EVANSVILLE, IN—In an effort to keep pace with the rapid growth of American mouthfuls, flatware manufacturer KitchenMaster announced yesterday the addition of a fifth tine to its line of dinner forks. "These days, a traditional four-tined fork is just not enough to handle the quantities of food people shove down their throats,"
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Thursday, February 25, 2010
Broward Florida to review bid to build hotel, condos at Diplomat golf course
The owners of the Diplomat Golf Resort & Spa in Hallandale Beach will ask Broward County on Thursday for a zoning change to develop a 500-unit hotel and up to 950 residences on a waterfront property that now features an underused golf course and smaller facilities.
Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Lavish hotels out of vogue: Marriott
"The most over-the-top excesses will probably be a long time -- if ever-- coming back," Marriott President Arne Sorenson told the Reuters Travel and Leisure Summit.
He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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STR reports US performance for January 2010
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during January 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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STR Global posts Americas Jan. 2010 results
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for January 2010, according to data compiled by STR and STR Global.
In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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STR Global posts Asia/Pac. Jan. 2010 results
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for January 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 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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STR Global posts Europe Jan. 2010 results
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for January 2010, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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STR Global posts Jan. 2010 results for Middle East/Africa
LONDON—The Middle East/Africa region reported decreases in all three key measurements for January 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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Your hotel might be leaving millions on the table
BOULDER, Colorado—Our industry is accustomed to reviewing and measuring hotel performance in macro terms on a monthly, quarterly or annual basis. However, the industry is actually a micro market with a competitive product that perishes and renews every single night.
Much can be learned by measuring the individual competitive interactions between hotels on a nightly basis. Therefore, while owners, investors and lenders primarily are concerned with the performance of their hotel relative
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Much can be learned by measuring the individual competitive interactions between hotels on a nightly basis. Therefore, while owners, investors and lenders primarily are concerned with the performance of their hotel relative
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Tim Hortons Inc. Announces 2009 Fourth Quarter and Year-End Results
• Strong fourth quarter sales performance in both Canada and the United States, with a 3.4% same-store sales increase in Canada and 2.1% growth in the U.S.
• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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Lodgian Reports 2009 Fourth Quarter and Full-Year 2009 Results
Fourth quarter 2009 total revenue for our 33 continuing operations hotels declined approximately 18.2 percent to $41.8 million, compared to the 2008 fourth quarter. Occupancy decreased 10.6 percent to 57.2 percent, while average daily rate decreased 9.1 percent to $90.56 in the 2009 fourth quarter. Loss from continuing operations was $(8.4) million, compared to $(4.9) million in the 2008 fourth quarter.
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Waldorf waiters sue for lost tips
Nine Waldorf Astoria employees have filed a lawsuit against the hotel for violating New York labor laws by failing to pay them the full tips they were entitled to.
The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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South Africa investigates high World Cup hotel prices
JOHANNESBURG — South Africa's tourism ministry has ordered an investigation into allegations that World Cup hotel prices are unreasonably high, one month after a similar government probe was launched to find out if local airlines were colluding to inflate fares.
The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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Hyatt releases 4th Quarter 2009 Results
FOURTH QUARTER 2009
•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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Carrols Restaurant Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2009
Highlights for the 14-week fourth quarter of 2009 versus the 13-week fourth quarter of 2008 include:
•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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