By Eric Hertha
Kerzner International has bought out its’ JV partner in the Reef condo-hotel project at Atlantis, Paradise Island. Kerzner’s partner in the $200 million project was Turnberry Associates.
Turnberry Associates, of south Florida, is a real estate firm involved in shopping centers and hotels. See related stories (http://www.hospitalitybusinessnews.com/search/label/Fontainebleau) . Turnberry’s 2 Fontainebleau sites have been under financial pressure of late with the Fontainebleu Las Vegas filing for bankruptcy protection in 2009.
Both Kerzner and Turnberry have used investments from Dubai World to fund projects. It is not known if Dubai’s financial problems have lead to this or if it is a result of the down real estate market in Florida and Las Vegas.
Ed Fields, Kerzner International (Bahamas) spokesman said “ I can confirm we have purchased Turnberry’s share of the joint venture at the reef. The reason we did it is because we see it as an excellent investment opportunity.”
Saturday, July 31, 2010
Friday, July 30, 2010
Chicago Hyatt hotel union workers OK strike
Chicago area Hyatt hotel union workers Thursday have authorized a strike.
The action, which does not mean there will be a strike, allows the workers' bargaining unit to call one if necessary.
The employees belong to Unite Here Local 1 and work at four area Hyatts -- the Hyatt Regency Chicago, Park Hyatt, Hyatt McCormick Place, and Hyatt O'Hare.
Last week, union members sat in the street outside the Hyatt Regency Chicago as part of a 15-city demonstration against the hotel chain to protest lack of progress with a new contract. About 25 people were arrested during the protest, according to the union, as about 225 demonstrators joined about 500 other demonstrators. A spokesperson said workers have been hit with reduced hours and excessive injury rates -- and that Hyatt wants to cut benefits.
Hyatt workers and 6,500 other hotel workers in downtown Chicago have been in citywide contract negotiations since August of 2009, according to the union.
The action, which does not mean there will be a strike, allows the workers' bargaining unit to call one if necessary.
The employees belong to Unite Here Local 1 and work at four area Hyatts -- the Hyatt Regency Chicago, Park Hyatt, Hyatt McCormick Place, and Hyatt O'Hare.
Last week, union members sat in the street outside the Hyatt Regency Chicago as part of a 15-city demonstration against the hotel chain to protest lack of progress with a new contract. About 25 people were arrested during the protest, according to the union, as about 225 demonstrators joined about 500 other demonstrators. A spokesperson said workers have been hit with reduced hours and excessive injury rates -- and that Hyatt wants to cut benefits.
Hyatt workers and 6,500 other hotel workers in downtown Chicago have been in citywide contract negotiations since August of 2009, according to the union.
Apple tries to patent travel, hotel, shopping apps
In its App Store, Apple provides a platform for third-party developers to design and sell mobile applications. But the company also appears to have its eye on patenting a few key types of apps.
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The iPhone App Frequent Travelers Shouldn't Be Without
Now there's an app that seeks to recreate the airport departure and arrival boards on your iPhone (and coming soon to Droid). It's called AirportRemote, and although it's numbers don't flip, they are up-to-the-minute and available for over 100 international airports. Wonder what flight it is that lands at Istanbul's Ataturk Airport at 7:27am? AirportRemote knows, thanks to its use of FlightStats info, that it's Singapore Airlines 490 from Dubai. Via the "share" button, you can forward a screenshot right along to your family or business associates.
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Pizza Hut streamlines menu pricing
Pizza Hut said it is lowering and simplifying the menu prices at its restaurants nationwide, pricing most medium pizzas at $8 and large pizzas at $10.
The $8 and $10 prices are good for pizzas with up to three toppings. There is an additional charge for the chain’s Stuffed Crust Pizza, and specialty pies cost an extra $2, Pizza Hut said Thursday.
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The $8 and $10 prices are good for pizzas with up to three toppings. There is an additional charge for the chain’s Stuffed Crust Pizza, and specialty pies cost an extra $2, Pizza Hut said Thursday.
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DineEquity, Inc. Announces Solid Second Quarter 2010 Financial Results
-- For the quarter, IHOP's domestic system-wide same-restaurant sales decreased 1.0% and Applebee's domestic system-wide same-restaurant sales decreased 1.6% compared to the same periods in 2009, which represented Applebee's third consecutive quarter of improvement. Year-to-date, IHOP's domestic system-wide same-restaurant sales decreased 0.7% and Applebee's domestic system-wide same-restaurant sales decreased 2.2%.
-- Securitized debt was reduced by $25.8 million for the second quarter 2010 and by $80.7 million in the first six months of 2010 primarily due to the use of free cash flow for ongoing debt retirement efforts.
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-- Securitized debt was reduced by $25.8 million for the second quarter 2010 and by $80.7 million in the first six months of 2010 primarily due to the use of free cash flow for ongoing debt retirement efforts.
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Ruth's Hospitality Group, Inc. Reports Second Quarter 2010 Financial Results
Total revenues were $89.0 million compared to prior year at $86.4 million.
Net income available to preferred and common shareholders was $3.7 million, or $0.09 per diluted share, compared to $2.3 million, or $0.10 per diluted share, in the second quarter of 2009. The second quarter of 2010 included a net benefit of $0.3 million or $0.01 per diluted share. The second quarter of 2009 included net charges of $0.7 million or $0.03 per diluted share.
Company-owned comparable restaurant sales for Ruth's Chris Steak House increased 2.9%. Company-owned comparable restaurant sales for Mitchell's Fish Market increased 0.9%.
Food and beverage costs, as a percentage of restaurant sales, increased 60 basis points to 29.3%, which was primarily driven by unfavorable beef costs.
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Net income available to preferred and common shareholders was $3.7 million, or $0.09 per diluted share, compared to $2.3 million, or $0.10 per diluted share, in the second quarter of 2009. The second quarter of 2010 included a net benefit of $0.3 million or $0.01 per diluted share. The second quarter of 2009 included net charges of $0.7 million or $0.03 per diluted share.
Company-owned comparable restaurant sales for Ruth's Chris Steak House increased 2.9%. Company-owned comparable restaurant sales for Mitchell's Fish Market increased 0.9%.
Food and beverage costs, as a percentage of restaurant sales, increased 60 basis points to 29.3%, which was primarily driven by unfavorable beef costs.
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Ramsay’s Maze Cape Town Closes
Maze Cape Town, the African outpost of chef Gordon Ramsay’s dining empire, has closed after more than a year in business at the One & Only hotel.
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Restaurants Start Getting Grades in New York City
After months of controversy, the first of New York City's 24,000 restaurants received a letter grade for cleanliness and food safety under the city health department's new program.
Spark's Deli, a 24-seat eatery in Queens, got an "A" on Wednesday after a two-hour inspection the day before, the Wall Street Journal reported. Restaurants around the city will receive A, B or C grades which must be displayed in restaurant windows.
The city also unveiled a new restaurant inspection web site, designed to help customers make restaurant decisions based on hygiene practices and food safety, health department deputy commissioner Daniel Kass told the New York Times.
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Spark's Deli, a 24-seat eatery in Queens, got an "A" on Wednesday after a two-hour inspection the day before, the Wall Street Journal reported. Restaurants around the city will receive A, B or C grades which must be displayed in restaurant windows.
The city also unveiled a new restaurant inspection web site, designed to help customers make restaurant decisions based on hygiene practices and food safety, health department deputy commissioner Daniel Kass told the New York Times.
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Former Mets, Yankees star Darryl Strawberry stepping up to restaurant plate with Queens eatery
More restaurants add `Miami Spice' to the menu
When the economy was booming, some of Miami's higher-end restaurants didn't see the benefit of Miami Spice's discount dining. Others participated but didn't readily promote the menu. They saw no need to cater to bargain-hunters.
Not anymore.
With the South Florida economy still sputtering, a record number of restaurateurs are looking at the two-month, off-season promotion that starts Sunday as a key tool for generating extra business. Last year, restaurants sold 150,000 Miami Spice meals during August and September.
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Not anymore.
With the South Florida economy still sputtering, a record number of restaurateurs are looking at the two-month, off-season promotion that starts Sunday as a key tool for generating extra business. Last year, restaurants sold 150,000 Miami Spice meals during August and September.
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China Lodging Group, Limited Reports Second Quarter Of 2010 Financial Results
Net Revenues for the second quarter increased 39.2% year-over-year to RMB438.9 million (US$64.7 million, note 1), exceeding guidance of RMB395 to RMB415 million
Net income attributable to China Lodging Group, Limited for the second quarter increased 185% year-over-year to RMB79.7 million (US$11.8 million)
Occupancy rate reached 98% and average daily rate ("ADR") RMB196, resulting in revenue per available room (" RevPAR" ) of RMB192, a 15% year-over-year increase
324 hotels were in operation and 159 hotels under development as of June 30, 2010
The Company raised guidance for full year net revenues growth to 35% to 37%, up from previously announced range of 33% to 35%
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Net income attributable to China Lodging Group, Limited for the second quarter increased 185% year-over-year to RMB79.7 million (US$11.8 million)
Occupancy rate reached 98% and average daily rate ("ADR") RMB196, resulting in revenue per available room (" RevPAR" ) of RMB192, a 15% year-over-year increase
324 hotels were in operation and 159 hotels under development as of June 30, 2010
The Company raised guidance for full year net revenues growth to 35% to 37%, up from previously announced range of 33% to 35%
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Alton Towers Resort bans sex in some hotel rooms
A theme park in England has banned sex in some of its hotel rooms after repeated complaints from guests that romping couples were disturbing their kids.
Bosses at the Alton Towers resort in Staffordshire took action after a string of families complained that they were kept awake by noises from adjacent rooms.
One guest complained the noises coming from the next-door room were "louder than the screams from the theme park rides."
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Bosses at the Alton Towers resort in Staffordshire took action after a string of families complained that they were kept awake by noises from adjacent rooms.
One guest complained the noises coming from the next-door room were "louder than the screams from the theme park rides."
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Tip Misappropriation Lawsuit Against Mario Batali and Joseph Bastianich Expands
NEW YORK, July 30 /PRNewswire/ -- The restaurant empire owned by Mario Batali and Joseph Bastianich allegedly violated federal and state labor laws, according to an amended lawsuit filed Thursday in New York federal court on behalf of 11 current and former employees. The initial lawsuit named one restaurant owned by Mr. Batali and Mr. Bastianich, Babbo Ristorante e Enoteca, as a defendant.
The amended lawsuit adds five more restaurants owned by Mr. Batali and Mr. Bastianich as defendants – Bar Jamon, Casa Mono, Lupa Osteria Romana, Otto Enoteca Pizzeria in New York City, and Tarry Lodge in Port Chester, New York.
The lawsuit, filed on behalf of hourly food service workers employed by Mr. Batali and Mr. Bastianich, alleges violations of the federal Fair Labor Standards Act (FLSA) and the New York Labor Law (NYLL). The workers are represented by Outten & Golden LLP in New York, and Joseph, Herzfeld, Hester & Kirschenbaum LLP in New York.
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The amended lawsuit adds five more restaurants owned by Mr. Batali and Mr. Bastianich as defendants – Bar Jamon, Casa Mono, Lupa Osteria Romana, Otto Enoteca Pizzeria in New York City, and Tarry Lodge in Port Chester, New York.
The lawsuit, filed on behalf of hourly food service workers employed by Mr. Batali and Mr. Bastianich, alleges violations of the federal Fair Labor Standards Act (FLSA) and the New York Labor Law (NYLL). The workers are represented by Outten & Golden LLP in New York, and Joseph, Herzfeld, Hester & Kirschenbaum LLP in New York.
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Thursday, July 29, 2010
Hotel guests still most at risk for identity theft
Computer hackers continue to steal hotel guests' credit-card data more than any other industry - and there's little consumers can do to protect themselves, Nicholas Percoco, an Internet expert who investigates corporate data breaches, tells Hotel Check-In. Percoco runs SpiderLabs at Trustwave, the security team that performs cyber forensic investigations for companies that suspect their systems have been breached.
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Wednesday, July 28, 2010
Buffalo Wild Wings, Inc. Announces Second Quarter 2010 Results
Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the second quarter ended June 27, 2010. Highlights for the second quarter versus the same period a year ago were:
Total revenue increased 12.4% to $145.7 million
Company-owned restaurant sales grew 11.7% to $131.5 million
Same-store sales decreased 0.1% at company-owned restaurants and 0.7% at franchised restaurants
Net earnings increased 31.4% to $9.2 million from $7.0 million, and earnings per diluted share increased 28.2% to $0.50 from $0.39
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Total revenue increased 12.4% to $145.7 million
Company-owned restaurant sales grew 11.7% to $131.5 million
Same-store sales decreased 0.1% at company-owned restaurants and 0.7% at franchised restaurants
Net earnings increased 31.4% to $9.2 million from $7.0 million, and earnings per diluted share increased 28.2% to $0.50 from $0.39
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Chinese Government approves Cable Beach (Bahamas) project
THE Government of the People’s Republic of China yesterday formally approved the $2.6 billion investment in the Baha Mar project on Cable Beach, bringing an end to speculation on the viability of the resort development.
In a statement from the Cabinet office yesterday, Prime Minister Hubert Ingraham confirmed that His Excellency Dingxian Hu, the Ambassador of the People’s Republic of China, had advised that his government has given formal approval for “various agencies of the Chinese government to enter into a joint venture with Baha Mar Ltd for the redevelopment of Cable Beach.”
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In a statement from the Cabinet office yesterday, Prime Minister Hubert Ingraham confirmed that His Excellency Dingxian Hu, the Ambassador of the People’s Republic of China, had advised that his government has given formal approval for “various agencies of the Chinese government to enter into a joint venture with Baha Mar Ltd for the redevelopment of Cable Beach.”
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Eurazeo Gets At Least Three Final Bids For B&B Hotels
LONDON (Dow Jones)--French private equity firm Eurazeo SA (RF.FR) has received at least three final bids for its B&B budget hotel chain, people familiar with the situation told Dow Jones Newswires Wednesday.
Buyout companies PAI Partners, Carlyle Group and Bridgepoint submitted bids by Monday's deadline, the people said. It is unclear whether LBO France and U.S. hotel and real estate company Starwood Capital, which were previously interested, participated in the final round.
Eurazeo has hired Rothschild to run the sale which includes 181 hotels in France, 32 in Germany and three in Italy. The company had EUR202 million in revenue last year and earnings before interest, taxes, depreciation and amortization are estimated at around EUR46 million for 2010.
The business was put on the market for EUR450 million but bids could come in at up to EUR500 million, one person said
Buyout companies PAI Partners, Carlyle Group and Bridgepoint submitted bids by Monday's deadline, the people said. It is unclear whether LBO France and U.S. hotel and real estate company Starwood Capital, which were previously interested, participated in the final round.
Eurazeo has hired Rothschild to run the sale which includes 181 hotels in France, 32 in Germany and three in Italy. The company had EUR202 million in revenue last year and earnings before interest, taxes, depreciation and amortization are estimated at around EUR46 million for 2010.
The business was put on the market for EUR450 million but bids could come in at up to EUR500 million, one person said
Wyndham Worldwide Reports Second Quarter 2010 Earnings Results
HIGHLIGHTS:
Second quarter 2010 diluted earnings per share (EPS) was $0.51, compared with Company-issued guidance of $0.38 – $0.42 and $0.39 in the second quarter of 2009.
Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 32% to $486 million in the first half of 2010, compared with $368 million during the same period in 2009.
The Company's Board of Directors authorized an increase to the current share repurchase program by $300 million. For the quarter, the Company repurchased approximately 2.2 million shares of its common stock at an average price of $24.33.
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Second quarter 2010 diluted earnings per share (EPS) was $0.51, compared with Company-issued guidance of $0.38 – $0.42 and $0.39 in the second quarter of 2009.
Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 32% to $486 million in the first half of 2010, compared with $368 million during the same period in 2009.
The Company's Board of Directors authorized an increase to the current share repurchase program by $300 million. For the quarter, the Company repurchased approximately 2.2 million shares of its common stock at an average price of $24.33.
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Construction progresses on Pittsburgh Hilton Hotel
The long-stalled Pittsburgh Hilton Hotel expansion, including installation of a third-floor swimming pool will celebrate its grand opening in less than a year, the new construction manager predicted Tuesday.
Frank Amedia, head of TC Solutions of Miami, walked the ground floor of the project yesterday with Comm Steel of Cleveland and its owner Robert Ciofani, giving the new construction timetable. Comm Steel is fabricating the project's steel and will be erecting the girders when delivered.
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Frank Amedia, head of TC Solutions of Miami, walked the ground floor of the project yesterday with Comm Steel of Cleveland and its owner Robert Ciofani, giving the new construction timetable. Comm Steel is fabricating the project's steel and will be erecting the girders when delivered.
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Business Travel Bolsters Wyndham
Wyndham Worldwide reported better-than-expected results Wednesday with net income of $95 million, or 51 cents per share, versus $71 million, or 39 cents per share a year ago. The results, which exclude a one-time charge of $1 million from an acquisition of the Tryp hotel brand, exceeded the company's anticipated EPS of 38 cents to 42 cents for the second quarter. Revenues totaled $963, up from $920 last year.
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Tuesday, July 27, 2010
S. Fla.-based group gambles on Bimini Big Game Club
ALICE TOWN, Bimini -- There is no casino here at the Bimini Big Game Club, but the people behind the rebirth of the historic hotel and marina are doing plenty of gambling.
The South Florida-based group reopened the 74-year-old Bahamas resort as a Guy Harvey Outpost Resort & Marina as hurricane season loomed, oil gushed in the Gulf and a recession hangover persisted throughout the Caribbean. At the Alice Town hotel, a mere 50 miles from Miami, foreclosure proceedings are still awaiting a final resolution. So Mark Ellert, president of Guy Harvey Outpost and a South Florida real estate veteran, uses terms like ``hold our breath,'' ``knock on wood'' and ``calculated risk.''
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The South Florida-based group reopened the 74-year-old Bahamas resort as a Guy Harvey Outpost Resort & Marina as hurricane season loomed, oil gushed in the Gulf and a recession hangover persisted throughout the Caribbean. At the Alice Town hotel, a mere 50 miles from Miami, foreclosure proceedings are still awaiting a final resolution. So Mark Ellert, president of Guy Harvey Outpost and a South Florida real estate veteran, uses terms like ``hold our breath,'' ``knock on wood'' and ``calculated risk.''
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Ritz-Carlton in Rancho Mirage bought out of foreclosure
Construction of The Ritz-Carlton Rancho Mirage, stalled since September 2008 when its main lender Lehman Brothers filed for bankruptcy, is expected to restart now that the property has been sold in foreclosure.
Rancho California Investments LLC, an affiliate of the hotel's original owner and developer Miami-based Gencom Group and private investment firm Magna RE, bought the hotel's loan in foreclosure in early July. Terms of the agreement were not revealed.
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Rancho California Investments LLC, an affiliate of the hotel's original owner and developer Miami-based Gencom Group and private investment firm Magna RE, bought the hotel's loan in foreclosure in early July. Terms of the agreement were not revealed.
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Denver Ritz-Carlton lawsuit settled
A 2009 state court lawsuit involving whether a Chicago lender could foreclose on downtown Denver’s luxury Ritz-Carlton hotel ended Monday in light of undisclosed pre-trial settlements, according to Denver District Court records.
The case was scheduled to go to trial Monday, but because of a recent settlement agreement between the parties, Judge Morris B. Hoffman ordered the trial date annulled on July 23. He granted a motion to close the case on Monday.
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The case was scheduled to go to trial Monday, but because of a recent settlement agreement between the parties, Judge Morris B. Hoffman ordered the trial date annulled on July 23. He granted a motion to close the case on Monday.
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China's hotel star ranking system under increased scrutiny
BEIJING, July 27 (Xinhuanet) -- China is planning to accelerate a mechanism with which to strip poorly run hotels of their star rankings in order to protect the image of all the 15,000 star-rated hotels across the country, a top tourism official said on Monday.
Anonymous customers' opinions will be considered for the first time along with those of industry experts when evaluating a star-rated hotel's qualification, said Du Jiang, deputy head of the National Tourism Administration of China.
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Anonymous customers' opinions will be considered for the first time along with those of industry experts when evaluating a star-rated hotel's qualification, said Du Jiang, deputy head of the National Tourism Administration of China.
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Man jailed for £250m plot to 'sell' London Ritz Hotel
A jobless lorry driver who pulled off an "elaborate and outrageous scam" to sell London's Ritz Hotel for £250m has been jailed for five years.
Anthony Lee, 49, of Beal, North Yorkshire, found victims who were interested in the hotel in Piccadilly and duped them into handing over £1m.
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Anthony Lee, 49, of Beal, North Yorkshire, found victims who were interested in the hotel in Piccadilly and duped them into handing over £1m.
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Barclay Brothers Sell 10% Stake in InterContinental Hotels
The billionaire Barclay brothers sold their 10 percent stake in the U.K.’s InterContinental Hotels Group Plc for about 335 million pounds ($520 million) after the hotelier’s shares rose 88 percent in a year.
InterContinental fell as much as 8.4 percent in London trading after Barclays Capital sold almost 30 million shares on behalf of Ellerman Corp., a company controlled by David and Frederick Barclay, for 1,120 pence apiece, according to three people familiar with the transaction.
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InterContinental fell as much as 8.4 percent in London trading after Barclays Capital sold almost 30 million shares on behalf of Ellerman Corp., a company controlled by David and Frederick Barclay, for 1,120 pence apiece, according to three people familiar with the transaction.
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Monday, July 26, 2010
SF's Worst Restaurants Needed For TV Show
SF is crazy about our restaurants, catapulting chefs into near celebrity status. But there's always going to be a few restaurants, that well, don't quite make the mark. Whether its a gourmet bistro with cardboard pizza crusts, or an pan-Asian cafe heavy handed with the salt-there is now hope for failing restaurant enterprises.
Here's the latest casting call to floundering owners from the producers of Chef Gordon Ramsay's one time BBC, now FOX show, Kitchen Nightmares. "Are you trying to make some green, but still running in the red? Is your food not the best it should be? Or maybe you have a great location, but it doesn't seem to bring in many customers?" They ask restaurateurs who might need a makeover from Ramsay and company.
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Here's the latest casting call to floundering owners from the producers of Chef Gordon Ramsay's one time BBC, now FOX show, Kitchen Nightmares. "Are you trying to make some green, but still running in the red? Is your food not the best it should be? Or maybe you have a great location, but it doesn't seem to bring in many customers?" They ask restaurateurs who might need a makeover from Ramsay and company.
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Restaurants Uncork More Wines by the Glass
Ordering wine by the glass used to mean scant choices and bland options. And only your tastebuds would tell you how long the wine had languished in an open bottle.
That's changed, with restaurants amping up the volume on what's available by the glass and making sure that the wines poured are at optimal freshness.
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That's changed, with restaurants amping up the volume on what's available by the glass and making sure that the wines poured are at optimal freshness.
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Starwood Adding Seven Hotels in NYC
WHITE PLAINS, N.Y. - Unveiling an aggressive expansion plan for this year, Starwood Hotels and Resorts Inc. plans to double its New York City portfolio, adding seven hotels in a strategy that raises its flags on one out of every four new rooms slated to debut in 2010.
Starwood currently operates 12 hotels in the city, including the Brooklyn Sheraton which opened in May. The 2010 plan, totaling 1,712 rooms, includes the debut of the Aloft and Element brands in NYC. The openings will result in more than 500 jobs for Manhattan, Long Island City and Brooklyn. Worldwide, the White Plains, N.Y.-based Starwood will open more than 80 hotels in key markets this year.
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Starwood currently operates 12 hotels in the city, including the Brooklyn Sheraton which opened in May. The 2010 plan, totaling 1,712 rooms, includes the debut of the Aloft and Element brands in NYC. The openings will result in more than 500 jobs for Manhattan, Long Island City and Brooklyn. Worldwide, the White Plains, N.Y.-based Starwood will open more than 80 hotels in key markets this year.
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Revenue agents raid 5 hotels for back taxes
ATLANTA -- Georgia Department of Revenue agents seized five Augusta hotels at 8 a.m. today, citing a failure to pay sales taxes and withholding taxes for their employees’ income taxes.
Two of the five have repaid the more than $400,000 owed, according to Revenue Department spokesman Reg Lansberry. The remaining three haven’t as of 11:30 a.m.
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Two of the five have repaid the more than $400,000 owed, according to Revenue Department spokesman Reg Lansberry. The remaining three haven’t as of 11:30 a.m.
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Business Travel Picks Up, Lifting the Hotel Industry
So far the biggest beneficiary is New York, though other cities on the East Coast are starting to report gains as well. And the upscale, full-service hotels that have long been favored by business travelers have benefited more from the upturn in demand than the midlevel brands, industry analysts say.
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Sunday, July 25, 2010
Mario Batali sued by ex-employees
Mario Batali seems to make headlines as often over accusations of misdeeds as he does over his proficiency in the kitchen. Last January he was sued for failing to pay $45,000 in back rent to to the owners of the building that housed his now-defunct seafood restaurant, The John Dory. Then in April, he was accused of discriminatory hiring practices.
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Pig eyes among the wackiest hotel demands
The next time you forget to pack your toothbrush -- again -- hold your head high when requesting a spare from the hotel, confident in the knowledge that someone before you asked for 30 pig eyes on ice.
That's just one of more than 100 extraordinary guest requests documented in an internal Fairmont Hotels document obtained by Postmedia News.
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That's just one of more than 100 extraordinary guest requests documented in an internal Fairmont Hotels document obtained by Postmedia News.
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STR Global: Americas performance for June 2010
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for June 2010, according to data compiled by STR and STR Global.
The region’s occupancy rose 7.0 percent to 64.9 percent, average daily rate ended up 1.8 percent to US$100.31, and revenue per available room increased 8.9 percent to US$65.11.
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The region’s occupancy rose 7.0 percent to 64.9 percent, average daily rate ended up 1.8 percent to US$100.31, and revenue per available room increased 8.9 percent to US$65.11.
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STR Global: Asia/Pacific results for June 2010
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for June 2010 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy rose 14.5 percent to 63.9 percent, average daily rate increased 10.8 percent to US$121.83, and revenue per available room jumped 27.0 percent to US$77.83.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 14.5 percent to 63.9 percent, average daily rate increased 10.8 percent to US$121.83, and revenue per available room jumped 27.0 percent to US$77.83.
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STR Global: Europe results for June 2010
“The first half of 2010 showed again a split across Europe in performance”, said Elizabeth Randall, managing director of STR Global. “Hotels in Western and Northern Europe led the way in ADR improvements (in Euro-terms), whilst Southern and Eastern European hotels struggled to convert the occupancy gains into improved ADR.
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STR Global: MEA results for June 2010
LONDON—The Middle East/Africa region reported favourable results in the three key performance measurements for June 2010 when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy rose 1.7 percent to 59.2 percent, average daily rate increased 14.3 percent to US$151.00, and revenue per available room grew 16.3 percent to US$89.37.
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The region’s occupancy rose 1.7 percent to 59.2 percent, average daily rate increased 14.3 percent to US$151.00, and revenue per available room grew 16.3 percent to US$89.37.
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No dynamite required: Tropicana opts to remodel instead
Along the strip, rumors gallop faster than hot dice scatters on a summer night in July.
That's why guests and employees had been smelling dynamite in the lounges and pits at the Tropicana for years, certainly before the Stardust and the New Frontier got blasted earlier this year. Maybe longer than that; the smart money was saying the Trop, the sad old relic of '50s Vegas Strip action, would be the next to go.
But the smart money was wrong. The Trop will live well into the 21st century because of big remodeling plans.
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That's why guests and employees had been smelling dynamite in the lounges and pits at the Tropicana for years, certainly before the Stardust and the New Frontier got blasted earlier this year. Maybe longer than that; the smart money was saying the Trop, the sad old relic of '50s Vegas Strip action, would be the next to go.
But the smart money was wrong. The Trop will live well into the 21st century because of big remodeling plans.
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Pensacola hotels post gains despite oil spill
PENSACOLA, Fla. -- Pensacola-area hotels posted some surprising increases in business last month despite the oil spill in the Gulf of Mexico.
Smith Travel Research Inc. says hotel occupancy was up 15.5 percent in June and lodging revenues were up 7 percent.
But tourism officials say those numbers are being fueled not by tourists, but by BP workers, government officials, media crews and a June 15 visit by President Obama.
Ed Schroeder (shray'DER) of the Pensacola Bay Area Convention and Visitors Bureau says restaurants, shops, night clubs and other retailers benefited little from the bump in room stays
Smith Travel Research Inc. says hotel occupancy was up 15.5 percent in June and lodging revenues were up 7 percent.
But tourism officials say those numbers are being fueled not by tourists, but by BP workers, government officials, media crews and a June 15 visit by President Obama.
Ed Schroeder (shray'DER) of the Pensacola Bay Area Convention and Visitors Bureau says restaurants, shops, night clubs and other retailers benefited little from the bump in room stays
Saturday, July 24, 2010
China's Chongqing cracks down on local mafia, arrests 46 people
CHONGQING, July 23 (Xinhua) - Police in southwest China's Chongqing Municipality arrested 46 people involved in a mafia-style gang, including a major shareholder of the local Hilton Hotel that was recently targeted by police because of its involvement in prostitution. Two government officials were also arrested.
Peng Zhimin, 47, owner of Qinglong Property Development Co., was arrested on multiple charges including allegedly managing a mafia-style organization, organizing prostitution, crimes of intentional injury, illegal occupation of farmland, and bribery, according to a statement emailed to Xinhua by the municipal public security bureau.
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Peng Zhimin, 47, owner of Qinglong Property Development Co., was arrested on multiple charges including allegedly managing a mafia-style organization, organizing prostitution, crimes of intentional injury, illegal occupation of farmland, and bribery, according to a statement emailed to Xinhua by the municipal public security bureau.
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Castle-led group buys Hilo Hawaiian for $17.3M
The Hilo Hawaiian Hotel on the Big Island was sold yesterday for $17.3 million to a group of local investors led by Castle Resorts & Hotels.
The sale marks the first time in 20 years that the hotel has been under local ownership.
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The sale marks the first time in 20 years that the hotel has been under local ownership.
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DineEquity sells 63 Applebee's locations for $32M
GLENDALE, Calif. (AP) -- DineEquity Inc., which owns Applebee's Neighborhood Grill & Bar and IHOP restaurants, said Friday it agreed to sell 63 company-operated restaurants to its largest franchisee, Apple American Group LLC, for $32 million.
The restaurants are in Minnesota and Wisconsin.
Closing is subject to regulatory processes related to liquor license transfers and other closing conditions.
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The restaurants are in Minnesota and Wisconsin.
Closing is subject to regulatory processes related to liquor license transfers and other closing conditions.
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Governor signs Illegal Hotels Bill
NEW YORK - Tenants and tourists in New York City will be protected by a new law that makes it clear that operating a residential apartment as a transient hotel is illegal in New York City. The bill, sponsored by State Senator Liz Krueger and Assembly Member Richard N. Gottfried, will put an end to the rampant spread of illegal hotels by clarifying ambiguities in State and City laws which made it impossible for government agencies to effectively crack down on offenders and protect residents. Governor Paterson signed the bill into law today.
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Friday, July 23, 2010
McDonald's Global Sales Drive Second Quarter Earnings Up 15%
OAK BROOK, Ill., July 23 /PRNewswire-FirstCall/ -- McDonald's Corporation today announced strong results for the second quarter driven by all areas of the world.
"McDonald's second quarter reflects strong top-line and bottom-line results with each area of the world generating higher comparable sales, traffic and profits," said Chief Executive Officer Jim Skinner. "This performance demonstrates the popular appeal of McDonald's relevant menu choices. We're delivering great tasting food to our 60 million customers around the world every day with the outstanding value and unmatched convenience they expect from McDonald's."
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"McDonald's second quarter reflects strong top-line and bottom-line results with each area of the world generating higher comparable sales, traffic and profits," said Chief Executive Officer Jim Skinner. "This performance demonstrates the popular appeal of McDonald's relevant menu choices. We're delivering great tasting food to our 60 million customers around the world every day with the outstanding value and unmatched convenience they expect from McDonald's."
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Thursday, July 22, 2010
The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2010
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE - News) today reported financial results for the second quarter of fiscal 2010, which ended on June 29, 2010. Total revenues were $418.9 million in the second quarter of fiscal 2010 as compared to $407.9 million in the prior year second quarter. Net income and diluted net income per share were $19.2 million and $0.32, respectively.
In the second quarter of fiscal 2010, the Company made a $7.4 million, pre-tax payment to unwind the remaining $100 million interest rate collar on its revolving credit facility balance. This reduced reported diluted net income per share by approximately $0.07. Excluding this item, net income was $23.7 million and diluted net income per share was $0.39.
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In the second quarter of fiscal 2010, the Company made a $7.4 million, pre-tax payment to unwind the remaining $100 million interest rate collar on its revolving credit facility balance. This reduced reported diluted net income per share by approximately $0.07. Excluding this item, net income was $23.7 million and diluted net income per share was $0.39.
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Chipotle Mexican Grill, Inc. Announces Second Quarter 2010 Results
DENVER--(BUSINESS WIRE)--Chipotle Mexican Grill, Inc. (NYSE: CMG - News) today reported financial results for its second quarter ended June 30, 2010.
Highlights for the second quarter of 2010 as compared to the second quarter of 2009 include:
Revenue increased 20.1% to $466.8 million
Comparable restaurant sales increased 8.7%
Restaurant level operating margin was 26.9%, an increase of 90 basis points
Net income was $46.5 million, an increase of 31.3%
Diluted earnings per share was $1.46, an increase of 32.7%
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Highlights for the second quarter of 2010 as compared to the second quarter of 2009 include:
Revenue increased 20.1% to $466.8 million
Comparable restaurant sales increased 8.7%
Restaurant level operating margin was 26.9%, an increase of 90 basis points
Net income was $46.5 million, an increase of 31.3%
Diluted earnings per share was $1.46, an increase of 32.7%
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BJ's Restaurants, Inc. Reports Financial Results for the Second Quarter of Fiscal 2010
HUNTINGTON BEACH, Calif., July 22, 2010 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI - News) today reported financial results for the second quarter of fiscal 2010 that ended on Tuesday, June 29, 2010.
Highlights for the second quarter compared to the same quarter last year were as follows:
Total revenues increased 21% to $130.5 million
Comparable restaurant sales increased 5.3%
Net income increased 44% to $6.3 million
Diluted net income per share increased 44% to $0.23
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Highlights for the second quarter compared to the same quarter last year were as follows:
Total revenues increased 21% to $130.5 million
Comparable restaurant sales increased 5.3%
Net income increased 44% to $6.3 million
Diluted net income per share increased 44% to $0.23
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Ruby Tuesday, Inc. Reports Fourth Quarter and Annual Fiscal 2010 Results
MARYVILLE, Tenn.--(BUSINESS WIRE)--Ruby Tuesday, Inc. today reported diluted earnings per share of $0.33 on net income of $21.0 million for the Company’s fourth quarter of fiscal 2010, which ended on June 1, 2010. This compares to diluted earnings per share of $0.28 on net income of $14.4 million for the fourth quarter of the prior fiscal year. The fourth quarter fiscal 2010 results represent a 45% improvement in net income over the prior year quarter.
Same-restaurant sales for the fourth quarter increased 0.3% at Company-owned Ruby Tuesday restaurants and decreased by 0.5% for domestic franchised restaurants. The gap between franchise and Company-owned same-restaurant sales narrowed as the franchisees participated in virtually all promotional incentive programs during the quarter
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Same-restaurant sales for the fourth quarter increased 0.3% at Company-owned Ruby Tuesday restaurants and decreased by 0.5% for domestic franchised restaurants. The gap between franchise and Company-owned same-restaurant sales narrowed as the franchisees participated in virtually all promotional incentive programs during the quarter
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PR gov't to help finance $1.2B Ritz-Carlton resort
Puerto Rico's government announced Wednesday it will help finance a $1.2 billion resort on the U.S. island's north coast, the biggest hotel project in two years for a region hit hard by the world economic crisis.
The Ritz-Carlton Reserve Dorado Beach Resort & Spa is to be the island's first six-star resort.
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The Ritz-Carlton Reserve Dorado Beach Resort & Spa is to be the island's first six-star resort.
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Wyndham settles tax liabilities with IRS for $145M
PARSIPPANY, N.J.—Lodging company Wyndham Worldwide Corp. said Wednesday it expects to pay $145 million in the third quarter to the Internal Revenue Service to resolve certain tax liabilities.
The settlement is the result of an audit of Wyndham's former parent company, Cendant Corp., for federal income tax returns for 2003 through 2006. Wyndham was included on Cendant's tax returns before it was spun off in August 2006.
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The settlement is the result of an audit of Wyndham's former parent company, Cendant Corp., for federal income tax returns for 2003 through 2006. Wyndham was included on Cendant's tax returns before it was spun off in August 2006.
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Vendor That Inspired Seinfeld's Soup Nazi Reopens Restaurant in NYC
Just don’t make him angry.
New York restaurateur and soup-slinger Al Yeganeh, best known for inspiring the Soup Nazi character on Seinfeld (“No soup for you!”), reopened his New York location, MSNBC reports.
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New York restaurateur and soup-slinger Al Yeganeh, best known for inspiring the Soup Nazi character on Seinfeld (“No soup for you!”), reopened his New York location, MSNBC reports.
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Challenge ahead for Biltmore Hotel: profitability vs. upkeep
Over the past 17 years, the Biltmore Hotel has spent more than $9 million to repair the roof and hotel balconies, nearly $8 million to renovate the guest rooms and more than $3 million to expand its fitness center and build a luxury spa on the hotel's seventh floor.
It's all part of running a national historic landmark and luxury hotel, says Seaway Corp., the company that leases the property and golf course from the owner, the city of Coral Gables.
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It's all part of running a national historic landmark and luxury hotel, says Seaway Corp., the company that leases the property and golf course from the owner, the city of Coral Gables.
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Gucci Stops Founder’s Descendant Using Name for Dubai Hotel
July 22 (Bloomberg) -- Gucci, the luxury-goods company owned by PPR SA, said it won an injunction preventing unauthorized use of the Elisabetta Gucci name, thwarting plans by the great-granddaughter of the founder to open a chain of hotels under her moniker.
The use of Elisabetta Gucci’s name “has caused customer confusion and has been harmful to Gucci’s business,” the company said in an e-mail today that was confirmed by a spokeswoman. The ruling by a Florence court “will hopefully act as a significant deterrent for those who intend to unlawfully license or commercially exploit the Gucci trademarks.”
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The use of Elisabetta Gucci’s name “has caused customer confusion and has been harmful to Gucci’s business,” the company said in an e-mail today that was confirmed by a spokeswoman. The ruling by a Florence court “will hopefully act as a significant deterrent for those who intend to unlawfully license or commercially exploit the Gucci trademarks.”
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Union to protest today at Hyatt hotels
(Crain’s) — Aiming to ratchet up the pressure on Hyatt Hotels Corp. and gain an edge in labor contract talks, union activists plan protests Thursday at Hyatt hotels in 15 North American cities, including Chicago.
About 200 demonstrators plan to provoke police with a civil disobedience action Thursday afternoon in front of the Hyatt Regency Chicago, according to Unite Here Local 1, which represents about 6,500 downtown hotel employees who have been working without a labor contract since last August.
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About 200 demonstrators plan to provoke police with a civil disobedience action Thursday afternoon in front of the Hyatt Regency Chicago, according to Unite Here Local 1, which represents about 6,500 downtown hotel employees who have been working without a labor contract since last August.
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Hyatt looking to sell Long Beach's Hyatt Regency
LONG BEACH - In an effort to expand its brand, Hyatt Hotels Corp. is looking to sell the Hyatt Regency in Long Beach and reportedly nine other properties.
Hyatt Hotels, which has 430 Hyatts internationally that the company either owns, manages or franchises, would continue to operate the 528-room hotel in Long Beach with the same staff members.
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Hyatt Hotels, which has 430 Hyatts internationally that the company either owns, manages or franchises, would continue to operate the 528-room hotel in Long Beach with the same staff members.
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The Marcus Corporation Reports Fourth Quarter and Fiscal 2010 Results
MILWAUKEE, Jul 22, 2010 (BUSINESS WIRE) -- The Marcus Corporation /quotes/comstock/13*!mcs (MCS 11.16, +0.74, +7.10%) today reported results for the fourth quarter and fiscal year ended May 27, 2010. Marcus Hotels and Resorts had a strong fourth quarter and Marcus Theatres(R) achieved record results for the second consecutive year.
Fourth Quarter Fiscal 2010 Highlights
-- Total revenues for the fourth quarter of fiscal 2010 were $89,106,000, a 5.9% increase from revenues of $84,171,000 for the fourth quarter of fiscal 2009.
-- Operating income was $7,217,000 for the fourth quarter of fiscal 2010, a 46.3% increase from operating income of $4,932,000 for the same period in the prior year.
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Fourth Quarter Fiscal 2010 Highlights
-- Total revenues for the fourth quarter of fiscal 2010 were $89,106,000, a 5.9% increase from revenues of $84,171,000 for the fourth quarter of fiscal 2009.
-- Operating income was $7,217,000 for the fourth quarter of fiscal 2010, a 46.3% increase from operating income of $4,932,000 for the same period in the prior year.
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Host Hotels & Resorts, Inc. Acquires Le Meridien Piccadilly in London for 64 Million pounds Sterling
BETHESDA, Md., July 22, 2010 /PRNewswire via COMTEX/ -- Host Hotels & Resorts, Inc. /quotes/comstock/13*!hst/quotes/nls/hst (HST 13.98, +0.40, +2.95%) today announced that it acquired the 266-room Le Meridien Piccadilly in London, England at a purchase price of 64 million pounds, including the assumption of a 33 million pound mortgage. The hotel is located in the prestigious Mayfair district of London, a central location for both business and leisure travelers and offers 12,000 square feet of meeting space as well as a large health club featuring one of the largest indoor pools in the London hotel market.
Starwood Profit Beats Estimates; Hotel Company Raises 2010 Revpar Forecast
Starwood Hotels & Resorts Worldwide Inc., owner of luxury brands including the St. Regis and W hotels, reported earnings that beat analysts’ estimates and raised its forecast for revenue per available room.
Excluding one-time items, income from continuing operations rose to $67 million, or 35 cents a share, from $40 million, or 22 cents, a year earlier, the White Plains, New York-based company said in a statement today. Analysts predicted earnings on that basis of 26 cents a share, according to the average of 18 estimates compiled by Bloomberg.
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Excluding one-time items, income from continuing operations rose to $67 million, or 35 cents a share, from $40 million, or 22 cents, a year earlier, the White Plains, New York-based company said in a statement today. Analysts predicted earnings on that basis of 26 cents a share, according to the average of 18 estimates compiled by Bloomberg.
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Wednesday, July 21, 2010
Tip Lawsuit Settled For $526,000
Tipped employees of Turtle Bay Resort have won a $526,000 settlement from the North Shore hotel over gratuities divided between workers and the company unbeknownst to customers.
The settlement is a result of a lawsuit filed in January 2009 that claimed Turtle Bay violated a fairly new state law requiring hotels and restaurants to distribute service charges for food or beverage service entirely to employees, or clearly tell customers if any portion of service charges is retained by management. Brandee Faria, a local attorney with Perkin & Faria representing Turtle Bay employees, said the case was the first to be resolved of several filed over the last couple of years against Hawaii hotels .
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The settlement is a result of a lawsuit filed in January 2009 that claimed Turtle Bay violated a fairly new state law requiring hotels and restaurants to distribute service charges for food or beverage service entirely to employees, or clearly tell customers if any portion of service charges is retained by management. Brandee Faria, a local attorney with Perkin & Faria representing Turtle Bay employees, said the case was the first to be resolved of several filed over the last couple of years against Hawaii hotels .
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China's Hilton loses 5-star rating over flesh trade
BEIJING: The Chinese government's campaign against prostitution, which usually targets karaoke joints, low-budget hotels and so-called massage parlours, has claimed a somewhat unexpected victim. The Hilton Hotel in southwest China's Chongqing city has lost its five-star rating after it was involved in a prostitution investigation.
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Louisville Marriott Settles Discrimination Suit
LOUISVILLE, KY (WAVE) - After not be allowed to wear their religious head scarf to work, four Somali women are now receiving compensation. The Louisville Marriott Downtown Hotel told the four women of Muslim faith they were not allowed to wear their hijabs while at work.
The U.S Equal Employment Opportunity Commission filed a discrimination lawsuit. The suit argued the right granted by Title VII of the Civil Rights Act of 1964, which requires employers to reasonably accommodate the sincerely held religious beliefs.
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The U.S Equal Employment Opportunity Commission filed a discrimination lawsuit. The suit argued the right granted by Title VII of the Civil Rights Act of 1964, which requires employers to reasonably accommodate the sincerely held religious beliefs.
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Luxury hotel to open in London stately home
Hilton is to open a landmark hotel on the West London estate of the Duke of Northumberland, it announced July 19.
The London Syon Park will be part of the chain's luxury Waldorf Astoria collection and is designed to fit in with its opulent surroundings - right down to the butterfly house in the lobby.
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The London Syon Park will be part of the chain's luxury Waldorf Astoria collection and is designed to fit in with its opulent surroundings - right down to the butterfly house in the lobby.
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Greensboro Wyndham Hotel Moves Forward
GREENSBORO N.C. (WGHP) - A proposed downtown Greensboro luxury Wyndham hotel is one step closer to a $26 million federal recovery bond.
On Tuesday, the Guilford County Bond Authority unanimously voted to send the proposal to Raleigh where developers will need to win approval to receiving the federal bond.
The proposed 10-story, 180 room luxury hotel would be located near the corner of South Elm Street and February One Place.
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On Tuesday, the Guilford County Bond Authority unanimously voted to send the proposal to Raleigh where developers will need to win approval to receiving the federal bond.
The proposed 10-story, 180 room luxury hotel would be located near the corner of South Elm Street and February One Place.
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Accor, InterGlobe set up investment fund for Indian hotel assets
MUMBAI: Leading hotel operator Accor and InterGlobe, a travel corporation, on Wednesday announced the establishment of an investment fund for a
portfolio of India hotel assets.
Accor and InterGlobe would each hold 32 per cent equity in the fund.
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portfolio of India hotel assets.
Accor and InterGlobe would each hold 32 per cent equity in the fund.
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Two Baltimore hotel developments going to the auction block
Two partially renovated office buildings in downtown Baltimore, both undergoing conversion to hotels, are scheduled to be sold at back-to-back auctions next month in foreclosure sales on behalf of the lenders. Alex Cooper Auctioneers is handling both sales for BB&T Corp.
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LaSalle Hotel Properties Reports Second Quarter Results
BETHESDA, Md., Jul 21, 2010 (BUSINESS WIRE) -- LaSalle Hotel Properties /quotes/comstock/13*!lho/quotes/nls/lho (LHO 21.66, -0.42, -1.90%) today reported net income to common shareholders of $8.0 million, or $0.11 per diluted share for the quarter ended June 30, 2010, compared to net income of $8.2 million, or $0.16 per diluted share for the second quarter of 2009.
For the quarter ended June 30, 2010, the Company generated funds from operations ("FFO") of $35.9 million versus $35.6 million for the second quarter of 2009. On a per diluted share basis, FFO for the second quarter was $0.52, compared to $0.70 for the same period of 2009.
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For the quarter ended June 30, 2010, the Company generated funds from operations ("FFO") of $35.9 million versus $35.6 million for the second quarter of 2009. On a per diluted share basis, FFO for the second quarter was $0.52, compared to $0.70 for the same period of 2009.
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Starbucks Reports Record Third Quarter Earnings
SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its fiscal third quarter ended June 27, 2010, updated FY10 targets, and introduced FY11 targets.
Fiscal Third Quarter 2010 Highlights:
•Comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦U.S. comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦International comparable store sales increased 6%, driven by a 4% increase in traffic and a 2% increase in average ticket
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Fiscal Third Quarter 2010 Highlights:
•Comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦U.S. comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦International comparable store sales increased 6%, driven by a 4% increase in traffic and a 2% increase in average ticket
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Tuesday, July 20, 2010
Number of US restaurants falls 1 percent from last year, mom-and-pops hurt more than chains
CHICAGO (AP) - More restaurants have shut their doors as high unemployment and lackluster wage gains keep diners from eating out. The number of U.S. restaurants slipped 1 percent this spring from the same time last year, according to market research released Tuesday.
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O’Brien's Restaurant founder accuses son of fraud
The patriarch of the O’Brien family, owner of O’Brien’s Restaurant in Old Town and other businesses, has accused his son of fraud in gaining control of the enterprises.
Daniel O’Brien sued his son Peter in Cook County Circuit Court, saying that over 15 years Peter deceived him and his wife into signing documents that transferred the control. Peter O’Brien, prominent in Chicago business circles and until recently a member of the board that ran McCormick Place, was largely running the businesses on his parents’ behalf.
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Daniel O’Brien sued his son Peter in Cook County Circuit Court, saying that over 15 years Peter deceived him and his wife into signing documents that transferred the control. Peter O’Brien, prominent in Chicago business circles and until recently a member of the board that ran McCormick Place, was largely running the businesses on his parents’ behalf.
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Anyone Named Dave, David, or Davy Eats Free at Famous Dave's Bar-B-Que Restaurants on Sunday, August 1, 2010
MINNEAPOLIS, Jul 20, 2010 (GlobeNewswire via COMTEX) -- Calling all BBQ lovin' Dave's, David's and Davy's! On Sunday, August 1, 2010, Famous Dave's Bar-B-Que Restaurants /quotes/comstock/15*!dave/quotes/nls/dave (DAVE 7.95, +0.11, +1.40%) are offering anyone with the first name of Dave, David or Davy a free entree (maximum value of $15) at participating locations nationwide. Anyone with the middle name of Dave, David or Davy can also join in on this special celebration by receiving one entree for half price (maximum value of $7.50). Celebrating the award-winning BBQ restaurant's "Sweet and Sassy" 16 year anniversary and honoring the Founder, "Famous Dave" Anderson, this one-day-only event has been brought back by wildly popular demand and is being offered for the second year in a row. A Buck-a-Bone rib special is also available to everyone dining in the restaurant or taking BBQ TO GO.
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'Entourage' stars among investors in NY restaurant
SARATOGA SPRINGS, N.Y. — Two stars of the HBO series "Entourage" are backing the new owners of a popular restaurant next door to a racetrack in eastern New York.
Kevin Connolly, who plays Eric "E" Murphy on "Entourage," and Kevin Dillon, who portrays Johnny "Drama" Chase, are among the investors in Siro's in Saratoga Springs.
Both actors are from New York.
Mortgage banker Keith Kantrowitz said Monday that his group bought the restaurant. He says the investors all have personal relationships with at least one of the owners.
The restaurant had been purchased from a group that had owned it since the early 1980s. A sale price wasn't disclosed.
Kevin Connolly, who plays Eric "E" Murphy on "Entourage," and Kevin Dillon, who portrays Johnny "Drama" Chase, are among the investors in Siro's in Saratoga Springs.
Both actors are from New York.
Mortgage banker Keith Kantrowitz said Monday that his group bought the restaurant. He says the investors all have personal relationships with at least one of the owners.
The restaurant had been purchased from a group that had owned it since the early 1980s. A sale price wasn't disclosed.
Man Charged in Debit Card Scam after Hotel Employees Find $100,000
A 21-year-old Quebec man has been charged in connection with a debit-card skimming scam in Saskatoon that netted nearly $100,000.
On Sunday, Saskatoon police were called to a hotel in the 100 block of Cardinal Crescent after staff discovered the cash — mostly $20 bills — in a hotel room.
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On Sunday, Saskatoon police were called to a hotel in the 100 block of Cardinal Crescent after staff discovered the cash — mostly $20 bills — in a hotel room.
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City Developments acquires New York's Renaissance Syracuse Hotel
SINGAPORE: Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York.
The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income.
The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake.
The 20-storey Renaissance Syracuse Hotel sits on freehold land and currently has 279 rooms.
The company believes the hotel will benefit from its proximity to educational, medical and transport hubs, such as Syracuse University, the State University of New York Upstate Medical University and Syracuse Hancock International Airport.
The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income.
The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake.
The 20-storey Renaissance Syracuse Hotel sits on freehold land and currently has 279 rooms.
The company believes the hotel will benefit from its proximity to educational, medical and transport hubs, such as Syracuse University, the State University of New York Upstate Medical University and Syracuse Hancock International Airport.
Accor Reports First-Half Sales Gain as Hotel Occupancy Recovers
July 20 (Bloomberg) -- Accor SA, Europe’s largest hotel company, said first-half sales rose as occupancy improved.
Revenue climbed 6 percent to 2.85 billion euros ($3.7 billion), the Evry, France-based company said in a statement today. Excluding the services unit, which was spun off this month, second-quarter sales increased to 1.72 billion euros from 1.57 billion euros a year earlier, beating the 1.64 billion-euro average estimate from four analysts surveyed by Bloomberg.
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Revenue climbed 6 percent to 2.85 billion euros ($3.7 billion), the Evry, France-based company said in a statement today. Excluding the services unit, which was spun off this month, second-quarter sales increased to 1.72 billion euros from 1.57 billion euros a year earlier, beating the 1.64 billion-euro average estimate from four analysts surveyed by Bloomberg.
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Ritz Carlton To Open Worlds Tallest Hotel In Hong Kong
Maybe the Ritz-Carlton saw the Armani Hotel Dubai in the Burj Khalifa--the current tallest building in the world--as a challenge. Or, maybe the hotel group just wanted to create some local competition with the Park Hyatt Shanghai (to date the highest rooftop observation deck in Asia). Or, maybe still, the pending opening of the tallest hotel in the world was just another way for the legendary hotel group to make an unforgettable impression. Whatever the case, the Ritz-Carlton's re-entry into Hong Kong is prepped to be one of the biggest and grandest events in hotel history, and we got a sneak peak at what's to come
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Extended Stay Wins Court Approval of Plan to Sell Assets, Exit Bankruptcy
Extended Stay Inc., the bankrupt U.S. hotel operator, won approval of its plan to pay creditors by selling its assets to Centerbridge Partners LP, Paulson & Co. and Blackstone Group LP.
U.S. Bankruptcy Judge James Peck in New York today approved Extended Stay’s restructuring plan, which calls for the Centerbridge group to pay $3.9 billion for the company’s hotels.
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U.S. Bankruptcy Judge James Peck in New York today approved Extended Stay’s restructuring plan, which calls for the Centerbridge group to pay $3.9 billion for the company’s hotels.
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$3M repayment plan for Biltmore Hotel OK'd
Coral Gables commissioners and The Biltmore Hotel agreed to a plan late Monday that will allow the hotel's operator to repay more than $3 million currently owed to city taxpayers.
"I’m really hopeful this is the start of a larger process that will attempt to ensure we have a sustainable relationship," said Commissioner Ralph Cabrera.
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"I’m really hopeful this is the start of a larger process that will attempt to ensure we have a sustainable relationship," said Commissioner Ralph Cabrera.
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Kingdom Holding Net Grows 47% on Revenue From Hotels
July 20 (Bloomberg) -- Kingdom Holding Co., an investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal, said second-quarter profit advanced 47 percent on revenue from global hotel operations and units inside Saudi Arabia.
Net income increased to 135.4 million riyals ($36.1 million) from 92.1 million riyals in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today. The company is “experiencing improving results from its hotel operations and its domestic entities,” it said.
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Net income increased to 135.4 million riyals ($36.1 million) from 92.1 million riyals in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today. The company is “experiencing improving results from its hotel operations and its domestic entities,” it said.
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Glasgow Hilton Hotel sickness caused by norovirus
An outbreak of vomiting and diarrhoea at the Hilton Hotel in Glasgow was caused by the norovirus bug, health officials have confirmed.
NHS Greater Glasgow and Clyde (GGC) said a total of 83 people had shown symptoms since last Wednesday - 63 guests and 20 members of staff.
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NHS Greater Glasgow and Clyde (GGC) said a total of 83 people had shown symptoms since last Wednesday - 63 guests and 20 members of staff.
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Monday, July 19, 2010
Hotel Files Bankruptcy for Second Time
DAYTON — For the second time in seven months, the corporation that owns the hotel building operated as a Baymont Inn and Suites in Fairborn has filed for Chapter 11 protection in U.S. Bankruptcy Court.
The Premier Hotel Group LLC, which owns the hotel building at 730 E. Xenia Drive, estimated both its assets and liabilities to be between $1 million and $10 million in the latest filing on Friday, July 16.
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The Premier Hotel Group LLC, which owns the hotel building at 730 E. Xenia Drive, estimated both its assets and liabilities to be between $1 million and $10 million in the latest filing on Friday, July 16.
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Appollo’s Innkeepers USA Seeks Bankruptcy Protection
July 19 (Bloomberg) -- Innkeepers USA Trust, a hotel investment company Leon Black’s Apollo Investment Corp. bought three years ago, filed for bankruptcy protection after room revenue fell and debt payments rose.
The Palm Beach, Florida-based company with a stake in 72 U.S. hotels owes more than $1 billion, according to Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. A prearranged plan supported by franchisor Marriott International Inc. will let Innkeeper’s retain its properties as it reorganizes, Innkeeper’s Chief Financial Officer Dennis Craven said.
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The Palm Beach, Florida-based company with a stake in 72 U.S. hotels owes more than $1 billion, according to Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. A prearranged plan supported by franchisor Marriott International Inc. will let Innkeeper’s retain its properties as it reorganizes, Innkeeper’s Chief Financial Officer Dennis Craven said.
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Friday, July 16, 2010
Starwood Property Trust Announces $175 Million of Additional Capital Commitments
GREENWICH, Conn., July 15 /PRNewswire-FirstCall/ -- Starwood Property Trust (NYSE: STWD) (the "Company") announced today that the Company has recently committed to invest approximately $175 million of capital in three separate transactions. In July, the Company sourced and was the lead lender in the origination of a $138.0 million renovation loan (the "Hotel Loan") for the Hyatt Regency New Orleans (the "Hotel") and was the purchaser of an $85.0 million subordinate first mortgage loan (the "Mall Loan") secured by a regional mall located in suburban Columbus, Ohio (the "Mall") for a discounted purchase price of $68.6 million. In addition, the Company has committed to purchase an additional $45.5 million participation in a B-note secured by four resorts in the United Kingdom (the "Corporate Loan") for a discounted purchase price of $37.4 million.
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Morgans Hotel Refinances Debt
Morgans Hotel Group Co. (MHGC - Snapshot Report) announced recently that it has refinanced in full the existing mortgage debt secured by two hotels in London. The company enjoys a 50% ownership through a joint venture with an affiliate of Walton Street Capital in these two hotels. Morgans Hotel Group’s operates the two hotels – Sanderson and St Martins Lane in London under a long-term management contract.
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Feds charge developer's brother with Hotel 71 fraud
(Crain’s) — Federal prosecutors have filed criminal charges against the brother of fallen hotel developer Robert Falor, alleging that he siphoned at least $4 million from the failed redevelopment of Hotel 71 on Wacker Drive.
Christopher Falor, who oversaw the renovation of the riverside hotel nearly five years ago, falsified invoices and other documents to divert money from the project to other real estate investments and to cover personal expenses including cars and credit-card bills, according to a complaint filed June 23 in U.S. District Court in Chicago.
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Christopher Falor, who oversaw the renovation of the riverside hotel nearly five years ago, falsified invoices and other documents to divert money from the project to other real estate investments and to cover personal expenses including cars and credit-card bills, according to a complaint filed June 23 in U.S. District Court in Chicago.
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Erin Andrews sues seven hotels for giving stalker her room number
ESPN reporter Erin Andrews, who was videotaped nude in hotel rooms by a stalker, filed a lawsuit Thursday (July 15) against seven hotels for giving out her room numbers to her stalker.
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Marriott International Reports Second Quarter 2010 Results
Second quarter diluted earnings per share (EPS) totaled $0.31, ahead of expectations and prior year results;
Total fee revenue increased 13 percent to $287 million as a result of strong revenue per available room (REVPAR) and unit growth. Incentive fees climbed 31 percent;
Worldwide company-operated comparable REVPAR rose 9.9 percent (an 8.2 percent increase using constant dollars). Average daily rate rose 1.6 percent (a 0.1 percent increase using constant dollars);
North American company-operated comparable REVPAR increased 7.9 percent (a 7.5 percent increase using constant dollars) with a 1.2 increase in average daily rate (a 0.8 percent increase using constant dollars);
The company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled nearly 95,000 rooms, including over 36,000 rooms outside North America;
Over 6,500 rooms opened during the second quarter, including over 1,800 rooms in international markets and nearly 1,300 rooms converting from competitor brands. At the end of the second quarter, Marriott’s newest brand, The Autograph Collection, included 10 hotels with over 1,500 rooms.
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Total fee revenue increased 13 percent to $287 million as a result of strong revenue per available room (REVPAR) and unit growth. Incentive fees climbed 31 percent;
Worldwide company-operated comparable REVPAR rose 9.9 percent (an 8.2 percent increase using constant dollars). Average daily rate rose 1.6 percent (a 0.1 percent increase using constant dollars);
North American company-operated comparable REVPAR increased 7.9 percent (a 7.5 percent increase using constant dollars) with a 1.2 increase in average daily rate (a 0.8 percent increase using constant dollars);
The company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled nearly 95,000 rooms, including over 36,000 rooms outside North America;
Over 6,500 rooms opened during the second quarter, including over 1,800 rooms in international markets and nearly 1,300 rooms converting from competitor brands. At the end of the second quarter, Marriott’s newest brand, The Autograph Collection, included 10 hotels with over 1,500 rooms.
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Welcome To The Foreclosed Hotel California
California's hospitality market continued to experience severe problems during the second quarter of this year, according to a survey released by Atlas Hospitality Group, based in Irvine, Calif.
The survey found that 478 California hotels were in default or foreclosure during the second quarter of 2010, an 18% increase from the first quarter 2010 and 132% over the second quarter of 2009. The number of foreclosed hotels increased 27% from the first quarter, from 79 to 100, while the total number of hotel rooms foreclosed on was at 7,560 in the second quarter, up 255% from the same period in 2009.
In the second quarter, 78% of the foreclosed hotels were independent properties, down from 90% in the first quarter. Of the 100 hotels that were foreclosed on during the second quarter, only 12 had been resold to new investors. The largest hotel to be foreclosed on was the 512-room Holiday Inn in San Jose.
SOURCE: Atlas Hospitality Group
The survey found that 478 California hotels were in default or foreclosure during the second quarter of 2010, an 18% increase from the first quarter 2010 and 132% over the second quarter of 2009. The number of foreclosed hotels increased 27% from the first quarter, from 79 to 100, while the total number of hotel rooms foreclosed on was at 7,560 in the second quarter, up 255% from the same period in 2009.
In the second quarter, 78% of the foreclosed hotels were independent properties, down from 90% in the first quarter. Of the 100 hotels that were foreclosed on during the second quarter, only 12 had been resold to new investors. The largest hotel to be foreclosed on was the 512-room Holiday Inn in San Jose.
SOURCE: Atlas Hospitality Group
Sanguine plans £100m expansion with 16 new hotels
Sanguine Hospitality Management Group has announced a £100m investment fund to develop 16 hotels.
The company - which already owns and operates eight hotels and restaurants through licensed agreements with Wyndham, InterContinental, Hilton and Marco Pierre White - is raising the money through Trident, a distressed hotel fund based in Guernsey.
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The company - which already owns and operates eight hotels and restaurants through licensed agreements with Wyndham, InterContinental, Hilton and Marco Pierre White - is raising the money through Trident, a distressed hotel fund based in Guernsey.
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St. Kitts to impose first sales, hotel taxes
St. Kitts and Nevis is planning a new 17 percent sales tax and a 10 hotel levy to boost revenue, taking a page from other Caribbean nations that have overhauled their tax schemes as tourism replaces sugar as the main source of income.
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Mitchells & Butlers In Hotel Sale Deal With Travelodge
LONDON (Dow Jones)--U.K. pub group Mitchells & Butlers PLC (MAB.LN) Thursday took the first major step in its new management's business strategy, selling its 52 hotels for GBP91 million, with budget hotel operator Travelodge taking on the leases in a 25-year deal.
The U.K. pub group said it was selling the Inkeeper's Lodges, which comprise 2,000 rooms, to Prupim, a property investment arm of Prudential PLC (PUK).
Prupim in turn has agreed to lease the hotels for 25 years to Travelodge, the budget hotel chain owned by Dubai Holding's investment arm.
The deal is the first under M&B's new strategy of selling non-core assets to focus on expanding its key brands.
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The U.K. pub group said it was selling the Inkeeper's Lodges, which comprise 2,000 rooms, to Prupim, a property investment arm of Prudential PLC (PUK).
Prupim in turn has agreed to lease the hotels for 25 years to Travelodge, the budget hotel chain owned by Dubai Holding's investment arm.
The deal is the first under M&B's new strategy of selling non-core assets to focus on expanding its key brands.
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London Hoteliers on Track to Achieve Double-digit RevPAR Growth in 2010
Marvin Rust, hospitality managing partner at Deloitte, commented: "These results are great news for hoteliers in the capital as they continue to build on the double-digit growth reported in Q1 2010. With the latest Deloitte CFO Survey showing financial optimism among many Chief Financial Officers falling to a 12-month low and many seeing a growing risk of a ‘double-dip’ recession, it is comforting to know that London’s hoteliers remain resilient and are implementing the right pricing strategies to fast track the recovery process.
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Hotel Union Square Mezz 1 Files Chapter 11 Liquidation Plan
July 14 (Bloomberg) -- Hotels Union Square Mezz 1 LLC and Hotels Union Square Mezz 2 filed a joint liquidation plan today that would wind up the bankruptcy cases relating to the W New York Union Square hotel.
The New York hotel, which features Rande Gerber's Underbar, is operated by a unit of White Plains, New York-based Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company. Under the terms of the plan, W Hotel Management Inc. will continue to manage the hotel under its existing agreement.
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The New York hotel, which features Rande Gerber's Underbar, is operated by a unit of White Plains, New York-based Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company. Under the terms of the plan, W Hotel Management Inc. will continue to manage the hotel under its existing agreement.
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Marriott adds Fla. hotel to boutique group
A boutique hotel in downtown Tallahassee is joining Marriott International Inc.'s Autograph collection of luxury hotels.
The 117-room Hotel Duval will be the eleventh Autograph property.
It will keep its name, identity and autonomy but use Marriott's resources for sales, marketing and reservations. Terms weren't disclosed.
The 117-room Hotel Duval will be the eleventh Autograph property.
It will keep its name, identity and autonomy but use Marriott's resources for sales, marketing and reservations. Terms weren't disclosed.
Host Hotels to buy New York W
Bethesda-based Host Hotels & Resorts, which already owns the W New York on Lexington Avenue, will lead a group of investors buying the W New York Union Square as part of a bankruptcy settlement, Bloomberg News reported.
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Marriott plans higher room rates to match uptick in corporate travel
Marriott International said Thursday it plans to raise room rates in the coming months, as demand from travelers picks up.
The plan follows the release of quarterly results that surpassed analysts expectations. For the three months ending June 18, Marriott earned $119 million, or 31 cents per share, up 42 percent from the same period a year ago. Revenue totaled nearly $2.8 billion, compared with $2.6 billion for the second quarter of 2009.
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The plan follows the release of quarterly results that surpassed analysts expectations. For the three months ending June 18, Marriott earned $119 million, or 31 cents per share, up 42 percent from the same period a year ago. Revenue totaled nearly $2.8 billion, compared with $2.6 billion for the second quarter of 2009.
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Wednesday, July 14, 2010
Thayer Buys 395-Key Hotel from JER
FALLS CHURCH, Va. - JER Partners and Thayer Hotel Investors V LP have closed on the sale of the 395-room Fairview Park Marriott, the only hotel in the Northern Virginia suburban office park.
JER bought the hotel in February 2007, pumping $3.9 million or $10,000 per key into a renovation of the lounge, restaurant, lobby, 15,000 square feet of meeting space and fitness center. In May 2009, JER completed a discounted payoff on a significant portion of the htoel's debt and extended the maturity for the remainder of the term.
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JER bought the hotel in February 2007, pumping $3.9 million or $10,000 per key into a renovation of the lounge, restaurant, lobby, 15,000 square feet of meeting space and fitness center. In May 2009, JER completed a discounted payoff on a significant portion of the htoel's debt and extended the maturity for the remainder of the term.
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Chase free hotel nights with new credit card
Chase this week introduced its revamped InterContinental Hotel Group rewards credit card. Anyone who signs up gets 30,000 bonus points after making an initial purchase on the account.
InterContinental operates chains including the Crowne Plaza, Holiday Inn and InterContinental.
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InterContinental operates chains including the Crowne Plaza, Holiday Inn and InterContinental.
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JLL Hotels: 2010 Sales Top $2.2B YTD
NEW YORK - The volume of U.S. hotel transactions year to date has skyrocketed 153 percent above last year's midyear total. Jones Lang LaSalle Hotels has tracked $2.2 billion of sales since the start of the year.
JLL's proprietary database tracks true asset transactions of $10 million or more, excluding note sales, recapitalizations and foreclosures. The midyear analysis has JLL upping its projection to $4 billion to $4.5 billion from $3.5 billion for 2010's full year of sales. The projection excludes the $4 billion pending closing of the Extended Stay America transaction
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JLL's proprietary database tracks true asset transactions of $10 million or more, excluding note sales, recapitalizations and foreclosures. The midyear analysis has JLL upping its projection to $4 billion to $4.5 billion from $3.5 billion for 2010's full year of sales. The projection excludes the $4 billion pending closing of the Extended Stay America transaction
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DiamondRock 2Q View Misses Street But Lifts FY Targets
DiamondRock Hospitality Co. (DRH) said second-quarter adjusted funds from operations are expected to come in slightly under Wall Street's expectations, but the company lifted its full-year view, as it noted fundamentals have improved.
Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
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Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
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Steve Wynn Buys Plaza Hotel Penthouse for $23 Million
Steve Wynn, the casino developer and chairman of Wynn Resorts, has purchased one of the largest penthouses at the Plaza Hotel, after a previous owner walked out on a contract to buy the apartment, brokers said.
The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
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The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
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Hilton turns over guest Internet services to AT&T
McLEAN, Va. — Hilton Worldwide said Wednesday that AT&T will manage Wi-Fi and Internet services at its 3,200 hotels in the U.S. and Canada.
AT&T will operate the "Stay Connected" program for Hilton's ten brands, the company said. The Dallas-based phone company has already designed and installed equipment for the program.
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AT&T will operate the "Stay Connected" program for Hilton's ten brands, the company said. The Dallas-based phone company has already designed and installed equipment for the program.
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First review of mega-hotel the Marina Bay Sands
A LUXURY luxury hotel in Singapore has stolen the title of the world's most expensive and wowed tourists with its unique design.
The Marina Bay Sands hotel is a $5 billion integrated resort with 55 levels, a huge infinity pool on top, an indoor canal, a museum shaped like a lotus flower, shops and restaurants, theatres, a museum and a casino.
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The Marina Bay Sands hotel is a $5 billion integrated resort with 55 levels, a huge infinity pool on top, an indoor canal, a museum shaped like a lotus flower, shops and restaurants, theatres, a museum and a casino.
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Four Seasons Nevis Will Reopen on December 15
The Four Seasons Nevis closed back in October 2008 after Hurricane Omar tore through St. Kitts and Nevis islands. The hotel had hoped to reopen in February 2009 then again in November 2009 but the tough economy forced the property to stay closed until things got better.
Well, things must be better now as the resort is planning to open on December 15. Even better the hotel's website is already accepting and confirming reservations for that date. We found rooms for $345 USD for a deluxe mountain side room which offer partial views of Nevis peak and the nearby old sugar mill. Rooms also promise loveseats, a balcony or patio, deep soaking tubs and marble dining tables for two.
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Well, things must be better now as the resort is planning to open on December 15. Even better the hotel's website is already accepting and confirming reservations for that date. We found rooms for $345 USD for a deluxe mountain side room which offer partial views of Nevis peak and the nearby old sugar mill. Rooms also promise loveseats, a balcony or patio, deep soaking tubs and marble dining tables for two.
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Tuesday, July 13, 2010
Pebblebrook to purchase Hotel Monaco
Pebblebrook Hotel Trust plans to acquire D.C.’s Hotel Monaco and conduct a $350 million public stock offering, according to documents filed Tuesday with the U.S. Securities and Exchange Commission.
The Bethesda-based real estate investment trust is under contract to purchase the 183-room hotel for $74 million, according to the filing. It is one of two hotels the company plans to acquire soon, the other being The Grand Hotel in Minneapolis.
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The Bethesda-based real estate investment trust is under contract to purchase the 183-room hotel for $74 million, according to the filing. It is one of two hotels the company plans to acquire soon, the other being The Grand Hotel in Minneapolis.
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Seville Hotel On South Beach in $58M short sale
The shuttered Seville Hotel South Beach was sold to an affiliate of Courtyard by Marriott for $57.5 million. That’s $9.5 million less than the foreclosure claim filed over it.
The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
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The short sale, allowed by First Bank Puerto Rico (NYSE: FBP) on June 30, was quickly followed by the dismissal of the $67 million foreclosure lawsuit, which was filed in September and named Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein.
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Hotel workers' union protests at Disneyland
ANAHEIM, Calif. — Mickey Mouse mask-wearing protesters were among about 325 union members and supporters who demonstrated against Disneyland over a hotel employee contract dispute.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
Protesters on Monday wore masks colored with a black eye to represent the union's message that Disney is the black eye of Anaheim, where the amusement park is located.
About 2,100 Disney hotel employees have worked without a contract for about two and a half years and there have been periodic protests. The main sticking point is health care costs.
Disneyland spokeswoman Suzi Brown says it's unfortunate that the union "continues to focus its energy on protesting" rather than ensuring its members have the security of a contract.
The World Is Ending - Restaurant Offers "Green" Drinks Special
The drinks are green Tuesday as Boone's environmentally savvy gather for their monthly meet-and-greet, this time at Peppers Restaurant.
It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
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It's another installment of Green Drinks, the social outlet for area greenies, and this month's sponsor is local green consulting firm Building Performance Engineering.
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Dallas company buys bankrupt restaurant chain Max & Erma's
Concept Development Partners LLC, an affiliate of Dallas-based CIC Partners, has signed a deal to buy “substantially all” of the bankrupt restaurant chain Max & Erma’s Inc.
The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
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The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
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Yum! Brands Inc. Reports Second Quarter 2010 EPS of $0.58,
Louisville, KY (July 13, 2010) — Yum! Brands Inc. (NYSE: YUM) today reported results for the
second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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Benihana Inc. to Explore Strategic Alternatives
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today announced that its Board of Directors has decided to explore strategic alternatives available to the Company, including a possible sale, in order to maximize shareholder value
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Quiznos activates strategy to bounce back
Quiznos used to be everyone's new favorite sub shop -- that kept going out of business.
At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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The Top 5 Closed-Door Restaurants in Buenos Aires
Unlike the States, where pesky codes and laws interrupt the dreams of gourmets with culinary skills but no official space, Buenos Aires and its bribe-friendly approach to these matters means that anyone who wants to can give restauranteering a shot. A wet dream for chefs, foodies, and trend-piece writers, puerta cerradas offers a different sort of dining experience focused on elaborate menus and more attentive service. Whether it's a less wussy approach to spices, savory Italian fare, or a full-on feast, many of the city's closed-door restaurants provide a tasty alternative to Palermo's latest fusion misstep. In case you can't possibly swallow another steak, here are the city's five best closed-door restaurants, reservations definitely required in advance.
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Noble Buys 126-Room Hotel
ATLANTA - Armed with an expansion plan, Noble Investment Group has acquired the 126-room Holiday Inn Charleston Historic District and an adjacent parcel to add 50 guestrooms and 2,500 square feet of meeting space to the hotel. In 2011, the hotel will be re-branded as a 176-key Courtyard by Marriott Charleston Historic District with 5,000 square feet of meeting space.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Supertel Hospitality, Inc. Announces Sale of Hotel Properties
NORFOLK, NE, Jul 12, 2010 (MARKETWIRE via COMTEX) -- Supertel Hospitality, Inc. (Supertel), a real estate investment trust (REIT) which owns 111 hotels in 23 states, announced today that it closed on the sale of three hospitality properties during the past 35 days. Combined net proceeds from the sales totaled $3.02 million, which were used by Supertel to reduce balances on the company's credit facilities.
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Riviera Holdings, Las Vegas Casino Owner, Files for Bankruptcy
July 13 (Bloomberg) -- Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, filed for bankruptcy court protection under Chapter 11 in Nevada.
The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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Wynn tip policy not a violation of state law
A controversial tip-pooling program instituted by Wynn Resorts Ltd. nearly four years ago does not violate Nevada law, state Labor Commissioner Michael Tanchek wrote in a ruling released Monday.
The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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Monday, July 12, 2010
London 'has worst food in Europe'
British cities have fared poorly in a Europe-wide survey, with London having the worst food.
And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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City Hall Opens New Hotel Chain With Billionaire
Gostinichnaya Kompania, or GK, owned by billionaire Ronald Lauder and City Hall, is creating a new hotel chain called Vashotel.
The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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Morgans Hotel Group Provides Update on the Status of the Debt Secured by Hudson and Mondrian Los Angeles
NEW YORK, July 12 /PRNewswire-FirstCall/ -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced that it has entered into forbearance agreements with the lenders which hold the mortgage loans secured by its Hudson and Mondrian Los Angeles hotels. The forbearance agreements effectively extend the maturities of the loans until September 12, 2010 allowing the company and the lenders to complete the negotiation and documentation of the appropriate amendments to further extend the loans. Based on the negotiations to date, we believe that the time will result in a combination of amendments to the loans and extensions of the maturities.
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Italian judge orders Gaddafi's son to settle unpaid €392,000 hotel bill
An Italian judge has ordered Saadi Gaddafi, the third son of Libyan leader Muammar Gaddafi, to pay a €392,000 (£328,000) hotel bill he failed to settle.
Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Hilton official seek to improve flavor of hotels' restaurants
If you tuned in to last Wednesday's episode of Bravo's "Top Chef D.C.," you would have caught a glimpse of what Beth Scott does every day -- spicing up the menu.
On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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Sunday, July 11, 2010
Bahamian Hotels suffer $59m room revenue loss in 2009
THE Bahamas hotel industry lost more than $12 million in revenues during 2009 as a result of a 27 per cent year-over-year decline in business travellers, the Ministry of Tourism's yearly performance review has revealed.
Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Two Boston Blackies restaurants hit with foreclosure suits
(Crain’s) — Two Boston Blackies restaurants have been hit with foreclosure lawsuits, the latest setback for the burger chain, which is in bankruptcy protection and whose owners face criminal check-kiting charges.
Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Boston Blackies owner Nick Giannis has allegedly defaulted on two loans secured by two restaurants, the flagship location at 164 E. Grand Ave. in Streeterville and 222 E. Algonquin Road in Arlington Heights, according to complaints filed May 18 by Suburban Bank & Trust Co.
Mr. Giannis failed to make mortgage payments and pay property taxes, according to the two complaints filed by the Elmhurst-based bank.
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Wheeling's Westin Hotel hit with foreclosure suit
Despite a foreclosure suit, Wheeling's most prominent hotel will remain open and operate as usual, according to Wheeling village officials.
"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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"We have no knowledge that it wouldn't," said Director of Finance Michael Mondschain. "We are meeting with Westin officials next week and haven't heard anything from them so far that would indicate they would close."
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Gramercy Park Hotel owners default on loan
The Gramercy Park Hotel's website boasts the establishment is “original, romantic, surprising, poetic and whimsical.” It neglects to mention the hotel is also in financial trouble.
Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Noted hotel impresario Ian Schrager and commercial landlords Aby Rosen and Michael Fuchs have defaulted on a loan for the Gramercy Park Hotel, Crain's New York Business has learned.
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Chicago venture sidesteps foreclosure
(Crain’s) — River North developer Albert Friedman’s four-decade-long streak of never missing a mortgage payment was nearly broken by a $19.7-million foreclosure suit against a hotel near O’Hare International Airport.
On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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On Tuesday, a Cook County Circuit Court judge dismissed a foreclosure case against SpringHill Suites, 8101 W. Higgins Road, after a venture controlled by Mr. Friedman and his partner, local hotel executive Stephen L. Schwartz, brought the loan current with a payment of more than $250,000.
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Part of Related Cos.' Aspen Project Faces Foreclosure
New York developer Related Cos.' $3 billion plan to redevelop the village at the base of the Snowmass ski mountain near Aspen, Colo., appears to have hit its final impasse, with lenders filing to foreclose on part of the stalled project.
A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project's second and third phases, where dated retail and office buildings now stand.
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A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project's second and third phases, where dated retail and office buildings now stand.
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World's most expensive cocktail at $1300 a glass!
A Mai Tai, served in Belfast’s The Merchant Hotel, has earned the distinction of being the World’s Most Expensive Cocktail.
The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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The concoction comprises the same ingredients as the original, first poured in 1944 at Trader Vic’s, a South Seas-style bar-and-restaurant in Oakland, US.
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Top 10 Best Hotels In America: Chicago's Trump Tower Tops The List
Trump Tower was ranked the No. 1 in the list of "Best Large City Hotels in the US/Canada," meaning hotels with more than 100 rooms. Its rating of 94.32 was the highest of any hotel in America, and it was good enough to land the hotel the #20 spot on the World's Best Hotels list.
In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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In fact, Chicago had an astonishingly strong showing in this year's rankings: four Chicago hotels made America's top 10, and perennial powerhouse New York had two on the list. Check out the full list of hotels here.
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Hyatt Regency to reopen New Orleans hotel
Hyatt Hotels Corp. said it is revamping and reopening its Hyatt Regency New Orleans in fall of 2011.
The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.
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Hotel TaxMay Not GO Up In San Francisco
Demonstrating once again the importance of the "Don't get mad, get even" maxim of politics, Mayor Gavin Newsom has a plan that could cut supporters of a hotel tax boost off at the knees.
Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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Newsom unveiled his own no-new-taxes version of the hotel initiative Friday, setting up a showdown on the November ballot.
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$20 million airline-ticket fraud aided by hotel workers, prosecutors say
Federal prosecutors on Friday revealed indictments against 38 people, accusing them of running a national airline-ticket fraud that involved buying tickets using stolen identities and selling the tickets at a steep discount - usually $100 or $200.
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Carrie Underwood books entire Ritz for Wedding
London: Country music star Carrie Underwood went to great lengths to keep her wedding paparazzi-free. And the singer booked out all the 251 rooms in a hotel in Georgia, where she spent her first night with husband, hockey player Mike Fisher.
The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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The `Cowboy Casanova` hitmaker wed her boyfriend of two years in a small ceremony and the guests did not know of the location until they arrived.
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Santa Cruz may soon require hotels to verify identity of guests
SANTA CRUZ — Police coping with an influx of criminals selling drugs and sex in motel rooms have turned to city leaders for help.
The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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The City Council on Tuesday will consider a law requiring hotel and motel operators to verify the identity of guests, to help police track down those committing crimes in the city.
"They literally come in Thursday through Sunday to conduct prostitution, drug sales and other illicit activities and then leave," said Deputy Chief Rick Martinez of the Santa Cruz Police Department. "We obviously welcome the ordinance; it will empower our officers to take action when we do get complaints."
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Cypriot Hotel Threatens To Sue J.Lo For $40m
A luxury hotel in northern Cyprus has threatened to sue pop star Jennifer Lopez for $40m (£27m) after she cancelled a gig there for "political" reasons
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Tuesday, July 6, 2010
Dubai's Union Properties To Sell Ritz Carlton
DUBAI: Dubai’s Union Properties expects to sell its Ritz Carlton hotel in the Gulf emirate by the end of July, and will use the cash to finish projects and reduce its debt, its chairman said on Monday.
The company, which has put the hotel on the market for 1.6 billion dirhams ($435.7 million), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban told Reuters in an interview. “Now we have two offers very close to our target price,” he said. “We expect to announce the sale by the end of the month.”
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The company, which has put the hotel on the market for 1.6 billion dirhams ($435.7 million), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban told Reuters in an interview. “Now we have two offers very close to our target price,” he said. “We expect to announce the sale by the end of the month.”
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Miami Beach officials consider rules for rooftop clubs
After months of discussion and speculation about a potential law to regulate rooftop lounges in Miami Beach, hoteliers and residents finally have something tangible to debate.
An initial draft of Commissioner Jonah Wolfson's proposal -- which some hoteliers have feared could strangle a lucrative aspect of their industry -- was crafted June 30.
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An initial draft of Commissioner Jonah Wolfson's proposal -- which some hoteliers have feared could strangle a lucrative aspect of their industry -- was crafted June 30.
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Receiver Appointed To One Of the Largest Hotels In Europe
Some 400 jobs could be under threat after a receiver was appointed to CItywest Hotel, it emerged this evening.
Citywest Hotel, one of the biggest hotels in Europe, comprises 1,730 hotel rooms, suites and apartments; two golf courses and a large convention centre. It employs some 400 people.
Bank of Scotland (Ireland) Limited has appointed Martin Ferris of Ferris & Associates as receiver to the company HSS, trading as Citywest Hotel, Golf and Leisure.
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Citywest Hotel, one of the biggest hotels in Europe, comprises 1,730 hotel rooms, suites and apartments; two golf courses and a large convention centre. It employs some 400 people.
Bank of Scotland (Ireland) Limited has appointed Martin Ferris of Ferris & Associates as receiver to the company HSS, trading as Citywest Hotel, Golf and Leisure.
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Monday, July 5, 2010
China hotel profitability slumps further
Gross Operating Profit (GOP) levels of the 5-star hotel sector in China have fallen to the lowest level recorded in the eight years the China Hotel Industry Study has been published.
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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Update: Wyndham back in New Kingston
Hilton Hotels said Monday that its displaced senior managers at Delroy Howell's New Kingston property would be offered, as appropriate, positions in the Caribbean and elsewhere in the global operation.
Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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How Will Google Shake Up Online Travel?
Google on Thursday announced that it is moving into the travel industry, buying a flight-information company called ITA Software for $700 million. But what does the entry of the Internet giant mean for companies already in the market, like Expedia, Priceline and even Microsoft’s Bing Travel?
Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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Sunday, July 4, 2010
Kingdom Holding May Sell Minority Stakes in Hotels
July 5 (Bloomberg) -- Kingdom Holding Co., the investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal, and its hotels unit may sell minority stakes held in hotels as part of a plan to focus on higher-earning properties.
Kingdom has a “handful” of assets where it owns a 50 percent stake or less, and it “will assess the viability” of those holdings and may sell them to reinvest in the same industry, Sarmad Zok, chief executive officer of the lodging unit Kingdom Hotel Investments, said by phone from New York on June 30. He declined to identify the properties.
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Kingdom has a “handful” of assets where it owns a 50 percent stake or less, and it “will assess the viability” of those holdings and may sell them to reinvest in the same industry, Sarmad Zok, chief executive officer of the lodging unit Kingdom Hotel Investments, said by phone from New York on June 30. He declined to identify the properties.
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Las Vegas Harmon Hotel stuck in limbo
CityCenter's most famous architect is also its least publicized. His name is Norman Foster. He is a globetrotting superstar with books and museum exhibits dedicated to his work. "Stormin' Norman," as the British press calls him, serves as chairman of London-based Foster + Partners, an architecture, design and planning firm responsible for famous buildings across Europe and Asia, including the Hongkong and Shanghai Bank headquarters and Reichstag New German Parliament. The Harmon Hotel at CityCenter was to be Foster's Las Vegas debut.
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On the Spot: TripAdvisor vs. the hotel
Question: I recently found a notice on TripAdvisor about the hotel I manage that said TripAdvisor thinks “individuals or entities associated with or having an interest in this property may have interfered with traveler reviews and/or the popularity index for this property.” Now I’ve received an e-mail that says this is a violation of TripAdvisor policy and in some places a violation of federal law. Neither my staff nor I did anything wrong. Now what?
– S. Benham, San Diego
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– S. Benham, San Diego
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Phoenix hotels letting guests go greener
PHOENIX (AP) - Guests checking into the Westin Kierland Resort and Spa or Sheraton Phoenix Downtown Hotel can do more than order breakfast or request privacy by hanging a card outside their door.
They can also decline daily housekeeping service.
The hotels are among a small but growing group who have taken their in-room "green" initiatives up a notch, adding the option of no cleaning on top of existing options to reuse towels and forego fresh sheets.
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They can also decline daily housekeeping service.
The hotels are among a small but growing group who have taken their in-room "green" initiatives up a notch, adding the option of no cleaning on top of existing options to reuse towels and forego fresh sheets.
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New Law Aloows New York City To Crack Down On Illegal Hotels
ALBANY - A bill passed by the Legislature would give the city greater power to crack down on illegal hotels being run out of apartment buildings.
The bill is designed to thwart a growing problem of landlords renting apartments as hotel rooms to get more money than rent laws allow. It has led to the removal of thousands of apartments "from an already tight housing market," said state Sen. Liz Krueger (D-Manhattan), the bill's sponsor.
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The bill is designed to thwart a growing problem of landlords renting apartments as hotel rooms to get more money than rent laws allow. It has led to the removal of thousands of apartments "from an already tight housing market," said state Sen. Liz Krueger (D-Manhattan), the bill's sponsor.
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Saturday, July 3, 2010
Friday, July 2, 2010
New York’s Soda Tax Plan Dies After Industry Ad Campaign
Gov. David A. Paterson’s proposal to tax soda seems to have fizzled as lawmakers eliminated the controversial measure while cobbling together a state revenue bill. The penny-an-ounce tax on soda and other sweet drinks would have helped shrink New York’s ballooning deficit and, its supporters say, cut down on obesity.
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Dominos Bahamas looks to add a new franchise partner
Dominos is actively searching for a new chain to complement its product, company execs confirm to Guardian Business — this search customized to a franchisor that can work in The Bahamas.
The choice - set to come before the end of 2010 - comes in the wake of several well-known franchises closing in recent months, due to demands from franchisors that require the brand to remain the same all over the world.
Head of pizza chain Dominos Gavin Watchorn told Guardian Business it was important for the company to find the right franchise.
“Some things just don’t work... one of the problems with U.S. franchises is that they don’t believe there is a different way to doing things outside of the U.S.,” he said. “Thankfully Dominos realizes that things happen differently in The Bahamas than it does in Michigan.
“So whatever decision we make, it has got to work for The Bahamas.”
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The choice - set to come before the end of 2010 - comes in the wake of several well-known franchises closing in recent months, due to demands from franchisors that require the brand to remain the same all over the world.
Head of pizza chain Dominos Gavin Watchorn told Guardian Business it was important for the company to find the right franchise.
“Some things just don’t work... one of the problems with U.S. franchises is that they don’t believe there is a different way to doing things outside of the U.S.,” he said. “Thankfully Dominos realizes that things happen differently in The Bahamas than it does in Michigan.
“So whatever decision we make, it has got to work for The Bahamas.”
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Foxwoods Debt Talks Test Tribal Bets
With a mid-July deadline looming for a big payment to its lenders, the Indian tribe that runs the nation's largest casino is in talks with banks and bondholders about how best to restructure more than $2 billion in debt that it can no longer afford.
The Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Resort Casino in Ledyard, Conn., wants bondholders to wipe out a significant portion of its roughly $1.3 billion in bond debt, in some cases paring the tribe's obligations by at least half, people familiar with the matter said.
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The Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Resort Casino in Ledyard, Conn., wants bondholders to wipe out a significant portion of its roughly $1.3 billion in bond debt, in some cases paring the tribe's obligations by at least half, people familiar with the matter said.
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The Greenbrier’s Casino Club Celebrates Star-Studded Grand Opening
WHITE SULPHUR SPRINGS, W.Va.--(BUSINESS WIRE)--Kicking off a month of dramatic firsts, The Greenbrier today will celebrate the grand opening of its Casino Club with a red carpet event, featuring internationally-known celebrities and sports figures. Prior to the Casino Club’s ribbon cutting, guests at the black tie event will be treated to an exquisite dinner and an intimate Lionel Richie concert. The opening of the 100,000 sq. ft Casino Club at the historic Greenbrier marks the beginning of the month of milestones which will culminate July 26 with the inaugural Greenbrier Classic, a PGA TOUR, FedEx Cup tournament.
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