World's first no star hotel slashes prices to £5.99 a night

The bargain price buys a room with no windows or television, no central heating, very little hot water, and a compulsory waking time of 7am.
Guests are likely to have to share their room with up to six lorry drivers, hard up travelling salesmen or passing immigrants, and must queue for the hotel's one shower in the morning.

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http://www.telegraph.co.uk/news/newstopics/howaboutthat/5732914/Worlds-first-no-star-hotel-slashes-prices-to-5.99-a-night.html

Restaurant and hotel insolvencies to soar after summer

The number of insolvencies in the travel, leisure and tourism (TLT) sector has dropped by 50 per cent, although experts warn an increase may come after the summer trading ends.
Advisory firm KPMG has predicted that the ‘unusual’ drop in the average number of TLT insolvencies from 350 a month to 178 is not a sign of an upturn in the economic situation, rather a ‘temporary reprieve in advance of a second wave of insolvencies’.

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http://www.bighospitality.co.uk/item/3625

Travelodge to spend £52m building three hotels in Spain

Budget hotel chain Travelodge has announced plans to spend €61m (£52m) building three new hotels in Spain.
The hotels in Barcelona, Seville and Valencia will all be newly constructed, through a joint venture with property developer Citygrove, which has developed a number of Travelodge hotels in the UK.

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http://www.caterersearch.com/Articles/2009/07/03/328538/travelodge-to-spend-52m-building-three-hotels-in-spain.html

BAB, Inc. Reports Profit for 2nd Quarter FY 2009

DEERFIELD, Ill.-- (BUSINESS WIRE) -- BAB, Inc. (OTCBB: BABB), announced its financial results for its second quarter ended May 31, 2009, reporting net income of $111,000, or $0.02 per share, versus net income of $177,000, or $0.02 per share, for the same quarter last year.
For the quarter ended May 31, 2009, BAB had revenues of $797,000 and net income of $111,000, or $0.02 per share, versus revenues of $945,000 and net income of $177,000, or $0.02 per share, for the same quarter last year.

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http://www.smartbrief.com/news/NRA/industryBW-detail.jsp?id=422BC2A0-F44A-4009-A019-41B22AA05D67&sb_code=RSS&i=Specialty%20Eateries

Whitbread to build 10 and purchase 2 new hotels

Whitbread-owned hotel group Premier Inns is to add 12 new hotels to its portfolio.
Planning permission has been granted to build 10 new hotels across the UK and deals to purchase a further two existing properties, one in Islington, London and one in Belfast, have been agreed.
The plans will add 1562 rooms to its estate and create 600 new jobs when the hotels open between 2010 and 2013.

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http://www.thepublican.com/story.asp?sectioncode=7&storycode=64358&c=1

Pritzker Snags Blackstone Resort At Fire-Sale Price

Deep discount may raise doubts about other Blackstone treasures.

Jay Pritzker, the late Chicago financier, knew how to drive a bargain. Apparently, so does his son, John.
John A. Pritzker is acquiring the 400-acre Carmel Valley Ranch resort in Carmel, Calif., from a private equity fund managed by Blackstone Group ( BX - news - people ) for a fraction of its previous value, according to people familiar with the transaction.

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http://www.forbes.com/2009/07/02/blackstone-private-equity-personal-finance-jay-pritzker.html?partner=yahootix

Tropicana Las Vegas emerges from bankruptcy

Tropicana Las Vegas has come out on the other side of its bankruptcy woes with a new leader and the bulk of its financial burden gone.
The Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas property when it emerged from bankruptcy Wednesday.
The new owners took over the property right after midnight this morning from the Tropicana’s former parent company, the Las Vegas-based Tropicana Entertainment LLC, and have promised to return the Tropicana to its “glory.”

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http://www.lasvegassun.com/news/2009/jul/02/yemenidjian-takes-reins-tropicana-las-vegas/