Thursday, April 1, 2010
California Hotel Foreclosures Climb as Unemployment Cuts Travel
April 1 (Bloomberg) -- Hotel foreclosures in California climbed 27 percent in the first quarter from a year earlier as unemployment cut business travel.
Foreclosures, including the 469-room Los Angeles Marriott Downtown, rose to 79 properties from 62 in the first three months of 2009. Defaults increased 6.5 percent to 327, Irvine, California-based Atlas Hospitality Group said in a statement. The company specializes in selling hotels.
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Foreclosures, including the 469-room Los Angeles Marriott Downtown, rose to 79 properties from 62 in the first three months of 2009. Defaults increased 6.5 percent to 327, Irvine, California-based Atlas Hospitality Group said in a statement. The company specializes in selling hotels.
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Justice Family Group Purchases The Resort at Glade Springs
DANIELS, W.Va., March 31 /PRNewswire/ -- Businessman Jim Justice today announced that the Justice Family Group, LLC has purchased The Resort at Glade Springs for an undisclosed price. The purchase is the second resort ownership for the Justice Family Group which purchased the world-renowned Greenbrier Resort in May 2009.
"The Resort at Glade Springs is an ideal addition to the amenities and services offered to our clientele at The Greenbrier," said Jim Justice, chairman and owner of The Greenbrier. "With this acquisition Glade Springs will become an outpost to The Greenbrier and it allows The Greenbrier to be so much closer to all the wonderful West Virginia outdoor adventures, such as rafting, skiing and ATV riding. The sister resort relationship offers both resorts the opportunity to present a broader range of options in price and quality to their many loyal guests and corporate clients."
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"The Resort at Glade Springs is an ideal addition to the amenities and services offered to our clientele at The Greenbrier," said Jim Justice, chairman and owner of The Greenbrier. "With this acquisition Glade Springs will become an outpost to The Greenbrier and it allows The Greenbrier to be so much closer to all the wonderful West Virginia outdoor adventures, such as rafting, skiing and ATV riding. The sister resort relationship offers both resorts the opportunity to present a broader range of options in price and quality to their many loyal guests and corporate clients."
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Sands Macau Now Being Investigated?
An international news wire service is questioning potential ties between the Las Vegas Sands Corp. and a Macau-based businessman alleged to have ties to organized crime.
A report from Reuters says an examination of Hong Kong court records, U.S. depositions of a former Sands executive and interviews with law enforcement in the United States and Macau show a connection between Sands, which operates Sands Macau in China and The Venetian and Palazzo on the Strip, and Cheung Chi-tai, an investor in a company that helps bring wealthy clients to casinos in Macau.
According to Reuters, a Sands Macau patron also said that Cheung ran one of the VIP rooms at the property.
Cheung has been accused of masterminding a scheme to murder a Sands Macau dealer suspected of helping a patron cheat millions of dollars from the business, the report said.
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A report from Reuters says an examination of Hong Kong court records, U.S. depositions of a former Sands executive and interviews with law enforcement in the United States and Macau show a connection between Sands, which operates Sands Macau in China and The Venetian and Palazzo on the Strip, and Cheung Chi-tai, an investor in a company that helps bring wealthy clients to casinos in Macau.
According to Reuters, a Sands Macau patron also said that Cheung ran one of the VIP rooms at the property.
Cheung has been accused of masterminding a scheme to murder a Sands Macau dealer suspected of helping a patron cheat millions of dollars from the business, the report said.
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Deputy filing suit over tainted Burger King burger
VANCOUVER, Wash. – It took the Washington State Patrol crime lab – and DNA analysis of a burger – to prove a fast-food worker spit and possibly wiped his behind on a deputy's burger.
However, it is the deputy's frustration with the Burger King corporation itself that is behind a new lawsuit expected to be filed in Clark County Superior Court.
(This one appears to be true)
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However, it is the deputy's frustration with the Burger King corporation itself that is behind a new lawsuit expected to be filed in Clark County Superior Court.
(This one appears to be true)
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Saddlebrook Resorts sinks into the red
Amid a drop in room rates and occupancy levels, Saddlebrook Resorts Inc. reported a net loss of $1 million for 2009.
The new loss was a change of about $3.6 million from the prior year’s net income of $2.6 million, the company said in a filing with the Securities and Exchange Commission.
Total revenue for 2009 was $26.8 million, a decrease of $19 million, or about 42 percent from the prior year.
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The new loss was a change of about $3.6 million from the prior year’s net income of $2.6 million, the company said in a filing with the Securities and Exchange Commission.
Total revenue for 2009 was $26.8 million, a decrease of $19 million, or about 42 percent from the prior year.
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Restaurant Performance Index at Highest Level in Two Years
Driven by a solid improvement in restaurant operators' outlook for sales growth, capital spending plans and staffing levels, the National Restaurant Association's Restaurant Performance Index (RPI) rose to its highest level in 27 months in February. The comprehensive index of restaurant activity stood at 99.0, up 0.7 percent from January and its strongest level since November 2007.
"The RPI's strong gain in February was the result of broad-based improvements among the forward-looking indicators," said Hudson Riehle, senior vice president of the Research and Knowledge Group for the Association. "Restaurant operators' optimism for sales growth stood at its strongest level in 29 months, with capital spending plans also rising to a two-year high."
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"The RPI's strong gain in February was the result of broad-based improvements among the forward-looking indicators," said Hudson Riehle, senior vice president of the Research and Knowledge Group for the Association. "Restaurant operators' optimism for sales growth stood at its strongest level in 29 months, with capital spending plans also rising to a two-year high."
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Starwood Capital raises $2.8 billion for real estate funds
The Starwood Global Opportunity Fund VIII, which will target distressed debt and properties, has raised more than $1.8 billion. The Hospitality Fund II, which will invest in hotels, raked in almost $1 billion, the agency said.
Starwood, led by real estate developer Barry Sternlicht, had in the past raised about $10 billion of equity for 11 funds and other investments, the agency said.
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Starwood, led by real estate developer Barry Sternlicht, had in the past raised about $10 billion of equity for 11 funds and other investments, the agency said.
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Brazil Fast Food Announces Fourth Quarter and Fiscal Year 2009 Results
Fiscal Year 2009 Highlights
- System-wide sales totaled R$ 709.0 million, up 27,58% from 2008
- Revenue totaled R$ 184.9 million, up 49.9% from 2008
- Same own-store sales were up 5,56% compared to 2008
- Points of sale totaled 681 at the end of 2009, up from 642 at the end of 2008
- EBITDA was R$ 17.8 million, up 83.6% from 2008
- Operating income was R$12.0 million, up 104.9% from 2008
- Net income was R$6.9 million, or R$0.85 per basic and diluted share
Bruegger's Crosses The Border Into Canada
Bruegger's, having served bagels to Americans for 30 years, announced last week that Canadians can now enjoy the taste of the company's bagels. The 292-location bagel chain will now serve its bagels at three locations in Toronto, through co-branding with mmmuffins - a 32-unit chain that offers freshly baked cookies, muffins, breads, and other bakery items, along with soups and sandwiches
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Liverpool hotel jobs bolstered by record-breaking occupancy levels
The occupancy level of Liverpool hotels reached its highest point since records began in February and this could be great news for people looking for Liverpool hotel jobs.
Establishments in the former European Capital of Culture were at 86 per cent capacity during the weekends of February, with an increase in the average room yield of almost two per cent from the previous year.
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Establishments in the former European Capital of Culture were at 86 per cent capacity during the weekends of February, with an increase in the average room yield of almost two per cent from the previous year.
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Hilton Hotels Takes To Open New Hotel In Midtown Manhattan
Hilton Hotels today announced the opening of Hilton Manhattan East, located on the corner of 42nd Street and 2nd Avenue in Midtown Manhattan, in the historic building formerly known as Tudor Hotel New York. The newly renovated boutique hotel joins Hilton Times Square, Hilton New York and Millennium Hilton as the brand's fourth property in Manhattan
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Double-digit Growth Predicted For London Hoteliers In 2010
London -- Hoteliers in London could see double-digit revenue per available room (revPAR) growth this year, according to the latest Hotel Market Outlook, a quarterly report issued by Deloitte.
Marvin Rust, Hospitality Managing Partner at Deloitte, said: “Actual Q4 2009 results in London smashed predictions, seeing revPAR rise 7.4 percent rather than the 3.5 percent decline previously forecast, and the start to Q1 2010 has been impressive. Year-to-date gains of 10.1percent have already been recorded, and while Q1 as whole will be a little softer than the original prediction of a 15.8 percent revPAR rise, due to the bad weather, it does look set to end with gains in the region of 10 – 15 percent. With no further shocks, this could be a year that sees double-digit growth in the capital.”
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Marvin Rust, Hospitality Managing Partner at Deloitte, said: “Actual Q4 2009 results in London smashed predictions, seeing revPAR rise 7.4 percent rather than the 3.5 percent decline previously forecast, and the start to Q1 2010 has been impressive. Year-to-date gains of 10.1percent have already been recorded, and while Q1 as whole will be a little softer than the original prediction of a 15.8 percent revPAR rise, due to the bad weather, it does look set to end with gains in the region of 10 – 15 percent. With no further shocks, this could be a year that sees double-digit growth in the capital.”
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Reunion Resort now part of Wyndham
Reunion Resort & Club, a 400-unit resort located in the 2,300-acre Reunion golf community in Orlando, is now part of Wyndham Hotels & Resorts’ Wyndham Grand Collection and will be rebranded as Reunion Resort & Club Wyndham Grand Resort.
Reunion Resort & Club is located six miles from the Walt Disney World Resort. It features, among other amenities, three signature golf courses, a 5-acre water park with a winding lazy river, a full-service spa and a fitness center.
“This spectacular resort significantly expands the Wyndham brand’s presence in the critically important Orlando market,” said Jeff Wagoner, Wyndham Hotels & Resorts president, in a prepared statement.
Reunion Resort & Club is located six miles from the Walt Disney World Resort. It features, among other amenities, three signature golf courses, a 5-acre water park with a winding lazy river, a full-service spa and a fitness center.
“This spectacular resort significantly expands the Wyndham brand’s presence in the critically important Orlando market,” said Jeff Wagoner, Wyndham Hotels & Resorts president, in a prepared statement.
Starbucks Debuts iPhone Apps, Tests Mobile Payment
With several unofficial Starbucks-finder apps already populating the App Store, the coffee giant itself has finally hit the iPhone with a pair of apps -- one of which will eventually let customers use the Apple device to pay for purchases.
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Illinois launches investigation of MGM Mirage - No Ho's allowed?
General counsel Michael Fries said on Wednesday the casino operator had been told about the upcoming probe on Tuesday at a meeting of the Illinois regulatory board.
"We're ready to provide whatever additional information they may request," MGM Mirage spokesman Alan Feldman said.
MGM owns a 50 percent stake in the Grand Victoria Casino, a riverboat casino about 40 miles from Chicago in Elgin, Illinois.
The Michigan Gaming Control Board said it was reviewing MGM, which owns half of the MGM Grand Detroit casino, after the New Jersey findings
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"We're ready to provide whatever additional information they may request," MGM Mirage spokesman Alan Feldman said.
MGM owns a 50 percent stake in the Grand Victoria Casino, a riverboat casino about 40 miles from Chicago in Elgin, Illinois.
The Michigan Gaming Control Board said it was reviewing MGM, which owns half of the MGM Grand Detroit casino, after the New Jersey findings
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Google's Threat to Online Travel Sites
On the surface, Google's (Nasdaq: GOOG) experiment with placing hotel room rates on its maps is simply an attempt to keep Microsoft (Nasdaq: MSFT) from stealing too much real estate in the travel business.
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Tim Hortons - Its Ok To Fire A Customer
Tim Hortons is defending a New Brunswick store owner's decision to ban a customer for life after he complained about decaf coffee he said tasted "burnt."
After customer Jimmy Craig complained three times to workers at a Tim Hortons in St. Andrews, N.B., owner Edwin Dow banned him from ever entering the store again. Craig, a paramedic, was also banned from the store in nearby St. Stephen.
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After customer Jimmy Craig complained three times to workers at a Tim Hortons in St. Andrews, N.B., owner Edwin Dow banned him from ever entering the store again. Craig, a paramedic, was also banned from the store in nearby St. Stephen.
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Baha Mar Resorts, Ltd. Finalizes Historic Agreements with Chinese Banking and Construction Partners to Realize Multi-Billion Dollar Baha Mar Resort Development Project in Nassau, The Bahamas
MIAMI--(BUSINESS WIRE)--Baha Mar Resorts, Ltd. announced today that it has signed formal Facility and Investor agreements with Export-Import Bank of China and China State Construction and Engineering Corporation for the development of the multi-billion dollar Baha Mar Resort on Nassau’s famed Cable Beach.
The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest. Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.
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The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest. Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.
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