PHUKET – Industry-wide discounting by Phuket hotels cost the industry on the island US$300 million in room revenue in 2009, according to the Phuket Hotel Market Update report compiled by leading Thailand consultancy C9 Hotelworks.
Room rate cuts averaged 20% across the board last year, leading to the loss compared to 2008 room revenue. Despite tourism arrivals rebounding back to 2007 levels, a key blow to fundamental hotel metrics hit profit margins.
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Wednesday, January 27, 2010
Sir Rocco Forte secures future of his hotels with new bank loan
Sir Rocco Forte confirmed this week that a new financial arrangement to ensure the future operation of his 13-strong luxury hotel company had been secured.
“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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Wyndham To Launch Ramada, Days Inn In Singapore
Wyndham Hotel Group's Ramada and Days Inn brands will enter Singapore with the development of two hotels: the 391-room Ramada Singapore at Zhongshan Park and the 405-room Days Hotel Singapore at Zhongshan Park.
Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Papa Murphy's Pushes Through 2009 with Highest-Ever Sales, Store Count and Franchisee Satisfaction
VANCOUVER, Wash. – January 27, 2010 – Amidst one of the toughest years the restaurant industry has ever endured, Papa Murphy's International today announced that its total U.S. systemwide sales grew to $630 million in 2009, up over 7% from 2008. The take ‘n' bake pizza pioneer ended the year with 1,185 locations, opening 83 in 2009. Same-store-sales were up more than 2%, while most industry watchers estimated the pizza category to be down about 7%.
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McDonald's in beef over trademark with Chicago teen
Since 2007, Chicago teen Lauren McClusky has coordinated McFest, an annual charity concert featuring high school and college bands to benefit the Chicago chapter of Special Olympics.
She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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O'Charley's Inc. Closes on $45 Million Credit Facility
O'Charley's Inc., a leading casual-dining restaurant company, announced today that it has entered into a $45 million secured revolving credit facility, which matures on August 1, 2013, and amends and restates the Company's existing secured revolving credit facility that was scheduled to mature on October 18, 2011.
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Mitchells & Butlers dispute intensifies as investors call for new board
The racing tycoons JP McManus and John Magnier have waded into the fight at Mitchells & Butlers (M&B) by calling for those responsible for the £500 million of hedging losses to be pursued for the money.
Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Lawmakers push for full casinos in Florida resorts
TALLAHASSEE -- Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now ready to open the doors to full-fledged casinos because, she says, Florida ``is losing the battle'' to the Seminole Tribe.
Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Vail Resorts might have interest, and the means, to buy Intrawest
VAIL, Colo. — With Intrawest Holdings set for auction in February, some ski industry analysts see reasons to suspect that Vail Resorts might have interest in the sale.
Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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China State-owned firms to shed hotel assets
China's tourism industry may benefit from a government directive ordering State-owned enterprises to shed their hotel assets and focus on their core businesses.
Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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