A former commodities manager at Royal Caribbean Cruises was indicted on charges of defrauding the Miami-based cruise giant of more than $600,000 by setting up a phony company and overcharging his employer for fuel.
Jamil Murni, 60, of Houston, was charged with nine counts of wire fraud and one count of money laundering in an indictment in federal court in Miami.
Murni, who was arrested on the charges, couldn't be reached for comment.
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Sunday, February 28, 2010
Fortress Said to Be Near Intrawest Debt Restructuring Deal
Feb. 27 (Bloomberg) -- Fortress Investment Group LLC has agreed with lenders on the outline of a debt restructuring for Intrawest ULC, owner of Olympic downhill skiing resort Whistler Blackcomb, said a person with knowledge of the talks.
Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Wynn Resorts loses $5.2M in 4th qtr, earns $20.7 million for 2009
LAS VEGAS (AP) — Casino operator Wynn Resorts Ltd. said Thursday that rising revenue at its resort in China's gambling enclave of Macau helped narrow its fourth-quarter loss to $5.2 million.
The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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Casino operator MGM Mirage, lenders agree to extend maturity on $3.6B in debt
LAS VEGAS (AP) — Casino operator MGM Mirage said Friday it has reached an agreement with lenders to extend the deadline for repaying about $3.6 billion of its debt to February 2014.
The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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Friday, February 26, 2010
Thomas H. Lee Partners to Acquire CKE Restaurants
CARPINTERIA, Calif., Feb 26, 2010 (BUSINESS WIRE) -- CKE Restaurants, Inc. ("CKE"), owner of Carl's Jr. and Hardee's quick-service restaurant chains, and Thomas H. Lee Partners ("THL") today announced that they have entered into a definitive merger agreement under which THL will acquire CKE for approximately $928 million, including the assumption of approximately $309 million of net debt.
Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.
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Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.
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Thursday, February 25, 2010
Fork Manufacturer Introduces Fifth Tine To Accommodate Growing American Mouthfuls
EVANSVILLE, IN—In an effort to keep pace with the rapid growth of American mouthfuls, flatware manufacturer KitchenMaster announced yesterday the addition of a fifth tine to its line of dinner forks. "These days, a traditional four-tined fork is just not enough to handle the quantities of food people shove down their throats,"
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Broward Florida to review bid to build hotel, condos at Diplomat golf course
The owners of the Diplomat Golf Resort & Spa in Hallandale Beach will ask Broward County on Thursday for a zoning change to develop a 500-unit hotel and up to 950 residences on a waterfront property that now features an underused golf course and smaller facilities.
Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Lavish hotels out of vogue: Marriott
"The most over-the-top excesses will probably be a long time -- if ever-- coming back," Marriott President Arne Sorenson told the Reuters Travel and Leisure Summit.
He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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STR reports US performance for January 2010
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during January 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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STR Global posts Americas Jan. 2010 results
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for January 2010, according to data compiled by STR and STR Global.
In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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STR Global posts Asia/Pac. Jan. 2010 results
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for January 2010 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy rose 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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STR Global posts Europe Jan. 2010 results
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for January 2010, 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 Jan. 2010 results for Middle East/Africa
LONDON—The Middle East/Africa region reported decreases in all three key measurements for January 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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Your hotel might be leaving millions on the table
BOULDER, Colorado—Our industry is accustomed to reviewing and measuring hotel performance in macro terms on a monthly, quarterly or annual basis. However, the industry is actually a micro market with a competitive product that perishes and renews every single night.
Much can be learned by measuring the individual competitive interactions between hotels on a nightly basis. Therefore, while owners, investors and lenders primarily are concerned with the performance of their hotel relative
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Much can be learned by measuring the individual competitive interactions between hotels on a nightly basis. Therefore, while owners, investors and lenders primarily are concerned with the performance of their hotel relative
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Tim Hortons Inc. Announces 2009 Fourth Quarter and Year-End Results
• Strong fourth quarter sales performance in both Canada and the United States, with a 3.4% same-store sales increase in Canada and 2.1% growth in the U.S.
• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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Lodgian Reports 2009 Fourth Quarter and Full-Year 2009 Results
Fourth quarter 2009 total revenue for our 33 continuing operations hotels declined approximately 18.2 percent to $41.8 million, compared to the 2008 fourth quarter. Occupancy decreased 10.6 percent to 57.2 percent, while average daily rate decreased 9.1 percent to $90.56 in the 2009 fourth quarter. Loss from continuing operations was $(8.4) million, compared to $(4.9) million in the 2008 fourth quarter.
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Waldorf waiters sue for lost tips
Nine Waldorf Astoria employees have filed a lawsuit against the hotel for violating New York labor laws by failing to pay them the full tips they were entitled to.
The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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South Africa investigates high World Cup hotel prices
JOHANNESBURG — South Africa's tourism ministry has ordered an investigation into allegations that World Cup hotel prices are unreasonably high, one month after a similar government probe was launched to find out if local airlines were colluding to inflate fares.
The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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Hyatt releases 4th Quarter 2009 Results
FOURTH QUARTER 2009
•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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Carrols Restaurant Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2009
Highlights for the 14-week fourth quarter of 2009 versus the 13-week fourth quarter of 2008 include:
•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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Wednesday, February 24, 2010
McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter and Fiscal Year 2009 Financial Results
•Revenues decreased 9.7% to $89.2 million from $98.8 million
•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share
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•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share
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Papa John's Announces Fourth Quarter and Full-Year 2009 Earnings
•Fourth quarter earnings per diluted share of $0.49 in 2009 vs. $0.46 in 2008 and full-year earnings per diluted share of $2.06 in 2009 vs. $1.30 in 2008
•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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Tuesday, February 23, 2010
SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL
Fourth Quarter 2009 Operational Results:
• Total revenue was $192.6 million.
• Pro forma RevPAR was $97.31.
• Loss attributable to common stockholders was $133.2 million.
• Loss attributable to common stockholders per diluted share was $1.45.
• Adjusted EBITDA was $44.8 million.
• Adjusted FFO available to common stockholders was $16.2 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 23.8%.
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• Total revenue was $192.6 million.
• Pro forma RevPAR was $97.31.
• Loss attributable to common stockholders was $133.2 million.
• Loss attributable to common stockholders per diluted share was $1.45.
• Adjusted EBITDA was $44.8 million.
• Adjusted FFO available to common stockholders was $16.2 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 23.8%.
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How To Negotiate Hotel Upgrades
Joel Rudy, chief operating officer of camera products supplier Photographic Solutions, is a frequent business traveler who delights in receiving travel upgrades. Last spring Rudy was living in New Jersey and traveling often to his company headquarters in Boston, Mass. His hotel of choice, The Westin, became his home away from home while on the road. Whenever he checked in he would politely ask for an upgrade to a bigger room, which they occasionally granted.
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Hersha Hospitality Announces Fourth Quarter 2009 Results
- Achieved consolidated Hotel EBITDA margins of 34.0% -
- Margin decline held to 117 bps -
- Consolidated Hotel RevPAR decreased 9.7% -
- Adjusted Funds from Operation was $0.07 per diluted common share -
- New York City was the best performing market in the portfolio -
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- Margin decline held to 117 bps -
- Consolidated Hotel RevPAR decreased 9.7% -
- Adjusted Funds from Operation was $0.07 per diluted common share -
- New York City was the best performing market in the portfolio -
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Club founder goes on trial for 'looting' MT resort
BILLINGS, Mont. -- The founder of the millionaires-only Yellowstone Club goes on trial Wednesday to face claims that he fleeced the private Montana resort out of at least $286 million.
Before its 2008 bankruptcy filing, the club gained a reputation as a Western mountain haven for the nation's elite. Its high-megawatt membership list includes Microsoft Corp. co-founder Bill Gates, hotel magnate Barry Sternlicht and former Vice President Dan Quayle.
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Before its 2008 bankruptcy filing, the club gained a reputation as a Western mountain haven for the nation's elite. Its high-megawatt membership list includes Microsoft Corp. co-founder Bill Gates, hotel magnate Barry Sternlicht and former Vice President Dan Quayle.
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MHI Hospitality Corporation Reports Financial Results For Fourth Quarter and Year 2009
WILLIAMSBURG, Va., Feb. 23 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation(Nasdaq: MDH) ("the Company"), a self-advised lodging real estate investment trust (REIT), today reported its consolidated results for the fourth quarter and year ended December 31, 2009.
HIGHLIGHTS:
-- Funds from Operations ("FFO") increased 155.9% over fourth quarter 2008,
or approximately $0.7 million to approximately $1.2 million, or $0.11
per share, for fourth quarter 2009.
-- FFO for the full year was approximately $6.0 million, or $0.55 per
share, versus approximately $6.3 million, or $0.59 per share, for the
full year 2008.
-- Total revenue for the quarter decreased 0.6% over fourth quarter 2008,
or approximately $0.1 million, to approximately $17.5 million.
-- Total room revenue for the quarter increased 1.1% over fourth quarter
2008, or approximately $0.1 million, to approximately $11.5 million.
-- Adjusted operating income for the quarter decreased 8.5% over fourth
quarter 2008, or approximately $0.3 million, to approximately $3.0
million.
-- Total assets of approximately $214.0 million at December 31, 2009,
versus approximately $211.2 million at December 31, 2008.
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HIGHLIGHTS:
-- Funds from Operations ("FFO") increased 155.9% over fourth quarter 2008,
or approximately $0.7 million to approximately $1.2 million, or $0.11
per share, for fourth quarter 2009.
-- FFO for the full year was approximately $6.0 million, or $0.55 per
share, versus approximately $6.3 million, or $0.59 per share, for the
full year 2008.
-- Total revenue for the quarter decreased 0.6% over fourth quarter 2008,
or approximately $0.1 million, to approximately $17.5 million.
-- Total room revenue for the quarter increased 1.1% over fourth quarter
2008, or approximately $0.1 million, to approximately $11.5 million.
-- Adjusted operating income for the quarter decreased 8.5% over fourth
quarter 2008, or approximately $0.3 million, to approximately $3.0
million.
-- Total assets of approximately $214.0 million at December 31, 2009,
versus approximately $211.2 million at December 31, 2008.
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Starwood Hotels Bets on Hollywood Revival to Burnish W Chain
Feb. 23 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc. is trying to burnish its W brand, after lenders took back two properties last year, with a $350 million hotel whose future may hinge on Hollywood’s revival as an entertainment hub.
The W at Hollywood Boulevard and Vine Street, which opened Jan. 15, is designed to draw tourists and movie-industry customers at a time room demand is falling and the area is struggling with fewer visitors. The hotel, co-owned by Gatehouse Capital Corp. and run by Starwood, is the W’s “flagship,” said Carlos Becil, a North American vice president for the chain.
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The W at Hollywood Boulevard and Vine Street, which opened Jan. 15, is designed to draw tourists and movie-industry customers at a time room demand is falling and the area is struggling with fewer visitors. The hotel, co-owned by Gatehouse Capital Corp. and run by Starwood, is the W’s “flagship,” said Carlos Becil, a North American vice president for the chain.
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Benihana gets OK to issue new sharesDespite objections from the family of Benihana founder Rocki Aoki, shareholders of the Japanese-themed restaurant
Despite objections from the family of Benihana founder Rocki Aoki, shareholders of the Japanese-themed restaurant company Monday gave management the right to issue 12.5 million new shares of stock.
Shareholders and management of the Miami-based company had feuded over a proposed merger that will allow the issuance of new shares.
Aoki's children and other shareholders opposed the merger plans because they said it would further dilute their ownership stake.
At a Monday meeting in Fort Lauderdale, Aoki relatives raised questions about why the merger would dilute shareholder value for everyone except BFC Financial, the Fort Lauderdale holding company that controls the second largest stake in Benihana. BFC is headed by Alan Levan and it controls BankAtlantic.
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Shareholders and management of the Miami-based company had feuded over a proposed merger that will allow the issuance of new shares.
Aoki's children and other shareholders opposed the merger plans because they said it would further dilute their ownership stake.
At a Monday meeting in Fort Lauderdale, Aoki relatives raised questions about why the merger would dilute shareholder value for everyone except BFC Financial, the Fort Lauderdale holding company that controls the second largest stake in Benihana. BFC is headed by Alan Levan and it controls BankAtlantic.
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Cruise line: 350 sick aboard ship in Caribbean
CHARLESTON, S.C. -- About 350 people were responding well to medicine after getting sick on a cruise to the Caribbean that departed from South Carolina, the cruise line said Tuesday.
Celebrity Cruise spokeswoman Cynthia Martinez said 326 of the more than 1,800 passengers on the Celebrity Mercury began complaining Sunday of upset stomachs, vomiting and diarrhea. Martinez says 27 of the nearly 850 crew members also reported symptoms.
The ship left Charleston on Feb. 15, the first departure in a newly-expanded year-round schedule of cruises from South Carolina as the industry expands in the state.
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Celebrity Cruise spokeswoman Cynthia Martinez said 326 of the more than 1,800 passengers on the Celebrity Mercury began complaining Sunday of upset stomachs, vomiting and diarrhea. Martinez says 27 of the nearly 850 crew members also reported symptoms.
The ship left Charleston on Feb. 15, the first departure in a newly-expanded year-round schedule of cruises from South Carolina as the industry expands in the state.
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Wyndham Worldwide Prices $250 Million of Senior Unsecured Notes
Wyndham Worldwide Corporation (NYSE: WYN) today announced the pricing of the public offering of $250 million aggregate principal amount of its senior unsecured notes due 2020. The senior unsecured notes offering is expected to close on February 25, 2010. Wyndham Worldwide intends to use the aggregate net proceeds from the offering to repay indebtedness including its Australia credit facility due June 2010.
The senior unsecured notes will bear interest at a rate of 7.375% per year payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2010. The notes will mature on March 1, 2020. The notes were offered to the public at a price of 99.998% of principal amount.
The senior unsecured notes will bear interest at a rate of 7.375% per year payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2010. The notes will mature on March 1, 2020. The notes were offered to the public at a price of 99.998% of principal amount.
Man enters plea over charges tied to $3.75M in markers
A Wisconsin businessman pleaded not guilty Monday in district court to bad check charges stemming from $3.75 million in gambling markers.
Christian Peterson, 41, of Verona, Wis., pleaded not guilty to two counts of drawing and passing a check without sufficient funds with intent to defraud and one count of theft in connection with four markers – one at Caesars Palace for $3.45 million and three totaling $300,000 at the Hard Rock Hotel.
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Christian Peterson, 41, of Verona, Wis., pleaded not guilty to two counts of drawing and passing a check without sufficient funds with intent to defraud and one count of theft in connection with four markers – one at Caesars Palace for $3.45 million and three totaling $300,000 at the Hard Rock Hotel.
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Tim Hortons bets on Michigan expansion
As Starbucks Corp. shutters stores in Michigan -- seven closed last year and 11 more are on the chopping block -- Canada's Tim Hortons Inc. is moving in to serve coffee-drinkers left in the lurch.
Tim Hortons has 125 stores in Michigan, including 93 in Metro Detroit, and plans to open more here, though officials wouldn't disclose details of the expansion plan. The company also has stores in Flint, Saginaw and Lansing. It employs about 2,000 workers in the state.
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Tim Hortons has 125 stores in Michigan, including 93 in Metro Detroit, and plans to open more here, though officials wouldn't disclose details of the expansion plan. The company also has stores in Flint, Saginaw and Lansing. It employs about 2,000 workers in the state.
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Cracker Barrel Reports 35% Increase in Second-Quarter EPS
LEBANON, Tenn., Feb 23, 2010 (BUSINESS WIRE) -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL):
•Fully diluted income per share was $1.09 for the second quarter of fiscal 2010, an increase of 35%
compared with the prior-year quarter
•Operating income margin in the second quarter was 7.8% of total revenue compared with 6.2% in the prior-year quarter
•Revenue for the second quarter increased 0.4% to $632.6 million
•Comparable store restaurant traffic outpaced the Knapp-Track(TM) Traffic Index for the fourteenth consecutive quarter
•Comparable store restaurant and retail sales decreased 0.2% and 3.0%, respectively
•Net cash flow from operating activities for the first six months of fiscal 2010 increased $36.4 million to $86.3 million compared with the prior-year comparable period
•Reduced long-term debt by $41.4 million in the second quarter
•Repurchased 205,000 shares in the second quarter
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•Fully diluted income per share was $1.09 for the second quarter of fiscal 2010, an increase of 35%
compared with the prior-year quarter
•Operating income margin in the second quarter was 7.8% of total revenue compared with 6.2% in the prior-year quarter
•Revenue for the second quarter increased 0.4% to $632.6 million
•Comparable store restaurant traffic outpaced the Knapp-Track(TM) Traffic Index for the fourteenth consecutive quarter
•Comparable store restaurant and retail sales decreased 0.2% and 3.0%, respectively
•Net cash flow from operating activities for the first six months of fiscal 2010 increased $36.4 million to $86.3 million compared with the prior-year comparable period
•Reduced long-term debt by $41.4 million in the second quarter
•Repurchased 205,000 shares in the second quarter
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Monday, February 22, 2010
Burger King Launches Premium Steakhouse XT Burger Line
MIAMI--(BUSINESS WIRE)--Burger King Corporation (NYSE:BKC) today announced that BURGER KING(r) restaurants nationwide are cooking with a ground-breaking new broiler that takes product quality and menu innovation to great-tasting new heights. This state-of-the-art equipment is the heart of BURGER KING(r) restaurant kitchens. The broiler, supplied by two manufacturers, features proprietary technology that allows restaurants to further enhance the brand's famous flame-fresh taste and provides the flexibility necessary to explore a wider range of innovative, delicious, fire-grilled foods.
"This new broiler is a game-changing piece of equipment and a significant point of differentiation for us," said John Schaufelberger, senior vice president, global product marketing and innovation, Burger King Corporation. "Not only is the technology revolutionary to our industry, it is proprietary to the BURGER KING(r) brand. It allows us to up the ante in our product development across the board - from superior quality food and unconventional menu innovations to even more competitive value offerings."
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"This new broiler is a game-changing piece of equipment and a significant point of differentiation for us," said John Schaufelberger, senior vice president, global product marketing and innovation, Burger King Corporation. "Not only is the technology revolutionary to our industry, it is proprietary to the BURGER KING(r) brand. It allows us to up the ante in our product development across the board - from superior quality food and unconventional menu innovations to even more competitive value offerings."
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The FastCasual.com Top 100 Movers & Shakers
Publisher Paul Barron calls the 2009 FastCasual.com Top 100 Movers & Shakers the "fifth act" of fast casual.
Ranking the segment's top 100 brands for the fifth time, we attempted to refine the fast casual concept as one that offers gourmet-level food or drink and an interior that wows the guest at a price that is driven by value.
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Ranking the segment's top 100 brands for the fifth time, we attempted to refine the fast casual concept as one that offers gourmet-level food or drink and an interior that wows the guest at a price that is driven by value.
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Travelodge to spend £61m on 10 new hotels in UK
Travelodge has announced the development of 10 new hotels, at an investment value of £61m.
The hotels will provide an additional 1,133 rooms and will create 300 jobs, with all entry level staff being recruited from the long term unemployed.
There will be three new hotels in London, two in Manchester and further openings in Bristol, Liverpool, Camberley, Cannock and Andover.
The new London hotels underlines Travelodge’s commitment to being the biggest hotel brand in the capital by London 2012.
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The hotels will provide an additional 1,133 rooms and will create 300 jobs, with all entry level staff being recruited from the long term unemployed.
There will be three new hotels in London, two in Manchester and further openings in Bristol, Liverpool, Camberley, Cannock and Andover.
The new London hotels underlines Travelodge’s commitment to being the biggest hotel brand in the capital by London 2012.
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Texas Roadhouse, Inc. Announces Fourth Quarter 2009 Results
Results for the fourth quarter:
•Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants;
•Five company restaurants opened and one franchise restaurant was acquired;
•Restaurant margins increased 237 basis points to 17.4%;
•Diluted earnings per share increased 40% to $0.12 from $0.09 in the prior year period.
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•Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants;
•Five company restaurants opened and one franchise restaurant was acquired;
•Restaurant margins increased 237 basis points to 17.4%;
•Diluted earnings per share increased 40% to $0.12 from $0.09 in the prior year period.
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Starwood to judge: Don't let federal prosecutors halt civil suit against Hilton
Starwood today asked a judge to deny federal prosecutors' request to halt Starwood's corporate espionage lawsuit against Hilton, according to a new court filing.
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Sunday, February 21, 2010
Looking for a Director of Finance for an Award Winning Luxury Resort in the Southeast US
Posted February 21 2010
Candidates must have a strong track record of success in an upscale or luxury hotel, resort or upscale club and a strong understanding of operations. In addition they must have experience managing multiple entities including homeowner associations.
Candidates with experience managing a private club component will have a distinct advantage.
The compensation and benefits associated with this position are outstanding as is the leadership within the company and at the resort.
For more information contact Kevin. Tell him you got the information from Hospitality Business News and that he should pay me for the ad!
Kevin F. Kelley, CHME
Specialty Search International
Watermark 12
5601 Mariner Street
Suite 102
Tampa, Fl. 33609
Office 813-818-7800 extension 230
Cell 434-566-3202
www.ssirecruiting.com
Candidates must have a strong track record of success in an upscale or luxury hotel, resort or upscale club and a strong understanding of operations. In addition they must have experience managing multiple entities including homeowner associations.
Candidates with experience managing a private club component will have a distinct advantage.
The compensation and benefits associated with this position are outstanding as is the leadership within the company and at the resort.
For more information contact Kevin. Tell him you got the information from Hospitality Business News and that he should pay me for the ad!
Kevin F. Kelley, CHME
Specialty Search International
Watermark 12
5601 Mariner Street
Suite 102
Tampa, Fl. 33609
Office 813-818-7800 extension 230
Cell 434-566-3202
www.ssirecruiting.com
Caribbean Hospitality’s Uncanny Conundrum
By Pamala Baldwin (caribsearchltd@aol.com )
Miami—In light of dwindling hospitality revenues and lackluster bookings predicted into 2011, Caribbean hoteliers, government Ministries and Tourism organizations continue scrambling for ways to stop the bleeding. For every action there is a reaction and in this case, we’ve created our own classic Catch 22.
Hospitality pure and simple is defined as ‘generous treatment to visitors’. Yet, the greater the cutbacks the less likely it is that guests will enjoy the same level of treatment they expect and deserve. Undeniably the number of layoffs parallel potential waning of positive guest experience thus, the conundrum.
During infamous 2009, damage control required aggressive cost cutting measures. Executives targeted the obvious — the labor force. On average, employee related expenditures account for 40 percent of a hotel’s operating budget. Once cuts were put in place financial strains eased a bit but what about the aftermath?
Today, thousands of regional skilled hotel and tourism employees are coping with salary cuts and reduced hours or worse yet, layoffs. To compound matters, cutbacks trigger job insecurity inevitably crippling staff loyalty and ultimately company’s reputation. No one is spared. Guests are less likely to enjoy the level of service standards and attention they expect, employees are stretched and stressed, and owners are pulling their hair out frantically while seeking solutions. It goes without saying that controlling labor expenses is critical; hospitality decision makers know all too well that employees are the most vital contributor in achieving positive guest experiences and maintaining standards. Human capital if you will. What to do?
Aside from slashing prices and people, are there no innovative ways to balance cost controls and guest satisfaction? Herein lays the double-edged sword. Enrique De Marchena, Caribbean Hotel & Tourism Association’s (CHTA) president underscores the dilemma by stating, “—even more crucial, each week we are hearing about our most valuable asset, our human resource personnel being laid off because of lack of visitors to our destinations.”
Bangkok-based CEO and Chairman of Six Senses, Sonu Shivdasani reiterated De Marchena’s observation saying, “—the last thing we should cutback is the people who deliver our exceptional service. We therefore needed to come up with the most optimal solution that will maintain mutual loyalty and high standards.”
Closer to home, seasoned resort general manager Helen Bayne has called upon her problem solving acumen to hatch an industry-first regional recovery plan. While specifics remain under wraps until Ms Bayne’s formal Press Conference, she explains that her concept will effectively maximize ‘human capital’, provide savings to the bottom line yet simultaneously enhance guests’ perception of service. Bayne remarks, “I’ve put a positive spin to these worrisome trends and orchestrated a way to create synergies between hoteliers and local governments; to replenish and recycle the labor pool and deliver jobs to motivated persons already experienced in the hotel and tourism industry.” She adds, “It’s got potential to cause a stir and a paradigm shift in the way we think of hospitality staffing beyond today and into the future”. Stay tuned.
Miami—In light of dwindling hospitality revenues and lackluster bookings predicted into 2011, Caribbean hoteliers, government Ministries and Tourism organizations continue scrambling for ways to stop the bleeding. For every action there is a reaction and in this case, we’ve created our own classic Catch 22.
Hospitality pure and simple is defined as ‘generous treatment to visitors’. Yet, the greater the cutbacks the less likely it is that guests will enjoy the same level of treatment they expect and deserve. Undeniably the number of layoffs parallel potential waning of positive guest experience thus, the conundrum.
During infamous 2009, damage control required aggressive cost cutting measures. Executives targeted the obvious — the labor force. On average, employee related expenditures account for 40 percent of a hotel’s operating budget. Once cuts were put in place financial strains eased a bit but what about the aftermath?
Today, thousands of regional skilled hotel and tourism employees are coping with salary cuts and reduced hours or worse yet, layoffs. To compound matters, cutbacks trigger job insecurity inevitably crippling staff loyalty and ultimately company’s reputation. No one is spared. Guests are less likely to enjoy the level of service standards and attention they expect, employees are stretched and stressed, and owners are pulling their hair out frantically while seeking solutions. It goes without saying that controlling labor expenses is critical; hospitality decision makers know all too well that employees are the most vital contributor in achieving positive guest experiences and maintaining standards. Human capital if you will. What to do?
Aside from slashing prices and people, are there no innovative ways to balance cost controls and guest satisfaction? Herein lays the double-edged sword. Enrique De Marchena, Caribbean Hotel & Tourism Association’s (CHTA) president underscores the dilemma by stating, “—even more crucial, each week we are hearing about our most valuable asset, our human resource personnel being laid off because of lack of visitors to our destinations.”
Bangkok-based CEO and Chairman of Six Senses, Sonu Shivdasani reiterated De Marchena’s observation saying, “—the last thing we should cutback is the people who deliver our exceptional service. We therefore needed to come up with the most optimal solution that will maintain mutual loyalty and high standards.”
Closer to home, seasoned resort general manager Helen Bayne has called upon her problem solving acumen to hatch an industry-first regional recovery plan. While specifics remain under wraps until Ms Bayne’s formal Press Conference, she explains that her concept will effectively maximize ‘human capital’, provide savings to the bottom line yet simultaneously enhance guests’ perception of service. Bayne remarks, “I’ve put a positive spin to these worrisome trends and orchestrated a way to create synergies between hoteliers and local governments; to replenish and recycle the labor pool and deliver jobs to motivated persons already experienced in the hotel and tourism industry.” She adds, “It’s got potential to cause a stir and a paradigm shift in the way we think of hospitality staffing beyond today and into the future”. Stay tuned.
US restaurant chain Ruby Tuesday puts Britain on menu
THE American restaurant chain Ruby Tuesday plans to open in Britain this summer. The company’s first outlet will open in Cardiff in June with another four openings already in the planning stages.
Named after the Rolling Stones track, the chain was started in 1972 by a group of Tennessee University students including the current chief executive, Sandy Beall. It has more than 900 owned and franchised restaurants and revenues of more than $1.4 billion (£905m).
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Named after the Rolling Stones track, the chain was started in 1972 by a group of Tennessee University students including the current chief executive, Sandy Beall. It has more than 900 owned and franchised restaurants and revenues of more than $1.4 billion (£905m).
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Wyndham Worldwide set on course for Hoseasons takeover
ONE of America’s largest hotel companies, Wyndham Worldwide, is closing in on a £40m deal to buy Hoseasons, the British holiday company that specialises in boating trips and short breaks.
Wyndham, owner of chains including Ramada, Days Inn and Howard Johnson, is thought to be in pole position to buy Hoseasons after edging out rival bidders, including holiday companies and private equity firms. A deal is likely to be concluded in the next few weeks. The American leisure group already owns a number of holiday businesses on this side of the Atlantic, including English Country Cottages, and analysts believe Hoseasons would fit neatly into its stable.
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Wyndham, owner of chains including Ramada, Days Inn and Howard Johnson, is thought to be in pole position to buy Hoseasons after edging out rival bidders, including holiday companies and private equity firms. A deal is likely to be concluded in the next few weeks. The American leisure group already owns a number of holiday businesses on this side of the Atlantic, including English Country Cottages, and analysts believe Hoseasons would fit neatly into its stable.
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Saturday, February 20, 2010
US marketing firm sues BVI Tourist Board
The territory’s former United States marketing and press relations firm has sued the BVI Tourist Board for breach of contract, claiming more than $1.2 million in damages. The Florida-based Zimmerman Agency — which filed a claim in a Virgin Islands Court on Nov. 9 — alleges that the BVITB and government cut off all contact in 2008 after a protracted payment dispute.
Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
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Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
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Casinos lost money for second time in history
CARSON CITY – For only the second time, Nevada casinos posted a loss – but this time it was the biggest.
The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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U.K. hotels call for tight regulation of hotel reviews
Uproar in Britain over TripAdvisor's "dirtiest hotels" list has reignited calls for tighter regulations to ensure that consumer reviews on such websites are legitimate.
Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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SABMiller To Merge Hotels, Casinos Unit With Gold Reef
JOHANNESBURG (Dow Jones)--SABMiller PLC (SAB.JO), one of the world's largest beer producers, Thursday said it will merge its South African hotels and casinos unit with rival Gold Reef Resorts Ltd. (GDF.JO) in exchange for a share in an enlarged company that will be worth about $2.7 billion.
The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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Luxury resort developer files for bankruptcy
WILMINGTON, Del./BANGALORE, Feb 16 (Reuters) - A developer of luxury ski resorts, multimillion dollar townhouses and a Jack Nicklaus golf course near Lake Tahoe filed for bankruptcy on Tuesday, a victim of a commercial real estate crash.
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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The Next Chapter (11) In Buying Distressed Hotels: Bankruptcy Sales
These are tough times in the hotel business. The recession has squeezed room rates and net operating income. The credit crunch means new borrowing is available only at lower loan to value ratios near 50%, on already beaten down values. At the same time, many tens of billions of dollars of existing hotel loans are maturing or otherwise in default, leaving the owners with little ability to sell or refinance at for amounts sufficient to pay off existing debt.
However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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London Town goes into administration
After months of speculation London Town, the indebted property developer turned pub operator, has gone into administration.
In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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Ritz-Carlton raises Marriott’s commitment to Aruba
ORANJESTAD, Aruba — Ritz-Carlton will expand its presence in the Caribbean with the 320-room, $200 million Ritz-Carlton Aruba, slated to open in late 2012.
The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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Blackstone Group Refinances Debt at Hilton Hotels
The Blackstone Group has reached a deal to reorganize the debt load of Hilton Hotels, shoring up the finances of one of its crown jewels, a person briefed on the matter said on Friday. The deal would cut Hilton’s debt burden to about $16 billion from $20 billion. Under the terms of the agreement, Blackstone will inject an additional $800 million of capital to buy back Hilton’s debt at a discount, this person said. The maturities of some of Hilton’s debt will also be pushed back. A Blackstone spokesman declined to comment. Blackstone agreed to acquire Hilton in 2007 for $26 billion. Negotiations with Hilton’s lenders have been going on for months. One complication is that several billions of dollars of Hilton debt is held by an unusual entity: the Federal Reserve, which assumed loans to Hilton made by Bear Stearns when it helped rescue the investment bank almost two years ago.
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Friday, February 19, 2010
Stock proposal creates big battle over Benihana's future
The knives are out at Benihana and the ones doing the chopping aren't the chefs.
Shareholders and management of the Japanese-themed Miami restaurant company are squaring off over a proposed merger that would allow the issuance of an additional 12.5 million new shares.
In the last week, Benihana founder Rocki Aoki's children and another major shareholder have come out in opposition to management's plans. The showdown will come Monday afternoon at a shareholder meeting in Fort Lauderdale.
Benihana President and Chief Executive Richard Stockinger fought back Thursday in a press release that called not approving management's plans ``foolhardy.'' The proposal calls for merging Benihana with a wholly owned subsidiary, BHI Mergersub, in order to create 12.5 million new shares of Class A common stock.
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Shareholders and management of the Japanese-themed Miami restaurant company are squaring off over a proposed merger that would allow the issuance of an additional 12.5 million new shares.
In the last week, Benihana founder Rocki Aoki's children and another major shareholder have come out in opposition to management's plans. The showdown will come Monday afternoon at a shareholder meeting in Fort Lauderdale.
Benihana President and Chief Executive Richard Stockinger fought back Thursday in a press release that called not approving management's plans ``foolhardy.'' The proposal calls for merging Benihana with a wholly owned subsidiary, BHI Mergersub, in order to create 12.5 million new shares of Class A common stock.
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Full-year profits plunge by 32% at Millennium & Copthorne
London proved to be the most resilient market for International hotel firm Millennium & Copthorne hotels over 2009.
Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
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Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
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Strategic Hotels & Resorts Amends and Extends Loan Securing Intercontinental Prague Hotel
CHICAGO, Feb. 18 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE - News), today announced that the company has entered into an amendment with Aareal Bank AG on the euro 104 million non-recourse loan securing the InterContinental Prague Hotel. Under the terms of the amendment, the loan remains non-recourse and the maturity was extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is removed and the financial performance covenants are effectively waived.
MGM MIRAGE Reports Fourth Quarter and Full Year Financial Results
LAS VEGAS, Feb 18, 2010 /PRNewswire via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the fourth quarter of 2009. The Company reported a fourth quarter diluted loss per share of $0.98, which includes the impact of a pre-tax non-cash impairment charge totaling $548 million, or $0.73 loss per diluted share net of tax, related to the Company's undeveloped land holdings in Atlantic City. For the same quarter in 2008, the Company reported a diluted loss per share of $4.15, which included a non-cash goodwill and indefinite-lived intangible asset impairment charge of $1.2 billion, or $4.25 per diluted share net of tax, and a gain on repurchased debt of $87 million or $0.21 per diluted share net
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Sea Island Co. has retained Goldman Sachs to review strategic alternatives
SEA ISLAND, GA-Private resort owner and real estate developer Sea Island Co. has retained Goldman Sachs to review strategic alternatives, including a possible sale. Additional details will not be disclosed until some sort of agreement is reached.
The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
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The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
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Accor Announces the Sale of 5 Hotels in 4 European Countries for EUR154 Million
PARIS, February 19, 2010 /PRNewswire-FirstCall/ -- As part of the ongoing deployment of its "asset right" strategy, Accor has announced an international real estate transaction involving the sale of five hotels (representing more than 1,100 rooms) in four European countries for EUR154 million.
The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
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The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
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Playboy Eyes Clubs in Latin America
Feb. 19 (Bloomberg) -- Playboy Enterprises Inc., publisher of the namesake magazine, is looking toward overseas growth in Latin America, China and India, including new clubs in Brazil, its chief executive said.
“The local Brazilian culture is more open toward sexuality,” Chief Executive Officer Scott Flanders said yesterday in a telephone interview. “In those environments, the Playboy brand has its strongest resonance.” Opening clubs there is “a real priority,” he said.
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“The local Brazilian culture is more open toward sexuality,” Chief Executive Officer Scott Flanders said yesterday in a telephone interview. “In those environments, the Playboy brand has its strongest resonance.” Opening clubs there is “a real priority,” he said.
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Fortress Said to Need $150 Million to Keep Resorts
Feb. 19 (Bloomberg) -- Fortress Investment Group LLC may have to contribute at least $150 million to Intrawest ULC, the owner of the Olympics’ Alpine skiing venue it bought in 2006, to avert bankruptcy or foreclosure, according to a person with knowledge of the negotiations.
Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Feds file to halt Starwood-Hilton lawsuit
NEW YORK -- Federal prosecutors have asked a court to halt a corporate espionage lawsuit between Starwood Hotels and Hilton, saying the litigation could compromise a criminal investigation.
The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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Red Robin Gourmet Burgers Reports Earnings for the Fiscal Fourth Quarter and Year Ended December 27, 2009
GREENWOOD VILLAGE, Colo., Feb 18, 2010 (BUSINESS WIRE) -- Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 12 and 52 weeks ended December 27, 2009 and announced several key governance changes impacting the Company.
Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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California Pizza Kitchen Announces Financial Results for the Fourth Quarter and Fiscal Year 2009
Highlights for the 14-week fourth quarter of 2009 relative to the 13-week fourth quarter of 2008 were as follows:
Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Ruth's Hospitality Group, Inc. Reports Fourth Quarter 2009 Financial Results
HEATHROW, Fla., Feb 19, 2010 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter ended December 27, 2009.
Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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Thursday, February 18, 2010
Host Hotels & Resorts, Inc. Reports Results of Operations for the Fourth Quarter and Full Year 2009
-- Total revenue decreased 16.8% to $1,331 million for the fourth quarter
of 2009 compared to the same period in 2008 and decreased 19.1% to
$4,158 million for full year 2009 compared to the full year 2008.
-- Net loss was $72 million for the fourth quarter of 2009 compared
to net income of $111 million for the fourth quarter of 2008. For the
full year 2009, net loss was $258 million compared to net income
of $414 million for the full year 2008. Loss per diluted share was
$.12 for the fourth quarter of 2009 compared to earnings per
diluted share of $.18 in 2008. For the full year 2009, loss per
diluted share was $.45 compared to earnings per diluted share
of $.72 for the full year 2008.
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of 2009 compared to the same period in 2008 and decreased 19.1% to
$4,158 million for full year 2009 compared to the full year 2008.
-- Net loss was $72 million for the fourth quarter of 2009 compared
to net income of $111 million for the fourth quarter of 2008. For the
full year 2009, net loss was $258 million compared to net income
of $414 million for the full year 2008. Loss per diluted share was
$.12 for the fourth quarter of 2009 compared to earnings per
diluted share of $.18 in 2008. For the full year 2009, loss per
diluted share was $.45 compared to earnings per diluted share
of $.72 for the full year 2008.
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$1 million legal win for Atlantis
A three-year legal battle between the Atlantis resort and a self-confessed gambling addict may finally be ending, with an Australian court ordering the gambler to pay $1 million in gaming debt owed.
It's money Harry Kakavas racked up in loans from the casino nearly four years ago while on his honeymoon at the resort. The property developer tried to skate on his debt to the casino, alleging that the resort was aware of his gambling addiction and that it took advantage of that.
However, a justice in the Supreme Court decided that Atlantis had done its due diligence in searching Kakavas' credit history and that there were no conditions the resort would have been aware that affected his judgment and control over his gambling activities.
In a five-hour time span, Kakavas reportedly lost the full $1 million at a baccarat table in the Paradise Island casino.
Atlantis officials yesterday declined to comment on the matter.
This week's judgment, however, comes as the casino looks to further establish itself as the location of one of the largest poker tournaments in the world. The resort hosted the annual PokerStars Caribbean Adventure this year and has already booked the tournament for the next two years.
It's money Harry Kakavas racked up in loans from the casino nearly four years ago while on his honeymoon at the resort. The property developer tried to skate on his debt to the casino, alleging that the resort was aware of his gambling addiction and that it took advantage of that.
However, a justice in the Supreme Court decided that Atlantis had done its due diligence in searching Kakavas' credit history and that there were no conditions the resort would have been aware that affected his judgment and control over his gambling activities.
In a five-hour time span, Kakavas reportedly lost the full $1 million at a baccarat table in the Paradise Island casino.
Atlantis officials yesterday declined to comment on the matter.
This week's judgment, however, comes as the casino looks to further establish itself as the location of one of the largest poker tournaments in the world. The resort hosted the annual PokerStars Caribbean Adventure this year and has already booked the tournament for the next two years.
Wednesday, February 17, 2010
P.F. Chang's Reports Fourth Quarter and Full Year 2009 Results
Highlights for the fourth quarter of 2009 compared to prior year include:
•Consolidated revenues increased 10.8% to $326.7 million
•Comparable store sales declined 5.2% at the Bistro and increased 3.0% at Pei Wei
•Restaurant operating income margin increased 100 basis points to 12.7%
•Income from continuing operations increased 60.0% to $12.0 million
•Net income increased 121.0%(1) to $12.0 million
•Income from continuing operations per diluted share increased 67.7% to $0.52
•Net income per diluted share increased 126.1%(1) to $0.52
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•Consolidated revenues increased 10.8% to $326.7 million
•Comparable store sales declined 5.2% at the Bistro and increased 3.0% at Pei Wei
•Restaurant operating income margin increased 100 basis points to 12.7%
•Income from continuing operations increased 60.0% to $12.0 million
•Net income increased 121.0%(1) to $12.0 million
•Income from continuing operations per diluted share increased 67.7% to $0.52
•Net income per diluted share increased 126.1%(1) to $0.52
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Flanigan's Announces Earnings
FORT LAUDERDALE, Fla., Feb. 17 /PRNewswire-FirstCall/ -- FLANIGAN'S ENTERPRISES, INC., (AMEX: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, today announced results for the 13 weeks ended January 2, 2010. The table below sets forth the results on a comparative basis with the 13 weeks ended December 27, 2008.
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Jack in the Box Inc. Reports First Quarter FY 2010 Earnings
SAN DIEGO, Feb 17, 2010 (BUSINESS WIRE) -- Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $24.2 million, or 43 cents per diluted share, for the first quarter ended Jan. 17, 2010, compared with earnings from continuing operations of $28.0 million, or 49 cents per diluted share, for the first quarter of fiscal 2009.
Same-store sales at Jack in the Box(R) company restaurants decreased 11.1 percent in the first quarter of 2010 compared with a year-ago increase of 1.7 percent.
Linda A. Lang, chairman, chief executive officer and president, said, "We believe high unemployment rates for our key customer demographics continue to be the biggest factor impacting sales at Jack in the Box."
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Same-store sales at Jack in the Box(R) company restaurants decreased 11.1 percent in the first quarter of 2010 compared with a year-ago increase of 1.7 percent.
Linda A. Lang, chairman, chief executive officer and president, said, "We believe high unemployment rates for our key customer demographics continue to be the biggest factor impacting sales at Jack in the Box."
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Denny's Corporation Reports Results for Fourth Quarter and Full Year 2009
SPARTANBURG, S.C., Feb 17, 2010 (BUSINESS WIRE) -- Denny's Corporation (NASDAQ:DENN) today reported results for its fourth quarter and year ended December 30th, 2009.
Full Year Summary
•Opened forty new restaurants and delivered positive system unit growth of ten restaurants
•Sold eighty-one company restaurants under Denny's Franchise Growth Initiative (FGI); franchised restaurants are now 85% of Denny's system
•Net income of $41.6 million, including $19.4 million of gains on sale of assets
•Adjusted income before taxes* grew $6.8 million, or 29%, to $30.0 million
•Generated $40.7 million in cash proceeds from asset sales and reduced outstanding debt by $49.0 million
•Same-store sales decreased 3.7% at company units and 5.2% at franchised units
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Full Year Summary
•Opened forty new restaurants and delivered positive system unit growth of ten restaurants
•Sold eighty-one company restaurants under Denny's Franchise Growth Initiative (FGI); franchised restaurants are now 85% of Denny's system
•Net income of $41.6 million, including $19.4 million of gains on sale of assets
•Adjusted income before taxes* grew $6.8 million, or 29%, to $30.0 million
•Generated $40.7 million in cash proceeds from asset sales and reduced outstanding debt by $49.0 million
•Same-store sales decreased 3.7% at company units and 5.2% at franchised units
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Burger King to offer a slightly different $1 deal
Burger King plans to raise the price of its controversial $1 double cheeseburger in April, replacing it with a similar value-engineered burger for $1.
The main difference between the two burgers: a slice of cheese, worth about a nickel.
The moves are part of a value menu strategy outlined to franchisees in a memo written last Friday by two of Burger King's top executives.
The question is whether the changes will be enough to satisfy franchisees, most of whom have been against the product since the October launch.
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The main difference between the two burgers: a slice of cheese, worth about a nickel.
The moves are part of a value menu strategy outlined to franchisees in a memo written last Friday by two of Burger King's top executives.
The question is whether the changes will be enough to satisfy franchisees, most of whom have been against the product since the October launch.
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Louvre Hotels open throughout Asia
Louvre Hotels is to expand in south-east Asia, beginning with the recent signing of two hotels in Thailand’s resort destination of Pattaya. The hotel group, which is owned by Starwood Capital and run by Barry Sternlicht, is aiming for a different strategy in Asia compared to other countries.
Currently Louvre Hotels is opening three different offices in Asia, in India, Shanghai in China and Bangkok in south-east Asia. This year the group will be opening hotels in Thailand including the Golden Tulip Resort Pattaya, Golden Tulip Erawan Hotel (Pattaya), Tulip Inn Lumpini Park (Bangkok) and Golden Tulip Madison Suites Bangkok.
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Currently Louvre Hotels is opening three different offices in Asia, in India, Shanghai in China and Bangkok in south-east Asia. This year the group will be opening hotels in Thailand including the Golden Tulip Resort Pattaya, Golden Tulip Erawan Hotel (Pattaya), Tulip Inn Lumpini Park (Bangkok) and Golden Tulip Madison Suites Bangkok.
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Brazil Opens Half-a-Billion-Dollar Line of Credit for Hotel Industry
Brazil's Ministry of Tourism and the Brazilian Development Bank (BNDES), last week, established a line of credit of 1 billion Brazilian reais (US$ 544.5 million) for refurbishing, expanding and building new hotels.
The initiative had already been announced in the first week of January. The line was launched in Rio de Janeiro by the minister of Tourism, Luiz Barretto, and the vice president of the BNDES, Armando Mariante.
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The initiative had already been announced in the first week of January. The line was launched in Rio de Janeiro by the minister of Tourism, Luiz Barretto, and the vice president of the BNDES, Armando Mariante.
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Tuesday, February 16, 2010
BJ's Restaurants, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year of 2009
HUNTINGTON BEACH, Calif., Feb 11, 2010 (GlobeNewswire via COMTEX) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the fourth quarter and fiscal year 2009 that ended on Tuesday, December 29, 2009.
Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. As previously announced in our press release on January 7, 2010, the fourth quarter results include a $1.7 million pre-tax charge related to the settlement and disposition of the Company's entire auction rate securities ("ARS") investment portfolio and $0.5 million of legal costs associated with negotiating and documenting the settlement of the Company's related claim against the broker-dealer for its ARS portfolio. On a non-GAAP basis, excluding the aforementioned $2.2 million of pre-tax charges and their related tax effect, the Company's non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter were $3.3 million and $0.12, respectively. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.
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Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. As previously announced in our press release on January 7, 2010, the fourth quarter results include a $1.7 million pre-tax charge related to the settlement and disposition of the Company's entire auction rate securities ("ARS") investment portfolio and $0.5 million of legal costs associated with negotiating and documenting the settlement of the Company's related claim against the broker-dealer for its ARS portfolio. On a non-GAAP basis, excluding the aforementioned $2.2 million of pre-tax charges and their related tax effect, the Company's non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter were $3.3 million and $0.12, respectively. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.
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Orlando hoteliers offering deep discounts
How much does the average room cost in a high-end Orlando hotel these days?
Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Hawaii lawmaker again debating legal gambling
Gambling interests spent hundreds of thousands of dollars on lobbying and public relations in Hawai'i nearly a decade ago, tempting state lawmakers with new tax revenue from a grand resort and casino.
Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Hawaii Hotels Lost $741M Last Year
A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008.
The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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Burger King to carry Seattle's Best coffee
Burger King, the second largest U.S. hamburger chain after McDonald's, said it would serve Seattle's Best in about 7,250 U.S. outlets by September. The new coffee drinks, with optional flavorings and whipped topping, will sell for $1 to $2.79.
Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Enterprise Inns puts more pubs in sale and leaseback auction
Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.
The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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Darden Raises 2010 Outlook on Higher Traffic
The owner of Red Lobster and Olive Garden restaurants, Darden Restaurants (DRI: 40.4075, 1.4075, 3.61%), upped its outlook for profits thanks to heightened consumer traffic. The company now says per-share earnings from continuing operations will be up by 5-8% for its fiscal year ending in May, up from December’s prediction of flat to a 4% rise.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
Domino's Pizza to open more branches as success story continues
Domino's Pizza to open more branches as success story continues• Total sales up 16% on the year
Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Bahamas Government to exit its interest in Mayaguana project
The Government's plans to exit its 50 per cent equity interest in a $1.8 billion Bahamas-based investment project could "move ahead rapidly" once it and its developer partner "mutually agree" recommended changes to their agreement, Tribune Business has learned.
Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Buffalo Wild Wings Less Than Hot After Earnings Shortfall
Shares of Buffalo Wild Wings (BWLD), which hit an all-time high of $48.73 last Thursday leading into its quarterly report, fell hard during after-hours trading as the company was unable to live up to the Street’s expectations. The company came in with Q4 profits of $8.3 million, or $0.46/share, up from $7.7 million, or $0.43/share, for the same period a year earlier. Revenue came in at $145 million, good for a 20% sequential increase. Still, these year-over-year increases did little to appease investors, as the Street’s consensus called for profit of $0.51/share on revenue of $149 million.
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Barracuda reports £336,000 loss for 2009
Barracuda Group has posted a £336,000 pre-tax loss on a turnover of £33m for 2009.
The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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P.F. Chang's signs Philippines deal
P.F. Chang’s China Bistro Inc. announced a deal with Global Restaurant Concepts Inc. to develop eight restaurants in the Philippines over the next five years.
Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Best practices for a top ranking on TripAdvisor
Many hotels aspire to achieve top ranking in TripAdvisor’s popularity index. In New York, HKHotels dominates the charts, with all four of its properties in the top five rankings. This article takes a closer look on how they achieved this.
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IHG - Full Year Results to 31 December 2009
Global constant currency RevPAR decline of 14.7%, with a fourth quarter decline of 10.9%.
26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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Red Lion Hotels Reports Fourth Quarter and Full Year 2009 Results
SPOKANE, WA, February 16, 2010 - Red Lion Hotels Corporation (NYSE: RLH), a western U.S.-based owner of midscale and upscale hotels, today announced its results for the fourth quarter and full year ended December 31, 2009.
Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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Monday, February 15, 2010
Harrah’s debt gamble
About a year ago, investors were so convinced that Harrah’s Entertainment would file for bankruptcy protection that the company’s bonds — its promises to pay back billions of dollars — traded for 10 cents on the dollar.
Since then, the world’s largest gaming company — one of the country’s biggest buyout targets during the real estate bubble — has surprised naysayers by carving out a foothold of three years during which it can afford to make interest payments on its debt. The hope is that by 2013, its earnings will be high again. They will need to be because that year a $6 billion debt payment will be due. Another $9 billion in debt, by analysts’ estimates, comes due between 2015 and 2019.
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Since then, the world’s largest gaming company — one of the country’s biggest buyout targets during the real estate bubble — has surprised naysayers by carving out a foothold of three years during which it can afford to make interest payments on its debt. The hope is that by 2013, its earnings will be high again. They will need to be because that year a $6 billion debt payment will be due. Another $9 billion in debt, by analysts’ estimates, comes due between 2015 and 2019.
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Sunday, February 14, 2010
Singapore tries luring foreigners as casino opens
SINGAPORE -- Foreigners and a few Singaporeans streamed to card and dice tables and slot machines Sunday at 12:18 p.m. - the lucky minute when tightly controlled Singapore opened its first casino.
The city-state is counting on the Resorts World Sentosa casino and another opening in May to lure tourists and expatriates without besmirching Singapore's hard-earned reputation as corruption-free.
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The city-state is counting on the Resorts World Sentosa casino and another opening in May to lure tourists and expatriates without besmirching Singapore's hard-earned reputation as corruption-free.
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Saturday, February 13, 2010
Caribbean Tourism Organisation forecasts growth in 2010
BRIDGETOWN, Barbados -- The Caribbean Tourism Organization (CTO) is forecasting a rebound in visitor arrivals in 2010 with moderate growth expected for the region on the heels of positive indicators from the fourth quarter of 2009.
According to Winfield Griffith, director of research and information technology, the CTO is expecting tourism in the region to grow by up to three percent in 2010 as the global economy continues to see recovery.
Despite the global economic slump, the Caribbean remains one of the world’s most popular tourist regions. A total of 22.1 million people visited the Caribbean in 2009, down from 22.9 million in 2008.
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According to Winfield Griffith, director of research and information technology, the CTO is expecting tourism in the region to grow by up to three percent in 2010 as the global economy continues to see recovery.
Despite the global economic slump, the Caribbean remains one of the world’s most popular tourist regions. A total of 22.1 million people visited the Caribbean in 2009, down from 22.9 million in 2008.
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'Extreme' concern on $867m project's woes
A government minister yesterday told Tribune Business he was "extremely" concerned about the protracted legal battle that has enveloped the South Ocean resort and inhibited its potential $867 million redevelopment, telling Tribune Business yesterday that it further exacerbated the Bahamas' "asset utilisation problem".
Vincent Vanderpool-Wallace, minister of tourism and aviation, said the ongoing litigation between the project's developer and financing partners, and the failed attempt by a Canadian pension fund to foreclose on the $85 million first mortgage it holds on the South Ocean property, only delayed the potential benefits Bahamians were likely to gain from employment and entrepreneurial spin-off opportunities.
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Vincent Vanderpool-Wallace, minister of tourism and aviation, said the ongoing litigation between the project's developer and financing partners, and the failed attempt by a Canadian pension fund to foreclose on the $85 million first mortgage it holds on the South Ocean property, only delayed the potential benefits Bahamians were likely to gain from employment and entrepreneurial spin-off opportunities.
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Peruvian airline considers handing out free tickets to boost tourism
Lima. LAN Peru Airlines said Thursday it was considering offering foreigners free transportation to southern Peru to revive tourism after the Cusco region was hit by torrential rains last month, Xinhua informed.
The special offer will benefit those who choose LAN Peru to come to Peru and wish to visit Cusco, said Jorge Vilchez, general manager of the airline company.
He said domestic tourists would also enjoy a discount of nearly 50 percent on each flight.
"The number of tourists coming from abroad such as Japan and Germany registered a big drop. We are talking about 10,000 less reservations," said Vilchez, who urged the Peruvian government to start a promotion campaign for all tourist destinations in Peru.
Vilchez added that the company's new air routes such as Lima-Madrid-Paris and Lima-San Francisco would contribute to the arrival of more foreign tourists.
Tourist arrivals in Cusco dropped by more than 50 percent shortly after the torrential rains, declining from 7,800 in the first three days of January to 3,300 at the beginning of February, according to the local government.
The downpours paralyzed traffic on the ground and forced the government to evacuate about 4,000 people, including tourists, with helicopters from around the renowned ancient Inca ruins site Machu Picchu.
The special offer will benefit those who choose LAN Peru to come to Peru and wish to visit Cusco, said Jorge Vilchez, general manager of the airline company.
He said domestic tourists would also enjoy a discount of nearly 50 percent on each flight.
"The number of tourists coming from abroad such as Japan and Germany registered a big drop. We are talking about 10,000 less reservations," said Vilchez, who urged the Peruvian government to start a promotion campaign for all tourist destinations in Peru.
Vilchez added that the company's new air routes such as Lima-Madrid-Paris and Lima-San Francisco would contribute to the arrival of more foreign tourists.
Tourist arrivals in Cusco dropped by more than 50 percent shortly after the torrential rains, declining from 7,800 in the first three days of January to 3,300 at the beginning of February, according to the local government.
The downpours paralyzed traffic on the ground and forced the government to evacuate about 4,000 people, including tourists, with helicopters from around the renowned ancient Inca ruins site Machu Picchu.
Bahamas tourism minister explains recipe for casino success
BAHAMAS Tourism Minister Vincent Vanderpool-Wallace says prohibiting locals from gambling in casinos and limiting the number of casinos are what makes gaming a successful part of that destination's tourism offerings.
So successful is casino gambling in Bahamas, according to Vanderpool-Wallace, that 80 per cent of their visitors partake in casino gambling, some for the sport of gambling and others for the excitement the resort-based gaming facilities offer.
He noted that even those who do not come to the island with the intention of participating in casino gambling usually end up doing so once they are there
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So successful is casino gambling in Bahamas, according to Vanderpool-Wallace, that 80 per cent of their visitors partake in casino gambling, some for the sport of gambling and others for the excitement the resort-based gaming facilities offer.
He noted that even those who do not come to the island with the intention of participating in casino gambling usually end up doing so once they are there
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Hooters on the block for up to $250 million
Hooters, the US restaurant chain famous for its buxom, scantily clad waitresses, is up for sale for as much as $250 million (£159 million), according to reports.
The company has hired North Point Advisors, a San Francisco investment bank, to advise on the possible sale and is approaching potential private equity buyers, the New York Post said.
Hooters’ chain of 450 owned and franchised “breast-aurants”, which stretches from the company’s Atlanta base to Nottinham in the UK, made more than $1 billion of sales in 2008.
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The company has hired North Point Advisors, a San Francisco investment bank, to advise on the possible sale and is approaching potential private equity buyers, the New York Post said.
Hooters’ chain of 450 owned and franchised “breast-aurants”, which stretches from the company’s Atlanta base to Nottinham in the UK, made more than $1 billion of sales in 2008.
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China's hotel industry lags as economy soars
LONDON—Dramatic declines in China’s hotel performance during 2009—underscored by revenue per available room (RevPAR) falling 26.2 percent compared with a year ago—contrast strongly with the continuing good performance of the Chinese economy. An 8.7 percent year-on-year increase in GDP (Source: National Bureau of Statistics of China) for 2009 has experts predicting China’s economy will overtake Japan’s in 2010 and become the world's second-biggest economy after the United States. Data from STR Global, the leading provider of market information to the global hotel industry, shows the decline in RevPAR was largely due to falling average daily rate (ADR) of 21 percent with further impetus from declines in occupancy of 6.5 percent. The fall off in occupancy came amid significant increases in hotel supply during the last few years. STR Global’s Census database shows a 5-percent increase in available rooms across the country for 2009 compared to the prior year.
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Ark Restaurants Announces First Quarter Financial Results
NEW YORK, New York -- February 12, 2010 -- Ark Restaurants Corp. (NASDAQ: ARKR) today reported financial results for the first quarter ended January 2, 2010.
Total revenues for the three-month period ended January 2, 2010 were $25,576,000 versus $26,792,000 in the three months ended December 27, 2008.
EBITDA, as adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended January 2, 2010, was $59,000 versus $1,963,000 during the same three-month period last year. The Company's net loss for the three-month period ended January 2, 2010 was $723,000, or $0.21 per basic and diluted share, as compared to net income of $847,000, or $0.24 per basic and diluted share, for the same three-month period last year.
Company-wide same store sales decreased 4.4% compared to the same period last year
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Total revenues for the three-month period ended January 2, 2010 were $25,576,000 versus $26,792,000 in the three months ended December 27, 2008.
EBITDA, as adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended January 2, 2010, was $59,000 versus $1,963,000 during the same three-month period last year. The Company's net loss for the three-month period ended January 2, 2010 was $723,000, or $0.21 per basic and diluted share, as compared to net income of $847,000, or $0.24 per basic and diluted share, for the same three-month period last year.
Company-wide same store sales decreased 4.4% compared to the same period last year
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Lehman Brothers sues to enforce a $168 million loan guarantee on the bankrupt Fontainebleau Las Vegas
Lehman Brothers wants South Florida developer Jeffrey Soffer to cover a $168 million loan he personally guaranteed for the failed Fontainebleau Las Vegas casino.
The federal suit filed Thursday sets up a long-awaited showdown between Soffer and creditors of the Vegas project, which was sold for pennies on the dollar in bankruptcy court last month. Soffer partially blamed the Vegas venture's downfall on Lehman, the lender whose collapse in 2008 helped spark the global financial crisis.
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The federal suit filed Thursday sets up a long-awaited showdown between Soffer and creditors of the Vegas project, which was sold for pennies on the dollar in bankruptcy court last month. Soffer partially blamed the Vegas venture's downfall on Lehman, the lender whose collapse in 2008 helped spark the global financial crisis.
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Loews CEO Tisch Says U.S. Rang Hotel ‘Death Knell’
Feb. 9 (Bloomberg) -- Jim Tisch, the leader of Loews Corp., said the U.S. did a “good job of killing” the hotel business by lambasting corporate travel and hurt American International Group Inc.’s ability to return bailout funds by curbing pay.
“The criticism that took place of group travel was really a death knell for the industry,” Tisch said yesterday in an interview at an office of the New York-based holding company, which owns hotels. “It’s easy for the politician to get the sound bite. What they are doing with those sound bites is putting maids and bellmen out of work.”
Loews’s hotel unit posted a $34 million loss in 2009, compared with a $40 million profit in 2008. Tisch, the chairman and chief executive officer of Loews, said group travel comprises about half the firm’s hotel business, and operations suffered as lawmakers disparaged corporate trips amid the $700 billion rescue of financial firms. In 2008, bailed-out AIG canceled about 160 events costing a total of $80 million.
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“The criticism that took place of group travel was really a death knell for the industry,” Tisch said yesterday in an interview at an office of the New York-based holding company, which owns hotels. “It’s easy for the politician to get the sound bite. What they are doing with those sound bites is putting maids and bellmen out of work.”
Loews’s hotel unit posted a $34 million loss in 2009, compared with a $40 million profit in 2008. Tisch, the chairman and chief executive officer of Loews, said group travel comprises about half the firm’s hotel business, and operations suffered as lawmakers disparaged corporate trips amid the $700 billion rescue of financial firms. In 2008, bailed-out AIG canceled about 160 events costing a total of $80 million.
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Dubai selling off the Queen Elizabeth 2?
NEW YORK (CNNMoney.com) -- Dubai is reportedly preparing to sell a host of assets, including one of the world's best known cruise ships, as the emirate's investment arm looks to restructure a mountain of debt.
The Queen Elizabeth II, or QE2, is rumored to be one of the assets that Dubai's state-run private equity firm, Istithmar World, is planning to sell. An Istithmar spokesman did not respond to requests for comment on Tuesday.
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The Queen Elizabeth II, or QE2, is rumored to be one of the assets that Dubai's state-run private equity firm, Istithmar World, is planning to sell. An Istithmar spokesman did not respond to requests for comment on Tuesday.
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Once-beautiful property is allowed to rot and die
PINEAPPLE BAY, St. Thomas, U.S. Virgin Islands -- Why would a corporation let a beautiful resort die? Why would it let the resort gasp for breath and be overrun with weeds, broken windows, ripped awnings and filth?
The senseless death of the Grand Beach Resort on St. Thomas is sick and sad.
It has spent more than five years rotting away on one of the most beautiful bays in the U.S. Virgin Islands.
In its heyday in the 1990s as Stouffer's Grand Beach Resort, it bustled with life, with a gorgeous lobby, smart shops, a nice restaurant and a sugary white-sand beach on Pineapple Bay
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The senseless death of the Grand Beach Resort on St. Thomas is sick and sad.
It has spent more than five years rotting away on one of the most beautiful bays in the U.S. Virgin Islands.
In its heyday in the 1990s as Stouffer's Grand Beach Resort, it bustled with life, with a gorgeous lobby, smart shops, a nice restaurant and a sugary white-sand beach on Pineapple Bay
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Nashville convention hotel deal looks less certain
What once seemed like a firm deal to build a Marriott Marquis to serve as the headquarters hotel for a new downtown convention center now appears less solid.
Metro leaders say they hope multiple hotel developers and operators will come forward with new private-public financing plans. The Metro Council approved construction of the $585 million convention center last month, but Mayor Karl Dean decided to hold off on presenting a hotel deal until he could find more attractive terms.
But some experts say 2010 will be another difficult year for building hotels.
Although the city chose Colorado-based Phelps Development and Portman Holdings of Atlanta to develop a convention center hotel last year, it didn't have contracts with them or Marriott International, which was picked to run the facility.
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Metro leaders say they hope multiple hotel developers and operators will come forward with new private-public financing plans. The Metro Council approved construction of the $585 million convention center last month, but Mayor Karl Dean decided to hold off on presenting a hotel deal until he could find more attractive terms.
But some experts say 2010 will be another difficult year for building hotels.
Although the city chose Colorado-based Phelps Development and Portman Holdings of Atlanta to develop a convention center hotel last year, it didn't have contracts with them or Marriott International, which was picked to run the facility.
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Starwood relocation hits a bump
Connecticut pulled off a coup a few months ago when Starwood Hotels & Resorts Worldwide Inc., one of the nation's largest hotel chains, agreed to relocate its headquarters to the state from New York. But the deal is hitting roadblocks over whether the state is seeking federal stimulus money to help pay for its promises.
At the time, Connecticut Gov. M. Jodi Rell awarded Starwood $90 million in public subsidies in exchange for the company's 800 employees moving to Stamford from White Plains, N.Y. At roughly $112,000 per job, the package is the most expensive incentive plan Connecticut has offered, according to state officials. Under terms of the deal, Connecticut also agreed to make substantial infrastructure improvements, and it has filed or plans to file for $35 million in federal stimulus money to pay for it.
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At the time, Connecticut Gov. M. Jodi Rell awarded Starwood $90 million in public subsidies in exchange for the company's 800 employees moving to Stamford from White Plains, N.Y. At roughly $112,000 per job, the package is the most expensive incentive plan Connecticut has offered, according to state officials. Under terms of the deal, Connecticut also agreed to make substantial infrastructure improvements, and it has filed or plans to file for $35 million in federal stimulus money to pay for it.
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Pinnacle kills Atlantic City casino project
ATLANTIC CITY — The company that spectacularly imploded the Sands Casino Hotel is pulling out of Atlantic City after its plans for a $1.5 billion gaming resort proved to be a dud.
Dealing another blow to the struggling gaming market, Pinnacle Entertainment Inc. announced Friday it has abandoned its casino project and will sell its Boardwalk property.
“We put the property up for sale in Atlantic City,” John Giovenco, Pinnacle’s interim chief executive officer, told gaming analysts during a conference call. “We hope to sell as soon as a reasonable bid comes in. I can’t tell you when. Hopefully, sooner than later.”
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Dealing another blow to the struggling gaming market, Pinnacle Entertainment Inc. announced Friday it has abandoned its casino project and will sell its Boardwalk property.
“We put the property up for sale in Atlantic City,” John Giovenco, Pinnacle’s interim chief executive officer, told gaming analysts during a conference call. “We hope to sell as soon as a reasonable bid comes in. I can’t tell you when. Hopefully, sooner than later.”
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Friday, February 12, 2010
Vegas Strip Gambling Rises for Second Straight Month
Feb. 11 (Bloomberg) -- Las Vegas Strip gambling revenue rose 5.9 percent in December, the second straight monthly gain and a fresh sign the worst casino slump on record may be easing.
Strip proceeds climbed to $502.2 million in December from a year earlier, Nevada’s Gaming Control Board said today on its Web site. Revenue for the full year declined 9.4 percent.
Gains were driven by baccarat winnings, particularly at Aria casino, a venue at the $8.5 billion CityCenter resort MGM Mirage and Dubai World opened last month, analysts Bill Lerner at Union Gaming Group LLC and Robert LaFleur with Susquehanna Financial Group said today.
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Strip proceeds climbed to $502.2 million in December from a year earlier, Nevada’s Gaming Control Board said today on its Web site. Revenue for the full year declined 9.4 percent.
Gains were driven by baccarat winnings, particularly at Aria casino, a venue at the $8.5 billion CityCenter resort MGM Mirage and Dubai World opened last month, analysts Bill Lerner at Union Gaming Group LLC and Robert LaFleur with Susquehanna Financial Group said today.
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Choice Hotels Reports Full Year 2009 Adjusted Diluted EPS of $1.71, Domestic Unit Growth of 4.0%
•Adjusted diluted earnings per share ("EPS") for full year 2009 were $1.71 compared to $1.77 for full year 2008. Diluted EPS were $1.63 for full year 2009 compared to $1.59 for 2008. Adjusted diluted EPS for full year 2009 and 2008 exclude special items, as described below, totaling $0.08 and $0.18, respectively.
•Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $163.7 million for the year ended December 31, 2009, compared to $200.5 million for full year 2008. Operating income for the year ended December 31, 2009 was $148.1 million compared to $174.6 million for the same period of 2008.
•Franchising revenues declined $45.6 million or 15% from $300.3 million for the year ended December 31, 2008 to $254.7 million for the same period of the current year. Total revenues declined $77.5 million or 12% to $564.2 million for the year ended December 31, 2009 compared to the same period of the prior year.
•Adjusted selling, general and administrative ("SG&A") costs for full year 2009 totaled $91.9 million which represented a 9% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $7.3 million and $17.7 million for the year ended December 31, 2009 and 2008, respectively.
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•Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $163.7 million for the year ended December 31, 2009, compared to $200.5 million for full year 2008. Operating income for the year ended December 31, 2009 was $148.1 million compared to $174.6 million for the same period of 2008.
•Franchising revenues declined $45.6 million or 15% from $300.3 million for the year ended December 31, 2008 to $254.7 million for the same period of the current year. Total revenues declined $77.5 million or 12% to $564.2 million for the year ended December 31, 2009 compared to the same period of the prior year.
•Adjusted selling, general and administrative ("SG&A") costs for full year 2009 totaled $91.9 million which represented a 9% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $7.3 million and $17.7 million for the year ended December 31, 2009 and 2008, respectively.
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Thursday, February 11, 2010
Chipotle Mexican Grill, Inc. Announces Fourth Quarter and Full Year 2009 Results
DENVER, Feb 11, 2010 (BUSINESS WIRE) -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2009.
Highlights for the fourth quarter of 2009 as compared to the fourth quarter of 2008 include:
Revenue increased 12.2% to $387.5 million
Comparable restaurant sales increased 2.0%
Restaurant level operating margin was 24.5%, an increase of 340 basis points
Net income was $31.6 million, an increase of 86%
Diluted earnings per share was $0.99, an increase of 90%
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Highlights for the fourth quarter of 2009 as compared to the fourth quarter of 2008 include:
Revenue increased 12.2% to $387.5 million
Comparable restaurant sales increased 2.0%
Restaurant level operating margin was 24.5%, an increase of 340 basis points
Net income was $31.6 million, an increase of 86%
Diluted earnings per share was $0.99, an increase of 90%
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Buffalo Wild Wings, Inc. Announces Fourth Quarter 2009 Results
MINNEAPOLIS, Feb 11, 2010 (BUSINESS WIRE) -- Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the fourth quarter ended December 27, 2009. Highlights for the fourth quarter versus the same period a year ago were:
•Total revenue increased 19.6% to $145.0 million
•Company-owned restaurant sales grew 19.5% to $131.2 million
•Same-store sales increased 2.6% at company-owned restaurants and 2.0% at franchised restaurants
•Net earnings increased 7.9% to $8.3 million from $7.7 million, and earnings per diluted share increased 7.0% to $0.46 from $0.43
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•Total revenue increased 19.6% to $145.0 million
•Company-owned restaurant sales grew 19.5% to $131.2 million
•Same-store sales increased 2.6% at company-owned restaurants and 2.0% at franchised restaurants
•Net earnings increased 7.9% to $8.3 million from $7.7 million, and earnings per diluted share increased 7.0% to $0.46 from $0.43
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The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2009
Total revenues were $400.6 million in the fourth quarter of fiscal 2009 as compared to $400.4 million in the prior year fourth quarter. Net income and diluted net income per share were impacted by certain charges recorded in the fourth quarter of fiscal 2009, as detailed below, resulting in a net loss and diluted net loss per share of $13,000 and $0.00, respectively.
In accordance with accounting rules, the Company recorded pre-tax, non-cash charges of $26.5 million related to the impairment of four Grand Lux Cafe restaurants in the fourth quarter of fiscal 2009. All of the Grand Lux Cafe locations remain open. In addition, the Company made a $2.2 million, pre-tax payment to unwind an interest rate collar in conjunction with a $50 million repayment on its revolving credit facility. Collectively, these items reduced reported diluted net income per share by approximately $0.28. Excluding these items, net income was $17.2 million and diluted net income per share was $0.28.
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In accordance with accounting rules, the Company recorded pre-tax, non-cash charges of $26.5 million related to the impairment of four Grand Lux Cafe restaurants in the fourth quarter of fiscal 2009. All of the Grand Lux Cafe locations remain open. In addition, the Company made a $2.2 million, pre-tax payment to unwind an interest rate collar in conjunction with a $50 million repayment on its revolving credit facility. Collectively, these items reduced reported diluted net income per share by approximately $0.28. Excluding these items, net income was $17.2 million and diluted net income per share was $0.28.
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Former Dunkin' exec files $5M lawsuit claiming ruined reputation
A former top executive at Dunkin’ Brands who helped assemble the chain’s culinary dream team has filed a $5 million lawsuit that accuses the company of violating a separation agreement by providing negative references, ruining his reputation with defamatory statements, and causing the loss of multiple job opportunities.
Michael O’Donovan, a European master chef who served the Queen of England, worked as vice president of global research and development for Dunkin’ from May 2004 through July 2007, overseeing the hiring of Boston chef Stan Frankenthaler, a makeover of the menu, and the long journey to eliminate transfats from doughnuts.
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Michael O’Donovan, a European master chef who served the Queen of England, worked as vice president of global research and development for Dunkin’ from May 2004 through July 2007, overseeing the hiring of Boston chef Stan Frankenthaler, a makeover of the menu, and the long journey to eliminate transfats from doughnuts.
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Hersha Hospitality buys 3 Times Square hotels
Hersha Hospitality Trust said it closed on the purchase of three hotels in New York City, paying $165 million for the properties.
Hersha (NYSE:HT), which has offices in Philadelphia, acquired the Hampton Inn, with 184 rooms; Candlewood Suites, with 188 rooms; and Holiday Inn Express Times Square, with 210 rooms. All three hotels are in the Times Square area. All are managed by Hersha Hospitality Management LP.
For the sellers, the purchase price included a limited-partnership interest in Hersha
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Hersha (NYSE:HT), which has offices in Philadelphia, acquired the Hampton Inn, with 184 rooms; Candlewood Suites, with 188 rooms; and Holiday Inn Express Times Square, with 210 rooms. All three hotels are in the Times Square area. All are managed by Hersha Hospitality Management LP.
For the sellers, the purchase price included a limited-partnership interest in Hersha
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Marriott says tough to predict recovery
NEW YORK, Feb 11 (Reuters) - Marriott International Inc (MAR.N) posted a higher-than-expected quarterly profit but said it would be difficult to predict the pace of recovery for the hotel industry, which has been hurt by tepid business travel.
Business travel is an important step to recovery for Marriott, which relies heavily on corporate demand to help set room rates. Although business travel has improved in recent months, it still remains below levels of 2008 and earlier
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Business travel is an important step to recovery for Marriott, which relies heavily on corporate demand to help set room rates. Although business travel has improved in recent months, it still remains below levels of 2008 and earlier
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Expedia Q4 earnings jump, will begin paying dividends
Expedia Inc. reported fourth-quarter net income rose to $102.2 million, or 35 cents per diluted share. The Bellevue online travel company also said it will begin paying a quarterly dividend to shareholders.
The quarterly results compare with the horrific results from a year earlier, when Expedia (NASDAQ: EXPE) took an accounting charge and reported a loss of $2.8 billion, or a loss of $9.62 per share.
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The quarterly results compare with the horrific results from a year earlier, when Expedia (NASDAQ: EXPE) took an accounting charge and reported a loss of $2.8 billion, or a loss of $9.62 per share.
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New York Four Seasons Hotel said to be hitting the block
Even multi-billionaires like Ty Warner are not immune to the latest economic conditions. Mr. Warner, who made his fortune manufacturing Beanie Babies, owns the Four Seasons Hotel New York—but maybe not for much longer.
He is in negotiations to sell the posh property to a group of investors, according to several news reports.
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He is in negotiations to sell the posh property to a group of investors, according to several news reports.
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Marriott International Reports Fourth Quarter Results
Fourth quarter 2009 adjusted income from continuing operations attributable to Marriott totaled $118 million, a 2 percent decline over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations attributable to Marriott shareholders totaled $0.32, down 3 percent. On October 8, 2009, the company forecasted fourth quarter adjusted diluted EPS of $0.20 to $0.23.
Reported income from continuing operations attributable to Marriott was $106 million in the fourth quarter of 2009 compared to a reported loss from continuing operations attributable to Marriott of $10 million in the year-ago quarter. Reported diluted EPS from continuing operations attributable to Marriott shareholders was $0.28 in the fourth quarter of 2009 compared to reported diluted losses per share from continuing operations attributable to Marriott shareholders of $0.03 in the fourth quarter of 2008.
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Reported income from continuing operations attributable to Marriott was $106 million in the fourth quarter of 2009 compared to a reported loss from continuing operations attributable to Marriott of $10 million in the year-ago quarter. Reported diluted EPS from continuing operations attributable to Marriott shareholders was $0.28 in the fourth quarter of 2009 compared to reported diluted losses per share from continuing operations attributable to Marriott shareholders of $0.03 in the fourth quarter of 2008.
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Wednesday, February 10, 2010
Coral Gables may allow Biltmore to shield some financial records
The city has requested certain financial documents from Seaway Hotels to see why the hotel has not paid nearly $2.4 million in rent over the past year.
In 1992, the city -- which owns the historic hotel -- signed a long-term management lease agreement with Seaway Hotels. As part of the lease, the hotel pays the city 3.5 percent of its gross revenue
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In 1992, the city -- which owns the historic hotel -- signed a long-term management lease agreement with Seaway Hotels. As part of the lease, the hotel pays the city 3.5 percent of its gross revenue
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Kona Grill, Inc. Reports Fourth Quarter and Full Year 2009 Results
SCOTTSDALE, Ariz., Feb 10, 2010 (GlobeNewswire via COMTEX) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights Include:
-- Opened restaurant in Tampa, FL
-- Restaurant sales increased 7.7% to $20.0 million
-- Same-store sales decreased 8.1%
-- Restaurant operating profit margin of 10.3%
-- Net loss on a GAAP basis of $19.2 million, or $2.10 per share, including asset impairment and special charges totaling $17.6 million
-- Net loss of $1.6 million, or $0.18 per share, excluding these aforementioned asset impairment and special charges
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Fourth Quarter 2009 Highlights Include:
-- Opened restaurant in Tampa, FL
-- Restaurant sales increased 7.7% to $20.0 million
-- Same-store sales decreased 8.1%
-- Restaurant operating profit margin of 10.3%
-- Net loss on a GAAP basis of $19.2 million, or $2.10 per share, including asset impairment and special charges totaling $17.6 million
-- Net loss of $1.6 million, or $0.18 per share, excluding these aforementioned asset impairment and special charges
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Golden Tulip Expands In Thailand
BANGKOK, THAILAND - Global hospitality management conglomerate Golden Tulip has continued its strategic expansion into South-east Asia with the recent signing of two hotels in Thailand's popular resort destination of Pattaya.
Golden Tulip already boasts more than 213 hotels in 37 countries with 25,600 rooms and from the beginning of March the Royal Orchid Pattaya will be re-branded as the Golden Tulip Resort Pattaya and positioned as an ideal getaway destination for families and short break guests. The Erawan Hotel Pattaya will re-branded to the Golden Tulip Erawan Hotel showcasing superb facilities for meetings and incentives and leisure travellers.
Both Pattaya properties will undergo extensive renovations to bring them up to Golden Tulip operating standards and will officially re-open in early March. The two hotels were officially signed over to new management on February 3.
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Golden Tulip already boasts more than 213 hotels in 37 countries with 25,600 rooms and from the beginning of March the Royal Orchid Pattaya will be re-branded as the Golden Tulip Resort Pattaya and positioned as an ideal getaway destination for families and short break guests. The Erawan Hotel Pattaya will re-branded to the Golden Tulip Erawan Hotel showcasing superb facilities for meetings and incentives and leisure travellers.
Both Pattaya properties will undergo extensive renovations to bring them up to Golden Tulip operating standards and will officially re-open in early March. The two hotels were officially signed over to new management on February 3.
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The Standard Hotels Join Design Hotels
Berlin, February 10, 2010 - Design Hotels announces the signing of four of André Balazs' properties: The Standard, Hollywood; The Standard, Downtown LA; The Standard Spa, Miami Beach and The Standard, New York.
Conceived by visionary hotelier André Balazs, The Standard brand, which debuted in 1999 in West Hollywood, California, is anything but "standard." Balazs realized early on that a new generation of young, fashionable and style-conscious consumers was emerging. They were hungry for a new hospitality experience: one that catered to their sophisticated tastes, but at the same time was affordable.
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Conceived by visionary hotelier André Balazs, The Standard brand, which debuted in 1999 in West Hollywood, California, is anything but "standard." Balazs realized early on that a new generation of young, fashionable and style-conscious consumers was emerging. They were hungry for a new hospitality experience: one that catered to their sophisticated tastes, but at the same time was affordable.
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Ruby's Diner to Debut Drive-In Restaurant Concept
Ruby's Diner, a Southern California institution famous for 1940s-inspired burgers, shakes and classic American food, will soon have a new home in Downtown Anaheim. The newest Ruby's Diner location, The Ruby's Five Points Drive-In, is expected to open at end of March or beginning of April 2010 and is the first to feature an authentic, old-fashioned outdoor carhop with 12 drive-in spaces complete with roller skating servers and rotating reel of 1940s movies. This opening comes after years of renovation to the historic Five Points Building, which is located at the Lincoln Avenue off-ramp of the Interstate 5 Freeway in Anaheim just blocks from Disneyland. The new Ruby's Five Points Drive-In at 1128 West Lincoln Avenue is one of the last historic properties still standing in the newly redeveloped central city of Anaheim. Originally constructed in 1928, the Five Points Building was the westernmost commercial spot in the city, housing numerous shops and offices used by the original Anaheim Colonists.
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Restaurant loses its Michelin star for third time as chef walks out
To lose one Michelin star may be regarded as a misfortune; to lose two looks like carelessness. But one restaurant has just lost a third.
Staff at The Goose in Britwell Salome, Oxfordshire, which had last month won back its one Michelin star status, have walked out in a dispute over the direction of the business, taking the award with them.
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Staff at The Goose in Britwell Salome, Oxfordshire, which had last month won back its one Michelin star status, have walked out in a dispute over the direction of the business, taking the award with them.
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Wyndham Worldwide Reports Fourth Quarter and Full Year 2009 Results
PARSIPPANY, N.J. 02-10-2010 —Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2009. Separately, the Company also announced an increase in its quarterly cash dividend and that it plans to resume its share repurchase program.
FOURTH QUARTER and FULL-YEAR HIGHLIGHTS:
Wyndham Worldwide generated fourth quarter diluted earnings per share (EPS) of $0.40, compared with Company-issued guidance of $0.35 - $0.38. For the year ended December 31, 2009, the Company generated net cash from operating activities of approximately $690 million, compared with $109 million in 2008.
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FOURTH QUARTER and FULL-YEAR HIGHLIGHTS:
Wyndham Worldwide generated fourth quarter diluted earnings per share (EPS) of $0.40, compared with Company-issued guidance of $0.35 - $0.38. For the year ended December 31, 2009, the Company generated net cash from operating activities of approximately $690 million, compared with $109 million in 2008.
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