A McDonald's in midtown Manhattan became the first in the U.S. this fall to undergo a sleek, European-style makeover similar to what McDonald's has done at thousands of outlets around in France and the United Kingdom.
The eatery is outfitted with outlets for plugging in laptops, upholstered vinyl chairs instead of Fiberglas seats bolted to the floor, subdued lighting and employees whose all-black uniforms suggest a hip boutique.
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Wednesday, November 18, 2009
Jack in the Box Inc. Reports Fourth Quarter and FY 2009 Earnings; Issues Guidance for FY 2010
SAN DIEGO--(BUSINESS WIRE)--Nov. 18, 2009-- Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $40.6 million, or 70 cents per diluted share, for the fourth quarter ended Sept. 27, 2009, compared with earnings from continuing operations of $26.1 million, or 45 cents per diluted share, for the fourth quarter of fiscal 2008. For fiscal 2009, earnings from continuing operations totaled $131.0 million, or $2.27 per diluted share, compared with $118.2 million, or $1.99 per diluted share in fiscal 2008. Both the fourth quarter of 2008 and fiscal year 2008 included a negative impact of approximately 4 to 5 cents per diluted share for losses and costs related to Hurricane Ike.
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Famed Fontainebleau Miami Beach in Debt Trouble
Times are tough out there financially and even the beloved and famous landmark Fontainebleau Miami Beach now faces an uncertain future amid debt problems
Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Trump Creditors Poised to Take Control of Atlantic City Casinos
Nov. 18 (Bloomberg) -- Donald Trump and his daughter Ivanka ended their fight to control bankrupt casino operator Trump Entertainment Resorts Inc., clearing the way for creditors to take over the three New Jersey properties that bear his name.
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Four Seasons owner misses payment, could default, lawyer says
Four Seasons Resort and Club Dallas at Las Colinas is operating in the red, and its owner could default on a $175 million loan, the owner's attorney said late Monday.
Lawyer Stephen Meister said Los Angeles-based BentleyForbes missed a scheduled payment in October to mortgage holder CW Capital, which has been cool to the company's plan to pump additional funds "in the range of $10 million" into the exclusive resort.
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Lawyer Stephen Meister said Los Angeles-based BentleyForbes missed a scheduled payment in October to mortgage holder CW Capital, which has been cool to the company's plan to pump additional funds "in the range of $10 million" into the exclusive resort.
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Something New Under the Caribbean Sun
If you build it. . . . they will come
At least that’s what developers in the Caribbean seem to think, especially in trendy areas like St. Lucia, Anguilla, the Dominican Republic and Turks and Caicos, where grand ambitions and a large dose of positive thinking have buoyed high-end resort development for yet another year.
Despite a persistent economic downturn with no clear end in sight, luxury hotels are cropping up on islands big and small. The suites are lavish, the spas are pampering, and as for infinity pools, there seems to be no end to them.
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At least that’s what developers in the Caribbean seem to think, especially in trendy areas like St. Lucia, Anguilla, the Dominican Republic and Turks and Caicos, where grand ambitions and a large dose of positive thinking have buoyed high-end resort development for yet another year.
Despite a persistent economic downturn with no clear end in sight, luxury hotels are cropping up on islands big and small. The suites are lavish, the spas are pampering, and as for infinity pools, there seems to be no end to them.
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Brazil Fast Food Announces Third Quarter 2009 Results
RIO DE JANEIRO--(BUSINESS WIRE)--Brazil Fast Food Corp. (OTC Bulletin Board: BOBS - News) (“Brazil Fast Food”, or the “the Company”) the second largest restaurant chain with 684 points of sale, operating under the Bob’s, Doggis, and KFC brands in Brazil as well as Pizza Hut in the State of São Paulo, Brazil , today reported financial results for the third quarter ended on September 31, 2009.
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Burger King franchise owners blast management in letter to board, say chain in 'deep trouble'
CHICAGO (AP) -- Burger King Corp.'s franchisees are taking aim at the fast-food chain's management, complaining to the restaurant's board about a series of decisions they say are "ill-conceived" and put the burger joint's business in "deep trouble."
In a letter to Burger King's board, a group representing hundreds of franchisees blasted management for its $1 double cheeseburger promotion forced on them after they twice voted against it.
They also criticized an earlier corporate decision to take back millions of rebate money distributed to franchise owners from soft drink companies.
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In a letter to Burger King's board, a group representing hundreds of franchisees blasted management for its $1 double cheeseburger promotion forced on them after they twice voted against it.
They also criticized an earlier corporate decision to take back millions of rebate money distributed to franchise owners from soft drink companies.
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Q3 2009 Latin America LE's Construction Pipeline
As of the end of Q3 2009, the Latin America Construction Pipeline has a total of 482 projects and 83,291 guest rooms. After 6 consecutive quarters of declines, the Pipeline is at the lowest level yet for the current cycle and is expected to trend even lower. Developer sentiment continues to be weighed down by the lackluster global economy, causing a fall off in leisure travel.
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Bids due in December for St Louis Renaissance Suites
Bondholders on the $277 million Renaissance Grand Hotel & Suites in the 800 block of Washington Ave. took ownership of the hotel in February after its previous owners defaulted on making an interest payment on its $98 million debt load. The hotel, the largest in St. Louis, was foreclosed on in February, and the sole bid for the hotel was made by the bondholders’ trustee, UMB Bank, for $98 million, the amount of debt on the property.
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Tokyo overtakes Paris as most three-Michelin-starred city
Tokyo has confirmed its position as the capital of world gastronomy by leaping ahead of Paris as the city with the most three-star Michelin restaurants.
The Japanese capital now has 11 three-star eateries, compared to 10 in Paris, according to the newly-published 2010 edition of the Michelin guide to Tokyo. The city also has a total of 261 stars divided between 197 restaurants, more than any of the cities covered by Michelin in 23 countries.
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The Japanese capital now has 11 three-star eateries, compared to 10 in Paris, according to the newly-published 2010 edition of the Michelin guide to Tokyo. The city also has a total of 261 stars divided between 197 restaurants, more than any of the cities covered by Michelin in 23 countries.
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Checkers openings up 70 percent in 2009
Checkers Drive-In Restaurants Inc. opened 31 restaurants in 2009.
The openings to date, along with several restaurants planned, amount to a 70 percent increase in openings over last year.
The new openings include non-traditional locations, such as airports, universities and turnpike plazas, the company, based in Tampa, said in a release. Checkers restaurants are typically known as stand-alone facilities with double drive-thru lines.
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The openings to date, along with several restaurants planned, amount to a 70 percent increase in openings over last year.
The new openings include non-traditional locations, such as airports, universities and turnpike plazas, the company, based in Tampa, said in a release. Checkers restaurants are typically known as stand-alone facilities with double drive-thru lines.
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Staking billions on Vegas resort
The multibillion-dollar gamble known as CityCenter, set to open next month, will either be the soaring vanguard of a new Las Vegas or, like a collection of shimmering tombstones, will stand as a monument marking the last gasp of a struggling entertainment mecca.
The architecturally ambitious resort complex of seven massive buildings on 67 acres along the Vegas Strip is the most expensive privately financed construction project in the country, costing an estimated $8.5 billion.
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The architecturally ambitious resort complex of seven massive buildings on 67 acres along the Vegas Strip is the most expensive privately financed construction project in the country, costing an estimated $8.5 billion.
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Chipotle Finalizes London Location
DENVER--(BUSINESS WIRE)--Nov. 17, 2009-- Chipotle Mexican Grill, Inc. (NYSE: CMG) (NYSE: CMG.B), the US-based chain of burrito restaurants known for serving “Food with Integrity,” has secured its first London location and is finalizing design and building plans. The restaurant, located at 114-116 Charing Cross Road, will be Chipotle’s first location in Europe and is slated to open in April of 2010.
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Penn National Aims to Buy Fontainebleau Las Vegas
Penn National Gaming Inc. has offered $50 million for the unfinished Fontainebleau Las Vegas casino-resort on the Las Vegas Strip.
Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Penn said in a regulatory filing Tuesday that it agreed to buy the project from debtors and its offer will serve as the opening bid at a bankruptcy auction.
The resort was initially forecast to cost $3 billion to build and was about 70 percent complete when developers filed for Chapter 11 bankruptcy protection in June.
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Marriott company restructuring to streamline Ritz-Carlton
Marriott International is undertaking an ambitious corporate makeover that will split it into four autonomous divisions around the globe and bring many formerly independent Ritz-Carlton brand operations into Marriott’s corporate offices.
The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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The final details of the plan, including the number of jobs that will be moved or eliminated, are still being worked out, though Marriott President Arne Sorenson said, "The number of jobs lost will not be very large."
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Capital Pub Co sees London turnaround
Capital Pub Company, the London-based pub operator, said today it had seen an upturn in trading throughout its key Central London market.
“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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“Our pubs in Central London have been trading very well,” said Clive Watson, Capital’s chief executive, “plus we’ve revived those of our pubs in outer London that weren’t trading as well as we’d like.”
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