PROVIDENCIALES, Turks and Caicos Islands -- On July 24, Condé Nast Publications, a leading publishing company that is home to numerous magazines and websites, filed a lawsuit in a New York District Court seeking to recover more than one million dollars in unpaid advertising, attorney’s fees, and interest from the Turks and Caicos Tourist Board. According to the court papers, the TCI Tourist Board failed to pay for advertising that appeared in 2007 and 2008 issues of W magazine, Elegant Bride, and Vanity Fair, as well as ads in the 2007 Fashion Rocks.
Read more:
http://www.caribbeannetnews.com/turks/turks.php?news_id=18047&start=0&category_id=37
Friday, August 14, 2009
Las Vegas Hilton’s earnings tumble in second quarter
The decline in visitation to Las Vegas this spring hurt business at the Las Vegas Hilton, which sustained a loss for the second quarter ended June 30.
The 3,174-room Paradise Road property is owned by affiliates of Los Angeles investment group Colony Capital and other investors.
It lost $10.552 million during the June quarter vs. a profit in the year-ago period of $3.394 million, a regulatory filing showed Thursday.
Revenue declined from $75.5 million to $45.2 million.
Read more:
http://www.lasvegassun.com/news/2009/aug/13/hiltons-earnings-tumble-second-quarter/
The 3,174-room Paradise Road property is owned by affiliates of Los Angeles investment group Colony Capital and other investors.
It lost $10.552 million during the June quarter vs. a profit in the year-ago period of $3.394 million, a regulatory filing showed Thursday.
Revenue declined from $75.5 million to $45.2 million.
Read more:
http://www.lasvegassun.com/news/2009/aug/13/hiltons-earnings-tumble-second-quarter/
Renaissance Syracuse Hotel faces foreclosure
SYRACUSE, N.Y. -- The downtown Renaissance Syracuse Hotel, a 20-story landmark that was reborn in 2003 following a $19 million renovation, has fallen on hard times. The 279-room hotel is under the control of a court-appointed receiver while the hotel's mortgage lender pursues foreclosure.
The recession, and a resulting drop in room occupancy, are largely to blame, according to Hypo Real Estate Capital Corp., a German-owned lender that holds the $28 million mortgage on the hotel.
Read more:
http://www.syracuse.com/news/index.ssf/2009/08/syracuse_renaissance_hotel_fac.html
The recession, and a resulting drop in room occupancy, are largely to blame, according to Hypo Real Estate Capital Corp., a German-owned lender that holds the $28 million mortgage on the hotel.
Read more:
http://www.syracuse.com/news/index.ssf/2009/08/syracuse_renaissance_hotel_fac.html
Brighton the worst of UK's 'poor value' hotels
To anyone with a little experience of the world, it will hardly come as a surprise: British hotels are poor value compared to their international counterparts.
While it may not be something that anyone working outside the UK hotel trade needed empirical evidence to confirm, a survey by online outfit hotel.info has found that UK establishments fare badly on value for many ratings compared to dozens of cities worldwide.
Read more:
http://www.thisismoney.co.uk/news/article.html?in_article_id=489582
While it may not be something that anyone working outside the UK hotel trade needed empirical evidence to confirm, a survey by online outfit hotel.info has found that UK establishments fare badly on value for many ratings compared to dozens of cities worldwide.
Read more:
http://www.thisismoney.co.uk/news/article.html?in_article_id=489582
Hotel florist smuggled in explosives for suicide blasts
WHEN bomb blasts tore through two luxury hotels in Indonesia's capital where Andi Suhandi worked as a florist, he tried to phone a colleague to make sure he was safe.
There was no answer. Flower arranger Ibrohim Muharram went missing after the twin suicide attacks at the Marriott and Ritz-Carlton hotels on 17 July that killed seven people and wounded more than 50 others. Within days, it emerged he had resigned from his job on the morning of the bombings
Read more:
http://news.scotsman.com/latestnews/Hotel-florist-smuggled-in-.5554060.jp
There was no answer. Flower arranger Ibrohim Muharram went missing after the twin suicide attacks at the Marriott and Ritz-Carlton hotels on 17 July that killed seven people and wounded more than 50 others. Within days, it emerged he had resigned from his job on the morning of the bombings
Read more:
http://news.scotsman.com/latestnews/Hotel-florist-smuggled-in-.5554060.jp
Dubai hotels draw investors
More foreign buyers eye hotel properties in Dubai for investment as returns remain high despite the global crisis, but sellers are scarce and deals are hampered by the difficulty to get loans, industry experts said.
"If you compare five-star properties in Paris and Dubai, both well-located, your return on investment is much better in Dubai," said Amine Hamdani, manager and surveyor at global real estate service company CB Richard Ellis
Read more:
http://www.tradearabia.com/news/newsdetails.asp?Sn=TTN&artid=165797
"If you compare five-star properties in Paris and Dubai, both well-located, your return on investment is much better in Dubai," said Amine Hamdani, manager and surveyor at global real estate service company CB Richard Ellis
Read more:
http://www.tradearabia.com/news/newsdetails.asp?Sn=TTN&artid=165797
Bankruptcy for Burger King franchisee
A major Brooklyn Burger King franchisee, AJA New York Restaurant Holdings, filed for Chapter 11 bankruptcy protection. Citing assets between $1 million and $10 million, and liabilities in the same range, the company owes money to fewer than 50 creditors.
AJA New York, under the leadership of Chief Executive Alfred Poe, three years ago acquired the nine Burger Kings, located in Brooklyn and Queens, from N.J.-based Coastal Management Corp.
Mr. Poe could not be reached on Thursday. His legal counsel, Daniel Brown of law firm Damon Morey, said the downturn prompted the filing.
Read more:
http://www.crainsnewyork.com/article/20090813/FREE/908139985
AJA New York, under the leadership of Chief Executive Alfred Poe, three years ago acquired the nine Burger Kings, located in Brooklyn and Queens, from N.J.-based Coastal Management Corp.
Mr. Poe could not be reached on Thursday. His legal counsel, Daniel Brown of law firm Damon Morey, said the downturn prompted the filing.
Read more:
http://www.crainsnewyork.com/article/20090813/FREE/908139985
Demand Decline To End In Q2 2010—PKF
PKF Hospitality Research (PKF-HR) today announced that, according to an advance release of the September 2009 edition of Hotel Horizons, nine consecutive quarters of declining lodging demand will come to an end in the second quarter of 2010.
Read more:
http://www.hotelsmag.com/article/ca6676606.html
Read more:
http://www.hotelsmag.com/article/ca6676606.html
500 pubs sign up for parcel delivery scheme
Householders and licensees who sign up to the scheme on www.useyourlocal.com arrange for their packages to be delivered to their local when they aren’t home to collect them.
The scheme is the brainchild of former Scottish & Newcastle employee Stuart Mills. He said: “I adore the British pub and its importance as part of the fabric of our country. With the number of pub closures in Britain reaching 52 a week, useyourlocal.com helps pubs to take back their place in the community.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/84071
The scheme is the brainchild of former Scottish & Newcastle employee Stuart Mills. He said: “I adore the British pub and its importance as part of the fabric of our country. With the number of pub closures in Britain reaching 52 a week, useyourlocal.com helps pubs to take back their place in the community.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/84071
EPL Intermediate, Inc. (El Pollo Loco) Announces Results for the 13 Weeks and 26 Weeks Ended June 30, 2009
El Pollo Loco reported operating revenue for the 13-week second quarter ended June 30, 2009 of $72.7 million, which is a decrease of $3.7 million, or 4.9%, below operating revenue for the 13-week quarter ended June 30, 2008 of $76.4 million. Operating revenue includes sales at company-operated stores and franchise revenue. The decrease in company-operated restaurant revenue was primarily attributed to a 7.0% decrease in company-operated same-store sales for the second quarter of 2009 compared to the second quarter of 2008 and lost sales of $0.5 million from the closure of three company-operated restaurants in 2008. The decrease was partially offset by an increase in restaurant revenue of $1.8 million from nine restaurants opened in 2008 and by $0.6 million generated from two restaurants opened in 2009.
Read more:
http://www.elpolloloco.com/pdfs/EPL_Earnings_Q12009.pdf
Read more:
http://www.elpolloloco.com/pdfs/EPL_Earnings_Q12009.pdf
Red Robin Gourmet Burgers Reports Earnings for the Fiscal Second Quarter 2009
Financial and Operational Highlights
Highlights for the 12 weeks ended July 12, 2009, compared to the 12 weeks ended July 13, 2008, are as follows:
-Total revenues decreased 2.6% to $201.1 million.
-Restaurant revenue decreased 2.4% to $198.0 million.
-Company-owned comparable restaurant sales decreased 11.5%.
-Restaurant-level operating profit decreased 6.0% to $35.6 million.
-GAAP diluted earnings per share were $0.41 vs. $0.49 in the same period a year ago, which included a $0.03 charge for reacquired franchise costs and related acquisition integration expenses in the fiscal second quarter of 2008.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=131715&p=irol-newsArticle&ID=1320649&highlight=
Highlights for the 12 weeks ended July 12, 2009, compared to the 12 weeks ended July 13, 2008, are as follows:
-Total revenues decreased 2.6% to $201.1 million.
-Restaurant revenue decreased 2.4% to $198.0 million.
-Company-owned comparable restaurant sales decreased 11.5%.
-Restaurant-level operating profit decreased 6.0% to $35.6 million.
-GAAP diluted earnings per share were $0.41 vs. $0.49 in the same period a year ago, which included a $0.03 charge for reacquired franchise costs and related acquisition integration expenses in the fiscal second quarter of 2008.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=131715&p=irol-newsArticle&ID=1320649&highlight=
