Can the Playboy Bunnies keep the Sagamore out of foreclosure?
That's the question hanging over one of South Beach's most fashionable hotels as it pursues a licensing deal to open the only Playboy Club outside of Las Vegas.
Wednesday, December 9, 2009
Troubled pub operator Pubs 'n' Bars goes into administration
Troubled pub operator Pubs 'n' Bars has gone into administration
David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
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David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
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Morgans Hotel Group says it is prepared to surrender Mondrian Scottsdale hotel to lenders
NEW YORK (AP) — Morgans Hotel Group Co. said Tuesday it has failed to reach a deal with lenders on restructuring terms of its loan on a Scottsdale, Ariz., hotel and is prepared to surrender the Mondrian property to the lenders.
New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
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New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
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CKE Restaurants(R) Announces Third Quarter Fiscal 2010 Results
CARPINTERIA, Calif., Dec 08, 2009 (BUSINESS WIRE) -- CKE Restaurants, Inc. (NYSE:CKR) announced today third quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended November 2, 2009.
Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
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Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
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Lender files for foreclosure on Hotel Ivy
Dougherty Funding has begun foreclosure proceedings on the Hotel Ivy and condominiums in downtown Minneapolis.
Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
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Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
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Yum Confirms '09 Earnings Outlook
(NYSE: YUM - News), the parent of the KFC, Taco Bell and Pizza Hut fast-food chains, reiterated its fiscal 2009 earnings per share growth forecast of 12%, excluding one-time items, helped by commodity deflation, lower effective tax rate and the addition of 1,400 new units in China and other international markets.
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Dubai World loses control of New York hotel
NEW YORK (AP) - Dubai World's investment arm, Istithmar, lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
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One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
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