Luminar, the UK’s largest nightclub owner, issued a stark profit warning today, after rising job losses among young people put a dampener on party spirits.
The company, which is responsible for the Liquid and Oceana chains, warned that there was a "significant risk" it would not meet full-year profit expectations in February 2010, after half-year sales fell 5.9 per cent in the 26 weeks to August 27 compared with the same period last year.
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Friday, September 25, 2009
Langham Hotels to make debut in the Caribbean
Luxury hotelier Langham Hotels International has signed a deal for a new resort in the Bahamas. Langham Place Resort & Spa, Port St George, Bahamas, is slated to open by 2013.
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Tavern on the Green Employees Plan Rally Against New Labor Plan
The scene has been set for the next phase of the unfolding labor drama surrounding New York City's storied Tavern on the Green. At 2:45 p.m. tomorrow, a group of Tavern employees and their supporters - a crowd that could number in the hundreds - will gather outside the restaurant to protest the revised labor contract proposed by restaurateur Dean Poll, who will take over the Central Park landmark's operating license next year. According to recent coverage in The New York Times, Poll's proposal would nullify most of the provisions of the current contract.
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STR Global posts August 2009 results for Europe
The European hotel industry posted decreases in year-over-year results when reported in U.S. dollars, euros and British pounds for August 2009, according to data compiled by STR Global.
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STR Global posts August 2009 results for Asia/Pacific
In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 3.3 percent to 63.3 percent; ADR declined 24.7 percent to US$117.22; and RevPAR fell 27.1 percent to US$74.18
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STR Global posts Middle East/Africa August 2009 results
The region’s occupancy dropped 18.2 percent to 59.2 percent; ADR decreased 3.7 percent to US$133.31; and RevPAR decreased 21.2 percent to US$78.89
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Le Meridien, Expands Its International Presence with Its First Hotel in Central America
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced the opening of Le Meridien Panama, the European rooted hotel brand's first property in Central America. Set in the heart of Panama's cosmopolitan capital city, Le Meridien Panama, owned by developers Bern Hotels & Resorts Panama, is a modern, contemporary building located on the edge of the Bay of Panama
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Vail Resorts Reports Fiscal 2009 Results and 2010 Outlook
Fiscal 2009 Highlights
-- Resort Reported EBITDA, which includes the Company's Mountain and
Lodging segments, of $171.1 million in Fiscal 2009 decreased $59.6
million, or 25.8%, from the prior year.
-- Real Estate Reported EBITDA of $44.1 million in Fiscal 2009 decreased
$1.9 million, or 4.0%, from the prior year.
-- Net income of $49.0 million in Fiscal 2009 decreased $54.0 million, or
52.4%, from the prior year.
-- Net Debt leverage ratio of 1.96 times trailing twelve months Total
Reported EBITDA, $69.3 million of cash and cash equivalents on hand as
of July 31, 2009, and no revolver borrowings under the Company's
$400 million senior credit facility.
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-- Resort Reported EBITDA, which includes the Company's Mountain and
Lodging segments, of $171.1 million in Fiscal 2009 decreased $59.6
million, or 25.8%, from the prior year.
-- Real Estate Reported EBITDA of $44.1 million in Fiscal 2009 decreased
$1.9 million, or 4.0%, from the prior year.
-- Net income of $49.0 million in Fiscal 2009 decreased $54.0 million, or
52.4%, from the prior year.
-- Net Debt leverage ratio of 1.96 times trailing twelve months Total
Reported EBITDA, $69.3 million of cash and cash equivalents on hand as
of July 31, 2009, and no revolver borrowings under the Company's
$400 million senior credit facility.
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Punch Taverns puts 300 pubs up for sale
LONDON, Sep 25 (Reuters) - Britain's biggest pubs group, Punch Taverns on Friday said it had put more than 300 of its worst performing pubs up for sale.
Punch, which set up a turnaround unit for underperforming pubs earlier this year, has appointed property agent Christie to sell the sites.
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Punch, which set up a turnaround unit for underperforming pubs earlier this year, has appointed property agent Christie to sell the sites.
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Investors Pledge Funds to Buy Troubled European Hotels
A group of investors is pooling up to $739.7 million to buy troubled European hotels in the belief that the hospitality market is poised for a rebound. Avingstone Financial has earmarked its intention to buy a series of hotels across European over the next two years.
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