Italian restaurant chain Carluccio’s said it expects overall trading conditions to remain challenging in 2010 but added it was set to meet its five store opening target for the year.
The company reported strong trading over the festive period and said that turnover for the 17 weeks to 24 January was up 8% compared with last year.
The turnover growth was achieved despite disruption to footfall and trading during January, as a result of the adverse weather conditions, and without significant discounting.
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Friday, February 5, 2010
Starwood Takes Its Lumps in Time-Shares
The time-share industry has been shrinking since the latest recession began. But only now are we seeing the full extent of the pullback among the industry’s biggest players.
Starwood Hotels and Resorts Worldwide Inc. on Thursday disclosed in its fourth-quarter earnings report that it is taking a $362 million write-down as it stops most of its construction of timeshare resorts.
“Our [view of] the timeshare business was that it was a nice adjunct to our hotel business as long as there are high rates of return achievable and we can get a nice spread on our capital,” Starwood Chief Financial Officer Vasant Prabhu said Thursday in an interview. “Today, the results of the business are at a level where you wouldn’t put more capital in.”
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Starwood Hotels and Resorts Worldwide Inc. on Thursday disclosed in its fourth-quarter earnings report that it is taking a $362 million write-down as it stops most of its construction of timeshare resorts.
“Our [view of] the timeshare business was that it was a nice adjunct to our hotel business as long as there are high rates of return achievable and we can get a nice spread on our capital,” Starwood Chief Financial Officer Vasant Prabhu said Thursday in an interview. “Today, the results of the business are at a level where you wouldn’t put more capital in.”
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A Helmsley hotel plans to close
The Helmsley Middletowne Hotel, one of four Manhattan hotels in the late Leona Helmsley's estate, plans to close its doors in May, according to a filing with the New York State Department of Labor.
The 192-room hotel's lease will expire after 82 years of hospitality services at 148 East 48th St., between Second and Park avenues. It's the first major hotel closure since 2005, according to John Fox of PKF Consulting, who noted that hotel occupancy rates have been climbing since the middle of 2009.
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The 192-room hotel's lease will expire after 82 years of hospitality services at 148 East 48th St., between Second and Park avenues. It's the first major hotel closure since 2005, according to John Fox of PKF Consulting, who noted that hotel occupancy rates have been climbing since the middle of 2009.
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U.S. hotels eye new brands as supply growth slows
In recent months, Choice Hotels International Inc (CHH.N), Hyatt Hotels Corp (H.N) and Wyndham Worldwide Corp (WYN.N) have all expressed interest in acquiring a brand.
Buying a brand allows a company to offer more hotels at different prices and give frequent guests more options, keeping them away from competitors.
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Buying a brand allows a company to offer more hotels at different prices and give frequent guests more options, keeping them away from competitors.
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Miami firm eyes deal for Norman's Cay resort project
A Miami-based private equity firm that specialises in luxury, beachfront resort purchases is in negotiations to acquire the development rights to the previously proposed multi-million dollar Aman resort project on Norman's Cay in the Exumas, Tribune Business can reveal.
The Brilla Group, which acquired the Raleigh Hotel on Miami's South Beach last year, is seeking to acquire the development rights to the several hundred-acre project that were held by the New York/Miami-based Setai Group and its partner, Aman Resorts.
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The Brilla Group, which acquired the Raleigh Hotel on Miami's South Beach last year, is seeking to acquire the development rights to the several hundred-acre project that were held by the New York/Miami-based Setai Group and its partner, Aman Resorts.
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