For years, New Jersey regulators have raised concerns about the suitability of casino company MGM Mirage's business partner in China. Now, MGM Mirage has an answer: cash out of Atlantic City.
The company plans to divest its 50% stake in the Borgata casino resort, a person with knowledge of the negotiations said this week. Although it has been scouting for buyers it hasn't come to a deal, according to two people with knowledge of the talks.
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Friday, January 29, 2010
Judge to Harrah’s: Turn over records on high roller’s intoxication claims
A Clark County District Court ruled today that Harrah's Entertainment must turn over records to attorneys representing a high roller who allegedly owes $14.7 million in gambling debts.
Terrance Watanabe alleges Harrah’s Entertainment not only kept him drunk but provided him drugs to induce his massive gambling losses.
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Terrance Watanabe alleges Harrah’s Entertainment not only kept him drunk but provided him drugs to induce his massive gambling losses.
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Thursday, January 28, 2010
Carl Icahn scoops up Fontainebleau Vegas project
Billionaire Carl Icahn will pay 8 cents on the dollar for the bankrupt Fontainebleau Las Vegas, a project with a $2 billion construction tab. The response from developer Jeff Soffer: The financial world turned on me.
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Wednesday, January 27, 2010
Phuket hotels lose US$300 million - report
PHUKET – Industry-wide discounting by Phuket hotels cost the industry on the island US$300 million in room revenue in 2009, according to the Phuket Hotel Market Update report compiled by leading Thailand consultancy C9 Hotelworks.
Room rate cuts averaged 20% across the board last year, leading to the loss compared to 2008 room revenue. Despite tourism arrivals rebounding back to 2007 levels, a key blow to fundamental hotel metrics hit profit margins.
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Room rate cuts averaged 20% across the board last year, leading to the loss compared to 2008 room revenue. Despite tourism arrivals rebounding back to 2007 levels, a key blow to fundamental hotel metrics hit profit margins.
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Sir Rocco Forte secures future of his hotels with new bank loan
Sir Rocco Forte confirmed this week that a new financial arrangement to ensure the future operation of his 13-strong luxury hotel company had been secured.
“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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Wyndham To Launch Ramada, Days Inn In Singapore
Wyndham Hotel Group's Ramada and Days Inn brands will enter Singapore with the development of two hotels: the 391-room Ramada Singapore at Zhongshan Park and the 405-room Days Hotel Singapore at Zhongshan Park.
Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Papa Murphy's Pushes Through 2009 with Highest-Ever Sales, Store Count and Franchisee Satisfaction
VANCOUVER, Wash. – January 27, 2010 – Amidst one of the toughest years the restaurant industry has ever endured, Papa Murphy's International today announced that its total U.S. systemwide sales grew to $630 million in 2009, up over 7% from 2008. The take ‘n' bake pizza pioneer ended the year with 1,185 locations, opening 83 in 2009. Same-store-sales were up more than 2%, while most industry watchers estimated the pizza category to be down about 7%.
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McDonald's in beef over trademark with Chicago teen
Since 2007, Chicago teen Lauren McClusky has coordinated McFest, an annual charity concert featuring high school and college bands to benefit the Chicago chapter of Special Olympics.
She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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O'Charley's Inc. Closes on $45 Million Credit Facility
O'Charley's Inc., a leading casual-dining restaurant company, announced today that it has entered into a $45 million secured revolving credit facility, which matures on August 1, 2013, and amends and restates the Company's existing secured revolving credit facility that was scheduled to mature on October 18, 2011.
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Mitchells & Butlers dispute intensifies as investors call for new board
The racing tycoons JP McManus and John Magnier have waded into the fight at Mitchells & Butlers (M&B) by calling for those responsible for the £500 million of hedging losses to be pursued for the money.
Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Lawmakers push for full casinos in Florida resorts
TALLAHASSEE -- Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now ready to open the doors to full-fledged casinos because, she says, Florida ``is losing the battle'' to the Seminole Tribe.
Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Vail Resorts might have interest, and the means, to buy Intrawest
VAIL, Colo. — With Intrawest Holdings set for auction in February, some ski industry analysts see reasons to suspect that Vail Resorts might have interest in the sale.
Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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China State-owned firms to shed hotel assets
China's tourism industry may benefit from a government directive ordering State-owned enterprises to shed their hotel assets and focus on their core businesses.
Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tuesday, January 26, 2010
STR releases updated forecasts for 2010, 2011
HENDERSONVILLE, Tennessee—The U.S. hotel industry is projected to end 2010 with decreases in two of the three key performance measurements, according to STR’s monthly forecast update.
STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR Global posts Americas results for Dec. '09, year-end '09
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for year-end 2009 and December 2009, according to data compiled by STR and STR Global.
Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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STR Global posts year-end '09, Dec. '09 results for Asia/Pacific
LONDON—Hotels in the Asia/Pacific region experienced decreases for all three key performance metrics for year-end 2009 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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STR Global posts year-end '09, Dec. '09 results for Europe
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for year-end 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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STR Global posts Middle East/Africa Dec. '09, year-end '09 results
LONDON—The Middle East/Africa region reported year-end decreases in all three key measurements when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy in 2009 dropped 10.9 percent to 62.0 percent; average daily rate decreased 2.7 percent to US$153.91; and revenue per available room decreased 13.3 percent to US$95.44.
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The region’s occupancy in 2009 dropped 10.9 percent to 62.0 percent; average daily rate decreased 2.7 percent to US$153.91; and revenue per available room decreased 13.3 percent to US$95.44.
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STR reports Caribbean and Mexico pipeline for December 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 127 hotels comprising 17,528 rooms, according to the December 2009 STR Construction Pipeline Report released this week.
Among the countries in the region, Mexico reported the most rooms in the total active pipeline with 10,324. The country also ended the month with the most rooms in the In Construction phase with 4,200. The Bahamas reported 1,698 rooms in the total active pipeline and 895 rooms in the In Construction phase, followed by Puerto Rico with 1,130 rooms in the total active pipeline and 666 rooms in the In Construction phase
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Among the countries in the region, Mexico reported the most rooms in the total active pipeline with 10,324. The country also ended the month with the most rooms in the In Construction phase with 4,200. The Bahamas reported 1,698 rooms in the total active pipeline and 895 rooms in the In Construction phase, followed by Puerto Rico with 1,130 rooms in the total active pipeline and 666 rooms in the In Construction phase
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Hotel chain Starwood warns of possible credit card fraud
Customers who stayed at one of the hotels owned by international hotel conglomerate Starwood within Germany may have been victim to widespread credit card fraud, the company confirmed on Tuesday.
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Bankruptcy judge urges Station Casinos, creditors to negotiate
RENO – After six hours of arguments, a federal bankruptcy judge advised Station Casinos and unsecured creditors to hold negotiations over a $2.3 billion debt, rather than face legal action.
U.S. Bankruptcy Judge Greg Zive withheld a ruling on the petition by the unsecured creditors to be allowed to sue over the arrangement of the 2007 leveraged-buyout deal that took the casino company private.
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U.S. Bankruptcy Judge Greg Zive withheld a ruling on the petition by the unsecured creditors to be allowed to sue over the arrangement of the 2007 leveraged-buyout deal that took the casino company private.
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Monday, January 25, 2010
Taco Del Mar files for bankruptcy protection
Taco Del Mar Franchising, a Seattle-based chain of Mexican fast-food restaurants, filed for Chapter 11 bankruptcy protection on Friday, saying it owes creditors between $1 million and $10 million.
The chain's roughly 225 stores in the U.S., Canada and Guam will continue to operate, and individual Taco Del Mar franchisees are not in bankruptcy.
Larry Destro, who has been CEO since May, said he expects to slow growth at the company, which lost $2.8 million between 2006 and 2008.
Founded in 1992 by brothers James and John Schmidt, Taco Del Mar grew to about 70 stores by 2002, most of them in Seattle.
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The chain's roughly 225 stores in the U.S., Canada and Guam will continue to operate, and individual Taco Del Mar franchisees are not in bankruptcy.
Larry Destro, who has been CEO since May, said he expects to slow growth at the company, which lost $2.8 million between 2006 and 2008.
Founded in 1992 by brothers James and John Schmidt, Taco Del Mar grew to about 70 stores by 2002, most of them in Seattle.
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Outrigger and Choice Hotels Expand Hawaii Alliance
Choice Hotels International and hospitality services company Outrigger Enterprises Group has announced an expansion of their alliance in which ten additional Outrigger-managed and/or affiliated properties representing over 1,700 rooms will be added to its existing relationship, which currently includes six properties representing over 3,000 rooms
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Bain Capital to buy Domino's Pizza in Japan
TOKYO, Jan 25 (Reuters) - U.S. private equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino's Pizza (DPZ.N) as it sees opportunities in the country's niche pizza delivery market.
Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Saturday, January 23, 2010
Macedonia bars, eateries close to protest smoking ban
SKOPJE, Macedonia — Hundreds of cafes, bars and restaurants across Macedonia shut their doors to customers on Friday in a 24-hour protest against a new smoking ban that they claim has sent profits plummeting.
Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort
After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.
German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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More independents lured to big hotel brands' collections
Many new hotel projects have been on hold since the financial market meltdown, but upscale and luxury hotel brands are expanding their ranks by signing independent properties eager for broader recognition and the marketing and sales clout that big brands bring.
From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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Starbucks CEO Schultz earns $15 million in fiscal 2009
CHICAGO - Starbucks Corp. CEO Howard Schultz received compensation the company valued at nearly $15 million during the past fiscal year, an increase of nearly 54 percent as the company's profit soared after it cut costs and jobs, according to a regulatory filing
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Asian Hotel Brands Make the Journey to Europe
SINGAPORE — International hotel brands are stepping up their investments in the Asia-Pacific region because of its outsized growth prospects. So it would seem almost counterintuitive for luxury hospitality brands based in Asia to be opening hotels in Europe, where growth is slowing.
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Burger King Franchisees Can't Have It Their Way
The price of a double cheeseburger is generating a lot of heat among Burger King franchisees.
In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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Barbados Shores Up a Troubled Four Seasons
Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed—after initially attracting a cast of celebrity buyers.
In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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Friday, January 22, 2010
Toronto Restaurateur charged with cooking up scam
A well-known Toronto restaurateur is set to make his first court appearance after allegations that he defrauded a handful of Toronto investors out of more than $1 million.
Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Airline confident on Sandals tie-up
Air Canada is confident its partnership to serve Sandals' Emerald Bay resort in Exuma will be profitable, despite its packaged vacations representing only 15 per cent of seats to the Bahamas.
Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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El Pollo Loco pulls back on Chicago expansion
In 2004, El Pollo Loco announced its plans for a national expansion, including entry into the Chicago market. Now, The Sun Times reports that two of the chain's three stores there have closed recently, possibly putting the brakes on the company's plans for growth in the market.
Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Lone Star Funds Acquires Lodgian
Lodgian Inc. has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds for approximately US$270 million, including assumed debt.
Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Nevada officials approve Carl Icahn's control of 9 casinos as part of Tropicana reorganization
LAS VEGAS (AP) — Nevada gambling regulators on Thursday approved billionaire investor Carl Icahn's plan to control nine casinos in four states as part of the bankruptcy reorganization of Tropicana Entertainment LLC.
The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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TripAdvisor Sniffs Out America's Dirtiest Hotels
NEWTON, Mass. – January 22, 2010 /PRNewswire/ — TripAdvisor®, the world’s most trusted source of travel advice, today announced the top 10 dirtiest hotels in America, based on TripAdvisor traveler ratings for cleanliness. For the fifth consecutive year, TripAdvisor reveals the truth about hotels around the world, from the most gleaming to the most grimy.
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JAL bankruptcy will not affect company’s hotel portfolio
One of the largest bankruptcies in Japanese history, JAL is saddled with ¥2.5 trillion (US$28 billion) of debt, according to a bankruptcy filing made by the airliner in a New York court on 19 January. In the filing, the company said it has been stung by rising costs and declining demand for air travel caused by terrorism, the outbreak of the H1N1 virus, and other factors.
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Wynn Macau, Casino Operators Decline on China Rates Concerns
Jan. 22 (Bloomberg) -- Wynn Macau Ltd., controlled by billionaire Stephen Wynn’s casino operator, fell the most in almost three months in Hong Kong trading on speculation China will tighten policies to curb inflation.
Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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McDonald's Delivers Another Year of Strong Results In 2009
"McDonald's 2009 results reflect the broad-based strength of our global business," said McDonald's Chief Executive Officer, Jim Skinner. "Our in-demand food and beverages, unparalleled convenience and superior value at every level of our menu enabled us to serve 60 million customers per day during 2009, up 2 million per day over the prior year. In addition, McDonald's profitability increased as we marked our sixth consecutive year of positive comparable sales in every geographic segment and generated higher global revenues, operating income and earnings per share in constant currencies - all tremendous accomplishments given the tough global economy."
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Burger King plans beer-selling Whopper Bar in South Beach
Gimme a Whopper, fries — and a beer.
Those words are no longer wishful thinking. Friday, Burger King (BKC) will unveil plans to sell beer and burgers at a Whopper Bar — a new BK concept to compete with casual dining restaurants — in Miami Beach's tourist-heavy South Beach. The South Beach Whopper Bar is scheduled to open in mid-February.
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Those words are no longer wishful thinking. Friday, Burger King (BKC) will unveil plans to sell beer and burgers at a Whopper Bar — a new BK concept to compete with casual dining restaurants — in Miami Beach's tourist-heavy South Beach. The South Beach Whopper Bar is scheduled to open in mid-February.
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Thursday, January 21, 2010
TripAdvisor's annual list includes more than 700 hotels worldwide which were recognized based on the reviews they were given by millions of travelers
Arcadia Residence in Prague, the Czech Republic, was voted as the world's top bargain hotel while another Prague establishment, Golden Well, was voted as the top luxury hotel.
Families voted Istanbul, Turkey's Sirkeci Konak Hotel, as the best place to stay while romance-seekers picked Hilton Moorea Lagoon Resort and Spa in French Polynesia as their favorite.
Amsterdam's citizenM topped the list of the world's trendiest hotels and Drowsy Water Ranch, in Granby, Colorado in the United States was voted as the world's top all-inclusive resort.
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Families voted Istanbul, Turkey's Sirkeci Konak Hotel, as the best place to stay while romance-seekers picked Hilton Moorea Lagoon Resort and Spa in French Polynesia as their favorite.
Amsterdam's citizenM topped the list of the world's trendiest hotels and Drowsy Water Ranch, in Granby, Colorado in the United States was voted as the world's top all-inclusive resort.
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Property slump \ biggest challenge\ for Dubai hotels
The president of Fairmont Hotels & Resorts has branded the collapse of Dubai's real estate industry the "single biggest challenge" facing the emirate's hospitality industry.
In the peak of the property boom, the engine of Dubai's economy, hotels leaned heavily on its custom to fill their rooms and were left with few alternatives when the real estate market slumped, said Thomas Storey.
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In the peak of the property boom, the engine of Dubai's economy, hotels leaned heavily on its custom to fill their rooms and were left with few alternatives when the real estate market slumped, said Thomas Storey.
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Enterprise Inns benefits from selling poorer pubs
Despite the recession and the recent cold spell, many people were still pitching up for a drink at their local, according to Enterprise Inns.
Britain's second biggest pub company said it had seen particularly strong Christmas trade and while the extreme weather kept customers away from some pubs "it brought extra custom to others and highlighted once again the key role that the pub plays at the heart of many communities."
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Britain's second biggest pub company said it had seen particularly strong Christmas trade and while the extreme weather kept customers away from some pubs "it brought extra custom to others and highlighted once again the key role that the pub plays at the heart of many communities."
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In the Hard to believe Category: Alain Ducasse declares London as the gastronomic capital of the world
French celebrity chef Alain Ducasse has declared London as the gastronomic capital of the world and called on Michelin to give its restaurants more stars.
The chef, who last week won Michelin’s top accolade of three stars at his eponymous restaurant at the Dorchester hotel, said the capital is the most important city in the world for restaurants ahead of New York and even Paris.
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The chef, who last week won Michelin’s top accolade of three stars at his eponymous restaurant at the Dorchester hotel, said the capital is the most important city in the world for restaurants ahead of New York and even Paris.
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MGM Mirage sues 6 in China over Web domain names
MGM Mirage on Wednesday sued six individuals in China, charging they're operating a Web site that infringes on the trademarks of its MGM Grand hotels and casinos in the United States and China.
A lawsuit filed in U.S. District Court in Las Vegas says the defendants have registered Internet Web site names that include the phrase "MGM" and that link to an online gambling Web site
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A lawsuit filed in U.S. District Court in Las Vegas says the defendants have registered Internet Web site names that include the phrase "MGM" and that link to an online gambling Web site
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First BURGER KING® Restaurant Opens in Russia
MIAMI--(BUSINESS WIRE)--Burger King Corp. (NYSE:BKC - News) today announced a new market entry with the opening of the first BURGER KING® restaurant in Moscow, Russia. This restaurant opening is part of the company’s expansion strategy in the Europe, Middle East and Africa (EMEA) operating region.
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Starbucks Taking Ready-to-Drink Coffee into Europe
[2010-01-22] Starbucks Corporation announced that it will enter the ready-to-drink (RTD) coffee category in Europe, an approximately $550 million US market. Starbucks also announced that it signed an agreement with Arla Foods for the manufacture, distribution, and marketing of Starbucks-branded premium RTD coffee beverages in Europe.
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Wednesday, January 20, 2010
Default danger for Westin hotel in Wheeling
(Crain’s) — A 412-room Westin hotel in northwest suburban Wheeling is in danger of defaulting on a $86-million loan taken out at the peak of the real estate market.
A senior loan on the three-year-old Westin Chicago North Shore recently was transferred to a so-called special servicer, signaling that the hotel’s owner is likely to miss loan payments. The Westin is just the latest on a growing list of local hotels drowning in debt as occupancies, room rates and property values have plunged over the past 18 months.
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A senior loan on the three-year-old Westin Chicago North Shore recently was transferred to a so-called special servicer, signaling that the hotel’s owner is likely to miss loan payments. The Westin is just the latest on a growing list of local hotels drowning in debt as occupancies, room rates and property values have plunged over the past 18 months.
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Starwood Cap may sell some luxury hotels
PARIS, Jan 20 (Reuters) - Investment group Starwood Capital wants to beef up its budget hotel business and could part with some of its high-end luxury hotels, including its flagship Le Crillon hotel in Paris, its CEO said in a newspaper interview.
Starwood is also interested in finding a partner to boost the growth of French crystal glass maker Baccarat and perfume house Annick Goutal, Barry Sternlicht told Les Echos.
"We are very happy with the performance of our budget hotel business. It is a very stable business. We want to grow that hotel sector."
Asked whether Starwood, which put Le Crillon hotel on the market last year but did not reach a deal with Saudi-backed JJW Hotels & Resorts, was still looking to sell its luxury hotels, he said: "We will probably sell some hotels"
On the Crillon, Sternlicht said: "If an interesting offer is made, we will look at it closely. It's not just a price issue. Let's be clear, there is currently no deal to sell Le Crillon."
Starwood was under no pressure to sell assets, having recently refinanced its debt, he however stressed.
Starwood is also interested in finding a partner to boost the growth of French crystal glass maker Baccarat and perfume house Annick Goutal, Barry Sternlicht told Les Echos.
"We are very happy with the performance of our budget hotel business. It is a very stable business. We want to grow that hotel sector."
Asked whether Starwood, which put Le Crillon hotel on the market last year but did not reach a deal with Saudi-backed JJW Hotels & Resorts, was still looking to sell its luxury hotels, he said: "We will probably sell some hotels"
On the Crillon, Sternlicht said: "If an interesting offer is made, we will look at it closely. It's not just a price issue. Let's be clear, there is currently no deal to sell Le Crillon."
Starwood was under no pressure to sell assets, having recently refinanced its debt, he however stressed.
Business as Usual for Captain D's, Despite 'For Sale' Sign
[2010-01-20] A spokesman for Captain D's Seafood Kitchen says that business is continuing as usual for the brand, which was put up for sale by parent company Sagittarius Brands last week.
Ronald Roberts, Captain D's spokesman, says that the Nashville, Tennessee–based chain of more than 500 stores is going to push on in 2010 with the momentum it had carried in from 2009.
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Ronald Roberts, Captain D's spokesman, says that the Nashville, Tennessee–based chain of more than 500 stores is going to push on in 2010 with the momentum it had carried in from 2009.
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Panera Bread reports very strong trends in comparable bakery-cafe sales and increases Q4 EPS target
HIGHLIGHTS
- Oct. 2009 Company-owned comparable bakery-cafe sales up 6.8% (calendar basis)
- Nov. 2009 Company-owned comparable bakery-cafe sales up 6.1% (calendar basis)
- Dec. 2009 Company-owned comparable bakery-cafe sales up 9.6% (calendar basis)
- Jan. 2010 to date Company-owned comparable bakery-cafe sales up 9.4%
- Q4 2009 EPS target raised to $0.94 to $0.95 (net of $0.05 of expected asset retirement expenses)
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- Oct. 2009 Company-owned comparable bakery-cafe sales up 6.8% (calendar basis)
- Nov. 2009 Company-owned comparable bakery-cafe sales up 6.1% (calendar basis)
- Dec. 2009 Company-owned comparable bakery-cafe sales up 9.6% (calendar basis)
- Jan. 2010 to date Company-owned comparable bakery-cafe sales up 9.4%
- Q4 2009 EPS target raised to $0.94 to $0.95 (net of $0.05 of expected asset retirement expenses)
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Hotel fees that must die — and how to kill them
Resort fees. Mandatory tips. Concierge surcharges.
If you’ve stayed at a hotel in the last few years, you’ve become accustomed — if not anesthetized — to these annoying extras. You expect them. You’re indifferent to them when they appear on your bill.
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If you’ve stayed at a hotel in the last few years, you’ve become accustomed — if not anesthetized — to these annoying extras. You expect them. You’re indifferent to them when they appear on your bill.
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Leadership Changes for Johnny Rockets and TGI Friday’s
Leadership Changes for Johnny Rockets and TGI Friday’s
-- Foodservice Equipment & Supplies, 1/20/2010 7:35:00 AM
Johnny Rockets appointed John Fuller as president and chief executive officer of the 23-year old international restaurant chain. Fuller, who joined the company in 2008 as chief financial officer, replaces Lee Sanders, who left Johnny Rockets to become president of franchising for T.G.I. Friday's USA and a member of the Carlson Restaurants Worldwide executive team.
Fuller's previous restaurant experience includes time with companies such as Rubio's, Del Taco and CKE Restaurants.
Sanders will assume his new position on Jan. 21 and his previous experience includes time with Buffalo Wild Wings, Dunkin Brands and General Mills
-- Foodservice Equipment & Supplies, 1/20/2010 7:35:00 AM
Johnny Rockets appointed John Fuller as president and chief executive officer of the 23-year old international restaurant chain. Fuller, who joined the company in 2008 as chief financial officer, replaces Lee Sanders, who left Johnny Rockets to become president of franchising for T.G.I. Friday's USA and a member of the Carlson Restaurants Worldwide executive team.
Fuller's previous restaurant experience includes time with companies such as Rubio's, Del Taco and CKE Restaurants.
Sanders will assume his new position on Jan. 21 and his previous experience includes time with Buffalo Wild Wings, Dunkin Brands and General Mills
Olympic ski venue up for auction
The Vancouver Winter Olympics may have become part of a high-stakes game of chicken after a trustee for lenders announced plans to auction off the indirect ownership in the financially troubled owner of the Whistler ski resort.
The trust says the auction would be set for Feb. 19, right in the middle of the games that are to be partly hosted at Whistler.
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The trust says the auction would be set for Feb. 19, right in the middle of the games that are to be partly hosted at Whistler.
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Uno Files for Bankruptcy
Slumping industry sales have taken their toll on Uno Restaurant Holdings Corp, which filed for bankruptcy on Wednesday. The Massachusetts-based company is the owner of the Uno Chicago Grill restaurant and pizzeria chain.
The filing comes after a tough year for the casual dining sector. As several companies slashed prices to draw in customers, a corresponding sales slump dampened profits. DineEquity's ( din - news - people )Applebee’s stores saw a 4.3% drop in sales last year as it competed to give consumers the best deals and meals for their money.
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The filing comes after a tough year for the casual dining sector. As several companies slashed prices to draw in customers, a corresponding sales slump dampened profits. DineEquity's ( din - news - people )Applebee’s stores saw a 4.3% drop in sales last year as it competed to give consumers the best deals and meals for their money.
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Starbucks Q1 FY10 Comparable Store Sales Grow 4 Percent EPS of $0.32 vs. $0.09 in Q1 FY09 Company Raises Outlook
SEATTLE, Jan 20, 2010 (BUSINESS WIRE) -- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its fiscal first quarter ended December 27, 2009 and updated FY10 targets.
Fiscal First Quarter 2010 Highlights:
- Consolidated net revenues increased 4% to $2.7 billion
- Comparable store sales increased 4% driven by 1% increase in traffic and a 4% increase in average ticket
- Consolidated operating margin improved 850 basis points to 13.0%; Non-GAAP operating margin expanded 620 basis points to 13.6%
- U.S. operating margin significantly improved to 17.3% from 5.8% in Q1 FY09; U.S. Non-GAAP operating margin increased to 17.7% from 8.6% in the prior-year period
- International operating margin expanded to 7.4% from 2.6% in Q1 FY09; International Non- - GAAP operating margin increased to 9.1% from 3.0% in the prior-year period
- EPS increased to $0.32 compared to $0.09 in Q1 FY09; Non-GAAP EPS was $0.33 compared to $0.15 in Q1 FY09
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Fiscal First Quarter 2010 Highlights:
- Consolidated net revenues increased 4% to $2.7 billion
- Comparable store sales increased 4% driven by 1% increase in traffic and a 4% increase in average ticket
- Consolidated operating margin improved 850 basis points to 13.0%; Non-GAAP operating margin expanded 620 basis points to 13.6%
- U.S. operating margin significantly improved to 17.3% from 5.8% in Q1 FY09; U.S. Non-GAAP operating margin increased to 17.7% from 8.6% in the prior-year period
- International operating margin expanded to 7.4% from 2.6% in Q1 FY09; International Non- - GAAP operating margin increased to 9.1% from 3.0% in the prior-year period
- EPS increased to $0.32 compared to $0.09 in Q1 FY09; Non-GAAP EPS was $0.33 compared to $0.15 in Q1 FY09
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Icahn set to win Fontainebleau Las Vegas as rivals disqualified
Carl Icahn is poised to take over the bankrupt and unfinished Fontainebleau Las Vegas casino resort after two competing bidders were ruled unqualified.
Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Brinker International Reports Second Quarter Fiscal 2010 EPS
DALLAS, Jan 20, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) announced second quarter fiscal 2010 earnings per diluted share of $0.29 compared to $0.27 for the second quarter of fiscal 2009, before special items and excluding Romano's Macaroni Grill(R) (reconciliation included in Table 2). On a GAAP basis, earnings per diluted share increased to $0.18 from a loss per diluted share of $0.21 for the second quarter in the prior year.
In the second quarter of fiscal 2009, the company completed the sale of Macaroni Grill while retaining a minority ownership interest.
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In the second quarter of fiscal 2009, the company completed the sale of Macaroni Grill while retaining a minority ownership interest.
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Pizza Inn, Amegy Bank Announce New Financing Agreement
THE COLONY, Texas, Jan. 19, 2010 (GLOBE NEWSWIRE) -- Pizza Inn (Nasdaq:PZZI - News), an international pizza chain with more than 310 restaurants in 10 countries, announced today a new financing agreement with Amegy Bank of Texas. The agreement provides Pizza Inn with improved financial flexibility to execute its long-term strategic plan to develop new Company-owned restaurants.
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Chesapeake Lodging cuts size of IPO by 40 pct
NEW YORK, Jan 19 (Reuters) - High end hotel company Chesapeake Lodging Trust Corp said on Tuesday it cut the size of its initial public offering by 40 percent after postponing the deal in December.
The New Jersey-based real estate investment trust plans to sell 7.5 million shares for $20 a share, raising about $150 million. It had originally planned to sell 12.5 million shares but postponed the offering due to difficult market conditions.
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The New Jersey-based real estate investment trust plans to sell 7.5 million shares for $20 a share, raising about $150 million. It had originally planned to sell 12.5 million shares but postponed the offering due to difficult market conditions.
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Accor 2009 Revenue Down 7.9% Like-for-Like
Hotels revenue declined by 10.1% over the year and 8.3% in the fourth quarter, which
showed a slight improvement compared with previous quarters, mainly due to the
first signs of stabilization in occupancy rates in December in Europe
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showed a slight improvement compared with previous quarters, mainly due to the
first signs of stabilization in occupancy rates in December in Europe
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‘Tranche Warfare’ Erupts as Property Owners Slide Into Default
Jan. 20 (Bloomberg) -- When Lightstone Group bought Extended Stay Hotels Inc. in June 2007, it relied on more than $7 billion in debt financing to complete the $8 billion deal just weeks before the leveraged-buyout market imploded.
Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
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Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
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Tuesday, January 19, 2010
Premier Inn opens at Dubai airport
Premier Inn has now opened its third site within the Gulf region at Premier Inn Dubai International Airport.
This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
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This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
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Sbarro already a hit in Japan
Sbarro, the world's leading quick-service Italian restaurant concept, announced in a statement its aggressive expansion into the Japanese market, which will include the opening of 1,250 units.
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Viceroy Hotel Group Selected as Operator of “L’Ermitage Beverly Hills” Hotel
Viceroy Hotel Group announced today that it has been selected as operator of the renowned Los Angeles luxury hotel, L’Ermitage Beverly Hills. The announcement was made by Viceroy Hotel Group (VHG) Founder & CEO, Brad Korzen.
The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
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The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
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McDonald's Up; Burger King Down
McDonald's was lifted to outperform from neutral by Credit Suisse analyst Keith Siegner, citing potential earnings drivers like its international business.
"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
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"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
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Orient-Express Hotels raises $138 million in gross proceeds from offering of 12 million shares
NEW YORK (AP) — Orient-Express Hotels Ltd. said Tuesday that it raised gross proceeds of $138 million from a public offering of 12 million shares of its Class A stock.
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
London Japanese-Style Capsule Pod Hotel Wins Go-Ahead
A Japanese-style 'pod' hotel to be built in London has won the go-ahead from the local council.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Many fed-up time share owners are stuck trying to sell
For Stacey Udell, a Craigslist ad enticing her to own a piece of property in the Bahamas for $3,000 was too good to pass up.
The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
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The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
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Monday, January 18, 2010
Marriott, Hilton & other big chains give away internet service this year - but only to a special few
Pssst...Did you know that Marriott, Hilton, Sheraton and other full-service chain hotels that normally charge guests to log on may actually give you free internet access this year/
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Caesars Palace plays hardball with dealers, asserts right to tips
Two years after casino dealers at Caesars Palace voted for union representation, they still don’t have a labor contract and relations with management have gone from bad to worse.
Caesars Palace executives have cemented their authority as the side holding most of the cards, proposing a list of new workplace rules and, in a shot heard throughout the Nevada gaming industry, asserting a right to dip into dealers’ tips
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Caesars Palace executives have cemented their authority as the side holding most of the cards, proposing a list of new workplace rules and, in a shot heard throughout the Nevada gaming industry, asserting a right to dip into dealers’ tips
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Sunday, January 17, 2010
More Hawaii hotel service-charge lawsuits filed
Five Oahu hotels are now being sued over accusations they failed to pass on food and beverage service charges to employees who worked at events.
The suits potentially involve hundreds of hotel workers and potentially thousands of customers who paid for events like wedding receptions and banquets.
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The suits potentially involve hundreds of hotel workers and potentially thousands of customers who paid for events like wedding receptions and banquets.
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Four Seasons Resort in Irving Texas is posted for foreclosure
One of the Dallas area's most exclusive hotel properties is facing a possible foreclosure.
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
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Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
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Mayflower Looks to Restructure Debt
The Renaissance Mayflower, an 85-year-old institution in Washington, is seeking some relief on its $200 million securitized mortgage.
The restructuring effort by owner Rockwood Capital LLC is a sign that real-estate investments are running into problems even in relatively healthy markets. Hotels in the nation's capital are doing better than their peers in many other cities. But the Mayflower isn't doing well enough to make up for the top-of-the-market price and debt that Rockwood put on the property
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The restructuring effort by owner Rockwood Capital LLC is a sign that real-estate investments are running into problems even in relatively healthy markets. Hotels in the nation's capital are doing better than their peers in many other cities. But the Mayflower isn't doing well enough to make up for the top-of-the-market price and debt that Rockwood put on the property
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Hotel Operator Buys Time
Starwood Capital Group has withdrawn its demand to end Extended Stay Inc.'s exclusive control over its bankruptcy case and indicated that it is now negotiating with the hotel operator.
In papers filed with the U.S. Bankruptcy Court in Manhattan, Starwood said it would no longer protest Extended Stay's request for an extension through May 3 to file its bankruptcy-exit plan.
Starwood revised its position after Extended Stay showed it would be more receptive to the investment firm's proposals for the company.
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In papers filed with the U.S. Bankruptcy Court in Manhattan, Starwood said it would no longer protest Extended Stay's request for an extension through May 3 to file its bankruptcy-exit plan.
Starwood revised its position after Extended Stay showed it would be more receptive to the investment firm's proposals for the company.
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Saturday, January 16, 2010
Bahamas Hotel rate cuts have been 'lowest in Caribbean'
The Bahamas was unable to cut hotel room rates as deeply as other Caribbean destinations in response to the recession because to have done so would have left the industry mired in "deeper unprofitability" due to high operating costs, the minister of tourism and aviation said yesterday.
Vincent Vanderpool-Wallace told the Bahamas Business Outlook Conference that this nation had to accept it would be unable to convert any cruise ship passengers to stopover visitors simply because land-based stays in this nation were out of their price range.
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Vincent Vanderpool-Wallace told the Bahamas Business Outlook Conference that this nation had to accept it would be unable to convert any cruise ship passengers to stopover visitors simply because land-based stays in this nation were out of their price range.
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UK Hotel Values Off 34% From Peak
The full impact of the recession continued to hamper transactional activity and reduce average property values across the hotel, pub, restaurant, leisure, care and retail sectors during 2009, according to Christie + Co's Business Outlook 2010 publication.
The report shows that values in the hotel sector reduced by 19.5% during 2009, whilst the pub and restaurant sectors witnessed declines of 20.1% and 18.1% respectively. The care sector reported a fall in values of 11%, whilst the retail sector experienced a reduction of 9.8% in average values
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The report shows that values in the hotel sector reduced by 19.5% during 2009, whilst the pub and restaurant sectors witnessed declines of 20.1% and 18.1% respectively. The care sector reported a fall in values of 11%, whilst the retail sector experienced a reduction of 9.8% in average values
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Outsider is favourite as Whitbread seeks new chief
Whitbread has appointed headhunters to help find a successor for Alan Parker, who is expected to announce in the summer that he is retiring as chief executive of the leisure group, The Times has learnt.
Mr Parker, 63, was expected to complete a five-year stint when he was promoted to the top job from head of hotels in 2004. However, his success in turning around Whitbread’s fortunes, allied to his enthusiasm for the job, have allowed him to stay past his scheduled departure date.
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Mr Parker, 63, was expected to complete a five-year stint when he was promoted to the top job from head of hotels in 2004. However, his success in turning around Whitbread’s fortunes, allied to his enthusiasm for the job, have allowed him to stay past his scheduled departure date.
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Harrah's to manage Planet Hollywood in Las Vegas
LAS VEGAS (AP) -- Harrah's Entertainment is taking over management of hotel operations at the Planet Hollywood casino-resort in Las Vegas as it negotiates with lenders to buy the property.
The privately held casino operator said Friday that it would start managing the hotel at midnight on Saturday.
Planet Hollywood has 2,500 rooms and manages another 1,200 units, including vacation homes and regular hotel rooms, in an expansion tower that opened this month.
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The privately held casino operator said Friday that it would start managing the hotel at midnight on Saturday.
Planet Hollywood has 2,500 rooms and manages another 1,200 units, including vacation homes and regular hotel rooms, in an expansion tower that opened this month.
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Marriott International sues JBG Cos. over convention center hotel
Marriott Hotel Services Inc., a subsidiary of Bethesda-based Marriott International Inc., on Thursday sued The JBG Cos. and others in D.C. Superior Court over the proposed convention center hotel in D.C.
The hotel chain (NYSE: MAR) claims Chevy Chase-based JBG, along with one of its subsidiaries and co-investor, has interfered with Marriott’s deal to develop and operate a publicly financed convention center hotel in downtown D.C.
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The hotel chain (NYSE: MAR) claims Chevy Chase-based JBG, along with one of its subsidiaries and co-investor, has interfered with Marriott’s deal to develop and operate a publicly financed convention center hotel in downtown D.C.
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Gordon Ramsay at Claridge’s heads the list of lost Michelin stars
Gordon Ramsay Holdings (GRH) has lost its Michelin star at its eponymous restaurant at London’s Claridge’s hotel.
The restaurant is the most high profile of 15 establishments to have lost their stars in this year’s Michelin guide to Great Britain and Ireland.
Gordon Ramsay at Claridge’s first gained its Michelin star in 2002 under the leadership of former head chef Mark Sargeant, who left his position at the restaurant at the beginning of last year. He consequently left GRH last November.
A spokeswoman for GRH said the group was “very disappointed” to have lost the Michelin star but added that it plans to work “harder than ever to try to earn it back” next year.
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The restaurant is the most high profile of 15 establishments to have lost their stars in this year’s Michelin guide to Great Britain and Ireland.
Gordon Ramsay at Claridge’s first gained its Michelin star in 2002 under the leadership of former head chef Mark Sargeant, who left his position at the restaurant at the beginning of last year. He consequently left GRH last November.
A spokeswoman for GRH said the group was “very disappointed” to have lost the Michelin star but added that it plans to work “harder than ever to try to earn it back” next year.
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MGM Mirage, bar owners tangle over Mandalay lease dispute
MGM Mirage and a group tied to the troubled Privé nightclub are again set to wrangle in a landlord-tenant dispute, this time centering on the shuttered Bambu Bar at the pool at Mandalay Bay.
On Thursday, Vegas South Partners, which is backed by veteran nightclub operators Roman Jones and Mitchell Rubinson, filed a suit against Mandalay over the 2,400-square-foot outdoor pool bar’s lease, which Mandalay terminated in December.
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On Thursday, Vegas South Partners, which is backed by veteran nightclub operators Roman Jones and Mitchell Rubinson, filed a suit against Mandalay over the 2,400-square-foot outdoor pool bar’s lease, which Mandalay terminated in December.
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Domino's Pizza U.K. Continues to Defy the Recession
Domino's Pizza, the UK's biggest pizza delivery company, remains recession-proof as the company announces surging sales despite the continuing sluggish economy.
The Britain's Got Talent sponsor reported impressive growth with a like-for-like sales lift of 8.6% at its 501 mature stores in the three-month period ending 27 December 2009. As a result, like-for-like sales growth for the full year was 8.4%.
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The Britain's Got Talent sponsor reported impressive growth with a like-for-like sales lift of 8.6% at its 501 mature stores in the three-month period ending 27 December 2009. As a result, like-for-like sales growth for the full year was 8.4%.
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Fla. firm buys 91 Pizza Hut locations
A local firm quietly bought all 91 Orlando-area Pizza Hut restaurants for $35 million from Pizza Hut parent company Yum! Brands Inc. on Dec. 7 — and now plans to serve up a big slice of business to Central Florida vendors.
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Friday, January 15, 2010
UPDATE: Starwood makes new allegations against Hilton in corporate spying case
Hilton CEO Christopher Nassetta sends a message to "team members" about Starwood's new claims. (See below.)
As the hotel industry continues to struggle in a weak market, Starwood Hotels has upped the ante in its fight against rival hotel giant Hilton Worldwide with yesterday's filing of a new, 86-page court filing against Hilton in the U.S. Southern District of New York.
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As the hotel industry continues to struggle in a weak market, Starwood Hotels has upped the ante in its fight against rival hotel giant Hilton Worldwide with yesterday's filing of a new, 86-page court filing against Hilton in the U.S. Southern District of New York.
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Luxury Hotels Aim to Turn Downtown L.A. Into Times Square West
Jan. 15 (Bloomberg) -- Luxury hotel owners are betting that downtown Los Angeles -- an area dominated by government buildings, law offices and banks -- will lure convention visitors and tourists from the city’s ritzy enclaves.
Marriott International Inc. will open a Ritz-Carlton, downtown L.A.’s first five-star hotel, and a JW Marriott in the next two months as part of Anschutz Entertainment Group’s 4 million-square-foot L.A. Live entertainment complex. Luxe Worldwide Hotels is spending $10 million to revamp the downtown Holiday Inn into one of its boutique-style hotels.
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Marriott International Inc. will open a Ritz-Carlton, downtown L.A.’s first five-star hotel, and a JW Marriott in the next two months as part of Anschutz Entertainment Group’s 4 million-square-foot L.A. Live entertainment complex. Luxe Worldwide Hotels is spending $10 million to revamp the downtown Holiday Inn into one of its boutique-style hotels.
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STR reports Canada hotel pipeline for December 2009
HENDERSONVILLE, Tennessee—The Canadian hotel development pipeline includes 214 projects comprising 23,384 rooms, according to the December 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 0.9-percent decrease in the number of rooms in the pipeline compared to November 2009 and a 10.8-percent decrease in the number of rooms in the pipeline compared to December 2008.
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STR reports US hotel pipeline for December 2009
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 3,829 projects comprising 401,090 rooms, according to the December 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 34.6-percent decrease in the number of rooms in the total active pipeline compared to December 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
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Red Lion names interim president, CEO
Red Lion Hotels Corp. on Thursday announced that President and CEO Anupam Narayan has left the company.
The company did not give any details, saying only that his employment ended on Jan. 13.
In the meantime, Jon Eliassen, the lead independent director on the company’s board, has been appointed interim president and CEO
The company did not give any details, saying only that his employment ended on Jan. 13.
In the meantime, Jon Eliassen, the lead independent director on the company’s board, has been appointed interim president and CEO
Starwood files fresh allegations against Hilton
Reuters) - Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT - News) has claimed that at least five members of rival Hilton Hotels executive committee knew of the alleged theft of trade secrets last year, court papers filed on Thursday showed.
Starwood sued Hilton and two of its top executives for corporate espionage last April, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the "lifestyle" market.
Hilton said at the time that the lawsuit was without merit.
The amended complaint claims that Hilton's Chief Executive Christopher Nassetta and its head of global development, Steven Goldman, also knew of the theft of Starwood's confidential information.
Starwood has now asked the court to appoint one or more "monitors" to ensure Hilton's compliance with all injunctions and the imposition of a "penalty box" or "time out" period for any further development of Hilton's luxury and lifestyle brands.
Hilton could not be immediately reached for comment outside regular U.S. business hours.
Starwood sued Hilton and two of its top executives for corporate espionage last April, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the "lifestyle" market.
Hilton said at the time that the lawsuit was without merit.
The amended complaint claims that Hilton's Chief Executive Christopher Nassetta and its head of global development, Steven Goldman, also knew of the theft of Starwood's confidential information.
Starwood has now asked the court to appoint one or more "monitors" to ensure Hilton's compliance with all injunctions and the imposition of a "penalty box" or "time out" period for any further development of Hilton's luxury and lifestyle brands.
Hilton could not be immediately reached for comment outside regular U.S. business hours.
MGM Said to Forge Ahead With Macau I.P.O.
MGM Mirage, the casino company whose counts Kirk Kerkorian as its largest shareholder, is following in the footsteps of rivals Wynn Resorts and Las Vegas Sands as it pushes ahead with plans to list its Macau operations on the Hong Kong stock exchange, according to press reports.
MGM Grand Macao, the joint venture between MGM Mirage and its Macao partner, Pansy Ho,have begun vetting banks to work on the I.P.O., The South China Morning Post reported.
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MGM Grand Macao, the joint venture between MGM Mirage and its Macao partner, Pansy Ho,have begun vetting banks to work on the I.P.O., The South China Morning Post reported.
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Thursday, January 14, 2010
Ark Restaurants Announces Financial Results for the Fourth Quarter
NEW YORK, New York -- December 31, 2009 -- Ark Restaurants Corp. today reported financial results for the fourth quarter and full year ended October 3, 2009.
As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.
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As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.
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AMERISTAR CASINOS REPORTS THIRD QUARTER 2009 RESULTS
Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
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Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
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The Donald goes Hawaiian with Waikiki hotel
HONOLULU -- When you hear the name Donald Trump, you think New York. Maybe Atlantic City.
But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
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But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
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Fairmont to open seven new hotels this year
Hospitality chain Fairmont Hotels and Resorts has revealed its development pipeline for 2010, with seven new hotels being added to its global portfolio of 59 properties.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
Extended Stay in Restructuring Talks With Centerbridge, Paulson
Jan. 14 (Bloomberg) -- Extended Stay Hotels Inc., the bankrupt hotelier with $7.6 billion of debt, has been in talks with investment firms Centerbridge Partners LP and Paulson & Co. on a $400 million infusion of cash for restructuring.
A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
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A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
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Magnuson Hotels Expands Into UK, Bahamas, Puerto Rico
Magnuson Hotels, the world's largest independent hotel group, announced today the expansion of its low-cost global reservation services to the United Kingdom, the Bahamas and Puerto Rico.
Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
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Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
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First Wyndham Brand Hotel in the Netherlands Opens in Amsterdam
PARSIPPANY, N.J. 01-14-2010 —Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, today announced that the Apollo Hotel Amsterdam, an iconic, 223-room hotel with a 50-year history of serving visitors, has joined the upscale Wyndham Hotels and Resorts® brand as its first hotel in the Netherlands.
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Hersha Hospitality Trust Begins Public Offering Of 35 Mln Shares Of Beneficial Interest
(RTTNews) - Monday, Hersha Hospitality Trust (HT: News ) commenced a public offering of 35 million common shares of beneficial interest, par value $0.01 per share. Hersha intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 4.73 million common shares to cover over-allotments, if any.
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Crestline Hotels & Resorts Announces Internal Promotions and the Addition of Three Executives as the Company Implements its 2010 Operations Strategies
FAIRFAX, VA January 12, 2010 James Carroll, Chief Operating Officer of Crestline Hotels & Resorts today announced the promotion of two operational executives along with the addition of three regional management positions. Two of the companys Regional Vice Presidents of Operations, Bruce Nelker and Shaun Kirby, have been promoted to Senior Vice Presidents of Operations and will have enhanced leadership responsibilities within the operations team of Crestline Hotels & Resorts
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Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the Third Fiscal Quarter 2010
MIAMI, Jan 13, 2010 (BUSINESS WIRE) -- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation's largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales and comparable restaurant sales for the twelve-week third fiscal quarter ended January 3, 2010.
Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
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Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
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Wyndham rises on upgrade, industry outlook
NEW YORK (MarketWatch) - Shares of Wyndham Worldwide were on the rise Wednesday, gaining more than 8% after a Deutsche Bank analyst upgraded the hotel and resort operator to a buy, citing the potential for an economic recovery and its relatively low current valuation.
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Carlson Hotels To Acquire Majority Stake in Key Indian Partner
MUMBAI, India (Jan. 13, 2010) - Carlson Hotels Worldwide, one of the world’s leading hotel companies, today announced that it has signed an agreement to increase its stake in RHW Hotel Management Services Ltd (RHW) from 13% to 87%. RHW is the hotel management and consultancy services company which has successfully managed Carlson-branded hotels in India since 1998. Carlson is acquiring the shares from Umak Investment Company Private Limited. The remaining 13% is held by private investors. The transaction is subject to government approval.
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Benihana CFO resigns, sales up
Benihana announced the immediate resignation of CFO and VP of finance Jose Ortega on Wednesday, shortly after reporting an increase in sales.
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
California Pizza Kitchen Cuts 4Q EPS View, Revenue Tops Estimates
California Pizza Kitchen, Inc. (CPKI: 13.9, 0, 0%) gave preliminary fourth-quarter 2009 results slightly ahead of analyst expectations, but the company cut its forecast for earnings per share.
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
Wednesday, January 13, 2010
Nation's Fast Food Patrons No Longer Trusted To Dispense Own Ketchup
WASHINGTON—In an effort to cut condiment expenses and address the gluttony, waste, and utter lack of self-restraint exhibited by Americans, officials from the fast food industry announced Monday a new policy prohibiting all customers from dispensing their own ketchup.
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Tuesday, January 12, 2010
Sheraton Cable Beach hotel in 10% revenue rise
SAN JUAN, Puerto Rico - Starwood yesterday said its Sheraton Nassau Beach Resort at Cable Beach had seen a 10 per cent revenue increase in 2009, and confirmed to Tribune Business its brands were still committed to the delayed $2.6 billion Baha Mar project.
Andrew Neubauer, director of sales and marketing for the Sheraton Nassau Beach Resort, said that despite the delay in the project, four Starwood brands will be present when the Baha Mar vision is realised.
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Andrew Neubauer, director of sales and marketing for the Sheraton Nassau Beach Resort, said that despite the delay in the project, four Starwood brands will be present when the Baha Mar vision is realised.
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Older women and younger men? Not on Carnival Cruise Lines
Apparently cougars put on more of a party than the Fun Ships can handle.
Carnival Cruise Lines has turned away a singles group that promotes cruises and other social events for cougars and cubs -- older women and younger men who, um, court each other.
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Carnival Cruise Lines has turned away a singles group that promotes cruises and other social events for cougars and cubs -- older women and younger men who, um, court each other.
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NYC proposes national salt reduction plan for restaurants
The New York City Health Department has announced that it is coordinating a nationwide effort to aid heart attack and stroke prevention by reducing the amount of salt in packaged and restaurant foods.
The National Salt Reduction Initiative, a coalition of cities, states and health organizations working to help food manufacturers and restaurants voluntarily reduce the amount of salt in their products, plans to reduce Americans’ salt intake by 20 percent over five years. The initiative is targeting packaged and restaurant foods because nearly 80 percent of sodium in Americans' diets is added to foods before they are sold.
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The National Salt Reduction Initiative, a coalition of cities, states and health organizations working to help food manufacturers and restaurants voluntarily reduce the amount of salt in their products, plans to reduce Americans’ salt intake by 20 percent over five years. The initiative is targeting packaged and restaurant foods because nearly 80 percent of sodium in Americans' diets is added to foods before they are sold.
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Cheesecake Factory: revenue steady in 4th quarter
CALABASAS HILLS, Calif. (AP) -- The Cheesecake Factory Inc. said Tuesday that its preliminary fourth-quarter revenue held steady while sales in established locations dipped slightly.
The restaurant chain said sales for the period that ended Dec. 29 were $401 million compared with $400 million during the same quarter in 2008.
Meanwhile, sales in locations open at least a year dipped about 1 percent, with sales down 0.7 percent at the company's namesake locations and down 3.9 percent at Grand Lux Cafes.
Sales in restaurants open at least a year are an important retail industry measure that tracks sales in established stores, rather than newly opened ones.
They declined 2.8 percent in the preceding third quarter, and Cheesecake Factory said the sequential improvement was "driven almost entirely by guest traffic."
The restaurant chain said sales for the period that ended Dec. 29 were $401 million compared with $400 million during the same quarter in 2008.
Meanwhile, sales in locations open at least a year dipped about 1 percent, with sales down 0.7 percent at the company's namesake locations and down 3.9 percent at Grand Lux Cafes.
Sales in restaurants open at least a year are an important retail industry measure that tracks sales in established stores, rather than newly opened ones.
They declined 2.8 percent in the preceding third quarter, and Cheesecake Factory said the sequential improvement was "driven almost entirely by guest traffic."
rwood Announces First of Three Luxury Collection Hotels to Debut in Peru
NEW YORK--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT - News) in a franchise agreement with Libertador Hotels, Resorts & Spas, today announced the opening of Hotel Paracas, a Luxury Collection Resort, marking the debut of the first of three Luxury Collection hotels opening in Peru over the next two years.
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Ex-Hilton CFO La Forgia Launches Hotel Asset Management Group
HENDERSON, NEVADA — A group of hotel and casino industry executives led by company founder and principal Robert M. La Forgia announce the launch of Apertor Hospitality LLC, an asset management and advisory firm serving the hospitality and gaming industries with a team of industry professionals based throughout the United States.
Highly relevant to today's rapidly evolving economy, Apertor offers a full complement of advisory services tailored to existing owners, investors and lenders with exposure to financially struggling hotels and casinos, as well as to new entrants looking to take advantage of current market conditions. Comprised of proven industry veterans and leaders, the dedicated team offers customized strategies designed to enhance and optimize asset value and investment returns for their clients.
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Highly relevant to today's rapidly evolving economy, Apertor offers a full complement of advisory services tailored to existing owners, investors and lenders with exposure to financially struggling hotels and casinos, as well as to new entrants looking to take advantage of current market conditions. Comprised of proven industry veterans and leaders, the dedicated team offers customized strategies designed to enhance and optimize asset value and investment returns for their clients.
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For sail: 200 homes on a cruise ship
About half of the cabins on the $1.1-billion Utopia, set to launch in 2013, will be offered as permanent residences ranging from about $3.7 million to $26 million
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McDonald’s Names New President and COO
PRESS RELEASE - (Oak Brook, Illinois) - - Jim Skinner, Chief Executive Officer of McDonald’s Corporation, today announced that Don Thompson, currently President of McDonald USA, has been elected to the role of President and Chief Operating Officer, with oversight responsibility for the company’s 32,000 restaurants worldwide
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Monday, January 11, 2010
Deadline for Las Vegas Fontainebleau bids set for Friday
Bids are due Friday from companies and individuals wanting to buy the bankrupt Fontainebleau casino-resort development project on the Las Vegas Strip.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Cable Beach Bahamas Hotels open only because of Owner funding
Baha Mar's two existing Cable Beach resorts are only still open because their owner's family has used their own money to cover "significant multi-million dollar losses", particularly over the last two years, something that has made the Izmirlians the "largest private investor in the history of the Bahamas".
Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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Sunday, January 10, 2010
Franchises sue KFC over shift to grilled chicken
At Kentucky Fried Chicken, the name once said it all. But the world's most popular chicken chain is betting heavily that its grilled chicken -- which racked up nearly $1 billion in sales in its first year -- is the Next Big Thing. That has angered a coalition of franchise owners, who run most of the restaurants and believe the focus should remain fried.
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Travelodge unveils plan for 26 new hotels
Travelodge, the budget hotel chain, pledged yesterday to create more than 500 jobs in Britain this year with the opening of 26 new hotels.
The group, owned by Dubai International Capital, said that the opening programme, to cost £115 million, would add more than 2,000 rooms to its estate.
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The group, owned by Dubai International Capital, said that the opening programme, to cost £115 million, would add more than 2,000 rooms to its estate.
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California Hotel Foreclosures Quadrupled in 2009 on Travel Drop
Jan. 7 (Bloomberg) -- Hotel foreclosures in California more than quadrupled last year as business travelers and vacationers cut spending and commercial real estate values plunged, forcing owners into default, according to a survey released today.
There were 62 foreclosures on hotels in the state last year, compared with 15 in 2008, Irvine, California-based Atlas Hospitality Group said in a statement. Properties in default jumped almost six-fold to 307, said Atlas, which specializes in selling hotels. The survey only covered California.
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There were 62 foreclosures on hotels in the state last year, compared with 15 in 2008, Irvine, California-based Atlas Hospitality Group said in a statement. Properties in default jumped almost six-fold to 307, said Atlas, which specializes in selling hotels. The survey only covered California.
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Friday, January 8, 2010
New Cici's CEO revamps corporate structure
Michael R. Shumsky, recently appointed CEO of CiCi's Pizza, announced in a statement a restructuring plan to better position the company for growth and success in 2010 and beyond. The restructuring has resulted in new organizational realignments to better support CiCi's franchisees, provide an industry leading experience for its guests and own the value position in the pizza segment.
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Marriott: 4Q better than expected in North America
BETHESDA, Md. Marriott International Inc. said Thursday it expects its fourth-quarter revenue per available room in North America to be slightly better than it forecast.
Marriott said the figure, a key measure of a hotelier's fiscal health, fell 13 percent to 14 percent, while the company said in early December that it would fall 13 percent to 16 percent decline.
Marriott said the decline in other regions would be in line with its earlier estimate of 14 percent to 16 percent on a constant dollar basis.
Marriott is scheduled to report its fourth-quarter results on Feb. 11. The hotel company is based in Bethesda, Md.
Its shares fell 11 cents to $27.87 in after-hours trading Thursday after closing up 11 cents at $27.98 during regular trading.
Marriott said the figure, a key measure of a hotelier's fiscal health, fell 13 percent to 14 percent, while the company said in early December that it would fall 13 percent to 16 percent decline.
Marriott said the decline in other regions would be in line with its earlier estimate of 14 percent to 16 percent on a constant dollar basis.
Marriott is scheduled to report its fourth-quarter results on Feb. 11. The hotel company is based in Bethesda, Md.
Its shares fell 11 cents to $27.87 in after-hours trading Thursday after closing up 11 cents at $27.98 during regular trading.
Haiti experiences a hotel boom
A decade after Haiti's only U.S. hotel franchise removed its marquee from a downtown Port-au-Prince building, the Caribbean nation is preparing to welcome its first international hotel brand.
Choice Hotels International, owners of Comfort Inn, is franchising its brand to two hotels in touristy Jacmel, a quaint seaside town in southeast Haiti known for its spell-binding carnival and viewed as Haiti's arts capital.
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Choice Hotels International, owners of Comfort Inn, is franchising its brand to two hotels in touristy Jacmel, a quaint seaside town in southeast Haiti known for its spell-binding carnival and viewed as Haiti's arts capital.
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Wednesday, January 6, 2010
The Mansion facing threat of foreclosure
One of Buckhead’s most prominent new developments — the Mansion on Peachtree — could be heading back to the lender.
Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5
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Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5
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Gordon Ramsay's Recipe For Redemption
On a gray morning in October, Gordon Ramsay bursts into the kitchen of his south London house, pop music blaring from the radio. At the heart of the room stands a 67,000-pound ($109,000) French cooking range that weighs 2.5 tons and had to be lowered by crane into the celebrity chef’s home.
Ramsay, who is 6 feet 2 inches (1.88 meters) tall and weighs 215 pounds (98 kilograms), is wearing jeans, a tight black T-shirt that accentuates his muscles and a Bell & Ross watch -- a Swiss brand marketed to soldiers, bomb-disposal experts and other “men facing extreme situations.”
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Ramsay, who is 6 feet 2 inches (1.88 meters) tall and weighs 215 pounds (98 kilograms), is wearing jeans, a tight black T-shirt that accentuates his muscles and a Bell & Ross watch -- a Swiss brand marketed to soldiers, bomb-disposal experts and other “men facing extreme situations.”
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Damage Is Done: Lower Room Rates Hurt Hotel
A dismal economy and the plummeting cost of an average room made 2009 a year the hotel industry would just as soon forget.
“I’ve been in the San Diego hotel business for 36 years and have never seen anything worse than this — not even after 9/11, because that recession didn’t last as long,” said Jack Giacomini, vice president, managing director and partner at the Hotel Crowne Plaza Hanalei in Mission Valley
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“I’ve been in the San Diego hotel business for 36 years and have never seen anything worse than this — not even after 9/11, because that recession didn’t last as long,” said Jack Giacomini, vice president, managing director and partner at the Hotel Crowne Plaza Hanalei in Mission Valley
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Harrah’s uses resort fees to take swing at competitors
Struggling under a mammoth debt burden in penny-pinching times, Strip casino giant Harrah's Entertainment is taking the offensive with a press release informing consumers that none of the company's Las Vegas hotels charge so-called mandatory resort fees.
The release also takes a broad swipe at the competition, including the many Las Vegas hotels that charge such fees.
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The release also takes a broad swipe at the competition, including the many Las Vegas hotels that charge such fees.
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Flanigan's reports higher profits
Miami Herald Staff Report
Fort Lauderdale-based Flanigan's Enterprises, which owns and operates Flanigan's Seafood Bar and Grill restaurants and Big Daddy's liquor stores, reported increased earnings for the 14 weeks ended Oct. 3, in comparison to 13 weeks ended Sept. 27, 2008.
Net income rose to $222,000, or 12 cents per share, compared to $66,000, or 3 cents per share, in the 2008 period.
Revenue grew 6.4 percent to $16.6 million.
Fort Lauderdale-based Flanigan's Enterprises, which owns and operates Flanigan's Seafood Bar and Grill restaurants and Big Daddy's liquor stores, reported increased earnings for the 14 weeks ended Oct. 3, in comparison to 13 weeks ended Sept. 27, 2008.
Net income rose to $222,000, or 12 cents per share, compared to $66,000, or 3 cents per share, in the 2008 period.
Revenue grew 6.4 percent to $16.6 million.
Ruth’s Hospitality: Sales decline stabilized
HEATHROW, Fla. (Jan. 5, 2009) Ruth’s Hospitality Group Inc. gave investors a glimmer of stabilization late Monday as its fourth-quarter preliminary report indicated a slowing in its same-store sales slide.
The parent of Ruth’s Chris Steak House said same-store sales at corporate units of the signature brand for the Dec. 27-ended quarter fell 11.2 percent, compared with an 18.7 percent decline in the same quarter of 2008. At market close Tuesday, Ruth’s shares were up a penny from the day earlier, or 0.41 percent, to $2.43. A day earlier the stock had spiked after an analyst said business spending may be increasing and help boost fine-dining sales.
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The parent of Ruth’s Chris Steak House said same-store sales at corporate units of the signature brand for the Dec. 27-ended quarter fell 11.2 percent, compared with an 18.7 percent decline in the same quarter of 2008. At market close Tuesday, Ruth’s shares were up a penny from the day earlier, or 0.41 percent, to $2.43. A day earlier the stock had spiked after an analyst said business spending may be increasing and help boost fine-dining sales.
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World’s Tallest Hotel Gives Dubai Its Second Record in a Week
Jan. 6 (Bloomberg) -- The world’s tallest hotel opened in Dubai today, continuing a record-setting week for the emirate that started with the inauguration of highest skyscraper.
Rose Rayhaan, a 72-story building with 482 rooms and suites, rises less than a mile from Burj Khalifa, the 200-floor tower that opened Jan. 4 with firework, light and water displays. The alcohol-free hotel will be operated by Rotana, an Abu Dhabi-based hotel management company that announced the opening in an e-mailed statement today.
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Rose Rayhaan, a 72-story building with 482 rooms and suites, rises less than a mile from Burj Khalifa, the 200-floor tower that opened Jan. 4 with firework, light and water displays. The alcohol-free hotel will be operated by Rotana, an Abu Dhabi-based hotel management company that announced the opening in an e-mailed statement today.
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Vail Plaza Hotel developer loses project in bankruptcy court
VAIL, Colo. — After 15 years, numerous lawsuits, construction delays and a worldwide financial crisis, Waldir Prado ultimately couldn't hang on to the Vail Plaza Hotel.
A federal bankruptcy court in Denver Monday awarded the hotel to a Mexican investment company. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
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A federal bankruptcy court in Denver Monday awarded the hotel to a Mexican investment company. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
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MGM to launch non-gaming hotel brands in India.
MGM Mirage, Las Vegas Strip’s largest casino owner, is planning to enter India with non-gaming brands, Bellagio and MGM Grand.
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Blackstone steps into Highland Hospitality-source
NEW YORK, Jan 5 (Reuters) - Private equity firm Blackstone Group (BX.N) is aiming to control the restructuring of hotel owner Highland Hospitality Corp, a source familiar with the matter said on Tuesday, confirming a report in the Wall Street Journal.
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Ahead of the Bell: Sonic shares slide
NEW YORK (AP) -- Shares of Sonic Corp. dropped in premarket trading Wednesday after its first-quarter performance and disappointing 2010 profit outlook gave few clues as to how the drive-in restaurant operator can improve sales in an increasingly competitive environment.
Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Sonic Reports First Quarter 2010 Results
OKLAHOMA CITY, Jan 05, 2010 (BUSINESS WIRE) -- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced results for the first fiscal quarter ended November 30, 2009. Key elements of the company's first quarter report included:
•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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CKE Restaurants(R), Inc. Reports Period Twelve Same-Store Sales
"Blended same-store sales decreased 6.5% for period 12 of our 13 period fiscal 2010. We believe the ongoing weakness in the overall economy coupled with poor weather conditions negatively impacted both brands' sales results during period 12," said Andrew F. Puzder, chief executive officer. "In this environment, we will continue to focus on profitability, the excellent value-for-the-money of our premium products and new initiatives to improve same-store sales and increase market share.
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Bahamas project lender cost buyers 'millions of dollars'
A real estate purchaser at the $4.9 billion Ginn sur mer project in Grand Bahama's West End has alleged she lost $1 million as a result of "predatory lending practices" employed by the project's main financial backer, which are now the subject of a $24 billion US-based class action lawsuit.
L. J. Gibson, one of the lead plaintiffs in the lawsuit filed against Credit Suisse in the US district court in Idaho, alleged she and other members of the 'class action', who had purchased 195 lots at Ginn sur mer, had suffered a major financial loss as a result of the Swiss bank's purported lending policies, which had resulted in it taking over the project.
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L. J. Gibson, one of the lead plaintiffs in the lawsuit filed against Credit Suisse in the US district court in Idaho, alleged she and other members of the 'class action', who had purchased 195 lots at Ginn sur mer, had suffered a major financial loss as a result of the Swiss bank's purported lending policies, which had resulted in it taking over the project.
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Bank obtains $525m Ginn foreclose order
A US court has approved Credit Suisse's $525 million foreclosure on a $4.9 billion Bahamas-based mixed-use resort project, Tribune Business can reveal, a key step in the plan that will see Ginn enter into a joint venture with the Swiss bank to develop the property.
Documents from the New York State Supreme Court, which have been obtained by this newspaper, reveal that Justice Barbara Kapnick entered the foreclosure and sale order, whereby the Ginn sur mer project in Grand Bahama's West End will effectively be sold at a public auction, on December 23, 2009.
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Documents from the New York State Supreme Court, which have been obtained by this newspaper, reveal that Justice Barbara Kapnick entered the foreclosure and sale order, whereby the Ginn sur mer project in Grand Bahama's West End will effectively be sold at a public auction, on December 23, 2009.
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Monday, January 4, 2010
STR reports US performance for November 2009
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during November, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 4.3 percent to end the month at 49.5 percent. Average daily rate dropped 8.3 percent to finish the month at US$93.60. Revenue per available room for the month decreased 12.3 percent to finish at US$46.33.
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In year-over-year measurements, the industry’s occupancy fell 4.3 percent to end the month at 49.5 percent. Average daily rate dropped 8.3 percent to finish the month at US$93.60. Revenue per available room for the month decreased 12.3 percent to finish at US$46.33.
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STR Global posts November 2009 results for Europe
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for November 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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STR Global posts November 2009 increases for Asia/Pacific region
LONDON—Hotels in the Asia/Pacific region experienced increases when reported in U.S. dollars for all three key performance metrics for November 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy grew by 2.2 percent to 68.0 percent; average daily rate increased by 1.2 percent to US$129.46; and revenue per available room jumped 3.4 percent to US$88.05.
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In year-over-year measurements, the Asia/Pacific region’s occupancy grew by 2.2 percent to 68.0 percent; average daily rate increased by 1.2 percent to US$129.46; and revenue per available room jumped 3.4 percent to US$88.05.
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STR Global reports Americas performance results for Nov. 2009
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for November 2009, according to data compiled by STR and STR Global.
In year-over-year comparisons, occupancy for the region dropped 4.4 percent to 50.2 percent; average daily rate declined 7.1 percent to US$95.42; and revenue per available room decreased 11.2 percent to US$47.86.
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In year-over-year comparisons, occupancy for the region dropped 4.4 percent to 50.2 percent; average daily rate declined 7.1 percent to US$95.42; and revenue per available room decreased 11.2 percent to US$47.86.
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STR Global releases Middle East/Africa results for November 2009
LONDON—The Middle East/Africa region reported mixed results in the three key measurements reported in U.S. dollars for November 2009, according to data compiled by STR Global.
The region’s occupancy dropped by 8.2 percent to 68.1 percent; average daily rate increased 2.2 percent to US$178.28; and revenue per available room decreased 6.3 percent to US$121.49.
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The region’s occupancy dropped by 8.2 percent to 68.1 percent; average daily rate increased 2.2 percent to US$178.28; and revenue per available room decreased 6.3 percent to US$121.49.
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