Tuesday, March 9, 2010
Quaker Steak & Lube Names John Longstreet President and CEO
Sharon, Pa. - The Quaker Steak & Lube board of directors named John H. Longstreet president and CEO, effective April 1, 2010. He succeeds Ken Cole, who stepped down at the end of February to focus on opening Quaker Steak & Lube franchise restaurants and other business opportunities. Longstreet, a Quaker Steak & Lube board of directors member for six years, is president of Hospitality Leaders Group, LLC, a Texas firm which consults on organizational development, service delivery, food and beverage operations, corporate culture, leadership effectiveness and team development. Previously, Longstreet was executive vice president of operations for Dallas-based ClubCorp. "John will be a great fit for The Lube," said Mike Stack, Quaker Steak & Lube's chairman of the board. "His experience and expertise in running high volume operations - combined with his understanding of our concept - will allow him to maximize Quaker Steak & Lube's growth potential."
Ruby Tuesday, Inc. Reports lower sales for Quarter
MARYVILLE, Tenn., Mar 09, 2010 (BUSINESS WIRE) -- Ruby Tuesday, Inc. (NYSE: RT) today announced that same-restaurant sales for Company-owned restaurants were -0.8% to -1.0% in the third quarter ended March 2, 2010, compared to the same quarter of the prior year. Severe weather during the quarter is estimated to have reduced same-restaurant sales by 1.5-2%. Same-restaurant sales at domestic franchised restaurants decreased 5.3-5.5% in the third quarter compared to the same quarter of the prior year.
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Hard Rock Cafe prez Randy Kwasniewski dies of apparent suicide
Andrew "Randy" Kwasniewski, the president and chief operating officer of the Hard Rock Hotel and Casino in Las Vegas has died March 9 of an apparent suicide.
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Trump Sued For $10 Million Over Never-Built Condos
A group of seven individuals filed suit against Donald Trump, Donald Trump Jr., Ivanka Trump and others for fraud, negligence, accounting and other counts regarding a hotel condominium complex in Baja.
The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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The plaintiffs are seeking at least $10 million dollars in damages.
In court documents obtained by RadarOnline.com, the lawsuit states, "Plaintiffs are a group of individuals who were duped into buying hotel-condominium units that were never built. With the complicity of defendants, the developers of the units depleted Plaintiff's deposits - even though they never broke ground on the project, much less obtained the necessary building permits or construction loans.
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MGM to sell $845M in new bonds
Casino operator MGM Mirage said Tuesday it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
MGM, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.
Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said
Caribbean casino competition for The Bahamas
Warning bells rung yesterday for this nation's gaming sector following Jamaican lawmakers' approval of amendments to its Gaming and Casino Act — reinforcing the need to review old regulations, say industry executives.
Head of the Bahamas Hotel Association (BHA) Robert Sands said the move in the neighboring country will go a long way in decreasing this nation's competitiveness unless actions are taken to allow permanent residents and people on work permits in The Bahamas - at the very least - to patronize the local casinos.
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Head of the Bahamas Hotel Association (BHA) Robert Sands said the move in the neighboring country will go a long way in decreasing this nation's competitiveness unless actions are taken to allow permanent residents and people on work permits in The Bahamas - at the very least - to patronize the local casinos.
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2010 U.S. Hotel Chain Survey: Le Meridien Dethrones Upper Upscale Leader JW Marriott
MARCH 08, 2010 -- Starwood Hotels & Resorts' artsy Le Meridien brand this year by a hair ended JW Marriott's three-year reign atop the upper upscale tier in Business Travel News' 2010 U.S. Hotel Chain Survey, which tabulated ratings from 387 buyers.
The upper upscale tier had the most varied and heated results, and other tiers saw a mix of familiar winners and newly emergent top brands. Among multibrand hotel companies, InterContinental Hotels Group and Hilton Worldwide fared the best, with the former boasting at least a third-place finish in all eligible tiers and the latter garnering three of the top five upscale slots and nearly sweeping the midprice tier with its Hampton brand.
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The upper upscale tier had the most varied and heated results, and other tiers saw a mix of familiar winners and newly emergent top brands. Among multibrand hotel companies, InterContinental Hotels Group and Hilton Worldwide fared the best, with the former boasting at least a third-place finish in all eligible tiers and the latter garnering three of the top five upscale slots and nearly sweeping the midprice tier with its Hampton brand.
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McDonald's Sizzles In February
Penny-pinching consumers flocked to McDonald's Dollar Menu in February, helping drive up the fast-food chain's monthly sales figures.
On Monday, the Oak Brook, Ill.-based restaurant operator said that sales at restaurants open at least one year jumped 4.8% in February, its best monthly same-store sales gain since May of 2009. The closely-watched performance indicator, declined through the last two months of 2009, before rising 2.6% in January and showing continued improvement in February.
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On Monday, the Oak Brook, Ill.-based restaurant operator said that sales at restaurants open at least one year jumped 4.8% in February, its best monthly same-store sales gain since May of 2009. The closely-watched performance indicator, declined through the last two months of 2009, before rising 2.6% in January and showing continued improvement in February.
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London hotels leading Europe out of recession, says report
London is leading European hotels out of the recession, according to business advisory firm Deloitte.
While hotels throughout Europe will see a growth in occupancy, average room rates and revenue per available room (revpar), it will be difficult to surpass pre-recessionary levels this year, explained Alex Kyriakidis, global managing partner of tourism, hospitality and leisure at Deloitte.
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While hotels throughout Europe will see a growth in occupancy, average room rates and revenue per available room (revpar), it will be difficult to surpass pre-recessionary levels this year, explained Alex Kyriakidis, global managing partner of tourism, hospitality and leisure at Deloitte.
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Ruby Tuesday, Inc. Reports Continued Sales Improvement
MARYVILLE, Tenn.--(BUSINESS WIRE)--Ruby Tuesday, Inc. (NYSE: RT - News) today announced that same-restaurant sales for Company-owned restaurants were -0.8% to -1.0% in the third quarter ended March 2, 2010, compared to the same quarter of the prior year. Severe weather during the quarter is estimated to have reduced same-restaurant sales by 1.5-2%. Same-restaurant sales at domestic franchised restaurants decreased 5.3-5.5% in the third quarter compared to the same quarter of the prior year.
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Hilton is still the top hospitality brand but Michelin falls off the list
Hotel groups continue to lead the way for hospitality in the latest UK Business Superbrands list, with Hilton ranked highest against its closest rivals Marriott and Sheraton.
The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. The list was topped by Microsoft this year, but renowned tyre company and foodie guide Michelin, which last year featured at number eight, fell off the list completely.
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The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. The list was topped by Microsoft this year, but renowned tyre company and foodie guide Michelin, which last year featured at number eight, fell off the list completely.
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Posh Four Seasons project in downtown Seattle faces liens, lawsuits
More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven't been paid in full.
They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor
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They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor
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Burger King Holdings, Inc. Announces Impact of Weather on Comparable Sales for January and February 2010
MIAMI, Mar 09, 2010 (BUSINESS WIRE) -- Burger King Holdings, Inc. (NYSE:BKC) today announced that U.S. and Canada segment comparable sales were severely impacted during the months of January and February 2010 by adverse weather conditions in the Central and Eastern portions of the U.S., where over 75 percent of this segment's company- and franchise-owned restaurants are located. The U.S. and Canada segment reported comparable system sales of negative 8.2 percent in the two-month period ended February 28, 2010, compared to positive 3.1 percent in the same period last year. Based on its analysis, the company believes inclement weather negatively impacted January and February U.S. and Canada company comparable sales by approximately 3.0 percentage points during the period. Therefore, the company expects third-quarter fiscal 2010 U.S. and Canada total revenues, company restaurant margin and income from operations to be lower than the prior year period.
Worldwide comparable sales for the two-month period ended February 28, 2010, were negative 5.4 percent, partially offset by positive results in the EMEA/APAC business segment, compared to worldwide comparable sales of positive 2.5 percent in the prior year period.
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Worldwide comparable sales for the two-month period ended February 28, 2010, were negative 5.4 percent, partially offset by positive results in the EMEA/APAC business segment, compared to worldwide comparable sales of positive 2.5 percent in the prior year period.
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