NEW YORK, New York -- December 31, 2009 -- Ark Restaurants Corp. today reported financial results for the fourth quarter and full year ended October 3, 2009.
As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.
Read more:
Thursday, January 14, 2010
AMERISTAR CASINOS REPORTS THIRD QUARTER 2009 RESULTS
Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
Read more:
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
Read more:
The Donald goes Hawaiian with Waikiki hotel
HONOLULU -- When you hear the name Donald Trump, you think New York. Maybe Atlantic City.
But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
Read more:
But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
Read more:
Fairmont to open seven new hotels this year
Hospitality chain Fairmont Hotels and Resorts has revealed its development pipeline for 2010, with seven new hotels being added to its global portfolio of 59 properties.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
Extended Stay in Restructuring Talks With Centerbridge, Paulson
Jan. 14 (Bloomberg) -- Extended Stay Hotels Inc., the bankrupt hotelier with $7.6 billion of debt, has been in talks with investment firms Centerbridge Partners LP and Paulson & Co. on a $400 million infusion of cash for restructuring.
A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
Read more:
A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
Read more:
Magnuson Hotels Expands Into UK, Bahamas, Puerto Rico
Magnuson Hotels, the world's largest independent hotel group, announced today the expansion of its low-cost global reservation services to the United Kingdom, the Bahamas and Puerto Rico.
Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
Read more:
Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
Read more:
First Wyndham Brand Hotel in the Netherlands Opens in Amsterdam
PARSIPPANY, N.J. 01-14-2010 —Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, today announced that the Apollo Hotel Amsterdam, an iconic, 223-room hotel with a 50-year history of serving visitors, has joined the upscale Wyndham Hotels and Resorts® brand as its first hotel in the Netherlands.
Read more:
Read more:
Hersha Hospitality Trust Begins Public Offering Of 35 Mln Shares Of Beneficial Interest
(RTTNews) - Monday, Hersha Hospitality Trust (HT: News ) commenced a public offering of 35 million common shares of beneficial interest, par value $0.01 per share. Hersha intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 4.73 million common shares to cover over-allotments, if any.
Read more:
Read more:
Crestline Hotels & Resorts Announces Internal Promotions and the Addition of Three Executives as the Company Implements its 2010 Operations Strategies
FAIRFAX, VA January 12, 2010 James Carroll, Chief Operating Officer of Crestline Hotels & Resorts today announced the promotion of two operational executives along with the addition of three regional management positions. Two of the companys Regional Vice Presidents of Operations, Bruce Nelker and Shaun Kirby, have been promoted to Senior Vice Presidents of Operations and will have enhanced leadership responsibilities within the operations team of Crestline Hotels & Resorts
Read more:
Read more:
Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the Third Fiscal Quarter 2010
MIAMI, Jan 13, 2010 (BUSINESS WIRE) -- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation's largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales and comparable restaurant sales for the twelve-week third fiscal quarter ended January 3, 2010.
Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
Read more:
Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
Read more:
Wyndham rises on upgrade, industry outlook
NEW YORK (MarketWatch) - Shares of Wyndham Worldwide were on the rise Wednesday, gaining more than 8% after a Deutsche Bank analyst upgraded the hotel and resort operator to a buy, citing the potential for an economic recovery and its relatively low current valuation.
Read more:
Read more:
Carlson Hotels To Acquire Majority Stake in Key Indian Partner
MUMBAI, India (Jan. 13, 2010) - Carlson Hotels Worldwide, one of the world’s leading hotel companies, today announced that it has signed an agreement to increase its stake in RHW Hotel Management Services Ltd (RHW) from 13% to 87%. RHW is the hotel management and consultancy services company which has successfully managed Carlson-branded hotels in India since 1998. Carlson is acquiring the shares from Umak Investment Company Private Limited. The remaining 13% is held by private investors. The transaction is subject to government approval.
Read more:
Read more:
Benihana CFO resigns, sales up
Benihana announced the immediate resignation of CFO and VP of finance Jose Ortega on Wednesday, shortly after reporting an increase in sales.
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
California Pizza Kitchen Cuts 4Q EPS View, Revenue Tops Estimates
California Pizza Kitchen, Inc. (CPKI: 13.9, 0, 0%) gave preliminary fourth-quarter 2009 results slightly ahead of analyst expectations, but the company cut its forecast for earnings per share.
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
