Brevard County officials may opt out of a class-action lawsuit seeking repayment for unpaid tourist taxes from Internet travel companies
Why? Because the county filed its own similar lawsuit last fall -- and Brevard lawyers believe they can win a separate, larger multi-million-dollar judgment.
Monroe County leaders hope to assemble all 59 Florida counties that charge a tourist bed tax in their class-action court fight against Priceline, Expedia, Orbitz and other online travel agencies
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Wednesday, May 5, 2010
Sheraton Hotels & Resorts Continues to Enhance Global Portfolio
Brand Will Remove Eight Additional Hotels that Don't Meet New Brand Standards
Sheraton Guest Satisfaction Scores Hit New Historic Highs as Starwood Hotels' Largest Brand Completes $6 Billion Revitalization Effort
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Sheraton Guest Satisfaction Scores Hit New Historic Highs as Starwood Hotels' Largest Brand Completes $6 Billion Revitalization Effort
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Gaming execs: Las Vegas business showing signs of improvement
Operators of Las Vegas' Hard Rock Hotel say the free fall on hotel rates has ended in other properties run by the Morgans Hotel Group in other cities and a similar pattern is emerging in Las Vegas.
Frederick Kleisner, CEO and a director for New York-based Morgans, told the state Gaming Control Board today that the company has seen a pattern of event-driven demand, followed by sustained demand and the driving of higher rates in New York, Los Angeles and Miami.
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Frederick Kleisner, CEO and a director for New York-based Morgans, told the state Gaming Control Board today that the company has seen a pattern of event-driven demand, followed by sustained demand and the driving of higher rates in New York, Los Angeles and Miami.
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Builder wants state to probe MGM Mirage nonpayment
The primary contractor that built the $8.5 billion CityCenter complex on the Las Vegas Strip is asking Nevada's governor to investigate why MGM Mirage hasn't paid $490 million in construction bills.
MGM Mirage has said it believes it owes Perini far less because the Harmon Hotel was shortened and delayed because of problems with its reinforcing steel.
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MGM Mirage has said it believes it owes Perini far less because the Harmon Hotel was shortened and delayed because of problems with its reinforcing steel.
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M&S Finance Chief Dyson Quits to Lead Punch Taverns
May 5 (Bloomberg) -- Marks & Spencer Group Plc said Finance Director Ian Dyson resigned to become chief executive officer of Punch Taverns Plc, the U.K.’s largest pub owner.
Dyson will leave “on a date to be agreed,” the London- based retailer said in a statement today. Marks shares fell 2.7 percent, to the lowest level in almost a month.
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Dyson will leave “on a date to be agreed,” the London- based retailer said in a statement today. Marks shares fell 2.7 percent, to the lowest level in almost a month.
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Ritz-Carlton considering a loyalty rewards program
As you know, Ritz-Carlton - the luxury hotel chain that belongs to the Marriott family - doesn't let you earn Marriott Rewards points, although you can redeem Rewards points for Ritz-Carlton stays. The chain's traditional position has been that its customers prefer to be recognized over rewarded. But when the luxury hotel market started to sink about 18 months ago, I wondered if we might see Ritz-Carlton adopt a program of its own of some sort. So when I recently sat down with Ritz-Carlton chief Simon Cooper to discuss the recent rebound in luxury, I asked him about the possibility. Here is what he said:
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Papa John's Announces First Quarter Results
•First quarter earnings per diluted share, excluding the impact of consolidating the results of the BIBP cheese purchasing entity, of $0.54 in 2010 vs. $0.43 in 2009
•First quarter earnings per diluted share of $0.62 in 2010 vs. $0.64 in 2009
•Domestic system-wide comparable sales decreased 0.4%
•International franchise system sales increased 17% for the quarter (9% excluding the impact of foreign currency exchange rates)
•22 worldwide net unit openings during the quarter
•Earnings guidance for 2010 updated to a range of $1.72 to $1.87 per diluted share, excluding BIBP
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•First quarter earnings per diluted share of $0.62 in 2010 vs. $0.64 in 2009
•Domestic system-wide comparable sales decreased 0.4%
•International franchise system sales increased 17% for the quarter (9% excluding the impact of foreign currency exchange rates)
•22 worldwide net unit openings during the quarter
•Earnings guidance for 2010 updated to a range of $1.72 to $1.87 per diluted share, excluding BIBP
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McCormick & Schmick's Seafood Restaurants, Inc. Reports First Quarter 2010 Financial Results
Financial results for the first quarter 2010 compared to the first quarter 2009:
- Revenues decreased 7.7% to $84.8 million from $91.9 million
- Comparable restaurant sales decreased 9.6%
- Comparable restaurant traffic decreased 6.2%
- Total restaurant operating costs were 89.3% of revenues compared to 89.2%
- Net loss of $0.4 million, or $0.03 per basic and diluted share, compared to net loss of $1.1 million, or $0.08 per basic and diluted share
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- Revenues decreased 7.7% to $84.8 million from $91.9 million
- Comparable restaurant sales decreased 9.6%
- Comparable restaurant traffic decreased 6.2%
- Total restaurant operating costs were 89.3% of revenues compared to 89.2%
- Net loss of $0.4 million, or $0.03 per basic and diluted share, compared to net loss of $1.1 million, or $0.08 per basic and diluted share
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FelCor's First Quarter Results Exceed Expectations
IRVING, Texas, May 03, 2010 (BUSINESS WIRE) --FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the first quarter ended March 31, 2010.
Summary:
- Today, we closed a $212 million mortgage loan secured by nine hotels. Proceeds were used to repay six mortgage loans totaling $210 million that were secured by 11 hotels (we unencumbered two hotels) and were scheduled to mature in May.
- Adjusted EBITDA was $38.5 million for the quarter, which was significantly better than internal expectations. Adjusted FFO per share was $(0.17) for the quarter. These were $5 million and $0.08 better than analysts' original estimates.
- RevPAR at our 83 consolidated hotels decreased only 0.5% for the quarter, compared to a 2.1% decline nationally. Our portfolio continues to gain market share.
- Hotel EBITDA margin decreased only 177 basis points for the quarter. Positive flow-through on the improvement to budgeted revenue was 63%, notwithstanding the improvement in revenue was from increased occupancy.
- Net loss for the quarter was $62.9 million.
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Summary:
- Today, we closed a $212 million mortgage loan secured by nine hotels. Proceeds were used to repay six mortgage loans totaling $210 million that were secured by 11 hotels (we unencumbered two hotels) and were scheduled to mature in May.
- Adjusted EBITDA was $38.5 million for the quarter, which was significantly better than internal expectations. Adjusted FFO per share was $(0.17) for the quarter. These were $5 million and $0.08 better than analysts' original estimates.
- RevPAR at our 83 consolidated hotels decreased only 0.5% for the quarter, compared to a 2.1% decline nationally. Our portfolio continues to gain market share.
- Hotel EBITDA margin decreased only 177 basis points for the quarter. Positive flow-through on the improvement to budgeted revenue was 63%, notwithstanding the improvement in revenue was from increased occupancy.
- Net loss for the quarter was $62.9 million.
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Ashford Hospitality Trust Reports First Quarter Results
DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2010. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 102 hotels owned and included in continuing operations as of March 31, 2010. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2010, with the first quarter ended March 31, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY
Corporate unrestricted cash at the end of the quarter was $172.2 millionTotal revenue decreased 7.6% to $217.0 million from $234.9 millionRevPAR decreased 4.1% for the quarterHotel EBITDA margin decreased 200 basis pointsNet income attributable to common shareholders was $305,000, or $0.01 per diluted share, compared with net income attributable to common shareholders of $6.8 million, or $0.08 per diluted share, in the prior-year quarterAdjusted funds from operations (AFFO) was $0.32 per diluted share versus $0.31 per diluted share in the prior-year quarterFixed charge coverage ratio was 1.69x under the senior credit facility covenant versus a required minimum of 1.25x
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FINANCIAL HIGHLIGHTS AND LIQUIDITY
Corporate unrestricted cash at the end of the quarter was $172.2 millionTotal revenue decreased 7.6% to $217.0 million from $234.9 millionRevPAR decreased 4.1% for the quarterHotel EBITDA margin decreased 200 basis pointsNet income attributable to common shareholders was $305,000, or $0.01 per diluted share, compared with net income attributable to common shareholders of $6.8 million, or $0.08 per diluted share, in the prior-year quarterAdjusted funds from operations (AFFO) was $0.32 per diluted share versus $0.31 per diluted share in the prior-year quarterFixed charge coverage ratio was 1.69x under the senior credit facility covenant versus a required minimum of 1.25x
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New rating for Dubai hotels
DUBAI — Dubai will implement a long-awaited new hotel classification system that will cover new categories from this year-end.
Presently, all hotels are classified on the basis of a global rating system — the one to five stars rating — but the new system will rate in new categories including business, beach, desert and heritage.
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Presently, all hotels are classified on the basis of a global rating system — the one to five stars rating — but the new system will rate in new categories including business, beach, desert and heritage.
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Millennium & Copthorne Profit Up, But Too Early To Call 2010
LONDON (Dow Jones)--Millennium & Copthorne Hotels PLC (MLC.LN) Wednesday posted an increase in sales and profit for the first quarter and reported encouraging signs of recovery, but said it was still too early to predict the outcome for the year.
The U.K.-based hotels group said net profit in the first quarter rose 64% to GBP14.1 million from GBP8.6 million a year ago, while revenue increased 2.2% to GBP160.5 million, from GBP157.1 million.
"We continue to see encouraging signs of recovery in some of our markets although conditions for others, notably Rest of Europe and Regional U.S., remain challenging," said Chairman Kwek Leng Beng. "It's too early to predict trading performance for 2010."
Revenue per available room, or RevPAR, a key industry measurement, grew 3.2% on the year in constant currency terms. The pound's weakness means revenue from outside the U.K. is buoyed when translated into sterling.
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The U.K.-based hotels group said net profit in the first quarter rose 64% to GBP14.1 million from GBP8.6 million a year ago, while revenue increased 2.2% to GBP160.5 million, from GBP157.1 million.
"We continue to see encouraging signs of recovery in some of our markets although conditions for others, notably Rest of Europe and Regional U.S., remain challenging," said Chairman Kwek Leng Beng. "It's too early to predict trading performance for 2010."
Revenue per available room, or RevPAR, a key industry measurement, grew 3.2% on the year in constant currency terms. The pound's weakness means revenue from outside the U.K. is buoyed when translated into sterling.
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Orient-Express Hotels Reports First Quarter 2010 Results
HAMILTON, Bermuda, May 5, 2010 /PRNewswire via COMTEX/ --Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 50 luxury hotel, restaurant, tourist train and river cruise properties operating in 24 countries, today announced its results for the first quarter ended March 31, 2010.
For the first quarter, the Company reported a net loss of $13.0 million (loss of $0.15 per common share) on revenue of $89.7 million, compared with a net loss of $14.6 million (loss of $0.29 per common share) on revenue of $81.1 million in the first quarter of 2009. The net loss from continuing operations for the period was $18.2 million (loss of $0.21 per common share), compared with a net loss of $11.6 million (loss of $0.23 per common share) in the first quarter of 2009. The adjusted net loss from continuing operations for the period was $19.2 million ($0.22 per common share), compared with an adjusted net loss of $0.1 million ($nil per common share) in the first quarter of 2009.
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For the first quarter, the Company reported a net loss of $13.0 million (loss of $0.15 per common share) on revenue of $89.7 million, compared with a net loss of $14.6 million (loss of $0.29 per common share) on revenue of $81.1 million in the first quarter of 2009. The net loss from continuing operations for the period was $18.2 million (loss of $0.21 per common share), compared with a net loss of $11.6 million (loss of $0.23 per common share) in the first quarter of 2009. The adjusted net loss from continuing operations for the period was $19.2 million ($0.22 per common share), compared with an adjusted net loss of $0.1 million ($nil per common share) in the first quarter of 2009.
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Morgans Hotel Group Reports First Quarter 2010 Results
NEW YORK, May 5, 2010 /PRNewswire via COMTEX/ --Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG" or the "Company") today reported financial results for the quarter ended March 31, 2010.
Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 11.6%, or 10.1% in constant dollars, in the first quarter of 2010 from the comparable period in 2009.
RevPAR increases were achieved in the first quarter of 2010 as compared to the first quarter of 2009 in all four of the markets where MHG has significant real estate ownership, specifically, New York, Miami, Los Angeles and London.
Adjusted EBITDAfor the first quarter was $9.2 million, a $2.8 million or 43.0% increase from the comparable period in 2009.
Management fees increased by $1.0 million or 28.4% in the first quarter of 2010 over the comparable period in 2009.
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Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 11.6%, or 10.1% in constant dollars, in the first quarter of 2010 from the comparable period in 2009.
RevPAR increases were achieved in the first quarter of 2010 as compared to the first quarter of 2009 in all four of the markets where MHG has significant real estate ownership, specifically, New York, Miami, Los Angeles and London.
Adjusted EBITDAfor the first quarter was $9.2 million, a $2.8 million or 43.0% increase from the comparable period in 2009.
Management fees increased by $1.0 million or 28.4% in the first quarter of 2010 over the comparable period in 2009.
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Strategic Hotels & Resorts Reports First Quarter 2010 Results
First Quarter Recap
Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share, unchanged from the prior year.
Comparable EBITDA was $22.0million compared with $22.8 million in the prior year period, a decline of 3.3 percent.
North American total revenue per available room (Total RevPAR) decreased 3.7 percent and revenue per available room (RevPAR) decreased 4.3 percent, driven by a1.6 percentage point increase in occupancy and a 6.9 percent decrease in average daily rate (ADR), as compared to the first quarter 2009. In addition, non-rooms revenue declined by 3.0 percent between periods.
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Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share, unchanged from the prior year.
Comparable EBITDA was $22.0million compared with $22.8 million in the prior year period, a decline of 3.3 percent.
North American total revenue per available room (Total RevPAR) decreased 3.7 percent and revenue per available room (RevPAR) decreased 4.3 percent, driven by a1.6 percentage point increase in occupancy and a 6.9 percent decrease in average daily rate (ADR), as compared to the first quarter 2009. In addition, non-rooms revenue declined by 3.0 percent between periods.
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Ruth's Hospitality Group, Inc. Reports First Quarter 2010 Financial Results
Total revenues were flat compared to prior year at $94.7 million.
Net income available to common shareholders of $6.0 million, or $0.19 per diluted share, compared to $3.7 million, or $0.16 per diluted share, in the first quarter of 2009. Net income available to common shareholders for the first quarter of 2010 included a $0.7 million income tax benefit for a correction of an immaterial error related to certain prior year tax credits. Excluding this adjustment, net income available to common shareholders in the quarter was $0.17 per diluted share.
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 0.5%. Company-owned comparable restaurant sales for Mitchell's Fish Market increased 2.4%.
Food and beverage costs, as a percentage of restaurant sales, decreased 80 basis points to 29.3%, which was primarily driven by favorable beef costs.
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Net income available to common shareholders of $6.0 million, or $0.19 per diluted share, compared to $3.7 million, or $0.16 per diluted share, in the first quarter of 2009. Net income available to common shareholders for the first quarter of 2010 included a $0.7 million income tax benefit for a correction of an immaterial error related to certain prior year tax credits. Excluding this adjustment, net income available to common shareholders in the quarter was $0.17 per diluted share.
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 0.5%. Company-owned comparable restaurant sales for Mitchell's Fish Market increased 2.4%.
Food and beverage costs, as a percentage of restaurant sales, decreased 80 basis points to 29.3%, which was primarily driven by favorable beef costs.
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Chipotle Mexican Grill "In-Sources" It's I.T.
Boiled down, when it comes to outsourcing, there are two sides: pro, as in, you'd better leave that to the experts; and con, as in, if you want something done right, do it yourself.
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Morton's Restaurant Group, Inc. Reports Results for First Quarter 2010
Financial results for the first quarter fiscal 2010 compared to the first quarter fiscal 2009
Revenues increased 4.9% to $75.3 million from $71.8 million.
Comparable restaurant revenues for Morton's steakhouses increased 3.6%.
GAAP net income from continuing operations was $1.2 million, or $0.07 per diluted share, for the three month period ended April 4, 2010 compared to a net loss from continuing operations of $(1.5) million, or $(0.10) per diluted share, for the three month period ended April 5, 2009.
The first quarter of fiscal 2010 included a charge of $0.5 million related to the Company's convertible preferred shares issued in connection with the fiscal 2009 settlement of certain wage and hour litigation. The first quarter of fiscal 2009 included a charge for unusual items aggregating $0.8 million after-tax, consisting of a partial write-off of deferred financing costs and a non-cash charge related to the tax treatment of the vesting of certain restricted stock awards.
Adjusted net income from continuing operations was $1.8 million, or $0.11 per diluted share, for the three month period ended April 4, 2010 compared to adjusted net loss from continuing operations of $(0.7) million, or $(0.05) per diluted share, for the three month period ended April 5, 2009. (Refer to the reconciliation of adjusted net income (loss) to GAAP net income (loss) in the tables that follow.)
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Revenues increased 4.9% to $75.3 million from $71.8 million.
Comparable restaurant revenues for Morton's steakhouses increased 3.6%.
GAAP net income from continuing operations was $1.2 million, or $0.07 per diluted share, for the three month period ended April 4, 2010 compared to a net loss from continuing operations of $(1.5) million, or $(0.10) per diluted share, for the three month period ended April 5, 2009.
The first quarter of fiscal 2010 included a charge of $0.5 million related to the Company's convertible preferred shares issued in connection with the fiscal 2009 settlement of certain wage and hour litigation. The first quarter of fiscal 2009 included a charge for unusual items aggregating $0.8 million after-tax, consisting of a partial write-off of deferred financing costs and a non-cash charge related to the tax treatment of the vesting of certain restricted stock awards.
Adjusted net income from continuing operations was $1.8 million, or $0.11 per diluted share, for the three month period ended April 4, 2010 compared to adjusted net loss from continuing operations of $(0.7) million, or $(0.05) per diluted share, for the three month period ended April 5, 2009. (Refer to the reconciliation of adjusted net income (loss) to GAAP net income (loss) in the tables that follow.)
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