(AP) - Tavern on the Green, once America's highest-grossing restaurant, is singing its culinary swan song.
The former sheepfold at the edge of Central Park, now ringed by twinkling lights and fake topiary animals, is preparing for New Year's Eve, when it will serve its last meal. Just three years ago, it was plating more than 700,000 meals annually, bringing in more than $38 million.
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Wednesday, December 30, 2009
Outback Steakhouse settles gender discrimination suit for $19M
OSI Restaurant Partners, the Tampa parent of the Outback Steakhouse chain, will pay $19 million and create a new human resources executive position to settle a gender discrimination class action lawsuit being tried in Colorado.
“Hopefully this major settlement will remind employers about the perils of perpetuating promotion practices that keep women from advancing at work,” said Stuart J. Ishimaru, acting chairman of the U.S. Equal Employment Opportunity Commission, in a release.
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“Hopefully this major settlement will remind employers about the perils of perpetuating promotion practices that keep women from advancing at work,” said Stuart J. Ishimaru, acting chairman of the U.S. Equal Employment Opportunity Commission, in a release.
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Tuesday, December 29, 2009
Truffle Breakfast, $67,000 Bordeaux Entice at Arnault Hotel
Dec. 29 (Bloomberg) -- There’s no whiff of economic crisis in the winter wonderland built by luxury-goods magnate Bernard Arnault in the French ski town Courchevel 1850.
For 47,000 euros ($67,466), the chairman of Paris-based LVMH Moet Hennessy Louis Vuitton SA can guarantee the sun rises at the Cheval Blanc hotel with a 1947 vintage bottle from famed Chateau Cheval Blanc in Bordeaux. Dawn also may be savored with a 220 euro “Dome of Black Truffles.”
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For 47,000 euros ($67,466), the chairman of Paris-based LVMH Moet Hennessy Louis Vuitton SA can guarantee the sun rises at the Cheval Blanc hotel with a 1947 vintage bottle from famed Chateau Cheval Blanc in Bordeaux. Dawn also may be savored with a 220 euro “Dome of Black Truffles.”
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GMB to ballot "thousands" of pubs on industrial action
The GMB union said today it hopes to be in a position to ballot up to 25,000 tied pubs on whether to take industrial action against pubco landlords by the end of January next year.
Paul Maloney, GMB National Officer for tied tenants, said his organisation wanted to secure a reduction in the amount pubs pay their landlord of around £12,000 per pub and industrial action was on the cards.
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Paul Maloney, GMB National Officer for tied tenants, said his organisation wanted to secure a reduction in the amount pubs pay their landlord of around £12,000 per pub and industrial action was on the cards.
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Orient-Express buys hotel in Peru for $7 million
NEW YORK (AP) -- Hotel owner and manager Orient-Express Hotels Ltd. said Tuesday that it purchased a hotel in Peru from Industrias Turistica Vagamundos SAC for $7 million.
The acquisition was made by Orient-Express Hotels' joint venture company, Peru OEH SA, which used cash reserves and $2.5 million of long-term debt for the purchase.
The Hotel Rio Sagrado, which opened in April, contains 21 suites and two villas. The hotel, located in the Sacred Valley of the Incas, is the fifth Peru acquisition for Orient-Express.
Orient-Express is the owner or part-owner and manager of 49 luxury hotel, restaurant, tourist train and river cruise properties in 25 countries.
The acquisition was made by Orient-Express Hotels' joint venture company, Peru OEH SA, which used cash reserves and $2.5 million of long-term debt for the purchase.
The Hotel Rio Sagrado, which opened in April, contains 21 suites and two villas. The hotel, located in the Sacred Valley of the Incas, is the fifth Peru acquisition for Orient-Express.
Orient-Express is the owner or part-owner and manager of 49 luxury hotel, restaurant, tourist train and river cruise properties in 25 countries.
Station Casinos bondholders want permission to sue
Station Casinos Inc.'s bondholders asked the Las Vegas company's bankruptcy court Monday for permission to sue the company over the 2007 leveraged-buyout deal that took Station private, charging the transaction crippled the company by saddling it with excessive debt.
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Woman sues NYC eatery over fallen moose head
(AP) - A New York City restaurant-goer says she was struck by the decor at a Manhattan restaurant -- but not in a visual way.
Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Can Lady Gaga Save The Fontainebleau in Miami?
Admit it. 2010 was all about Lady Gaga and it seems only fitting that her New Year's Eve concert at Miami's Fontainebleau Resort is officially the hottest New Year's Eve party in America, according to NewYearsEve.com. Page Six reports:
Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Ruth Improves Financial Position
Ruth’s Hospitality Group Inc. (NasdaqGS: RUTH - News), the operator of upscale casual-dining chains, in order to improve its financial position and flexibility has taken prudent steps to raise $69.7 million through a stock sale to a private equity firm, a right offering to existing shareholders and the sale of its headquarters building.
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Morgans Hotel Group Announces Extension of Loan Maturities on Hard Rock Hotel & Casino in Las Vegas
NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”), the operator and part owner of the Hard Rock Hotel & Casino in Las Vegas, today announced that the maturity date of the loan secured by the hotel and casino has been amended so that it is extendable to February 2014. In addition, the non-recourse loan, secured by approximately 11 acres of unused land owned by a Hard Rock subsidiary is now extendable until February 2014.
“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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Monday, December 28, 2009
Artisan Hotel & Spa agrees to foreclosure
The hip, nongaming Artisan Hotel & Spa in Las Vegas has agreed to be foreclosed on by a lender.
Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Friday, December 25, 2009
Bahamas - $2.6bn Baha Mar deal '90% likely to go ahead'
Baha Mar's potential agreement with two Chinese state-owned entities for the financing and construction of its $2.6 billion Cable Beach project is "90 per cent likely to go" ahead, Tribune Business was told yesterday, with both sides trying to now tie down "a few commercial issues".
The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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Wednesday, December 23, 2009
U.S. tourist faces fraud charges in Brazil after claiming luggage stolen
A vacationing American faces charges of fraud after he told police in Rio de Janeiro robbers had stolen his luggage.
According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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According to investigators, Nicholas Anthony Porfilio, 25, from California went to the special DEAT tourist police unit on Monday to lodge a report. He claimed he had been robbed of his three bags as he left his Copacabana beach hotel to find a taxi to take him to the airport.
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Tuesday, December 22, 2009
UPS Store and FedEx Office race to open hotel locations
Need to make copies, ship documents or use a computer at your hotel?
Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Earlier this month, we talked about how travelers are starting to find more FedEx Office locations inside hotels as FedEx tries to grow and hotels try to lure business travelers with better services. Well, FedEx isn't alone.
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Contractor files claim against Pittsburgh Hilton owner
P.J. Dick Inc. has filed a claim against the owner of the Pittsburgh Hilton, saying that the contractor is owed $1 million in unpaid work on the hotel addition project.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Filed in Allegheny County, the mechanics' lien asserts that P.J. Dick contracted with Shubh Hotels LLC in December 2007 to provide demolition, excavation, concrete and structural steel work at the hotel site.
Then, the companies entered into an additional contract in February.
According to the filing, P.J. Dick's last day on the site was Sept. 19. The company claims that Shubh owes $1,026,000 in unpaid bills.
Wyndham O'Hare hotel to close
Crain’s) – The 467-room Wyndham O’Hare is shutting down, the latest sign of trouble in a brutal Rosemont hotel market that has been squeezed by a surge in supply and a dramatic drop in demand.
The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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Granite City Food & Brewery Ltd. Announces Renegotiation of Terms of Bridge Debt
MINNEAPOLIS--(BUSINESS WIRE)--Granite City Food & Brewery Ltd. (NASDAQ: GCFB - News). By agreement dated effective December 16, 2009, Granite City Food & Brewery Ltd. and Harmony Equity Income Fund, L.L.C. and Harmony Equity Income Fund II, L.L.C. amended the March 30, 2009 Bridge Loan Agreement between the parties. The original Agreement provided for the issuance of $1.0 million of partially convertible bridge notes and warrants which matured in April 2010 and then payable in 6 equal monthly installments. The maturity date of the current principal balance has been extended to January 1, 2011, at which time the principal amount outstanding will be payable in 12 equal monthly installments, with the final installment due on December 1, 2011. Further, the total amount of the commitment will be reduced to $800,000 from the initial $1.0 million commitment. Adjustments were also made to the provisions for payment of deferred and accrued interest.
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You're No Warren Buffett, Steak n Shake
Remember when Octomom tried to look like Angelina Jolie? Steak n Shake (NYSE: SNS) is trying to do something similar, with its recent channeling of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). But instead of lip-puffing Botox and a new layered 'do, Steak n Shake is going for a reverse split and an insurance-company acquisition.
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Ruth's Hospitality Group, Inc. Announces Proposed Transactions Intended to Strengthen the Company's Financial Position and Improve its Flexibility
HEATHROW, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH - News) today announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company’s balance sheet and improve its operating and financial flexibility.
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Monday, December 21, 2009
Sands China May Have Sales of $5 Billion in 2010, Adelson Says
Dec. 22 (Bloomberg) -- Sands China Ltd., the casino operator with the second-biggest market share in Macau, may have sales of $4.5 billion to $5 billion next year, according to the head of the company that controls it.
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Sir David Michels, deputy chairman of Marks & Spencer
Sir David Michels, the deputy chairman of Marks & Spencer, has been named non-executive chairman of Paramount Restaurants, the operator of the Chez Gérard, Caffè Uno, Bertorelli and Livebait restaurant chains.
The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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Sheraton hotel in Arlington Heights to close
(Crain’s) — The depressed local hotel market has claimed another casualty: the Sheraton in Arlington Heights, which is shutting down just three years after an adjoining $25-million water park was built next door.
The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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National Restaurant Association Issues Statement on Health Care Reform Bills
WASHINGTON, Dec. 21 /PRNewswire-USNewswire/ -- The National Restaurant Association issued a statement today regarding the health care reform package proposed by Senate Majority Leader Harry Reid (D-Nev.).
"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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STR Global reports Asia/Pacific pipeline for November 2009
The Asia/Pacific hotel development pipeline includes 975 hotels comprising 232,680 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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STR Global reports Middle East/Africa pipeline for November 2009
LONDON—The Middle East/Africa hotel development pipeline includes 441 hotels comprising 119,560 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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STR Global reports Europe pipeline for November 2009
LONDON—The Europe hotel development pipeline includes 577 hotels comprising 97,266 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, London, England, reported the largest amount of rooms in the total active pipeline with 5,154 rooms. Moscow, Russia (4,837 rooms), and Berlin, Germany (4,493 rooms), also reported a large number of rooms in the total active pipeline.
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Among the key markets, London, England, reported the largest amount of rooms in the total active pipeline with 5,154 rooms. Moscow, Russia (4,837 rooms), and Berlin, Germany (4,493 rooms), also reported a large number of rooms in the total active pipeline.
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STR reports Caribbean and Mexico pipeline for November 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 131 hotels comprising 18,291 rooms, according to the November 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 11,105 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: the Bahamas (1,448 rooms) and Puerto Rico (1,130 rooms).
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Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 11,105 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: the Bahamas (1,448 rooms) and Puerto Rico (1,130 rooms).
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STR Global reports Nov. 2009 Central and South America pipeline
LONDON—The Central/South America hotel development pipeline includes 131 projects with 19,929 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, Brazil ended the month with the most rooms in the In Construction phase as well as in the total active pipeline with 2,837 rooms and 8,264 rooms, respectively. Panama reported 2,363 rooms in the In Construction phase and 4,289 rooms in the total active pipeline.
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Among the countries in the region, Brazil ended the month with the most rooms in the In Construction phase as well as in the total active pipeline with 2,837 rooms and 8,264 rooms, respectively. Panama reported 2,363 rooms in the In Construction phase and 4,289 rooms in the total active pipeline.
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Blimpie Debuts In Kuwait
Blimpie, a sub sandwich franschises, said it is planning for its first location in Kuwait. Blimpie’s parent company, Kahala, has entered into a licensee agreement with International Famous Franchises (IFF), and is looking to open18 stores in Kuwait by 2014.
The first location in Kuwait is slated to open in the spring of 2010 as part of Middle East expansion. The restaurant offers sandwiches and salads that are low in calories. The company said that minor changes have been made to the menu for the Kuwait debut and is expecting to add regional items next year.
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The first location in Kuwait is slated to open in the spring of 2010 as part of Middle East expansion. The restaurant offers sandwiches and salads that are low in calories. The company said that minor changes have been made to the menu for the Kuwait debut and is expecting to add regional items next year.
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Wyndham adds first five-star, all-inclusive resorts in Mexico to system
As hotel giants such as InterContinental Hotels Group pin hopes on leisure travel in 2010, Wyndham Hotels & Resorts announced a move that could bolster its appeal to families and other vacationers:
Four, existing Mexico resorts - all-inclusive, luxury properties - have joined Wyndham's system.
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Four, existing Mexico resorts - all-inclusive, luxury properties - have joined Wyndham's system.
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Sunday, December 20, 2009
Fraud gang used airport base to launch stings on Scots hotels
A FRAUD gang nicknamed the Coventry Falcons used cheap flights to fly to Scotland and book into top hotels before stealing the ID of guests.
The robbers flew from East Midlands Airport to systematically break into rooms at hotels across the country to steal credit cards and ID documents before emptying victims' accounts.
The mob stole a fortune after using a variety of disguises to pass off the genuine documentation and bank cards as their own.
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The robbers flew from East Midlands Airport to systematically break into rooms at hotels across the country to steal credit cards and ID documents before emptying victims' accounts.
The mob stole a fortune after using a variety of disguises to pass off the genuine documentation and bank cards as their own.
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BRitish Virgin Islands developer appeals
In September, a High Court ruling threw cold water on developers’ plans to build a golf course and five-star resort on Beef Island. Now, the developer is appealing that decision.
The appeal by Quorum Island (BVI) Limited is the latest twist in a two-year-old battle that has pitted developers and government against the Virgin Islands Environmental Council.
The non-profit VIEC was formed in large part to contest the government’s approval of the BI development, granted by then-Chief Minister Dr. Orlando Smith on Jan. 31, 2007.
The group filed for judicial review of the approval six months after it was granted
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The appeal by Quorum Island (BVI) Limited is the latest twist in a two-year-old battle that has pitted developers and government against the Virgin Islands Environmental Council.
The non-profit VIEC was formed in large part to contest the government’s approval of the BI development, granted by then-Chief Minister Dr. Orlando Smith on Jan. 31, 2007.
The group filed for judicial review of the approval six months after it was granted
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DB Hospitality in tie-up with Hyatt for five hotels
Mumbai: Mumbai-based DB Hospitality Pvt Ltd, part of the DB Group, will invest over Rs 5,500 crore in the construction of hotels by 2014. The company has entered into a contract with Hyatt Hotels Corporation, under which it will construct and own five new hotels for the global hospitality major which in turn will manage them.
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Can CityCenter Save Las Vegas?
LAS VEGAS -- You can't escape CityCenter. Celebrities arrived in droves to bask in its opulence. Local newspapers declared it a masterpiece. Casino executives heralded the crowning example of what can be accomplished when vision, brilliance and sheer will are combined with $8.5 billion.
Towering over the heart of the Las Vegas Strip, CityCenter--a joint venture between gaming giant MGM Mirage ( MGM - news - people ) and Infinity World, a subsidiary of Dubai World--opened this week under a dazzling display of fireworks and glitz. The property encompasses 67 acres between the Bellagio and Monte Carlo casinos, and features four hotels, including its flagship, Aria, which is complete with 4,004 rooms, a casino, shops, restaurants, nightclubs and lounges and an Elvis-themed Cirque du Soleil production.
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Towering over the heart of the Las Vegas Strip, CityCenter--a joint venture between gaming giant MGM Mirage ( MGM - news - people ) and Infinity World, a subsidiary of Dubai World--opened this week under a dazzling display of fireworks and glitz. The property encompasses 67 acres between the Bellagio and Monte Carlo casinos, and features four hotels, including its flagship, Aria, which is complete with 4,004 rooms, a casino, shops, restaurants, nightclubs and lounges and an Elvis-themed Cirque du Soleil production.
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Saturday, December 19, 2009
Syndicated Equities Corp teams with Schrager on Chicago deal
(Crain’s) — A local group has agreed to be the lead investor in Ian Schrager’s bid to buy the Ambassador East hotel.
Syndicated Equities Corp. has signed a letter of intent to potentially put upward of $15 million of equity into the famed hotelier’s bid to revitalize the legendary Gold Coast hotel at 1301 N. State Pkwy., says Richard Kaplan, president and founder of the Chicago-based real estate investment firm.
Mr. Kaplan says his firm’s due diligence will be wrapped up in about a month and that the sale to New York-based Schrager Co. could close as early as February.
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Syndicated Equities Corp. has signed a letter of intent to potentially put upward of $15 million of equity into the famed hotelier’s bid to revitalize the legendary Gold Coast hotel at 1301 N. State Pkwy., says Richard Kaplan, president and founder of the Chicago-based real estate investment firm.
Mr. Kaplan says his firm’s due diligence will be wrapped up in about a month and that the sale to New York-based Schrager Co. could close as early as February.
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Strategic Hotels sells hotel property for $51.5M
Strategic Hotels & Resorts Inc. said Wednesday it is selling the Renaissance Paris Hotel Le Parc Trocadero to an investment group led by an affiliate of Westmont Hospitality for 35.5 million euros ($51.5 million).
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
The sale of the 116-room property is scheduled to close within 45 days, the company said.
Strategic Hotels & Resorts is a real estate investment trust that owns and provides asset management of high-end hotels and resorts in the United States, Mexico and Europe.
Shares of the company rose 3 cents to $1.79 in afternoon trading.
Kahala Hotel faces class-action claim on tips
Thousands of customers of the Kahala Hotel & Resort are now part of a lawsuit alleging that the hotel's tipping policy was deceptive.
Circuit Judge Gary Chang yesterday granted class-action status to a 2008 suit by local resident Jason Kawakami, who said the hotel charged him more than $4,800 in service fees but did not disclose that only portions of the fee would go to hotel employees.
The ruling increases the potential damages that the hotel would have to pay if it loses the suit. According to Kawakami's attorneys John Perkin and Brandee Faria, more than 4,300 customers have been billed for the service fees by the hotel.
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Circuit Judge Gary Chang yesterday granted class-action status to a 2008 suit by local resident Jason Kawakami, who said the hotel charged him more than $4,800 in service fees but did not disclose that only portions of the fee would go to hotel employees.
The ruling increases the potential damages that the hotel would have to pay if it loses the suit. According to Kawakami's attorneys John Perkin and Brandee Faria, more than 4,300 customers have been billed for the service fees by the hotel.
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Marriott's Edition boutique-hotel venture with Ian Schrager: When can we check in?
While speaking with Marriott International President Arne Sorenson about hotel growth in Mexico at Marriott's headquarters yesterday, I had a few spare moments with him. So besides asking him about the hotel business in general, I asked him what's happening with Edition - the luxury, boutique-style hotel chain that Marriott planned to develop with the bold, boutique-hotel pioneer Ian Schrager.
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San Francisco Four Seasons close to foreclosure
The Four Seasons San Francisco is heading closer to foreclosure after lenders rejected owner Millennium Partners’ proposal to renegotiate the loan on the property, according to the credit-rating agency Realpoint.
In June, Millennium Partners “strategically withheld payment of debt service” on the $90 million loan in an effort to force the servicer on the loan, LNR Property Corp., to enter into negotiations. In October, Millennium “submitted a proposal that the servicer deemed to be unacceptable,” according to Realpoint
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In June, Millennium Partners “strategically withheld payment of debt service” on the $90 million loan in an effort to force the servicer on the loan, LNR Property Corp., to enter into negotiations. In October, Millennium “submitted a proposal that the servicer deemed to be unacceptable,” according to Realpoint
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Chicago's Hotel 71 Sale Upends Condo-Hybrid Model
A Chicago hotel that was part of developer Robert Falor's ill-fated effort to build a condo-hotel empire has sold for a fraction of its debt.
A fund managed by Canyon Capital Realty Advisors of Los Angeles bought the 437-room Hotel 71 for $37 million. The all-cash deal wiped out tens of millions of dollars in debt, according to people familiar with the transaction.
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A fund managed by Canyon Capital Realty Advisors of Los Angeles bought the 437-room Hotel 71 for $37 million. The all-cash deal wiped out tens of millions of dollars in debt, according to people familiar with the transaction.
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Punch Taverns shares tumble on gloomy outlook
Shares in Punch Taverns, Britain's biggest pub company, fell 3 per cent today after it said that profits had continued to fall at the same rate as last year.
The group, whose weak performance and huge debt pile has forced it to sell off hundreds of pubs, said that profits "remained under pressure" with like-for-like income on its leased estate for the first 16 weeks of its financal year falling at a similar rate to last year — when they dropped 11 per cent.
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The group, whose weak performance and huge debt pile has forced it to sell off hundreds of pubs, said that profits "remained under pressure" with like-for-like income on its leased estate for the first 16 weeks of its financal year falling at a similar rate to last year — when they dropped 11 per cent.
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Developer apologizes for failure of $1 billion Sarasota project
SARASOTA -- The developer of the Proscenium real estate tower has apologized to downtown Sarasota land owners stung financially when the 18-story project failed.
Developer Zeb Portanova stopped short, however, of taking responsibility for the $1 billion Proscenium's collapse.
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Developer Zeb Portanova stopped short, however, of taking responsibility for the $1 billion Proscenium's collapse.
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Denny's shakes up top management as sales slump
SPARTANBURG, S.C. (AP) -- Denny's Corp. on Friday unveiled a top management shake-up as sales growth remains sluggish at the casual dining restaurant chain.
Out are Mark Chmiel, chief marketing and innovation officer, and Janis Emplit, chief operating officer. Their duties will be split among the marketing and operations teams while Denny's is searching for their replacements.
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Out are Mark Chmiel, chief marketing and innovation officer, and Janis Emplit, chief operating officer. Their duties will be split among the marketing and operations teams while Denny's is searching for their replacements.
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Friday, December 18, 2009
Interstate Acquired By Thayer Lodging, Jin Jiang
ARLINGTON, Va., December 18, 2009-Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent hotel management company, today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction. The price represents a premium of 77 percent over yesterday's closing stock price. Interstate's lenders have approved the transaction subject to certain pay downs at closing on its senior credit facility and on one of its non-recourse mortgage loans. The transaction is not contingent upon obtaining any additional financing.
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Sheraton Orlando Sale Sparks Hope for Uptick in Hotel Transactions
Mixed amid the recent wave of bankruptcies, defaults and foreclosures, there has been a trickle of hotel transactions sparking hope that distressed assets can and will be sold.
On Dec. 8, the W Hotel Union Square in New York was sold at a foreclosure auction, like the Wyndham Orange County in California the week before. Last month the Sheraton Orlando was sold to a joint venture between a private equity firm and an asset manager after first going through bankruptcy court and then a foreclosure auction
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On Dec. 8, the W Hotel Union Square in New York was sold at a foreclosure auction, like the Wyndham Orange County in California the week before. Last month the Sheraton Orlando was sold to a joint venture between a private equity firm and an asset manager after first going through bankruptcy court and then a foreclosure auction
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Darden Restaurants Reports Second Quarter Diluted Net Earnings Per Share of 43 Cents
Second quarter sales from continuing operations were $1.64 billion, compared to $1.67 billion in the prior year, a 1.6% decrease. Blended same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 4.7% this quarter. Excluding the impact of the Thanksgiving holiday week, which was in the fiscal second quarter this year but the fiscal third quarter last year, blended same-restaurant sales were down 3.9%, which compares to an estimated decline of 5.9% for the Knapp-Track(TM) benchmark of U.S. same-restaurant sales, excluding Darden.
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Tuesday, December 15, 2009
STR reports US pipeline for November 2009
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 3,939 projects comprising 417,412 rooms, according to the November 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 33.9-percent decrease in the number of rooms in the total active pipeline compared to November 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
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Dave & Buster's, Inc. Reports Financial Results for its Fiscal 2009 Third Quarter
DALLAS—December 15, 2009—Dave & Buster's, Inc., a leading operator of high volume entertainment/dining complexes, today announced results for its third quarter ended November 1, 2009.
Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008. This revenue decline was comprised primarily of a 7.4% decrease in comparable store sales offset by a $5.9 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.3%, while revenues from Amusements and Other increased 1.4%.
EBITDA (Modified) for the third quarter of 2009 of $10.2 million was less than prior year EBITDA (Modified) of $10.9 million by 6.9%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $11.3 million versus $11.8 million in the third quarter of fiscal 2008.
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Total revenues decreased 2.1% to $117.2 million in the third quarter of 2009, compared to $119.7 million in the third quarter of 2008. This revenue decline was comprised primarily of a 7.4% decrease in comparable store sales offset by a $5.9 million increase in revenues from non-comparable operations. Total Food and Beverage revenues decreased 5.3%, while revenues from Amusements and Other increased 1.4%.
EBITDA (Modified) for the third quarter of 2009 of $10.2 million was less than prior year EBITDA (Modified) of $10.9 million by 6.9%. Adjusted EBITDA, which excludes Pre-opening costs, expense reimbursements to affiliates and non-recurring charges, decreased 3.6% to $11.3 million versus $11.8 million in the third quarter of fiscal 2008.
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Host Hotels & Resorts to raise $300M
Host Hotels & Resorts Inc. plans to sell at least $300 million in 20-year debentures exchangable into company stock or cash, the company announced Tuesday.
The Bethesda-based hospitality company will use proceeds to pay down debt, including $346 million of notes due in 2012.
The company may offer an additional $60 million in debentures if the investors are interested
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The Bethesda-based hospitality company will use proceeds to pay down debt, including $346 million of notes due in 2012.
The company may offer an additional $60 million in debentures if the investors are interested
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Papa John's Announces Earnings Guidance for 2010
•Projected 2010 earnings per share of $1.70 to $1.90, excluding the impact of BIBP, but including potential volatility in the 2010 price of cheese
•Projected domestic system-wide comparable sales in 2010 ranging from positive 1% to negative 1%
•Projected 2010 international system-wide sales increase of 15% to 20%
•Projected 2010 worldwide net new unit openings of 140 to 180 (40 to 60 net openings for domestic and 100 to 120 net openings for international)
•The 2010 guidance includes a planned increase in the domestic royalty rate from 4.50% to 4.75% effective at the beginning of 2010, although the company at its discretion may contribute a portion of this increase back to the system to support marketing or other activities
•2009 EPS guidance is reaffirmed in the range of $1.42 to $1.46, excluding the impact of BIBP
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•Projected domestic system-wide comparable sales in 2010 ranging from positive 1% to negative 1%
•Projected 2010 international system-wide sales increase of 15% to 20%
•Projected 2010 worldwide net new unit openings of 140 to 180 (40 to 60 net openings for domestic and 100 to 120 net openings for international)
•The 2010 guidance includes a planned increase in the domestic royalty rate from 4.50% to 4.75% effective at the beginning of 2010, although the company at its discretion may contribute a portion of this increase back to the system to support marketing or other activities
•2009 EPS guidance is reaffirmed in the range of $1.42 to $1.46, excluding the impact of BIBP
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Hotwire Reveals Hotel Rate Report for December 2009
Hotwire.com®, a leading discount travel site, today announced the results of the December 2009 Hotwire® Hotel Rate Report. This monthly report features the top 10 cities in North America where hotel rates have dropped the most. When combined with Hotwire's already discounted prices, the Hotel Rate Report helps guide customers to the destinations that will maximize their travel dollars. For the third month in a row, Houston tops the list with a year-over-year price drop of 19 percent. As in previous months, this is largely being driven by the high 2008 hotel rates in Houston due to displacements caused by Hurricane Ike.
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Accor To Split Into 2 Companies
Accor SA's board of directors has recommended separating the group's prepaid services and hotels businesses, pending shareholder approval.
Reviews carried out by senior management at the board's request showed that a demerger would enable each division to step up its pace of growth, the company says. The reviews concluded:
There are no real synergies between hotels and prepaid services, which leverage unique skills and expertise and operate in increasingly different business environments
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Reviews carried out by senior management at the board's request showed that a demerger would enable each division to step up its pace of growth, the company says. The reviews concluded:
There are no real synergies between hotels and prepaid services, which leverage unique skills and expertise and operate in increasingly different business environments
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Hilton Signs First Hampton In Germany
Hilton Worldwide announces the signing of its first Hampton by Hilton hotel in the city of Berlin near the Kaiser Wilhem Church. The franchise deal was signed with Curator Hotelbetriebsgesellschaft mbH Berlin and will see a 214-room hotel open in late 2010 under this fresh and exciting brand which represents Hilton Worldwide’s expansion of its award winning economy hotel brand in Germany.
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Default by Sunstone Hotels to affect several properties
Sunstone Hotels Investors Inc., which earlier this year grabbed headlines when it stopped making payments on its loan for the trendy W Hotel in San Diego, has now defaulted on a mortgage covering 11 additional properties, including three in central San Diego.
The decision by Sunstone is a reflection of the dire market conditions facing hotels, which are struggling to bring in revenue at a time when leisure and business travelers are sharply cutting back their spending.
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The decision by Sunstone is a reflection of the dire market conditions facing hotels, which are struggling to bring in revenue at a time when leisure and business travelers are sharply cutting back their spending.
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McDonald's to Offer Free Wireless Internet
McDonald's Corp. will soon start offering free wireless Internet access at its U.S. restaurants as part of the fast-food chain's transformation from its hamburger roots into a hang-out destination.
Starting in mid-January, McDonald's will lift a $2.95 fee that it had charged customers for two hours of wireless Internet access, available at about 11,000 of its 14,000 domestic locations, McDonald's USA Chief Information Officer David Grooms said in an interview.
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Starting in mid-January, McDonald's will lift a $2.95 fee that it had charged customers for two hours of wireless Internet access, available at about 11,000 of its 14,000 domestic locations, McDonald's USA Chief Information Officer David Grooms said in an interview.
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Hotel Perks Losing Luster
Some large hotel chains, including Marriott International Inc. and InterContinental Hotels Group PLC, are finding that more members of their customer-loyalty programs are redeeming points not for overnight stays but for merchandise, like jewelry and electronics, apparently to use as holiday presents.
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THE STEAK N SHAKE COMPANY REPORTS FULL YEAR AND
Net earnings for fiscal year 2009 were $6.0 million, or $0.21 per diluted share, contrasted to a net loss of ($23.0 million),or ($0.81) per diluted share for the same period a year ago. The Company’s fiscal year 2009 included 53 weeks whereas fiscal year 2008 included 52 weeks. Fiscal year 2009 results included $2.6 million of charges ($1.6 million, or $0.06 per diluted share, net of tax) primarily related to the write down of real estate values. In comparison, fiscal year 2008 results included $14.9 million ($9.2 million, or $0.33 per diluted share, net of tax) of non cash impairment charges, store closure costs, and an early lease termination fee. For the full year but excluding the impact of the 53rd week, customer traffic and same-store sales increased 10.1% and 4.1%, respectively, over prior year.
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Brinker International signs franchise deal with Muy Mucho Group LP
Brinker International Inc. has signed a new franchise and development agreement with franchisee Muy Mucho Group LP.
Under terms of the agreement, Dallas-based Muy Mucho has acquired 21 existing Chili's Grill & Bar restaurants in Kansas, Missouri and Nebraska.
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Under terms of the agreement, Dallas-based Muy Mucho has acquired 21 existing Chili's Grill & Bar restaurants in Kansas, Missouri and Nebraska.
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Krispy Kreme Franchisee Opens First Store in Shanghai, China
WINSTON-SALEM, N.C., Dec. 15 /PRNewswire-FirstCall/ -- Krispy Kreme Doughnut Corporation today announced that its long-time franchise partner, KKD Lotte Holdings Company, Ltd., has opened the first Krispy Kreme doughnut shop in Shanghai, China. Shanghai is the largest city in China, and the new shop is located at the In-Point Shopping Mall on the vibrant Wu-Jiang pedestrian walkway. KKD Lotte also is Krispy Kreme's franchisee in the Republic of Korea and Japan.
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Abu Dhabi wealth fund takes stake in Hyatt Hotels
DUBAI, United Arab Emirates – Abu Dhabi's biggest sovereign wealth fund has bought more than 10 percent of the Hyatt Hotels Corp. shares floated by the iconic hotelier last month.
Chicago-based Hyatt disclosed the sale Monday in a filing with the U.S. Securities and Exchange Commission. The deal was made public on the same day oil-rich Abu Dhabi agreed to pump $10 billion in bailout funds into its struggling neighbor Dubai.
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Chicago-based Hyatt disclosed the sale Monday in a filing with the U.S. Securities and Exchange Commission. The deal was made public on the same day oil-rich Abu Dhabi agreed to pump $10 billion in bailout funds into its struggling neighbor Dubai.
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Monday, December 14, 2009
Canadian Commercial Workers Industry Pension Plan (CCWIPP) moves on troubled assets
A Cn$1.4 billion pension fund is moving to sort out the current woes at its two New Providence-based resort properties, Tribune Business has been told, pursuing a 'twin-track' approach in renewed attempts to foreclose on the $867 million New South Ocean project. It is also seeking a buy-out of its joint venture partner at the British Colonial Hilton.
In the very same week that trustees of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) were convicted of failing to properly supervise the plan's investments, especially those in its two Bahamian resort properties, informed sources said the fund and its officials have moved quickly - and quietly - to resolve the latest difficulties bedeviling the hotels.
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In the very same week that trustees of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) were convicted of failing to properly supervise the plan's investments, especially those in its two Bahamian resort properties, informed sources said the fund and its officials have moved quickly - and quietly - to resolve the latest difficulties bedeviling the hotels.
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Wynn seeks dismissal of second-hand smoke suit
Attorneys for Wynn Las Vegas are seeking dismissal of a lawsuit claiming its casino workers are exposed to dangerous second-hand tobacco smoke.
In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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In court papers filed Friday, Wynn's attorneys argued:
--The suit appears to be part of a union campaign involving Wynn casino dealers.
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BVI Hotels: Bookings still down
Ask Virgin Islands hoteliers if 2010 will be busy, and they’ll ask you for a crystal ball. And while many say they can’t predict the future, more than one hotelier in the territory is hoping that a slow tic upwards in bookings this December could signal the light at the end of the tunnel.
“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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“We are going to have people in the hotel, but it is certainly down from what had been forecast,” Bruce Chung, general manager of Long Bay Beach Resort, said in a Tuesday interview.
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Abu Dhabi bails out neighbour.
Abu Dhabi stepped in to help fellow United Arab Emirates member Dubai with a $US10 billion injection, of which $US4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
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National & World Restaurant News Whitbread optimistic about year results
Hotel, pub and coffee shop group Whitbread has announced it expects results for 2009 to exceed top market estimates.
The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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The group's forecast comes after sales rallied significantly in the third quarter of the year, with total sales up 6.7 per cent across the three months and like-for-like sales rising 0.3 per cent.
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Wendy's to exit Japan, 71 restaurants to close
LOS ANGELES, Dec 11 (Reuters) - Wendy's/Arby's Group Inc (WEN.N) said an agreement with its Japan franchisee will expire at year end, resulting in the closure of 71 Wendy's restaurants in a fast food market dominated by McDonald's Corp (MCD.N).
Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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Wendy's has been in Japan since 1980 and most of its stores are located in and around Tokyo.
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One dead, two sick after stays at Miami Hotel
A foreign visitor has died and at least two other people have become sick after staying at a downtown Miami luxury hotel, and health officials are blaming an unusual type of pneumonia called Legionnaire's Disease.
Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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Guests at the Epic Hotel have been relocated to nearby hotels to prevent further contact with the water, according to the Miami-Dade County Health Department.
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Sunday, December 13, 2009
Icahn Backs Beal Bid for Bankrupt Trump Entertainment
Dec. 11 (Bloomberg) -- Carl Icahn agreed to buy most of bankrupt Trump Entertainment Resorts Inc.’s bank debt, pitting the billionaire investor against a bondholder reorganization plan for the casino operator supported by Donald Trump.
Icahn affiliates will buy Beal Bank’s secured loan, which is first in line among creditors, and agreed to back the lender’s reorganization plan for Atlantic City, New Jersey-based Trump Entertainment, according to a statement today.
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Icahn affiliates will buy Beal Bank’s secured loan, which is first in line among creditors, and agreed to back the lender’s reorganization plan for Atlantic City, New Jersey-based Trump Entertainment, according to a statement today.
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Club Med Gains as Resort Earnings Beat Estimates, Bookings Jump
Dec. 11 (Bloomberg) -- Club Mediterranee SA, Europe’s largest resort owner, rose as much as 6.7 percent in Paris trading after operating profit beat some estimates and the company reported a jump in bookings for the last eight weeks.
The shares climbed as much as 93 cents to 14.85 euros, heading for the highest closing price since Oct. 23. They traded at 14.67 euros at 9:49 a.m
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The shares climbed as much as 93 cents to 14.85 euros, heading for the highest closing price since Oct. 23. They traded at 14.67 euros at 9:49 a.m
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Nakheel Possible Default to Affect $5.25 Billion Debt
Dec. 13 (Bloomberg) -- Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.
Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
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Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
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Booze Sitting on Docks Has Indonesia's Hospitality Sector in a Spin
Dozens of containers filled with wine and spirits are being held up by customs at the country’s largest port, causing restaurants and hotels to worry they will be unable to meet the Christmas and New Year holiday demand.
Yanti Sukamdani, the chairwoman of the Indonesian Hotel and Restaurant Association, said that shortages of wine and spirits had been occurring since early December
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Yanti Sukamdani, the chairwoman of the Indonesian Hotel and Restaurant Association, said that shortages of wine and spirits had been occurring since early December
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Ashford Hospitality Trust Inc. puts Dearborn Hyatt into receivership
Dallas hotel owner Ashford Hospitality Trust Inc. has agreed to put its Hyatt Regency hotel in Dearborn, Mich., into receivership.
The move helps Ashford (NYSE: AHT) and its lender avoid foreclosure on the hotel, and is the result of five months of negotiations with the lender, which the company did not identify in an announcement
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The move helps Ashford (NYSE: AHT) and its lender avoid foreclosure on the hotel, and is the result of five months of negotiations with the lender, which the company did not identify in an announcement
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Hard Rock opens the ultimate all-inclusive hotel.
Slated to be re-branded in Spring 2010, the 1800-room Hard Rock Hotel & Casino Punta Cana will combine the distinctive atmosphere and unparalleled guest experience of the Hard Rock brand together with the five-star Moon Palace Resort all-inclusive experience.
Hard Rock Hotel & Casino Punta Cana’s expansive 121-acre property rests on Macao Beach, one of the most beautiful, palm tree-lined beaches in the Caribbean that overlooks perfectly clear blue waters on the easternmost tip of the Dominican Republic.
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Hard Rock Hotel & Casino Punta Cana’s expansive 121-acre property rests on Macao Beach, one of the most beautiful, palm tree-lined beaches in the Caribbean that overlooks perfectly clear blue waters on the easternmost tip of the Dominican Republic.
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Thursday, December 10, 2009
London hotels full in November | Deloitte Reports
Deloitte, the business advisory firm, has confirmed that London’s hotel market is leading the recovery in European hotel performance after 13 consecutive months of decline. October showed the first signs of revPAR (revenue per available room) growth but data for November shows a dramatic increase in hoteliers’ revenue, rising 10% compared to the same month last year.
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Station Casinos property to be renamed after Days Inn agreement
Station Casinos Inc. today announced a franchise agreement to bring the Days Inn hotel brand to the Wild Wild West Gambling Hall on Tropicana Avenue west of Interstate 15 in Las Vegas.
The property will be rebranded as Days Inn - Las Vegas at Wild Wild West Gambling Hall. Room rates start at $39.99 a night, Station said.
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The property will be rebranded as Days Inn - Las Vegas at Wild Wild West Gambling Hall. Room rates start at $39.99 a night, Station said.
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Mandarin Oriental May Acquire Luxury Hotel Brands
Dec. 8 (Bloomberg) -- Mandarin Oriental International Ltd., operator of 25 luxury hotels from Tokyo to San Francisco, may buy more brands as lodging companies struggle amid a decline in spending, Chief Executive Officer Edouard Ettedgui said.
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Chick-fil-A passes $3B in annual sales
Chick-fil-A Inc. set a company sales record in 2009, passing $3 billion in annual sales.
The private Atlanta-based company also said it will have its 42nd consecutive year of annual sales growth in 2009, a streak maintained since the chain began in Hapeville, Ga., in 1967
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The private Atlanta-based company also said it will have its 42nd consecutive year of annual sales growth in 2009, a streak maintained since the chain began in Hapeville, Ga., in 1967
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Wednesday, December 9, 2009
Playboy flirts with a South Beach partner
Can the Playboy Bunnies keep the Sagamore out of foreclosure?
That's the question hanging over one of South Beach's most fashionable hotels as it pursues a licensing deal to open the only Playboy Club outside of Las Vegas.
That's the question hanging over one of South Beach's most fashionable hotels as it pursues a licensing deal to open the only Playboy Club outside of Las Vegas.
Troubled pub operator Pubs 'n' Bars goes into administration
Troubled pub operator Pubs 'n' Bars has gone into administration
David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
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David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
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Morgans Hotel Group says it is prepared to surrender Mondrian Scottsdale hotel to lenders
NEW YORK (AP) — Morgans Hotel Group Co. said Tuesday it has failed to reach a deal with lenders on restructuring terms of its loan on a Scottsdale, Ariz., hotel and is prepared to surrender the Mondrian property to the lenders.
New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
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New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
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CKE Restaurants(R) Announces Third Quarter Fiscal 2010 Results
CARPINTERIA, Calif., Dec 08, 2009 (BUSINESS WIRE) -- CKE Restaurants, Inc. (NYSE:CKR) announced today third quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended November 2, 2009.
Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
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Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
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Lender files for foreclosure on Hotel Ivy
Dougherty Funding has begun foreclosure proceedings on the Hotel Ivy and condominiums in downtown Minneapolis.
Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
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Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
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Yum Confirms '09 Earnings Outlook
(NYSE: YUM - News), the parent of the KFC, Taco Bell and Pizza Hut fast-food chains, reiterated its fiscal 2009 earnings per share growth forecast of 12%, excluding one-time items, helped by commodity deflation, lower effective tax rate and the addition of 1,400 new units in China and other international markets.
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Dubai World loses control of New York hotel
NEW YORK (AP) - Dubai World's investment arm, Istithmar, lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
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One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
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Tuesday, December 8, 2009
Vail Resorts Reports Fiscal 2010 First Quarter Results and Early Season Indicators
Highlights
-- Resort Reported EBITDA, which includes our Mountain and Lodging
segments, for the first quarter improved from the prior year by $0.8
million, or 2.0%, due in part to the favorable impact of cost savings
initiatives implemented subsequent to the prior year first quarter.
-- Total revenue and Real Estate Reported EBITDA declined and net loss was
greater for the first quarter compared to the prior year due to the
timing of real estate project closings.
-- Net Debt leverage ratio of 2.4 times trailing twelve months Total
Reported EBITDA and no revolver borrowings under the Company's $400
million senior credit facility as of October 31, 2009.
-- Season pass sales to date, including the Epic Season Pass, up
approximately 11% in units and approximately 9% in sales dollars
compared to the same time period in the prior year.
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-- Resort Reported EBITDA, which includes our Mountain and Lodging
segments, for the first quarter improved from the prior year by $0.8
million, or 2.0%, due in part to the favorable impact of cost savings
initiatives implemented subsequent to the prior year first quarter.
-- Total revenue and Real Estate Reported EBITDA declined and net loss was
greater for the first quarter compared to the prior year due to the
timing of real estate project closings.
-- Net Debt leverage ratio of 2.4 times trailing twelve months Total
Reported EBITDA and no revolver borrowings under the Company's $400
million senior credit facility as of October 31, 2009.
-- Season pass sales to date, including the Epic Season Pass, up
approximately 11% in units and approximately 9% in sales dollars
compared to the same time period in the prior year.
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Pyramid Hotels & Resorts files for $275 mln IPO
NEW YORK, Dec 7 (Reuters) - Luxury hotelier Pyramid Hotels & Resorts Inc on Monday filed for an initial public offering that it hopes will raise $275 million.
The Massachusetts-based company, which acquires and invests in luxury and top-end hotels, currently manages 52 hotels including nine spas and 18 golf courses in the United States, according to a filing with the U.S. Securities and Exchange Commission.
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The Massachusetts-based company, which acquires and invests in luxury and top-end hotels, currently manages 52 hotels including nine spas and 18 golf courses in the United States, according to a filing with the U.S. Securities and Exchange Commission.
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Pubs close in Scotland over licensing chaos
A deadline of 1 December was set for venues to submit names and details of new premises managers. If Licensing Boards’ records showed this had not been done, licences were automatically revoked.
A spokesman for Aberdeen City Council said: “Twenty one premises have yet to advise licensing of the name and details of their premises managers.
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A spokesman for Aberdeen City Council said: “Twenty one premises have yet to advise licensing of the name and details of their premises managers.
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Carluccio’s reports fall in profits but says consumer confidence is rising
Italian restaurant group Carluccio's today revealed full-year profits had fallen, but said there have been signs of improved consumer confidence in recent weeks.
Adjusted pre-tax profits for the 12 months to 27 September fell to £4.7m from £5.6m last year as costs rose, partly due to a weak exchange rate and higher utility costs. Turnover was up to £69m from £64.1m as expansion continued.
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Adjusted pre-tax profits for the 12 months to 27 September fell to £4.7m from £5.6m last year as costs rose, partly due to a weak exchange rate and higher utility costs. Turnover was up to £69m from £64.1m as expansion continued.
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Monday, December 7, 2009
Accorhotels.com Launches iPhone Application
Accorhotels.com Launches iPhone Application
Customers are now able to make reservations at 3,000 Accor hotels worldwide directly from an iPhone
(PRWEB) December 6, 2009 -- As of today, accorhotels.com is providing iPhone users with free access to an application that will enable them to reserve a room in any of 3,000 Sofitel, Pullman, MGallery, Mercure, Novotel, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1 and hotelF1 hotels, directly from their iPhone.
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Customers are now able to make reservations at 3,000 Accor hotels worldwide directly from an iPhone
(PRWEB) December 6, 2009 -- As of today, accorhotels.com is providing iPhone users with free access to an application that will enable them to reserve a room in any of 3,000 Sofitel, Pullman, MGallery, Mercure, Novotel, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1 and hotelF1 hotels, directly from their iPhone.
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Sunday, December 6, 2009
Costa Mesa's Wyndham Hotel Sells for $21M
The Wyndham Orange County hotel in Costa Mesa’s arts district has been sold at a foreclosure auction, trading hands at half of what the property was valued at three years ago.
Rosanna Inc., a real estate developer and investor that state records show as being based in Irvine, bought the 238-room hotel for $21 million at an auction held late last month.
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Rosanna Inc., a real estate developer and investor that state records show as being based in Irvine, bought the 238-room hotel for $21 million at an auction held late last month.
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Experts predict Las Vegas Sands casino will dominate Singapore market
The world’s newest gaming venue will be halfway around the world — with a Las Vegas company in the center of the competition.
Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
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Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
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Beal Bank makes its own bid for 3 Trump casinos
ATLANTIC CITY, N.J. — A Dallas bank that was once allied with Donald Trump in a bid to buy the three Atlantic City Trump casinos out of bankruptcy protection now wants to buy them on its own.
Beal Bank offered Wednesday to convert its $486 million loan to the casinos into equity in Trump Entertainment Resorts.
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Beal Bank offered Wednesday to convert its $486 million loan to the casinos into equity in Trump Entertainment Resorts.
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Ditching the Courtroom for California Pizza Kitchen
In 1985, after a grueling trial ended in a hung jury, criminal-defense lawyers Larry Flax and Rick Rosenfield decided to call it quits. The long-time business partners, then in their 40s, embarked on a radically different second career: Selling California-style pizza with unusual toppings, such as smoked gouda, cilantro and barbecued chicken. The verdict? Delicious, according to customers who mobbed the first location in Beverly Hills and prompted the lawyers-turned-restaurateurs to expand throughout Southern California. Today, publicly traded California Pizza Kitchen operates more than 250 restaurants in 33 states and nine countries
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Rolling Stone to launch restaurant chain in L.A.
olling Stone is about to take a leap into the entertainment industry, starting with a large-scale restaurant and nightclub in Hollywood.
Owners of the venerable magazine hope to leverage its status as a preeminent chronicler of the rock music world and pop culture into a new business built on food and drinks. The first Rolling Stone outpost is set to open next summer at Hollywood & Highland Center.
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Owners of the venerable magazine hope to leverage its status as a preeminent chronicler of the rock music world and pop culture into a new business built on food and drinks. The first Rolling Stone outpost is set to open next summer at Hollywood & Highland Center.
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Former banker James Brent buys Folio Hotels
A former head of real estate at Citibank will today announce the acquisition of Folio Hotels as a platform for building a chain of up to 150 regional hotels across Britain.
James Brent, who set up his own investment business last year, is launching Akkeron Hotels in partnership with Colin Johnston, who owns the freeholds of four of the hotels being acquired with Folio.
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James Brent, who set up his own investment business last year, is launching Akkeron Hotels in partnership with Colin Johnston, who owns the freeholds of four of the hotels being acquired with Folio.
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Boston Blackies files Chapter 11
(Crain’s) — Local bar and grill chain Boston Blackies is seeking Chapter 11 bankruptcy protection from creditors after an ambitious expansion plan that was fried by the recession.
Boston Blackies Management Co., which has eight locations in the Chicago area, list debts of $6.4 million against assets of about $17,000, according to a petition filed Nov. 24 in U.S. Bankruptcy Court in Chicago. The chain’s largest creditor is General Electric Capital Corp., which is owed $5.6 million, according to the petition.
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Boston Blackies Management Co., which has eight locations in the Chicago area, list debts of $6.4 million against assets of about $17,000, according to a petition filed Nov. 24 in U.S. Bankruptcy Court in Chicago. The chain’s largest creditor is General Electric Capital Corp., which is owed $5.6 million, according to the petition.
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Another potential suitor for the bankrupt Fontainebleau Las Vegas
A potential new suitor for the bankrupt Fontainebleau Las Vegas sent a letter to U.S. Bankruptcy Judge A. Jay Cristol expressing a ``preliminary, non-binding indication of interest'' in acquiring the partially built 63-story casino resort project for $350 million.
In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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In the Nov. 30 letter, Eugene Hill, chief executive of Craig Road Development Corp. in Las Vegas, said his company and ``certain investors'' are in discussions with the U.S. Army about acquiring a resort for military personnel and veterans.
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Hoteliers leading investment charge in `Haiti of tomorrow'
PETIONVILLE, Haiti -- Within the elegant brick walls of the new hillside Oasis, locals dine on lobster, sip $300-a-bottle Dom Perignon, then relax in a sleek lounge.
Just outside, the skeleton of an exclusive boutique hotel, featuring a rooftop helipad and 300-car garage, dominates the pastel orange landscape.
It could be a scene out of Coral Gables or South Beach. But it's not.
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Just outside, the skeleton of an exclusive boutique hotel, featuring a rooftop helipad and 300-car garage, dominates the pastel orange landscape.
It could be a scene out of Coral Gables or South Beach. But it's not.
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Friday, December 4, 2009
Yum! Brands Announces Full-Year 2010 Expectations
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands Inc. (NYSE: YUM), in advance of its annual investor update meeting, reaffirms its full year 2009 EPS growth forecast of 12%, excluding special items. Yum! also announces that it expects to deliver at least 10% EPS growth in 2010, excluding special items, which would mark the ninth straight year of meeting or exceeding this annual EPS growth target.
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Thursday, December 3, 2009
Trial Attorney Willie Gary and Team File $5 Billion Lawsuit against SUBWAY's Co-Founder and President, Fred DeLuca for Breach of Contract, Fraudulent
WEST PALM BEACH, Fla., Dec. 3 /PRNewswire/ -- Prominent trial attorney Willie Gary along with his law partners Maria Sperando, CK Hoffler and Manny Socias of the law firm of Gary, Williams, Finney, Lewis, Watson & Sperando, P.L. filed a $5 billion lawsuit on behalf of Anthony V. Pugliese III and his business against the Co-Founder and President of SUBWAY, Fred DeLuca. The lawsuit was filed today in Palm Beach County (case #502009CA040295XXXXMB).
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Papa John’s rolls out franchisee incentive plan
Papa John’s International Inc. has rolled out an incentive-laden plan aimed at attracting more franchisees for its pizza stores.
Louisville-based Papa John’s (NASDAQ: PZZA) said it will eliminate its $25,000 franchise fee, reduce its royalty rate and cover the cost of pizza ovens for franchisees that open stores in the United States by November 2010
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Louisville-based Papa John’s (NASDAQ: PZZA) said it will eliminate its $25,000 franchise fee, reduce its royalty rate and cover the cost of pizza ovens for franchisees that open stores in the United States by November 2010
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Developer plans to buy, update old Hilton
A group of Florida investors led by Miami condo developer Jorge Perez of The Related Group is in the final stages of negotiating the purchase of a troubled Hilton Hotel in downtown Pittsburgh, a deal signaling a new direction for the embattled developer.
The seller of the 50 year-old Hilton is Shubh Hotels, a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.
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The seller of the 50 year-old Hilton is Shubh Hotels, a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.
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Isle of Capri Casino's loss expands 28% to $1.369m
ISLE of Capri signed off on its troubled management of Our Lucaya's casino with a 5.4 per cent year-over-year increase in its second quarter loss to $968,000, upon an almost-32 per cent fall in revenues to $1.418 million.
Revealing the losses sustained by Isle-Our Lucaya in the run-up to the end of its extended lease, the US gaming company said revenues for the three months to October 25, 2009, had fallen by almost one-third from the $2.072 million generated in the comparable period in 20o8.
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Revealing the losses sustained by Isle-Our Lucaya in the run-up to the end of its extended lease, the US gaming company said revenues for the three months to October 25, 2009, had fallen by almost one-third from the $2.072 million generated in the comparable period in 20o8.
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Folio Hotels portfolio split to create two new hotel groups
Folio Hotels – the 18-strong group of managed provincial hotels which went into administration last December – has been split between a newly formed hotel group, Akkeron Hotels and the Vineyard Group.
Eight properties have been sold to Akkeron Hotels, while seven have had their management contracts taken back in-house by The Vineyard Group – whose parent company, Sonoma, also owns The Vineyard at Stockcross and Donnington Valley hotel in Berkshire.
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Eight properties have been sold to Akkeron Hotels, while seven have had their management contracts taken back in-house by The Vineyard Group – whose parent company, Sonoma, also owns The Vineyard at Stockcross and Donnington Valley hotel in Berkshire.
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Gordon Ramsay Holdings sells two-Michelin starred New York restaurant
Gordon Ramsay Holdings (GRH) has stepped back from the day-to-day involvement in its two-Michelin-starred restaurant at the London Hotel in New York.
The restaurant, which includes the London Bar modelled on the Maze restaurant concept as well as the eponymous fine-dining restaurant, is the fourth overseas venture GRH has sold this year.
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The restaurant, which includes the London Bar modelled on the Maze restaurant concept as well as the eponymous fine-dining restaurant, is the fourth overseas venture GRH has sold this year.
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Tuesday, December 1, 2009
Dubai World in Debt Talks on $26 Billion, Rest Stable
Dec. 1 (Bloomberg) -- Dubai World began talks with banks to restructure $26 billion of debt, including $3.5 billion owed by property unit Nakheel, and said the remainder of its liabilities are on “a stable financial footing.”
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Brewery launches Tactical Nuclear Penguin: ‘World’s Strongest’ Beer
A Scottish brewery, with a history of controversy, claims to have made the world’s strongest beer!
The drink, named “Tactical Nuclear Penguin” is so strong that it should be served in small measures usually reserved for spirits.
Its maker, BrewDog brewers of Fraserburgh described the 32 per cent proof tipple (or 64 proof) as its “most audacious and ambitious project to date”.
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The drink, named “Tactical Nuclear Penguin” is so strong that it should be served in small measures usually reserved for spirits.
Its maker, BrewDog brewers of Fraserburgh described the 32 per cent proof tipple (or 64 proof) as its “most audacious and ambitious project to date”.
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10,000 new pub jobs at JD Wetherspoon
Pub operator JD Wetherspoon plans to create 10,000 jobs over the next five years with the opening of 250 new pubs.
It is to invest £250m on the new outlets over the five year period. The company currently operates 743 pubs across the UK.
The new pubs will be located across the UK, including Sheffield, Livingston, Leominster, Otley, New Malden, Liverpool, Haverfordwest and Newcastle.
Wetherspoon chairman Tim Martin said: “We only have 743 pubs compared to, say, Mitchells & Butlers which has 2,000.
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It is to invest £250m on the new outlets over the five year period. The company currently operates 743 pubs across the UK.
The new pubs will be located across the UK, including Sheffield, Livingston, Leominster, Otley, New Malden, Liverpool, Haverfordwest and Newcastle.
Wetherspoon chairman Tim Martin said: “We only have 743 pubs compared to, say, Mitchells & Butlers which has 2,000.
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S. Fla. hotel rates tumble again
Continuing a trend, hotel rates fell again for the week ended Nov. 21, according to data from Smith Travel Research.
Average daily room rates in Broward County fell to $95.34 from $111.72 at the same time last year. Miami-Dade rates fell to $129.17 from $143.64. Rates in Palm Beach County fell to $108.27 from $118.25
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Average daily room rates in Broward County fell to $95.34 from $111.72 at the same time last year. Miami-Dade rates fell to $129.17 from $143.64. Rates in Palm Beach County fell to $108.27 from $118.25
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World's Top 20 Business Hotels
Hotels that combine service, technology and comfort have topped a list of the world's best business hotels with the winners offering their guests those added extras that can make all the difference to a trip.
Readers of travel magazine Travel + Leisure ranked hotels on a list of services and amenities to come up with their 20 top business hotels, part of the publication's annual World's Best survey.
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Readers of travel magazine Travel + Leisure ranked hotels on a list of services and amenities to come up with their 20 top business hotels, part of the publication's annual World's Best survey.
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City to delay ban on coffee cups
The city of Toronto is expected to vote today to delay its controversial ban on disposable coffee cups, deciding to take a back seat as the McGuinty government prepares to enact province-wide regulations on the recycling program.
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Fontainebleau Las Vegas retailers part of auction
The auction for the resort and retail portions of Fontainebleau Las Vegas will be consolidated, but not the bankruptcies.
Attorney Scott Baena, who is representing the entities developing the more than $2 billion Fontainebleau Las Vegas, filed for Chapter 11 reorganization last week on behalf of the three retail subsidiaries. The request was submitted as part of Carl Icahn’s $156 million stalking-horse bid for the entire project, which was under construction, but has stalled
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Attorney Scott Baena, who is representing the entities developing the more than $2 billion Fontainebleau Las Vegas, filed for Chapter 11 reorganization last week on behalf of the three retail subsidiaries. The request was submitted as part of Carl Icahn’s $156 million stalking-horse bid for the entire project, which was under construction, but has stalled
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China Looks To Accelerate Development Of Tourism Industry
The recent Chinese State Council Executive Meeting approved in principle the proposal "View on Accelerating Development of Tourism Industry", encouraging social capital and enterprises of all ownerships to enter the tourism industry.
Tourism has both economic and social functions with low energy consumption, a high influence coefficient, more employment opportunities, and better comprehensive benefits. Despite the rapid development in recent years, the tourism industry still faces problems of extensive growth mode, underdeveloped infrastructure, and low service quality
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Tourism has both economic and social functions with low energy consumption, a high influence coefficient, more employment opportunities, and better comprehensive benefits. Despite the rapid development in recent years, the tourism industry still faces problems of extensive growth mode, underdeveloped infrastructure, and low service quality
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Dubai: Casino Fallout
Investors are closely watching MGM [MGM 10.57 0.01 (+0.09%) ] amid concerns that a possible debt default at Dubai World could derail the casino trade.
"Dubai is a large holder in MGM shares," explains Susquehanna Financial Group analyst Robert LaFleur. "If they're in a position where they're seeking liquidity, you have to wonder whether they'll look to those shares as a source of potential liquidity."
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"Dubai is a large holder in MGM shares," explains Susquehanna Financial Group analyst Robert LaFleur. "If they're in a position where they're seeking liquidity, you have to wonder whether they'll look to those shares as a source of potential liquidity."
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Harrah's steps closer to hotel deal
Harrah's Entertainment has taken another step forward in its plan to buy Planet Hollywood Resort, a plan the resort's current owner called a "perfect marriage."
The gaming giant has filed applications with Nevada gaming regulators seeking approval to acquire the niche property, the state Gaming Control Board confirmed Monday.
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The gaming giant has filed applications with Nevada gaming regulators seeking approval to acquire the niche property, the state Gaming Control Board confirmed Monday.
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Las Vegas bets big on $8.5 billion CityCenter project
LAS VEGAS — Sin City is pinning its biggest bet ever — $8.5 billion — on a 67-acre, six-tower complex of striking hotels, gourmet restaurants, swank shops and a single casino that starts opening today in the heart of the Las Vegas Strip.
Many watching the high-stakes roll of the dice shudder at the thought that nearly 5,900 rooms in three hotels will be awaiting guests when CityCenter's crown jewel — the 4,004-room Aria Resort & Casino — opens Dec. 16.
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Many watching the high-stakes roll of the dice shudder at the thought that nearly 5,900 rooms in three hotels will be awaiting guests when CityCenter's crown jewel — the 4,004-room Aria Resort & Casino — opens Dec. 16.
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Dubai Woes Reach Shanghai Hotel
HONG KONG -- A blueprint to build a Dubai-style seven-star hotel in Shanghai was expected to be a magnet that would draw big-spending tourists. But when the miracle of the Dubai boomtimes disappeared like a mirage, the so did the opening date of the ultra-luxurious Shanghai hotel.
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