Months after Starwood Hotels & Resorts Worldwide obtained an injunction in its Grishamesque trade secrets case against Hilton Hotels, the two sides have been talking settlement. As first reported by Hospitality Design, Starwood's attorney, Charles Gilman of Cahill Gordon & Reindel, wrote a letter to the court indicating that "the parties have been exploring the possibility of a settlement."
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Monday, November 30, 2009
Sunday, November 29, 2009
Travelodge vs. Premier Inn's
In connection with our article "Travelodge finds room for complaint in Premier Inn’s adverts for bargain rates" , we received the following Email
Hi Eric
Hope this finds you well. Following your article ‘Travelodge finds room for complaint in Premier Inn’s adverts for bargain rates’, please see statement from a spokesperson from Premier Inn below:
“The UK's biggest hotel chain Premier Inn is confident that it is geared up to offer guests outstanding value. The Premier Inn website homepage has a distinctive banner which clearly indicates where customers should book value offers and Premier Inn's busy call centre has taken hundreds of thousands of bookings for the £29 Premier Offer.”
Please let me know if you require more info.
Best
Gee
Gee Wong
FRANK PR
3rd Floor, Centro 4, 20-23 Mandela Street, London, NW1 0DU
Direct: 020 7693 6971
Office: 020 7693 6999
Hi Eric
Hope this finds you well. Following your article ‘Travelodge finds room for complaint in Premier Inn’s adverts for bargain rates’, please see statement from a spokesperson from Premier Inn below:
“The UK's biggest hotel chain Premier Inn is confident that it is geared up to offer guests outstanding value. The Premier Inn website homepage has a distinctive banner which clearly indicates where customers should book value offers and Premier Inn's busy call centre has taken hundreds of thousands of bookings for the £29 Premier Offer.”
Please let me know if you require more info.
Best
Gee
Gee Wong
FRANK PR
3rd Floor, Centro 4, 20-23 Mandela Street, London, NW1 0DU
Direct: 020 7693 6971
Office: 020 7693 6999
Wyndham extends contract with CEO for 3 years
NEW YORK —
Hotel chain Wyndham Worldwide Corp. has extended its contract with CEO and Chairman Stephen P. Holmes for another three years.
In a regulatory filing with the Securities and Exchange Commission on Tuesday, the company said Holmes' current contract is for July 31, 2010 through July 31, 2013. The contract amendment was made Nov. 19, the company said.
The amendment also states that Holmes will be entitled to a lump-sum payment equal to nearly three times his base salary at the time if he is terminated without cause. He would also receive a sum equal to his highest annual bonus in the three years preceding his termination.
Hotel chain Wyndham Worldwide Corp. has extended its contract with CEO and Chairman Stephen P. Holmes for another three years.
In a regulatory filing with the Securities and Exchange Commission on Tuesday, the company said Holmes' current contract is for July 31, 2010 through July 31, 2013. The contract amendment was made Nov. 19, the company said.
The amendment also states that Holmes will be entitled to a lump-sum payment equal to nearly three times his base salary at the time if he is terminated without cause. He would also receive a sum equal to his highest annual bonus in the three years preceding his termination.
Thursday, November 26, 2009
Nassau Airport in hotel talks
Airport bosses are in talks with an operator about the opening of a hotel at the $409.5 million redeveloped Lynden Pindling International Airport.
The prospect of the new hotel was just one of the possible future ventures revealed by the Nassau Airport Development Company (NAD) at its first public annual general meeting at The College of the Bahamas this week.
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The prospect of the new hotel was just one of the possible future ventures revealed by the Nassau Airport Development Company (NAD) at its first public annual general meeting at The College of the Bahamas this week.
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Tuesday, November 24, 2009
Premier Inn to sell and leaseback five hotels
Whitbread is to market five Premier Inn hotels on a sale and leaseback basis, raising around £30m to further the group’s development plans.
Operating its 584 UK hotels on a predominantly freehold basis, Premier Inn will initially trial the concept with just five hotels as it explores alternative ways to raise development funds
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Operating its 584 UK hotels on a predominantly freehold basis, Premier Inn will initially trial the concept with just five hotels as it explores alternative ways to raise development funds
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Is Wendy's/Arby's thinking donuts?
Wendy's/Arby's Group Inc. has been looking for a third brand to bring into the fold, and it may have found it in Krispy Kreme Doughnuts Inc. Business news service Briefing.com said Monday that the the donut brand was "the subject of chatter about a potential takeover by Wendy's/Arby's Group," as reported by Barron's.
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Taco Bell, 50 Cent settle lawsuit
Rapper 50 Cent will cost you more than a taco.
The rapper, whose real name is Curtis James Jackson III, yesterday settled the lawsuit he filed against Yum! Brands' Taco Bell, claiming the fast-food chain used his name to promote its tacos and burritos without his permission.
The terms of the deal were confidential, but he was asking for $4 million in damages.
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The rapper, whose real name is Curtis James Jackson III, yesterday settled the lawsuit he filed against Yum! Brands' Taco Bell, claiming the fast-food chain used his name to promote its tacos and burritos without his permission.
The terms of the deal were confidential, but he was asking for $4 million in damages.
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Cracker Barrel Reports 37% Increase in First-Quarter EPS
LEBANON, Tenn., Nov 24, 2009 (BUSINESS WIRE) -- Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL):
•Fully diluted net income per share of $0.78 for the first quarter of fiscal 2010, an increase of 37% compared with the prior-year quarter
•Revenue for the first quarter increased 1.3% to $581.2 million
•Comparable store restaurant sales increased 0.6%
•Comparable store retail sales decreased 4.8%
•Operating income margin in the first quarter was 6.5% compared with 5.7% in the prior-year quarter
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL) today reported net income per diluted share of $0.78 for the first quarter of fiscal 2010, compared with $0.57 per diluted share in the first quarter of fiscal 2009, an increase of 36.8%. Net income for the first quarter of fiscal 2010 was $18.0 million compared with $12.8 million in the first quarter of fiscal 2009, which reflects a 16.7% increase in operating income and lower interest expense.
Read more:http://investor.crackerbarrel.com/releasedetail.cfm?ReleaseID=426219
•Fully diluted net income per share of $0.78 for the first quarter of fiscal 2010, an increase of 37% compared with the prior-year quarter
•Revenue for the first quarter increased 1.3% to $581.2 million
•Comparable store restaurant sales increased 0.6%
•Comparable store retail sales decreased 4.8%
•Operating income margin in the first quarter was 6.5% compared with 5.7% in the prior-year quarter
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL) today reported net income per diluted share of $0.78 for the first quarter of fiscal 2010, compared with $0.57 per diluted share in the first quarter of fiscal 2009, an increase of 36.8%. Net income for the first quarter of fiscal 2010 was $18.0 million compared with $12.8 million in the first quarter of fiscal 2009, which reflects a 16.7% increase in operating income and lower interest expense.
Read more:http://investor.crackerbarrel.com/releasedetail.cfm?ReleaseID=426219
Icahn outbids Penn Nat’l to open Fontainebleau auction
LAS VEGAS - Billionaire investor Carl Icahn has offered a higher sum than Penn National Gaming Inc. to open bidding at a bankruptcy auction for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
A clerk in Miami for U.S. Bankruptcy Court Judge A. Jay Cristol says Icahn offered $105 million Monday to buy the project from debtors plus $51.5 million in funding to resume construction, which already has cost more than $2 billion.
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A clerk in Miami for U.S. Bankruptcy Court Judge A. Jay Cristol says Icahn offered $105 million Monday to buy the project from debtors plus $51.5 million in funding to resume construction, which already has cost more than $2 billion.
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Travelodge finds room for complaint in Premier Inn’s adverts for bargain rates
They are the titans of the British hotel industry, locked in a bitter price war amid the toughest economic conditions in living memory. In one corner sits Premier Inn, owned by Whitbread, with 582 budget hotels and more than 40,000 rooms across Britain. In the other corner is Travelodge, its private equity-controlled rival, with 377 UK hotels with 27,500 rooms.
And, after years of harmless pillow fighting, the gloves have come off in the battle for the budget traveller’s pound. Travelodge has lodged a formal complaint with the Advertising Standards Authority (ASA) over the £29-a-room Christmas promotional campaign fronted by the actor and comedian Lenny Henry
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And, after years of harmless pillow fighting, the gloves have come off in the battle for the budget traveller’s pound. Travelodge has lodged a formal complaint with the Advertising Standards Authority (ASA) over the £29-a-room Christmas promotional campaign fronted by the actor and comedian Lenny Henry
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Benihana Inc. Reports Fiscal Second Quarter 2010 Results
MIAMI--(BUSINESS WIRE)--Nov. 24, 2009-- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today reported results for its 12-week fiscal second quarter ended October 11, 2009.
Richard C. Stockinger, Chief Executive Officer, said, "In the fiscal second quarter, we experienced a lower than expected comparable sales trend which pressured our operating margins. Additionally, we launched our Benihana Teppanyaki Renewal Program, which is focused on improving guest perceptions as they relate to image, quality, consistency, and lack-of-Japan. The decline in sales, its impact on operating margins, and incremental cost increases associated with the Renewal Program negatively impacted our results, and we failed to meet the leverage ratio required under our credit agreement with Wachovia. That agreement has now been amended.”
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Richard C. Stockinger, Chief Executive Officer, said, "In the fiscal second quarter, we experienced a lower than expected comparable sales trend which pressured our operating margins. Additionally, we launched our Benihana Teppanyaki Renewal Program, which is focused on improving guest perceptions as they relate to image, quality, consistency, and lack-of-Japan. The decline in sales, its impact on operating margins, and incremental cost increases associated with the Renewal Program negatively impacted our results, and we failed to meet the leverage ratio required under our credit agreement with Wachovia. That agreement has now been amended.”
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Cheap Boutique Hotels Gain as U.S. Travelers Skip $500 a Night
Nov. 24 (Bloomberg) -- The world’s largest hotel companies, stung by the industry’s biggest declines since the Great Depression, are trying to do for lodging what Ikea did for furniture: Offer fashionable products at low prices.
Starwood Hotels & Resorts Worldwide Inc., the third- biggest U.S. lodging company, is developing boutique hotels for frugal travelers that cost about $119 a night. That’s a far cry from the $399 to $639 at the company’s upscale W Hotels. InterContinental Hotels Group Plc is following a similar strategy with its boutique chain Hotel Indigo.
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Starwood Hotels & Resorts Worldwide Inc., the third- biggest U.S. lodging company, is developing boutique hotels for frugal travelers that cost about $119 a night. That’s a far cry from the $399 to $639 at the company’s upscale W Hotels. InterContinental Hotels Group Plc is following a similar strategy with its boutique chain Hotel Indigo.
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Quiznos and Franchisees Reach Settlement of Multiple Class Action Lawsuits
CHICAGO, Nov. 23 /PRNewswire/ -- U.S. District Court Judge Rebecca Pallmeyer has preliminarily approved a settlement of four franchisee class action lawsuits filed against the Quiznos Franchise Company and others. The cases in Colorado, Wisconsin and Illinois, the earliest of which has been pending since 2006, allege violations of various state and federal laws in connection with the sale and operation of Quiznos franchises. Quiznos denied all claims, and the settlement agreement involves no finding or admission of liability.
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Monday, November 23, 2009
Largest BK franchisee staying loyal to the King
The Syracuse-based company that is the largest single owner of Burger King franchises is standing by the chain’s promotion of a cut-rate double cheeseburger, and is not participating in an uprising being mounted by many other franchisees.
The National Franchisees Association, on behalf of 850 other Burger King operators around the country, has filed a lawsuit against the Miami-based Burger King Holdings Inc., protesting the corporation’s insistence that its franchisees offer double cheeseburgers for $1.
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The National Franchisees Association, on behalf of 850 other Burger King operators around the country, has filed a lawsuit against the Miami-based Burger King Holdings Inc., protesting the corporation’s insistence that its franchisees offer double cheeseburgers for $1.
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Culinary Union sides with Station Casino’s creditors
The Culinary Union heightened the drama in its fight with Station Casinos last week, blaming a management-led buyout for the company’s bankruptcy filing and aligning itself with the company’s creditors.
The union issued a detailed report on the company’s financial woes, arguing that Station could have avoided bankruptcy had it not pursued a $5.7 billion deal to take the company private in 2007. It concluded with a call for creditors to demand that Station’s owners reinvest a significant part of the profits from the deal to help the company recover.
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The union issued a detailed report on the company’s financial woes, arguing that Station could have avoided bankruptcy had it not pursued a $5.7 billion deal to take the company private in 2007. It concluded with a call for creditors to demand that Station’s owners reinvest a significant part of the profits from the deal to help the company recover.
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Upper-upscale branded hotels’ operating expense trends
HENDERSONVILLE, Tennessee—Hotels have been cutting back on operating expenses because of the current economic conditions, but how have the past years’ expenses trended versus revenue growth? This article explores the past three years’ upper-upscale branded hotels’ operating revenues and expenses. (Upper-upscale brands include such brands as Hilton, Marriott, Westin and Hyatt.)
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STR Global reports Central and South America pipeline for October 2009
LONDON—The Central/South America hotel development pipeline includes 138 projects with 21,451 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, Brazil reported the most rooms in the total active pipeline with 8,958 rooms, followed by Panama with 4,139 rooms. Three other countries ended the month with more than 1,000 rooms in the total active pipeline: Argentina (2,421 rooms); Costa Rica (1,415 rooms); and Colombia (1,311 rooms).
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Among the countries in the region, Brazil reported the most rooms in the total active pipeline with 8,958 rooms, followed by Panama with 4,139 rooms. Three other countries ended the month with more than 1,000 rooms in the total active pipeline: Argentina (2,421 rooms); Costa Rica (1,415 rooms); and Colombia (1,311 rooms).
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STR Global reports Europe hotel pipeline for October 2009
LONDON—The Europe hotel development pipeline includes 570 hotels comprising 93,163 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, London, England, ended the month with the largest amount of rooms in the total active pipeline with 4,429 rooms, followed by Berlin, Germany, with 4,190 rooms. Hamburg, Germany, reported 2,084 rooms in the total active pipeline for the month.
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Among the key markets, London, England, ended the month with the largest amount of rooms in the total active pipeline with 4,429 rooms, followed by Berlin, Germany, with 4,190 rooms. Hamburg, Germany, reported 2,084 rooms in the total active pipeline for the month.
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STR reports Caribbean and Mexico pipeline for October 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 129 hotels comprising 18,715 rooms, according to the October 2009 STR Construction Pipeline Report released this week.
Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 10,615 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: Puerto Rico (1,633 rooms) and the Bahamas (1,448 rooms).
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Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 10,615 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: Puerto Rico (1,633 rooms) and the Bahamas (1,448 rooms).
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STR Global reports the Asia/Pacific pipeline for October 2009
LONDON—The Asia/Pacific hotel development pipeline includes 985 hotels comprising 235,931 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, Shanghai, China, reported the largest amount of rooms in the total active pipeline (12,445 rooms) and in the In Construction phase (9,291 rooms). New Delhi, India, followed with 6,736 rooms in the total active pipeline and 4,792 rooms in the In Construction phase. Beijing, China, ended the month with 6,267 rooms in the total active pipeline and 4,388 rooms in the In Construction phase.
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Among the key markets, Shanghai, China, reported the largest amount of rooms in the total active pipeline (12,445 rooms) and in the In Construction phase (9,291 rooms). New Delhi, India, followed with 6,736 rooms in the total active pipeline and 4,792 rooms in the In Construction phase. Beijing, China, ended the month with 6,267 rooms in the total active pipeline and 4,388 rooms in the In Construction phase.
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STR Global reports Middle East/Africa pipeline for October 2009
LONDON—The Middle East/Africa hotel development pipeline includes 437 hotels comprising 120,682 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
The United Arab Emirates reported the largest number of rooms in the In Construction phase (30,039 rooms) and total active pipeline (53,789 rooms) among the countries in the region. Saudi Arabia followed with 7,406 rooms in the In Construction phase and 13,469 rooms in the total active pipeline. Two other countries reported more than 5,000 rooms in the total active pipeline: Morocco (6,640 rooms) and Qatar (5,408 rooms )
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The United Arab Emirates reported the largest number of rooms in the In Construction phase (30,039 rooms) and total active pipeline (53,789 rooms) among the countries in the region. Saudi Arabia followed with 7,406 rooms in the In Construction phase and 13,469 rooms in the total active pipeline. Two other countries reported more than 5,000 rooms in the total active pipeline: Morocco (6,640 rooms) and Qatar (5,408 rooms )
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Majestic Star Casino files for bankruptcy
WILMINGTON, Del. , Nov 23 (Reuters) - U.S. casino operator Majestic Star Casino LLC filed for bankruptcy on Monday after months of talks failed to produce an agreement on restructuring its defaulted debt, court documents showed.
The owner of casinos in Indiana, Mississippi and Colorado has suffered as competitors have expanded and the economic recession lingered, leaving the company unable to service its debt and invest in its locations.
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The owner of casinos in Indiana, Mississippi and Colorado has suffered as competitors have expanded and the economic recession lingered, leaving the company unable to service its debt and invest in its locations.
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Florida first US state to sue Expedia, Orbitz for room taxes
Florida has become the first U.S. state to join the ever-growing ranks of municipalities suing online travel agencies over alleged failure to remit taxes.
Expedia, Orbitz LLC and Orbitz Incorporated have been targeted by the state’s attorney general’s office, which claims the OTAs owe the state tax money for the rooms they have sold to consumers. The state claims the OTAs are only remitting taxes on the discounted rate at which the rooms are sold, rather than the full price of the room.
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Expedia, Orbitz LLC and Orbitz Incorporated have been targeted by the state’s attorney general’s office, which claims the OTAs owe the state tax money for the rooms they have sold to consumers. The state claims the OTAs are only remitting taxes on the discounted rate at which the rooms are sold, rather than the full price of the room.
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Admiral Taverns set to sell 300 pubs a year
Admiral has put 28 pubs up for sale with Paramount Investments, which expects a further 25 to be released for sale each month. Admiral has 2,100 pubs in its estate.
The sale reflects the bank’s desire to offload closed down pubs, Paramount said. Three of the current batch have already been sold.
In addition, the prices of a further 20 Admiral pubs have been cut by 10% or more.
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The sale reflects the bank’s desire to offload closed down pubs, Paramount said. Three of the current batch have already been sold.
In addition, the prices of a further 20 Admiral pubs have been cut by 10% or more.
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Germany aiming to cut hotel tax
Business trips to Germany could soon become less expensive if the government gets its way.
It wants to help the beleaguered accommodation industry by cutting the rate of VAT on hotel rooms from 19% to just 7% from January 1 next year.
Like their counterparts elsewhere in Europe, Germany's hoteliers are suffering during the economic downturn and have many empty rooms to fill.
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It wants to help the beleaguered accommodation industry by cutting the rate of VAT on hotel rooms from 19% to just 7% from January 1 next year.
Like their counterparts elsewhere in Europe, Germany's hoteliers are suffering during the economic downturn and have many empty rooms to fill.
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Sunday, November 22, 2009
Elderly man sues bar after tripping over unleashed pooch: Claims wrecked his knee & sex life
Dog walks into a bar, lies on the floor and trips a customer. It's no joke - it's a lawsuit. A Queens retiree is suing a popular Kew Gardens saloon, saying he was injured when he tripped over an unleashed dog
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Wyndham to open first Mideast hotel
The US leisure group Wyndham has signed its first agreement to operate a hotel in the Middle East in the Saudi Arabian city of Riyadh.
The 210-room, 15 storey hotel is to be developed by Rayada Investment Company in the King Abdullah Financial District and is set to open in 2011
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The 210-room, 15 storey hotel is to be developed by Rayada Investment Company in the King Abdullah Financial District and is set to open in 2011
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Will other hotel chains follow Hilton in devaluing loyalty points next year?
As Hilton frequent guests fume over the loyalty point devaluation starting Jan. 15, 2010 and other business travelers wonder if their chain will follow Hilton, Hotel Check-In checked with executives at some of the other big chains to see what to expect
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Saturday, November 21, 2009
Avingstone's €500M Fund Targets Luxury Hotels
LONDON-The Avingstone Fund, a new London-based vehicle, is to focus on the luxury end of the pan-European hotel market as a 'club' fund. It has so far assembled €310 million of equity commitments and is aiming at €500 million in total.
Hotel real estate dealmakers behind Avingstone are Founder and Chairman David Mongeau and Piers Talalla, who have advised on around €19 billion in hotel deals through their private Avingstone Financial investment bank. A spokesman said that target assets for the fund, launched in September, are four- and five-star properties, with an acquisition or development horizon expected to be around two years, over a fund potential life of around seven years. Two entrepreneurial families have committed €300 million, and discussion are in train with several other institutions, mainly North American, and at least one sovereign wealth fund.
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Hotel real estate dealmakers behind Avingstone are Founder and Chairman David Mongeau and Piers Talalla, who have advised on around €19 billion in hotel deals through their private Avingstone Financial investment bank. A spokesman said that target assets for the fund, launched in September, are four- and five-star properties, with an acquisition or development horizon expected to be around two years, over a fund potential life of around seven years. Two entrepreneurial families have committed €300 million, and discussion are in train with several other institutions, mainly North American, and at least one sovereign wealth fund.
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Nassau South Ocean foreclosure bid defeated
THE six-month receivership for the disputed $867 million South Ocean redevelopment was discharged by the Supreme Court earlier this week, Tribune Business can exclusively reveal, after a judge dismissed an attempt by one of the property's investors to place it in foreclosure.
Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Back-up name chosen for Tavern on the Green
Tavern in the Park will be the new name of Tavern on the Green if the city does not win its trademark lawsuit against the famous restaurant's current operators.
Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Lloyds Banking Group to disinvest from Forte hotels
Lloyds Banking Group has decided to withdraw from its joint venture with Sir Rocco Forte’s hotel company, which owes the bank some £380m.Half the debt is in the joint venture, which includes seven of the 13 international hotels in the Rocco Forte Collection, including Brown’s in London.Forte told The Herald: “Part of our hotels business is in joint venture with Bank of Scotland. They have declared the joint venture is no longer core, and over a period of time they would like to disinvest from it.”
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Four injured as rocket hit luxury hotel in Kabul
KABUL, Nov 21 (KUNA) -- Four people suffered injuries as a rocket landed near the Serena luxury hotel in the Afghan capital on Saturday, witnesses said.
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Ky. appeals court upholds $6M verdict in case of McDonald's worker who was strip searched
LOUISVILLE, Ky. (AP) -- A Kentucky appeals court upheld a $6.1 million award to a former fast food worker who was forced to strip in a McDonald's restaurant office after someone called posing as a police officer.
The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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Friday, November 20, 2009
Kona Grill, Inc. Announces the Resignation of Mark L. Bartholomay
SCOTTSDALE, Ariz., Nov. 20, 2009 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA - News), an American grill and sushi bar, today accepted the resignation of Mark L. Bartholomay as the Company's Chief Operating Officer. Mr. Bartholomay is leaving Kona Grill to pursue other business and personal interests, effective immediately.
"On behalf of the board of directors, management team, and the entire organization, I want to thank Mark for his dedication and many contributions to Kona Grill over the past few years. We wish him the best in his future endeavors," said Tony Winczewski, Director and Chairman of the Nominating Committee of the Board of Directors.
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"On behalf of the board of directors, management team, and the entire organization, I want to thank Mark for his dedication and many contributions to Kona Grill over the past few years. We wish him the best in his future endeavors," said Tony Winczewski, Director and Chairman of the Nominating Committee of the Board of Directors.
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Bob Evans ups dividend, OKs stock buyback
Hot off a bump in fiscal second-quarter earnings, Bob Evans Farms Inc. told investors it plans to raise its quarterly dividend by more than 10 percent.
The Columbus-based restaurant chain said its board has given the green light to a dividend of 18 cents a share payable Dec. 15 to shareholders of record as of Dec. 4. That’s up 12.5 percent from Bob Evans’ previous 16-cents-a-share dividend
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The Columbus-based restaurant chain said its board has given the green light to a dividend of 18 cents a share payable Dec. 15 to shareholders of record as of Dec. 4. That’s up 12.5 percent from Bob Evans’ previous 16-cents-a-share dividend
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Hilton HHonors increases points required for free stay
Hilton Worldwide quietly announced to members last month that it's raising the number of loyalty points required next year to book a free night for most of its 3,300 hotels.
Starting Jan. 15, 2020, the changes will essentially devalue Hilton HHonors points by about 20% at a time when road warriors are traveling less and trying to make the best use of their loyalty rewards. The topic has been creating a buzz among frequent travelers on Flyertalk.com, and this morning, among USA TODAY road warriors.
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Starting Jan. 15, 2020, the changes will essentially devalue Hilton HHonors points by about 20% at a time when road warriors are traveling less and trying to make the best use of their loyalty rewards. The topic has been creating a buzz among frequent travelers on Flyertalk.com, and this morning, among USA TODAY road warriors.
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Thursday, November 19, 2009
Another Credit Card Fee Is About to Fly
Another fee is coming in the new year for airline and hotel customers — this time from your credit card company. The message: Pay your bill on time or forfeit the miles or points you thought you earned for making purchases on your card during that month. To get the rewards back, it's going to cost you.
American Express Co. is sending notices to customers who hold its cobranded cards with Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, that beginning in January rewards won't be transferred to loyalty accounts with those partners if you are late paying your bill.
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American Express Co. is sending notices to customers who hold its cobranded cards with Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, that beginning in January rewards won't be transferred to loyalty accounts with those partners if you are late paying your bill.
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Starwood Hotels to Move Headquarters to Connecticut
Nov. 18 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company, plans to move its headquarters to Stamford, Connecticut.
The company will move from White Plains, New York, into an existing structure in downtown Stamford in January 2012, Governor M. Jodi Rell said in a statement today.
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The company will move from White Plains, New York, into an existing structure in downtown Stamford in January 2012, Governor M. Jodi Rell said in a statement today.
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Wednesday, November 18, 2009
Upscale McDonald's brings European style to NYC
A McDonald's in midtown Manhattan became the first in the U.S. this fall to undergo a sleek, European-style makeover similar to what McDonald's has done at thousands of outlets around in France and the United Kingdom.
The eatery is outfitted with outlets for plugging in laptops, upholstered vinyl chairs instead of Fiberglas seats bolted to the floor, subdued lighting and employees whose all-black uniforms suggest a hip boutique.
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The eatery is outfitted with outlets for plugging in laptops, upholstered vinyl chairs instead of Fiberglas seats bolted to the floor, subdued lighting and employees whose all-black uniforms suggest a hip boutique.
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Jack in the Box Inc. Reports Fourth Quarter and FY 2009 Earnings; Issues Guidance for FY 2010
SAN DIEGO--(BUSINESS WIRE)--Nov. 18, 2009-- Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $40.6 million, or 70 cents per diluted share, for the fourth quarter ended Sept. 27, 2009, compared with earnings from continuing operations of $26.1 million, or 45 cents per diluted share, for the fourth quarter of fiscal 2008. For fiscal 2009, earnings from continuing operations totaled $131.0 million, or $2.27 per diluted share, compared with $118.2 million, or $1.99 per diluted share in fiscal 2008. Both the fourth quarter of 2008 and fiscal year 2008 included a negative impact of approximately 4 to 5 cents per diluted share for losses and costs related to Hurricane Ike.
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Famed Fontainebleau Miami Beach in Debt Trouble
Times are tough out there financially and even the beloved and famous landmark Fontainebleau Miami Beach now faces an uncertain future amid debt problems
Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Trump Creditors Poised to Take Control of Atlantic City Casinos
Nov. 18 (Bloomberg) -- Donald Trump and his daughter Ivanka ended their fight to control bankrupt casino operator Trump Entertainment Resorts Inc., clearing the way for creditors to take over the three New Jersey properties that bear his name.
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Four Seasons owner misses payment, could default, lawyer says
Four Seasons Resort and Club Dallas at Las Colinas is operating in the red, and its owner could default on a $175 million loan, the owner's attorney said late Monday.
Lawyer Stephen Meister said Los Angeles-based BentleyForbes missed a scheduled payment in October to mortgage holder CW Capital, which has been cool to the company's plan to pump additional funds "in the range of $10 million" into the exclusive resort.
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Lawyer Stephen Meister said Los Angeles-based BentleyForbes missed a scheduled payment in October to mortgage holder CW Capital, which has been cool to the company's plan to pump additional funds "in the range of $10 million" into the exclusive resort.
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Something New Under the Caribbean Sun
If you build it. . . . they will come
At least that’s what developers in the Caribbean seem to think, especially in trendy areas like St. Lucia, Anguilla, the Dominican Republic and Turks and Caicos, where grand ambitions and a large dose of positive thinking have buoyed high-end resort development for yet another year.
Despite a persistent economic downturn with no clear end in sight, luxury hotels are cropping up on islands big and small. The suites are lavish, the spas are pampering, and as for infinity pools, there seems to be no end to them.
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At least that’s what developers in the Caribbean seem to think, especially in trendy areas like St. Lucia, Anguilla, the Dominican Republic and Turks and Caicos, where grand ambitions and a large dose of positive thinking have buoyed high-end resort development for yet another year.
Despite a persistent economic downturn with no clear end in sight, luxury hotels are cropping up on islands big and small. The suites are lavish, the spas are pampering, and as for infinity pools, there seems to be no end to them.
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Brazil Fast Food Announces Third Quarter 2009 Results
RIO DE JANEIRO--(BUSINESS WIRE)--Brazil Fast Food Corp. (OTC Bulletin Board: BOBS - News) (“Brazil Fast Food”, or the “the Company”) the second largest restaurant chain with 684 points of sale, operating under the Bob’s, Doggis, and KFC brands in Brazil as well as Pizza Hut in the State of São Paulo, Brazil , today reported financial results for the third quarter ended on September 31, 2009.
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Burger King franchise owners blast management in letter to board, say chain in 'deep trouble'
CHICAGO (AP) -- Burger King Corp.'s franchisees are taking aim at the fast-food chain's management, complaining to the restaurant's board about a series of decisions they say are "ill-conceived" and put the burger joint's business in "deep trouble."
In a letter to Burger King's board, a group representing hundreds of franchisees blasted management for its $1 double cheeseburger promotion forced on them after they twice voted against it.
They also criticized an earlier corporate decision to take back millions of rebate money distributed to franchise owners from soft drink companies.
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In a letter to Burger King's board, a group representing hundreds of franchisees blasted management for its $1 double cheeseburger promotion forced on them after they twice voted against it.
They also criticized an earlier corporate decision to take back millions of rebate money distributed to franchise owners from soft drink companies.
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Q3 2009 Latin America LE's Construction Pipeline
As of the end of Q3 2009, the Latin America Construction Pipeline has a total of 482 projects and 83,291 guest rooms. After 6 consecutive quarters of declines, the Pipeline is at the lowest level yet for the current cycle and is expected to trend even lower. Developer sentiment continues to be weighed down by the lackluster global economy, causing a fall off in leisure travel.
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Bids due in December for St Louis Renaissance Suites
Bondholders on the $277 million Renaissance Grand Hotel & Suites in the 800 block of Washington Ave. took ownership of the hotel in February after its previous owners defaulted on making an interest payment on its $98 million debt load. The hotel, the largest in St. Louis, was foreclosed on in February, and the sole bid for the hotel was made by the bondholders’ trustee, UMB Bank, for $98 million, the amount of debt on the property.
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Tokyo overtakes Paris as most three-Michelin-starred city
Tokyo has confirmed its position as the capital of world gastronomy by leaping ahead of Paris as the city with the most three-star Michelin restaurants.
The Japanese capital now has 11 three-star eateries, compared to 10 in Paris, according to the newly-published 2010 edition of the Michelin guide to Tokyo. The city also has a total of 261 stars divided between 197 restaurants, more than any of the cities covered by Michelin in 23 countries.
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The Japanese capital now has 11 three-star eateries, compared to 10 in Paris, according to the newly-published 2010 edition of the Michelin guide to Tokyo. The city also has a total of 261 stars divided between 197 restaurants, more than any of the cities covered by Michelin in 23 countries.
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Checkers openings up 70 percent in 2009
Checkers Drive-In Restaurants Inc. opened 31 restaurants in 2009.
The openings to date, along with several restaurants planned, amount to a 70 percent increase in openings over last year.
The new openings include non-traditional locations, such as airports, universities and turnpike plazas, the company, based in Tampa, said in a release. Checkers restaurants are typically known as stand-alone facilities with double drive-thru lines.
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The openings to date, along with several restaurants planned, amount to a 70 percent increase in openings over last year.
The new openings include non-traditional locations, such as airports, universities and turnpike plazas, the company, based in Tampa, said in a release. Checkers restaurants are typically known as stand-alone facilities with double drive-thru lines.
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Staking billions on Vegas resort
The multibillion-dollar gamble known as CityCenter, set to open next month, will either be the soaring vanguard of a new Las Vegas or, like a collection of shimmering tombstones, will stand as a monument marking the last gasp of a struggling entertainment mecca.
The architecturally ambitious resort complex of seven massive buildings on 67 acres along the Vegas Strip is the most expensive privately financed construction project in the country, costing an estimated $8.5 billion.
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The architecturally ambitious resort complex of seven massive buildings on 67 acres along the Vegas Strip is the most expensive privately financed construction project in the country, costing an estimated $8.5 billion.
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Chipotle Finalizes London Location
DENVER--(BUSINESS WIRE)--Nov. 17, 2009-- Chipotle Mexican Grill, Inc. (NYSE: CMG) (NYSE: CMG.B), the US-based chain of burrito restaurants known for serving “Food with Integrity,” has secured its first London location and is finalizing design and building plans. The restaurant, located at 114-116 Charing Cross Road, will be Chipotle’s first location in Europe and is slated to open in April of 2010.
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Penn National Aims to Buy Fontainebleau Las Vegas
Penn National Gaming Inc. has offered $50 million for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Marriott company restructuring to streamline Ritz-Carlton
Marriott International is undertaking an ambitious corporate makeover that will split it into four autonomous divisions around the globe and bring many formerly independent Ritz-Carlton brand operations into Marriott’s corporate offices.
The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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Capital Pub Co sees London turnaround
Capital Pub Company, the London-based pub operator, said today it had seen an upturn in trading throughout its key Central London market.
“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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Tuesday, November 17, 2009
Retooled scams, rising casino-worker theft seen to reflect tough economy
Everything comes back in style eventually -- even crimes apparently.
That's what appears to be happening at many casinos today at least, according to a panel of security experts that spoke Monday during the first day of conferences at the Global Gaming Expo.
The panel said that despite new technology, or perhaps because of it, many of the crimes that casino security people are seeing today are updates of old scams.
"When there is nothing new they can create, they go back to the old," said Jessie Beaudoin, senior director of surveillance at the Hard Rock Hotel. "A lot of the things you hear about are not new scams, per se. But they're trends that are starting to rear their ugly heads again."
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That's what appears to be happening at many casinos today at least, according to a panel of security experts that spoke Monday during the first day of conferences at the Global Gaming Expo.
The panel said that despite new technology, or perhaps because of it, many of the crimes that casino security people are seeing today are updates of old scams.
"When there is nothing new they can create, they go back to the old," said Jessie Beaudoin, senior director of surveillance at the Hard Rock Hotel. "A lot of the things you hear about are not new scams, per se. But they're trends that are starting to rear their ugly heads again."
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Worker Morale Low, Say 20% of Hospitality Employers
PRESS RELEASE: CHICAGO, November 17, 2009 - Hospitality workers have navigated increased workloads, longer hours and strained resources during this recession. Some of these challenges have taken their toll on workplace morale. A new CareerBuilder survey of more than 100 hospitality employers reveals that one-in-five (20 percent) rate their organization's current employee morale as low. Additionally, more than one-third (37 percent) of hospitality workers report that they have had difficulty staying motivated at work in the last year and more than a quarter (26 percent) do not feel loyal to their current employer. The survey was conducted between August 20 and September 9, 2009.
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Hotels 'hoping and praying' for recovery by the third quarter
THE Bahamian resort industry is "hoping and praying" that a sustained business recovery will come "no later than the third quarter next year", with occupancy and room yields under sustained pressure due to the weakness in group business.
Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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$22m investor: 'Rug's been pulled out from under me'
A Bahamas-based investor who has injected $22 million into his resort project over the last two years is preparing to file a legal action against the Government "early this week", amid fears it will not honour his Heads of Agreement, and said: "I feel as if the rug has been pulled out from under us."
Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Enterprise Inns confirms 20 per cent profit slide
In line with City forecasts, Enterprise Inns has reported pre-tax profits of £208m for the year ending September 30, 2009, down nearly 21 per cent, on turnover down nearly eight per cent at £811m.
The UK’s second largest pub operator described 2009 as “another very testing year for the pub industry, with licensees having to endure weak consumer spending alongside rising overhead costs, duty increases ahead of inflation and aggressive pricing from supermarkets”.
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The UK’s second largest pub operator described 2009 as “another very testing year for the pub industry, with licensees having to endure weak consumer spending alongside rising overhead costs, duty increases ahead of inflation and aggressive pricing from supermarkets”.
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Starwood union sends strike warning to hotel customers
The union representing Chicago hotel workers involved in stalled negotiations at downtown Starwood Hotels & Resorts sent a letter to customers warning them customer service could suffer if a strike occurs during events booked here -- a letter that has convention bureau representatives worried about potential lost business.
"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
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"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
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Sbarro, Inc. Announces Results of Operations for the Third Quarter and Nine Months Ended September 27, 2009
Revenues were $85.5 million for the quarter ended September 27, 2009 as compared to revenues of $91.9 million for the quarter ended September 28, 2008. The decrease in revenues was due to a 5.2% decrease in Company-owned comparable-unit sales and lost sales from stores strategically closed, partially offset by sales generated by new Company-owned stores opened in 2009 and 2008. The decrease in comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Domestic franchise comparable-unit sales declined 7.1% while international franchise comparable-unit sales declined 27.3%, primarily due to the strengthening of the U.S. Dollar relative to virtually all foreign currencies. Without consideration for foreign currency fluctuations, the international franchise comparable-unit sales decline would have been 13%.
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Monday, November 16, 2009
Longshot raises £30m to buy pubs
Longshot, founded in 1994 by Ollie Vigors and Joel Cadbury, sold its assests in June 2007, which included the 24-hour restaurant Vingt-Quatre, the Groucho Club and health club The Third Space, for around £50m.
Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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'Lloyds takes £600m hit on Admiral pubs'
Lloyds Banking Group has been forced to swallow a £600m debt-for-equity swap at Admiral Taverns, the pubs group, in the latest fallout from the banking group’s ill-fated merger last year with rival HBOS
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Hotels squirm as debt pressure mounts
A big hotel near Hartsfield-Jackson Atlanta International Airport may be about to change hands — a harbinger for the industry as more and more hotel owners find themselves deep in debt and unable to avoid drastic financial negotiations.
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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Whitbread's budget may stretch to Premier Inn and Travelodge merger
Whitbread, the leisure group, is in talks to create the dominant force in the British budget hotel market by merging its Premier Inn chain with the rival hotel company Travelodge.
It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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Sunday, November 15, 2009
Marriott launches an upscale franchise
Hospitality giant Marriott International is launching a new brand called the Autograph Collection, aimed at tapping customers who prefer independent, high-end hotels over brands such as Marriott, Hilton and Four Seasons.
The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
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The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
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More independent hotels team with chains to gain guests
As room vacancies rise, independent hotel owners are increasingly linking up with large hotel chains for a lifeline to more customers.
In turn, frequent travelers seeking a reprieve from cookie-cutter hotel properties are finding more hip, boutique-style hotel options without sacrificing loyalty points
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In turn, frequent travelers seeking a reprieve from cookie-cutter hotel properties are finding more hip, boutique-style hotel options without sacrificing loyalty points
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Hotels Risk Losing Holiday Inn Brand
InterContinental Hotels Group PLC is ready to strip the brand next year from as many as 300 of the 2,700 Holiday Inn hotels owned by franchisees in North America if those properties don't undertake the brand's $1 billion overhaul by Feb. 1.
IHG, based in the U.K., started its overhaul of Holiday Inn two years ago in a bid to "contemporize" the 57-year-old brand and weed out older, poorly performing hotels.
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IHG, based in the U.K., started its overhaul of Holiday Inn two years ago in a bid to "contemporize" the 57-year-old brand and weed out older, poorly performing hotels.
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Las Vegas on winning streak as market rebounds
LAS VEGAS The nation's struggling economy may have shattered the myth that the Las Vegas gambling industry is recession-proof, but the hotels and casinos are seeing signs that the city will be among the first to get healthy again.
Although hotels have been forced to reduce room rates to lure customers and visitor volume is down, a steady increase in room occupancy this year coupled with a rebound in high-end gambling is giving hope, if not celebration, that Vegas is on track for recovery.
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Although hotels have been forced to reduce room rates to lure customers and visitor volume is down, a steady increase in room occupancy this year coupled with a rebound in high-end gambling is giving hope, if not celebration, that Vegas is on track for recovery.
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IHG’s Abrahamson Says No Travel Rebound Before 2011
Nov. 13 (Bloomberg) -- InterContinental Hotels Group Plc, the U.K.-based owner of the Holiday Inn brand, will struggle to increase revenue per available room before 2011 as a drop in travel demand constrains the company’s ability to raise prices, said Jim Abrahamson, president of the Americas unit.
“We are a lag industry,” Abrahamson said in a telephone interview yesterday, noting that sales typically trail the economy by about a year. “We have seen slowing declines in occupancy and demand. The first step to a recovery is stabilization.”
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“We are a lag industry,” Abrahamson said in a telephone interview yesterday, noting that sales typically trail the economy by about a year. “We have seen slowing declines in occupancy and demand. The first step to a recovery is stabilization.”
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Thursday, November 12, 2009
HFTP Honors Local Chapter at Recent Annual Convention
AUSTIN, TEXAS, USA (October 28, 2009) – Recognizing the important roles chapters play in the association, Hospitality Financial and Technology Professionals (HFTP®) recently honored several chapters for their contributions. The Chapter of the Year award was given to the Jacksonville, Fla. based First Coast Chapter for showcasing HFTP's principles best throughout the year. The chapter, along with several other chapters, was honored during the HFTP 2009 Annual Convention & Tradeshow, held in Las Vegas, Nev. last month.
"With over 70 chapters around the world, HFTP relies on chapters to provide a local connection to HFTP's ideals of offering education, networking and support to members," said Frank Wolfe, CAE, CEO of HFTP. "HFTP gives special recognition to those chapters that go the extra mile in chapter activities and those that provide unique ideas. Their hard work and dedication is appreciated throughout the entire organization."
HFTP's Chapter of the Year Awards recognize chapters that further the goals of HFTP by providing quality educational and professional opportunities to their members, along with involvement in the local community. The Chapter of the Year program is structured into three tiers based on the number of members per chapter, allowing chapters of all sizes to be recognized for their dedication to the association. The First Coast Chapter was the winner of the Tier A category with under 35 members in the chapter.
"With over 70 chapters around the world, HFTP relies on chapters to provide a local connection to HFTP's ideals of offering education, networking and support to members," said Frank Wolfe, CAE, CEO of HFTP. "HFTP gives special recognition to those chapters that go the extra mile in chapter activities and those that provide unique ideas. Their hard work and dedication is appreciated throughout the entire organization."
HFTP's Chapter of the Year Awards recognize chapters that further the goals of HFTP by providing quality educational and professional opportunities to their members, along with involvement in the local community. The Chapter of the Year program is structured into three tiers based on the number of members per chapter, allowing chapters of all sizes to be recognized for their dedication to the association. The First Coast Chapter was the winner of the Tier A category with under 35 members in the chapter.
Food fight: Burger King franchisees sue chain
CHICAGO (AP) -- Burger King franchisees sued the hamburger company this week over its $1 double cheeseburger promotion, saying they're losing money on the deal and the company can't set maximum menu prices.
The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
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The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
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Marriott International Announces Five New Hotels in the Middle East & Africa
Marriott International (NYSE:MAR) today announced the signing of five hotels for its newly established Middle East & Africa Region, including its first properties in Algeria, Ghana and Morocco.
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O'Charley's Inc. Reports Results for the Third Quarter of 2009
Financial and Operating Highlights
Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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InterContinental Hotels: Leisure travelers to be big focus in 2010
With no quick recovery expected for business travel next year, one of the ways that InterContinental Hotels Group plans to approach 2010 is by targeting leisure travelers. InterContinental runs brands including the Holiday Inn, Holiday Inn Express and Crowne Plaza.
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Minimum pricing in UK needed now, argues Lib Dem MP
Blaming pubs for the problems of “Binge Britain” is often wrong and minimum pricing is now the best way to tackle “pocket money” off-trade prices, according to a senior Liberal Democrat.
Don Foster, Lib Dem shadow culture secretary, slammed the supermarkets’ policy on alcohol and pledged his support for pubs, during the Business In Sport and Leisure conference today in London.
“There is no doubt that Booze Britain is causing real problems… but far too often the problems are laid at the door of hard pushed pub landlords and club owners,” he said.
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Don Foster, Lib Dem shadow culture secretary, slammed the supermarkets’ policy on alcohol and pledged his support for pubs, during the Business In Sport and Leisure conference today in London.
“There is no doubt that Booze Britain is causing real problems… but far too often the problems are laid at the door of hard pushed pub landlords and club owners,” he said.
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McDonald's: 1,000 new restaurants in 2010
NEW YORK (CNNMoney.com) -- McDonald's plans to open 1,000 new restaurants next year and renovate 2,300 existing locations.
At a meeting of company investors on Thursday, the fast-food giant said it would focus on opening new restaurants primarily in the U.S., Germany, France, Russia, China and Australia.
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At a meeting of company investors on Thursday, the fast-food giant said it would focus on opening new restaurants primarily in the U.S., Germany, France, Russia, China and Australia.
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Starbucks CEO: McDonald's Made Starbucks Better
LOS ANGELES (Reuters) - Starbucks Corp Chief Executive Howard Schultz said McDonald's Corp's McCafe launch earlier this year made the cafe chain better.
Starbucks executives have repeatedly said that the world's largest hamburger chain's entry into the market for espresso-based drinks, the first competitive pressure Starbucks had faced in the niche it pioneered, had no impact on Starbucks' business. But comments beyond that have been few and far between.
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Starbucks executives have repeatedly said that the world's largest hamburger chain's entry into the market for espresso-based drinks, the first competitive pressure Starbucks had faced in the niche it pioneered, had no impact on Starbucks' business. But comments beyond that have been few and far between.
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Majestic Star casino company misses debt payments
GARY, Ind. - The company that owns two casinos along Indiana's Lake Michigan shore and others in Mississippi and Colorado has been declared in default on nearly $80 million in debt by its lenders.
Majestic Star Casino LLC disclosed the default notice in a Securities and Exchange Commission filing. Majestic Star senior vice president Jon Bennett says the Las Vegas-based company is "looking at all alternatives available."
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Majestic Star Casino LLC disclosed the default notice in a Securities and Exchange Commission filing. Majestic Star senior vice president Jon Bennett says the Las Vegas-based company is "looking at all alternatives available."
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Wednesday, November 11, 2009
CKE Restaurants(R), Inc. Reports Period Ten and Third Fiscal Quarter Same-Store Sales and Gives Guidance
“Unemployment rates have continued to worsen while our competitors have escalated the deep discount burger wars. Both of these events are having an adverse impact on same-store sales results for everyone including us,” said Andrew F. Puzder, Chief Executive Officer. “We remain focused on same-store sales while maintaining our brand positioning and improving our restaurant operating margins. In this respect, and as discussed more fully below, we are forecasting that our company operated restaurant level margins will improve from 17.9% in the third quarter of fiscal 2009 to between 18.0% and 18.3% for the third quarter of fiscal 2010 despite an increase of approximately 80 basis points in depreciation expense, primarily related to our ongoing remodel program.”
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Creditors press for independent examiner in Station bankruptcy
Ongoing disputes between Station Casinos Inc. and two groups of creditors continued with more bankruptcy court legal maneuvering this week.
The company and one of the lenders' groups filed legal briefs in advance of a hearing on Nov. 20 on various issues.
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The company and one of the lenders' groups filed legal briefs in advance of a hearing on Nov. 20 on various issues.
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Tuesday, November 10, 2009
IHG Third Quarter Results to 30 September 2009
Business headlines
- Global constant currency third quarter RevPAR decline of 15.2%.
- 11,386 net rooms (87 hotels) added in the quarter increasing total system size to 641,086 rooms (4,390 hotels) (an increase of 5% from 30 September 2008).
- 15,571 rooms (117 hotels) added to the system, 4,185 rooms (30 hotels) removed in line with our quality growth strategy.
- 16,645 rooms (99 hotels) signed, taking the pipeline to 218,181 rooms (1,513 hotels).
- Operating profit benefited by $10m from a reassessment of likely payments under certain incentive plans.
- Exceptional operating costs of $44m include a $21m non-cash goodwill write down and $18m of severance costs.
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- Global constant currency third quarter RevPAR decline of 15.2%.
- 11,386 net rooms (87 hotels) added in the quarter increasing total system size to 641,086 rooms (4,390 hotels) (an increase of 5% from 30 September 2008).
- 15,571 rooms (117 hotels) added to the system, 4,185 rooms (30 hotels) removed in line with our quality growth strategy.
- 16,645 rooms (99 hotels) signed, taking the pipeline to 218,181 rooms (1,513 hotels).
- Operating profit benefited by $10m from a reassessment of likely payments under certain incentive plans.
- Exceptional operating costs of $44m include a $21m non-cash goodwill write down and $18m of severance costs.
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Monday, November 9, 2009
At Ruby Tuesday, Casual Dining Dons a Blazer
IF you heard Sandy Beall order lunch at a Ruby Tuesday here one recent afternoon, and didn’t know he’s the founder and chief executive of this casual dining chain, you would assume the guy has serious issues with appetite control.
“Bring the New Orleans seafood, bring the herb-crusted tilapia, bring the cheddar burger,” he tells a waitress, in a Tennessee drawl.
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“Bring the New Orleans seafood, bring the herb-crusted tilapia, bring the cheddar burger,” he tells a waitress, in a Tennessee drawl.
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FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal
FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New York.
“We make the most and best progress when we meet together,” said FASB Chairman Robert Herz. “We are now committed to meet about every month, six times a year face to face and off months by video conference. The end game is to try to bring things together in a converged way on all these major projects, including financial instruments.”
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“We make the most and best progress when we meet together,” said FASB Chairman Robert Herz. “We are now committed to meet about every month, six times a year face to face and off months by video conference. The end game is to try to bring things together in a converged way on all these major projects, including financial instruments.”
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Choice Hotels Reports Third Quarter 2009 Adjusted Diluted EPS of $0.56, Domestic Unit Growth of 4.9%
SILVER SPRING, Md., Nov. 5 /PRNewswire-FirstCall/ -- Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for third quarter 2009:
Adjusted diluted earnings per share ("EPS") for third quarter 2009 were $0.56, compared to $0.57 for the same period of the prior year. Diluted EPS were $0.55 for third quarter 2009 compared to $0.57 for third quarter 2008. Adjusted diluted EPS for third quarter 2009 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $51.7 million for the three months ended September 30, 2009, compared to $64.4 million for the same period of 2008. Operating income for the three months ended September 30, 2009 was $48.1 million compared to $61.9 million for the same period of 2008.
Adjusted selling, general and administrative ("SG&A") costs for the third quarter of 2009 totaled $23.0 million which represented an 8% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $1.5 million and $0.5 million for the three months ended September 30, 2009 and 2008, respectively.
Domestic unit and room growth increased 4.9 percent and 4.8 percent, respectively, from September 30, 2008.
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Adjusted diluted earnings per share ("EPS") for third quarter 2009 were $0.56, compared to $0.57 for the same period of the prior year. Diluted EPS were $0.55 for third quarter 2009 compared to $0.57 for third quarter 2008. Adjusted diluted EPS for third quarter 2009 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $51.7 million for the three months ended September 30, 2009, compared to $64.4 million for the same period of 2008. Operating income for the three months ended September 30, 2009 was $48.1 million compared to $61.9 million for the same period of 2008.
Adjusted selling, general and administrative ("SG&A") costs for the third quarter of 2009 totaled $23.0 million which represented an 8% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $1.5 million and $0.5 million for the three months ended September 30, 2009 and 2008, respectively.
Domestic unit and room growth increased 4.9 percent and 4.8 percent, respectively, from September 30, 2008.
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Starwood Hotels Set to Double Portfolio in Puerto Rico
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 9, 2009-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) – the hotel industry’s most global company – today announces it will double its presence in Puerto Rico in the next year with the opening of the island’s first W and St. Regis hotels and its second Sheraton.
Sheraton Puerto Rico Convention Center Hotel – the first full-service hotel and casino built in San Juan in a decade – opens this November. Coming on its heels are the W Retreat and Spa-Vieques Island and The St. Regis Resort and Residences Bahia Beach, both scheduled to open in 2010. The St. Regis also marks a meaningful milestone for Puerto Rico and Starwood as it is the first new luxury hotel to welcome guests to the island since 1997.
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Sheraton Puerto Rico Convention Center Hotel – the first full-service hotel and casino built in San Juan in a decade – opens this November. Coming on its heels are the W Retreat and Spa-Vieques Island and The St. Regis Resort and Residences Bahia Beach, both scheduled to open in 2010. The St. Regis also marks a meaningful milestone for Puerto Rico and Starwood as it is the first new luxury hotel to welcome guests to the island since 1997.
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As earnings fall, Riviera unsure if bankruptcy can be avoided
The owner of the Riviera hotel-casino in Las Vegas today said it continues to work on restructuring its $281 million debt in hopes of avoiding a Chapter 11 bankruptcy restructuring.
Riviera Holdings Corp., however, said there's no assurance a bankruptcy filing can be avoided as it remains in default on loans and as it reported dismal third-quarter financial results for its 2,075-room Las Vegas property on the Strip.
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Riviera Holdings Corp., however, said there's no assurance a bankruptcy filing can be avoided as it remains in default on loans and as it reported dismal third-quarter financial results for its 2,075-room Las Vegas property on the Strip.
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Home Inns Reports Third Quarter of 2009 Financial Results
Third Quarter 2009 Financial Highlights
-- Total revenues for the quarter increased 37.9% year-over-year to RMB
727.4 million (US$ 106.6 million), exceeding guidance of RMB 685
million to RMB 705 million.
-- Net income attributable to shareholders for the quarter was RMB 86.7
million (US$ 12.7 million), including gain on buy-back of convertible
bonds of RMB 4.3 million (US$ 0.6 million), and share-based
compensation expenses of RMB 7.8 million (US$ 1.1 million). This
compares to a net income attributable to shareholders of RMB 29.5
million (US$ 4.3 million) in the third quarter of 2008, which included
share based compensation of RMB 6.6 million (US$ 1.0 million) and
foreign exchange loss of RMB 2.4 million (US$ 0.3 million).
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-- Total revenues for the quarter increased 37.9% year-over-year to RMB
727.4 million (US$ 106.6 million), exceeding guidance of RMB 685
million to RMB 705 million.
-- Net income attributable to shareholders for the quarter was RMB 86.7
million (US$ 12.7 million), including gain on buy-back of convertible
bonds of RMB 4.3 million (US$ 0.6 million), and share-based
compensation expenses of RMB 7.8 million (US$ 1.1 million). This
compares to a net income attributable to shareholders of RMB 29.5
million (US$ 4.3 million) in the third quarter of 2008, which included
share based compensation of RMB 6.6 million (US$ 1.0 million) and
foreign exchange loss of RMB 2.4 million (US$ 0.3 million).
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Riviera owner posts drop in 3rd-quarter earnings
Owners of the Riviera hotel-casino on the Las Vegas Strip say they're trying to restructure $281 million in debt to avoid filing for bankruptcy protection.
Riviera Holdings Corp. offered no assurance Monday that a Chapter 11 filing can be avoided.
Documents filed with the federal Securities and Exchange Commission showed revenue at the Las Vegas Riviera fell from $30.2 million in the third quarter of 2008 to $22.6 million in the three months ending Sept. 30 of this year.
Occupancy at the 2,075-room Las Vegas Strip hotel fell from 87 percent to about 77 percent, while average room rates dropped under $60.
Riviera Holdings also owns a casino in Black Hawk, Colo. Quarterly revenue there was up from $10 million in 2008 to $12 million this year.
Riviera Holdings Corp. offered no assurance Monday that a Chapter 11 filing can be avoided.
Documents filed with the federal Securities and Exchange Commission showed revenue at the Las Vegas Riviera fell from $30.2 million in the third quarter of 2008 to $22.6 million in the three months ending Sept. 30 of this year.
Occupancy at the 2,075-room Las Vegas Strip hotel fell from 87 percent to about 77 percent, while average room rates dropped under $60.
Riviera Holdings also owns a casino in Black Hawk, Colo. Quarterly revenue there was up from $10 million in 2008 to $12 million this year.
Nassau Hilton shareholders in dispute over $22m loan
A dispute has erupted between the two shareholders of downtown Nassau's British Colonial Hilton over a $22 million loan that forms part of the resort's financing, Tribune Business can reveal, with one of the parties thought to have moved to take the matter to arbitration in a bid to mediate a resolution
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California Pizza Kitchen Announces Financial Results for the Third Quarter 2009
Highlights for the third quarter of 2009 relative to the same quarter a year ago were as follows:
Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Mexican Restaurants, Inc. Announces 2009 Third Quarter Operating Results
HOUSTON--(BUSINESS WIRE)--For the 2009 third quarter of Mexican Restaurants, Inc. (the “Company”) (NASDAQ: CASA) ended September 27, 2009, the Company reported a net loss of $232,614 or $0.07 per diluted share, compared with a net loss of $504,559 or $0.15 per diluted share for the third quarter of fiscal year 2008. For the 39-week period ended September 27, 2009, the Company reported a net loss of $260,697 or $0.08 per diluted share, compared with a net loss of $69,983 or $0.02 per diluted share for the 39-week period of fiscal year 2008.
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McDonald's October Global Comparable Sales Increase 3.3%
OAK BROOK, Ill., Nov. 9 /PRNewswire-FirstCall/ -- McDonald's Corporation announced today that global comparable sales rose 3.3% in October. Performance by segment was as follows:
•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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Ashford Hospitality Trust Reports Third Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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Qatar's Al Faisal eyes overseas hotel deals
Qatar's Al Faisal Holding is shifting its focus to the hospitality sector, including buying hotels mainly in Europe, North America, and big Arab cities as it expands its hotel business globally, the company's chairman said.
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American Embassy in London to become luxury hotel
The American Embassy in London is poised to become a new luxury hotel, following an agreement by a Qatari real estate investment company to buy the iconic building for an undisclosed sum.
While Qatari Diar has not announced what it intends to do with the property in Grosvenor Square, Mayfair – home to the American Embassy for nearly 50 years - it is believed the Grade II-listed Modernist building will be turned into a hotel and apartments.
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While Qatari Diar has not announced what it intends to do with the property in Grosvenor Square, Mayfair – home to the American Embassy for nearly 50 years - it is believed the Grade II-listed Modernist building will be turned into a hotel and apartments.
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Hilton guests get handy new apps
Want to order a burger and beer from room service before you check into your hotel so dinner is waiting for you?
Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Ritz-Carlton to open the world’s tallest hotel in Hong Kong
The world’s tallest hotel will open in Hong Kong in 2010 when the Ritz-Carlton, Hong Kong, welcomes its first guests.
The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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SF Hotel Workers Back To Work; Hotel Calls Strike 'Irresponsible'
SAN FRANCISCO -- After striking for three days, San Francisco hotel workers went back to work Sunday morning and received a cold reception from at least one major employer.
In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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Sunday, November 8, 2009
Morton's Restaurant Group, Inc. Reports Results For Third Quarter 2009
The three month period ended October 4, 2009 as compared to the three month period ended September 28, 2008 (13 weeks to 13 weeks)
-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset by
an increase in revenues from four new Morton's steakhouses opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset by
an increase in revenues from four new Morton's steakhouses opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS THIRD QUARTER 2009 RESULTS
Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the third quarter ended September 30, 2009.
Revenues from continuing operations for the three months ended September 30, 2009, totaled $276.6 million, as compared to $289.7 million a year earlier. Revenues from the restaurant and hospitality group were $224.2 million and $229.1 million for the third quarter of 2009 and 2008, respectively and $52.4 million and $60.6 million for the same periods from the Golden Nugget properties.
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Revenues from continuing operations for the three months ended September 30, 2009, totaled $276.6 million, as compared to $289.7 million a year earlier. Revenues from the restaurant and hospitality group were $224.2 million and $229.1 million for the third quarter of 2009 and 2008, respectively and $52.4 million and $60.6 million for the same periods from the Golden Nugget properties.
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Starwood Hotels closes on sale of St. Regis space
WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. said Thursday it closed on the sale of St. Regis New York's retail space for $117 million to investment group GFC Fifth Avenue LLC.
Sale proceeds will go toward paying down debt.
Starwood Hotels & Resorts Worldwide has 982 properties worldwide.
Shares of Starwood rose $1.14, or 3.8 percent, to $30.88.
Sale proceeds will go toward paying down debt.
Starwood Hotels & Resorts Worldwide has 982 properties worldwide.
Shares of Starwood rose $1.14, or 3.8 percent, to $30.88.
Starbucks Posts Strong Fourth Quarter and Fiscal 2009 Results
Fiscal Fourth Quarter 2009 Highlights:
Comparable store sales trends improved in U.S. and International segments on both sequential quarter and year-over-year basis.
Consolidated same store sales improved to negative 1% from negative 5% in the previous quarter.
Operating margin improved 760 basis points to 8.2%.
Non-GAAP operating margin improved 570 basis points to 10.4%.
EPS of $0.20 compared to $0.01 in Q408
Non-GAAP EPS increased to $0.24, a 140% increase from $0.10 in the prior year period.
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Comparable store sales trends improved in U.S. and International segments on both sequential quarter and year-over-year basis.
Consolidated same store sales improved to negative 1% from negative 5% in the previous quarter.
Operating margin improved 760 basis points to 8.2%.
Non-GAAP operating margin improved 570 basis points to 10.4%.
EPS of $0.20 compared to $0.01 in Q408
Non-GAAP EPS increased to $0.24, a 140% increase from $0.10 in the prior year period.
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Thursday, November 5, 2009
Landry's Restaurants plans to fund part of going-private deal with private debt offering
HOUSTON (AP) -- Landry's Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own
Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own
Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
Interstate Hotels & Resorts Reports Third-Quarter 2009 Results
Same-store(4) RevPAR for all managed hotels in the third quarter of 2009 decreased 20.8 percent to $78.97. Average daily rate (ADR) declined 15.1 percent to $115.29, and occupancy was off 6.7 percent to 68.5 percent.
Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.
Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.
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Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.
Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.
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Great Wolf Resorts Reports 2009 Third Quarter Results
For the third quarter ended September 30, 2009, the Company reported net loss of $(42.1) million, or $(1.35) per diluted share, compared to net income of $2.2 million, or $0.07 per diluted share for the same period a year earlier. The 2009 results include (1) a non-cash charge of $28.5 million to establish a valuation allowance against its deferred tax assets, and (2) a non-cash impairment charge of $24.0 million related to the Company’s Blue Harbor Resort & Conference Center in Sheboygan, Wisconsin.
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McCormick & Schmick's Seafood Restaurants, Inc. Reports Third Quarter 2009 Financial Results
Financial results for the third quarter 2009 compared to the third quarter 2008:
•Revenues decreased 13.6% to $86.3 million from $99.9 million
•Comparable restaurant sales decreased 18.8%
•Comparable restaurant traffic decreased 14.2%
•Total operating expenses were 87.1% of revenues compared to 87.5% last year
•Net income of $1.3 million, or $0.09 per diluted share, compared to net income of $1.4 million, or $0.09 per diluted share
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•Revenues decreased 13.6% to $86.3 million from $99.9 million
•Comparable restaurant sales decreased 18.8%
•Comparable restaurant traffic decreased 14.2%
•Total operating expenses were 87.1% of revenues compared to 87.5% last year
•Net income of $1.3 million, or $0.09 per diluted share, compared to net income of $1.4 million, or $0.09 per diluted share
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Wellington sees 2.6% EBITDA fall
Wellington Pub Company, the 829-strong free-of-tie pub company — owned by the Reuben brothers, but subject to a securitisation — has seen a 2.6% decline in Ebitda.
According to a Fitch report published last month, that decline was made up of rental income excluding property disposals, in the year to the end of June 2009, compared to the year before.
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According to a Fitch report published last month, that decline was made up of rental income excluding property disposals, in the year to the end of June 2009, compared to the year before.
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Hersha Hospitality Announces Third Quarter 2009 Results
- Achieved consolidated Hotel EBITDA margins of 37.7% -
- Margin decline excluding property taxes held to 117 bps -
- Consolidated Hotel RevPAR decreased 14.8% -
- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -
- Beginning to benefit from Improving Market in NYC -
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- Margin decline excluding property taxes held to 117 bps -
- Consolidated Hotel RevPAR decreased 14.8% -
- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -
- Beginning to benefit from Improving Market in NYC -
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Hyatt Hotels Corporation Prices Initial Public Offering
CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (“Hyatt”) announced today the pricing of its initial public offering of 38,000,000 shares of Class A common stock at a price of $25.00 per share. Hyatt’s Class A common stock will begin trading on the New York Stock Exchange under the symbol “H” on November 5, 2009.
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Tuesday, November 3, 2009
FelCor Reports Third Quarter Results - Continues to Accomplish 2009 Goals
Summary:
Completed the sale of $636 million of senior notes due 2014 that allowed us to refinance our existing senior notes that mature in 2011.
RevPAR decreased 17.8 percent for the third quarter at our 85 consolidated hotels.
Market share increased approximately two percent for the third quarter at our 85 consolidated hotels.
RevPAR increased 53 percent in the third quarter at the San Francisco Marriott Union Square (following the completion of the redevelopment in June).
Hotel expenses declined 11.6 percent during the third quarter. Our strict expense controls limited the effect of reduced revenue on flow-through to Hotel EBITDA to 51 percent, compared to the prior year, which was better than our expectations. Hotel EBITDA margin decreased 490 basis points.
Adjusted FFO per share was $0.14 for the third quarter. Adjusted EBITDA was $45.3 million for the quarter. This met the low end of our expectations.
Net loss for the third quarter was $25.5 million.
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Completed the sale of $636 million of senior notes due 2014 that allowed us to refinance our existing senior notes that mature in 2011.
RevPAR decreased 17.8 percent for the third quarter at our 85 consolidated hotels.
Market share increased approximately two percent for the third quarter at our 85 consolidated hotels.
RevPAR increased 53 percent in the third quarter at the San Francisco Marriott Union Square (following the completion of the redevelopment in June).
Hotel expenses declined 11.6 percent during the third quarter. Our strict expense controls limited the effect of reduced revenue on flow-through to Hotel EBITDA to 51 percent, compared to the prior year, which was better than our expectations. Hotel EBITDA margin decreased 490 basis points.
Adjusted FFO per share was $0.14 for the third quarter. Adjusted EBITDA was $45.3 million for the quarter. This met the low end of our expectations.
Net loss for the third quarter was $25.5 million.
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Atlantis puts ban on teens
UNACCOMPANIED youths are to be barred from all areas of Atlantis, resort chiefs said yesterday.
Announcing a clampdown in the wake of Saturday's double shooting, bosses at the resort also condemned irresponsible parents for using Atlantis as a "teen sitting service".
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Announcing a clampdown in the wake of Saturday's double shooting, bosses at the resort also condemned irresponsible parents for using Atlantis as a "teen sitting service".
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Hilton Complimentary Internet Access In Lobby Costs $10 A Day
At Hilton Washington Dulles Airport hotel, everything is complimentary! That's because to them "complimentary" actually means "for a price." Last week, a linguistics professor tried to take advantage of their "Complimentary High-speed Internet access on the lobby level," which is how they describe the service on their website. He quickly discovered that he'd have to agree to a $9.99 charge in order to get the free service.
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Tavern on the Green: We're still open!
When Michael Desiderio isn't sitting in bankruptcy court, the chief operating officer of Tavern on the Green is worrying about how to jump-start the holiday season. The storied eatery makes nearly a quarter of its annual revenues in November and December.
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Hyatt: Occupancy stabilizing, trend to continue
CHICAGO – Hotel occupancy rates are finally stabilizing, a soon-to-be public Hyatt Hotels Corp. told potential investors Monday, offering more welcome signs to an industry that's been battered by the recession
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Boyd pursues Station Casinos in bankruptcy court
LAS VEGAS—Casino operator Boyd Gaming Corp. is asking a federal bankruptcy judge to let it buy some or part of the assets of one of its rivals.
Las Vegas-based Boyd filed a motion Sunday in Station Casinos Inc.'s Chapter 11 reorganization case in U.S. Bankruptcy Court in Reno.
Boyd wants the judge to appoint an examiner so outside companies can offer reorganization plans.
Station Casinos rejected a $950 million offer earlier this year from Boyd to buy some or all of Station's assets.
Station Casinos operates 18 casinos in the Las Vegas area. It filed for bankruptcy protection in July and asked the court last week for a four-month extension to submit a reorganization plan.
Las Vegas-based Boyd filed a motion Sunday in Station Casinos Inc.'s Chapter 11 reorganization case in U.S. Bankruptcy Court in Reno.
Boyd wants the judge to appoint an examiner so outside companies can offer reorganization plans.
Station Casinos rejected a $950 million offer earlier this year from Boyd to buy some or all of Station's assets.
Station Casinos operates 18 casinos in the Las Vegas area. It filed for bankruptcy protection in July and asked the court last week for a four-month extension to submit a reorganization plan.
Texas Roadhouse, Inc. Announces Third Quarter 2009 Results
Results for the quarter included:
•Comparable restaurant sales decreased 4.6% at company-owned restaurants and decreased 3.6% at franchise restaurants;
•One company restaurant and two franchise restaurants opened, while two company restaurants closed;
•Restaurant margins increased 133 basis points;
•Diluted earnings per share increased 27% to $0.15 from $0.12 in the prior year period.
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•Comparable restaurant sales decreased 4.6% at company-owned restaurants and decreased 3.6% at franchise restaurants;
•One company restaurant and two franchise restaurants opened, while two company restaurants closed;
•Restaurant margins increased 133 basis points;
•Diluted earnings per share increased 27% to $0.15 from $0.12 in the prior year period.
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Carrols Restaurant Group, Inc. Reports Financial Results for the Third Quarter 2009
Highlights for the third quarter of 2009 versus the third quarter of 2008 include:
•Net income increased to $5.6 million, or $0.26 per diluted share, from net income of $3.7 million, or $0.17 per diluted share;
•Total revenues were $201.2 million compared to $209.1 million;
•Comparable restaurant sales decreased 0.1% at Pollo Tropical(R), decreased 4.3% at Taco Cabana(R), and decreased 6.1% at Burger King(R);
•Total outstanding indebtedness was reduced $25 million year-to-date to $291.2 million
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•Net income increased to $5.6 million, or $0.26 per diluted share, from net income of $3.7 million, or $0.17 per diluted share;
•Total revenues were $201.2 million compared to $209.1 million;
•Comparable restaurant sales decreased 0.1% at Pollo Tropical(R), decreased 4.3% at Taco Cabana(R), and decreased 6.1% at Burger King(R);
•Total outstanding indebtedness was reduced $25 million year-to-date to $291.2 million
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Starwood Hotels Signs an Agreement to Sell Bliss Spas to Steiner Leisure for $100 Million
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 2, 2009-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that the company has signed an agreement to sell the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million. As part of the transaction, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels respectively
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Monday, November 2, 2009
Sands looks to raise $2.5B with Hong Kong IPO
HONG KONG (AP) -- U.S. casino operator Las Vegas Sands Corp. aims to raise $2.5 billion through an initial public offering in Hong Kong this month to help repay massive debts and restart languishing casino projects in Macau, a document showed Monday.
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'Irish pub trade in crisis as 1,500 close over five years'
More than 1,500 pubs, hotels and restaurants have gone to the wall in the past five years, costing thousands of jobs, a stark survey will reveal today. And one in three rural pubs now say they will struggle to survive into the future, despite massive efforts within the industry to woo more customers - Irish Independent
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Sunday, November 1, 2009
McDonald's Third Quarter Earnings Rise on Strong Global Results
McDonald's reported the following third quarter highlights:
-- Global comparable sales increased 3.8% with the U.S. up 2.5%, Europe up
5.8% and Asia/Pacific, Middle East and Africa up 2.2%
-- Consolidated operating income increased 6% (11% in constant currencies)
over the prior year
-- Earnings per share of $1.15, a 10% increase (14% in constant currencies)
over the prior year
-- The quarterly cash dividend increased 10% to $0.55 per share - the
equivalent of $2.20 per share annually - effective fourth quarter 2009
-- Approximately $1.3 billion returned to shareholders through share
repurchases and dividends
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-- Global comparable sales increased 3.8% with the U.S. up 2.5%, Europe up
5.8% and Asia/Pacific, Middle East and Africa up 2.2%
-- Consolidated operating income increased 6% (11% in constant currencies)
over the prior year
-- Earnings per share of $1.15, a 10% increase (14% in constant currencies)
over the prior year
-- The quarterly cash dividend increased 10% to $0.55 per share - the
equivalent of $2.20 per share annually - effective fourth quarter 2009
-- Approximately $1.3 billion returned to shareholders through share
repurchases and dividends
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Burger King Holdings Inc. Reports First Quarter Fiscal 2010 Results
First Quarter Highlights:
Solid development growth across all business segments as net restaurant count increased by 58 with international markets accounting for approximately 80 percent of the increase;
U.S. and Canada company restaurant margin improved 180 basis points to 13.9 percent from 12.1 percent in the same period last year;
Worldwide company restaurant margin improved 40 basis points to 13.0 percent from 12.6 percent in the same period last year;
Worldwide comparable sales were negative 2.9 percent compared to positive 3.6 percent in the same period last year;
Earnings per share were $0.34, including $0.02 per share of negative impact from currency translation, compared to earnings per share of $0.36 and adjusted earnings per share of $0.38 in the same period last year.
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Solid development growth across all business segments as net restaurant count increased by 58 with international markets accounting for approximately 80 percent of the increase;
U.S. and Canada company restaurant margin improved 180 basis points to 13.9 percent from 12.1 percent in the same period last year;
Worldwide company restaurant margin improved 40 basis points to 13.0 percent from 12.6 percent in the same period last year;
Worldwide comparable sales were negative 2.9 percent compared to positive 3.6 percent in the same period last year;
Earnings per share were $0.34, including $0.02 per share of negative impact from currency translation, compared to earnings per share of $0.36 and adjusted earnings per share of $0.38 in the same period last year.
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Turnberry told to pay $6M to Fairmont
The Soffer family's Turnberry Isle resort must pay $6 million to the hotel's operator -- fees held back over allegations of mismanagement at the money-losing luxury resort in Aventura.
An arbitrator awarded the $6 million in back fees and interest to Fairmont Hotels & Resorts after Turnberry dropped its objection to the claim. But after giving up in the arbitration, a Turnberry lawyer wrote Fairmont that the owner won't pay the fee because other claims against Fairmont are much larger
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An arbitrator awarded the $6 million in back fees and interest to Fairmont Hotels & Resorts after Turnberry dropped its objection to the claim. But after giving up in the arbitration, a Turnberry lawyer wrote Fairmont that the owner won't pay the fee because other claims against Fairmont are much larger
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$855 a Night? Can We Talk?
WHAT’S the best way to book a hotel? That’s becoming trickier as hotels try everything they can to drum up business in one of their most challenging years.
Average daily hotel rates in the United States are expected to drop 9.7 percent for the year, to $96.43, according to Smith Travel Research, which tracks the industry. That would be the steepest year-over-year decrease since Smith began tracking hotel data in 1987
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Average daily hotel rates in the United States are expected to drop 9.7 percent for the year, to $96.43, according to Smith Travel Research, which tracks the industry. That would be the steepest year-over-year decrease since Smith began tracking hotel data in 1987
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