Here are some comments on a previous article that we posted
“London restaurants see green shoots of recovery”, screams a headline in the trade press. The source for this comforting bit of news? The latest bulletin from the London Restaurant Barometer. But sadly, as you’ll see below, the data show no such thing.
Read more:
http://www.hardens.com/restaurant-news/uk-london/08-07-09/london-restuarant-barometer-business-link-may-2009/
Wednesday, July 8, 2009
BJ's Outperforms Restaurant Stocks but May Trade Lower
It’s amazing to see how many retail stocks have booked incredible gains over the past several months. The gains are largely a combination of severely depressed stock prices during the market panic of late 2007 / early 2008, and a very significant change in investor perception regarding how consumers spend available income. The low base coupled with optimism in certain issues has resulted in a handful of stocks with triple digit gains - many of which come from the retail sector.
Read more:
http://seekingalpha.com/article/147528-bj-s-outperforms-restaurant-stocks-but-may-trade-lower?source=yahoo
Read more:
http://seekingalpha.com/article/147528-bj-s-outperforms-restaurant-stocks-but-may-trade-lower?source=yahoo
European Fast-Casual Concept Expanding in U.S.
[2009-07-08] Vapiano, the European fast-casual restaurant and lounge chain, announced that a franchisee has purchased rights to open new locations in New York City. The chain, with over 55 locations in 16 countries worldwide, also recently announced new deals in markets such as Houston, Chicago, and Atlanta. It currently has six U.S. locations open, including two in Washington, D.C., along with stores in Arlington, Virginia; Dulles, Virginia; Dallas, Texas; and Fort Myers, Florida.
Here is the company web site http://vapianointernational.com/
Read more:
Hawaii hotel occupancy drops to record low
Steep discounts, unprecedented incentives not enough to lure tourists
HONOLULU - Despite steep discounting and unprecedented incentives, hotel occupancy in Hawaii continues to slide to new lows because of the slowed global economy, especially on the Big Island where only half of rooms were booked in May, according to a report released Monday.
Hotel occupancy fell 6.9 percentage points to 62 percent in May, marking the worst May on record since Honolulu-based Hospitality Advisors LLC began its monthly survey in 1987.
Read more:
http://www.msnbc.msn.com/id/31776541/ns/travel-news/
HONOLULU - Despite steep discounting and unprecedented incentives, hotel occupancy in Hawaii continues to slide to new lows because of the slowed global economy, especially on the Big Island where only half of rooms were booked in May, according to a report released Monday.
Hotel occupancy fell 6.9 percentage points to 62 percent in May, marking the worst May on record since Honolulu-based Hospitality Advisors LLC began its monthly survey in 1987.
Read more:
http://www.msnbc.msn.com/id/31776541/ns/travel-news/
Ashford Hospitality Trust Remains on Stable Ground
Despite the bankruptcy filing of Extended Stay America a few weeks ago, Ashford Hospitality Trust (AHT) remains on solid footing. As my analysis demonstrated, even if Ashford’s entire mezzanine loan portfolio goes bad, they would still be in good shape. This means being able to meet all debt service requirements, meet all debt covenant requirements, meet the preferred dividend payments, and have plenty of cash on hand for capital expenditures and principal repayments due in 2010 and 2011.
The company sits on $240 million of unrestricted cash.
Read more:
http://seekingalpha.com/article/147565-ashford-hospitality-trust-remains-on-stable-ground
The company sits on $240 million of unrestricted cash.
Read more:
http://seekingalpha.com/article/147565-ashford-hospitality-trust-remains-on-stable-ground
Smith Travel Research (STR) dramatically shifts U.S. forecasts
The situation in the hotel industry might be starting to stabilize, but the executives at Smith Travel Research aren’t convinced there’s sunny skies on the immediate horizon. In fact, the usually optimistic STR has joined other prognosticators in releasing a revised forecast and it paints a fairly bleak picture for the rest of 2009.
The revised forecasts for the rest of the summer season, for the remainder of 2009 and for 2010 are part of a new STR program that will update the forecasts each month. Mark Lomanno, STR’s president, said it’s important that forecasts be updated and delivered on a regular basis because it allows the industry to better understand where the numbers come from.
Read More:
http://www.hsyndicate.org/news/4042374.html
The revised forecasts for the rest of the summer season, for the remainder of 2009 and for 2010 are part of a new STR program that will update the forecasts each month. Mark Lomanno, STR’s president, said it’s important that forecasts be updated and delivered on a regular basis because it allows the industry to better understand where the numbers come from.
Read More:
http://www.hsyndicate.org/news/4042374.html
London restaurants showing signs of recovery from recession
The London restaurant industry is starting to show slight signs of recovery from the recession, with some businesses reporting an increase in profits and bookings for the second quarter of the year.
In a poll of almost 150 London restaurants for Business Link’s monthly Restaurant Barometer, 40 per cent of the capital’s businesses reported an increase in like-for-like custom and profits from April to June this year, while a third experienced a steady trade
Read more:
http://www.bighospitality.co.uk/item/3645
In a poll of almost 150 London restaurants for Business Link’s monthly Restaurant Barometer, 40 per cent of the capital’s businesses reported an increase in like-for-like custom and profits from April to June this year, while a third experienced a steady trade
Read more:
http://www.bighospitality.co.uk/item/3645
Dunkin’ Donuts franchisee files for Ch. 11
GREER, S.C. (July 7, 2009) Kainos Partners Holding Co. LLC, operator of 56 Dunkin’ Donuts locations in New York, South Carolina and Nevada, filed for Chapter 11 bankruptcy protection this week, citing the economic downturn and shrunken consumer spending.
The Greer-based company, which was formed in 2005 and also operates a central manufacturing location to produce doughnuts and baked goods for all Dunkin’ Donuts franchisees in the Buffalo, N.Y., market, has an additional eight stores under construction. It is one of the largest Dunkin’ Donuts franchisees and employs about 700 people
Read more:
http://www.nrn.com/article.aspx?id=369470
The Greer-based company, which was formed in 2005 and also operates a central manufacturing location to produce doughnuts and baked goods for all Dunkin’ Donuts franchisees in the Buffalo, N.Y., market, has an additional eight stores under construction. It is one of the largest Dunkin’ Donuts franchisees and employs about 700 people
Read more:
http://www.nrn.com/article.aspx?id=369470
Class action sought against Synovus
A suit seeking class action against Synovus Financial Corp. has been filed alleging the company and some of its officers and directors lied about the company’s financial exposure through a loan to the Sea Island Co. resort in Georgia.
The case was filed by Coughlin Stoia Geller Rudman & Robbins LLP in the U.S. District Court for the Northern District of Georgia
Read more:
http://www.bizjournals.com/atlanta/stories/2009/07/06/daily32.html?
The case was filed by Coughlin Stoia Geller Rudman & Robbins LLP in the U.S. District Court for the Northern District of Georgia
Read more:
http://www.bizjournals.com/atlanta/stories/2009/07/06/daily32.html?
Adelson says Sands considering Macau IPO
SINGAPORE — Cash strapped casino operator Las Vegas Sands Corp. is considering an initial public offering of its Macau assets and the sale of peripheral businesses to raise $3.5 billion to $4.0 billion, chairman Sheldon Adelson said Wednesday.
The company — hit by a funding crunch as the financial crisis unfolded — needs about $2 billion to finish its latest Macau hotel and casino project, and hopes to have the financing in place by September, Adelson said.
"We're actively, aggressively, sincerely looking at an IPO," he said at a news conference in Singapore. "We're talking to investors about putting in large amounts of equity and we're also talking to banks about project financing."
Read more:
http://www.chron.com/disp/story.mpl/ap/business/6518980.html
The company — hit by a funding crunch as the financial crisis unfolded — needs about $2 billion to finish its latest Macau hotel and casino project, and hopes to have the financing in place by September, Adelson said.
"We're actively, aggressively, sincerely looking at an IPO," he said at a news conference in Singapore. "We're talking to investors about putting in large amounts of equity and we're also talking to banks about project financing."
Read more:
http://www.chron.com/disp/story.mpl/ap/business/6518980.html
Administrators to sell two Park Inn hotels
Two Park Inn hotels are being sold off by administrators after their holding company - a subsidiary of the WG Mitchell group of companies - was placed into administration.
Administrator Ernst & Young has put the properties in London's Russell Square and St Helen's in Cheshire on the market through Christie & Co following its appointment as administrator to 28 of WG Mitchell's 75 subsidiary companies in April.
Read more:
http://www.bighospitality.co.uk/item/3644
Administrator Ernst & Young has put the properties in London's Russell Square and St Helen's in Cheshire on the market through Christie & Co following its appointment as administrator to 28 of WG Mitchell's 75 subsidiary companies in April.
Read more:
http://www.bighospitality.co.uk/item/3644
Ruby Tuesday, Inc. Reports Fourth Quarter and Annual Fiscal 2009 Results
MARYVILLE, Tenn.--(BUSINESS WIRE)--Ruby Tuesday, Inc. today reported diluted earnings per share of $0.28 on net income of $14.4 million for the Company’s fourth quarter of fiscal 2009, which ended on June 2, 2009. This compares to diluted earnings per share of $0.27 on net income of $13.9 million for the fourth quarter of the prior year.
Same-restaurant sales for the fourth quarter decreased 3.2% and 6.9% at Company-owned and domestic franchise Ruby Tuesday restaurants, respectively. Guest traffic at Company-owned same-restaurants was positive in the quarter.
Read more:
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090707006294&newsLang=en
Same-restaurant sales for the fourth quarter decreased 3.2% and 6.9% at Company-owned and domestic franchise Ruby Tuesday restaurants, respectively. Guest traffic at Company-owned same-restaurants was positive in the quarter.
Read more:
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090707006294&newsLang=en
