a Hotel in 2000
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The Landmark Swindon is set in the heart of the beautiful Marlborough Downs near Swindon in Wiltshire.
Its directors, Malcolm and Margaret Pearson, have owned the hotel property since it was built in 1979, converted and refurbished the building into a Hotel in 2000
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Friday, October 30, 2009
Las Vegas Sands Corp. Reports Third Quarter 2009 Results
Net revenue for the third quarter of 2009 was $1.14 billion, an increase of 3.2% compared to $1.11 billion in the third quarter of 2008. Consolidated adjusted property EBITDAR in the third quarter of 2009 increased 11.7% to $272.3 million, compared to $243.8 million in the year-ago quarter.
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Las Vegas Sands gets approval for Hong Kong IPO
HONG KONG—U.S. gambling giant Las Vegas Sands Corp. has won approval from Hong Kong's stock exchange to list shares of the company's Macau casino business, a person familiar with the listing said Friday
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Tim Hortons Inc. Announces 2009 Third Quarter Results
Highlights
•Same-store sales increased 3.1% in Canada and 4.3% in the U.S.
•Quarterly results incorporate costs and discrete tax item impacts arising from the Canadian public company reorganization
•Operating income increased 5.4% to $129.2 million
•Adjusted operating income(1), which excludes impact of the public company reorganization, was up 8.0%
Link to Financial Statements
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•Same-store sales increased 3.1% in Canada and 4.3% in the U.S.
•Quarterly results incorporate costs and discrete tax item impacts arising from the Canadian public company reorganization
•Operating income increased 5.4% to $129.2 million
•Adjusted operating income(1), which excludes impact of the public company reorganization, was up 8.0%
Link to Financial Statements
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CEC Entertainment Reports Financial Results for the Third Quarter of Fiscal 2009
IRVING, Texas--(BUSINESS WIRE)--Oct. 29, 2009-- CEC Entertainment, Inc. (NYSE: CEC) today reported net earnings of $12.7 million for the third quarter ended September 27, 2009, compared to net earnings of $9.9 million in the third quarter of 2008. Diluted earnings per share increased to $0.55 for the third quarter of 2009, compared to $0.43 in the third quarter of 2008. The increase in diluted earnings per share between the two quarters was impacted by our repurchase of approximately 1.1 million shares of our common stock since the beginning of the third quarter of 2008. Total quarterly revenues decreased 2.0% to $197.8 million during the third quarter of 2009 from total quarterly revenues of $201.9 million in the third quarter of 2008. Comparable store sales for the third quarter of 2009 declined 3.1%
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Denny's Corporation Reports Results for the Third Quarter 2009
Third Quarter Highlights
Opened nine new franchised restaurants and sold seven company restaurants under Denny's Franchise Growth Initiative (FGI) - franchised restaurants now 83% of Denny's system
Net income was $10.0 million, which included $3.1 million from gains on sales of assets
Adjusted income before taxes grew 6.9% to $9.1 million
Reduced debt by an additional $9.8 million
Same-store sales decreased 6.6% at company units and 7.3% at franchised units
Company restaurant operating margin improved 3.0 percentage points to 16.3% of sales, primarily due to favorable workers' compensation claims developments
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Opened nine new franchised restaurants and sold seven company restaurants under Denny's Franchise Growth Initiative (FGI) - franchised restaurants now 83% of Denny's system
Net income was $10.0 million, which included $3.1 million from gains on sales of assets
Adjusted income before taxes grew 6.9% to $9.1 million
Reduced debt by an additional $9.8 million
Same-store sales decreased 6.6% at company units and 7.3% at franchised units
Company restaurant operating margin improved 3.0 percentage points to 16.3% of sales, primarily due to favorable workers' compensation claims developments
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Ruth's Hospitality Group, Inc. Reports Third Quarter 2009 Financial Results
Total revenue decreased 21.4% to $77.8 million compared to $98.9 million in the third quarter of 2008.
Net loss of $1.0 million or $0.04 per diluted share compared to a net loss of $0.5 million or $0.02 per diluted share in the third quarter of 2008.
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 24.0%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 12.3%.
Food and beverage costs, as a percentage of restaurant sales, decreased 330 basis points to 28.5% primarily driven by favorable beef costs.
Restaurant operating expenses, as a percentage of restaurant sales, increased 410 basis points to 57.5% resulting from the effect of fixed costs related to lower sales volumes.
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Net loss of $1.0 million or $0.04 per diluted share compared to a net loss of $0.5 million or $0.02 per diluted share in the third quarter of 2008.
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 24.0%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 12.3%.
Food and beverage costs, as a percentage of restaurant sales, decreased 330 basis points to 28.5% primarily driven by favorable beef costs.
Restaurant operating expenses, as a percentage of restaurant sales, increased 410 basis points to 57.5% resulting from the effect of fixed costs related to lower sales volumes.
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Thursday, October 29, 2009
Expert says Bahamian tourism won't rebound for another year
WHILE hotel performance for September and October appears to be "slightly better" than the same period last year, a tourism expert does not expect the industry to fully rebound from the grips of the economic downturn for at least another year.
Frank Comito, executive vice-president of the Bahamas Hotel Association, said despite what he expects to be a modest boost in performance over the last two months, the sector should remain braced for a rough ride lasting until late 2010, early 2011
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Frank Comito, executive vice-president of the Bahamas Hotel Association, said despite what he expects to be a modest boost in performance over the last two months, the sector should remain braced for a rough ride lasting until late 2010, early 2011
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Barmen charged as hotel guest dies from alcohol intoxication
TWO barmen working in one of the country's most famous hotels have been charged with the unlawful killing of an Englishman who died from acute alcohol intoxication on the night of his birthday
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Kingdom Hotel Investments sees Q3 revPAR down 9%
Trading remains in line with general market trends and despite the global economic challenges KHI’s hotel operations remain profitable and cash generative,” the luxury hotel operator said in a statement on the Nasdaq Dubai website.
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Pizza Hut iPhone App Reaches $1 Million in Sales
PRESS RELEASE: DALLAS, Oct. 28 /PRNewswire/ -- After being live in the iTunes App Store for just three months, the Pizza Hut App for the Apple iPhone and iPod touch has garnered more than one million dollars in sales. As the featured icon in the iTunes Lifestyle Category, the App is a proven option for customers seeking an innovative way to order their pizza, pasta, and wings from Pizza Hut
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Heineken to take over Globe Pubs
A new vehicle called EBP Pub Company has purchased the troubled operator after it was placed into administration with Zolfo Cooper, at the behest of bondholders who had appointed Bank of New York Mellon to oversee their interests.
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Wyndham profit beats view; eyes brand acquisitions
The company boosted its full-year EBITDA outlook by about 2 percent and forecast 2009 revenue and fourth-quarter results above analysts' estimates.
Wyndham also reported better-than-expected third-quarter profit, and its shares rose 1.5 percent to $16.94 in morning trade on the New York Stock Exchange
Concerns over Ladbroke's exposure to Hilton Hotels' $20bn debts
Hilton Hotels has a $20bn debt pile The private equity giant is talking to lenders in an attempt to cut $5bn of debt as part of a complex restructuring which could see it inject as much as $800m of new equity into the business. It comes just two years after the $26bn takeover of the hotel chain, at the height of the leveraged buy-out boom, since when the company’s trading has deteriorated.
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Hyatt IPO May Benefit Pritzkers Before Investors
Oct. 28 (Bloomberg) -- Hyatt Hotels Corp.’s planned initial public offering has conflicts that allow the founding Pritzker family to benefit ahead of shareholders, research firm Green Street Advisors said in a report today
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Famous Dave's Reports Third Quarter Earnings of $0.13 Per Share
MINNEAPOLIS, Oct 28, 2009 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today reported revenue of $33.3 million and net income of $1.2 million, or $0.13 per diluted share, for its fiscal third quarter ended September 27, 2009. Total revenue for the quarter decreased 5.1 percent from the comparable period in 2008. For the nine months ended September 27, 2009, the company reported revenue of $103.4 million and net income of $4.9 million, or $0.54 per diluted share.
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Unite Here: Workers Vote to Authorize a Strike at 5 Chicago Area Hotels
CHICAGO--(BUSINESS WIRE)--Today, workers at five area hotels, including the Sheraton Chicago Hotel and Towers, Westin Michigan Avenue, W Lakeshore, W Chicago-City Center, and Tremont Hotel, voted to authorize a strike by an 89% majority, in a major escalation of a citywide labor dispute among Chicago’s downtown hotels. The vote authorizes the rank-and-file bargaining committee to call a strike or boycott, if necessary
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Wednesday, October 28, 2009
China Holdings, Inc. Announces Contracting Perkins Eastman Architect for Its Master Planning of 100 Sq Km Land “China Vegas”: A New World Resort City
Irish Cut Beer Prices After Left ‘High and Dry’ by Pound Slide
Oct. 28 (Bloomberg) -- Hugh McGee is cutting the price of Guinness by about 20 percent at his bars and hotels in the Irish town of Letterkenny to keep customers coming across the border from Northern Ireland after the euro’s surge against the pound.
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€460m gamble on Ireland's Las Vegas
It's certainly a Quirkey idea: a resort encompassing a huge casino, hotel, world-class racecourse and 02-style concert arena (with retractable roof) all built around a perfect replica of the White House.
And to top it off, businessman Richard Quirke (aka Dr Quirkey, owner of Dublin-based amusement arcades) revealed yesterday that he wants to build this €460m, 800-acre pleasure palace not in Las Vegas but near Two-Mile Borris.
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And to top it off, businessman Richard Quirke (aka Dr Quirkey, owner of Dublin-based amusement arcades) revealed yesterday that he wants to build this €460m, 800-acre pleasure palace not in Las Vegas but near Two-Mile Borris.
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DineEquity sees improvement at Applebee's, shrs up
LOS ANGELES, Oct 27 (Reuters) - DineEquity Inc (DIN.N) posted a stronger-than-expected quarterly profit and said October sales had improved at its struggling Applebee's restaurants. Shares rose 5 percent.
Quarterly revenue missed analysts' estimates, but the company said it was confident it would meet its full-year same-store sales targets as its Applebee's and IHOP chains benefit from new marketing and menu changes. DineEquity also reassured investors about its ability to pay down debt
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Quarterly revenue missed analysts' estimates, but the company said it was confident it would meet its full-year same-store sales targets as its Applebee's and IHOP chains benefit from new marketing and menu changes. DineEquity also reassured investors about its ability to pay down debt
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STR Global posts September 2009 results for Asia/Pacific region
LONDON—Hotels in the Asia/Pacific region experienced mixed results when reported in U.S. dollars for all three key performance metrics for September 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy rose 1.4 percent to 62.3 percent; average daily rate declined 7.7 percent to US$123.72; and revenue per available room fell 6.3 percent to US$77.12.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 1.4 percent to 62.3 percent; average daily rate declined 7.7 percent to US$123.72; and revenue per available room fell 6.3 percent to US$77.12.
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STR Global posts September 2009 results for Europe
LONDON—The European hotel industry posted decreases in year-over-year results when reported in U.S. dollars, euros and British pounds for September 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 double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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STR Global posts Middle East/Africa September 2009 results
LONDON—The Middle East/Africa region reported mixed year-over-year results in the three key measurements reported in U.S. dollars for September 2009, according to data compiled by STR Global.
The region’s occupancy dropped 8.2 percent to 56.9 percent; average daily rate increased 1.5 percent to US$140.66; and revenue per available room decreased 6.9 percent to US$80.00.
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The region’s occupancy dropped 8.2 percent to 56.9 percent; average daily rate increased 1.5 percent to US$140.66; and revenue per available room decreased 6.9 percent to US$80.00.
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Kona Grill Reports Third Quarter Results
"Our third quarter results reflect today's challenging consumer environment. While our industry continues to go through one of the toughest times in recent memory, we are committed to operating our restaurants while remaining focused on our long term goals. We continue to make progress on several operational initiatives and remain focused on driving guest traffic and providing a memorable guest experience. We are focused on those items we can control, and we expect these efforts will ultimately materialize into top and bottom line results as the economy improves," said Mark L. Bartholomay, Interim Chief Executive Officer of Kona Grill.
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Pubs adding service charge put off customers
A new survey by Livebookings revealed that 22% are put off by being billed for bread they didn't ask for and 31% by only being able to book at limited times — for example at 7pm or 9pm.
However, 38% said they have not cut back on eating out but they are choosing to spend more wisely with 10% now visiting less expensive restaurants. Over half (56%) are fans of special discounted offers.
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However, 38% said they have not cut back on eating out but they are choosing to spend more wisely with 10% now visiting less expensive restaurants. Over half (56%) are fans of special discounted offers.
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Priceline launches iPhone app for hotel bidding
Bargain hunting iPhone owners can add a new weapon to their growing arsenal of travel applications: Priceline.com's just-released Hotel Negotiator app, which for the first time lets name-your-own-price users bid for and book hotel rooms on the fly.
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Casinos struggle in 3Q as gamblers save: Harrah's loses $1.6B, Wynn profit slides, shares drop
LAS VEGAS (AP) — Gamblers are wagering less than a year ago, visiting casinos less often and holding back on extras when they do, continuing trends that left the industry struggling in the third quarter.
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Harrah’s Entertainment Reports Results for 2009 Third Quarter, First Nine Months
• Revenues decline 13.7 percent from 2008 third quarter
• Third-Quarter Property EBITDA declines 12.2 percent
• Impairment charge on intangible assets impacts results
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• Third-Quarter Property EBITDA declines 12.2 percent
• Impairment charge on intangible assets impacts results
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Panera profit beats view, shares up on outlook
LOS ANGELES, Oct 27 (Reuters) - U.S. bakery-cafe operator Panera Bread Co (PNRA.O) posted quarterly profit that beat expectations, forecast 2010 earnings above analysts' view and said this quarter's sales were on the uptick, sending shares up nearly 5 percent
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Panera Bread Reports Q3 EPS of $0.61 (including $0.04 in net charges), up 35% over Q3 2008
HIGHLIGHTS
- Company-owned comparable sales (calendar basis) up 6.9% in the first 27 days of Q4 09
- Franchise comparable sales (calendar basis) up 6.3% in the first 27 days of Q4 09
- Q3 2009 Company-owned comparable bakery-cafe sales up 3.3% over Q3 2008
- Q3 2009 operating margin up 230 bps over Q3 2008
- Q3 2009 net income up 38% over Q3 2008
- Q4 2009 EPS target $0.85 to $0.87 (net of $0.05 of expected asset retirement expenses)
- FY 2010 EPS target set at $3.05 to $3.15 (up 14% to 18% versus target for FY 2009)
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- Company-owned comparable sales (calendar basis) up 6.9% in the first 27 days of Q4 09
- Franchise comparable sales (calendar basis) up 6.3% in the first 27 days of Q4 09
- Q3 2009 Company-owned comparable bakery-cafe sales up 3.3% over Q3 2008
- Q3 2009 operating margin up 230 bps over Q3 2008
- Q3 2009 net income up 38% over Q3 2008
- Q4 2009 EPS target $0.85 to $0.87 (net of $0.05 of expected asset retirement expenses)
- FY 2010 EPS target set at $3.05 to $3.15 (up 14% to 18% versus target for FY 2009)
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Wynn Resorts Falls on 33% Drop in Third-Quarter Net
Oct. 27 (Bloomberg) -- Wynn Resorts Ltd., the casino company founded by Stephen Wynn, declined the most in five months in U.S. trading after reporting a 33 percent drop in third-quarter profit.
Wynn fell $6.94, or 11 percent, to $56.13 at 4 p.m. New York time on the Nasdaq Stock Market, the biggest intraday decline since April. It has gained 33 percent this year.
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Wynn fell $6.94, or 11 percent, to $56.13 at 4 p.m. New York time on the Nasdaq Stock Market, the biggest intraday decline since April. It has gained 33 percent this year.
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Wynn Resorts, Limited Reports Third Quarter Results
On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the quarter was $34.2 million, or $0.28 per diluted share, compared to net income of $51.2 million, or $0.49 per diluted share in 2008. Adjusted net income in the third quarter of 2009 was $39.9 million, or $0.33 per diluted share (adjusted EPS)(2) compared to an adjusted net income of $64.3 million, or $0.62 per diluted share in the third quarter of 2008.
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Some Chain Restaurants Gaining Traction
Thus far in Q3 2009 earnings season, most of the chain restaurants have delivered “good” earnings results: generally negative sales comp results, favorable commodity and other cost reductions and as a result meeting EPS expectations.
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Blackstone Group eyes cutting Hilton debt
Oct 28 (Reuters) - U.S. private equity firm Blackstone Group (BX.N) has opened discussions with lenders to slash up to $5 billion in debt held by its unit Hilton Hotels, the Wall Street Journal said, citing people familiar with the matter
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Buffalo Wild Wings, Inc. Announces Third Quarter 2009 Results
Total revenue increased 25.1% to $132.7 million
Company-owned restaurant sales grew 26.0% to $120.3 million
Same-store sales increased 0.8% at company-owned restaurants and 1.9% at franchised restaurants
Net earnings increased 50.4% to $6.9 million from $4.6 million, and earnings per diluted share increased 52.0% to $0.38 from $0.25
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Company-owned restaurant sales grew 26.0% to $120.3 million
Same-store sales increased 0.8% at company-owned restaurants and 1.9% at franchised restaurants
Net earnings increased 50.4% to $6.9 million from $4.6 million, and earnings per diluted share increased 52.0% to $0.38 from $0.25
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Tuesday, October 27, 2009
Saturday, October 24, 2009
Irish Bar Values Plunge 40% as Pub Culture Mirrors Economy Bust
Oct. 23 (Bloomberg) -- Dublin’s Thomas Read Group grew into a chain of more than 20 pubs as Ireland’s economy boomed in the mid 1990s. After real estate prices collapsed and drinkers stayed at home, the bars are being sold off.
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City, Tavern in dueling lawsuits
The question of who owns the famous restaurant name Tavern on the Green has become a legal football that has just landed in the lap of a bankruptcy judge.
As expected, on Wednesday the city sued the operators of Tavern on the Green, the LeRoy family, in U.S. bankruptcy court claiming that they had no right to seek trademark protection for the famed eatery's name because it belongs to the city.
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As expected, on Wednesday the city sued the operators of Tavern on the Green, the LeRoy family, in U.S. bankruptcy court claiming that they had no right to seek trademark protection for the famed eatery's name because it belongs to the city.
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Festival Inns places non-core assets on the market
Festival Inns, the Edinburgh-based hotel and bar operator, has placed a number of its assets on the market after deciding to focus exclusively on its major managed outlets.
The company has grown via acquisition since its launch in 1997 and now has seven hotels and 13 bars in its estate.
After conducting a strategic review, it has placed a number of Edinburgh assets including the Hudson Hotel, Biblo’s Bar, the Jazz Bar and Day Nurseries on the market through property agent Jones Lang
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The company has grown via acquisition since its launch in 1997 and now has seven hotels and 13 bars in its estate.
After conducting a strategic review, it has placed a number of Edinburgh assets including the Hudson Hotel, Biblo’s Bar, the Jazz Bar and Day Nurseries on the market through property agent Jones Lang
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Half-finished Strand hotel for sale at £110m
The half-finished Foster & Partners designed hotel on The Strand, London has been put on the market for £110m.
Initially developed by Spanish group Urvasco, the site was earmarked as a five-star hotel with 173 bedrooms, 79 luxury apartments and underground parking, but in July, six months after work halted on the site, administrators PricewaterhouseCoopers (PwC) were called in
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Initially developed by Spanish group Urvasco, the site was earmarked as a five-star hotel with 173 bedrooms, 79 luxury apartments and underground parking, but in July, six months after work halted on the site, administrators PricewaterhouseCoopers (PwC) were called in
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Singapore Bets on Casino Gambling
Singapore has long enjoyed a reputation as the cleanest and least corrupt city in Southeast Asia, which may be why multinationals such as GE Energy (GE), Citibank (C), and Pfizer (PFE) have made it their home base for the region. But while Singapore offers the kind of security that corporate strategic planners like, it's also, well, a bit stiff—a place where chewing gum can only be sold by pharmacies and defacing public property with graffiti is punishable by a half-dozen swift strokes of the cane.
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Maybe Customers Don't Want Their Baby Back Ribs
With Chili's resorting to a new version of its old baby back, baby back, baby back ribs commercial to drum up sales, it shouldn't be too surprising to find out that Chili's owner Brinker International (NYSE: EAT) reported disappointing results for its fiscal first quarter
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Contract talks between Chicago hotels, unions "very, very far from settlement''
The union representing 6,000 hotel workers in downtown Chicago and 15,000 hospitality workers in the Chicago area said Friday that contract negotiations in this city are "very, very far from settlement."
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STR reports US performance for September 2009
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during September, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 6.3 percent to end the month at 56.7 percent. Average daily rate dropped 10.2 percent to finish the month at US$96.67. Revenue per available room for the month decreased 15.9 percent to finish at US$54.78.
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In year-over-year measurements, the industry’s occupancy fell 6.3 percent to end the month at 56.7 percent. Average daily rate dropped 10.2 percent to finish the month at US$96.67. Revenue per available room for the month decreased 15.9 percent to finish at US$54.78.
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Chipotle Mexican Grill, Inc. Announces Third Quarter 2009 Results
Highlights for the third quarter of 2009 as compared to the third quarter of 2008 include:
Revenue increased 13.8% to $387.6 million
Comparable restaurant sales increased 2.7%
Restaurant level operating margin was 25.5%, an increase of 410 basis points
Net income was $34.5 million, an increase of 76.9%
Diluted earnings per share was $1.08, an increase of 83.1%
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Revenue increased 13.8% to $387.6 million
Comparable restaurant sales increased 2.7%
Restaurant level operating margin was 25.5%, an increase of 410 basis points
Net income was $34.5 million, an increase of 76.9%
Diluted earnings per share was $1.08, an increase of 83.1%
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Starbucks Reaches Agreement Paul Twohig/Dunkin Donuts Case
SEATTLE--(BUSINESS WIRE)--The Starbucks Coffee Company (NASDAQ:SBUX) announced that it is pleased that the company and Mr. Twohig have resolved the lawsuit it filed against him. As part of the settlement Mr. Twohig will complete initial training but will otherwise not work at Dunkin' until January 15, 2010. In addition Starbucks will be paid $500,000. Mr. Twohig also reconfirmed his commitments not to share Starbucks trade secrets and other confidential information with Dunkin' at any time. We are pleased that the settlement allows both parties to move forward without protracted litigation.
Friday, October 23, 2009
BJ's Restaurants, Inc. Reports Financial Results for the Third Quarter of Fiscal 2009
HUNTINGTON BEACH, Calif., Oct 22, 2009 (BUSINESS WIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for the third quarter of fiscal 2009 ending Tuesday, September 29, 2009.
Total revenues for the third quarter of fiscal 2009 increased approximately 8.5% to $103.9 million compared to $95.8 million for the same quarter last year. Comparable restaurant sales decreased by 1.6% during the third quarter of fiscal 2009 compared to a decrease of 1.0% during the same quarter last year. Net income and diluted net income per share for the third quarter of fiscal 2009 increased approximately 55% to $3.2 million and 50% to $0.12, respectively, compared to the same quarter last year.
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Total revenues for the third quarter of fiscal 2009 increased approximately 8.5% to $103.9 million compared to $95.8 million for the same quarter last year. Comparable restaurant sales decreased by 1.6% during the third quarter of fiscal 2009 compared to a decrease of 1.0% during the same quarter last year. Net income and diluted net income per share for the third quarter of fiscal 2009 increased approximately 55% to $3.2 million and 50% to $0.12, respectively, compared to the same quarter last year.
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Las Vegas Sands Seeks Funding to Revive Macau Work
Oct. 23 (Bloomberg) -- Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, is seeking as much as $2 billion to restart mothballed projects in Macau, Chief Operating Officer Michael Leven said.
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Foxwoods' Our Lucaya deal 'comes alive again'
The Government will know "in the next 24-48 hours" whether its preferred choice for Foxwoods Development Company to take over the Our Lucaya Resort's management/operations, as well as its casino, is back on track, Tribune Business was told yesterday.
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Thursday, October 22, 2009
Good Time to Buy Sunshine State Hotels
TAMPA, FL-Besides being one of the world’s leading hotel markets, Florida also lines up as one of the best markets for hotel investment because of a spate of distressed assets, according to a report by HREC Investment Advisors. The report was issued on the one-year anniversary of the bankruptcy of Lehman Bros., one of the most active lenders on hotels over the past five years.
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Las Vegas resort sued over second-hand smoke
second Las Vegas Strip casino is being sued over allegations that the health of employees is being affected by second-hand smoke.
A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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Punch, Enterprise Surge as OFT Rejects Pubs Complaint
Oct. 22 (Bloomberg) -- Punch Taverns Plc and Enterprise Inns Plc, the U.K.’s two biggest pub owners, surged in London trading after the Office of Fair Trading rejected a complaint that so- called supply ties protect the companies from competition.
Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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STARWOOD REPORTS THIRD QUARTER 2009 RESULTS - Down 64%
􀂃 Excluding special items, EPS from continuing operations was $0.14. Including
special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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Wednesday, October 21, 2009
Problems for Ritz-Carlton deal (Jamaica)
The Ritz-Carlton branded hotel located in Rose Hall, Montego Bay, which is owned by former beauty queen and attorney Michele Rollins, may well undergo a management contract buyout by the Sheila Johnson-led Salamander Hospitality, but any deal will be met by legal impediments which could see the Ritz-Carlton brand tied to the hotel for decades
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McDonald’s Accused of Selling Cancer-Causing Chicken
Oct. 21 (Bloomberg) -- McDonald’s Corp.,Burger King Holdings Inc. and Friendly Ice Cream Corp. were accused in a lawsuit of selling chicken they know contains a chemical that can cause cancer even in small amounts
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NY City sues Tavern on the Green operators over name
The city sued the operators of Tavern on the Green Wednesday in U.S. bankruptcy court in an effort to regain control over the name of the famed eatery.
Tavern on the Green filed for bankruptcy protection last month, claiming that its largest asset is the trademark it holds for the restaurant’s name, which has an estimated value of $19 million.
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Tavern on the Green filed for bankruptcy protection last month, claiming that its largest asset is the trademark it holds for the restaurant’s name, which has an estimated value of $19 million.
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Regent Inns sold in management buyout
Regent Inns chief executive John Leslie has led a management buyout of 60 of the group’s venues from administrators in a pre-pack deal.
Leslie headed a team comprising of a number of senior Regent Inns executives to acquire the units, which currently trade as Walkabout bars, Old Orleans restaurants and Jongleurs comedy venues.
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Leslie headed a team comprising of a number of senior Regent Inns executives to acquire the units, which currently trade as Walkabout bars, Old Orleans restaurants and Jongleurs comedy venues.
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Brinker International Reports First Quarter Fiscal 2010 EPS
DALLAS, Oct. 20 /PRNewswire-FirstCall/ -- Brinker International, Inc. (NYSE: EAT) announced first quarter fiscal 2010 earnings per diluted share of $0.17 compared to $0.20 for the first quarter of fiscal 2009, before special items and excluding Romano's Macaroni Grill® (reconciliation included in Table 2). On a GAAP basis, earnings per diluted share decreased to $0.15 from $0.23 for the first quarter in the prior year
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Krispy Kreme Expanding in Caribbean
[2009-10-21] Krispy Kreme Doughnut Corporation announced that it entered into a franchise development agreement with Dominspec, S.A. for the development of 14 Krispy Kreme shops over the next five years in the Dominican Republic. Dominspec, S.A. is a quick-service restaurant conglomerate that operates Burger King and Papa John's restaurants in the Dominican Republic.
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Papa Bello buys Baltimore-based deli to develop new concept
Papa Bello Enterprises announced today that the company has signed a letter of intent to acquire Pastore's of Rosedale Inc., a Baltimore-based restaurant, deli and bakery chain. The announcement comes shortly after the restaurant's announcement to acquire Middle-Eastern themed Kebab Café.
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Domino's shutters eight Phoenix stores
Domino's had expanded quickly in the Phoenix area and is now closing eight of the 25 company-owned locations there, according to azcentral.com.
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Expedia pulls all Choice Hotels International inventory off its Web sites
On October 15, Expedia pulled all Choice Hotels International inventory off its Web sites after contract negotiations broke down. A few Choice hotels that have independent contracts with Expedia still can be found its sites, but just a handful.
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MGM Mirage takes huge charge
CHICAGO (MarketWatch) -- MGM Mirage said Tuesday it will take a nearly $1 billion charge in the third quarter to write-down the value of its massive CityCenter project in Las Vegas -- the same day that its controlling shareholder announced it was exploring "other alternatives" to its investment in the gambling and resort giant
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Pizza Hut going after wings market
Dallas-based Pizza Hut, a division of Yum! Brands, is making a strong move into the national chicken-wing market – one of the hottest sectors in retail food. Company president Scott Bergren announced the national launch of Pizza Hut's WingStreet brand on Oct. 19, joined by Dallas Cowboys’ wide receiver Roy Williams at a Pizza Hut franchise in Frisco run by Mike Baird.
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Miami’s Swank Shore Club Goes Delinquent
Things aren’t so sunny for New York developers Philip and Michael Pilevsky at their swank Miami Beach hotel The Shore Club, which recently went delinquent on its $111.5 million securitized mortgage.
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Billionaire investor Kerkorian considers options for MGM Mirage stake he calls 'undervalued'
Kerkorian, 92, MGM Mirage's majority stockholder until this year, said through his investment firm Tracinda Corp. that he is "exploring the possibility of strategic partnerships or other alternatives" for his stake in the Las Vegas-based casino company.
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SONIC REPORTS YEAR-END 2009 EARNINGS
- Net income per diluted share for the quarter totaled $0.28 versus $0.33 in the year-earlier quarter;
- System-wide same-store sales declined 4.5% for the fourth quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 5.3% in the quarter;
- System-wide new drive-in openings totaled 41 compared with 58 in the fourth quarter last year, reflecting primarily the company's recent decision to slow partner drive-in development in conjunction with its refranchising initiative; franchisees opened 40 drive-ins versus 45 drive-ins in the same period last year; and
- The refranchising of 11 partner drive-ins during the quarter; these transactions bring to 205 the total number of drive-ins refranchised during fiscal 2009.
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- System-wide same-store sales declined 4.5% for the fourth quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 5.3% in the quarter;
- System-wide new drive-in openings totaled 41 compared with 58 in the fourth quarter last year, reflecting primarily the company's recent decision to slow partner drive-in development in conjunction with its refranchising initiative; franchisees opened 40 drive-ins versus 45 drive-ins in the same period last year; and
- The refranchising of 11 partner drive-ins during the quarter; these transactions bring to 205 the total number of drive-ins refranchised during fiscal 2009.
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P.F. Chang's Reports Third Quarter Earnings
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 21, 2009-- P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated income from continuing operations(1) of $6.2 million for the third quarter ended September 27, 2009 compared to $7.7 million for the third quarter of the prior year. Net income (2) for the third quarter of fiscal 2009 totaled $6.2 million compared to $3.0 million for the third quarter of the prior year.
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Tuesday, October 20, 2009
Another Caribbean Resort Goes Belly Up
Lenders put the massive Dellis Cay development in the Turks and Caicos islands into receivership on Thursday, roughly a week after developer Turks Ltd. stopped construction. The resort was to include 25-room hotel, 78 for-sale condominiums and 17 villas, all managed by Mandarin Oriental Hotel Group
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Will Japan Airlines' hotel unit go on the block?
As Japan Airlines Co. Ltd. explores its restructuring options, the company seems likely to revisit an idea it has mulled at least twice in the last 10 years: selling its wholly owned hotel subsidiary. JAL Hotel operates about 60 properties under the brands Nikko Hotels International and Hotel JAL City both in Japan and far-flung destinations including China, Malaysia, Mexico City, London, Guam and the United Arab Emirates.
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Benihana names new chief operating officer
MIAMI (AP) -- Restaurant operator Benihana Inc. said Monday it has named industry consultant Christopher Ames as its new chief operating officer.
Ames was previously chief operating officer at Cosi Inc. He has also worked for Elephant Bar Restaurants Inc. and California Pizza Kitchen Inc.
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Ames was previously chief operating officer at Cosi Inc. He has also worked for Elephant Bar Restaurants Inc. and California Pizza Kitchen Inc.
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Hyatt sets terms of IPO
NEW YORK, Oct 19 (Reuters) - Hyatt Hotels Corp (H.N) set the size and price range of its planned initial public offering, suggesting the launch of the $931 million deal is imminent despite signs of feuding within the controlling Pritzker family
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Sunday, October 18, 2009
Buyout talks fail at pub chain Regent Inns
THE future of Regent Inns, the debt-laden pub chain, which employs 2,000 staff, is in doubt after a management buy-out collapsed on Friday.
The group’s bank consortium, led by HSBC, is now hoping it can persuade a trade buyer to acquire the business.
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The group’s bank consortium, led by HSBC, is now hoping it can persuade a trade buyer to acquire the business.
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Friday, October 16, 2009
STR reports Caribbean and Mexico pipeline for September 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 133 hotels comprising 19,434 rooms, according to the September 2009 STR Construction Pipeline Report released this week.
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STR Global reports Central and South America hotel pipeline for September
LONDON—The Central/South America hotel development pipeline includes 141 projects with 21,751 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week.
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STR Global reports Europe hotel pipeline for September 2009
LONDON—The Europe hotel development pipeline includes 547 hotels comprising 89,205 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week
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STR Global reports Middle East/Africa pipeline for September 2009
LONDON—The Middle East/Africa hotel development pipeline includes 442 hotels comprising 120,589 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week
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Fontainebleau president among execs leaving project
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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McDonald’s Offers Potato Burger With Fries, No Onions in India
Oct. 16 (Bloomberg) -- McDonald’s Corp. is staking its future in India on burgers made from mashed potatoes, peas and spices. Sumil Mittal says it’s a good bet.
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Condé Nast Traveler: Readers Choice Top 100
The Top 100 lists the hotels, resorts, and two cruise lines that achieved near perfection, with no score below 92.6
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Morgans Hotel Group Announces Agreement with Mezzanine Lender for Hudson Hotel
NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC - News) (“MHG”) today announced that it has entered into an agreement with one of its lenders which holds, among other loans, the mezzanine loan on the Company’s Hudson Hotel property in New York City.
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Brand Guarding: McDonald's Fights To Preserve Its 'McRights Overseas
A Kuala Lumpur Indian restaurant, called "McCurry," recently won an eight-year- long legal battle against McDonald's, which has 137 outlets throughout Malaysia. The $70 billion fast-food giant argued that McCurry had infringed on its trademark, and that the restaurant could mislead people into thinking that it was connected to McDonald's.
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Enterprise Inns sale and leaseback pubs go for £13.2m
Enterprise Inns saw five of its freehold pubs being sold as part of a sale and leaseback deal go under the hammer this afternoon for a total of £13.15m.
A sixth freehold site due to be sold at the auction was sold for an undisclosed sum before proceedings got underway. The sale, announced by Enterprise last month and conducted by auctioneers Allsop in London, was designed to raise money to help pay down some of the group’s billion-pound debt.
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A sixth freehold site due to be sold at the auction was sold for an undisclosed sum before proceedings got underway. The sale, announced by Enterprise last month and conducted by auctioneers Allsop in London, was designed to raise money to help pay down some of the group’s billion-pound debt.
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Morgans Hotel Group Receives $75 Million Investment from Yucaipa to Fuel Future Growth
NEW YORK--(BUSINESS WIRE)--Oct. 15, 2009-- Morgans Hotel Group Co. (Nasdaq: MHGC) (“MHG”) today announced that an affiliate of The Yucaipa Companies, LLC (“Yucaipa”) has invested $75 million in MHG. The capital infusion will significantly strengthen the company’s balance sheet and provide long-term financing for growth. Combined with the recent amendment to MHG’s credit line, the company has added approximately $200 million of liquidity in the last two months.
The Yucaipa Companies, founded by Ronald Burkle, is a premier investment firm that has an established track record of fostering economic value through the growth and responsible development of companies.
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The Yucaipa Companies, founded by Ronald Burkle, is a premier investment firm that has an established track record of fostering economic value through the growth and responsible development of companies.
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Sunstone Hotel Investors to issue 14 mln shares
SAN CLEMENTE, Calif. (AP) -- Lodging real estate investment trust Sunstone Hotel Investors Inc. said Thursday it will issue 14 million shares in a public offering.
Underwriters will have 30 days to buy up to an additional 2.1 million shares.
Joint bookrunners are Bank of America Merrill Lynch and Wells Fargo Securities.
Proceeds from this offering will be contributed to Sunstone Hotel Partnership LLC, a subsidiary, which will use proceeds for working capital and other general corporate purposes, which may include hotel acquisitions
Underwriters will have 30 days to buy up to an additional 2.1 million shares.
Joint bookrunners are Bank of America Merrill Lynch and Wells Fargo Securities.
Proceeds from this offering will be contributed to Sunstone Hotel Partnership LLC, a subsidiary, which will use proceeds for working capital and other general corporate purposes, which may include hotel acquisitions
Starwood Preferred Guest Launches New Twitter, Facebook and iPhone Applications
Starwood Preferred Guest (SPG) today announces the launch of a new suite ofTwitter, Facebook and iPhone applications, which can be accessed atwww.spg.com/stayconnected. The move comes as part of the SPG program`s overallcommitment to providing insider access for its loyal guests by tapping into thepower of social media.
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Luby's closing 25 stores
Luby’s Inc. is closing 25 underperforming stores as part of a plan to improve cash flow and redeploy capital.
The news came as the Houston-based restaurant operator (NYSE: LUB) reported its fourth-quarter 2009 earnings.
Following the closures the company will have 95 restaurant locations remaining, as well as 15 culinary contract service locations.
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The news came as the Houston-based restaurant operator (NYSE: LUB) reported its fourth-quarter 2009 earnings.
Following the closures the company will have 95 restaurant locations remaining, as well as 15 culinary contract service locations.
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Luby’s Reports Fiscal Fourth Quarter 2009 Results
Fourth Quarter Review
Restaurant sales were $80.2 million, a decrease of $13.8 million compared to the same quarter last
year. This decrease included a $2.1 million net decline in sales related to closed stores, partially
offset by new restaurant sales.
Same-store sales, from 117 restaurants, decreased approximately 13.6% primarily due to a decline in
guest traffic and partially a result of lower menu prices and value promotions which decreased
average sales per person by 1.2% compared to the prior year.
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Restaurant sales were $80.2 million, a decrease of $13.8 million compared to the same quarter last
year. This decrease included a $2.1 million net decline in sales related to closed stores, partially
offset by new restaurant sales.
Same-store sales, from 117 restaurants, decreased approximately 13.6% primarily due to a decline in
guest traffic and partially a result of lower menu prices and value promotions which decreased
average sales per person by 1.2% compared to the prior year.
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Thursday, October 15, 2009
Is the Watergate Poised to Sell?
WASHINGTON, DC-For the past several weeks, rumors have been circulating that commercial developer Robert Holland is in talks to buy the Watergate Hotel, along with a Dubai-based hotel owner, Jumeirah Group. The hotel returned to German-bank PB Capital earlier this year after owner Monument Realty defaulted on a $44.3 million loan.
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Dubai, Abu Dhabi Need 150,000 Jobs to Fill Homes, Nomura Says
Oct. 15 (Bloomberg) -- Dubai and Abu Dhabi need to create about 150,000 white-collar jobs to provide enough buyers for the houses and apartments being completed in the next two years, Nomura Holdings Inc. said
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Dubai World Said to Weigh Offering Equity to Reduce Debt Load
Oct. 15 (Bloomberg) -- Dubai World, the emirate-controlled holding company with about $60 billion of debt and other liabilities, may offer equity stakes in units such as developer Nakheel PJSC to creditors or neighboring Abu Dhabi to avert potential defaults, people briefed on the matter said.
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Small Caribbean hotels fare better than rest of industry
For small Caribbean hotels with 75 guestrooms or less, August 2009 year-to-date data revealed revenue-per-available-room declines across the board—at an average drop of 17.1 percent. However, RevPAR for the region’s hotel industry in general was down 22.9 percent, and competitor regions such as Florida and Hawaii were down 18.8 percent and 21.3 percent, respectively. Demand and occupancy changes, while still negative, are faring better than 2008 for this subsection of the region.
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STR reports US pipeline for September 2009
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 4,218 projects with 450,899 rooms, according to the September 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 31.1-percent decrease in the number of rooms in the total active pipeline compared to September 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre Planning stage.
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STR reports Canadian pipeline for September 2009
HENDERSONVILLE, Tennessee—At the end of the third quarter of the calendar year, the Canadian hotel development pipeline includes 216 projects comprising 24,462 rooms, according to the September 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 1.8-percent decrease in the number of rooms in the pipeline compared to August 2009 and a 5.3-percent increase in the number of rooms in the pipeline compared to September 2008.
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Leadbitter to enter budge hotel sector (UK)
UK-based contractor Leadbitter is the latest construction company looking to benefit from the buoyant budget hotel sector.
Bob Rendell, Leadbitter Group's chief executive, said the company is hoping to build on its experience in the student accommodation sector in its attempts to enter the hospitality market.
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Bob Rendell, Leadbitter Group's chief executive, said the company is hoping to build on its experience in the student accommodation sector in its attempts to enter the hospitality market.
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Rubio's(R) Restaurants, Inc. Receives An Unsolicited Letter Outlining a Proposal to Acquire All Outstanding Common Stock
CARLSBAD, Calif., Oct. 14, 2009 (GLOBE NEWSWIRE) -- Rubio's(R) Restaurants, Inc. (Nasdaq:RUBO) today announced that its Board of Directors had received an unsolicited letter, dated October 13, 2009, from a group consisting of Alex Meruelo and his affiliates and Levine Leichtman Capital Partners IV, L.P. outlining a proposal to acquire all of the Company's outstanding common stock for $8.00 per share. The Board intends to consider the letter consistent with its fiduciary duties to act in the best interests of the Company's stockholders.
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Travellers could be sued for hotel rants
TRAVELLERS who post scathing reviews or comments about hotels or restaurants could be exposing themselves to long and costly legal battles.
Media lawyer David Poulton, from MinterEllison Lawyers, said people making defamatory comments on sites such Tripadvisor and Twitter have little protection from the websites concerned.
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Media lawyer David Poulton, from MinterEllison Lawyers, said people making defamatory comments on sites such Tripadvisor and Twitter have little protection from the websites concerned.
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Top 100 UK Restaurants for 2009
Heston Blumenthal's Fat Duck restaurant has been voted Restaurant of the Year in the National Restaurant of the Year Awards 2009, beating Hibiscus and The Walnut Tree to the top spot
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Moody’s raises outlook on Wynn Resorts
A second credit rating service has raised its outlook on Wynn Resorts this week as a result of the company’s initial public offering on the Hong Kong Stock Exchange.
Moody’s Investor Services raised its outlook today on the Las Vegas-based casino operator from negative to stable. The ratings service said the change acknowledges a significant improvement in Wynn Resorts’ leverage after the company raised $1.87 billion in an initial public stock offering of 25 percent of its Macau assets.
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Moody’s Investor Services raised its outlook today on the Las Vegas-based casino operator from negative to stable. The ratings service said the change acknowledges a significant improvement in Wynn Resorts’ leverage after the company raised $1.87 billion in an initial public stock offering of 25 percent of its Macau assets.
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Starwood Opens Its 150th Hotel in Asia Pacific and Signs 23 New Deals in 2009
HONG KONG--(BUSINESS WIRE)--Oct. 14, 2009-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) reaches another key milestone with the opening of its 150th hotel in Asia Pacific – the ITC Royal Gardenia, a Luxury Collection Hotel in Bengaluru. The opening of the 292-room hotel in India underscores Starwood’s long-term strategic growth plans in Asia Pacific, where it has executed 23 new deals in 2009. This year, Starwood has also opened seven hotels prior to the opening of ITC Royal Gardenia with another seven slated to open by year end
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Starbucks responds to Carly Simon, Sonic Youth accusations
"Starbucks did more than its fair share to help the album," said Chris Bruzzo, Starbucks' vice president of brand, content and online, of Carly Simon's 2008 album that Starbucks' Hear Music label produced and over which she is suing the coffee company.
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Wednesday, October 14, 2009
Disney ready to work its magic at Ko Olina
"It's a visual affirmation that they're continuing to invest," said state tourism liaison Marsha Wienert, as the third floor of the resort started to emerge from a forest of pilings. "It confirms Disney's commitment to the Islands and the future of the Islands."
Disney expects to invest about $800 million in the project, completing the first phase in the fall of 2011 and eventually employing 1,000 people.
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Disney expects to invest about $800 million in the project, completing the first phase in the fall of 2011 and eventually employing 1,000 people.
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‘Boneless’ Wings, the Cheaper Bite
Just in time for football season, the Lion’s Head Tavern in New York City stopped selling 25-cent chicken wings on Monday nights. In Tucson, a sports bar called O’Malleys on Fourth scrapped its fall special of a dozen wings on Monday nights for $4.
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Hotel Term Defaults Push U.S. CMBS Delinquencies 54 bps Higher
The reprieve is over for U.S. CMBS as delinquencies resumed their upward trajectory to end the month at 3.58%, according to the latest Loan Delinquency Index results from Fitch Ratings. The hotel sector now leads as the property type with the largest proportion of delinquencies at 5.83%.
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Administrators appointed at Sir John Ritblat’s pubs chain
Sir John Ritblat, the veteran property magnate who turned British Land into one of Britain’s top companies, has suffered a setback to his pub ambitions after the appointment of administrators to his fledgeling Merchant Inns chain.
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Australia's Packer Raises Stakes in Casino Bet That Has Cost $1 Billion
Oct. 14 (Bloomberg) -- James Packer, Australia’s richest man, has raised the stakes in a bet that has so far lost at least $1 billion.
Packer paid A$205 million ($187 million) to increase his stake in Crown Ltd., Australia’s largest casino owner, to more than 40 percent, according to a filing yesterday. The purchase of 3 percent of Crown’s shares is the most he can make for six months without making a full bid, according to Australian stock exchange rules.
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Packer paid A$205 million ($187 million) to increase his stake in Crown Ltd., Australia’s largest casino owner, to more than 40 percent, according to a filing yesterday. The purchase of 3 percent of Crown’s shares is the most he can make for six months without making a full bid, according to Australian stock exchange rules.
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Host Hotels & Resorts, Inc. Reports Results of Operations for the Third Quarter of 2009
Total revenue decreased $227 million, or 19.9%, to $912 million for the third quarter and $719 million, or 20.2%, to $2,839 million for year-to-date 2009 as compared to last year.
Net loss was $58 million for the third quarter of 2009 compared to net income of $47 million for the third quarter of 2008. For year-to-date 2009, net loss was $187 million compared to net income of $303 million for year-to-date 2008. Loss per diluted share was $.09 for the third quarter of 2009 compared to earnings per diluted share of $.09 in 2008. For year-to-date 2009, loss per diluted share was $.33 compared to earnings per diluted share of $.53 for year-to-date 2008.
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Net loss was $58 million for the third quarter of 2009 compared to net income of $47 million for the third quarter of 2008. For year-to-date 2009, net loss was $187 million compared to net income of $303 million for year-to-date 2008. Loss per diluted share was $.09 for the third quarter of 2009 compared to earnings per diluted share of $.09 in 2008. For year-to-date 2009, loss per diluted share was $.33 compared to earnings per diluted share of $.53 for year-to-date 2008.
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Hotwire Rate Report - October 2009
Hotel rates in the U.S. and Canadian cities change quickly, especially in this economy. The Hotwire Hotel Rate Report pinpoints cities where rates have dropped, making it easier for you to see where to find the best values. To compile the report we look at rates from a wide range of the top markets, compare pricing trends from the previous year, and factor in month-by-month price fluctuations. The report shows the destinations that have the biggest hotel price drops each month.
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Timing Becomes an Issue in Tavern on the Green Dispute
The current operator of Tavern on the Green says it will have to lay off all of its more than 400 employees during the lucrative Christmas season unless the Parks Department lets it occupy the restaurant past midnight on Dec. 31, when the current operating license expires.
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The Tragedy of Krispy Kreme
There's a truism among investors that you should invest in what you know, understand, and like. It's a common sense strategy: You spot something new. It's special. It's useful or innovative. It's cool and affordable. Let me buy some of that!
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FelCor Completes $636 Million Senior Notes Offering
IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH - News) and its subsidiary FelCor Lodging Limited Partnership (“FelCor LP”), today announced that it completed the previously announced offering of $636 million in aggregate principal amount of FelCor LP's senior secured notes
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Strategic Hotels sell enough bonds to keep New Orleans restoration plan alive
NEW ORLEANS (AP) -- The owners of the Hyatt Regency New Orleans have sold only 10 percent of the special bonds needed to help finance the hotel's post-Hurricane Katrina overhaul, but that's enough to keep a redevelopment plan alive through 2010.
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Business travel survey shows budgets for 2010 remain tight
A survey of members by the Association of Corporate Travel Executives underscores the caution prevalent in the industry. Only a quarter of respondents said they will spend more on corporate travel next year, while about half will operate at 2009 levels
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Pubcos set out 'fundamental reform' plans
The British Beer and Pub Association (BBPA) claims to have reached a binding agreement with licensee groups, the BII and the Federation of Licensed Victuallers Associations, for “fundamental reform”, which will make any further intervention by Government or competition authorities unnecessary
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Domino's Pizza Announces Third Quarter 2009 Financial Results
ANN ARBOR, Mich., Oct. 13 /PRNewswire-FirstCall/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the third quarter ended September 6, 2009. Net income as-reported was up 76.6% versus the prior year, driven by gains on the extinguishment of debt, improved operating margins, lower interest expense and international store growth. Year-to-date, the Company has repurchased approximately $161 million in principal amount of its long-term debt. As of the quarter end, the Company had nearly $49 million of unrestricted cash and cash equivalents.
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CKE Restaurants(R), Inc. Reports Period Nine Same-Store Sales
CARPINTERIA, Calif.--(BUSINESS WIRE)--Oct. 14, 2009-- CKE Restaurants, Inc. (NYSE: CKR) announced today period nine company-operated same-store sales for the period ended October 5, 2009, for Carl’s Jr.® and Hardee’s®.
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Punch Retreats After Posting Widened Full-Year Loss
Oct. 14 (Bloomberg) -- Punch Taverns Plc, the largest U.K. pub owner, fell the most since June in London trading after posting a widened full-year loss and taking impairment charges to reflect declining pub values.
Punch fell as much as 13 percent. The net loss was 176.4 million pounds ($282 million) in the year ended Aug. 22, from a loss of 64.7 million pounds a year earlier, the Burton upon Trent, England-based company said in a statement today. Sales declined 7.7 percent to 1.44 billion pounds.
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Punch fell as much as 13 percent. The net loss was 176.4 million pounds ($282 million) in the year ended Aug. 22, from a loss of 64.7 million pounds a year earlier, the Burton upon Trent, England-based company said in a statement today. Sales declined 7.7 percent to 1.44 billion pounds.
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Hugo Chavez orders 'forced acquisition' of Hilton-run hotel on Venezuela resort island
CARACAS, Venezuela — President Hugo Chavez has ordered his government to buy a Hilton-run hotel on Venezuela's Margarita Island.
Chavez issued a decree last week ordering the "forced acquisition" of the Margarita Hilton&Suites and its marina. The president's order was reported by Venezuelan media Tuesday, after being published in the Official Gazette on Friday.
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Chavez issued a decree last week ordering the "forced acquisition" of the Margarita Hilton&Suites and its marina. The president's order was reported by Venezuelan media Tuesday, after being published in the Official Gazette on Friday.
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Tuesday, October 13, 2009
Millennium & Copthorne Hotels signs 3 management agreement with Faruk Holding Group in Kurdistan
Sulaimaniya, Iraq, August, 2009- Faruk Group Holding finalized its agreement with Millennium & Copthorne Middle East Ltd. By signing the Hotel management and operation agreement for 3 hotels in Kurdistan, Iraq.
The agreement was signed in Sulaimaniyah during a recent visit by Millennium and Copthorne team headed by Mr. Ali Hamad Lakhraim the President and CEO of Millennium Hotels Middle East
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The agreement was signed in Sulaimaniyah during a recent visit by Millennium and Copthorne team headed by Mr. Ali Hamad Lakhraim the President and CEO of Millennium Hotels Middle East
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Papa Bello acquires Kebab Cafe
Papa Bello Enterprises Inc. has signed a letter of intent to acquire the Kebab Café, a Southern California-based concept specializing in Middle Eastern cuisine with a European twist, according to a company statement.
The Kebab Cafe currently operates a flagship location in the Westfield Mall in La Jolla, Calif., and anticipates opening up to 10 new corporately owned locations in 2010.
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The Kebab Cafe currently operates a flagship location in the Westfield Mall in La Jolla, Calif., and anticipates opening up to 10 new corporately owned locations in 2010.
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Hilton Worldwide CEO sends letter to hotel owners regarding grand jury story
Hilton Worldwide CEO Christopher Nassetta penned Hilton hotel owners a six-paragraph letter Wednesday in response to the Wall Street Journal's front-page story about the convening of a federal grand jury to investigate whether Hilton committed corporate espionage.
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UK Budget hotel boom amidst recession
The UK hospitality industry is proving to be quite resilient during the recession, especially in the budget sector, according to the 2009 British Hospitality Association (BHA) annual report released this week.
Around 11,000 rooms opened in 2009 and a further 40,000 are planned for the period 2010-2015.
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Around 11,000 rooms opened in 2009 and a further 40,000 are planned for the period 2010-2015.
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Unpaid bills may deter a bid for Las Vegas Fontainebleau
The bills amount to more than likely offer; Penn National exec says building worth ‘about zero’
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Restaurants In Rebound
With earnings season getting into full swing this week, investors are looking for signs that companies can grow their sales, not just fire workers to preserve profits. Consumers, who drive much of this country’s economic growth, have mostly stayed on the sidelines, though, thanks to high unemployment and continuing home foreclosures
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Beach Hut Resorts Concept to Roll-Out Across the UK
A pilot scheme to build twenty one luxury beach huts is now to be rolled out throughout the UK in an exciting GBP35m expansion plan. Each beach hut will sleep four to six people, with a separate bedroom, fully fitted kitchen, bathroom, sitting area and 24 hour concierge service. Beach Hut Resorts have declared their first luxury beach hut development to be in WhitleyBay, offering 24 hour overnight accommodation with full service facilities, 11 months of the year
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Wingstop Reaches 25 Consecutive Quarters of Positive Comp Sales
DALLAS – Wingstop, the nation’s fastest-growing chicken wing chain, has announced positive comparable store sales for the 25th consecutive quarter, dating back to July 2003.
Wingstop ended the most recent quarter with a 1.6 percent increase and is up 3.8 percent for the year. The company predicts the positive trend to continue into the fourth quarter, when sales are typically the strongest due to the popularity of wings during the football and holiday seasons.
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Wingstop ended the most recent quarter with a 1.6 percent increase and is up 3.8 percent for the year. The company predicts the positive trend to continue into the fourth quarter, when sales are typically the strongest due to the popularity of wings during the football and holiday seasons.
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Tootsies set to close as diners lose taste for burger chain
Tootsies, the family burger chain, has become the latest victim of the recession, after Clapham House Group, its quoted owner, pulled the plug on the loss-making business.
Administrators from BDO yesterday announced the sale of 11 of the 21 outlets for £2.5 million to Giraffe, the restaurant group backed by Giraffe chairman Luke Johnson’s Risk Capital Partners, and 3i.
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Administrators from BDO yesterday announced the sale of 11 of the 21 outlets for £2.5 million to Giraffe, the restaurant group backed by Giraffe chairman Luke Johnson’s Risk Capital Partners, and 3i.
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Fairmont Chicago off the block
After fielding bids for the Fairmont Chicago, Strategic Hotels & Resorts Inc. has taken the 687-room hotel off the market. Under pressure to raise cash and lower its debt level, the Chicago-based hotel owner put the property at 200 N. Columbus Drive up for sale in May
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Carly Simon sues Starbucks after 2008 album under coffee chain's label performed poorly
SEATTLE (AP) — Singer Carly Simon is suing Starbucks Corp., saying the coffee company's now-defunct music venture didn't adequately promote her 2008 album, dooming the record before it was even released.
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Vail Resorts Announces it Will Not Continue Purchase of Wind Credits
BROOMFIELD, COLO.—Vail Resorts announced that concurrent with its announcement of its leadership role in the Hayman Restoration Partnership, the company would not be renewing its three-year commitment to purchase wind energy offset credits.
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Whitbread PLC interim results for the six months ended 27 August 2009
Financial Highlights
-Total revenue up 3.1% to £703.3 million (2008/09: £682.2 million)
-Group like for like sales down 2.7%
-Underlying profit1 before tax of £118.2 million down 2.7% (2008/09: £121.5 million)
-Profit before tax and exceptional items down 10.4% to £110.5 million (2008/09: £123.3 million)
-Underlying diluted EPS 47.33p (2008/09: 49.14p)
-Pre-exceptional diluted EPS 44.17p (2008/09: 49.89p)
-Half year net debt at £606.6 million (versus £623.1 million at 26 February 2009); current facilities of £1.16 billion
- Interim dividend 9.65p (2008/09: 9.65p)
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-Total revenue up 3.1% to £703.3 million (2008/09: £682.2 million)
-Group like for like sales down 2.7%
-Underlying profit1 before tax of £118.2 million down 2.7% (2008/09: £121.5 million)
-Profit before tax and exceptional items down 10.4% to £110.5 million (2008/09: £123.3 million)
-Underlying diluted EPS 47.33p (2008/09: 49.14p)
-Pre-exceptional diluted EPS 44.17p (2008/09: 49.89p)
-Half year net debt at £606.6 million (versus £623.1 million at 26 February 2009); current facilities of £1.16 billion
- Interim dividend 9.65p (2008/09: 9.65p)
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Monday, October 12, 2009
Las Vegas Fontainebleau a symbol of bad timing
Of all the buildings under construction nationwide left unfinished because of the recession, the Fontainebleau Las Vegas resort, which analysts say may be nation’s largest and most expensive stalled construction job, might be the poster child for badly timed development.
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RAK Plans to Halt Parts of $3.3 Billion Project
Oct. 12 (Bloomberg) -- RAK Properties PJSC, the developer that built Ras Al Khaimah’s first man-made islands, is halting parts of a 12 billion-dirham ($3.3 billion) project until market conditions improve, the chief executive officer said.
Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include a marina, a shopping center and seven hotels, Al Qathi said.
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Parts of Mina Al Arab, a beach resort in the northern part of the United Arab Emirates, that haven’t been sold will be halted, Mohammed Sultan Al Qathi said in an interview last week. The developments on hold include a marina, a shopping center and seven hotels, Al Qathi said.
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Punch to cut value of estate by £600m
Punch Taverns, the pubs landlord, is expected to slash the value of its estate by more than £600m when it unveils its annual results this week.
The indebted leisure group, which owns 8,300 pubs, will be forced to write down the value of its portfolio because of a combination of the falling property market and a decline in takings at its outlets
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The indebted leisure group, which owns 8,300 pubs, will be forced to write down the value of its portfolio because of a combination of the falling property market and a decline in takings at its outlets
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Sunday, October 11, 2009
Lagos yacht hotel creates turbulence
A year after the luxury Sunborn Yacht Hotel berthed at the Lagos Marina, it sits in complete disrepair on the quay of the Army Officer's Mess Headquarters, a mockery of what it was a year ago when it was received in Lagos.
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Cheap rooms and coffee help Whitbread through worst of hospitality slump
Premier Inn, the UK’s biggest hotel chain, will claim it is winning a cut-throat price war raging across the hospitality industry when its owners at Whitbread check in with trading results on Tuesday.
Chief executive Alan Parker will say that heavy promotional activity, spearheaded by comedian Lenny Henry, has helped it to increase its share of the key business market while attracting new custom from the tourist trade in the opening months of the year
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Chief executive Alan Parker will say that heavy promotional activity, spearheaded by comedian Lenny Henry, has helped it to increase its share of the key business market while attracting new custom from the tourist trade in the opening months of the year
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Swiss Surprise: Forte puts Le Richemond on the block
The veteran hotelier Sir Rocco Forte is sounding out potential buyers for the Le Richemond hotel in Geneva, one of 13 upmarket properties owned by his company, writes Matthew Goodman.
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Saturday, October 10, 2009
California Pizza continues rally
On Wednesday, the casual dining chain lifted its third-quarter profit outlook. The company now expects to report earnings of 22 cents to 24 cents per share for the quarter, up from prior guidance of 19 cents to 21 cents per share.
Analysts surveyed by Thomson Reuters forecast a profit of 23 cents per share for the quarter.
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Analysts surveyed by Thomson Reuters forecast a profit of 23 cents per share for the quarter.
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Hilton sees new Waldorf resort as investment in Orlando
When Hilton Worldwide opened the Waldorf Astoria and adjoining Hilton Bonnet Creek resort here this month, it introduced a unique, non-Disney product right next door to Disney World.
It also opened 1,500 new rooms, bringing to more than 4,000 the number of rooms Hilton has added in the last two months to a market that has been battered this year by a sharp drop in meetings and business travel.
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It also opened 1,500 new rooms, bringing to more than 4,000 the number of rooms Hilton has added in the last two months to a market that has been battered this year by a sharp drop in meetings and business travel.
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Hyatt Regency loan a 'concern' for mortgage holder
The company that holds the mortgage for the Hyatt Regency in downtown Milwaukee has seen its mortgage pass-through certificates downgraded by Fitch Ratings, which lists the Milwaukee property as one of the largest contributors to losses for the mortgage holder
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Friday, October 9, 2009
Dairy Queen opens 200th location in China, plans 500 more
Dairy Queen has reached a milestone in China, having opened its 200th location in the country. The store is located in Xi’an, the capital city of Shaanxi Province. It is operated by Red Flag Profits, a wholly owned subsidiary of Shanghai Shida Catering Management Co. Ltd.
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Carluccio’s to launch more outlets in UK and Dubai
Carluccio’s, the quoted operator of Italian restaurants with their own in-store delicatessen, is looking for its first sites in Scotland as it seeks to become a nationwide chain
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Fontainebleau Las Vegas developer Jeffrey Soffer removed himself from negotiations
Bankruptcy Judge A. Jay Cristol was skeptical of Soffer's move, saying ``nobody is going to believe he's not running the show.'' Over Fontainebleau objections, Cristol said he would name an outsider to monitor negotiations for the unfinished condo-hotel and casino. The maneuvers come as Fontainebleau lawyers say they're days away from concluding a deal to auction off the project, which would cost an estimated $1.5 billion to finish.
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Starwood Capital Shows Interest In Extended Stay Hotels
Today’s big story (in my mind at least) is a Wall Street Journal article today that brought to light Starwood Capital’s new found interest in the Extended Stay bankruptcy battle. (I’m writing this directly from my blackberry so I can’t get a direct link).
In a nutshell – it states that Starwood Cap is joining a group of investors (mainly those involved with the first mortgage of the deal) in putting down funding to take the deal out of bankruptcy court.
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In a nutshell – it states that Starwood Cap is joining a group of investors (mainly those involved with the first mortgage of the deal) in putting down funding to take the deal out of bankruptcy court.
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How to Safeguard Your Security, Privacy in a Hotel
The case of an ESPN reporter who was videotaped through a peephole in her hotel room door shows how easy it is for a hotel guest's security and privacy to be violated. Here are some tips for staying safe in hotels.
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W Hotels cancels contract In Shanghai
Friday, 9th October 2009Source : HVS International
As a result of the economic downturn, W Hotels, part of Starwood Hotels and Resorts Worldwide, has cancelled its intention to manage a luxury hotel located in Shanghai International Financial Centre (IFC) in Lujiazui, part of the Pudong financial district. Owned by Sun Hung Kai Properties (SHKP), the proposed hotel in Shanghai IFC is scheduled to open in 2010 while the entire development is expected to be completed by the first half of 2011. According to market sources, SHKP might convert the rooms which were to be managed by W Hotels into serviced apartments units.
As a result of the economic downturn, W Hotels, part of Starwood Hotels and Resorts Worldwide, has cancelled its intention to manage a luxury hotel located in Shanghai International Financial Centre (IFC) in Lujiazui, part of the Pudong financial district. Owned by Sun Hung Kai Properties (SHKP), the proposed hotel in Shanghai IFC is scheduled to open in 2010 while the entire development is expected to be completed by the first half of 2011. According to market sources, SHKP might convert the rooms which were to be managed by W Hotels into serviced apartments units.
Pub Revolution calls for mass 'beercott'
The Pub Revolution cause currently has around 350 members on Facebook and is calling for direct action against pubcos now, rather than waiting for a Government response to the Business and Enterprise Committee or any possible Office of Fair Trading inquiry into the beer tie.
“Nothing’s going to change unless we the leaseholders do something for ourselves,” the campaign leader, known as UK Mass Bercott on the Morning Advertiser forum, said.
“Nothing’s going to change unless we the leaseholders do something for ourselves,” the campaign leader, known as UK Mass Bercott on the Morning Advertiser forum, said.
Andrew Harper Revamps Harper Collection & Introduces Michelin-Style Ranking System for Hotels
"In the past few years, with the staggering number of new hotels and resorts opening around the world, The Harper Collection was growing steadily and our members began to ask me, 'Which hotels do you really like?'" Mr. Harper said. The Collection is now reorganized into Harper's "Favorite 500" hotels and resorts and a maximum of 500 additional "Recommended" properties. "I needed to be more discriminating for the Collection to be a true representation of the best of the best," he continued. "I also intend to give greater priority to the small, distinctive hideaways that are our specialty."
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Wynn Macau shares jump 13 percent in HK debut
HONG KONG (AP) -- Billionaire Steve Wynn's Macau casino company jumped 13 percent in its trading debut on the Hong Kong stock exchange Friday, reflecting stronger faith in the southern Chinese gambling city's prospects.
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Wyndham Worldwide Completes $350 Million Term Securitizations
PARSIPPANY, N.J. 10-07-2009 —
Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes:
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Wyndham Worldwide Corporation (NYSE:WYN) today announced that it has completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes:
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Thursday, October 8, 2009
Marriott sees pricing pressures persisting in 2010
NEW YORK, Oct 8 (Reuters) - Marriott International (MAR.N) posted a lower quarterly profit on Thursday and said pricing pressures would continue to erode margins next year, sending its shares down as much as 5.9 percent.
The forecast overshadowed news that Marriott's third-quarter profit beat analysts' average forecast
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The forecast overshadowed news that Marriott's third-quarter profit beat analysts' average forecast
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Rio Race for Rooms by Marriott, Starwood Starts for 2016 Games
Oct. 8 (Bloomberg) -- Marriott International Inc.InterContinental Hotels Group Plc and Starwood Hotels & Resorts Worldwide Inc. are ready to compete for guests in Rio de Janeiro as the city famous for its Carnival parades and beaches races to more than double hotel capacity to host the 2016 Olympic Games.
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Luxury New Orleans hotel sold for $44.2 million
NEW ORLEANS -- The Windsor Court Hotel, a luxury 324-room hotel in New Orleans, has been sold for $44.2 million to a group that plans a two-year renovation of its guest rooms.
Orient-Express Hotels Ltd. said it sold the hotel to Windsor Court Partners because the hotel no longer fits its model of catering to leisure travelers.
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Orient-Express Hotels Ltd. said it sold the hotel to Windsor Court Partners because the hotel no longer fits its model of catering to leisure travelers.
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Ashford Hospitality in Talks to Revise Loan on Westin O'Hare
Hotel owner Ashford Hospitality Trust Inc. is negotiating to revise the terms of its $101 million securitized mortgage on the 525-room Westin O'Hare hotel near Chicago's O'Hare International Airport.
Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.
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Ashford, which owns 103 hotels, aims to strike a deal to keep the Westin O'Hare rather than forfeiting it to the special servicer overseeing the mortgage, Ashford executives say. But Ashford wants the payments it must make on the mortgage reduced because the hotel no longer generates enough cash flow on its own to cover them.
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Leisure Industry Can't Ignore PCI Compliance
Compliance with the PCI Data Security Standard has been expected of merchants that accept payment cards and process payment card transactions for years now, but as is true with any compliance requirement, there are segments that tend to lag behind the rest in their efforts. Small public companies, for example, have had a reprieve when it comes to full Sarbanes-Oxley section 404 compliance.
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Peel Hotel Group Reports an Encouraging End to a Mixed First Half Performance
Mid-sized British hotel group, Peel Hotels (AIM: PHO) released H1 interim results today, in which they reported a 5.5% increase in turnover and a post tax profit of approximately £1.1 million. Peel Hotels stated that it was difficult to determine whether the improved performance is a result of stabilising economic conditions or an increase in market share. The initial headline figures add polish to a disappointing start the trading period.
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Carluccio's set to beat expectations after posting 8% rise in turnover
Italian restaurant chain Carluccio’s today revealed that it expects to post a pre-tax profit ahead of expectations after seeing an 8% rise in turnover for the financial year.
Unveiling a trading statement for the year to 27 September, the company said it had benefited from the opening of six new restaurants, largely outside its traditional London base.
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Unveiling a trading statement for the year to 27 September, the company said it had benefited from the opening of six new restaurants, largely outside its traditional London base.
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Still Winning with Wyndham Worldwide
Wyndham Worldwide (WYN) is becoming one of my favorite stocks this year - buying each dip has been very lucrative. Unlike many names, it actually pulls back relatively sharply and then bounces, which is perfect for the way we trade around a core position in a stock. After an upgrade in late September by Goldman, we have another upgrade today (from Goldman again?!)- pushing the stock up over 9%. I am going to sell 60% of the position at $17.75, and we'll keep trying to continue this pattern - buy the dips, sell the rips. Even here, it is *still* cheap - hope it doesn't run away on us.
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Shock pub business rates rise
Evidence of shocking business rates hikes has emerged, with some licensees set to see bills more than double from next April.
The news follows stark warnings from the Conservatives that pubs would receive “bombshell” bills under new rates revaluations.
A snap survey on the Morning Advertiser’s website found 21.7% of licensees said their rateable value had more than doubled. Nearly one third — 30.4% — said it had risen between 41% and 100%. However, 13% said it had stayed the same, while 8.6% saw it fall by up to 40%.
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The news follows stark warnings from the Conservatives that pubs would receive “bombshell” bills under new rates revaluations.
A snap survey on the Morning Advertiser’s website found 21.7% of licensees said their rateable value had more than doubled. Nearly one third — 30.4% — said it had risen between 41% and 100%. However, 13% said it had stayed the same, while 8.6% saw it fall by up to 40%.
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Blackstone buying Anheuser-Busch theme parks
(AP) - Anheuser-Busch InBev SA, the world's largest brewer, said Thursday that it will raise $2.7 billion from selling its U.S. theme parks to the Blackstone Group.
The sale of three SeaWorld parks, two Busch Gardens parks and five others is the largest of a string of AB InBev selloffs to help pay for the $52 billion takeover deal that formed it last year.
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The sale of three SeaWorld parks, two Busch Gardens parks and five others is the largest of a string of AB InBev selloffs to help pay for the $52 billion takeover deal that formed it last year.
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Starbucks sues defector to Dunkin’
WILMINGTON, Del. - Starbucks Corp., the largest coffee-shop operator, has sued a former executive, claiming he violated a noncompetition agreement by becoming Dunkin’ Donuts Inc.’s brand operations officer.
Paul Twohig was a senior vice president at Starbucks until March, responsible for the Southeast division. He violated an agreement that barred him from working for a direct rival for 18 months after his departure, according to a complaint filed in federal court in Seattle.
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Paul Twohig was a senior vice president at Starbucks until March, responsible for the Southeast division. He violated an agreement that barred him from working for a direct rival for 18 months after his departure, according to a complaint filed in federal court in Seattle.
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Marriott International Reports Third Quarter Results
Marriott International, Inc. (“Marriott”) (NYSE:MAR) today reported third quarter 2009 adjusted income from continuing operations attributable to Marriott of $53 million, a 57 percent decline over the year-ago quarter, and adjusted diluted earnings per share (“EPS”) from continuing operations attributable to Marriott shareholders of $0.15, down 55 percent. The company’s EPS guidance for the 2009 third quarter, disclosed on July 16, 2009, totaled $0.09 to $0.14.
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Tesco, Hilton Given One-Year Delay for Buying Emission Permits
Oct. 7 (Bloomberg) -- The U.K. delayed by a year its plan to make companies such as Tesco Plc, the country’s biggest supermarket chain, and hotelier Hilton Hotels Corp. buy permits for their carbon-dioxide emissions.
The government will require them to buy permits at 12 pounds ($19) each to discharge a ton of gas starting in April 2011, 12 months later than planned, and they must begin measuring CO2 emissions next year, the Department for Energy and Climate Change said today in an e-mailed statement.
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The government will require them to buy permits at 12 pounds ($19) each to discharge a ton of gas starting in April 2011, 12 months later than planned, and they must begin measuring CO2 emissions next year, the Department for Energy and Climate Change said today in an e-mailed statement.
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Hilton closure to leave 176 jobless
Hilton Reservations and Customer Care - a facility that handles reservations for the hotel chain - at 102 Maplewood Drive, Hazle Township, will close Dec. 8 when the company consolidates its Northeastern Pennsylvania customer service call center with its service center in Tampa, Fla., said Mark Ricci, director of Corporate Communications for Hilton's Northeast US and Canada.
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Ruby Tuesday, Inc. Reports First Quarter Fiscal 2010 Results
MARYVILLE, Tenn.--(BUSINESS WIRE)--Oct. 7, 2009-- Ruby Tuesday, Inc. today reported diluted earnings per share of $0.11 on net income of $6.1 million for the Company’s first quarter of fiscal 2010, which ended on September 1, 2009. This compares to diluted earnings per share of $0.01 on net income of $285 thousand for the first quarter of the prior year.
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California Pizza Kitchen, Inc. Reports Preliminary Third Quarter 2009 Results
LOS ANGELES--(BUSINESS WIRE)--Oct. 7, 2009-- California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 5.3% to $164.8 million for the third quarter ended September 27, 2009 versus $174.0 million in the third quarter ended September 28, 2008. Full service comparable restaurant sales decreased approximately 8.0% compared to a 2.4% decrease in the third quarter last year
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Wednesday, October 7, 2009
Fremont Marriott hotel in mortgage
FREMONT — A prominent Bay Area hotel, the Fremont Marriott Silicon Valley, has flopped into a $38 million-plus mortgage default, brutalized by a sour economy and feeble lodging market.
AEW Fremont LLC, the owner of the Marriott Hotel in Fremont, located on Landing Parkway next to Interstate 880, defaulted on the loan Sept. 17. The now-delinquent financing was provided in May 2007 by AIG Annuity Insurance Co., a unit of failed insurer American Insurance Group, commonly called AIG.
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AEW Fremont LLC, the owner of the Marriott Hotel in Fremont, located on Landing Parkway next to Interstate 880, defaulted on the loan Sept. 17. The now-delinquent financing was provided in May 2007 by AIG Annuity Insurance Co., a unit of failed insurer American Insurance Group, commonly called AIG.
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Strategic Hotels & Resorts Signs Purchase and Sale Agreement for Disposition of the Four Seasons Mexico City
CHICAGO, Oct. 5 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE: BEE), today announced that the company has signed a purchase and sale agreement for the sale of the Four Seasons Mexico City to Meridia Capital for a gross price of $54.0 million, or $225,000 per room. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter and the company expects to record a book gain of approximately $4.5 million
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California Hotel Foreclosures Triple in Travel Slump
Oct. 6 (Bloomberg) -- Hotel foreclosures in California more than tripled in the first nine months of this year as business travelers and vacationers cut spending.
Foreclosures including the 400-room St. Regis Monarch Beach resort in Dana Point climbed to 47 in January through September from 15 a year earlier. Properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels. The survey didn’t include states other than California.
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Foreclosures including the 400-room St. Regis Monarch Beach resort in Dana Point climbed to 47 in January through September from 15 a year earlier. Properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels. The survey didn’t include states other than California.
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Attorney for ESPN reporter criticizes management at hotel
Chicago - The attorney for ESPN reporter Erin Andrews criticized management at a hotel where prosecutors allege a Westmont, Ill., man altered a peephole to take nude videos of the journalist, saying Sunday that not only was the man booked in a room next to Andrews' at his request but that the rooms were in an alcove removed from the main hallway
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