NH Hoteles will reinforce its liquidity with the sale of the hotel Jolly St Ermin´s, in line with the asset divestment plan announced by the Company last year
The 275-room hotel, located in Westminster, was incorporated by NH Hoteles when it acquired the Italian hotel chain Jolly Hotels in 2007
After recently incorporating another hotel in London into the Group, under the management agreement with the hotel chain Hesperia, NH Hoteles will continues with a significant presence in London, with 3 hotels totalling more than 500 rooms
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Thursday, April 29, 2010
Big expansion planned at Whitbread as profits soar by 77%
Whitbread is targeting a 32% expansion in its Premier Inn hotel brand to 55,000 rooms in the UK by 2015, and could increase its Costa brand to 3,000 stores worldwide over the same period.
The news came as the group announced that total revenue climbed by 7.5% to almost £1.44b in 2009, thanks to the expansion of its Premier Inn, Costa and restaurant brands.
The group also pointed to improving like-for-like sales in the final quarter of the year, following a tough start to the year, which meant that overall like-for-like sales were down just 0.5% in 2009.
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The news came as the group announced that total revenue climbed by 7.5% to almost £1.44b in 2009, thanks to the expansion of its Premier Inn, Costa and restaurant brands.
The group also pointed to improving like-for-like sales in the final quarter of the year, following a tough start to the year, which meant that overall like-for-like sales were down just 0.5% in 2009.
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STARWOOD REPORTS FIRST QUARTER 2010 RESULTS
First Quarter 2010 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.13. Including
special items, EPS from continuing operations was $0.16.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $24 million.
Including special items, income from continuing operations was $30 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels increased 6.3% (3.0% in
constant dollars) compared to the first quarter of 2009. System-wide REVPAR for
Same-Store Hotels in North America increased 2.8% (1.2% in constant dollars).
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􀂃 Excluding special items, EPS from continuing operations was $0.13. Including
special items, EPS from continuing operations was $0.16.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $24 million.
Including special items, income from continuing operations was $30 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels increased 6.3% (3.0% in
constant dollars) compared to the first quarter of 2009. System-wide REVPAR for
Same-Store Hotels in North America increased 2.8% (1.2% in constant dollars).
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Wednesday, April 28, 2010
'Major progress' in Baha Mar's Scotia loan talks
BAHA Mar and Scotiabank were last night said to be "close" to a resolution over the latter's $170 million syndicated loan that financed the developer's acquisition of the existing Cable Beach properties, sources close to the situation telling Tribune Business that "tremendous progress" had been made.
This newspaper was told that Baha Mar and the bank, which is involving executives from its Toronto head office in the talks, had been meeting since the developer signed the $2.5 billion loan with China Export-Import Bank to facilitate the $2.6 billion Cable Beach redevelopment.
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This newspaper was told that Baha Mar and the bank, which is involving executives from its Toronto head office in the talks, had been meeting since the developer signed the $2.5 billion loan with China Export-Import Bank to facilitate the $2.6 billion Cable Beach redevelopment.
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Bahamian Hotel union members go to the polls
THE 'A' Team representing Nicole Martin in the Bahamas Hotel Catering and Allied Workers Union election was "confident but not celebratory" at press time, as they waited for the final results, late last night.
Hubert Saunders, candidate for treasurer on the 'A' Team, said they were waiting on the last votes to be counted. That was not expected for another two hours, which would be about midnight.
Hundreds of workers gathered between Worker's House, on Harrold Road, and the National Centre for Performing Arts on Shirley Street while ballots were being counted. The atmosphere was rowdy and festive, with the police having to intervene in an altercation between supporters at the Shirley Street polling station.
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Hubert Saunders, candidate for treasurer on the 'A' Team, said they were waiting on the last votes to be counted. That was not expected for another two hours, which would be about midnight.
Hundreds of workers gathered between Worker's House, on Harrold Road, and the National Centre for Performing Arts on Shirley Street while ballots were being counted. The atmosphere was rowdy and festive, with the police having to intervene in an altercation between supporters at the Shirley Street polling station.
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Vail's Four Seasons delayed as owner files lawsuit
VAIL, Colorado — The completion date of the Four Seasons in Vail, Colorado has been delayed again, and the owner has filed a multi-million-dollar lawsuit against a consultant.
The $250 million hotel-condo-fractional project was supposed to open in June, but a spokeswoman said there is currently no opening date slated for the project.
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The $250 million hotel-condo-fractional project was supposed to open in June, but a spokeswoman said there is currently no opening date slated for the project.
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Thieves Wheel ATM Out of Hotel Lobby
Two men remain at large after wheeling away an ATM machine full of $15,000 in cash early Monday morning and arousing the suspicion of a coffee shop worker.
According to Garden Grove police, one of the men, who wheeled a moving dolly into the lobby of the Crown Plaza Hotel about 5:10 a.m. Monday, was wearing a black vest with yellow lettering that could have been confused for a police or security guard uniform.
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According to Garden Grove police, one of the men, who wheeled a moving dolly into the lobby of the Crown Plaza Hotel about 5:10 a.m. Monday, was wearing a black vest with yellow lettering that could have been confused for a police or security guard uniform.
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Chicago Gold Coast hotel misses loan payments
Crain’s) — The owner of the Hotel Indigo in the Gold Coast has fallen behind on loan payments, another case illustrating the downside of loading up on debt at the peak of the market.
Three years after refinancing the hotel with a $27-million loan, Neighborhood Development Corp. is in jeopardy of losing the property at 1244 N. Dearborn Parkway, which is no longer generating enough cash flow to cover $2 million in annual debt service costs.
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Three years after refinancing the hotel with a $27-million loan, Neighborhood Development Corp. is in jeopardy of losing the property at 1244 N. Dearborn Parkway, which is no longer generating enough cash flow to cover $2 million in annual debt service costs.
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Bartender Allegedly Tried To Rape Hotel Guest In Chelsea
A creepy bartender at a swank Chelsea hotel allegedly tried to rape a patron after getting his hands on a key card to her room, The Post has learned.
But the victim furiously fought off the fiend, who allegedly attacked her as she slept at the Wyndham Garden Hotel on West 24th Street.
Manuel Gomez-Rodriguez, 30, met the 27-year-old woman early Friday morning in the bar at the hotel's on-site restaurant, San Rocco, where he mixes drinks, sources said.
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But the victim furiously fought off the fiend, who allegedly attacked her as she slept at the Wyndham Garden Hotel on West 24th Street.
Manuel Gomez-Rodriguez, 30, met the 27-year-old woman early Friday morning in the bar at the hotel's on-site restaurant, San Rocco, where he mixes drinks, sources said.
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Dubai Holding's Jumeirah to open 10 hotels in 18 mths
DUBAI, April 28 (Reuters) - Dubai government-owned hotelier Jumeirah Group, a unit of Dubai Holding, said on Wednesday it planned to open ten hotels in the next 18 months, and launch a new hotel brand, after strong results in the first quarter
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Ritz-Carlton: We 'deeply regret' handling of guests' racist request
Ritz-Carlton just issued this statement to Hotel Check-In regarding the lawsuit filed by Wadner Tranchant, a longtime employee of the Ritz-Carlton Beach Resort in Naples, Fla. Last week,Tranchant filed a federal discrimination suit against the hotel owner and general manager, alleging that the hotel honored a couple's request to not be served by "people of color" or people with foreign accents. If you didn't catch the story last week, read it here. Here is the company's statement...
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Host Hotels & Resorts, Inc. Reports Results of Operations for the First Quarter of 2010
BETHESDA, Md., April 28, 2010 /PRNewswire via COMTEX/ --Host Hotels & Resorts, Inc. (NYSE: HST), the nation's largest lodging real estate investment trust (REIT), today announced results of operations for the first quarter ended March 26, 2010. The results for the quarter exceeded the Company's expectations for several metrics, including RevPAR, earnings and FFO per diluted share and Adjusted EBITDA, that were incorporated into the Company's full year 2010 guidance issued on February 17, 2010.
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Wyndham Worldwide Reports First Quarter 2010 Earnings Results Exceed Expectations Increases Full-Year Guidance
PARSIPPANY, N.J. 04-28-2010 —Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2010.
FIRST QUARTER HIGHLIGHTS:
Adjusted first quarter 2010 diluted earnings per share (EPS) was $0.34, compared with Company-issued guidance of $0.27 - $0.32.
Reported first quarter 2010 diluted EPS was $0.27, compared with $0.25 in the first quarter of 2009.
Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 7% to $166 million in the first quarter of 2010, compared with $155 million during the same period in 2009.
For the quarter, the Company repurchased approximately 757,000 shares of its common stock at an average price of $24.20. The repurchase program was reactivated on February 19, 2010.
As previously announced, the Company tripled its quarterly dividend, paying its first dividend at the $0.12 per share level on March 15, 2010
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FIRST QUARTER HIGHLIGHTS:
Adjusted first quarter 2010 diluted earnings per share (EPS) was $0.34, compared with Company-issued guidance of $0.27 - $0.32.
Reported first quarter 2010 diluted EPS was $0.27, compared with $0.25 in the first quarter of 2009.
Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 7% to $166 million in the first quarter of 2010, compared with $155 million during the same period in 2009.
For the quarter, the Company repurchased approximately 757,000 shares of its common stock at an average price of $24.20. The repurchase program was reactivated on February 19, 2010.
As previously announced, the Company tripled its quarterly dividend, paying its first dividend at the $0.12 per share level on March 15, 2010
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Tuesday, April 27, 2010
Ritz-Carlton hotel at Lake Tahoe goes into default
The new Ritz-Carlton luxury hotel at Lake Tahoe has gone into default, the latest sign of trouble for the lake economy and one of its top developers.
The default notice is the first step toward possible foreclosure. It was filed against the Northstar-area hotel March 31, about a month after its developer, East West Resort Development of Avon, Colo., put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization.
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The default notice is the first step toward possible foreclosure. It was filed against the Northstar-area hotel March 31, about a month after its developer, East West Resort Development of Avon, Colo., put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization.
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Buffalo Wild Wings, Inc. Announces First Quarter 2010 Results
MINNEAPOLIS, Apr 27, 2010 (BUSINESS WIRE) --Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the first quarter ended March 28, 2010. Highlights for the first quarter versus the same period a year ago were:
•Total revenue increased 15.7% to $152.3 million
•Company-owned restaurant sales grew 15.5% to $138.0 million
•Same-store sales increased 0.1% at company-owned restaurants and 0.7% at franchised restaurants
•Net earnings increased 24.5% to $10.6 million from $8.5 million, and earnings per diluted share increased 23.4% to $0.58 from $0.47
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•Total revenue increased 15.7% to $152.3 million
•Company-owned restaurant sales grew 15.5% to $138.0 million
•Same-store sales increased 0.1% at company-owned restaurants and 0.7% at franchised restaurants
•Net earnings increased 24.5% to $10.6 million from $8.5 million, and earnings per diluted share increased 23.4% to $0.58 from $0.47
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Kona Grill, Inc. Reports First Quarter Results
SCOTTSDALE, Ariz., Apr 27, 2010 (GlobeNewswire via COMTEX) --Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its first quarter ended March 31, 2010.
First Quarter 2010 Highlights Include:
-- Restaurant sales increased 8.2% to $21.1 million
-- Same-store sales decreased 2.5%
-- Restaurant operating profit margin of 12.6%
-- Net loss of $0.6 million, or $0.07 per share, excluding special charges
totaling $0.3 million
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First Quarter 2010 Highlights Include:
-- Restaurant sales increased 8.2% to $21.1 million
-- Same-store sales decreased 2.5%
-- Restaurant operating profit margin of 12.6%
-- Net loss of $0.6 million, or $0.07 per share, excluding special charges
totaling $0.3 million
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The world's 50 best restaurants?
Noma, in Denmark, takes the top spot from El Bulli. The Spanish restaurant moves to second place. The UK's Fat Duck is also down one, now occupying Noma's former No. 3 spot. I'd wager a lot of people who are interested in food have heard of El Bulli. Not necessarily so Noma. That, to me, is the major (only?) significance of this rejiggering: the boosting of a presumably worthy restaurant's profile. If we're talking the 50 best restaurants in the world, top 3 is top 3.
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Can this be True? 'Gay dog' and his blind owner refused service in Australian restaurant
An Australian restaurant has been fined after turning a blind customer away because they thought his guide dog was gay.
Ian Jolly, 57, was trying to enter the Thai Spice restaurant in Adelaide in May, 2009 when he was refused entry.
Staff had misheard the woman with Mr Jolly, and believed that his 'guide dog' Nudge was in fact a 'gay dog'.
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Ian Jolly, 57, was trying to enter the Thai Spice restaurant in Adelaide in May, 2009 when he was refused entry.
Staff had misheard the woman with Mr Jolly, and believed that his 'guide dog' Nudge was in fact a 'gay dog'.
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BlackBerry Spy Software Unleashes Email and Photo Monitoring
JACKSONVILLE, Fla., April 27 /PRNewswire/ -- Retina-X Studios, LLC announced today new logging features for their Mobile Spy monitoring software for BlackBerry smartphones. The silent spy program now includes the ability to view every photo captured and every email sent or received. These new abilities help parents and employers track the activities of their monitored phones with greater accuracy.
The Mobile Spy version 4.0 system, available across five different smartphone platforms, silently records user activity of children or employees. Logs are viewable online in real time. Several log types are included such as entire SMS text messages, actual GPS locations and call information. All logs can be reviewed from anywhere inside a secure online control panel.
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The Mobile Spy version 4.0 system, available across five different smartphone platforms, silently records user activity of children or employees. Logs are viewable online in real time. Several log types are included such as entire SMS text messages, actual GPS locations and call information. All logs can be reviewed from anywhere inside a secure online control panel.
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Sands Sale of Macau Malls, Apartments May Raise $12 Billion
April 27 (Bloomberg) -- Las Vegas Sands Corp. Chairman Sheldon Adelson said the sale of the casino operator’s malls and apartments in Macau may raise $12 billion, to recoup the cost of constructing the buildings that house them.
“It will be like $12 billion if we add up all the apartments and all the retail in Macau,” including those in buildings still under construction, Adelson, also the founder and chief executive officer of Las Vegas Sands, said in an interview in Singapore today.
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“It will be like $12 billion if we add up all the apartments and all the retail in Macau,” including those in buildings still under construction, Adelson, also the founder and chief executive officer of Las Vegas Sands, said in an interview in Singapore today.
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Calgary Canada restaurant judged one of the world's best
For the first time, a Calgary restaurant has been named as one of the world's top 100 restaurants.
Calgary's Rouge restaurant -- coowned by chef Paul Rogalski and Olivier Reynaud -- has been named No. 60 on the prestigious S. Pellegrino World's 100 Best Restaurants list
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Calgary's Rouge restaurant -- coowned by chef Paul Rogalski and Olivier Reynaud -- has been named No. 60 on the prestigious S. Pellegrino World's 100 Best Restaurants list
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$74M Buys Six Homewood Suites
FORT LAUDERDALE-Chatham Lodging Trust, based in Palm Beach, acquired six Homewood Suites by Hilton from RLJ Development, LLC, a hotel investment company, based in Bethesda, Maryland, for $73.5 million or approximately $90,406 per suite on April 23rd. The six hotels are the first properties to be acquired since Chatham Lodging Trust went public on April 21st.
The properties are in the Boston, Hartford, Connecticut, Minneapolis, Dallas, Orlando and Nashville markets.
In the future, says Peter Willis, chief investment officer at Chatham, “We are going to acquire more upscale, extended-stay hotels and premium-branded select service hotels, such as more Homewood Suites, Residence Inns, Marriott Courtyards and Hampton Inns.”
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The properties are in the Boston, Hartford, Connecticut, Minneapolis, Dallas, Orlando and Nashville markets.
In the future, says Peter Willis, chief investment officer at Chatham, “We are going to acquire more upscale, extended-stay hotels and premium-branded select service hotels, such as more Homewood Suites, Residence Inns, Marriott Courtyards and Hampton Inns.”
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Hilton launching brand-wide sustainability plan
Hilton CEO Chris Nassetta, Hotel Check-In's guest CEO blogger for April, today discusses Hilton's environmental initiatives. Here's the CEO in his own words:
I am thrilled to have the chance to blog a few times this week, and I thank Barbara and USA TODAY for the opportunity. I just spent the morning in Chicago at the Strategic Account Management Association's (SAMA) Annual Conference where I hosted a breakfast with some of our largest business customers and delivered the keynote address. SAMA is an organization that fosters relationships between companies for their mutual benefit. For example, we use other companies' products such as cleaning or office supplies at our hotels, and they in return use our hotels for many of their travel and conference needs.
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I am thrilled to have the chance to blog a few times this week, and I thank Barbara and USA TODAY for the opportunity. I just spent the morning in Chicago at the Strategic Account Management Association's (SAMA) Annual Conference where I hosted a breakfast with some of our largest business customers and delivered the keynote address. SAMA is an organization that fosters relationships between companies for their mutual benefit. For example, we use other companies' products such as cleaning or office supplies at our hotels, and they in return use our hotels for many of their travel and conference needs.
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Choice Hotels Reports First Quarter 2010 Adjusted Diluted EPS of $0.27, Domestic Unit Growth of 2.9%
SILVER SPRING, Md., April 26, 2010 /PRNewswire via COMTEX/ --Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for first quarter 2010:
Adjusted diluted earnings per share ("EPS") for first quarter 2010 were $0.27 compared to $0.27 for the same period of the prior year. Diluted EPS were $0.26 for first quarter 2010 compared to $0.27 for first quarter 2009. Adjusted diluted EPS for first quarter 2010 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") were $26.4 million for the three months ended March 31, 2010, compared to $30.3 million for the same period of 2009. Operating income for the three months ended March 31, 2010 and 2009 were $23.8 million and $27.8 million, respectively.
Franchising revenues declined 6% from $51.0 million for the three months ended March 31, 2009 to $47.7 million for the same period of 2010. Total revenues for the three months ended March 31, 2010 declined 6% compared to the same period of 2009.
Interest and other investment income for the three months ended March 31, 2010 improved by approximately $1.9 million from the same period of the prior year primarily due to the appreciation in the fair value of investments held in the company's non-qualified employee benefit plans during the current period compared to a decline in the fair value of these investments in the same period of the prior year.
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Adjusted diluted earnings per share ("EPS") for first quarter 2010 were $0.27 compared to $0.27 for the same period of the prior year. Diluted EPS were $0.26 for first quarter 2010 compared to $0.27 for first quarter 2009. Adjusted diluted EPS for first quarter 2010 exclude certain special items, as described below, totaling $0.01.
Excluding special items, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") were $26.4 million for the three months ended March 31, 2010, compared to $30.3 million for the same period of 2009. Operating income for the three months ended March 31, 2010 and 2009 were $23.8 million and $27.8 million, respectively.
Franchising revenues declined 6% from $51.0 million for the three months ended March 31, 2009 to $47.7 million for the same period of 2010. Total revenues for the three months ended March 31, 2010 declined 6% compared to the same period of 2009.
Interest and other investment income for the three months ended March 31, 2010 improved by approximately $1.9 million from the same period of the prior year primarily due to the appreciation in the fair value of investments held in the company's non-qualified employee benefit plans during the current period compared to a decline in the fair value of these investments in the same period of the prior year.
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Monday, April 26, 2010
Creditor aims to seize 2 Marriott hotels in Thousand Oaks California
Two Thousand Oaks Marriott hotels in default on a $25 million construction loan and facing foreclosure are just the latest indication that the region’s hotels have been hit hard by a decline in tourism and a sour commercial real estate market.
The neighboring hotels on Newbury Road — a Marriott TownePlace Suites and a Courtyard by Marriott — are owned and operated by Ocean Park Hotels, a San Luis Obispo-based firm. The lender, Nationwide Life Insurance Co., is seeking to foreclose and put the hotels into receivership, according to a suit filed this month in Ventura County Superior Court.
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The neighboring hotels on Newbury Road — a Marriott TownePlace Suites and a Courtyard by Marriott — are owned and operated by Ocean Park Hotels, a San Luis Obispo-based firm. The lender, Nationwide Life Insurance Co., is seeking to foreclose and put the hotels into receivership, according to a suit filed this month in Ventura County Superior Court.
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More Pasta for New York City
Restaurateur Laurent Lesort, who has joined with his brother, Frederick, in the past, is now pairing up with two French friends to launch a new franchise called Hello Pasta.
The first of 10 planned restaurants will open in June on Lexington Avenue between 54th and 55th streets.
A month later the well-established French franchise Nooï, with more than 50 locations across France, will open its first U.S. location, just 13 blocks from Hello Pasta at 370 Lexington Ave.
"It's great to have competition," said Christopher Sanchez, chief operating officer of Nooï North America, which opened its first location in 2006 in France.
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The first of 10 planned restaurants will open in June on Lexington Avenue between 54th and 55th streets.
A month later the well-established French franchise Nooï, with more than 50 locations across France, will open its first U.S. location, just 13 blocks from Hello Pasta at 370 Lexington Ave.
"It's great to have competition," said Christopher Sanchez, chief operating officer of Nooï North America, which opened its first location in 2006 in France.
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Sands to restart work on Bethlehem hotel in May
The same crushing recession that stopped the Sands casino resort hotel in November 2008 is helping to restart it now.
Sands casino executives have agreed to resume building their 300-room hotel in south Bethlehem, largely because the global financial crisis has caused construction costs to plummet and because Sands has decided to strip some of the extravagant Las Vegas-style luxury from the hotel.
As a result, a hotel that was expected to cost $60 million to complete can now be finished for as little as $30 million, according to a source close to the project.
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Sands casino executives have agreed to resume building their 300-room hotel in south Bethlehem, largely because the global financial crisis has caused construction costs to plummet and because Sands has decided to strip some of the extravagant Las Vegas-style luxury from the hotel.
As a result, a hotel that was expected to cost $60 million to complete can now be finished for as little as $30 million, according to a source close to the project.
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Indians want their Taco Bell
BANGALORE, India -- Praful Desai celebrated his 65th birthday last weekend by doing something special with his family.
Mr. Desai, a retired chemical engineer and an avowed vegetarian, took his two brothers-in-law, their wives, children and grandchildren to Bangalore's latest hotspot -- the country's first Taco Bell. "I'm trying Mexican food for the first time in my life," he said, adding, "Never too old to try something new."
Like the Desai family who spread themselves across three tables, half of those who came into Bangalore's only Taco Bell that evening couldn't tell the difference between a taco and a burrito.
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Mr. Desai, a retired chemical engineer and an avowed vegetarian, took his two brothers-in-law, their wives, children and grandchildren to Bangalore's latest hotspot -- the country's first Taco Bell. "I'm trying Mexican food for the first time in my life," he said, adding, "Never too old to try something new."
Like the Desai family who spread themselves across three tables, half of those who came into Bangalore's only Taco Bell that evening couldn't tell the difference between a taco and a burrito.
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Navigating The Hotel Star System
"It's a five-star hotel!" But what exactly does that mean? And is a five-star hotel really worth a hundred dollars more a night than a three-star hotel? It doesn't help that the same hotel may have three different ratings depending on the travel website you visit or the tourist guidebook you read.
If you're blinded by these perplexing little stars, you're not alone. Read on to learn more about the intricate hotel star rating system.
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If you're blinded by these perplexing little stars, you're not alone. Read on to learn more about the intricate hotel star rating system.
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Starwood Capital Will Make New Bid for Extended Stay Hotels
April 23 (Bloomberg) -- Starwood Capital Group LLC will make a new bid for Extended Stay Hotels Inc., which filed the largest bankruptcy case by a U.S. hotel owner, a Starwood lawyer said in court.
“We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.”
Starwood’s earlier bid for the company, which had $7.6 billion in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4 million from Centerbridge Partners LP and Paulson & Co. Zirinsky told Peck that he and Starwood learned on April 21 that Blackstone Group LP will become a third partner in the Centerbridge-Paulson bid for the company.
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“We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.”
Starwood’s earlier bid for the company, which had $7.6 billion in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4 million from Centerbridge Partners LP and Paulson & Co. Zirinsky told Peck that he and Starwood learned on April 21 that Blackstone Group LP will become a third partner in the Centerbridge-Paulson bid for the company.
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Washington D.C.'s storied Renaissance Mayflower hotel struggles to make loan payments
The storied Renaissance Mayflower Hotel - Washington D.C.'s largest luxury hotel just six blocks from the White House - is struggling to make its loan payments, according to a Washington Post report that cites credit rating agency information.
It's hardly an unusual story at this point in time, but stories about The Mayflower always pique my interest.
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It's hardly an unusual story at this point in time, but stories about The Mayflower always pique my interest.
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Bahamian Hotels '1/2 way to full recovery' by year-end
The Bahamian hotel industry should be "at least 50 per cent of the way" to returning to pre-2008 Wall Street crash numbers by year-end if it maintains current performance trends, the Bahamas Hotel Association's (BHA) president telling Tribune Business the organisation had made several proposals to mitigate the impact of any rise in electricity tariffs.
Commenting on the Nassau/Paradise Island hotel sector's performance for March and the 2010 first quarter, during which room revenues increased by 16 per cent and 6.7 per cent respectively, Robert Sands said that while the trend was positive, the industry was "not prepared to hand our hats yet" on the notion that consistent improvement would be seen throughout the remainder of 2010.
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Commenting on the Nassau/Paradise Island hotel sector's performance for March and the 2010 first quarter, during which room revenues increased by 16 per cent and 6.7 per cent respectively, Robert Sands said that while the trend was positive, the industry was "not prepared to hand our hats yet" on the notion that consistent improvement would be seen throughout the remainder of 2010.
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Sunday, April 25, 2010
Grand Island Holiday Inn put in receivership
The Holiday Inn Resort and Conference Center on Grand Island is in receivership but continuing with its regular business operations.
Royal Bank of Canada, the mortgage holder, brought the foreclosure action on the property at 100 Whitehaven Road, which is owned by American Hospitality Group LLC. The bank says it is owed close to $7 million.
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Royal Bank of Canada, the mortgage holder, brought the foreclosure action on the property at 100 Whitehaven Road, which is owned by American Hospitality Group LLC. The bank says it is owed close to $7 million.
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Yum Brands Growing Faster Than Rivals in Emerging Markets
20 April 2010 - Speaking to investors last week, Rick Carucci, CFO of Yum Brands, parent of the KFC, Taco Bell and Pizza Hut chains, said that his company has a competitive advantage over rival restaurant operators in emerging markets and sees significant growth opportunities.
"Today, we have nearly 10,000 units in the emerging markets, or roughly 55% of our total YRI and China units. We are the largest restaurant company in emerging markets, and we are growing at a faster rate than our major QSR competition", he said.
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"Today, we have nearly 10,000 units in the emerging markets, or roughly 55% of our total YRI and China units. We are the largest restaurant company in emerging markets, and we are growing at a faster rate than our major QSR competition", he said.
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MGM-branded casino planned for Vietnam resort area
LOS ANGELES, April 21 (Reuters) - A group backed by hedge fund Harbinger Capital Partners plans to open in early 2013 Vietnam's first Las Vegas-style casino resort in a coastal area to be called the Ho Tram Strip.
Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Fairmont Royal York Hotel fires 22 staff members
The Fairmont Royal York isn’t just Toronto’s classiest hotel. It’s a temporary abode for visiting kings and queens, presidents and prime ministers – not to mention diplomats, movie stars and music legends from around the world.
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Turkey gets first nudist hotel
ANKARA - NUDIST tourists will be able to work on their full-body tan on the sun-kissed Turkish coast from next week, when the mainly Muslim country opens its first naturist hotel, a report said Sunday.
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CKE Restaurants, Inc. Announces Agreement to Be Acquired by Affiliates of Apollo Management VII, L.P
CARPINTERIA, Calif.--(BUSINESS WIRE)--CKE Restaurants, Inc. (NYSE: CKR) (the “Company”) announced today that, as a result of the takeover proposal submitted to the Company on April 19, 2010 by Columbia Lake Acquisition Holdings, Inc., an affiliate of Apollo Management VII, L.P. (“Apollo”), the Company has terminated the merger agreement previously entered into with affiliates of Thomas H. Lee Partners, L.P. and entered into a new merger agreement with Apollo, pursuant to which Apollo has agreed to acquire the Company for $12.55 per share in cash.
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Saturday, April 24, 2010
Labor group targeting Mario Batali
Celebrity Chef Mario Batali is in hot water. The former Iron Chef star has become the latest target of a labor campaign spearheaded by worker advocacy group Restaurant Opportunities Center of New York, according to an article coming in Monday's edition of Crain's New York Business.
Over the past eight years, ROC NY has played a central role in legal complaints against such high profile restaurateurs as Daniel Boulud, Shelley Fireman and Alan Stillman over alleged labor law violations involving discrimination and wages. The organization has won $4.5 million in settlements for restaurant workers and skewered many a reputation.
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Over the past eight years, ROC NY has played a central role in legal complaints against such high profile restaurateurs as Daniel Boulud, Shelley Fireman and Alan Stillman over alleged labor law violations involving discrimination and wages. The organization has won $4.5 million in settlements for restaurant workers and skewered many a reputation.
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Huddle House to revamp its restaurants
NEW YORK (April 23, 2010) The 400-unit Huddle House is redesigning its restaurants with a new diner-like look, a revamped logo and a larger menu.
Chief executive Phil Greifeld, who unveiled the new look Friday at an event in New York, said the changes would enhance and modernize the 46-year-old brand.
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Chief executive Phil Greifeld, who unveiled the new look Friday at an event in New York, said the changes would enhance and modernize the 46-year-old brand.
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Harrah’s Said to Seek Offers for Rio Las Vegas Casino
April 23 (Bloomberg) -- Harrah’s Entertainment Inc., the casino company owned by Apollo Management LP and TPG Inc., is seeking bids for the Rio All-Suite Hotel & Casino in Las Vegas, people with knowledge of the situation said.
Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort, said the people, who declined to be identified because the talks are private. Some bids value the Rio at about $500 million, two of the people said.
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Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort, said the people, who declined to be identified because the talks are private. Some bids value the Rio at about $500 million, two of the people said.
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Restaurants Invest To Stay Ahead Of Consumer Rebound
NEW YORK -(Dow Jones)- Restaurants are joining consumers in re-opening their wallets.
Several chains are showing more of an appetite to invest in new products, store remodels and more marketing as signs emerge that restaurants are cementing a recovery.
The willingness to invest comes after restaurants broadly reined in costs during the downturn by shutting stores, working employees less amid weak demand and cutting back on wasting ingredients. With expenses down to survival-mode levels, restaurants are now reaping healthy profits as consumers begin to emerge from a spending coma.
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Several chains are showing more of an appetite to invest in new products, store remodels and more marketing as signs emerge that restaurants are cementing a recovery.
The willingness to invest comes after restaurants broadly reined in costs during the downturn by shutting stores, working employees less amid weak demand and cutting back on wasting ingredients. With expenses down to survival-mode levels, restaurants are now reaping healthy profits as consumers begin to emerge from a spending coma.
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Tyler Florence set to open 3 restaurants
The septuagenarian servers at Sam's Grill on Bush Street are notoriously gruff, but one of them drops the act after Tyler Florence orders the Hangtown Fry.
"Hey, you're the guy on television, ain't you?"
Months later, when Florence strolls into the Financial District's crowded Barbacco during the Friday lunch swarm, heads swivel and fingers actually point at the celebrity chef. Florence is immediately greeted by owner Umberto Gibin.
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"Hey, you're the guy on television, ain't you?"
Months later, when Florence strolls into the Financial District's crowded Barbacco during the Friday lunch swarm, heads swivel and fingers actually point at the celebrity chef. Florence is immediately greeted by owner Umberto Gibin.
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Burger Chain Fuddruckers Files for Chapter 11
Burger chain Fuddruckers Inc. and its parent, Magic Brands LLC, filed for Chapter 11 bankruptcy protection Wednesday to ease the sale of its assets to Tavistock Group.
Tavistock Group, a private-equity firm that owns other restaurant companies, has agreed to pay $40 million for the company, including the Koo Koo Roo restaurant brand.
None of the 135 franchisee-owned Fuddruckers restaurants are included in the filing. More than 200 restaurants operate under the Fuddruckers name. The company plans to close 24 of the corporate-owned Fuddruckers by April 30.
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Tavistock Group, a private-equity firm that owns other restaurant companies, has agreed to pay $40 million for the company, including the Koo Koo Roo restaurant brand.
None of the 135 franchisee-owned Fuddruckers restaurants are included in the filing. More than 200 restaurants operate under the Fuddruckers name. The company plans to close 24 of the corporate-owned Fuddruckers by April 30.
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Sagamore Hotel wants judge to halt sale
The Sagamore Hotel wants a judge to block its lender from auctioning off its delinquent mortgage to the highest bidder this week.
In a countersuit filed in Miami-Dade Circuit Court, the stylish South Beach boutique accused lender LNR Property of duping it into halting loan payments in hopes of restructuring its debt. LNR, a servicer that took over management of the loan when it went into default, plans to auction off the $32 million mortgage, setting the stage for a foreclosure on the 93-room hotel.
``They never would have stopped making the payments if it wasn't for LNR saying, `stop making payments so we can get the file,' '' said Sagamore lawyer Dennis Richard. The hotel owners have enough money to ``bring them current -- they always did.''
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In a countersuit filed in Miami-Dade Circuit Court, the stylish South Beach boutique accused lender LNR Property of duping it into halting loan payments in hopes of restructuring its debt. LNR, a servicer that took over management of the loan when it went into default, plans to auction off the $32 million mortgage, setting the stage for a foreclosure on the 93-room hotel.
``They never would have stopped making the payments if it wasn't for LNR saying, `stop making payments so we can get the file,' '' said Sagamore lawyer Dennis Richard. The hotel owners have enough money to ``bring them current -- they always did.''
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Sheraton Universal Hotel is put on the market
The long-troubled Sheraton Universal Hotel is officially on the market now, real estate brokers said Wednesday.
The 20-story tower in Universal City is one of the best-known hostelries in Southern California, but it has been in financial trouble since the recession brought the hotel industry to its knees. Los Angeles-based real estate developer and landlord Lowe Enterprises paid $122 million for the 451-room hotel at the top of the market in 2007 and spent $25 million on improvements to the guest rooms and public spaces.
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The 20-story tower in Universal City is one of the best-known hostelries in Southern California, but it has been in financial trouble since the recession brought the hotel industry to its knees. Los Angeles-based real estate developer and landlord Lowe Enterprises paid $122 million for the 451-room hotel at the top of the market in 2007 and spent $25 million on improvements to the guest rooms and public spaces.
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Waiter sues Ritz-Carton Naples, claiming discrimination
A Haitian-born food server at The Ritz-Carlton is suing the hotel chain and the Naples managing director, alleging they discriminated against him.
Wadner Tranchant, a food server and restaurant captain at the hotel, filed a federal lawsuit this week, claiming his bosses discriminated when they told employees that a visiting family didn’t want to be served by “people of color” or with “foreign accents.”
The Rodney Morgan family checked into the hotel Feb. 28 and a note in the hotel’s computers, directed by vice president and hotel manager Edward Staros, states, “as per Mr. Staros, this couple is very very prejudice [sic] and do like like [sic] ppl of color or foreign accents,” according to the lawsuit.
On March 12, Tranchant, who is a U.S. citizen, was prevented from his immediate supervisors from serving the Morgans in the Grill Restaurant
Wadner Tranchant, a food server and restaurant captain at the hotel, filed a federal lawsuit this week, claiming his bosses discriminated when they told employees that a visiting family didn’t want to be served by “people of color” or with “foreign accents.”
The Rodney Morgan family checked into the hotel Feb. 28 and a note in the hotel’s computers, directed by vice president and hotel manager Edward Staros, states, “as per Mr. Staros, this couple is very very prejudice [sic] and do like like [sic] ppl of color or foreign accents,” according to the lawsuit.
On March 12, Tranchant, who is a U.S. citizen, was prevented from his immediate supervisors from serving the Morgans in the Grill Restaurant
Wyndham Hotels and Resorts Welcomes Florida's Quorum Hotel-Tampa
PARSIPPANY, NJ, Apr 22, 2010 (MARKETWIRE via COMTEX) -- Continuing its expansion in key markets, Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide /quotes/comstock/13*!wyn/quotes/nls/wyn (WYN 27.04, +0.62, +2.35%) , today announced that one of Florida's most widely known hotels, the 272-room Quorum Hotel-Tampa, will join the Wyndham(R) system in late May.
The hotel, to be renamed Wyndham Tampa Westshore, is located in the heart of Tampa's Westshore business district, just minutes from Tampa International Airport and Raymond James Stadium.
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The hotel, to be renamed Wyndham Tampa Westshore, is located in the heart of Tampa's Westshore business district, just minutes from Tampa International Airport and Raymond James Stadium.
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Marriott International Reports First Quarter Results
First quarter 2010 net income totaled $83 million, a 5 percent decline compared to first quarter 2009 adjusted net income. Diluted EPS totaled $0.22, down $0.02 from adjusted diluted EPS in the year-ago quarter. On February 11, 2010, the company forecasted first quarter diluted EPS of $0.15 to $0.21.
Reported net income was $83 million in the first quarter of 2010 compared to a reported net loss of $23 million in the year-ago quarter. Reported diluted EPS was $0.22 in the first quarter of 2010 compared to reported diluted losses per share of $0.06 in the first quarter of 2009.
Adjusted results for the 2009 first quarter exclude $129 million pretax ($84 million after-tax and $0.24 per diluted share) of restructuring costs and other charges and $26 million of non-cash charges ($0.07 per diluted share) in the provision for income taxes.
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Reported net income was $83 million in the first quarter of 2010 compared to a reported net loss of $23 million in the year-ago quarter. Reported diluted EPS was $0.22 in the first quarter of 2010 compared to reported diluted losses per share of $0.06 in the first quarter of 2009.
Adjusted results for the 2009 first quarter exclude $129 million pretax ($84 million after-tax and $0.24 per diluted share) of restructuring costs and other charges and $26 million of non-cash charges ($0.07 per diluted share) in the provision for income taxes.
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Wednesday, April 21, 2010
CKE Restaurants Says New Takeover Bid Is Better
CKE Restaurants, the operator of Carl’s Jr. and Hardee’s restaurants said Tuesday that a rival buyout offer from an unnamed bidder is better than the one it already has from a private equity firm, The Associated Press reported.
While the company didn’t name the mystery bidder, DealBook reported earlier this month that the unnamed suitor was Apollo Management.
The news sent shares of CKE Restaurants up 82 cents, or 6.8 percent, to $12.81 in midday trading.
CKE said the $12.55 per share each stockholder would receive from the bidder is superior to a prior offer from Thomas H. Lee Partners, the buyout shop that was part of a consortium that bought Dunkin’ Brands in 2006.
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While the company didn’t name the mystery bidder, DealBook reported earlier this month that the unnamed suitor was Apollo Management.
The news sent shares of CKE Restaurants up 82 cents, or 6.8 percent, to $12.81 in midday trading.
CKE said the $12.55 per share each stockholder would receive from the bidder is superior to a prior offer from Thomas H. Lee Partners, the buyout shop that was part of a consortium that bought Dunkin’ Brands in 2006.
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MGM Mirage seeks to rebrand as MGM Resorts Int'l
LAS VEGAS (AP) -- MGM Mirage is asking shareholders to approve changing its name to MGM Resorts International, as the company looks to emphasize the scope of its brand.
The company, known mostly for its Las Vegas casinos, said Wednesday that the new name better represents its global presence. MGM and its joint venture partner in Macau expect to launch an IPO on the Hong Kong market later this year, and the company is developing Bellagio, MGM Grand and Skylofts hotels in Dubai that are expected to open in 2013.
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The company, known mostly for its Las Vegas casinos, said Wednesday that the new name better represents its global presence. MGM and its joint venture partner in Macau expect to launch an IPO on the Hong Kong market later this year, and the company is developing Bellagio, MGM Grand and Skylofts hotels in Dubai that are expected to open in 2013.
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Greenbrier Resort casino to open in June
CHARLESTON, W.Va. — The picture postcard view of The Greenbrier resort's white hotel facade offset with tulips in spring splendor is gone, replaced by cranes, dust and construction workers in a dash to finish an underground casino beneath what used to be the front lawn.
"It's basically crunch time," said Todd Fishon, the resort's vice president of casino operations.
A harsh winter has pushed back the opening of the 89,000-square-foot Casino Club to June and the exact date will be determined soon, he said.
The casino is being built underground so it won't take away from the ambiance and scenery of the 6,500-acre resort, which has entertained kings and presidents and once housed a secret bomb shelter intended for Congress.
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"It's basically crunch time," said Todd Fishon, the resort's vice president of casino operations.
A harsh winter has pushed back the opening of the 89,000-square-foot Casino Club to June and the exact date will be determined soon, he said.
The casino is being built underground so it won't take away from the ambiance and scenery of the 6,500-acre resort, which has entertained kings and presidents and once housed a secret bomb shelter intended for Congress.
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Food & Beverage - Toughen Up: How to Be Firm with Demanding Customers
As well as customer service training, we need'customer training': firm and friendly guidance so they're less annoying, unreasonable or forgetful. Be too firm and they go elsewhere; be too accommodating and you're running a zoo.
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Denver investors buy Hotel Hana-Maui
A Denver-based real estate investment company is buying the Hotel Hana-Maui for an undisclosed amount and plans to change how the boutique hotel is operated.
AmStar Group LLC said Tuesday that it would purchase the 70-room hotel on 70 oceanfront acres in East Maui from Ohana Hotel Co. in a deal that is expected to close in May.
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AmStar Group LLC said Tuesday that it would purchase the 70-room hotel on 70 oceanfront acres in East Maui from Ohana Hotel Co. in a deal that is expected to close in May.
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Innkeepers USA loan in special servicing
NEW YORK, April 20 (Reuters) - An $825.4 million loan on 45 hotels owned by Innkeepers USA Trust was transferred to the care of a special servicer, Fitch Ratings said on Tuesday, a week after Innkeepers said it had missed debt payments.
The portfolio was transferred to Midland Loan Services for special servicing, Fitch said. Innkeepers could not be reached for comment on Tuesday.
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The portfolio was transferred to Midland Loan Services for special servicing, Fitch said. Innkeepers could not be reached for comment on Tuesday.
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Interstate Hotels & Resorts Forms Strategic Alliance with International Hotel Investments Ltd
ARLINGTON, Va., April 21 /PRNewswire/ -- Interstate Hotels & Resorts, the United States' largest independent hotel management company, today announced that it has formed a strategic alliance with IHI Ltd, an affiliate of Harte Holdings, to operate and selectively invest in hotels in Europe. Interstate already manages six hotels for affiliates of Harte Holdings in the U.S. and Europe, four of which are owned by a joint venture between the two organizations. The new alliance will expand Interstate's third-party hotel management platform throughout the EU.
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Hotel Chains Struggle Under Debt Burden
More than $60 billion of hotel buyouts during the recent real-estate boom saddled several name-brand hotel chains with mountains of debt. Now, many are finding it tough to restructure and reduce those complicated debt burdens with the hotel industry mired in a downturn.
In the latest examples of this, budget-hotel chain Red Roof Inn Inc. and real-estate investment trust Innkeepers USA Trust face losing hotels to their lenders as they scramble to get new terms on past-due debts.
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In the latest examples of this, budget-hotel chain Red Roof Inn Inc. and real-estate investment trust Innkeepers USA Trust face losing hotels to their lenders as they scramble to get new terms on past-due debts.
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Feds selling hotel loans
All eyes in the hotel investment world are on an ongoing auction by the Federal Deposit Insurance Corp. of hotel loans from a failed Georgia bank to see if the results will influence hotel values and pricing.
The FDIC last week accepted sealed bids on a $416 million portfolio of loans on 60 hotels originated by Atlanta's Silverton Bank, which the FDIC closed in May. The loans were made on properties ranging from a W hotel in Atlanta to various Hampton Inns, Courtyards by Marriott and Holiday Inns across the country.
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The FDIC last week accepted sealed bids on a $416 million portfolio of loans on 60 hotels originated by Atlanta's Silverton Bank, which the FDIC closed in May. The loans were made on properties ranging from a W hotel in Atlanta to various Hampton Inns, Courtyards by Marriott and Holiday Inns across the country.
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Foreclosure suit hits trio of Chicago Lakeview hotels
(Crain’s) — A Los Angeles-based investment group is facing foreclosure on a portfolio of three boutique hotels in Lakeview that it bought just two years ago.
Affiliates of Reliance Capital Partners LLC defaulted on a $25-million loan secured by the City Suites Hotel, the Majestic Hotel and the Willows Hotel when they stopped making loan payments last November, according to the foreclosure lawsuit. The story is all too familiar in a recession that has depressed occupancies and room rates at hotels across the Chicago area, leaving many in arrears.
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Affiliates of Reliance Capital Partners LLC defaulted on a $25-million loan secured by the City Suites Hotel, the Majestic Hotel and the Willows Hotel when they stopped making loan payments last November, according to the foreclosure lawsuit. The story is all too familiar in a recession that has depressed occupancies and room rates at hotels across the Chicago area, leaving many in arrears.
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More hotels, restuarants shut down in Bangkok
THAILAND - At least four luxury hotels located near the protest site at the Rajprasong intersection, and Silom area have confirmed they would be shutting operations for a short period even as the number of restaurants downing their shutters is increasing.
The four hotels account for 1,500 rooms and employ 2,000 people.
The general manager of Holiday Inn Bangkok and InterContinental Bangkok, Markus Platzer, expressed concern for the safety and security of hotel guests and employees
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The four hotels account for 1,500 rooms and employ 2,000 people.
The general manager of Holiday Inn Bangkok and InterContinental Bangkok, Markus Platzer, expressed concern for the safety and security of hotel guests and employees
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Woman who impersonated IRS agent at hotel given probation; $55,000 hotel bill still unpaid
A woman who didn't pay for her bill at a hotel for two years while posing as an IRS agent was granted probation Tuesday, the San Francisco Chronicle reports today. A federal judge also ordered the woman to pay $55,000 to the owners of the Inn Marin hotel in Novato, Calif.
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Aviara and Four Seasons cut ties
The acrimonious relationship between the Four Seasons hotel management firm and the owner of Carlsbad’s Aviara Resort has ended in divorce after an arbitration panel decided Tuesday that the two companies should terminate their business agreement.
Broadreach Capital Partners, the owner of Aviara, said Four Seasons would be replaced by Park Hyatt, the upscale, contemporary Hyatt brand, as manager of the swanky 329-room resort by June 21. Four Seasons will continue to manage the Aviara’s 132 time-share villas.
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Broadreach Capital Partners, the owner of Aviara, said Four Seasons would be replaced by Park Hyatt, the upscale, contemporary Hyatt brand, as manager of the swanky 329-room resort by June 21. Four Seasons will continue to manage the Aviara’s 132 time-share villas.
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Capri Capital Partners Restructures Ownership in W Atlanta Hotel with Barry Real Estate
Apr 20, 2010 – Chicago, IL – Capri Capital Partners, LLC (“Capri”) announced today it has reached agreement with Barry Real Estate Companies, Inc. (“Barry”) on conversion of Capri’s mezzanine loan into an equity interest in the W Atlanta Hotel & Residences, located at 45 Ivan Allen Jr. Boulevard.
Under the new agreement, Capri assumes the primary ownership interest of the 28-story mixed-use hotel and condo property that opened in 2009. Barry will continue to have active involvement in aspects of the project.
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Under the new agreement, Capri assumes the primary ownership interest of the 28-story mixed-use hotel and condo property that opened in 2009. Barry will continue to have active involvement in aspects of the project.
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Landmark Group to Enter Hotel Industry with Citymax Hotels
The Landmark Group, one of the Middle East’s largest retail conglomerates, is entering the hotel industry with a new mid-market brand - Citymax Hotels.
The group plans to open three hotels in the UAE before end of the year; the first Citymax Hotel opens in Al Barsha on 3 May 2010, while the properties in Bur Dubai and Sharjah will follow later in 2010. Each Citymax Hotel will be located with easy access to malls and other prominent locations in Dubai and Sharjah.
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The group plans to open three hotels in the UAE before end of the year; the first Citymax Hotel opens in Al Barsha on 3 May 2010, while the properties in Bur Dubai and Sharjah will follow later in 2010. Each Citymax Hotel will be located with easy access to malls and other prominent locations in Dubai and Sharjah.
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Attackers abduct Mexico hotel guests
An armed gang stormed two hotels in Mexico's northern economic hub of Monterrey and abducted seven people, including an American woman, Mexican media reports said Wednesday.
Around 50 armed attackers were involved in the two raids, according to concordant media reports citing Nuevo Leon state police.
The attackers abducted one guest from the Hotel Mision and four guests, a security guard and a receptionist from the Holiday Inn, the reports said.
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Around 50 armed attackers were involved in the two raids, according to concordant media reports citing Nuevo Leon state police.
The attackers abducted one guest from the Hotel Mision and four guests, a security guard and a receptionist from the Holiday Inn, the reports said.
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Connecticut attorney general challenges competitor contacts
On April 1, 2010, the Connecticut Attorney General's Office announced an agreement with the La Quinta hotel group to cease contacts with competitors that the Connecticut Attorney General, Richard Blumenthal, characterized as "a wake-up call to the entire hotel industry -- signaling that call-arounds to set room prices are illegal and must be stopped." Under the settlement, La Quinta agreed to end "call-arounds," an alleged industry practice by which competing hotels in a particular geographic area exchanged current room rate and occupancy information, which the AG asserted could be used to fix prices.
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Apple Travel App Patent Hints At Ticketless Airlines
Apple has filed a very interesting patent for a travel app called iTravel that books flights, hotels and car reservations. But the most interesting part is how it uses a radio chip to check you in at the airport, whisk you through security and allows you to wireless board your flight.
The iTravel app uses Near Field Communications, a short-range wireless technology that is starting to become widely used in cell phones for mobile ticketing, payment and electronic keys, especially in countries like Japan.
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The iTravel app uses Near Field Communications, a short-range wireless technology that is starting to become widely used in cell phones for mobile ticketing, payment and electronic keys, especially in countries like Japan.
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L.A. Hotel To Turn Into Pot-Friendly Resort?
LOS ANGELES (CBS) ― The Hotel Normandie in Koreatown threw a medical marijuana party on April 20, 2010. The new owners of Hotel Normandie hope to turn it into America's first pot-friendly resort.
The idea? Turn a hotel into a "Pot-tel," but now the owner fears it may have all been a pipe dream.
"It's suppose to start at 11 p.m., which like I said is a little late for most potheads," said John Evangelista, owner of Hotel Normandie.
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The idea? Turn a hotel into a "Pot-tel," but now the owner fears it may have all been a pipe dream.
"It's suppose to start at 11 p.m., which like I said is a little late for most potheads," said John Evangelista, owner of Hotel Normandie.
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Martha Stewart rides in to rescue Emeril Lagasse
NEW ORLEANS - Nearly 20 years after Emeril Lagasse begged, borrowed and scrounged every penny he could to open his own restaurant, the celebrity chef worried it was all slipping away.
Lagasse’s 17-year run on the Food Network was over. Hurricane Katrina had caused at least a $1 million loss to his three New Orleans-based restaurants and cut his profits by a third.
But just when things were looking bleakest – bam! – Martha Stewart kicked it up a notch and the 50-year-old Lagasse is back.
“She showed up at a tough time when I thought the whole ship might be going down,” Lagasse said during a recent interview. “Basically, what I have now is a business partner.”
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Lagasse’s 17-year run on the Food Network was over. Hurricane Katrina had caused at least a $1 million loss to his three New Orleans-based restaurants and cut his profits by a third.
But just when things were looking bleakest – bam! – Martha Stewart kicked it up a notch and the 50-year-old Lagasse is back.
“She showed up at a tough time when I thought the whole ship might be going down,” Lagasse said during a recent interview. “Basically, what I have now is a business partner.”
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Brinker International Reports Third Quarter Fiscal 2010 EPS
DALLAS, April 20, 2010 /PRNewswire via COMTEX/ --Brinker International, Inc. (NYSE: EAT) announced third quarter fiscal 2010 earnings per diluted share from continuing operations of $0.37 compared to $0.40 for the third quarter of fiscal 2009, before special items (reconciliation included in Table 2). On a GAAP basis, earnings per diluted share increased to $0.39 from $0.34 for the third quarter in the prior year.
Including On The Border Mexican Grill & Cantina(R), earnings per diluted share before special items was $0.42 for the third quarter fiscal 2010 (reconciliation included in Table 2). The costs associated with implementing the new Chili's menu lowered earnings by approximately $5.0 million before tax, weather negatively impacted comparable restaurant sales by approximately 90 basis points and the resolution of certain tax positions resulted in a positive impact of approximately $3.0 million to tax expense for the quarter.
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Including On The Border Mexican Grill & Cantina(R), earnings per diluted share before special items was $0.42 for the third quarter fiscal 2010 (reconciliation included in Table 2). The costs associated with implementing the new Chili's menu lowered earnings by approximately $5.0 million before tax, weather negatively impacted comparable restaurant sales by approximately 90 basis points and the resolution of certain tax positions resulted in a positive impact of approximately $3.0 million to tax expense for the quarter.
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Lone Star Steakhouses in SoCal file for bankruptcy protection
The owner of California’s five Lone Star Steakhouse restaurants, including two Orange County units, has filed for Chapter 11 bankruptcy protection.
Lake Elsinore-based R Star Restaurants Inc. operates Lone Star restaurants in Tustin, Laguna Hills, Long Beach, Corona and Lake Elsinore. The steakhouse franchisee lists liabilities of $3.4 million, according to bankruptcy documents filed March 8 in Santa Ana.
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Lake Elsinore-based R Star Restaurants Inc. operates Lone Star restaurants in Tustin, Laguna Hills, Long Beach, Corona and Lake Elsinore. The steakhouse franchisee lists liabilities of $3.4 million, according to bankruptcy documents filed March 8 in Santa Ana.
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Starbucks Reports Record Second Quarter Earnings
Fiscal Second Quarter 2010 Highlights:
Consolidated net revenues increased 9% to $2.5 billion
Comparable store sales increased 7%, driven by a 3% increase in traffic and a 4% increase in average ticket
U.S. comparable store sales increased 7%, driven by a 3% increase in traffic and a 5% increase in average ticket
International comparable store sales increased 7%, driven by a 6% increase in traffic and a 1% increase in average ticket
Consolidated operating margin improved to 13.4%, from 1.8% in Q2 FY09; Non-GAAP operating margin increased 540 basis points to 13.7%
U.S. operating margin significantly improved to 17.7% from 4.2% in Q2 FY09; U.S. Non-GAAP operating margin increased to 17.8% from 10.4% in the prior-year period
International operating margin improved to 7.7%, from 1.4% in Q2 FY09; International Non-GAAP operating margin increased to 8.9% from 4.8% in the prior-year period
EPS increased to $0.28 compared to $0.03 in Q2 FY09; Non-GAAP EPS was $0.29, compared to $0.16 in Q2 FY09
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Consolidated net revenues increased 9% to $2.5 billion
Comparable store sales increased 7%, driven by a 3% increase in traffic and a 4% increase in average ticket
U.S. comparable store sales increased 7%, driven by a 3% increase in traffic and a 5% increase in average ticket
International comparable store sales increased 7%, driven by a 6% increase in traffic and a 1% increase in average ticket
Consolidated operating margin improved to 13.4%, from 1.8% in Q2 FY09; Non-GAAP operating margin increased 540 basis points to 13.7%
U.S. operating margin significantly improved to 17.7% from 4.2% in Q2 FY09; U.S. Non-GAAP operating margin increased to 17.8% from 10.4% in the prior-year period
International operating margin improved to 7.7%, from 1.4% in Q2 FY09; International Non-GAAP operating margin increased to 8.9% from 4.8% in the prior-year period
EPS increased to $0.28 compared to $0.03 in Q2 FY09; Non-GAAP EPS was $0.29, compared to $0.16 in Q2 FY09
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Chipotle Mexican Grill, Inc. Announces First Quarter 2010 Results
Highlights for the first quarter of 2010 as compared to the first quarter of 2009 include:
Revenue increased 15.6% to $409.7 million
Comparable restaurant sales increased 4.3%
Restaurant level operating margin was 26.1%, an increase of 260 basis points
Net income was $37.8 million, an increase of 49.1%
Diluted earnings per share was $1.19, an increase of 52.6%
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Revenue increased 15.6% to $409.7 million
Comparable restaurant sales increased 4.3%
Restaurant level operating margin was 26.1%, an increase of 260 basis points
Net income was $37.8 million, an increase of 49.1%
Diluted earnings per share was $1.19, an increase of 52.6%
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Quiznos Receives Significant Capital Infusion from Shareholders While Gaining Flexibility in Company Debt
DENVER--(BUSINESS WIRE)--Quiznos, one of the nation’s premier quick service restaurant chains, today announced a significant injection of capital from its primary shareholders, including private equity funds affiliated with J.P. Morgan Partners, LLC and managed by CCMP Capital Advisors, LLC and Consumer Capital Partners. The company and its lending group also amended the terms of its existing secured debt to provide additional flexibility to the company.
This infusion of capital, reduction in debt and amendment to the terms of the company’s secured debt agreement provides Quiznos with the resources and flexibility to further its growth objectives, support its franchise owners and maintain the brand’s strong position in the competitive restaurant industry.
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This infusion of capital, reduction in debt and amendment to the terms of the company’s secured debt agreement provides Quiznos with the resources and flexibility to further its growth objectives, support its franchise owners and maintain the brand’s strong position in the competitive restaurant industry.
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McDonald's Announces Strong Sales and Earnings Growth for First Quarter 2010
OAK BROOK, Ill., April 21, 2010 /PRNewswire via COMTEX/ --McDonald's Corporation (NYSE: MCD) today announced strong results for the first quarter driven by all areas of the world.
"McDonald's compelling menu, unmatched convenience and unbeatable value generated another strong quarterly performance," said Chief Executive Officer Jim Skinner. "For the first quarter, we delivered comparable sales and guest count growth in each geographic segment along with global double-digit operating income growth. As we move forward, we will continue to pursue opportunities to extend our relevance, sustain our momentum and create ongoing excitement for our customers."
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"McDonald's compelling menu, unmatched convenience and unbeatable value generated another strong quarterly performance," said Chief Executive Officer Jim Skinner. "For the first quarter, we delivered comparable sales and guest count growth in each geographic segment along with global double-digit operating income growth. As we move forward, we will continue to pursue opportunities to extend our relevance, sustain our momentum and create ongoing excitement for our customers."
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Biden Receives Lifetime Ban From Dave & Buster's
Humor from the Onion.com
DALLAS—Following dozens of complaints from waitstaff and numerous incidents of property damage over the past 10 years, representatives from the Dave & Buster's corporation, a bar-restaurant chain offering a wide variety of arcade games, announced today that Vice President Joe Biden has been permanently banned from all 55 locations nationwide.
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DALLAS—Following dozens of complaints from waitstaff and numerous incidents of property damage over the past 10 years, representatives from the Dave & Buster's corporation, a bar-restaurant chain offering a wide variety of arcade games, announced today that Vice President Joe Biden has been permanently banned from all 55 locations nationwide.
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Tuesday, April 20, 2010
Burger King accuses pub over Whopper
The privately-owned Country Park Inn’s Riverside Bar in Hessle received a legal letter from Burger King 10 days ago, stating that the venue’s “Whopper” burgers were an infringement on the firm’s registered trademark.
“It’s a bit bizarre,” said events and marketing manager Jason McDaid. “We’ve had the burger on the menu for a few years now, and Burger King said if we didn’t take it off within 14 days they would seek to claim back everything we’d made on it.”
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“It’s a bit bizarre,” said events and marketing manager Jason McDaid. “We’ve had the burger on the menu for a few years now, and Burger King said if we didn’t take it off within 14 days they would seek to claim back everything we’d made on it.”
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Accor First-quarter 2010 revenue up 3.1% as reported and
Initial encouraging trends observed in late fourth-quarter 2009 remain in effect:
· Prepaid Services revenue down 0.4% like-for-like, reflecting a 3.8% increase in
operating revenue and a 29.5% decline in financial revenue.
· Revenue from Hotels and Other Businesses up 0.8% like-for-like, of which a 1.6% gain
for Hotels, with signs of improvement, especially in occupancy rates, which rose in
Upscale and Midscale hotels and stabilized in the Economy segment in Europe.
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· Prepaid Services revenue down 0.4% like-for-like, reflecting a 3.8% increase in
operating revenue and a 29.5% decline in financial revenue.
· Revenue from Hotels and Other Businesses up 0.8% like-for-like, of which a 1.6% gain
for Hotels, with signs of improvement, especially in occupancy rates, which rose in
Upscale and Midscale hotels and stabilized in the Economy segment in Europe.
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Monday, April 19, 2010
Owner drained hundreds of millions from Buffets Holdings, suit alleges
Restaurant operator Buffets Holdings wants more than $39 million in fees back from its former owner, saying in a new federal lawsuit that private equity firm drained cash from the company as it struggled to remain solvent.
According to the suit, filed in Minneapolis' U.S. District Court Thursday by the court-appointed bankruptcy trustee for Eagan-based Buffets Holdings, the New York-based Caxton-Iseman took the unnecessary advisory and transaction fees and more than $225 million in dividend recapitalizations that left the Old Country Buffet operator with more debt than it could stomach.
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According to the suit, filed in Minneapolis' U.S. District Court Thursday by the court-appointed bankruptcy trustee for Eagan-based Buffets Holdings, the New York-based Caxton-Iseman took the unnecessary advisory and transaction fees and more than $225 million in dividend recapitalizations that left the Old Country Buffet operator with more debt than it could stomach.
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Key lenders agree to Station Casinos reorganization plan
Station Casinos Inc. of Las Vegas today said certain creditors have agreed to support a plan in which the Fertitta family, Colony Capital and key lenders would control the entire company.
The Fertittas and Colony earlier agreed to take an ownership stake in four big hotel-casinos that are being foreclosed on by lenders. Those properties are called the PropCo properties and are Red Rock Resort, Sunset Station, Boulder Station and Palace Station
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The Fertittas and Colony earlier agreed to take an ownership stake in four big hotel-casinos that are being foreclosed on by lenders. Those properties are called the PropCo properties and are Red Rock Resort, Sunset Station, Boulder Station and Palace Station
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Oceanaire to be bought by Landry's Restaurants
Landry’s Restaurants Inc. has agreed to buy The Oceanaire Inc. upscale seafood chain out of bankruptcy.
Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.
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Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.
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Busch Gardens Best Western seeks bankruptcy protection
A massive decline in revenue and struggles in the tourism industry has led a franchised Best Western hotel near Busch Gardens to seek bankruptcy reorganization.
Surya Hospitality LLC, owner of Best Western All Suites at 3001 University Center Drive just outside of Temple Terrace, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court’s Middle District of Florida April 9, claiming assets and liabilities of up to $10 million.
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Surya Hospitality LLC, owner of Best Western All Suites at 3001 University Center Drive just outside of Temple Terrace, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court’s Middle District of Florida April 9, claiming assets and liabilities of up to $10 million.
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Best Western aims for more consistency with rebranding
The owners of Best Western hotels have approved a plan that will create three levels for the brand's more than 4,000 properties.
CEO David Kong said 55% of hotel owners approved the plan, which was presented to them at last year's annual meeting.
Under the plan, Best Westerns that have a Two Diamond rating from AAA will remain Best Western, Three Diamond properties will be renamed Best Western Plus and Four Diamond properties will become Best Western Premier — an upper tier that is already in place in Europe and Asia.
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CEO David Kong said 55% of hotel owners approved the plan, which was presented to them at last year's annual meeting.
Under the plan, Best Westerns that have a Two Diamond rating from AAA will remain Best Western, Three Diamond properties will be renamed Best Western Plus and Four Diamond properties will become Best Western Premier — an upper tier that is already in place in Europe and Asia.
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Morgan Stanley warns of $5.4bn property losses
Morgan Stanley has warned investors that an $8.8bn property fund could face the worst losses in real estate private equity history owing to the fall in value of investments made at the peak of the market.
Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.
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Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.
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Carlson selling Regent luxury hotel business
Carlson Cos. and The Rezidor Hotel Group, based in Brussels, Belgium, have agreed to sell the Regent luxury hotel business to Formosa International Hotels Corp., based in Taipai, Taiwan.
The deal, announced in a press release Friday, includes the Regent brand, the hotel management and leasing contracts for all hotel properties and the Regent Seven Seas Cruise license.
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The deal, announced in a press release Friday, includes the Regent brand, the hotel management and leasing contracts for all hotel properties and the Regent Seven Seas Cruise license.
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Sunday, April 18, 2010
Trump Hotels
Trump is betting he can do for hotels what he has done for skyscrapers, casinos, reality TV and the wedding industry. He wants his family to be the new first family of inn-keeping. And why not? Trump is a match for the likes of Rocco Forte, and Ivanka can comfortably out-Paris Paris Hilton. In Paris. In 10 years’ time, if the Trumps get their way, there will be a giant “T” atop a stylish, modern Trump hotel in every big city. “We want to spread it globally,” Trump says, with an “I’ve made it here, so I can make it anywhere” grin. “We’re looking at 50 cities.”
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Saturday, April 17, 2010
French hoteliers sue US travel site Expedia
A French hoteliers' union on Thursday said it was filing a case against the Internet-based travel company Expedia and its websites Tripadvisor and Hotels.com in a Paris court, accusing them of "unfair commercial practices."
Tripadvisor offers commentary on hotels while Expedia and Hotels.com arrange reservations.
Didier Chenet, head of the Synhorcat union, said smaller French hotel owners were "attacking some of their practices," notably regarding alternative booking procedures and advertised offers that do not exist in reality.
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Tripadvisor offers commentary on hotels while Expedia and Hotels.com arrange reservations.
Didier Chenet, head of the Synhorcat union, said smaller French hotel owners were "attacking some of their practices," notably regarding alternative booking procedures and advertised offers that do not exist in reality.
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Massachusetts passes Gambling Bill
Casino and racetrack operators yesterday began to angle for one of the gambling licenses just approved by the Massachusetts House, promising to spend hundreds of millions of dollars building gambling complexes that would provide hundreds of new jobs.
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Lawsuit filed against CityCenter over Vdara condo-hotel units
A California man who put down a deposit to buy a condo-hotel unit at Vdara filed a class-action lawsuit Friday against MGM Mirage's CityCenter, alleging developers unlawfully sold the units as securities without providing investors details on what they were buying.
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Fremont Marriott returns to lender
The Fremont Marriott Hotel has been seized by its lender through a foreclosure, but it remains open with normal operations — and will get a multimillion renovation, the hotel said Thursday.
A unit of American International Group Inc., or AIG, took back the 335-room hotel, whose owners had defaulted in September 2009 on a $38.5 million mortgage. The AIG unit, Western National Life Insurance Co., had provided the financing in 2007.
In an indication of the slump in property values for hotels and other commercial real estate, Western National Life placed a value of $27 million on the hotel when it foreclosed on the mortgage.
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A unit of American International Group Inc., or AIG, took back the 335-room hotel, whose owners had defaulted in September 2009 on a $38.5 million mortgage. The AIG unit, Western National Life Insurance Co., had provided the financing in 2007.
In an indication of the slump in property values for hotels and other commercial real estate, Western National Life placed a value of $27 million on the hotel when it foreclosed on the mortgage.
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South Ocean Development going Forward?
The $867 million South Ocean redevelopment's new managing partner yesterday pledged to "end the impasse in this project" for the benefit of the Bahamian people, after an International Arbitration Tribunal ruling blasted its predecessor for leaving the development in a "shambles", ordering it to repay almost $3 million.
In a hard-hitting ruling, the three-man review panel ordered RHS Ventures and its principal, Roger Stein, to repay more than $2.9 million to the New South Ocean project and its new managing partner, Connecticut-based hedge fund Plainfield Asset Management, and its Seaside Heights investment vehicle.
The Tribunal ordered Mr Stein and RHS Ventures to reimburse the project with some $1.262 million, which had allegedly been used to fund his personal expenses, including "$761,000 for villa and yacht rentals and expenses", and $251,000 for private plane travel".
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See Related Article
In a hard-hitting ruling, the three-man review panel ordered RHS Ventures and its principal, Roger Stein, to repay more than $2.9 million to the New South Ocean project and its new managing partner, Connecticut-based hedge fund Plainfield Asset Management, and its Seaside Heights investment vehicle.
The Tribunal ordered Mr Stein and RHS Ventures to reimburse the project with some $1.262 million, which had allegedly been used to fund his personal expenses, including "$761,000 for villa and yacht rentals and expenses", and $251,000 for private plane travel".
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See Related Article
MGM Mirage Boosts Size of Debt Sale to $1 Billion
April 16 (Bloomberg) -- MGM Mirage, the biggest casino owner on the Las Vegas Strip, increased its convertible debt sale to $1 billion after investors sought more than the planned $750 million.
Initial buyers of the 4.25 percent convertible senior notes due in 2015 have the option to purchase $150 million more to cover overallotments, the Las Vegas-based company said yesterday in a statement. The owner of 10 Strip resorts said it will use the funds to refinance part of its senior credit facility.
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Initial buyers of the 4.25 percent convertible senior notes due in 2015 have the option to purchase $150 million more to cover overallotments, the Las Vegas-based company said yesterday in a statement. The owner of 10 Strip resorts said it will use the funds to refinance part of its senior credit facility.
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Outlook for Chicago’s Strategic Hotels not as rosy as stock jump indicates
Headquartered in Chicago, luxury hotel company Strategic Hotels and Resorts Inc. is building faith among investors, judging by its recent stock jumps. However, analysts are still forecasting a loss of 47 cents for this year and a 34 cent loss for 2011, rounding out four consecutive years of red ink.
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Sunstone Hotel Investors Provides Business Update
SAN CLEMENTE, Calif., April 16, 2010 /PRNewswire via COMTEX/ -- Sunstone Hotel Investors, Inc. (the "Company") /quotes/comstock/13*!sho/quotes/nls/sho (SHO 10.99, -0.44, -3.81%) today provided both preliminary results for the first quarter ended March 31, 2010 and an update on its finance initiatives
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Chatham Lodging raises $150 million in IPO
NEW YORK -- Chatham Lodging Trust priced 7.5 million shares of its initial public offering at $20 each, raising $150 million, the real estate investment trust said late Thursday.
Underwriters led by Barclays ( BCS - news - people ) Capital and FBR Capital Markets ( FBCM - news - people ) may purchase another 1.1 million shares, bringing the total raised to $172.5 million.
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Underwriters led by Barclays ( BCS - news - people ) Capital and FBR Capital Markets ( FBCM - news - people ) may purchase another 1.1 million shares, bringing the total raised to $172.5 million.
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Protect Your Guests From This Scam
A recent post to the always-entertaining HotelChatter blog discussed a not-so-new scam thieves are trying (apparently with some success) to foist onto hotel guests. In the scam, the thief calls a hotel, asks for room 520 (or whatever). Once connected, the scammer pretends he or she is from the front desk, saying there is a problem with the guest’s credit card info. The would-be thief asks the guest to read back the card number and the secret 3- or 4-digit code on the back.
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View from the top - Sandals' all-butler Emerald Bay resort
One of the biggest names in tourism, the man behind the Sandals resort vision - Gordon 'Butch' Stewart, has written an open letter about the $20 million transformation of the former Four Seasons in Great Exuma into the new Sandals' all-butler Emerald Bay resort.
Some 350 employees are employed at the revamped resort, at least 300 of them Bahamian, many of them previous Four Seasons staff who have returned to the fold under the new company.
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Some 350 employees are employed at the revamped resort, at least 300 of them Bahamian, many of them previous Four Seasons staff who have returned to the fold under the new company.
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Four Seasons Nevis Called a National Emergency
The closure of the Four Seasons Nevis and the involuntary chapter 11 bankruptcy filed against it has been declared a "national emergency" by the government of the island of Nevis.
Once considered one of the best hotels in the entire Caribbean, the Four Seasons Nevis was severely damaged by Hurricane Omar in October 2008 and has been closed ever since. The Four Seasons offered 196 spacious, luxurious guest rooms and suites in 12 two-story guest buildings just steps from the beach and exclusive two- to six- bedroom residence villas. The privately-owned self-sufficient estate home accommodations as well as a 18-hole golf course designed by Robert Trent Jones II, were not damaged by the hurricane and are fully operational.
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Once considered one of the best hotels in the entire Caribbean, the Four Seasons Nevis was severely damaged by Hurricane Omar in October 2008 and has been closed ever since. The Four Seasons offered 196 spacious, luxurious guest rooms and suites in 12 two-story guest buildings just steps from the beach and exclusive two- to six- bedroom residence villas. The privately-owned self-sufficient estate home accommodations as well as a 18-hole golf course designed by Robert Trent Jones II, were not damaged by the hurricane and are fully operational.
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So much for Obama hurting Las Vegas
President Barack Obama, in February 2009, commented that banks receiving government bailouts shouldn’t go to Las Vegas at taxpayers’ expense. The comment did not sit well with our casino leaders.
Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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Krispy Kreme Reports Net Income for the Fourth Quarter and Breakeven Results for the Fiscal Year Ended January 31, 2010
Fourth Quarter Fiscal 2010 Highlights Compared to the Year-Ago Period:
Revenues decreased 5.6% to $86.8 million from $91.9 million; approximately $1 million of the decrease was due to refranchising
Company same store sales rose 1.1%, the 5th consecutive quarterly increase
Operating income increased 65% to $2.4 million from $1.5 million (the results reflect impairment charges and lease termination costs in both periods of $2.0 million and $1.2 million, respectively)
Net income was $0.5 million compared to a net loss of $0.3 million
Revenues decreased 5.6% to $86.8 million from $91.9 million; approximately $1 million of the decrease was due to refranchising
Company same store sales rose 1.1%, the 5th consecutive quarterly increase
Operating income increased 65% to $2.4 million from $1.5 million (the results reflect impairment charges and lease termination costs in both periods of $2.0 million and $1.2 million, respectively)
Net income was $0.5 million compared to a net loss of $0.3 million
Miami Beach Hotel Developers Accused in Tax Case
April 15 (Bloomberg) -- A pair of Miami Beach hotel developers were arrested and charged with conspiring to defraud the Internal Revenue Service by hiding more than $45 million in offshore accounts.
Mauricio Cohen Assor and his son Leon Cohen Levy, who built residential hotels under the Flatotel name, never told the IRS about proceeds of the $33 million sale in 2000 of a New York hotel, according to a complaint in federal court in Miami. Cohen Assor also used offshore nominee accounts to hide the ownership of a Swiss account at an international bank that held $45.6 million in 2004, according to the complaint.
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Mauricio Cohen Assor and his son Leon Cohen Levy, who built residential hotels under the Flatotel name, never told the IRS about proceeds of the $33 million sale in 2000 of a New York hotel, according to a complaint in federal court in Miami. Cohen Assor also used offshore nominee accounts to hide the ownership of a Swiss account at an international bank that held $45.6 million in 2004, according to the complaint.
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Thursday, April 15, 2010
MGM Grand in sales talks with Detroit
Detroit -- MGM Grand Detroit Casino officials confirmed Wednesday they are in ongoing negotiations with the city for a sale of its former site downtown -- but declined to say more about a deal.
"Talks with the city of Detroit are in progress," Yvette Monet, an MGM spokeswoman, told The Detroit News. It's not yet clear what the site would house. Last month, during his first State of the City address, Detroit Mayor Dave Bing said a new Police Department headquarters would be announced within 60 days to replace the decades-old one on Beaubien Street.
A new location would also allow the city to reopen a crime lab closed in 2008 after an audit uncovered processing errors, he said. An aide said the city was eyeing two sites downtown.
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"Talks with the city of Detroit are in progress," Yvette Monet, an MGM spokeswoman, told The Detroit News. It's not yet clear what the site would house. Last month, during his first State of the City address, Detroit Mayor Dave Bing said a new Police Department headquarters would be announced within 60 days to replace the decades-old one on Beaubien Street.
A new location would also allow the city to reopen a crime lab closed in 2008 after an audit uncovered processing errors, he said. An aide said the city was eyeing two sites downtown.
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Interstate Hotels & Resorts Signs Joint Venture Agreement with Jin Jiang Hotels to Manage Hotels in China
ARLINGTON, Va., April 15 -- /PRNewswire/ -- Interstate Hotels & Resorts, the nation's largest independent hotel management company, today announced that it has signed a joint venture agreement with Shanghai Jin Jiang International Hotels Company Limited ("Jin Jiang Hotels"), China's leading hotel operator and developer, to create a platform to pioneer third-party hotel management in China. The joint venture, called Interstate China Hotels & Resorts, has already entered into discussions with prospective clients.
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David Michels hints at what to expect when Savoy hotel reopens
Sir David Michels, newly elected to the board of the Savoy hotel’s holding company, said that he is looking forward to the reopening of the iconic hotel.
“By joining the board I hope I can use my experience to help make sure the hotel is a success,” he said.
“Everyone wants to know what the hotel is going to look like and I can say that it is going to look absolutely fantastic with every element being taken back to how it originally looked, whether it is in the Art Deco or Edwardian style.
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“By joining the board I hope I can use my experience to help make sure the hotel is a success,” he said.
“Everyone wants to know what the hotel is going to look like and I can say that it is going to look absolutely fantastic with every element being taken back to how it originally looked, whether it is in the Art Deco or Edwardian style.
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Wednesday, April 14, 2010
Dearborn hotel to lose Ritz-Carlton name in sale
The Ritz-Carlton Dearborn has been sold to an investment group and will be managed by Greenwood Hospitality Group, a hotel investment and management company. As of June 2, it will no longer be a Ritz-Carlton, said Vivian Deuschl, a Ritz-Carlton spokeswoman.
Thomas Conran, a Greenwood principal, said a decision will be made within a month as to what brand the hotel will become. He could not name the investment group yet because of a confidentiality agreement that he had signed, but said that the new owners are planning a significant multimillion-dollar renovation of the property and intend to keep it an upscale hotel.
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Thomas Conran, a Greenwood principal, said a decision will be made within a month as to what brand the hotel will become. He could not name the investment group yet because of a confidentiality agreement that he had signed, but said that the new owners are planning a significant multimillion-dollar renovation of the property and intend to keep it an upscale hotel.
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Choice Hotels International Opens 37 New Hotels in March
Choice Hotels International, Inc. (NYSE: CHH) continues to grow with the announcement of 37 newly-opened franchised properties during the month of March. The openings include hotels in 22 states and three countries, adding more than 2,800 rooms to the company’s existing 485,000-plus rooms. Select properties that opened in March include
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Hotwire Reveals Hotel Rate Report for April 2010
Hotwire.com®, a leading discount travel site, today announced the results of the April 2010 Hotwire® Hotel Rate Report. This monthly report features the top 10 cities in North America where hotel rates have dropped the most. When combined with Hotwire's already discounted prices, the Hotel Rate Report helps guide customers to the destinations that will maximize their travel dollars. San Diego takes the number one spot for the first time with an 11 percent drop. This month's other big mover is Detroit, which makes its debut on the list at number three with an 8 percent drop.
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Americas Best Value Inn Adds 25 Properties in First Quarter
Americas Best Value Inn, the ninth-largest limited-service hotel chain in the country, kicked off the year with the addition of 25 new properties during the first quarter of 2010. No matter what condition the economy is in, ABVI continues to attract hoteliers due to its innovative Freestyle Brand Affiliation model.
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Yum! Brands Inc. Reports First Quarter 2010 EPS of $0.59,
FIRST-QUARTER HIGHLIGHTS
● Worldwide operating profit grew 13% prior to foreign currency translation, including +37%
in China and +2% in Yum! Restaurants International (YRI), partially offset by a 9% decline
in the U.S. After a foreign currency benefit of $14 million, worldwide operating profit grew
17%.
● Worldwide system sales growth prior to foreign currency translation of +1% including
+15% in China, +1% in YRI, and a 1% decline in the U.S.
● Strong international new unit development continued with 205 new restaurants opened,
including 96 new units in China.
● Worldwide restaurant margin improvement of 0.9 percentage points driven by record
performance in China.
● EPS growth benefited from a 20% decline in interest expense and a lower effective tax
rate.
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● Worldwide operating profit grew 13% prior to foreign currency translation, including +37%
in China and +2% in Yum! Restaurants International (YRI), partially offset by a 9% decline
in the U.S. After a foreign currency benefit of $14 million, worldwide operating profit grew
17%.
● Worldwide system sales growth prior to foreign currency translation of +1% including
+15% in China, +1% in YRI, and a 1% decline in the U.S.
● Strong international new unit development continued with 205 new restaurants opened,
including 96 new units in China.
● Worldwide restaurant margin improvement of 0.9 percentage points driven by record
performance in China.
● EPS growth benefited from a 20% decline in interest expense and a lower effective tax
rate.
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Federal Jury Awards $200K to Guest of The Venetian
Apr. 13, 2010--A federal jury returned a $200,000 verdict last week after finding that Venetian security officers had falsely imprisoned a hotel guest from New York in 2004.
U.S. District Judge James Mahan presided over the trial, which stemmed from a lawsuit filed by New York resident David Lockhart.
Lockhart was a guest at The Venetian on Oct. 30, 2004, when he received a ride back to the resort. In the parking garage, security officers surrounded the vehicle and said it had been involved in a hit-and-run accident moments earlier.
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U.S. District Judge James Mahan presided over the trial, which stemmed from a lawsuit filed by New York resident David Lockhart.
Lockhart was a guest at The Venetian on Oct. 30, 2004, when he received a ride back to the resort. In the parking garage, security officers surrounded the vehicle and said it had been involved in a hit-and-run accident moments earlier.
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MGM Mirage reports 1Q preliminary loss of $96.7M
Casino operator MGM Mirage says its preliminary estimates show it lost $96.7 million during the first quarter as it wrote down the value of its investment in the massive CityCenter development on the Las Vegas Strip.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel-casino helped the earlier results, while this year's were hurt by the falling value of CityCenter's residential units.
The Las Vegas company says its estimate includes a charge of $86 million related to that drop.
It expects to report its full results in early May.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel-casino helped the earlier results, while this year's were hurt by the falling value of CityCenter's residential units.
The Las Vegas company says its estimate includes a charge of $86 million related to that drop.
It expects to report its full results in early May.
Tuesday, April 13, 2010
Starwood Sells Two Luxury W Hotels in Manhattan
April 13 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc. agreed to sell two of its W Hotels in Manhattan to St. Giles Hotels LLC, reducing the luxury brand’s current New York area locations by a third.
St. Giles, based in London, will take over operations of the W Court and the W Tuscany as of 11:59 p.m. New York time tomorrow, according to a notification on Starwood’s Web site. The hotels, both on 39th Street between Park and Lexington avenues, will no longer be affiliated with the W, White Plains, New York-based Starwood said in a separate statement.
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St. Giles, based in London, will take over operations of the W Court and the W Tuscany as of 11:59 p.m. New York time tomorrow, according to a notification on Starwood’s Web site. The hotels, both on 39th Street between Park and Lexington avenues, will no longer be affiliated with the W, White Plains, New York-based Starwood said in a separate statement.
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David Michels joins the board of the Savoy hotel's holding company
Former Hilton Group chief executive Sir David Michels is believed to have joined the board of the Savoy hotel’s holding company.
Sir David’s appointment has been made as the hotel, which closed in December 2007 for refurbishment, confirmed that the reopening of the five-star, 268-bedroom property has been delayed again until September.
“There is no one reason for the delay, but once work started on the property the building was found to be in a far worst state than was previously expected,” said a hotel spokesman.
The cost of the refurbishment has now far exceeded the original budget of £100m
Sir David’s appointment has been made as the hotel, which closed in December 2007 for refurbishment, confirmed that the reopening of the five-star, 268-bedroom property has been delayed again until September.
“There is no one reason for the delay, but once work started on the property the building was found to be in a far worst state than was previously expected,” said a hotel spokesman.
The cost of the refurbishment has now far exceeded the original budget of £100m
Foreclosures Reveal Red Roof Inn Distress
Over the past two weeks, three separate foreclosure lawsuits have been filed on behalf of bondholders against properties owned by Red Roof Inns, clouding the future of one of the leading players in the lodging industry’s economy segment.
A foreclosure suit was filed in late March against one of Red Roof’s highest-profile locations in downtown Chicago. A week later, two properties in South Florida were hit with similar suits. The properties are parts of national portfolios of company-owned Red Roof Inn hotels used to securitize multiple loans now in default
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A foreclosure suit was filed in late March against one of Red Roof’s highest-profile locations in downtown Chicago. A week later, two properties in South Florida were hit with similar suits. The properties are parts of national portfolios of company-owned Red Roof Inn hotels used to securitize multiple loans now in default
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Fairmont Raffles IPO in the cards
Four years after being taken private in a $3.3-billion buyout, the iconic Fairmont hotel chain is on its way back to public ownership.
Saudi billionaire Prince Al-Waleed bin Talal sold a stake in Fairmont Raffles Holding International on Monday, and used the deal to announce (on Bloomberg Television) that the company will go public again in two to three years.
Fairmont Raffles, once part of the Canadian Pacific conglomerate, manages the railway hotels that dominate downtowns in major Canadian cities, including Vancouver, Edmonton, Calgary, Toronto and Montreal. The chain was purchased in 2006, a year that saw a raft of private equity takeovers that also included a buyout of Four Seasons Hotels Inc.
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Saudi billionaire Prince Al-Waleed bin Talal sold a stake in Fairmont Raffles Holding International on Monday, and used the deal to announce (on Bloomberg Television) that the company will go public again in two to three years.
Fairmont Raffles, once part of the Canadian Pacific conglomerate, manages the railway hotels that dominate downtowns in major Canadian cities, including Vancouver, Edmonton, Calgary, Toronto and Montreal. The chain was purchased in 2006, a year that saw a raft of private equity takeovers that also included a buyout of Four Seasons Hotels Inc.
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Pets on planes: More owners smuggling them aboard
There's an unwritten rule in travel journalism that any story about pets on planes must contain at least one Chihuahua anecdote. I know, because I've written many of them. So let's get right to Robin Boggs and her travel companion, Cricket.
Boggs, a consultant in Atlanta, frequently packs her nine-pound dog in her carry-on luggage. But like an increasing number of travelers, she doesn't tell anyone. She's been caught twice, and the airline has forced her to pay a $150 surcharge for the pet.
"When I asked why I had to pay a fee in order to stuff my dog under the seat in front of me, I was told it was their policy," she said. "I concluded that it's really just a ploy to charge another fee."
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Boggs, a consultant in Atlanta, frequently packs her nine-pound dog in her carry-on luggage. But like an increasing number of travelers, she doesn't tell anyone. She's been caught twice, and the airline has forced her to pay a $150 surcharge for the pet.
"When I asked why I had to pay a fee in order to stuff my dog under the seat in front of me, I was told it was their policy," she said. "I concluded that it's really just a ploy to charge another fee."
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Robbers hit W Hotel in Midtown Atalnta
Two employees were counting money in an office around 12:30 a.m. when two gunmen entered, threw down a black bag and demanded all the cash, police said.
"They gave the males all the money that was sitting on the table and in the safe under the table and gave the bag back to them," police spokesman Officer James Polite said.
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"They gave the males all the money that was sitting on the table and in the safe under the table and gave the bag back to them," police spokesman Officer James Polite said.
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China partner seizes joint venture with hotel group Millennium
Millennium & Copthorne Hotels' operations in China have turned sour, after a joint venture partner seized control of the business, sold off assets and sacked employees.
The group released a statement yesterday saying it had encountered "certain difficulties" at its joint venture Idea Valley Investment Holdings.
It called on the Chinese authorities to step in after Cheung Ping Kwong, one of its partners, took control of the venture by "deceit". The company also accused him of using intimidation tactics to sell off a resort hotel on the west coast.
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The group released a statement yesterday saying it had encountered "certain difficulties" at its joint venture Idea Valley Investment Holdings.
It called on the Chinese authorities to step in after Cheung Ping Kwong, one of its partners, took control of the venture by "deceit". The company also accused him of using intimidation tactics to sell off a resort hotel on the west coast.
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STR: US hotel pipeline for March 2010
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 3,399 projects comprising 354,538 rooms, according to the March 2010 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 35.7-percent decrease in the number of rooms in the total active pipeline compared to March 2009. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage
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STR: Canada hotel pipeline for March 2010
HENDERSONVILLE, Tennessee—The Canadian hotel development pipeline includes 202 projects comprising 21,538 rooms, according to the March 2010 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 2.5-percent decrease in the number of rooms in the pipeline compared to February 2010 and a 16.5-percent decrease in the number of rooms in the pipeline compared to March 2009.
Among the provinces, Ontario reported the most rooms in the total active pipeline, ending the month with 10,105 rooms, followed by Alberta (4,179 rooms) and British Columbia (2,933 rooms).
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Among the provinces, Ontario reported the most rooms in the total active pipeline, ending the month with 10,105 rooms, followed by Alberta (4,179 rooms) and British Columbia (2,933 rooms).
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106 Bay Area hotels in default
More than 100 hotels in the Bay Area are now suffering from problem mortgages, according to a new report that sketches ongoing woes for the lodging industry.
During the first quarter of 2010, an estimated 106 Bay Area hotels were either in foreclosure or default on their mortgages in the first quarter, Atlas Hospitality Group reported.
That was up 10.4 percent from the 96 hotels in the nine-county region that struggled with mortgage delinquencies in the 2009 fourth quarter, the October-December period.
"This problem is definitely going to continue," said Alan Reay, president of Atlas Hospitality. "We are still seeing declines in room revenue. That is having a major impact on the ability of hotel owners to pay off their mortgages."
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During the first quarter of 2010, an estimated 106 Bay Area hotels were either in foreclosure or default on their mortgages in the first quarter, Atlas Hospitality Group reported.
That was up 10.4 percent from the 96 hotels in the nine-county region that struggled with mortgage delinquencies in the 2009 fourth quarter, the October-December period.
"This problem is definitely going to continue," said Alan Reay, president of Atlas Hospitality. "We are still seeing declines in room revenue. That is having a major impact on the ability of hotel owners to pay off their mortgages."
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Dominos continue to fall in Artisan Hotel saga
It's curtains for another Artisan hotel, this one in El Paso, Texas. That could mean millions of dollars lost by Las Vegas investors.
Contact 13 Chief Investigator Darcy Spears has learned there are up to 50 local investors who stand to lose more than $5 million if the Texas property shuts down for good.
The official reason the Artisan El Paso is closed is that the gas was shut off to the bankrupt property because they couldn't pay the bill.
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Contact 13 Chief Investigator Darcy Spears has learned there are up to 50 local investors who stand to lose more than $5 million if the Texas property shuts down for good.
The official reason the Artisan El Paso is closed is that the gas was shut off to the bankrupt property because they couldn't pay the bill.
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Extended Stay Favors New Centerbridge Purchase Offer
April 8 (Bloomberg) -- Extended Stay Hotels Inc. favors a new purchase offer by Centerbridge Partners LP as an improvement over one by Starwood Capital Group LLC, a lawyer for the bankrupt hotel chain said.
Centerbridge, a New York private-equity firm, and Paulson & Co., a New York asset manager, matched Starwood’s offer to invest as much as $905.4 million in the company and eliminated fees Starwood required, said Marcia L. Goldstein, a lawyer for Extended Stay.
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Centerbridge, a New York private-equity firm, and Paulson & Co., a New York asset manager, matched Starwood’s offer to invest as much as $905.4 million in the company and eliminated fees Starwood required, said Marcia L. Goldstein, a lawyer for Extended Stay.
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Hilton Worldwide and IBM Announce Global Technology Infrastructure and Solutions Agreement
MCLEAN, Va. & ARMONK, N.Y.--(BUSINESS WIRE)--Hilton Worldwide and IBM (NYSE:IBM) today announced a global collaboration agreement to enhance the hospitality company’s technology infrastructure and to facilitate the development and delivery of next-generation technology solutions.
Specifically, IBM will host and manage the technology platforms that support Hilton Worldwide’s ten brands, including data center management and monitoring, global email services, web hosting and the central guest reservation system. Today’s announcement will enable Hilton Worldwide to focus even further on its core business – delivering exceptional guest experiences – while leveraging IBM’s innovation, expertise and global capabilities.
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Specifically, IBM will host and manage the technology platforms that support Hilton Worldwide’s ten brands, including data center management and monitoring, global email services, web hosting and the central guest reservation system. Today’s announcement will enable Hilton Worldwide to focus even further on its core business – delivering exceptional guest experiences – while leveraging IBM’s innovation, expertise and global capabilities.
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Prague hotels owned by Quinn family rack up €18m in losses
A luxurious Hilton hotel in Prague, owned by the Quinn family, racked up losses of €16.5m in 2008, according to accounts filed in Luxembourg and seen by the Irish Independent.
The figure represents a sharp deterioration in the performance of the company since 2007, when it recorded a profit of almost €4.5m.
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The figure represents a sharp deterioration in the performance of the company since 2007, when it recorded a profit of almost €4.5m.
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Lake Las Vegas to leave bankruptcy in two months
Lake Las Vegas is on track to emerge from bankruptcy in about two months with $24 million in hand to reinvest in the Henderson community, a company official said.
Jim Coyne, senior vice president and chief operating officer for Lake Las Vegas Resort, said a federal bankruptcy court recently signed off on the development's 670-page disclosure statement and reorganization plan.
Creditors could vote to approve the plan in late June, clearing Lake Las Vegas to emerge from bankruptcy protection
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Jim Coyne, senior vice president and chief operating officer for Lake Las Vegas Resort, said a federal bankruptcy court recently signed off on the development's 670-page disclosure statement and reorganization plan.
Creditors could vote to approve the plan in late June, clearing Lake Las Vegas to emerge from bankruptcy protection
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Tamarack Resort (Idaho) may be surrendered
Tamarack co-owner Jean-Pierre Boespflug has concluded that somebody else will have to breathe life into the resort he built and hoped to finish.
Boespflug said a bankruptcy judge's decision Friday to allow Tamarack Resort LLC to convert its liquidation case to a reorganization case will buy time to find somebody willing to pay for the stalled project. And that will ensure creditors owed more than $314 million will receive part of their money back.
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Boespflug said a bankruptcy judge's decision Friday to allow Tamarack Resort LLC to convert its liquidation case to a reorganization case will buy time to find somebody willing to pay for the stalled project. And that will ensure creditors owed more than $314 million will receive part of their money back.
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Casino Vote In Boston Could Launch Mohegan Sun's Palmer Plan
Massachusetts legislators are scheduled to debate a bill Tuesday that would allow for resort-style casinos in the Bay State, as well as slot-machines at existing racetracks.
Expanded gambling in Massachusetts is sure to have significant effects in Connecticut, because Massachusetts residents spend more than $700 million annually at Foxwoods Resort Casino and Mohegan Sun.
Mohegan Sun, owned by the Mohegan tribe, has already positioned itself to take advantage of expanded gambling in Massachusetts. It has a 99-year lease on more than 150 acres in Palmer, east of Springfield, and a proposal to build a casino there with thousands of slot machines, as well as table games and a hotel.
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Expanded gambling in Massachusetts is sure to have significant effects in Connecticut, because Massachusetts residents spend more than $700 million annually at Foxwoods Resort Casino and Mohegan Sun.
Mohegan Sun, owned by the Mohegan tribe, has already positioned itself to take advantage of expanded gambling in Massachusetts. It has a 99-year lease on more than 150 acres in Palmer, east of Springfield, and a proposal to build a casino there with thousands of slot machines, as well as table games and a hotel.
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City loses suit to collect motel taxes from Net
A Warren County judge ruled that Bowling Green’s efforts to try to collect local motel tax from discount online room providers is a legislative matter, rather than a judicial one.
Warren Circuit Judge Steve Wilson said Thursday he ruled in favor of Hotels.com and other defendants to dismiss the case. That ruling may be appealed - something for the Bowling Green City Commission to decide.
Bowling Green and Warren County have a 6 percent motel room tax, including a special 2 percent tax that goes to development of the Southern Kentucky Performing Arts Center.
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Warren Circuit Judge Steve Wilson said Thursday he ruled in favor of Hotels.com and other defendants to dismiss the case. That ruling may be appealed - something for the Bowling Green City Commission to decide.
Bowling Green and Warren County have a 6 percent motel room tax, including a special 2 percent tax that goes to development of the Southern Kentucky Performing Arts Center.
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California Pizza Considers Sale as Results Improve
April 12 (Bloomberg) -- California Pizza Kitchen Inc. said it is reviewing options including a possible sale and reported preliminary first-quarter earnings that beat its forecast.
Alternatives may include a sale, merger or changes to the company’s capital structure, the Los Angeles-based restaurant chain said today in a statement. Moelis & Co. is advising the company, which has 253 company-owned stores and franchises.
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Alternatives may include a sale, merger or changes to the company’s capital structure, the Los Angeles-based restaurant chain said today in a statement. Moelis & Co. is advising the company, which has 253 company-owned stores and franchises.
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Harrah’s Debt Rallies to Highest Level Since Apollo, TPG Buyout
April 12 (Bloomberg) -- Harrah’s Entertainment Inc. bonds are trading at the highest level since the world’s largest casino operator was purchased in a leveraged buyout in January 2008 as a two-year slump in Las Vegas gambling eases.
Harrah’s $311.3 million of 5.625 percent, 10-year notes issued in 2005 have risen almost 13 times since February 2009 to 68 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
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Harrah’s $311.3 million of 5.625 percent, 10-year notes issued in 2005 have risen almost 13 times since February 2009 to 68 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
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Donald Trump Beats Carl Icahn in Bankruptcy Battle for Casinos
April 13 (Bloomberg) -- Donald J. Trump and his partners won control of the bankrupt casino company Trump Entertainment Resorts Inc., when a judge ruled that their bid was better for creditors than a competing offer by investor Carl Icahn.
U.S. Bankruptcy Judge Judith H. Wizmur yesterday sided with a group of bondholders who are owed $1.2 billion. Their proposal would reduce Trump Entertainment’s debt by $1.4 billion and give the celebrity billionaire as much as 10 percent of the three- casino company he once ran.
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U.S. Bankruptcy Judge Judith H. Wizmur yesterday sided with a group of bondholders who are owed $1.2 billion. Their proposal would reduce Trump Entertainment’s debt by $1.4 billion and give the celebrity billionaire as much as 10 percent of the three- casino company he once ran.
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Occupancy drives double-digit revpar growth in London hotels
London hotels have enjoyed double-digit growth in revenue per available room (revpar) during the first quarter of 2010, according to business advisory firm Deloitte.
Revpar growth of 10.1% to £94 was driven by occupancy which rose by 5.4% to 76.2%, while average room rates increased 4.5% to £123.
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Revpar growth of 10.1% to £94 was driven by occupancy which rose by 5.4% to 76.2%, while average room rates increased 4.5% to £123.
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Monday, April 12, 2010
SAVOY'S REOPENING PUT BACK A FOURTH TIME AS REFIT BILL DOUBLES TO £200M
The reopening of the Savoy Hotel has been delayed for a fourth time, sending the cost of the refurbishment spiralling to at least twice the £100 million original estimate.
The hotel, which has been shut since December 2007, will now not be ready to welcome guests again until late August or even early September, almost a year and a half late.
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The hotel, which has been shut since December 2007, will now not be ready to welcome guests again until late August or even early September, almost a year and a half late.
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Two W hotels in New York City to drop W name this week, report says
Starwood's trendy W Hotels chain is losening its grip on the New York City market slightly by dropping two of its five Manhattan hotels - the W Court and W Tuscany, according to HotelChatter.com's report.
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California Pizza Kitchen Reports Preliminary First Quarter 2010 Results
LOS ANGELES--(BUSINESS WIRE)--California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 2.7% to $156.7 million for the first quarter ended April 4, 2010 versus $161.1 million in the first quarter of 2009. Comparable full service restaurant sales decreased approximately 2.7% compared to a 5.9% decrease in the first quarter a year ago. Management estimates that the Easter shift and adverse weather conditions during the quarter negatively affected comparable sales by approximately 1.3%.
During its February 18, 2010 conference call, the Company forecasted first quarter comparable full service restaurant sales in the range of negative 3.0% to negative 4.0% and earnings of $0.05 to $0.07 per diluted share. Based on preliminary results, management has raised its earnings estimate to $0.10 per diluted share for the first quarter which includes an approximate $0.03 benefit for gift card breakage.
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During its February 18, 2010 conference call, the Company forecasted first quarter comparable full service restaurant sales in the range of negative 3.0% to negative 4.0% and earnings of $0.05 to $0.07 per diluted share. Based on preliminary results, management has raised its earnings estimate to $0.10 per diluted share for the first quarter which includes an approximate $0.03 benefit for gift card breakage.
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Mitchells & Butlers rejects suitors seeking All Bar One chain
Mitchells & Butlers, the pub and restaurant operator, has rebuffed preliminary approaches from a number of private equity firms keen to buy its Browns and All Bar One chains.
The approaches come after a strategy review unveiled last month by John Lovering, M&B’s new chairman, which encouraged suitors to believe that the company may consider offers for several concepts outside its six principal brands. But insiders last night rejected the idea that its 14 Browns restaurants and 37 All Bar Ones would be among them.
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The approaches come after a strategy review unveiled last month by John Lovering, M&B’s new chairman, which encouraged suitors to believe that the company may consider offers for several concepts outside its six principal brands. But insiders last night rejected the idea that its 14 Browns restaurants and 37 All Bar Ones would be among them.
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Banyan Tree Pulls from Al Areen Resort in Bahrain Due to Contract Breaches
In a rushed move, Banyan Tree Hotels & Resorts has terminated, with immediate effect, its management contract for the Banyan Tree Al Areen Resort in Bahrain on April 8. This was in response to management company Al Areen Holding Company's "continuing breaches of the management contract." Typically, contract terminations require a notice with transition period of two weeks, however Banyan Tree's is effective immediately.
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Roark Capital Group acquires Wingstop
RICHARDSON, Texas (April 12, 2010) Wingstop Restaurants Inc., the parent to the 440-unit chicken-wing chain, has been acquired by an affiliate of private-equity firm Roark Capital Group, the companies said Monday.
The deal, terms of which were not disclosed, was announced at Wingstop's franchisee convention in Las Vegas. Roark Capital, which is based in Atlanta and specializes in franchised concepts, has a portfolio that includes such restaurant brands as Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.
The acquisition buys out Gemini Investors LLC of Wellesley, Mass., and another private investor who had bought a controlling stake in Wingstop in 2003 and owned about 64 percent of the company.
James Flynn, Wingstop’s chief executive, told NRN that Roark’s expertise in franchising should help Wingstop ratchet up its growth.
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The deal, terms of which were not disclosed, was announced at Wingstop's franchisee convention in Las Vegas. Roark Capital, which is based in Atlanta and specializes in franchised concepts, has a portfolio that includes such restaurant brands as Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.
The acquisition buys out Gemini Investors LLC of Wellesley, Mass., and another private investor who had bought a controlling stake in Wingstop in 2003 and owned about 64 percent of the company.
James Flynn, Wingstop’s chief executive, told NRN that Roark’s expertise in franchising should help Wingstop ratchet up its growth.
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Best places to spot UFOs
It was just another winter night in Stephenville, Texas, when Steve Allen, a 30-year aviation veteran, saw something that defied all logic—an eerily silent, mile-wide craft ringed in lights that would “rearrange themselves” racing across the sky at what he estimated to be 3,000 miles per hour
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Sunday, April 11, 2010
Starbucks Retreat Opens Door on Australia for Secret Recipe
April 9 (Bloomberg) -- With Starbucks Corp.’s operations across Australia reduced to a fraction of their peak, one Malaysian entrepreneur is looking to fill the gap, starting with Melbourne’s café society.
Secret Recipe Cakes & Café Bhd. will open its second restaurant in the southern Australian city this month and hopes to have 50 cafés nationwide within five years, says Steven Sim, who owns and runs the Kuala Lumpur-based chain.
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Secret Recipe Cakes & Café Bhd. will open its second restaurant in the southern Australian city this month and hopes to have 50 cafés nationwide within five years, says Steven Sim, who owns and runs the Kuala Lumpur-based chain.
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Hooters in China
Reporting from Beijing — Sunday is a slow night for the Beijing Hooters girls. Jiang Xin -- or Summer, as her name tag reads -- takes the opportunity to teach the new hires one of their dance routines.
With smoky dark eyes and her all-black trainer uniform, 24-year-old Jiang is sexy, smoldering and standoffish until she smiles. This she does when she gently admonishes the girls to loosen up, laugh, and stop tugging at the bottoms of their shorts.
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With smoky dark eyes and her all-black trainer uniform, 24-year-old Jiang is sexy, smoldering and standoffish until she smiles. This she does when she gently admonishes the girls to loosen up, laugh, and stop tugging at the bottoms of their shorts.
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Europe's best city apartments
Boutique hotels are all very well, but if you really want to get under the skin of a city nothing beats having your own pad for the weekend. Renting an apartment gives you more space and your own kitchen, and often means you're based in a far more interesting part of town than where the tourist hotels are. Best of all, there's none of that embarrassing waking up the night porter when you roll in at dawn.
We've picked a cross section, with some for romantic couples, others for families or groups of friends; some that are a bargain and others that are seriously expensive – there's a huge, and growing, choice on the market
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We've picked a cross section, with some for romantic couples, others for families or groups of friends; some that are a bargain and others that are seriously expensive – there's a huge, and growing, choice on the market
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