Tuesday, May 11, 2010
Foreclosures take smaller bite out of Orlando hotel market
As Central Florida struggles with some of the highest home-mortgage delinquency rates in the nation, local hotel owners appear to be doing a better job than their peers elsewhere at keeping their properties out of trouble with lenders.
Even after a year of poor occupancy and revenue-robbing discounts, a relatively small number of hotels are behind on their payments in this, the nation's second-largest hotel market, according to a New York company that tracks commercial-mortgage activity.
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Even after a year of poor occupancy and revenue-robbing discounts, a relatively small number of hotels are behind on their payments in this, the nation's second-largest hotel market, according to a New York company that tracks commercial-mortgage activity.
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At High-End Hotels, Business Is Looking Up
IN the depths of the recession, a cartoon made the rounds in the executive offices of the Ritz-Carlton hotel chain. “It showed a guy trying to change the name on the sign above his hotel from Ritz to Fritz,” said Simon Cooper, the president of Ritz-Carlton, which is the top luxury brand of Marriott International.
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Nakheel Gets Dubai Support to Pay $980 Million Bond
May 11 (Bloomberg) -- Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, said the Dubai Financial Support Fund provided money for the full payment of its Islamic bond maturing May 13.
Nakheel’s floating-rate 3.6 billion dirhams ($980 million) Islamic bond, or sukuk, rose 1.5 percent to 98.5 fils to the dirham after the announcement, according to Mashreq Capital DIFC Ltd. The notes have climbed about 50 percent since Dubai World on March 25 proposed to renegotiate terms of its debt. Nakheel’s statement was posted on Nasdaq Dubai’s website today.
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Nakheel’s floating-rate 3.6 billion dirhams ($980 million) Islamic bond, or sukuk, rose 1.5 percent to 98.5 fils to the dirham after the announcement, according to Mashreq Capital DIFC Ltd. The notes have climbed about 50 percent since Dubai World on March 25 proposed to renegotiate terms of its debt. Nakheel’s statement was posted on Nasdaq Dubai’s website today.
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Sands China Has $1.75 Billion Financing for Expansion
May 11 (Bloomberg) -- Sands China Ltd., Asia’s biggest casino operator by market value, obtained $1.75 billion of debt financing from a group of banks to resume building a resort in Macau, Chief Executive Officer Steve Jacobs said.
Sands China may sign agreements with seven main banks, including international and Chinese lenders, as soon as this week, Jacobs said an interview in Hong Kong today. The company will also spend about $500 million from its initial public offering in November on the resort in Macau, the only place in China where casinos are legal.
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Sands China may sign agreements with seven main banks, including international and Chinese lenders, as soon as this week, Jacobs said an interview in Hong Kong today. The company will also spend about $500 million from its initial public offering in November on the resort in Macau, the only place in China where casinos are legal.
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Enterprise Inns Rises After Refinancing Debt
May 11 (Bloomberg) -- Enterprise Inns Plc, the U.K.’s second-biggest pub owner, rose the most since January in London trading after saying it had refinanced bank debt and made a first-half profit.
Enterprise Inns climbed as much as 15 percent. Net income was 82 million pounds ($121.5 million) in the six months ended March 31, from zero pounds a year earlier, the Solihull, England-based company said in a statement today
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Enterprise Inns climbed as much as 15 percent. Net income was 82 million pounds ($121.5 million) in the six months ended March 31, from zero pounds a year earlier, the Solihull, England-based company said in a statement today
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Ash Cloud May Cost Travel Industry $1.5 Billion, TUI Chief Says
May 11 (Bloomberg) -- The volcanic ash cloud that shut down U.K. airspace for six days last month may have cost the travel industry more than 1 billion pounds ($1.5 billion), according to Peter Long, the head of tour operator TUI Travel Plc.
TUI, Europe’s largest tourism company, said today that operating profit will be reduced by about 90 million pounds because of canceled holidays, as well as the cost of looking after stranded customers and getting them home. Also today, EasyJet Plc, Europe’s second-biggest discount airline, said the disruption to flights cost it 50 million pounds to 75 million pounds.
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TUI, Europe’s largest tourism company, said today that operating profit will be reduced by about 90 million pounds because of canceled holidays, as well as the cost of looking after stranded customers and getting them home. Also today, EasyJet Plc, Europe’s second-biggest discount airline, said the disruption to flights cost it 50 million pounds to 75 million pounds.
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Conflict over plan to close Wyndham Nassau Resort
A disagreement between the Bahamas Hotel Catering and Allied Workers Union (BHCAWU) and Baha Mar could lead to industrial action in the coming weeks, as the hotel workers union has taken exception to a proposal by the Wyndham Nassau Resort to close for nearly two months later this year.
The Nassau Guardian understands that the Wyndham's proposition to close its hotel and casino from August 23 to October 7, 2010 - as it did last year - is being regarded as contrary to the agreement the hotel union signed with the Bahamas Hotel Employers Association last year, which said that the BHEA would not lay off any hotel workers in 2010 if the union agreed the BHEA could reduce its pension contributions by half this year.
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The Nassau Guardian understands that the Wyndham's proposition to close its hotel and casino from August 23 to October 7, 2010 - as it did last year - is being regarded as contrary to the agreement the hotel union signed with the Bahamas Hotel Employers Association last year, which said that the BHEA would not lay off any hotel workers in 2010 if the union agreed the BHEA could reduce its pension contributions by half this year.
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Caribbean Tourist Arrivals Down 3.2 % in 2009
According to Caribbean Hotels and Tourism Investment Conference presenter Carlos Vogeler, international tourist arrivals to the entire Caribbean was down 3.2 percent to 19.4 million arrivals coming all of last year. The regional director for the Americas said they were visitors that contributed to a total of $22.4 billion in receipts recorded in 2009, although that was down by 4.1 percent from the year-ago period.
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IHG First Quarter Results to 31 March 2010
Business headlines
Global constant currency first quarter RevPAR growth of 0.2%, including growth of 4.1% in March.
Asia Pacific was the strongest region reporting RevPAR growth of 10.0%, including a 22.2% increase in Greater China.
5,151 net rooms (38 hotels) added in the quarter, increasing total system size to 651,830 rooms (4,476 hotels).
9,872 rooms (82 hotels) added to the system, 4,721 rooms (44 hotels) removed in line with our quality growth strategy.
8,160 rooms (55 hotels) signed, taking the pipeline to 200,895 rooms (1,344 hotels).
Net debt of $1.1bn, down $0.2bn on the position as at 31 March 2009 and held flat on the position as at 31 December 2009.
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Global constant currency first quarter RevPAR growth of 0.2%, including growth of 4.1% in March.
Asia Pacific was the strongest region reporting RevPAR growth of 10.0%, including a 22.2% increase in Greater China.
5,151 net rooms (38 hotels) added in the quarter, increasing total system size to 651,830 rooms (4,476 hotels).
9,872 rooms (82 hotels) added to the system, 4,721 rooms (44 hotels) removed in line with our quality growth strategy.
8,160 rooms (55 hotels) signed, taking the pipeline to 200,895 rooms (1,344 hotels).
Net debt of $1.1bn, down $0.2bn on the position as at 31 March 2009 and held flat on the position as at 31 December 2009.
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InterContinental Hotels Sales Up After 18 Months Of Falls
LONDON (Dow Jones)--InterContinental Hotels Group PLC (IHG) Tuesday reported a 15% rise in first-quarter profit as the return of business travelers to high-end hotels drove its first positive revenue performance in 18 months.
The world's largest hotel operator by number of rooms said that its operating profit rose to $83 million in the three months to March 31 from $72 million the previous year. Intercontinental, which counts Holiday Inn, Intercontinental and Crowne Plaza among its brands, said that revenue per available room, or RevPAR--a key industry measure--grew 0.2% in the quarter, accelerating to 4.1% in the month of March and 5.2% in April. In the last three months of 2009, RevPAR dropped 10.9%.
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The world's largest hotel operator by number of rooms said that its operating profit rose to $83 million in the three months to March 31 from $72 million the previous year. Intercontinental, which counts Holiday Inn, Intercontinental and Crowne Plaza among its brands, said that revenue per available room, or RevPAR--a key industry measure--grew 0.2% in the quarter, accelerating to 4.1% in the month of March and 5.2% in April. In the last three months of 2009, RevPAR dropped 10.9%.
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GE Capital, Franchise Finance Co-Leads $36MM Funding for Roark Capital Acquisition of Wingstop Restaurants
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital, Franchise Finance recently co-led the funding of a $36 million debt facility for the acquisition of Wingstop Restaurants, Inc. by an affiliate of Roark Capital Group, an Atlanta-based private equity firm specializing in franchising. Funding was provided through GE Capital, Franchise Finance's bank affiliate, GE Capital Financial, Inc.
“Being the incumbent lender to Wingstop and also having completed multiple deals with Roark, we have a strong relationship with both parties that made this an easy process,” says Robert Daniel, senior vice president at GE Capital, Franchise Finance.
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“Being the incumbent lender to Wingstop and also having completed multiple deals with Roark, we have a strong relationship with both parties that made this an easy process,” says Robert Daniel, senior vice president at GE Capital, Franchise Finance.
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KFC pays out £19,000 after cockroach found munching chip
Fast food chain Kentucky Fried Chicken (KFC) has been ordered to pay out £19,000 after a cockroach was discovered chomping on a chip in its Leicester Square outlet in London.
The cockroach was spotted by an environmental health officer lurking near takeaway boxes and tongs used to serve food in the restaurants.
City of Westminster magistrates court also heard that inspectors found a mouse, flies, and dried blood on the floors. There was also no handwash in dispensers in the food preparation areas.
KFC admitted breaching five hygiene rules after the inspection in August 2008. It was fined £11,000 and ordered it to pay £7,927.80 in costs and a victim surcharge of £15.
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The cockroach was spotted by an environmental health officer lurking near takeaway boxes and tongs used to serve food in the restaurants.
City of Westminster magistrates court also heard that inspectors found a mouse, flies, and dried blood on the floors. There was also no handwash in dispensers in the food preparation areas.
KFC admitted breaching five hygiene rules after the inspection in August 2008. It was fined £11,000 and ordered it to pay £7,927.80 in costs and a victim surcharge of £15.
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Gordon Ramsay faces second lawsuit over unpaid wine bills
Gordon Ramsay is facing a second lawsuit over unpaid wine bills at his two-Michelin-starred restaurant in New York.
Last week Wineberry America filed a lawsuit against the celebrity chef and Blackstone Group, which now operates the restaurant at the London hotel in midtown Manhattan, over unpaid bills of nearly $41,000 (£28,000).
According to court papers filed at the Supreme Court of New York, Wineberry was “fraudulently induced” to provide alcohol accusing both Ramsay and the Blackstone Group of never having had any “intention” of paying for the supplied goods.
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Last week Wineberry America filed a lawsuit against the celebrity chef and Blackstone Group, which now operates the restaurant at the London hotel in midtown Manhattan, over unpaid bills of nearly $41,000 (£28,000).
According to court papers filed at the Supreme Court of New York, Wineberry was “fraudulently induced” to provide alcohol accusing both Ramsay and the Blackstone Group of never having had any “intention” of paying for the supplied goods.
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Financial Controller needed for Yuma AZ hotel
We are seeking a Hotel Controller for a new and beautiful 150 room Hilton branded property in Yuma, AZ. The property has a 20,000 sq foot conference/event center and is managed by a highly respected hotel company that continues to grow.
The annual Milken Institute Best Performing Cities Report released in September 2008 ranked Yuma 13th on a list of 124 small cities for job growth and economic performance. In addition, Forbes.com named Yuma one of the Top 10 Up and Coming Tech Cities in the U.S. in 2008.
BASE SALARY: $45,000-$55,000 + excellent health benefits & much more to include employee travel discounts.
SKILLS REQUIRED (candidates must possess these skills to be considered):
Minimum 2 years property accountant or Controller
Degree preferred or commensurate related experience
MS Excel, MS Word, OnQ and MICROS proficient
Experience with ADP Time Saver Payroll Processing
Hilton Hotels experience a plus
Strong financial acumen is imperative.
Progressive career track record and job stability.
If you meet the criteria above and would be interested in applying for this position, please email me at tony@horizonhospitality.com If this position is not appropriate for you but you know someone who would fit this profile...feel free to pass along this email and contact info.
Best regards,
Tony Short
Regional Recruiter
Horizon Hospitality
O: 913-897-3100 ext.16
Email: Tony@horizonhospitality.com
http://www.horizonhospitality.com/
The annual Milken Institute Best Performing Cities Report released in September 2008 ranked Yuma 13th on a list of 124 small cities for job growth and economic performance. In addition, Forbes.com named Yuma one of the Top 10 Up and Coming Tech Cities in the U.S. in 2008.
BASE SALARY: $45,000-$55,000 + excellent health benefits & much more to include employee travel discounts.
SKILLS REQUIRED (candidates must possess these skills to be considered):
Minimum 2 years property accountant or Controller
Degree preferred or commensurate related experience
MS Excel, MS Word, OnQ and MICROS proficient
Experience with ADP Time Saver Payroll Processing
Hilton Hotels experience a plus
Strong financial acumen is imperative.
Progressive career track record and job stability.
If you meet the criteria above and would be interested in applying for this position, please email me at tony@horizonhospitality.com If this position is not appropriate for you but you know someone who would fit this profile...feel free to pass along this email and contact info.
Best regards,
Tony Short
Regional Recruiter
Horizon Hospitality
O: 913-897-3100 ext.16
Email: Tony@horizonhospitality.com
http://www.horizonhospitality.com/
