Wall Street firms - major users of luxury hotels - spent a whopping 31% more on hotels in in the first quarter vs. a year ago, according to Ovation Travel, the Manhattan-based corporate travel firm that specializes in Wall Street travel, citing client data.
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Monday, May 10, 2010
Mill Road Capital to Acquire Rubio's Restaurants
CARLSBAD, CA and GREENWICH, CT--(Marketwire - 05/10/10) - Rubio's Restaurants, Inc. (NASDAQ:RUBO - News), a leader in the growing Fast Casual segment of the restaurant industry with its premium Fresh Mexican Grill concept, and Mill Road Capital, L.P., a Connecticut-based private investment firm, announced today a definitive merger agreement under which an entity controlled by Mill Road Capital will acquire all the outstanding shares of Rubio's Restaurants in a cash merger transaction. Pursuant to the terms of the definitive merger agreement, the outstanding shares of common stock of Rubio's Restaurants will be acquired for $8.70 per share. The aggregate transaction value is approximately $91 million
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McDonald's Global Comparable Sales Rise 4.9% in April
"McDonald's continues to connect with customers through our outstanding menu variety and compelling value, unbeatable convenience and contemporary restaurants," said McDonald's Chief Executive Officer Jim Skinner. "These competitive advantages have powered our ongoing momentum and delivered another month of strong sales performance."
U.S. comparable sales rose 3.8% in April as McDonald's remains a relevant and affordable choice for consumers. Top contributors to April's results were beverages, including new McCafe offerings like Frappes, core products like Chicken McNuggets, and an all-day, everyday value message that starts with the Dollar Menu at breakfast.
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U.S. comparable sales rose 3.8% in April as McDonald's remains a relevant and affordable choice for consumers. Top contributors to April's results were beverages, including new McCafe offerings like Frappes, core products like Chicken McNuggets, and an all-day, everyday value message that starts with the Dollar Menu at breakfast.
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Landry's Restaurants, Inc. ('LNY'/NYSE) Reports First Quarter 2010 Results
Landry's Restaurants, Inc. (NYSE: LNY; the "Company"), today announced its results for the first quarter ended March 31, 2010.
Revenues from continuing operations for the three months ended March 31, 2010, totaled $258.7 million, as compared to $256.3 million a year earlier. Revenues from the restaurant and hospitality group were $199.2 million and $200.3 million for the first quarter of 2010 and 2009, respectively and $59.5 million and $56.0 million for the same periods from the Golden Nugget properties. Income from continuing operations for the quarter was $14.6 million, compared to $7.4 million reported last year. Results for the 2010 first quarter included a gain from the repurchase of a portion of the Golden Nugget debt and from receipt of certain insurance proceeds, while the corresponding period in 2009 included reduced rent expense from a one time lease termination payment and a gain on insurance proceeds partially offset by an expense for call premiums arising from the Company's successful refinancing in February 2009. In addition, the 2010 first quarter included a non-cash loss on the value of interest rate swaps not designated as hedges as compared to a gain during the same period in 2009. A summary of discrete items impacting the comparability between 2010 and 2009 results, net of tax is provided below.
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Revenues from continuing operations for the three months ended March 31, 2010, totaled $258.7 million, as compared to $256.3 million a year earlier. Revenues from the restaurant and hospitality group were $199.2 million and $200.3 million for the first quarter of 2010 and 2009, respectively and $59.5 million and $56.0 million for the same periods from the Golden Nugget properties. Income from continuing operations for the quarter was $14.6 million, compared to $7.4 million reported last year. Results for the 2010 first quarter included a gain from the repurchase of a portion of the Golden Nugget debt and from receipt of certain insurance proceeds, while the corresponding period in 2009 included reduced rent expense from a one time lease termination payment and a gain on insurance proceeds partially offset by an expense for call premiums arising from the Company's successful refinancing in February 2009. In addition, the 2010 first quarter included a non-cash loss on the value of interest rate swaps not designated as hedges as compared to a gain during the same period in 2009. A summary of discrete items impacting the comparability between 2010 and 2009 results, net of tax is provided below.
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Travelodge Names Guy Parsons As New CEO, Hearn Chairman
LONDON (Dow Jones)--U.K. budget hotel chain Travelodge Monday named Guy Parsons as its new chief executive officer, replacing Grant Hearn, who steps up to the role of executive chairman.
Parsons will run Travelodge on a day-to-day basis while Hearn will focus on the company's growth opportunities, it said. Travelodge is planning to add 40,000 rooms to its portfolio over the next two decades.
Travelodge operates 28,000 rooms in 390 hotels. It is mainly based in the U.K. but also operates ten hotels in Ireland and three in Spain.
Parsons has served as Travelodge's U.K. managing director since joining from restaurant chain TGI Friday's in 2004. He previously worked at hotel groups Whitbread PLC (WTB.LN) and Accor S.A. (AC.FR).
Hearn has been chief executive since 2003. He replaces Keith Hamill, who moves from non-executive chairman to deputy chairman.
The changes will take effect July 1.
Travelodge also named Jon Hendry-Pickup as its operations director. He joins from Tesco PLC (TSCO.LN), where he was operations director for Czech Republic and Slovakia.
Travelodge is owned by private equity group Dubai International Capital.
Parsons will run Travelodge on a day-to-day basis while Hearn will focus on the company's growth opportunities, it said. Travelodge is planning to add 40,000 rooms to its portfolio over the next two decades.
Travelodge operates 28,000 rooms in 390 hotels. It is mainly based in the U.K. but also operates ten hotels in Ireland and three in Spain.
Parsons has served as Travelodge's U.K. managing director since joining from restaurant chain TGI Friday's in 2004. He previously worked at hotel groups Whitbread PLC (WTB.LN) and Accor S.A. (AC.FR).
Hearn has been chief executive since 2003. He replaces Keith Hamill, who moves from non-executive chairman to deputy chairman.
The changes will take effect July 1.
Travelodge also named Jon Hendry-Pickup as its operations director. He joins from Tesco PLC (TSCO.LN), where he was operations director for Czech Republic and Slovakia.
Travelodge is owned by private equity group Dubai International Capital.
Enterprise executive reshuffle poised if refinancing deal goes ahead
Enterprise chief executive could step into the role of chairman and allow chief operating officer Simon Townsend to succeed him if a £1b refinancing deal goes through.
Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.
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Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.
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Recession puts curb on investing in Canadian hotels
Investment in Canadian hotels last year dropped to levels not seen since 2004 when the industry was dealing with the after effects of SARS, according to a new report.
Colliers International Hotels says there were $414-million in hotels purchased in 2009 -- a 61% decline from 2008. The figure was the lowest since the $360-million of activity in 2004 which followed a devastating year for the hotel sector's revenues as tourism lagged. At the height of the market in 2007, there was $4.58-billion in activity.
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Colliers International Hotels says there were $414-million in hotels purchased in 2009 -- a 61% decline from 2008. The figure was the lowest since the $360-million of activity in 2004 which followed a devastating year for the hotel sector's revenues as tourism lagged. At the height of the market in 2007, there was $4.58-billion in activity.
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Chipotle Opens First London Restaurant
DENVER--(BUSINESS WIRE)--Chipotle Mexican Grill (NYSE: CMG - News) today opened its first European restaurant in London located at 114-116 Charing Cross Road. The company, which operates nearly 1,000 restaurants in the United States, is also looking for additional sites in London and exploring other European markets including Paris and select cities in Germany.
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Goldman set to finance an Extended Stay bid
Goldman Sachs Group Inc. (GS.N) is close to a deal to provide financing of $2.2 billion to one of the groups bidding for mid-priced U.S. hotel chain Extended Stay ESAIN.UL, the Wall Street Journal reported on Sunday.
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The Five Worst Travel Scams
The term "travel scam" covers a wide spectrum of potential trickery, from mild deceptions to outright fraud. The worst, of course, is the fraud, where the operator has no intention of delivering anything whatsoever. More common are semi-frauds, where the operator makes exaggerated claims, but delivers to enough persistent consumers to deter law enforcement. Finally, there are the operators that might actually want to provide a service but are unable to deliver on their promises.
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SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FIRST QUARTER 2010
First Quarter 2010 Operational Results:
• Total revenue was $160.7 million.
• Pro forma RevPAR was $94.68.
• Loss attributable to common stockholders was $26.3 million.
• Loss attributable to common stockholders per diluted share was $0.27.
• Adjusted EBITDA was $31.0 million.
• Adjusted FFO available to common stockholders was $3.9 million.
• Adjusted FFO available to common stockholders per diluted share was $0.04.
• Pro forma hotel EBITDA margin was 21.7%.
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• Total revenue was $160.7 million.
• Pro forma RevPAR was $94.68.
• Loss attributable to common stockholders was $26.3 million.
• Loss attributable to common stockholders per diluted share was $0.27.
• Adjusted EBITDA was $31.0 million.
• Adjusted FFO available to common stockholders was $3.9 million.
• Adjusted FFO available to common stockholders per diluted share was $0.04.
• Pro forma hotel EBITDA margin was 21.7%.
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Hospitality Properties Trust Announces 2010 First Quarter Results
Funds from operations, or FFO, for the quarter ended March 31, 2010, were $94.3 million, or $0.76 per share, compared to FFO for the quarter ended March 31, 2009, of $89.6 million, or $0.95 per share. FFO for the quarter ended March 31, 2009, excludes a $26.6 million, or $0.28 per share, gain on extinguishment of debt. A reconciliation of FFO to net income as reported under generally accepted accounting principles, or GAAP, appears on page 4 of this press release.
Net income available for common shareholders was $33.4 million, or $0.27 per share, for the quarter ended March 31, 2010, compared to $53.6 million, or $0.57 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2009, included the $26.6 million gain on extinguishment of debt.
The weighted average number of common shares outstanding totaled 123.4 million and 94.0 million for the quarters ended March 31, 2010 and 2009, respectively.
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Net income available for common shareholders was $33.4 million, or $0.27 per share, for the quarter ended March 31, 2010, compared to $53.6 million, or $0.57 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2009, included the $26.6 million gain on extinguishment of debt.
The weighted average number of common shares outstanding totaled 123.4 million and 94.0 million for the quarters ended March 31, 2010 and 2009, respectively.
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Hard Rock Hotel reports 1Q loss of $26.5 million
The Hard Rock Hotel and Casino posted a loss of $26.5 million during the first quarter of 2010 as expenses increased at the newly expanded property, it reported today in a regulatory filing. That loss compares to a $24.3 million loss during the same period of 2009.
The property reported expenses increased by 71.1 percent during the quarter. Hard Rock has added two hotel towers and an expanded casino floor, as well as a new pool, spa, restaurants and nightclubs as part of its $750 million expansion project.
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The property reported expenses increased by 71.1 percent during the quarter. Hard Rock has added two hotel towers and an expanded casino floor, as well as a new pool, spa, restaurants and nightclubs as part of its $750 million expansion project.
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Austin Hilton target in series of lawsuits
Poor construction of luxury condos included in the 800-room Hilton development in downtown Austin is evolving into an array of legal filings, attorney’s fees and finger pointing.
At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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At least seven separate suits are under way in state and federal court that involve Austin Convention Enterprises Inc. Known as ACE, it is the city-born public facilities corporation that owns the hotel building and helped construct it with bond money about seven years ago. More than 145 motions have been filed since October for one case alone.
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Debate stirs over Canadian falls hotel plan
NIAGARA FALLS — A plan is in the works to build a 57-story hotel and two more high-rise buildings on a prime piece of real estate overlooking the Horseshoe Falls in Canada.
The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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The developer maintains that the project being proposed for the property which has been home to the Loretto Christian Life Centre for 148 years will provide patrons with a glorious view and jobs for perhaps as many as 1,000 people.
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American and British Investors Acquire London's St. Ermin's Hotel
LONDON, May 10 /PRNewswire/ -- A group of investors including American hotel turnaround specialist Amerimar Enterprises, has acquired the Jolly St. Ermin's hotel in London from N-H Hotels for GBP65 million. Work will begin as soon as all approvals are obtained, to completely transform the Westminster property into a classically elegant, four-star deluxe hotel with contemporary sensibilities. The new St. Ermins will target business and leisure travelers from Europe, the U.S. and around the world.
"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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"The new St. Ermin's will be a premier intimate, independent hotel in the heart of London's political, business and cultural center," said Jon Cummins, Chief Operating Officer of Amerimar. He concluded, "We are eager to introduce a new brand of uniquely elegant luxury to the heart of London, a leading destination for leisure as well as business travelers, offering a complete package of first-class meeting services and amenities sought by corporate meeting planners
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Fairmont targets Q4 2011 Palm hotel opening
Fairmont Raffles Hotels International reaffirmed its commitment to its Fairmont Palm Jumeirah project, which could finally open by Q4 2011.
The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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The group, which earlier announced plans to operate 14 new properties across three brands in the Middle East by 2014, could also see that number increase as it examines six new hotel projects for its regional portfolio.
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Bulgarian Private Enforcement Agents Foreclose 11 Hotels
The Bulgarian Chamber of Private Enforcement Agents has listed a total of 11 hotels in the country for foreclosure over owners’ unpaid debt.
One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.
Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.
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