HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 133 hotels comprising 19,434 rooms, according to the September 2009 STR Construction Pipeline Report released this week.
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Friday, October 16, 2009
STR Global reports Central and South America hotel pipeline for September
LONDON—The Central/South America hotel development pipeline includes 141 projects with 21,751 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week.
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STR Global reports Europe hotel pipeline for September 2009
LONDON—The Europe hotel development pipeline includes 547 hotels comprising 89,205 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week
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STR Global reports Middle East/Africa pipeline for September 2009
LONDON—The Middle East/Africa hotel development pipeline includes 442 hotels comprising 120,589 rooms, according to the September 2009 STR Global Construction Pipeline Report released this week
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Fontainebleau president among execs leaving project
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
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McDonald’s Offers Potato Burger With Fries, No Onions in India
Oct. 16 (Bloomberg) -- McDonald’s Corp. is staking its future in India on burgers made from mashed potatoes, peas and spices. Sumil Mittal says it’s a good bet.
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Condé Nast Traveler: Readers Choice Top 100
The Top 100 lists the hotels, resorts, and two cruise lines that achieved near perfection, with no score below 92.6
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Morgans Hotel Group Announces Agreement with Mezzanine Lender for Hudson Hotel
NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC - News) (“MHG”) today announced that it has entered into an agreement with one of its lenders which holds, among other loans, the mezzanine loan on the Company’s Hudson Hotel property in New York City.
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Brand Guarding: McDonald's Fights To Preserve Its 'McRights Overseas
A Kuala Lumpur Indian restaurant, called "McCurry," recently won an eight-year- long legal battle against McDonald's, which has 137 outlets throughout Malaysia. The $70 billion fast-food giant argued that McCurry had infringed on its trademark, and that the restaurant could mislead people into thinking that it was connected to McDonald's.
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Enterprise Inns sale and leaseback pubs go for £13.2m
Enterprise Inns saw five of its freehold pubs being sold as part of a sale and leaseback deal go under the hammer this afternoon for a total of £13.15m.
A sixth freehold site due to be sold at the auction was sold for an undisclosed sum before proceedings got underway. The sale, announced by Enterprise last month and conducted by auctioneers Allsop in London, was designed to raise money to help pay down some of the group’s billion-pound debt.
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A sixth freehold site due to be sold at the auction was sold for an undisclosed sum before proceedings got underway. The sale, announced by Enterprise last month and conducted by auctioneers Allsop in London, was designed to raise money to help pay down some of the group’s billion-pound debt.
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Morgans Hotel Group Receives $75 Million Investment from Yucaipa to Fuel Future Growth
NEW YORK--(BUSINESS WIRE)--Oct. 15, 2009-- Morgans Hotel Group Co. (Nasdaq: MHGC) (“MHG”) today announced that an affiliate of The Yucaipa Companies, LLC (“Yucaipa”) has invested $75 million in MHG. The capital infusion will significantly strengthen the company’s balance sheet and provide long-term financing for growth. Combined with the recent amendment to MHG’s credit line, the company has added approximately $200 million of liquidity in the last two months.
The Yucaipa Companies, founded by Ronald Burkle, is a premier investment firm that has an established track record of fostering economic value through the growth and responsible development of companies.
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The Yucaipa Companies, founded by Ronald Burkle, is a premier investment firm that has an established track record of fostering economic value through the growth and responsible development of companies.
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Sunstone Hotel Investors to issue 14 mln shares
SAN CLEMENTE, Calif. (AP) -- Lodging real estate investment trust Sunstone Hotel Investors Inc. said Thursday it will issue 14 million shares in a public offering.
Underwriters will have 30 days to buy up to an additional 2.1 million shares.
Joint bookrunners are Bank of America Merrill Lynch and Wells Fargo Securities.
Proceeds from this offering will be contributed to Sunstone Hotel Partnership LLC, a subsidiary, which will use proceeds for working capital and other general corporate purposes, which may include hotel acquisitions
Underwriters will have 30 days to buy up to an additional 2.1 million shares.
Joint bookrunners are Bank of America Merrill Lynch and Wells Fargo Securities.
Proceeds from this offering will be contributed to Sunstone Hotel Partnership LLC, a subsidiary, which will use proceeds for working capital and other general corporate purposes, which may include hotel acquisitions
Starwood Preferred Guest Launches New Twitter, Facebook and iPhone Applications
Starwood Preferred Guest (SPG) today announces the launch of a new suite ofTwitter, Facebook and iPhone applications, which can be accessed atwww.spg.com/stayconnected. The move comes as part of the SPG program`s overallcommitment to providing insider access for its loyal guests by tapping into thepower of social media.
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Luby's closing 25 stores
Luby’s Inc. is closing 25 underperforming stores as part of a plan to improve cash flow and redeploy capital.
The news came as the Houston-based restaurant operator (NYSE: LUB) reported its fourth-quarter 2009 earnings.
Following the closures the company will have 95 restaurant locations remaining, as well as 15 culinary contract service locations.
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The news came as the Houston-based restaurant operator (NYSE: LUB) reported its fourth-quarter 2009 earnings.
Following the closures the company will have 95 restaurant locations remaining, as well as 15 culinary contract service locations.
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Luby’s Reports Fiscal Fourth Quarter 2009 Results
Fourth Quarter Review
Restaurant sales were $80.2 million, a decrease of $13.8 million compared to the same quarter last
year. This decrease included a $2.1 million net decline in sales related to closed stores, partially
offset by new restaurant sales.
Same-store sales, from 117 restaurants, decreased approximately 13.6% primarily due to a decline in
guest traffic and partially a result of lower menu prices and value promotions which decreased
average sales per person by 1.2% compared to the prior year.
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Restaurant sales were $80.2 million, a decrease of $13.8 million compared to the same quarter last
year. This decrease included a $2.1 million net decline in sales related to closed stores, partially
offset by new restaurant sales.
Same-store sales, from 117 restaurants, decreased approximately 13.6% primarily due to a decline in
guest traffic and partially a result of lower menu prices and value promotions which decreased
average sales per person by 1.2% compared to the prior year.
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