The reopening of the Savoy Hotel has been delayed for a fourth time, sending the cost of the refurbishment spiralling to at least twice the £100 million original estimate.
The hotel, which has been shut since December 2007, will now not be ready to welcome guests again until late August or even early September, almost a year and a half late.
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Monday, April 12, 2010
Two W hotels in New York City to drop W name this week, report says
Starwood's trendy W Hotels chain is losening its grip on the New York City market slightly by dropping two of its five Manhattan hotels - the W Court and W Tuscany, according to HotelChatter.com's report.
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California Pizza Kitchen Reports Preliminary First Quarter 2010 Results
LOS ANGELES--(BUSINESS WIRE)--California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 2.7% to $156.7 million for the first quarter ended April 4, 2010 versus $161.1 million in the first quarter of 2009. Comparable full service restaurant sales decreased approximately 2.7% compared to a 5.9% decrease in the first quarter a year ago. Management estimates that the Easter shift and adverse weather conditions during the quarter negatively affected comparable sales by approximately 1.3%.
During its February 18, 2010 conference call, the Company forecasted first quarter comparable full service restaurant sales in the range of negative 3.0% to negative 4.0% and earnings of $0.05 to $0.07 per diluted share. Based on preliminary results, management has raised its earnings estimate to $0.10 per diluted share for the first quarter which includes an approximate $0.03 benefit for gift card breakage.
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During its February 18, 2010 conference call, the Company forecasted first quarter comparable full service restaurant sales in the range of negative 3.0% to negative 4.0% and earnings of $0.05 to $0.07 per diluted share. Based on preliminary results, management has raised its earnings estimate to $0.10 per diluted share for the first quarter which includes an approximate $0.03 benefit for gift card breakage.
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Mitchells & Butlers rejects suitors seeking All Bar One chain
Mitchells & Butlers, the pub and restaurant operator, has rebuffed preliminary approaches from a number of private equity firms keen to buy its Browns and All Bar One chains.
The approaches come after a strategy review unveiled last month by John Lovering, M&B’s new chairman, which encouraged suitors to believe that the company may consider offers for several concepts outside its six principal brands. But insiders last night rejected the idea that its 14 Browns restaurants and 37 All Bar Ones would be among them.
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The approaches come after a strategy review unveiled last month by John Lovering, M&B’s new chairman, which encouraged suitors to believe that the company may consider offers for several concepts outside its six principal brands. But insiders last night rejected the idea that its 14 Browns restaurants and 37 All Bar Ones would be among them.
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Banyan Tree Pulls from Al Areen Resort in Bahrain Due to Contract Breaches
In a rushed move, Banyan Tree Hotels & Resorts has terminated, with immediate effect, its management contract for the Banyan Tree Al Areen Resort in Bahrain on April 8. This was in response to management company Al Areen Holding Company's "continuing breaches of the management contract." Typically, contract terminations require a notice with transition period of two weeks, however Banyan Tree's is effective immediately.
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Roark Capital Group acquires Wingstop
RICHARDSON, Texas (April 12, 2010) Wingstop Restaurants Inc., the parent to the 440-unit chicken-wing chain, has been acquired by an affiliate of private-equity firm Roark Capital Group, the companies said Monday.
The deal, terms of which were not disclosed, was announced at Wingstop's franchisee convention in Las Vegas. Roark Capital, which is based in Atlanta and specializes in franchised concepts, has a portfolio that includes such restaurant brands as Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.
The acquisition buys out Gemini Investors LLC of Wellesley, Mass., and another private investor who had bought a controlling stake in Wingstop in 2003 and owned about 64 percent of the company.
James Flynn, Wingstop’s chief executive, told NRN that Roark’s expertise in franchising should help Wingstop ratchet up its growth.
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The deal, terms of which were not disclosed, was announced at Wingstop's franchisee convention in Las Vegas. Roark Capital, which is based in Atlanta and specializes in franchised concepts, has a portfolio that includes such restaurant brands as Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s.
The acquisition buys out Gemini Investors LLC of Wellesley, Mass., and another private investor who had bought a controlling stake in Wingstop in 2003 and owned about 64 percent of the company.
James Flynn, Wingstop’s chief executive, told NRN that Roark’s expertise in franchising should help Wingstop ratchet up its growth.
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Best places to spot UFOs
It was just another winter night in Stephenville, Texas, when Steve Allen, a 30-year aviation veteran, saw something that defied all logic—an eerily silent, mile-wide craft ringed in lights that would “rearrange themselves” racing across the sky at what he estimated to be 3,000 miles per hour
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