PARSIPPANY, N.J. 09-03-2009 —
Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels under 11 brands, today announced the continued international expansion of its Wyndham Hotels and Resorts® brand with the signing of a management contract for the brand’s third hotel in China: the new 337-room Wyndham Wuhan East Lake hotel in Wuhan.
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Thursday, September 3, 2009
From The Street To The Steakhouse
On a recent Tuesday night at 6:30 p.m. The Del Frisco's Double Eagle Steak House at Sixth Avenue and 47th Street in Manhattan already had a line of hungry customers waiting to be seated. A parade of limos idled outside. The two bar areas overflowed with raucous, thirsty, suit-clad customers discussing their day's work over $16 martinis.
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Maui Prince Hotel closing, 380 lose jobs
HONOLULU — The operators of the 310-room Maui Prince Hotel — which is being foreclosed upon — said the resort and neighboring golf courses will close in two weeks.
Prince Resorts Hawaii President Donn Takahashi said Monday 380 employees will lose their jobs when the resort is shut down on Sept. 16. Most employees have worked at the resort for more than five years, and many joined the hotel when it opened in 1986, he said.
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Prince Resorts Hawaii President Donn Takahashi said Monday 380 employees will lose their jobs when the resort is shut down on Sept. 16. Most employees have worked at the resort for more than five years, and many joined the hotel when it opened in 1986, he said.
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Hotel sector feeling the pinch as economic slump hits travel
If you're in the market for a hotel, now may be as good a time as any, according to a report by Colliers International Hotels. But buyers should be ready for a rough ride as the economy takes a toll on travel.
Hotel values have taken a hit as buyers stay away from a property segment bruised by a drop in tourism and corporate travel. A severe credit crunch that has banks leery of lending to the sector has also caused buyers to stay put.
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Hotel values have taken a hit as buyers stay away from a property segment bruised by a drop in tourism and corporate travel. A severe credit crunch that has banks leery of lending to the sector has also caused buyers to stay put.
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IFRS Risk Planning and Controls Execution
Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ day-to-day duties, and new accounting policies.
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Simplified Reporting: Forgotten in the Crisis?
August 2008 was a hopeful time for advocates of principles-based accounting. The United States had a new plan to adopt global accounting standards, which are considered to allow for more judgment than U.S. generally accepted accounting principles. And an advisory group to the Securities and Exchange Commission unveiled a 170-page report recommending ways financial reporting could be simplified, including the belief that bright lines should not exist.
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Tavern on the Green successor sees quick deal
Dean Poll, who was selected last week to operate the restaurant where Tavern on the Green stands, expects to wrap up his negotiations and sign a contract with the city within six weeks.
“I'm not anticipating any surprises,” said the restaurateur, who also runs the Boathouse eatery in Central Park.
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“I'm not anticipating any surprises,” said the restaurateur, who also runs the Boathouse eatery in Central Park.
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The Hard Rock and Morgans Hotel Group Are Named in Wrongful Death Lawsuit
A new lawsuit charges that the operator of the Hard Rock resort in Las Vegas shares liability for the 2007 drug overdose death of a hotel executive's girlfriend by consenting to the executive's promiscuous and drug-abusing lifestyle.
The lawsuit, filed Friday in Las Vegas by family members of 23-year-old Michelle Hatchel, contains numerous revelations and allegations about her death including:
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The lawsuit, filed Friday in Las Vegas by family members of 23-year-old Michelle Hatchel, contains numerous revelations and allegations about her death including:
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Sonesta Announces Contract to Sell Key Biscayne Property
BOSTON, Sept. 2, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA - News) (the "Company") announced today that SBR-Fortune Associates LLLP (the "Partnership"), the partnership in which its wholly-owned subsidiary is a 50% limited partner, has entered into a contract to sell the land and improvements formerly comprising Sonesta Beach Resort, in Key Biscayne, Florida (the "Property"), for a price of $78 million. The buyer is a real estate developer based in Argentina
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US Hotel Industry Recession Enters New Rate Erosion Phase
2009 will likely rank as one of the worst years for the United States hospitality industry in modern history. The week of June 27, this drop off entered a dangerous new phase – when compared to the same week, year over year, the national hotel average room rate began to fall more rapidly on a percentage basis than the average hotel occupancy percentage. This trend has now continued over the past eight weeks.
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Admiral Taverns to sell pubs worth £4.4m to cut debt
Admiral Taverns has placed 20 pubs on the market to the value of £4.4m in order to tackle mounting debts.
The pubs, worth £4.325m, are located across the country from Wiltshire to Oxfordshire and the North East and include the Swan Inn in Woolaston, Gloucestershire, which dates back to 1815.
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The pubs, worth £4.325m, are located across the country from Wiltshire to Oxfordshire and the North East and include the Swan Inn in Woolaston, Gloucestershire, which dates back to 1815.
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Las Vegas Sands plans exchangeable bonds sale
Las Vegas Sands Corp. said Wednesday that it plans to raise up to $600 million in proceeds from an exchangeable bonds sale, as the casino operator looks to boost its liquidity.
The Sheldon Adelson-led company said it will be mandatory for the bonds to be exchanged into common stock of one of its units pending its Hong Kong IPO. A subsidiary of Las Vegas Sands submitted an application to the Hong Kong Stock Exchange for a potential listing late last month.
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The Sheldon Adelson-led company said it will be mandatory for the bonds to be exchanged into common stock of one of its units pending its Hong Kong IPO. A subsidiary of Las Vegas Sands submitted an application to the Hong Kong Stock Exchange for a potential listing late last month.
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Hotel Stocks Set to Catch Swine Flu
Just in time for back to school, new swine flu fears have suddenly returned. And like the lingering infection itself, the H1N1 virus is one that just won't seem to go away.
In fact, according to a 68-page report released last week, about half of all Americans can look forward to a brush with the swine flu this winter, while 1.8 million will likely end up with a trip to the hospital from exposure.
That's the good news.
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In fact, according to a 68-page report released last week, about half of all Americans can look forward to a brush with the swine flu this winter, while 1.8 million will likely end up with a trip to the hospital from exposure.
That's the good news.
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Restaurants Improve in July
A recent survey by the National Restaurant Association revealed a marginal improvement in the Restaurant Performance Index (RPI) for the month of July 2009. The index rose 0.3% to 98.1 from June.
The index has remained below 100 for 21 consecutive months. An index of more than 100 would indicate that the restaurant industry is in an expansion phase, whereas below 100 would indicate that the industry is scaling back its development plans and is in contraction.
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The index has remained below 100 for 21 consecutive months. An index of more than 100 would indicate that the restaurant industry is in an expansion phase, whereas below 100 would indicate that the industry is scaling back its development plans and is in contraction.
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How many minutes to earn the price of a Big Mac?
An alternative Big Mac index
Aug 20th 2009From Economist.com
How many minutes to earn the price of a Big Mac?
THE size of your pay packet may be important, but so is its purchasing power. Helpfully, a UBS report published this week offers a handy guide to how long it takes a worker on the average net wage to earn the price of a Big Mac in 73 cities. Fast-food junkies are best off in Chicago, Toronto and Tokyo, where it takes a mere 12 minutes at work to afford a Big Mac. By contrast, employees must toil for over two hours to earn enough for a burger fix in Mexico City, Jakarta and Nairobi.
Aug 20th 2009From Economist.com
How many minutes to earn the price of a Big Mac?
THE size of your pay packet may be important, but so is its purchasing power. Helpfully, a UBS report published this week offers a handy guide to how long it takes a worker on the average net wage to earn the price of a Big Mac in 73 cities. Fast-food junkies are best off in Chicago, Toronto and Tokyo, where it takes a mere 12 minutes at work to afford a Big Mac. By contrast, employees must toil for over two hours to earn enough for a burger fix in Mexico City, Jakarta and Nairobi.
