SKOPJE, Macedonia — Hundreds of cafes, bars and restaurants across Macedonia shut their doors to customers on Friday in a 24-hour protest against a new smoking ban that they claim has sent profits plummeting.
Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Saturday, January 23, 2010
Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort
After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.
German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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More independents lured to big hotel brands' collections
Many new hotel projects have been on hold since the financial market meltdown, but upscale and luxury hotel brands are expanding their ranks by signing independent properties eager for broader recognition and the marketing and sales clout that big brands bring.
From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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Starbucks CEO Schultz earns $15 million in fiscal 2009
CHICAGO - Starbucks Corp. CEO Howard Schultz received compensation the company valued at nearly $15 million during the past fiscal year, an increase of nearly 54 percent as the company's profit soared after it cut costs and jobs, according to a regulatory filing
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Asian Hotel Brands Make the Journey to Europe
SINGAPORE — International hotel brands are stepping up their investments in the Asia-Pacific region because of its outsized growth prospects. So it would seem almost counterintuitive for luxury hospitality brands based in Asia to be opening hotels in Europe, where growth is slowing.
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Burger King Franchisees Can't Have It Their Way
The price of a double cheeseburger is generating a lot of heat among Burger King franchisees.
In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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Barbados Shores Up a Troubled Four Seasons
Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed—after initially attracting a cast of celebrity buyers.
In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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