DekaBank Deutsche Girozentrale , a senior lender holding a $60 million loan on the property, had planned to foreclose on Wednesday at the offices of the law firm Sonnenschein Nath & Rosenthal LLP.
Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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Thursday, March 25, 2010
Schlotzsky's Goes All In With Cinnabon, New Look
2010-03-24] Schlotzsky's unveiled a new prototype store and extended cobranding relationship with Cinnabon as part of rebranding efforts it hopes to use to almost double in size by 2015.
"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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Homewood Suites by Hilton And Hampton Inn by Hilton Open Dual-Branded Property at Toronto Airport
Homewood Suites by Hilton, the international brand of all-suite, residential-style hotels, and Hampton Hotels, the international brand of nearly 1,800 hotels, today announced the opening of their first dual-branded development in Canada. Located within minutes from Toronto’s Pearson International Airport, the two buildings boast 126 Hampton rooms and 128 Homewood brand suites and are joined by a shared common area, pool and fitness center. The hotel is owned by Bayview Toronto Airport Corporate Centre Ltd and managed by Bayview Hospitality, Inc.
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STR: Miami leads February numbers
HENDERSONVILLE, Tennessee—Miami-Hialeah, Florida, host of Super Bowl XLIV on 7 February 2010, reported the largest average daily rate and revenue per available room increases for February, according to data compiled by STR.
Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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STR: US hotel performance February 2010
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted mixed results in the three key performance measurements during February 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.9-percent increase to 53.0 percent. Average daily rate dropped 4.5 percent to finish the month at US$96.40. Revenue per available room for the month decreased 3.6 percent to finish at US$51.09.
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In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.9-percent increase to 53.0 percent. Average daily rate dropped 4.5 percent to finish the month at US$96.40. Revenue per available room for the month decreased 3.6 percent to finish at US$51.09.
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STR Global: Americas results for Feb. 2010
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded mixed results in the three key performance metrics when reported in U.S. dollars for February 2010, according to data compiled by STR and STR Global.
In February 2010, the region’s occupancy ended the month virtually flat with a 0.8-percent increase to 53.4 percent, average daily rate fell 2.7 percent to US$99.81, and revenue per available room dropped 2.0 percent to US$53.35.
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In February 2010, the region’s occupancy ended the month virtually flat with a 0.8-percent increase to 53.4 percent, average daily rate fell 2.7 percent to US$99.81, and revenue per available room dropped 2.0 percent to US$53.35.
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STR Global: Asia/Pacific results for Feb. 2010
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for February 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 4.7 percent to 60.6 percent, average daily rate increased 16.2 percent to US$131.36, and revenue per available room jumped 21.6 percent to US$79.65.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 4.7 percent to 60.6 percent, average daily rate increased 16.2 percent to US$131.36, and revenue per available room jumped 21.6 percent to US$79.65.
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STR Global: Middle East/Africa results Feb. 2010
LONDON—The Middle East/Africa region reported increases in all three key measurements for February 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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STR Global: Europe results for Feb. 2010
LONDON—The European hotel industry posted generally favourable results in year-over-year metrics when reported in U.S. dollars, euros and British pounds for February 2010, according to data compiled by STR Global.
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Starbucks Spills Dividend On Shareholders
Starbucks shares slipped up in a heavily traded session Wednesday after the coffee retailer announced its first-ever dividend.
The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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Subway to begin breakfast menu April 5
CHICAGO (AP) -- Subway is joining the increasingly crowded breakfast scramble in a move that the sandwich chain hopes will help add customers and sales.
After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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Starwood’s Sternlicht Seeks Riviera Casinos Through Bankruptcy
March 24 (Bloomberg) -- Barry Sternlicht’s Starwood Capital Group LLC, the investment firm that’s raising a $1.5 billion real estate fund, is trying to take over ailing Las Vegas casino-owner Riviera Holdings Corp. four years after a bid he backed was shot down by shareholders.
Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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