The CEO of Starwood Hotels & Resorts Worldwide Inc. received compensation the company valued at $8.2 million in 2009, a more than 70 percent increase as the hotelier's stock price more than doubled, according to a regulatory filing.
Frits Van Paasschen's base salary at the owner of the Sheraton, W Hotels and Westin brands held steady at $1 million.
Schultz took home a $600,000 bonus in 2009, compared with none the year before, according to regulatory filing submitted to the Securities and Exchange Commission.
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Wednesday, March 31, 2010
Plenty of room at the inn spells tension in hotel industry
The 44-year-old investor in seven Georgia hotels has owned this particular property since 2005. Then, it was bustling with construction workers and weary "snowbirds" zooming down Interstate 95 to Florida.
But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
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But as the economy slowed last year, revenue at the hotel fell 40 percent from 2006 levels. And rising costs and demands imposed by Wyndham Worldwide Corp (WYN.N), the hotel company that franchises the Microtel brand, are exacerbating his troubles.
"As it is, we are struggling to keep the lights on and pay the mortgage," said Patel, one of the hotel's three owners. "We have to put more hours into the business to survive."
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Nevis Four Seasons - Will It Reopen?
The Caribbean might be relaxing for vacationers, but it is often anything but for owners of resorts. Case in point: the tiny island of Nevis, where two creditors are trying to force into bankruptcy a hurricane-ravaged Four Seasons resort.
Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
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Hotel investor Maritz Wolff & Co. purchased the 196-room hotel in 1996. Three years later, Hurricane Lenny slammed through Nevis, flooded the hotel's first floor and inflicted substantial damage, forcing the hotel to close for nine months for repairs. In 2008, even as Maritz Wolff negotiated for an extension to its $59 million securitized mortgage, another hurricane—Omar—pounded Nevis. The Four Seasons has yet to reopen, though owners of its 65 private villas still visit.
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Dubai developer wanted in Germany over alleged hotel fraud
Authorities in Germany are seeking the arrest of a German national on suspicion of a multimillion-euro fraud in connection with a Dubai hotel project that was never built.
A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
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A court in Dortmund issued an arrest warrant in November for the developer Georg Recker, who is in Dubai and has denied any wrongdoing.
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Starman Hotels seeks up to £70m for Le Meridien Piccadilly
The 266-bedroom, five-star Le Meridien Piccadilly has been put on the market for £65-70m. Owned by Starman Hotels, Le Meridien is the company’s only UK property. The hotel, which has recently undergone a £6m refurbishment, is operated by Starwood Hotels.
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Chinese investors eye mega Freeport project
With the conclusion of a $2.5 billion loan agreement for the Baha Mar project said to be imminent last night, Tribune Business can reveal that another Chinese-led investor group is eyeing a multi-million dollar resort project for Grand Bahama, complete with potential cruise port.
Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
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Informed sources with knowledge of developments said the Cylin Group, whose principals include the daughter of the People's Republic of China's defence minister, was looking at a major tourism development on 2,000 acres of land in the Sharp Rock area.
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Tuesday, March 30, 2010
Income Up, Same-Store Sales Down at NPC International
NPC International, Inc. (the "Company"), today reported results for its fourth fiscal quarter and fiscal year ended December 29, 2009.
FOURTH QUARTER HIGHLIGHTS:
* The fourth quarter of 2009 was comprised of 13 weeks while 2008 contained 14 weeks.
* Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") from continuing operations (reconciliation attached) of $19.0MM was below the prior year by $4.2MM or 17.9%.
* Loss from continuing operations of $0.3MM compared to income of $3.2MM recorded last year.
* Debt remained equal to the third quarter at $433.7MM while cash increased by $4.2MM to $14.7MM.
* Comparable store sales from continuing operations declined -10.5% rolling over a decrease of -3.4% last year.
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FOURTH QUARTER HIGHLIGHTS:
* The fourth quarter of 2009 was comprised of 13 weeks while 2008 contained 14 weeks.
* Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") from continuing operations (reconciliation attached) of $19.0MM was below the prior year by $4.2MM or 17.9%.
* Loss from continuing operations of $0.3MM compared to income of $3.2MM recorded last year.
* Debt remained equal to the third quarter at $433.7MM while cash increased by $4.2MM to $14.7MM.
* Comparable store sales from continuing operations declined -10.5% rolling over a decrease of -3.4% last year.
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Mexican Restaurants, Inc. Announces Fiscal Year-End Results
HOUSTON--(BUSINESS WIRE)--For the fiscal year ended January 3, 2010, Mexican Restaurants (NASDAQ: CASA - News) reported a net loss of $848,699 or ($0.26) per diluted share. This compared with a net loss of $3,987,011 or ($1.22) per diluted share for fiscal year 2008. For the fourth quarter ended January 3, 2010, the Company reported a net loss of $588,001 or ($0.18) per diluted share, compared with a net loss of $3,917,026 or ($1.20) per diluted share for the same quarter in fiscal year 2008. During the fourth quarter ended January 3, 2010, the Company recorded $190,000 of severance expense as part of staff reductions. During the 2008 fourth quarter, the Company recorded a goodwill impairment of approximately $5.1 million, and a resulting approximate $1.3 million tax benefit.
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Punch Taverns chief Giles Thorley quits
Giles Thorley, chief executive of Punch Taverns, Britain's biggest pub group, today said he was quitting after nine years at the helm. The company said it was "well advanced with the process of appointing a successor" and that Mr Thorley would stay on until his successor is appointed. Although external candidates are being considered, Punch has two strong internal candidates who have helped Mr Thorley put the group on a more even keel.
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RDG Captial raises Benihana bid to $8/shr
New York investment manager Russell Glass is so eager for a taste of Japanese steakhouse Benihana that he's turning up the heat on his unsolicited bid for the struggling restaurant chain to $8 a share from $7, The Post has learned.
Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
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Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
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In Asia Pacific, Downturn Looks More Like A Speed Bump
ASIA PACIFIC — The Asia Pacific hotel market has felt the impact of the downturn, but thanks to massive emerging economies that refuse to be stopped and localized financing practices that have kept pipelines healthy, the East continues to be where the action is. The region is at the head of the global recovery, with Jones Lang LaSalle Hotels reporting evidence of markets hitting bottom late last year. Promisingly, the financial sector is showing signs of increased demand, particularly in the economic hubs of Hong Kong and Singapore, JLLH says, and net absorption rose 20% across the region in the fourth quarter, although it will likely remain below pre-recession levels through 2010.
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Monday, March 29, 2010
Trump SoHo not SoSo
The Trump SoHo hotel and condominium has too many vacancies.
The 46-story building is scheduled to open April 9 in Manhattan. Sales were initially brisk, but only about a third of the 391 units are now in contract. What's more, it isn't clear how many of those will actually close, because that process won't begin until the hotel opens.
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The 46-story building is scheduled to open April 9 in Manhattan. Sales were initially brisk, but only about a third of the 391 units are now in contract. What's more, it isn't clear how many of those will actually close, because that process won't begin until the hotel opens.
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$700M Waikiki project moves ahead
The owner of the Sheraton Princess Kaiulani Hotel is moving forward with a $700 million redevelopment project for the center of Waikiki that could start as early as mid 2011.
The project, which would be the largest redevelopment of Hawaii’s main tourist district since Outrigger’s $585 million Waikiki Beach Walk redevelopment, would get under way just as Disney puts the finishing touches on its $800 million Aulani resort on the other side of Oahu in the Ko Olina resort
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The project, which would be the largest redevelopment of Hawaii’s main tourist district since Outrigger’s $585 million Waikiki Beach Walk redevelopment, would get under way just as Disney puts the finishing touches on its $800 million Aulani resort on the other side of Oahu in the Ko Olina resort
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Pub landlord arrested after body found in freezer
The landlord of a Norfolk pub five miles from royal residence Sandringham House has been arrested after the body of a woman, believed to be his fiancé, was found in the freezer in a put outhouse.
Mike Tucker, 49, and Becky Thorpe, 29, had run the 18th-century Compasses Inn in Snettisham since Easter Sunday last year, and became engaged in September.
Thorpe had not been seen for a week before the frozen body – which will will not be formally identified until early this week – was discovered by an employee lastTuesday lunchtime.
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Mike Tucker, 49, and Becky Thorpe, 29, had run the 18th-century Compasses Inn in Snettisham since Easter Sunday last year, and became engaged in September.
Thorpe had not been seen for a week before the frozen body – which will will not be formally identified until early this week – was discovered by an employee lastTuesday lunchtime.
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Sunday, March 28, 2010
Ireland's bust leaves ghost houses and zombie hotels
DUBLIN, Ireland — The ancient Ireland of the tourist guidebooks has its share of haunted castles and spooky old ruins. But in the modern Ireland of the post-boom years you are more likely to find ghost housing estates and zombie hotels.
In Ireland, with a population of four and a half million, 300,000 homes are lying empty, according to a recent academic survey. Many of them are in clusters of almost-finished houses, built in fields that were rezoned for development in the madness of the housing boom. While bankrupt developers have left the housing developments unfinished, banks are keeping empty grand hotels open to prevent them from becoming, well, ghost hotels.
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In Ireland, with a population of four and a half million, 300,000 homes are lying empty, according to a recent academic survey. Many of them are in clusters of almost-finished houses, built in fields that were rezoned for development in the madness of the housing boom. While bankrupt developers have left the housing developments unfinished, banks are keeping empty grand hotels open to prevent them from becoming, well, ghost hotels.
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Chinese group buys Los Angeles Marriot Downtown Hotel
The Shenzhen New World Group Company, a Chinese-owned real estate development firm, has recently bought a 469-room hotel for an approximate price of $60 million, about half of its estimated value way back in 2007.
The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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Financing partner of New South Ocean Development Company 'winding down'
ONE of the financing partners of the New South Ocean Development Company, the troubled hedge fund Plainfield Asset Management, has announced it is winding down and returning money to its investors amid a wave of lawsuits, the New York Post reported yesterday.
Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Bahamian Tourism predicted to decrease 4% in 2010
The Bahamian travel and tourism industry is projected to contract by 4.1 per cent during 2010, the World Travel & Tourism Council (WTTC) has projected, but its long-term projections for the sector's 3.4 per cent annualised growth over the next decade have been backed by leading industry figures.
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Yum opens 1st Taco Bell in India
LOUISVILLE, Ky. (March 27, 2010) In an effort to expand Taco Bell’s international reach, parent Yum! Brand Inc. debuted the quick-service chain's first unit in Bangalore, India, last week.
The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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Friday, March 26, 2010
Chemical Dump Costs Los Angeles Hotel $370,000
LOS ANGELES, California, March 26, 2010 (ENS) - The corporate operator of the Standard Hotel in downtown Los Angeles has agreed to plead guilty to violating federal environmental laws in an incident where a hotel employee poured pool chemicals down a rooftop drain. The chemical dump led to a street closure and several people became ill when fumes filled a nearby subway station.
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Miami Four Seasons Hotel Sold for $30M
BY DOUGLAS HANKS
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
Brinker International Announces Agreement to Sell On The Border Mexican Grill & Cantina(R)
DALLAS, March 25, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) has entered into a purchase agreement with OTB Acquisition LLC, an affiliate of Golden Gate Capital, to sell its On The Border Mexican Grill & Cantina brand. Terms of the transaction were not disclosed.
Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker Boosts Buyback Target as Earnings Exceed Estimates
March 26 (Bloomberg) -- Brinker International Inc., owner of Chili’s Grill & Bar, reported third-quarter earnings that topped analysts’ estimates and boosted its share buyback target.
Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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CKE Restaurants(R) Announces Fourth Quarter and Full Year Fiscal 2010 Results
"Blended same-store sales decreased 3.9% for our fiscal year and decreased 6.0% in the fourth fiscal quarter with poor end of year weather impacting our results. Even though we saw weakness in the overall economy, high unemployment rates and deep-discount burger wars, I'm proud to say that for the year we maintained market share, our premium branding and remarkably constant levels of profitability," said Andrew F. Puzder, chief executive officer. "We will stay on course as we enter Fiscal 2011 with our focus on big, juicy premium burgers for hungry guys and as we grow our company stores and quickly expand our franchisee presence. To grow same-store sales we will continue with our aggressive new product launches, cutting edge advertising, dual branding and remodeling; all the while looking for ways to increase profitability."
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Sbarro, Inc. Announces Results of Operations for the Fourth Quarter and Fiscal Year Ended December 27, 2009
Revenues were $94.0 million for the quarter ended December 27, 2009 as compared to revenues of $98.7 million for the quarter ended December 28, 2008. The decrease in revenues was due to a 4.6% decrease in Company-owned comparable-unit sales, lost sales from stores strategically closed and a decline in royalties on franchise sales, offset by sales generated by new Company-owned stores opened in 2009 and 2008. Domestic franchise comparable-unit sales declined 6.2%. The decrease in Company-owned and domestic franchise comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Without consideration for foreign currency fluctuations, international franchise comparable-unit sales declined 4.4%. The strengthening of the U.S. Dollar relative to virtually all foreign currencies added an additional 2.7% decline in international franchise comparable unit sales.
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Thursday, March 25, 2010
Foreclosure auction for W hotel in NYC canceled
DekaBank Deutsche Girozentrale , a senior lender holding a $60 million loan on the property, had planned to foreclose on Wednesday at the offices of the law firm Sonnenschein Nath & Rosenthal LLP.
Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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Schlotzsky's Goes All In With Cinnabon, New Look
2010-03-24] Schlotzsky's unveiled a new prototype store and extended cobranding relationship with Cinnabon as part of rebranding efforts it hopes to use to almost double in size by 2015.
"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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Homewood Suites by Hilton And Hampton Inn by Hilton Open Dual-Branded Property at Toronto Airport
Homewood Suites by Hilton, the international brand of all-suite, residential-style hotels, and Hampton Hotels, the international brand of nearly 1,800 hotels, today announced the opening of their first dual-branded development in Canada. Located within minutes from Toronto’s Pearson International Airport, the two buildings boast 126 Hampton rooms and 128 Homewood brand suites and are joined by a shared common area, pool and fitness center. The hotel is owned by Bayview Toronto Airport Corporate Centre Ltd and managed by Bayview Hospitality, Inc.
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STR: Miami leads February numbers
HENDERSONVILLE, Tennessee—Miami-Hialeah, Florida, host of Super Bowl XLIV on 7 February 2010, reported the largest average daily rate and revenue per available room increases for February, according to data compiled by STR.
Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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STR: US hotel performance February 2010
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted mixed results in the three key performance measurements during February 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.9-percent increase to 53.0 percent. Average daily rate dropped 4.5 percent to finish the month at US$96.40. Revenue per available room for the month decreased 3.6 percent to finish at US$51.09.
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In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.9-percent increase to 53.0 percent. Average daily rate dropped 4.5 percent to finish the month at US$96.40. Revenue per available room for the month decreased 3.6 percent to finish at US$51.09.
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STR Global: Americas results for Feb. 2010
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded mixed results in the three key performance metrics when reported in U.S. dollars for February 2010, according to data compiled by STR and STR Global.
In February 2010, the region’s occupancy ended the month virtually flat with a 0.8-percent increase to 53.4 percent, average daily rate fell 2.7 percent to US$99.81, and revenue per available room dropped 2.0 percent to US$53.35.
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In February 2010, the region’s occupancy ended the month virtually flat with a 0.8-percent increase to 53.4 percent, average daily rate fell 2.7 percent to US$99.81, and revenue per available room dropped 2.0 percent to US$53.35.
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STR Global: Asia/Pacific results for Feb. 2010
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for February 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 4.7 percent to 60.6 percent, average daily rate increased 16.2 percent to US$131.36, and revenue per available room jumped 21.6 percent to US$79.65.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 4.7 percent to 60.6 percent, average daily rate increased 16.2 percent to US$131.36, and revenue per available room jumped 21.6 percent to US$79.65.
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STR Global: Middle East/Africa results Feb. 2010
LONDON—The Middle East/Africa region reported increases in all three key measurements for February 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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STR Global: Europe results for Feb. 2010
LONDON—The European hotel industry posted generally favourable results in year-over-year metrics when reported in U.S. dollars, euros and British pounds for February 2010, according to data compiled by STR Global.
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Starbucks Spills Dividend On Shareholders
Starbucks shares slipped up in a heavily traded session Wednesday after the coffee retailer announced its first-ever dividend.
The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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Subway to begin breakfast menu April 5
CHICAGO (AP) -- Subway is joining the increasingly crowded breakfast scramble in a move that the sandwich chain hopes will help add customers and sales.
After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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Starwood’s Sternlicht Seeks Riviera Casinos Through Bankruptcy
March 24 (Bloomberg) -- Barry Sternlicht’s Starwood Capital Group LLC, the investment firm that’s raising a $1.5 billion real estate fund, is trying to take over ailing Las Vegas casino-owner Riviera Holdings Corp. four years after a bid he backed was shot down by shareholders.
Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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Wednesday, March 24, 2010
Strategic Pricing in European Hotels: 2006–2009
This paper examines the pricing, demand (occupancy), and revenue (RevPAR) dynamics for European hotels for the period 2006 through 2009. The results of this four-year study reveal that in both good times (2006–2007) and bad (2008–2009) hotels that offer average daily rates above those of their direct competitors have lower comparative occupancies but higher relative RevPARs. Based on 8,026 hotel observations, this pattern of demand and revenue behavior was consistent for hotels of various sizes and type of hotel management (i.e., chain-affiliated or independent), and held true in most market segments across all geographic regions of Europe.
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Tuesday, March 23, 2010
Former Hard Rock casino workers sued over theft of $831,519
An insurance company is suing two former Hard Rock hotel-casino employees, charging they were involved in the theft of $831,519 from the Las Vegas resort.
National Union Fire Insurance Company of Pittsburgh Pennsylvania filed suit last week in U.S. District Court in Las Vegas against Jhirmal Earl Winfield and Sammy Sampson II, both of whom were part of the Hard Rock table game count staff and both of whom have been charged in thefts from the resort.
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National Union Fire Insurance Company of Pittsburgh Pennsylvania filed suit last week in U.S. District Court in Las Vegas against Jhirmal Earl Winfield and Sammy Sampson II, both of whom were part of the Hard Rock table game count staff and both of whom have been charged in thefts from the resort.
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Monday, March 22, 2010
Four Seasons Maui on Ropes
The Four Seasons Maui has gone delinquent on its $425 million of mortgages just as the Four Seasons New York and others have reached compromises with their lenders.
MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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Sunday, March 21, 2010
Ashford Hospitality Trust Reports Fourth Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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AFC Reports Fiscal 2009 Financial Results; Provides Fiscal 2010 Guidance
Reported net income was $18.8 million, or $0.74 per diluted share, compared to $19.4 million, or $0.76 per diluted share, last year. Adjusted earnings per diluted share were $0.74 in 2009, compared to $0.65 in 2008, an increase of 14 percent. Adjusted earnings per diluted share is a supplemental non-GAAP measure of performance. See the heading entitled "Management's Use of Non-GAAP Financial Measures."
Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Battle To Begin Monday Over Casino Expansion In Atlantic City
The Atlantic City casino industry is struggling mightily and all parties involved are looking for ways to revive the areas top industry. Senator James Whelan believes he has a solution.
On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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With Chicago's convention biz ailing, luring vacationers is more vital than ever
For those planning a vacation, the lure of Las Vegas is undeniable: a gleaming strip of luxury casinos, big-budget stage shows and warm desert breezes. Those considering Orlando, Fla., dream of the Magic Kingdom and gravity-defying roller coasters.
And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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Price wars breaks out among Discounters
Four major hotel discounters and deal-finders are enjoying record popularity, all because of a substantial drop in both individual and group bookings at America's hotels.
By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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'Buy a pub and lose your life's savings'
Did you know there was a minister for pubs? It’s enough to make you want to go into politics and spend a large portion of the week doing invaluable research. I became aware of this most enviable role only last week, when I heard that the present incumbent, John Healey MP, is encouraging potential investors to sink their pennies into pubs.
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L.A. eatery charged with serving whale meat closes
LOS ANGELES, March 20 (Reuters) - A Los Angeles-area sushi restaurant that made international headlines after it was charged with serving endangered whale meat will close forever as a "self-imposed punishment," according to a statement on its website.
The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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Saturday, March 20, 2010
Tex-Mex Heads to Turkey as Credit Thaw Fuels Restaurant Growth
March 19 (Bloomberg) -- FOCUS Brands Inc., the owner of Carvel ice cream and Cinnabon, will add 50 locations this year to its fastest growing chain, Moe’s Southwest Grill, and expand into Turkey as the global recession recedes.
Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
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Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
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Shangri-La sees 2009 net profit jump 54%
Luxury hotel operator Shangri-La Asia Ltd said Wednesday that its 2009 net profit jumped 54% year on year from US$165.9 million to US$255.5 million, helped by higher property prices, Dow Jones Newswires reported.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
Jarvis Hotels in talks with banks over debts
Jarvis Hotels is in crunch talks with its banks after breaching its financial covenants.
The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
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The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
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Baskin-Robbins Names Vice President of Marketing
PRESS RELEASE: CANTON, Mass., March 19 /PRNewswire/ -- Baskin-Robbins, America's favorite neighborhood ice cream shop, today announced the appointment of Brian O'Mara as Vice President of Marketing USA. He will report directly to Srinivas Kumar, Chief Brand Operating Officer for Baskin-Robbins Worldwide. He will also consult with John Costello, Chief Global Customer & Marketing Officer for Dunkin' Brands, Inc.
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Einstein Noah Restaurant Group Names Marketing VP
PRESS RELEASE: LAKEWOOD, Colo., March 18 /PRNewswire-FirstCall/ -- Einstein Noah Restaurant Group, Inc., a leader in the quick-casual restaurant industry, announced today that it has named foodservice veteran Jeff Keune to the new position of vice president of marketing and formed a partnership with Y&R Chicago as agency of record.
Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
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Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
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Real Mex Restaurants today announced the hiring of Richard Dutkiewicz as executive vice president and chief financial officer
PRESS RELEASE: CYPRESS, Calif.--(BUSINESS WIRE)--Real Mex Restaurants, Inc. ("RMR") today announced the hiring of Richard (Rick) Dutkiewicz as Executive Vice President and Chief Financial Officer ("CFO").
Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
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Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
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Charlie Trotter closes his Las Vegas operations
Charlie Trotter has closed his Las Vegas restaurants, Restaurant Charlie and Bar Charlie, effective today.
Thursday night was the final night of service for both restaurants, located in the Palazzo Resort, Hotel & Casino on the Las Vegas Strip.
The culprit, of course, is the economy, which has hit Las Vegas luxury properties and restaurants particularly hard. "We couldn't be more proud and happy with the product," confirmed Rochelle Smith Trotter, director of business development and, as of quite recently, Charlie's wife. "We just celebrated two years out there. But we opened right at the beginning of the economic downfall."
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Thursday night was the final night of service for both restaurants, located in the Palazzo Resort, Hotel & Casino on the Las Vegas Strip.
The culprit, of course, is the economy, which has hit Las Vegas luxury properties and restaurants particularly hard. "We couldn't be more proud and happy with the product," confirmed Rochelle Smith Trotter, director of business development and, as of quite recently, Charlie's wife. "We just celebrated two years out there. But we opened right at the beginning of the economic downfall."
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EEOC lawsuit kills Jack in the Box deal
Four Jack in the Box restaurants formerly owned and operated by Abe Alizadeh will likely close because a federal agency wants to impose regulations on new owners based on sexual harassment charges from four years ago.
The four restaurants will likely close around April 15, leaving about 200 out of work.
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Read background story
The four restaurants will likely close around April 15, leaving about 200 out of work.
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Read background story
Emerging Restaurant Chain Rib City Outlines Expansion
Mar 19, 2010 - FORT MYERS, Fla. (March 16, 2010) - At a time when economic challenges have caused massive closings and layoffs in the restaurant industry, Rib City is experiencing continued growth, surprisingly without the aid of franchise marketing or advertising.
According to company officials, the majority of the southern-style barbecue chain's growth is attributed to customers applying to open their own Rib City franchise in their home state.
"Normally a chain like Rib City would have more of a regional expansion into surrounding areas and states that should take 10 to15 years," said company President Craig Peden. "But instead we have hopped, skipped and jumped from Washington to Maryland in six short years."
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According to company officials, the majority of the southern-style barbecue chain's growth is attributed to customers applying to open their own Rib City franchise in their home state.
"Normally a chain like Rib City would have more of a regional expansion into surrounding areas and states that should take 10 to15 years," said company President Craig Peden. "But instead we have hopped, skipped and jumped from Washington to Maryland in six short years."
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Cheese-only restaurant opens in London
For turophobics, it is a new and rather pongy circle of hell. In fact, even for those without the (admittedly rare) fear of cheese, the smorgasbord of nearly 100 fromages, sourced in Lyon and shipped weekly, is the stuff of nightmares.
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Florida's Hard Rock expands casinos and hotels overseas
Three years after buying the Hard Rock brand for nearly $1 billion, Florida's Seminole tribe is aggressively expanding Hard Rock hotels and casinos internationally, from the Caribbean to eastern Europe.
This spring, the biggest Hard Rock hotel-casino yet is set to open in the Dominican Republic: a 1,790-room complex in Punta Cana, with 11 pools, 11 restaurants, a golf course, spa and other amenities.
Plans also are underway for what will be Europe's largest casino complex, a leisure venture in Hungary dubbed EuroVegas, said Jim Allen, chairman of Hard Rock International
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This spring, the biggest Hard Rock hotel-casino yet is set to open in the Dominican Republic: a 1,790-room complex in Punta Cana, with 11 pools, 11 restaurants, a golf course, spa and other amenities.
Plans also are underway for what will be Europe's largest casino complex, a leisure venture in Hungary dubbed EuroVegas, said Jim Allen, chairman of Hard Rock International
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Friday, March 19, 2010
Chesapeake Lodging Trust Acquires Hyatt Regency Boston
CHICAGO-- (BUSINESS WIRE) -- Chesapeake Lodging Trust (NYSE: CHSP), a lodging real estate investment trust (REIT), and Hyatt Hotels Corporation (NYSE: H) announced that Chesapeake Lodging Trust has acquired the 498-room Hyatt Regency Boston for a purchase price of $112 million, or approximately $225,000 per key, and will invest additional capital in renovations in the hotel, which is located in Boston, Mass. The companies have entered into a long-term management agreement and Hyatt will continue to operate the hotel under the Hyatt Regency flag.
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Hard times send hotel industry into 'survival mode'
Neil Cornelssen says he misses the free cookies in the evening at one hotel and the daily newspaper outside his door at others.
He's also noticing that bath towels in a growing number of hotel rooms are shabby and need to be replaced.
Cornelssen, a sales manager in Marlton, N.J., is one of many frequent travelers who say they see the tangible effect that the recession has had on the nation's hotel industry. Among them: run-down rooms with fewer bathroom amenities, closed club lounges, fewer concierge staffers, slow room service, reduced hours at restaurants and bars, and infrequent airport shuttles.
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He's also noticing that bath towels in a growing number of hotel rooms are shabby and need to be replaced.
Cornelssen, a sales manager in Marlton, N.J., is one of many frequent travelers who say they see the tangible effect that the recession has had on the nation's hotel industry. Among them: run-down rooms with fewer bathroom amenities, closed club lounges, fewer concierge staffers, slow room service, reduced hours at restaurants and bars, and infrequent airport shuttles.
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Extended Stay accepts offer from Starwood Capital
GREENWICH, Conn. — Extended Stay Hotels Inc. has decided to take an investment offer worth up to $905 million from a group led by Starwood Capital Group in order to exit bankruptcy, abandoning an earlier proposal from Centerbridge Partners and Paulson & Co.
The hotel chain said Thursday that the proposal from Starwood, TPG Capital and Five Mile Capital Partners would value it at about $3.9 billion after the deal closes. It also said the deal would strengthen its balance sheet, lower its debt to $2.8 billion from $7.4 billion and provide cash reserves that would be poured into its properties and operations.
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The hotel chain said Thursday that the proposal from Starwood, TPG Capital and Five Mile Capital Partners would value it at about $3.9 billion after the deal closes. It also said the deal would strengthen its balance sheet, lower its debt to $2.8 billion from $7.4 billion and provide cash reserves that would be poured into its properties and operations.
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Thursday, March 18, 2010
Israeli-Canadian developer buys King Eddie for $48 million
JERUSALEM – Israeli-Canadian businessman Gil Blutrich recently purchased Toronto’s venerable King Edward Hotel for the bargain price of $48-million.
Blutrich’s Toronto-based Skyline International Development Inc., a subsidiary of the Tel Aviv-based Mishorim Developments Ltd., which he also controls, bought the 298-room century-old landmark – where Beatle John Lennon and his wife Yoko Ono held their 1969 Give peace a chance bed-in and where Richard Burton proposed to Elizabeth Taylor – in a distress sale.
Lehman Bros., the New York investment bank that had bought the property for $62.5 million in 2006 and then spent an estimated $17 million in renovations, went bankrupt during the 2008 global financial meltdown.
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Blutrich’s Toronto-based Skyline International Development Inc., a subsidiary of the Tel Aviv-based Mishorim Developments Ltd., which he also controls, bought the 298-room century-old landmark – where Beatle John Lennon and his wife Yoko Ono held their 1969 Give peace a chance bed-in and where Richard Burton proposed to Elizabeth Taylor – in a distress sale.
Lehman Bros., the New York investment bank that had bought the property for $62.5 million in 2006 and then spent an estimated $17 million in renovations, went bankrupt during the 2008 global financial meltdown.
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Judge sides with city on Tavern on the Green name
A federal judge ruled Wednesday that New York City owns the rights to the name of the landmark restaurant in Central Park, Tavern on the Green.
Closed since Jan. 1, the restaurant will be able to keep its famous name when it reopens. It is unclear, however, when the landmark eatery will once again welcome diners. Its new operator, Dean Poll, has not yet signed an agreement with the city or the union that represents the restaurant's 400 employees.
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Closed since Jan. 1, the restaurant will be able to keep its famous name when it reopens. It is unclear, however, when the landmark eatery will once again welcome diners. Its new operator, Dean Poll, has not yet signed an agreement with the city or the union that represents the restaurant's 400 employees.
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Fontainebleau Miami Said to Offer Restructuring Plan
March 17 (Bloomberg) -- Fontainebleau Miami Beach owners Dubai World and Jeffrey Soffer, chief executive officer of Turnberry Ltd., offered the resort’s lenders a debt- restructuring plan that includes $100 million of new equity, according to three people with knowledge of the talks.
The Fontainebleau, which served as a backdrop for the “Scarface” and “Goldfinger” movies, borrowed more than $620 million to help fund renovations and hasn’t made loan payments since September, said the people, who asked not to be named because the talks are private. Dubai World, half-owner of the resort, is leading negotiations with lenders, the people said.
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The Fontainebleau, which served as a backdrop for the “Scarface” and “Goldfinger” movies, borrowed more than $620 million to help fund renovations and hasn’t made loan payments since September, said the people, who asked not to be named because the talks are private. Dubai World, half-owner of the resort, is leading negotiations with lenders, the people said.
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Hotel owners and operators have their banks over a barrel
FEW industries are as adept as hotels at providing tempting offers—a well-stocked minibar, for instance—that lead to regret the next day. Lenders to the industry are now firmly in the regret phase. Over the next year banks in Europe and America may be forced to write down billions in bad loans, further impairing already strained balance-sheets. In many cases they are also likely to become the proprietors of debt-ridden hotels.
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Armani Said to Delay Hotel in Dubai Tower by More Than a Month
March 18 (Bloomberg) -- Giorgio Armani’s first hotel, due to open in Dubai’s Burj Khalifa today, will be delayed by more than a month, said two people with knowledge of the plan.
The luxury hotel, occupying 10 floors of the world’s tallest building, is now scheduled to open on April 22, said the people, who declined to be identified because there hasn’t been an official announcement.
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The luxury hotel, occupying 10 floors of the world’s tallest building, is now scheduled to open on April 22, said the people, who declined to be identified because there hasn’t been an official announcement.
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Accor sells five hotels
This week Accor has sold five hotels to Invesco Real Estate for a total of €154 million; this transaction will enable the company to reduce its adjusted net debt by €93 million over 2010. The 307 Novotel Muenchen City in Munich, Germany; the 149-room Novotel Roma la Rustica in Rome, Italy; and the 97-room Mercure Corso Trieste, also in Rome, were sold under a sale and variable leaseback agreement for a combined €57 million. The 175-room Mercure Zabatova in Bratislava, Slovakia, which is still under construction, was also sold under a sale and variable leaseback agreement for €17 million. And the 384-room Pullman Paris La Défense in Paris, France, was sold for €80 million. All of the hotels will still be operated by Accor.
Lodgian Receives Audit Report with Going Concern Explanation
ATLANTA, March 17, 2010 /PRNewswire via COMTEX/ -- Lodgian, Inc. (NYSE Amex Equities: LGN) today announced that the audit report of its independent registered public accounting firm, Deloitte & Touche LLP, included in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the "Form 10-K"), while expressing an unqualified opinion regarding the company's audited financial statements, identified matters which raise substantial doubt about the company's ability to continue as a going concern. The company's announcement does not represent any changes or amendment to its 2009 financial statements or to its Form 10-K which was filed with the Securities and Exchange Commission on March 16, 2010.
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Wednesday, March 17, 2010
Trump Hotel Collection expands into SOHO & Panama.
Continued aggressive growth includes recent opening of Trump International Hotel Waikiki Beach Walk with renovation NYC flagship; Toronto to Open in 2011.
Trump Hotel Collection will add two new properties to its growing portfolio this year, on the heels of its successful opening in Waikiki and in the midst of a $30 million refurbishment of its flagship New York City property.
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Trump Hotel Collection will add two new properties to its growing portfolio this year, on the heels of its successful opening in Waikiki and in the midst of a $30 million refurbishment of its flagship New York City property.
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Buyout for Benihana?
After months of enduring the stock-price equivalent of ground chuck, investors in Japanese steakhouse Benihana are being offered prime rib in the form of a buyout offer from a disciple of billionaire activist investor Carl Icahn.
Russell Glass, a former executive with Icahn Associates who's now the founder and head of New York investment firm RDG Capital, has offered to buy the Miami-based chain for $7 a share, a 20 percent premium over the current stock price, The Post has learned.
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Russell Glass, a former executive with Icahn Associates who's now the founder and head of New York investment firm RDG Capital, has offered to buy the Miami-based chain for $7 a share, a 20 percent premium over the current stock price, The Post has learned.
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Tuesday, March 16, 2010
Hotwire Hotel Rate Report - February
Hotel rates in the U.S. and Canadian cities change quickly, especially in this economy. The Hotwire Hotel Rate Report pinpoints cities where rates have dropped, making it easier for you to see where to find the best values. To compile the report we look at rates from a wide range of the top markets, compare pricing trends from the previous year, and factor in month-by-month price fluctuations. The report shows the destinations that have the biggest hotel price drops each month.
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Monday, March 15, 2010
Why ordering room-service breakfast in hotels can be dangerous
The next time you pick up a pen in your hotel room to select coffee, eggs and whole wheat toast on the room-service-breakfast order form, think again.
Hotel lawyer Stephen Barth, writing on on his HospitalityLawyer.org blog, cautions hoteliers from letting guests order their breakfasts by using those old-fashioned, door-hanger forms - and his argument has nothing to do with wasting paper. Here's why his advice raises red flags for travelers...
Hotel lawyer Stephen Barth, writing on on his HospitalityLawyer.org blog, cautions hoteliers from letting guests order their breakfasts by using those old-fashioned, door-hanger forms - and his argument has nothing to do with wasting paper. Here's why his advice raises red flags for travelers...
Celebrity to end cruise out of Charleston early as outbreak continues
Celebrity Cruises is ending the current voyage of the Celebrity Mercury early as it continues to grapple with an outbreak of stomach illness that now has marred three voyages in a row.
Several travel agents with customers on board the 1,870-passenger vessel tell USA TODAY it is skipping today's port call in Tortola, British Virgin Islands, and sailing straight for it's home port of Charleston due to another flare-up of a stomach bug marked by diarrhea and vomiting -- presumably the same one that plagued the last two voyages of the ship
Several travel agents with customers on board the 1,870-passenger vessel tell USA TODAY it is skipping today's port call in Tortola, British Virgin Islands, and sailing straight for it's home port of Charleston due to another flare-up of a stomach bug marked by diarrhea and vomiting -- presumably the same one that plagued the last two voyages of the ship
Papa Bello to launch fast casual Indian concept
Papa Bello Enterprises Inc. has announced that the company has closed its acquisition of Royal India Express, a San Diego-based fast casual Indian restaurant concept located in the Horton Plaza Shopping Mall in the Gas Lamp Quarter of downtown San Diego.
Royal India Express is another successful restaurant concept from the Kambo Brothers, which also created and manages The Kebab Cafe, one of Papa Bello Enterprises restaurant concepts. RIE offers a competitive business model, taking full advantage of fast casual restaurant dining as well as catering, allowing the restaurant to bring its products out of the restaurant and into the home or business.
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Royal India Express is another successful restaurant concept from the Kambo Brothers, which also created and manages The Kebab Cafe, one of Papa Bello Enterprises restaurant concepts. RIE offers a competitive business model, taking full advantage of fast casual restaurant dining as well as catering, allowing the restaurant to bring its products out of the restaurant and into the home or business.
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Starwood Capital makes bid for Extended Stay
NEW YORK, March 15 (Reuters) - An investor group led by Starwood Capital is saying its plan to take U.S. mid-priced hotel chain Extended Stay America Inc [ESAIN.UL] out of bankruptcy would be a better option than the company's plan, which is backed by rival private equity firms.
Starwood said in court papers filed on Saturday that it had submitted a "binding offer" to sponsor Extended Stay's plan of reorganization on Friday. Starwood said that it believes its offer would provide "substantially greater" value for the company's creditors, and more access to new cash for the company.
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Starwood said in court papers filed on Saturday that it had submitted a "binding offer" to sponsor Extended Stay's plan of reorganization on Friday. Starwood said that it believes its offer would provide "substantially greater" value for the company's creditors, and more access to new cash for the company.
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Hard Rock Hotel narrows loss, searches for president
The Hard Rock Hotel and Casino said it narrowed its losses by about 34 percent last year, according to a filing today with the Securities and Exchange Commission. The property trimmed its loss of $299 million in 2008 to $197 million in 2009.
Net revenue for the year fell to $161.6 million in 2009 from $164.3 million in 2008. The hotel-casino said the $2.8 million drop was primarily attributed to an 18.3 percent decrease in casino revenue and a 10 percent decrease in lodging revenue.
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Net revenue for the year fell to $161.6 million in 2009 from $164.3 million in 2008. The hotel-casino said the $2.8 million drop was primarily attributed to an 18.3 percent decrease in casino revenue and a 10 percent decrease in lodging revenue.
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Sunday, March 14, 2010
Hold the dog, please. China's proposed ban on sale of dog and cat meat
Most people will agree that dog is man's best friend. In parts of Asia, however, it's also what's for dinner. The consumption of dog and cat meat by humans is practiced in parts of China, Vietnam, Korea, and the Philippines. Cat is eaten in parts of China and South America. The times they are a-changin', however, because the Chinese government is considering legislation that would make eating dogs and cats illegal there, in part because of how the practice negatively impacts overseas tourism.
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Restaurant Bans Customer For Not Tipping Enough
The menu of a restaurant in Winston-Salem, NC, says a gratuity of 15% will be added to parties of six or more. A former customer says she was in a party of three and saw that an 18% gratuity had been added, which she complained about but paid. She said the next time she showed up, she was met at the door by staff and told that she had to agree up front to pay 18% or she couldn't eat there.
That sounds pretty outrageous, but the restaurant's manager told local news station WXII that she's a repeat offender when it comes to undertipping, and that nobody in the kitchen or on the floor wants to serve her anymore.
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That sounds pretty outrageous, but the restaurant's manager told local news station WXII that she's a repeat offender when it comes to undertipping, and that nobody in the kitchen or on the floor wants to serve her anymore.
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Saturday, March 13, 2010
Contractor to seek $492M from owners of Las Vegas CityCenter
LAS VEGAS (AP) — The primary contractor for the newly completed $8.5 billion CityCenter complex told the joint venture's owners that it intends to file mechanic's liens to collect on $492 million in construction bills, casino operator MGM Mirage said Friday.
MGM Mirage told federal regulators that it believes it and co-owner Dubai World owe contractor Perini Building Co., which was not directly named in the filing, far less.
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MGM Mirage told federal regulators that it believes it and co-owner Dubai World owe contractor Perini Building Co., which was not directly named in the filing, far less.
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Friday, March 12, 2010
Admiral Taverns set to sell up to 200 pubs
Admiral Taverns, the 2,000-strong pub company bailed out by its bank late last year, is understood to be looking to sell up to 200 of its pubs.
Licensees were told of the planned disposal of their businesses by letter today.
Sources would not confirm the exact number of sites, but The Publican understands it is between 150 and 200 pubs.
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Licensees were told of the planned disposal of their businesses by letter today.
Sources would not confirm the exact number of sites, but The Publican understands it is between 150 and 200 pubs.
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Yum Brands to repurchase up to $300M in stock
The Yum Brands Inc. board of directors Friday authorized the company to repurchase as much as $300 million of the company’s common stock over the next 12 months.
The authorization is in addition to a $300 million repurchase the board approved in September 2009. To date, Yum Brands has repurchased about $130 million under that repurchase plan, according to a news release from Louisville-based Yum Brands (NYSE: YUM).
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The authorization is in addition to a $300 million repurchase the board approved in September 2009. To date, Yum Brands has repurchased about $130 million under that repurchase plan, according to a news release from Louisville-based Yum Brands (NYSE: YUM).
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Extended Stay Seeks to Exit Bankruptcy
Extended Stay Inc.'s senior lenders, who are owed more than $4 billion, will join Paulson & Co. and Centerbridge Partners to pump $450 million into the hotel chain and take it out of bankruptcy.
Extended Stay's proposed plan to exit bankruptcy protection, unveiled Friday in court papers, calls for Paulson and Centerbridge to invest $225 million into the struggling hotel operator for a 22.5% stake.
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Extended Stay's proposed plan to exit bankruptcy protection, unveiled Friday in court papers, calls for Paulson and Centerbridge to invest $225 million into the struggling hotel operator for a 22.5% stake.
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Palm Beach Convention Center hotel gets go-ahead
WEST PALM BEACH — Palm Beach County commissioners this morning chose The Related Cos. to build a 400-room hotel next to the downtown convention center, relaunching a project beset by corruption and years of delay.
A selection committee recommended last month that the firm be chosen to develop the project. Today's approval from commissioners allows county administrators to begin working with the development team on financing for the project
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A selection committee recommended last month that the firm be chosen to develop the project. Today's approval from commissioners allows county administrators to begin working with the development team on financing for the project
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Westin Times Square Hotel baker awarded $3M by federal jury because hotel spied on him
A hotel baker who claimed he was tormented with vile taunts and even physically abused at work was awarded $3 million by a federal jury Wednesday.
But Moises Mendez's tale of being mocked for stomach scars and his ethnicity at the Westin Times Square Hotel isn't what swayed jurors.
Instead, they decided he deserved a whole lot of dough because after he complained, the hotel installed a hidden camera over his work station. The jury awarded Mendez $1 million for pain and suffering and ordered Westin and parent company Starwood Hotels to pay him $2 million in punitive damages. "It is like a big building has been lifted from my shoulders," Mendez said. "They spied on me and wanted to find ways to get rid of me. It shows what I went through just trying to do my job."
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But Moises Mendez's tale of being mocked for stomach scars and his ethnicity at the Westin Times Square Hotel isn't what swayed jurors.
Instead, they decided he deserved a whole lot of dough because after he complained, the hotel installed a hidden camera over his work station. The jury awarded Mendez $1 million for pain and suffering and ordered Westin and parent company Starwood Hotels to pay him $2 million in punitive damages. "It is like a big building has been lifted from my shoulders," Mendez said. "They spied on me and wanted to find ways to get rid of me. It shows what I went through just trying to do my job."
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Las Vegas casino execs make pitch to open up to 6 resorts in Florida
Multibillion-dollar hotel resorts with casino gambling, celebrity chefs and luxury shopping.
It could all come to Florida — if the state wants to cash in on its image as a sun-soaked haven for tourists and authorize sprawling, Vegas-style casino resorts, gambling executives told lawmakers Thursday.
Executives from Las Vegas Sands, which operates the Venetian and Palazzo on the Vegas strip, flew to Tallahassee to pitch lawmakers on their vision: Four to six gambling destinations, each costing $2 billion or more to build, that would beckon gamblers from several continents.
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It could all come to Florida — if the state wants to cash in on its image as a sun-soaked haven for tourists and authorize sprawling, Vegas-style casino resorts, gambling executives told lawmakers Thursday.
Executives from Las Vegas Sands, which operates the Venetian and Palazzo on the Vegas strip, flew to Tallahassee to pitch lawmakers on their vision: Four to six gambling destinations, each costing $2 billion or more to build, that would beckon gamblers from several continents.
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Nelum Gunewardane Appointed as Hotel Manager at InterContinental Mark Hopkins San Francisco
Nelum Gunewardane has been appointed as Hotel Manager for the iconic InterContinental Mark Hopkins San Francisco, a AAA four-diamond historic landmark property on Nob Hill featuring 380 rooms and 19,000 sq. ft. of event space, and home to the legendary Top Of The Mark sky lounge. In her new position, Gunewardane will oversee all aspects of day-to-day operations in the front office, uniformed services, guest relations, housekeeping, engineering, and IT departments, and will report directly to Peter Koehler, Regional Director of Operations and General Manager of InterContinental San Francisco.Bringing over 17 years of hospitality experience, Gunewardane began her career in 1992 with the InterContinental Hotels Group at the Riyadh InterContinental Hotel in Saudi Arabia, and then moved on to the May Fair InterContinental Hotel in London in 1997. From London, she joined the InterContinental The Barclay in New York in 2001 where she initially served as Assistant Manager in the Front Office department and finally as Front Office Manager in 2005. During her tenure at The Barclay, Gunewardane was the recipient of a cash scholarship from Cornell University School of Hotel Administration in cooperation with the New York State Hospitality and Tourism Association, which she used toward three intensive classes in Managing Hotel Electronic Distribution, Hospitality Financial Management: Operations Decision-Making, and Strategic Pricing for Hotels: Revenue Enhancement through Pricing. After several promotions in New York, she was then appointed in 2006 as Director of Front Office Operations for the opening team of the InterContinental Boston, a 424-room new-build property located in Boston’s historic waterfront district. In 2007, Gunewardane was recognized as “Best of the Best for Director of Front Office” for InterContinental Hotels, North America.
Gunewardane holds a Bachelor’s degree in Business Studies from the University of Buckingham in the United Kingdom.
Enterprise Inns shifts five of eight London pubs up for auction
Enterprise Inns has sold five of eight London pubs it put up for auction with Cushman Wakefield earlier this week.
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.
The four pubs to sell at auction were:
•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m
Ortiz Promotes Salt Ban for NYC Restaurants
What's next? Ban food from restaurants!
Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
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Can government officials think of anything else, aside from closing them for good, to make the life of restaurant owner's and employee's any more difficult?
After struggling with diminshing customer counts, decreasing returns on investment, and diminshing cash flow and profits, now Ortiz is analyzing the bittersweet effect salt has on the consumer. His mother should be ashamed as the pol rubs a dash of salt into the city's wounded.
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Do hotel chains owe you when a hotel closes its VIP lounge?
Road warriors: Some hotels are closing their VIP lounges earlier than normal, reducing food offerings or, in rare cases, closing them entirely in light of today's reduced business. So I'm curious if you think that the chains owe you something - anything - for what amounts to fewer frills for your loyalty. If your hotel chain does give you a little nod - a few points, for instance - does it help you get over it?
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MGM Mirage to Sell Borgata Stake
MGM Mirage said Friday that it had reached an agreement with the state of New Jersey's Division of Gaming Enforcement to place its 50% stake in Atlantic City's Borgata Hotel Casino & Spa in a divestiture trust after the regulatory group found problems with its partner in Macau.
Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
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Under the terms, which have to be approved by New Jersey's Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn't completed by then, the trustee would have 12 months to sell the stake.
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Thursday, March 11, 2010
MGM Mirage CEO Says Investors Making Recovery Bets on Casinos
March 10 (Bloomberg) -- MGM Mirage Chief Executive Officer James Murren said investors betting on a U.S. economic recovery are returning to casino debt and equity.
MGM Mirage, the biggest casino owner on the Las Vegas Strip, yesterday sold $845 million of bonds to repay some loans under an arrangement it previously struck to extend the maturity on borrowings.
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MGM Mirage, the biggest casino owner on the Las Vegas Strip, yesterday sold $845 million of bonds to repay some loans under an arrangement it previously struck to extend the maturity on borrowings.
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Staying in a Hotel? Watch Your Credit Cards
Travelers staying in hotels might want to carefully check their credit card statements for fraudulent charges in the months following the stay. According to recent reports, cybercriminals across the globe have a new favorite target: the wireless networks of hotels.
While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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While financial services companies used to receive the bulk of hacker attacks, last year hotels emerged as the new choice target among hackers-out of 218 breaches in a total of 24 countries, 70 of those breaches took place through hotel networks, according to a report by security firm Trustwave SpiderLabs.
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Hamburger Chain Sonic Sees Decline in Comps this Quarter
Drive-in hamburger chain Sonic Corp. (SONC: 9.88, 0, 0%) reported Wednesday an expected decline in same-store sales for the coming quarter of 12% to 14% due to bad weather and cutbacks in consumer spending.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
Approximately one-third of Sonic stores are based in Texas and Oklahoma, where snow storms and severe rains were common during the first part of the year. Thanks to a drop in consumer spending, the company may also see sales tax collections down by double digits.
The company has implemented new advertising and promotional strategies and improved product quality in an effort to boost sales in the third and fourth quarter of 2010.
San Francisco Four Seasons averts foreclosure
The Four Seasons Hotel San Francisco has escaped looming foreclosure as owner Millennium Partners and a new equity partner have paid down a significant amount of the debt on the property.
Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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Millennium and private equity group Westbrook Partners have paid down the mortgage on the Four Seasons San Francisco from $90 million to $55 million. Under the agreement Westbrook becomes two-thirds owner of the hotel while Millennium holds on to a one-third ownership interest in and continues to asset manage the hotel.
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Tuesday, March 9, 2010
Quaker Steak & Lube Names John Longstreet President and CEO
Sharon, Pa. - The Quaker Steak & Lube board of directors named John H. Longstreet president and CEO, effective April 1, 2010. He succeeds Ken Cole, who stepped down at the end of February to focus on opening Quaker Steak & Lube franchise restaurants and other business opportunities. Longstreet, a Quaker Steak & Lube board of directors member for six years, is president of Hospitality Leaders Group, LLC, a Texas firm which consults on organizational development, service delivery, food and beverage operations, corporate culture, leadership effectiveness and team development. Previously, Longstreet was executive vice president of operations for Dallas-based ClubCorp. "John will be a great fit for The Lube," said Mike Stack, Quaker Steak & Lube's chairman of the board. "His experience and expertise in running high volume operations - combined with his understanding of our concept - will allow him to maximize Quaker Steak & Lube's growth potential."
Ruby Tuesday, Inc. Reports lower sales for Quarter
MARYVILLE, Tenn., Mar 09, 2010 (BUSINESS WIRE) -- Ruby Tuesday, Inc. (NYSE: RT) today announced that same-restaurant sales for Company-owned restaurants were -0.8% to -1.0% in the third quarter ended March 2, 2010, compared to the same quarter of the prior year. Severe weather during the quarter is estimated to have reduced same-restaurant sales by 1.5-2%. Same-restaurant sales at domestic franchised restaurants decreased 5.3-5.5% in the third quarter compared to the same quarter of the prior year.
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Hard Rock Cafe prez Randy Kwasniewski dies of apparent suicide
Andrew "Randy" Kwasniewski, the president and chief operating officer of the Hard Rock Hotel and Casino in Las Vegas has died March 9 of an apparent suicide.
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Trump Sued For $10 Million Over Never-Built Condos
A group of seven individuals filed suit against Donald Trump, Donald Trump Jr., Ivanka Trump and others for fraud, negligence, accounting and other counts regarding a hotel condominium complex in Baja.
The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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MGM to sell $845M in new bonds
Casino operator MGM Mirage said Tuesday it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
Caribbean casino competition for The Bahamas
Warning bells rung yesterday for this nation's gaming sector following Jamaican lawmakers' approval of amendments to its Gaming and Casino Act — reinforcing the need to review old regulations, say industry executives.
Head of the Bahamas Hotel Association (BHA) Robert Sands said the move in the neighboring country will go a long way in decreasing this nation's competitiveness unless actions are taken to allow permanent residents and people on work permits in The Bahamas - at the very least - to patronize the local casinos.
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Head of the Bahamas Hotel Association (BHA) Robert Sands said the move in the neighboring country will go a long way in decreasing this nation's competitiveness unless actions are taken to allow permanent residents and people on work permits in The Bahamas - at the very least - to patronize the local casinos.
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2010 U.S. Hotel Chain Survey: Le Meridien Dethrones Upper Upscale Leader JW Marriott
MARCH 08, 2010 -- Starwood Hotels & Resorts' artsy Le Meridien brand this year by a hair ended JW Marriott's three-year reign atop the upper upscale tier in Business Travel News' 2010 U.S. Hotel Chain Survey, which tabulated ratings from 387 buyers.
The upper upscale tier had the most varied and heated results, and other tiers saw a mix of familiar winners and newly emergent top brands. Among multibrand hotel companies, InterContinental Hotels Group and Hilton Worldwide fared the best, with the former boasting at least a third-place finish in all eligible tiers and the latter garnering three of the top five upscale slots and nearly sweeping the midprice tier with its Hampton brand.
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The upper upscale tier had the most varied and heated results, and other tiers saw a mix of familiar winners and newly emergent top brands. Among multibrand hotel companies, InterContinental Hotels Group and Hilton Worldwide fared the best, with the former boasting at least a third-place finish in all eligible tiers and the latter garnering three of the top five upscale slots and nearly sweeping the midprice tier with its Hampton brand.
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McDonald's Sizzles In February
Penny-pinching consumers flocked to McDonald's Dollar Menu in February, helping drive up the fast-food chain's monthly sales figures.
On Monday, the Oak Brook, Ill.-based restaurant operator said that sales at restaurants open at least one year jumped 4.8% in February, its best monthly same-store sales gain since May of 2009. The closely-watched performance indicator, declined through the last two months of 2009, before rising 2.6% in January and showing continued improvement in February.
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On Monday, the Oak Brook, Ill.-based restaurant operator said that sales at restaurants open at least one year jumped 4.8% in February, its best monthly same-store sales gain since May of 2009. The closely-watched performance indicator, declined through the last two months of 2009, before rising 2.6% in January and showing continued improvement in February.
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London hotels leading Europe out of recession, says report
London is leading European hotels out of the recession, according to business advisory firm Deloitte.
While hotels throughout Europe will see a growth in occupancy, average room rates and revenue per available room (revpar), it will be difficult to surpass pre-recessionary levels this year, explained Alex Kyriakidis, global managing partner of tourism, hospitality and leisure at Deloitte.
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While hotels throughout Europe will see a growth in occupancy, average room rates and revenue per available room (revpar), it will be difficult to surpass pre-recessionary levels this year, explained Alex Kyriakidis, global managing partner of tourism, hospitality and leisure at Deloitte.
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Ruby Tuesday, Inc. Reports Continued Sales Improvement
MARYVILLE, Tenn.--(BUSINESS WIRE)--Ruby Tuesday, Inc. (NYSE: RT - News) today announced that same-restaurant sales for Company-owned restaurants were -0.8% to -1.0% in the third quarter ended March 2, 2010, compared to the same quarter of the prior year. Severe weather during the quarter is estimated to have reduced same-restaurant sales by 1.5-2%. Same-restaurant sales at domestic franchised restaurants decreased 5.3-5.5% in the third quarter compared to the same quarter of the prior year.
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Hilton is still the top hospitality brand but Michelin falls off the list
Hotel groups continue to lead the way for hospitality in the latest UK Business Superbrands list, with Hilton ranked highest against its closest rivals Marriott and Sheraton.
The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. The list was topped by Microsoft this year, but renowned tyre company and foodie guide Michelin, which last year featured at number eight, fell off the list completely.
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The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. The list was topped by Microsoft this year, but renowned tyre company and foodie guide Michelin, which last year featured at number eight, fell off the list completely.
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Posh Four Seasons project in downtown Seattle faces liens, lawsuits
More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven't been paid in full.
They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor
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They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor
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Burger King Holdings, Inc. Announces Impact of Weather on Comparable Sales for January and February 2010
MIAMI, Mar 09, 2010 (BUSINESS WIRE) -- Burger King Holdings, Inc. (NYSE:BKC) today announced that U.S. and Canada segment comparable sales were severely impacted during the months of January and February 2010 by adverse weather conditions in the Central and Eastern portions of the U.S., where over 75 percent of this segment's company- and franchise-owned restaurants are located. The U.S. and Canada segment reported comparable system sales of negative 8.2 percent in the two-month period ended February 28, 2010, compared to positive 3.1 percent in the same period last year. Based on its analysis, the company believes inclement weather negatively impacted January and February U.S. and Canada company comparable sales by approximately 3.0 percentage points during the period. Therefore, the company expects third-quarter fiscal 2010 U.S. and Canada total revenues, company restaurant margin and income from operations to be lower than the prior year period.
Worldwide comparable sales for the two-month period ended February 28, 2010, were negative 5.4 percent, partially offset by positive results in the EMEA/APAC business segment, compared to worldwide comparable sales of positive 2.5 percent in the prior year period.
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Worldwide comparable sales for the two-month period ended February 28, 2010, were negative 5.4 percent, partially offset by positive results in the EMEA/APAC business segment, compared to worldwide comparable sales of positive 2.5 percent in the prior year period.
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Monday, March 8, 2010
State trying to tax hotels that offer 'free' breakfasts
The state wants to tax the lodging businesses for the food that they offer as free breakfasts as part of their room rate.
The budget-strapped state hopes to get an estimated $10 million for its coffers from the sweet rolls, coffee and such that hotel patrons enjoy at no charge from the Smoky Mountains to Graceland.
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The budget-strapped state hopes to get an estimated $10 million for its coffers from the sweet rolls, coffee and such that hotel patrons enjoy at no charge from the Smoky Mountains to Graceland.
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Troopers raid popular bars for unlicensed beers
More than a dozen armed State Police officers conducted simultaneous raids last week on three popular Philadelphia bars known for their wide beer selections. The cops confiscated hundreds of bottles of expensive ales and lagers, now in State Police custody at an undisclosed location.
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Billionaire robbed at Oscar hotel
Billionaire Pepe Fanjul was robbed at his suite at the Beverly Hills Four Seasons Hotel at the height of Oscar week. The Cuban-born sugar baron -- one of the world's richest men -- and his wife, Emilia, were robbed by a man posing as a hotel worker Friday night. A source told us, "They were riding up in the elevator when a man in a blue uniform with 'hotel' written on his shirt started to talk Spanish to Pepe
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Sunday, March 7, 2010
Park Inn Hyde Park On Market For £35m
Acting on behalf of Gresham Hotel Group, Christie + Co has been instructed to sell the Park Inn Hyde Park, London.
This 188-key listed building, which has a prime location on Lancaster Gate, is very close to both Hyde Park and Kensington Gardens, an area which will continue to evolve as neighboring landmark property developments near completion.
The hotel is within easy reach of Marble Arch, the West End and all the principal attractions of the capital. It also offers excellent transport links throughout London and to Heathrow via the Heathrow Express.
Patrick Coyle, chief executive of Gresham Hotel Group, comments: “In recent months, the number of enquiries made to us from parties interested in our London hotel has escalated. As we continue to focus on our group of Irish and continental European hotels we see this therefore as a perfect opportunity to conduct a structured sales process of our London asset. Our appointed agent, Christie + Co, is perfectly placed to handle this sale on our behalf.”
Jeremy Hill, Christie + Co’s Head of Hotels, says: “Having just completed on the sale of the Park Inn Russell Square, WC2 we have a large number of UK and international buyers desperately keen to secure a central London hotel.
This 188-key listed building, which has a prime location on Lancaster Gate, is very close to both Hyde Park and Kensington Gardens, an area which will continue to evolve as neighboring landmark property developments near completion.
The hotel is within easy reach of Marble Arch, the West End and all the principal attractions of the capital. It also offers excellent transport links throughout London and to Heathrow via the Heathrow Express.
Patrick Coyle, chief executive of Gresham Hotel Group, comments: “In recent months, the number of enquiries made to us from parties interested in our London hotel has escalated. As we continue to focus on our group of Irish and continental European hotels we see this therefore as a perfect opportunity to conduct a structured sales process of our London asset. Our appointed agent, Christie + Co, is perfectly placed to handle this sale on our behalf.”
Jeremy Hill, Christie + Co’s Head of Hotels, says: “Having just completed on the sale of the Park Inn Russell Square, WC2 we have a large number of UK and international buyers desperately keen to secure a central London hotel.
Robbers raid Berlin hotel poker tournament
Armed robbers have stormed a luxury hotel in central Berlin where a poker tournament was taking place, German police say.
One report said the gang - armed with assault rifles and hand grenades - made off with the tournament jackpot of 800,000 euros ($1.1m; £726,000).
Several people were injured in the ensuing panic, although none of them seriously.
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One report said the gang - armed with assault rifles and hand grenades - made off with the tournament jackpot of 800,000 euros ($1.1m; £726,000).
Several people were injured in the ensuing panic, although none of them seriously.
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Saturday, March 6, 2010
Cybercriminals still consider hotels easy targets for credit card info
No need to get paranoid, but it is a valid question, since online security firm Trustwave Spiderlabs consider hotels hackers' No. 1 target. It's also a timely question since Wyndham Hotels just yesterday announced that hackers stole customer credit card information by breaching its networks. It's Wyndham's third breach in 12 months.
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Westin hotel in LA reports possible data breach
IDG News Service - People who stayed at the Westin Bonaventure Hotel & Suites in Los Angeles last year and used their credit or debit card to eat there should keep a close eye on their bank statements.
Hotel officials disclosed Friday that the hotel's four restaurants, along with its valet parking operation, may have been hacked at some time between April and December, disclosing names, credit card numbers and expiration dates printed on customers' debit and credit cards.
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Hotel officials disclosed Friday that the hotel's four restaurants, along with its valet parking operation, may have been hacked at some time between April and December, disclosing names, credit card numbers and expiration dates printed on customers' debit and credit cards.
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Friday, March 5, 2010
Tim Hortons lays out aggressive growth plans
Tim Hortons Inc.outlined its growth plans — which include 900 new North American locations over the next three years — at its investor conference today.
The Tim Hortons strategic plan targets investments and opportunities designed to leverage its core business strengths and business model to drive future growth
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The Tim Hortons strategic plan targets investments and opportunities designed to leverage its core business strengths and business model to drive future growth
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Red Robin Forms Committee to Replace CEO
Restaurant chain Red Robin Gourmet Burgers (RRGB: 23.17, 0.98, 4.42%) announced plans Friday to form a committee that will find a new CEO to replace chief executive Dennis Mullen.
The company has seen sales drop by more than 11% in the last year, and said in its filing with the SEC that it will look to find a new CEO by December 31. Mullen’s contract with the company runs through 2012, so it is unclear whether or not he would be replaced before that expiration.
Pattye Moore, chair of Red Robin's board, said the committee has been formed to aid the board of directors in its overall succession planning.
"This has been an ongoing process and Dennis Mullen is under contract through December 2012, so we look forward to a seamless transition when we find a great candidate," Moore said in a company statement.
The search to replace 66-year-old Mullen will involve the appointment of three new board members including Robert Aiken, former CEO of U.S. Foodservice, Lloyd Hill, former CEO of Applebee's and Stuart Oran, former board member at Wendy's
The company has seen sales drop by more than 11% in the last year, and said in its filing with the SEC that it will look to find a new CEO by December 31. Mullen’s contract with the company runs through 2012, so it is unclear whether or not he would be replaced before that expiration.
Pattye Moore, chair of Red Robin's board, said the committee has been formed to aid the board of directors in its overall succession planning.
"This has been an ongoing process and Dennis Mullen is under contract through December 2012, so we look forward to a seamless transition when we find a great candidate," Moore said in a company statement.
The search to replace 66-year-old Mullen will involve the appointment of three new board members including Robert Aiken, former CEO of U.S. Foodservice, Lloyd Hill, former CEO of Applebee's and Stuart Oran, former board member at Wendy's
Irish Government to run Hotels?
THREE LANDMARK London hotels, the Berkeley, Claridges and the Connaught, which are owned by financier Derek Quinlan's Maybourne Hotel Group, may end up being controlled by the National Asset Management Agency (Nama) within the next few months as the transfer of an initial €16 billion in loans nears completion.
According to well-placed sources, the first tranche of properties earmarked for Nama will also include five prestigious Irish hotels: the Shelbourne, the K-Club, the Ritz-Carlton hotel in Wicklow, and the Radisson and G Hotel in Galway. All these high-profile establishments are linked to the top 10 developers whose multi-billion-euro portfolios will form the first wave of €80 billion in loans being moved into the State's asset recovery agency.
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According to well-placed sources, the first tranche of properties earmarked for Nama will also include five prestigious Irish hotels: the Shelbourne, the K-Club, the Ritz-Carlton hotel in Wicklow, and the Radisson and G Hotel in Galway. All these high-profile establishments are linked to the top 10 developers whose multi-billion-euro portfolios will form the first wave of €80 billion in loans being moved into the State's asset recovery agency.
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Thursday, March 4, 2010
Law firm sued for $25M in sale of Hafadai hotel
Members of the Tenorio, Guerrero, and Borja families of Saipan who were minority shareholders of Saipan Hotel Corp. and Pacific Development Inc. filed an amended complaint in the CNMI Superior Court on March 3 against their former law firm, Carlsmith Ball, and several of its partners.
The lawsuit claims that the law firm and a number of the firm's partners in Honolulu and Saipan were instrumental in carrying out a scheme to deceive the local shareholders and strip away their shares in the Hafadai Beach Hotel for the benefit of the firm's Japanese and U.S. clients. The suit, which was originally filed in July 2009, asks for general and punitive damages in excess of $25 million.
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The lawsuit claims that the law firm and a number of the firm's partners in Honolulu and Saipan were instrumental in carrying out a scheme to deceive the local shareholders and strip away their shares in the Hafadai Beach Hotel for the benefit of the firm's Japanese and U.S. clients. The suit, which was originally filed in July 2009, asks for general and punitive damages in excess of $25 million.
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Survey says 89 per cent of firms not compliant with PCI-DSS
A UK-specific survey of 100 retail, financial and hospitality firms has found that only 11 per cent are certified as compliant with new credit card standards to be brought in during June.
The new Payment Card Industry - Data Security Standard (PCI-DSS) will be made mandatory in September and will be the second iteration of the standard which was first released in December 2004.
The standard is supported by five companies: American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa. The main aim of the standard is to reduce credit card fraud
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The new Payment Card Industry - Data Security Standard (PCI-DSS) will be made mandatory in September and will be the second iteration of the standard which was first released in December 2004.
The standard is supported by five companies: American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa. The main aim of the standard is to reduce credit card fraud
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Dunkin Donuts‘ former director of external communications pleeds guilty to taking kickbacks from an advertising vendor.
While ad world types continually tell themselves that the days of signing printing contracts in return for envelopes full of used bills pushed across a table at the local steakhouse are over, this case is a reminder that they’re not.
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Wendy's/Arby's Group Reports 4th Quarter and Full-Year 2009 Results
ATLANTA, Mar 04, 2010 (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the third largest quick-service restaurant company in the United States, today reported results for the fourth quarter and year ended January 3, 2010.
Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "In 2009, we achieved 16% growth in annual adjusted EBITDA1, despite the challenging economic environment
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Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "In 2009, we achieved 16% growth in annual adjusted EBITDA1, despite the challenging economic environment
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Hospitality Properties Trust Announces 2009 Fourth Quarter Results
Net income available for common shareholders for the twelve months ended December 31, 2009 includes a $51.1 million, or $0.47 per share, non-cash gain on extinguishment of debt relating to HPT's repurchase of $367.4 million face amount of its 3.8% convertible senior notes and various issues of its senior notes for an aggregate purchase price of approximately $303.3 million, excluding accrued interest.
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Silverleaf Resorts, Inc. Reports Fourth Quarter and Annual 2009 Results
Silverleaf Resorts, Inc. (NASDAQ: SVLF) today reported the following results for its fourth quarter and year ended December 31, 2009 and that it has extended its share repurchase program.
Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Carlson will spend $1.5B to revamp Radisson
Carlson Cos. Inc. will spend $1.5 billion to expand and improve its Radisson Hotels & Resorts brand as part of a broader plan to grow its hospitality business, the company announced Wednesday.
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Morton's Restaurant Group, Inc. Reports Results For Fiscal 2009 Fourth Quarter And For The Fiscal Year
Revenues decreased 9.4% to $79.2 million.
Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Famous Dave's Reports Fourth Quarter Results of $0.08 Per Share; Full Year Results of $0.62 Per Share
MINNEAPOLIS, Mar 03, 2010 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced revenue of $32.6 million and net income of $774,000, or $0.08 per diluted share, for its fiscal fourth quarter ended January 3, 2010. These results compare to revenue of $32.8 million and a net loss of $2.0 million, or ($0.22) per diluted share for the comparable period in the prior year. For the full year ended January 3, 2010, the company reported net income of $5.7 million, or $0.62 per diluted share, on total revenue of approximately $136.0 million, as compared with net income of $389,000, or $0.04 per diluted share, on total revenue of approximately $140.4 million for fiscal 2008.
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Dubai World Coughs Up the Knickerbocker
DUBAI, March 4 (Reuters) - Dubai World's overseas investment arm has lost its second prime New York property after defaulting on payments to Danske Bank, an executive at the lender said, raising questions over the future of its remaining U.S. assets.
Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.
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Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.
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Expedia Says Hotel Room-Rates Decline Has Started to Slow
March 2 (Bloomberg) -- Expedia Inc., the biggest Internet travel agency, said declines of hotel room rates started to slow in the fourth quarter as cheaper currencies attracted more travelers in some regions.
Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Wednesday, March 3, 2010
DineEquity, Inc. Provides Financial Performance Guidance for Fiscal 2010
Excluding the impact of potential restaurant sales in 2010, DineEquity provided fiscal 2010 guidance on the following key financial performance metrics:
-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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DineEquity, Inc. Announces Solid Fourth Quarter 2009 Financial Results
For the fourth quarter 2009, IHOP's domestic system-wide same-store
sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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Wynn Resorts to Provide $250 Million for Philadelphia Casino
March 3 (Bloomberg) -- Wynn Resorts Ltd., the casino company founded by billionaire Steve Wynn, will provide about $250 million for the riverfront project it’s seeking to take over in Philadelphia.
The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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Tuesday, March 2, 2010
Sawgrass Marriott resort owner files for Chapter 11
March 2 (Reuters) - RQB Resort LP, owner of the Sawgrass Marriott golf resort where Tiger Woods made his public apology, filed for Chapter 11 bankruptcy protection, hurt by weak corporate and group bookings, court documents show.
RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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IRISH HOTEL INDUSTRY STRUGGLING TO SURVIVE ECONOMIC DOWNTURN
A worrying 88% of hoteliers are concerned about the viability of their business for 2010 according to an industry survey undertaken by the Irish Hotels Federation (IHF) with over 90% of respondents having reduced staffing levels during the last 18 months. The research was undertaken in advance of the IHF’s 72nd Annual Conference in Galway and canvassed 160 hotel owners and general managers to get a greater understanding of how the economic downturn is affecting the day to day running of their businesses.
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HVS Reports 25 Percent Fall in European Hotel Values Over Two Years
HVS’s London office has today released the latest edition of its annual review of European hotel value trends, the Hotel Valuation Index (HVI). The European HVI has tracked trends in upscale hotel values in 36 key European markets since 1993.
This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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Domino's Pizza Announces 2009 Financial Results
ANN ARBOR, Mich., March 2, 2010 /PRNewswire via COMTEX/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the fourth quarter and fiscal 2009, each ended January 3, 2010. During the fourth quarter, the Company's domestic same store sales grew 1.4% as a result of increased store traffic. International same store sales grew 3.9% in the fourth quarter, marking the 64th consecutive quarter of same store sales growth for this division. Fourth quarter diluted EPS as reported was 41 cents, and was $1.38 for fiscal 2009. On an as adjusted basis, diluted EPS was 30 cents for the fourth quarter, a 58% increase over the fourth quarter of 2008, and was 87 cents for fiscal 2009, a 16% increase over fiscal 2008. During fiscal 2009, the Company repurchased approximately $189 million in principal amount of its fixed rate notes, and has repurchased approximately $239 million in principal amount over the past 14 months. Late in the fourth quarter of 2009, the Company successfully introduced a new core pizza product, continuing to build momentum for 2010.
David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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Monday, March 1, 2010
Wyndham Hotels Hacked Again
The break-in occurred between late October 2009 and January 2010, when it was finally discovered. It affected an undisclosed number of company franchisees and hotel properties that Wyndham manages. Wyndham has acknowledged the incident in a note posted to its Web site.
"A hacker intruded on our systems and accessed customers information from a limited number of franchised and managed properties," the company said. "The hacker was able to move some information to an off-site URL before we discovered the intrusion."
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"A hacker intruded on our systems and accessed customers information from a limited number of franchised and managed properties," the company said. "The hacker was able to move some information to an off-site URL before we discovered the intrusion."
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Sir David Michels launches new hotel asset management firm
Sir David Michels, former group chief executive of Hilton, has joined forces with one time colleague, Hugh Taylor, to launch a new hotel asset management business.
The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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