IF you heard Sandy Beall order lunch at a Ruby Tuesday here one recent afternoon, and didn’t know he’s the founder and chief executive of this casual dining chain, you would assume the guy has serious issues with appetite control.
“Bring the New Orleans seafood, bring the herb-crusted tilapia, bring the cheddar burger,” he tells a waitress, in a Tennessee drawl.
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Monday, November 9, 2009
FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal
FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New York.
“We make the most and best progress when we meet together,” said FASB Chairman Robert Herz. “We are now committed to meet about every month, six times a year face to face and off months by video conference. The end game is to try to bring things together in a converged way on all these major projects, including financial instruments.”
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“We make the most and best progress when we meet together,” said FASB Chairman Robert Herz. “We are now committed to meet about every month, six times a year face to face and off months by video conference. The end game is to try to bring things together in a converged way on all these major projects, including financial instruments.”
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Choice Hotels Reports Third Quarter 2009 Adjusted Diluted EPS of $0.56, Domestic Unit Growth of 4.9%
SILVER SPRING, Md., Nov. 5 /PRNewswire-FirstCall/ -- Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for third quarter 2009:
Adjusted diluted earnings per share ("EPS") for third quarter 2009 were $0.56, compared to $0.57 for the same period of the prior year. Diluted EPS were $0.55 for third quarter 2009 compared to $0.57 for third quarter 2008. Adjusted diluted EPS for third quarter 2009 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $51.7 million for the three months ended September 30, 2009, compared to $64.4 million for the same period of 2008. Operating income for the three months ended September 30, 2009 was $48.1 million compared to $61.9 million for the same period of 2008.
Adjusted selling, general and administrative ("SG&A") costs for the third quarter of 2009 totaled $23.0 million which represented an 8% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $1.5 million and $0.5 million for the three months ended September 30, 2009 and 2008, respectively.
Domestic unit and room growth increased 4.9 percent and 4.8 percent, respectively, from September 30, 2008.
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Adjusted diluted earnings per share ("EPS") for third quarter 2009 were $0.56, compared to $0.57 for the same period of the prior year. Diluted EPS were $0.55 for third quarter 2009 compared to $0.57 for third quarter 2008. Adjusted diluted EPS for third quarter 2009 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $51.7 million for the three months ended September 30, 2009, compared to $64.4 million for the same period of 2008. Operating income for the three months ended September 30, 2009 was $48.1 million compared to $61.9 million for the same period of 2008.
Adjusted selling, general and administrative ("SG&A") costs for the third quarter of 2009 totaled $23.0 million which represented an 8% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $1.5 million and $0.5 million for the three months ended September 30, 2009 and 2008, respectively.
Domestic unit and room growth increased 4.9 percent and 4.8 percent, respectively, from September 30, 2008.
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Starwood Hotels Set to Double Portfolio in Puerto Rico
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 9, 2009-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) – the hotel industry’s most global company – today announces it will double its presence in Puerto Rico in the next year with the opening of the island’s first W and St. Regis hotels and its second Sheraton.
Sheraton Puerto Rico Convention Center Hotel – the first full-service hotel and casino built in San Juan in a decade – opens this November. Coming on its heels are the W Retreat and Spa-Vieques Island and The St. Regis Resort and Residences Bahia Beach, both scheduled to open in 2010. The St. Regis also marks a meaningful milestone for Puerto Rico and Starwood as it is the first new luxury hotel to welcome guests to the island since 1997.
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Sheraton Puerto Rico Convention Center Hotel – the first full-service hotel and casino built in San Juan in a decade – opens this November. Coming on its heels are the W Retreat and Spa-Vieques Island and The St. Regis Resort and Residences Bahia Beach, both scheduled to open in 2010. The St. Regis also marks a meaningful milestone for Puerto Rico and Starwood as it is the first new luxury hotel to welcome guests to the island since 1997.
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As earnings fall, Riviera unsure if bankruptcy can be avoided
The owner of the Riviera hotel-casino in Las Vegas today said it continues to work on restructuring its $281 million debt in hopes of avoiding a Chapter 11 bankruptcy restructuring.
Riviera Holdings Corp., however, said there's no assurance a bankruptcy filing can be avoided as it remains in default on loans and as it reported dismal third-quarter financial results for its 2,075-room Las Vegas property on the Strip.
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Riviera Holdings Corp., however, said there's no assurance a bankruptcy filing can be avoided as it remains in default on loans and as it reported dismal third-quarter financial results for its 2,075-room Las Vegas property on the Strip.
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Home Inns Reports Third Quarter of 2009 Financial Results
Third Quarter 2009 Financial Highlights
-- Total revenues for the quarter increased 37.9% year-over-year to RMB
727.4 million (US$ 106.6 million), exceeding guidance of RMB 685
million to RMB 705 million.
-- Net income attributable to shareholders for the quarter was RMB 86.7
million (US$ 12.7 million), including gain on buy-back of convertible
bonds of RMB 4.3 million (US$ 0.6 million), and share-based
compensation expenses of RMB 7.8 million (US$ 1.1 million). This
compares to a net income attributable to shareholders of RMB 29.5
million (US$ 4.3 million) in the third quarter of 2008, which included
share based compensation of RMB 6.6 million (US$ 1.0 million) and
foreign exchange loss of RMB 2.4 million (US$ 0.3 million).
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-- Total revenues for the quarter increased 37.9% year-over-year to RMB
727.4 million (US$ 106.6 million), exceeding guidance of RMB 685
million to RMB 705 million.
-- Net income attributable to shareholders for the quarter was RMB 86.7
million (US$ 12.7 million), including gain on buy-back of convertible
bonds of RMB 4.3 million (US$ 0.6 million), and share-based
compensation expenses of RMB 7.8 million (US$ 1.1 million). This
compares to a net income attributable to shareholders of RMB 29.5
million (US$ 4.3 million) in the third quarter of 2008, which included
share based compensation of RMB 6.6 million (US$ 1.0 million) and
foreign exchange loss of RMB 2.4 million (US$ 0.3 million).
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Riviera owner posts drop in 3rd-quarter earnings
Owners of the Riviera hotel-casino on the Las Vegas Strip say they're trying to restructure $281 million in debt to avoid filing for bankruptcy protection.
Riviera Holdings Corp. offered no assurance Monday that a Chapter 11 filing can be avoided.
Documents filed with the federal Securities and Exchange Commission showed revenue at the Las Vegas Riviera fell from $30.2 million in the third quarter of 2008 to $22.6 million in the three months ending Sept. 30 of this year.
Occupancy at the 2,075-room Las Vegas Strip hotel fell from 87 percent to about 77 percent, while average room rates dropped under $60.
Riviera Holdings also owns a casino in Black Hawk, Colo. Quarterly revenue there was up from $10 million in 2008 to $12 million this year.
Riviera Holdings Corp. offered no assurance Monday that a Chapter 11 filing can be avoided.
Documents filed with the federal Securities and Exchange Commission showed revenue at the Las Vegas Riviera fell from $30.2 million in the third quarter of 2008 to $22.6 million in the three months ending Sept. 30 of this year.
Occupancy at the 2,075-room Las Vegas Strip hotel fell from 87 percent to about 77 percent, while average room rates dropped under $60.
Riviera Holdings also owns a casino in Black Hawk, Colo. Quarterly revenue there was up from $10 million in 2008 to $12 million this year.
Nassau Hilton shareholders in dispute over $22m loan
A dispute has erupted between the two shareholders of downtown Nassau's British Colonial Hilton over a $22 million loan that forms part of the resort's financing, Tribune Business can reveal, with one of the parties thought to have moved to take the matter to arbitration in a bid to mediate a resolution
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California Pizza Kitchen Announces Financial Results for the Third Quarter 2009
Highlights for the third quarter of 2009 relative to the same quarter a year ago were as follows:
Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Mexican Restaurants, Inc. Announces 2009 Third Quarter Operating Results
HOUSTON--(BUSINESS WIRE)--For the 2009 third quarter of Mexican Restaurants, Inc. (the “Company”) (NASDAQ: CASA) ended September 27, 2009, the Company reported a net loss of $232,614 or $0.07 per diluted share, compared with a net loss of $504,559 or $0.15 per diluted share for the third quarter of fiscal year 2008. For the 39-week period ended September 27, 2009, the Company reported a net loss of $260,697 or $0.08 per diluted share, compared with a net loss of $69,983 or $0.02 per diluted share for the 39-week period of fiscal year 2008.
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McDonald's October Global Comparable Sales Increase 3.3%
OAK BROOK, Ill., Nov. 9 /PRNewswire-FirstCall/ -- McDonald's Corporation announced today that global comparable sales rose 3.3% in October. Performance by segment was as follows:
•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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Ashford Hospitality Trust Reports Third Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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Qatar's Al Faisal eyes overseas hotel deals
Qatar's Al Faisal Holding is shifting its focus to the hospitality sector, including buying hotels mainly in Europe, North America, and big Arab cities as it expands its hotel business globally, the company's chairman said.
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American Embassy in London to become luxury hotel
The American Embassy in London is poised to become a new luxury hotel, following an agreement by a Qatari real estate investment company to buy the iconic building for an undisclosed sum.
While Qatari Diar has not announced what it intends to do with the property in Grosvenor Square, Mayfair – home to the American Embassy for nearly 50 years - it is believed the Grade II-listed Modernist building will be turned into a hotel and apartments.
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While Qatari Diar has not announced what it intends to do with the property in Grosvenor Square, Mayfair – home to the American Embassy for nearly 50 years - it is believed the Grade II-listed Modernist building will be turned into a hotel and apartments.
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Hilton guests get handy new apps
Want to order a burger and beer from room service before you check into your hotel so dinner is waiting for you?
Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Ritz-Carlton to open the world’s tallest hotel in Hong Kong
The world’s tallest hotel will open in Hong Kong in 2010 when the Ritz-Carlton, Hong Kong, welcomes its first guests.
The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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SF Hotel Workers Back To Work; Hotel Calls Strike 'Irresponsible'
SAN FRANCISCO -- After striking for three days, San Francisco hotel workers went back to work Sunday morning and received a cold reception from at least one major employer.
In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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