Gov. David A. Paterson’s proposal to tax soda seems to have fizzled as lawmakers eliminated the controversial measure while cobbling together a state revenue bill. The penny-an-ounce tax on soda and other sweet drinks would have helped shrink New York’s ballooning deficit and, its supporters say, cut down on obesity.
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Friday, July 2, 2010
Dominos Bahamas looks to add a new franchise partner
Dominos is actively searching for a new chain to complement its product, company execs confirm to Guardian Business — this search customized to a franchisor that can work in The Bahamas.
The choice - set to come before the end of 2010 - comes in the wake of several well-known franchises closing in recent months, due to demands from franchisors that require the brand to remain the same all over the world.
Head of pizza chain Dominos Gavin Watchorn told Guardian Business it was important for the company to find the right franchise.
“Some things just don’t work... one of the problems with U.S. franchises is that they don’t believe there is a different way to doing things outside of the U.S.,” he said. “Thankfully Dominos realizes that things happen differently in The Bahamas than it does in Michigan.
“So whatever decision we make, it has got to work for The Bahamas.”
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The choice - set to come before the end of 2010 - comes in the wake of several well-known franchises closing in recent months, due to demands from franchisors that require the brand to remain the same all over the world.
Head of pizza chain Dominos Gavin Watchorn told Guardian Business it was important for the company to find the right franchise.
“Some things just don’t work... one of the problems with U.S. franchises is that they don’t believe there is a different way to doing things outside of the U.S.,” he said. “Thankfully Dominos realizes that things happen differently in The Bahamas than it does in Michigan.
“So whatever decision we make, it has got to work for The Bahamas.”
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Foxwoods Debt Talks Test Tribal Bets
With a mid-July deadline looming for a big payment to its lenders, the Indian tribe that runs the nation's largest casino is in talks with banks and bondholders about how best to restructure more than $2 billion in debt that it can no longer afford.
The Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Resort Casino in Ledyard, Conn., wants bondholders to wipe out a significant portion of its roughly $1.3 billion in bond debt, in some cases paring the tribe's obligations by at least half, people familiar with the matter said.
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The Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Resort Casino in Ledyard, Conn., wants bondholders to wipe out a significant portion of its roughly $1.3 billion in bond debt, in some cases paring the tribe's obligations by at least half, people familiar with the matter said.
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The Greenbrier’s Casino Club Celebrates Star-Studded Grand Opening
WHITE SULPHUR SPRINGS, W.Va.--(BUSINESS WIRE)--Kicking off a month of dramatic firsts, The Greenbrier today will celebrate the grand opening of its Casino Club with a red carpet event, featuring internationally-known celebrities and sports figures. Prior to the Casino Club’s ribbon cutting, guests at the black tie event will be treated to an exquisite dinner and an intimate Lionel Richie concert. The opening of the 100,000 sq. ft Casino Club at the historic Greenbrier marks the beginning of the month of milestones which will culminate July 26 with the inaugural Greenbrier Classic, a PGA TOUR, FedEx Cup tournament.
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Carlson Hotels acquires RHW Hotel Management Services in India
Carlson Hotels said Friday that it’s bought a majority interest in RHW Hotel Management Services, a major hotel management and consultancy services company in India.
RHW has been managing Carlson-branded hotels on the subcontinent since 1998. Financial terms of the deal were not disclosed.
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RHW has been managing Carlson-branded hotels on the subcontinent since 1998. Financial terms of the deal were not disclosed.
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Sunstone Reacquires Hotel
San Clemente-based hotel owner Sunstone Hotel Investors Inc. said Thursday it has reacquired a hotel it stopped making debt payments on last year.
The company said it paid $24.8 million for the Renaissance Westchester Hotel, a 347-room hotel in White Plains, N.Y., that Sunstone used to own before it went into receivership.
Sunstone, which owns all or part of 40 hotels, made waves last year by giving back some hotels to lenders after going underwater on their mortgages.
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The company said it paid $24.8 million for the Renaissance Westchester Hotel, a 347-room hotel in White Plains, N.Y., that Sunstone used to own before it went into receivership.
Sunstone, which owns all or part of 40 hotels, made waves last year by giving back some hotels to lenders after going underwater on their mortgages.
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Man who kept dead woman on ice at luxury hotel sent back to New Zealand
A convicted drug dealer who kept his girlfriend's body preserved on dry ice in a swank Newport Beach hotel room for a year has been deported to his native New Zealand after being released from prison, federal officials said Thursday.
Stephen David Royds, who went by the nickname "Kiwi," was arrested in March 2008 by Newport Beach police officers. Authorities had been investigating reports that he was selling cocaine at a local bar.
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Stephen David Royds, who went by the nickname "Kiwi," was arrested in March 2008 by Newport Beach police officers. Authorities had been investigating reports that he was selling cocaine at a local bar.
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Sale of On The Border to Golden Gate Capital Completed
OTB Acquisition LLC, an affiliate of Golden Gate Capital, announced that it has completed its acquisition of On The Border Mexican Grill & Cantina from Brinker International, Inc. (NYSE: EAT).
"This is an exciting day for On The Border, its team members and Golden Gate Capital. This is a great brand with great potential," said Josh Olshansky, a Managing Director at Golden Gate Capital. "We are enthusiastic about the Company’s significant growth opportunities and we are very pleased to partner with the On The Border team to continue the success of this market leading brand."
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"This is an exciting day for On The Border, its team members and Golden Gate Capital. This is a great brand with great potential," said Josh Olshansky, a Managing Director at Golden Gate Capital. "We are enthusiastic about the Company’s significant growth opportunities and we are very pleased to partner with the On The Border team to continue the success of this market leading brand."
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Restaurant Operator Bravo Brio Announces Plan For $172.5M IPO
Bravo Brio Restaurant Group Inc. announced plans to sell up to an estimated $172.5 million of stock in an initial public offering, raising funds for debt repayment.
While some renewed market volatility in the past several months has made it tougher for some companies to complete the process, IPO filings have remained solid as companies and owners continue to see an opportunity to raise capital or cash in some of their investment.
Ohio-based Bravo Brio, which operates Italian restaurants under brands Bravo and Brio has been expanding in the past five years, adding 34 restaurants to put its store count at 83 as of March 28. In that time, revenue has grown at a compounded annual rate of 12% despite the several years of weakness seen in the restaurant industry.
But the company has been unprofitable, though the red ink narrowed notably last year. It had a first-quarter profit of $2.5 million on revenue of $81.8 million, compared with a prior-year loss of $1.3 million on revenue of $73.6 million. The company didn't provide same-store-sales data in its filing Friday with the Securities and Exchange Commission.
Bravo Brio intends to apply for a stock listing on the Nasdaq Global Market under the symbol BBRG.
While some renewed market volatility in the past several months has made it tougher for some companies to complete the process, IPO filings have remained solid as companies and owners continue to see an opportunity to raise capital or cash in some of their investment.
Ohio-based Bravo Brio, which operates Italian restaurants under brands Bravo and Brio has been expanding in the past five years, adding 34 restaurants to put its store count at 83 as of March 28. In that time, revenue has grown at a compounded annual rate of 12% despite the several years of weakness seen in the restaurant industry.
But the company has been unprofitable, though the red ink narrowed notably last year. It had a first-quarter profit of $2.5 million on revenue of $81.8 million, compared with a prior-year loss of $1.3 million on revenue of $73.6 million. The company didn't provide same-store-sales data in its filing Friday with the Securities and Exchange Commission.
Bravo Brio intends to apply for a stock listing on the Nasdaq Global Market under the symbol BBRG.
Liquidator appointed to Dublin's Morrison Hotel
A provisional liquidator has been appointed to Dublin’s Morrison Hotel after co-owner Hugh O'Regan abandoned the hotel operating company’s defence to a claim by a bank-appointed receiver for €5.7 million in unpaid rent.
Liquidator Derek Earl will operate the hotel pending his replacement by a new operating company and it will remain open for business.
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Liquidator Derek Earl will operate the hotel pending his replacement by a new operating company and it will remain open for business.
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Reno casino given final chance to remain open
CARSON CITY — In an unprecedented decision, the Nevada Gaming Commission gave a financially troubled Reno hotel-casino slightly more than 24 hours to come up with a $230,000 bankroll to protect its winning customers.
“This is the first time we have done this,” Commission Chairman Peter Bernhard said of the order issued in the case of the Siena Hotel Spa.
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“This is the first time we have done this,” Commission Chairman Peter Bernhard said of the order issued in the case of the Siena Hotel Spa.
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Israeli boycott batters Turkish hotel prices
Now would be a good time to take a Turkish vacation: The Israeli boycott is having an impact and the price of hotel rooms in the country has plummeted, the Turkish newspaper Hurriyet reported this week.
The Turkish economy has lost at least $400 million as Israelis canceled tens of thousands of reservations after the Gaza-flotilla affair worsened the rift between the two countries.
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The Turkish economy has lost at least $400 million as Israelis canceled tens of thousands of reservations after the Gaza-flotilla affair worsened the rift between the two countries.
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Man guilty of £250m scam to 'sell' London's Ritz Hotel
A jobless lorry driver has been convicted of an "ambitious scam" to sell London's Ritz Hotel for £250m.
Anthony Lee, of Goole, east Yorkshire, found victims who were interested in the hotel and conned them with false promises until they handed over £1m.
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Anthony Lee, of Goole, east Yorkshire, found victims who were interested in the hotel and conned them with false promises until they handed over £1m.
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The Fast-Casual Market Says Hello to Hello Pasta
Hello Pasta, a new pasta model in fast-casual dining, will launch its first of four restaurant locations at Lexington Avenue between 54th and 55th in New York City on July 7, 2010.
Hello Pasta will offer a choice of imported, organic Italian pasta (with whole wheat and gluten-free options) served with low-sodium sauces made with all-natural, locally sourced, and organic ingredients for less than $10. A serving of pasta will come in small and large sizes and will be made-to-order within minutes. Hello Pasta's 11 sauces, each created in the Hello Pasta test kitchen, include Italo-American classics such as Pomodoro, Pesto, Carbonara, and Bolognese, along with Hello Pasta 'signatures' such as Sausage and Peas, Salmon Tarragon, and Tuscan Chicken Vodka.
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Hello Pasta will offer a choice of imported, organic Italian pasta (with whole wheat and gluten-free options) served with low-sodium sauces made with all-natural, locally sourced, and organic ingredients for less than $10. A serving of pasta will come in small and large sizes and will be made-to-order within minutes. Hello Pasta's 11 sauces, each created in the Hello Pasta test kitchen, include Italo-American classics such as Pomodoro, Pesto, Carbonara, and Bolognese, along with Hello Pasta 'signatures' such as Sausage and Peas, Salmon Tarragon, and Tuscan Chicken Vodka.
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Pub becomes a part-time Post Office
A pub will be sending parcels as well as serving pints after beocming a part-time Post Office.
The Three Horseshoes at Brimpton, near Reading, is filling the void left by the village’s own Post Office. Over the last eight years residents have had to travel miles for post services but will now have a postmistress at the pub twice a week.
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The Three Horseshoes at Brimpton, near Reading, is filling the void left by the village’s own Post Office. Over the last eight years residents have had to travel miles for post services but will now have a postmistress at the pub twice a week.
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Pebblebrook Hotel Trust Acquires the InterContinental Buckhead Hotel in Atlanta, Georgia
BETHESDA, Md., Jul 01, 2010 (BUSINESS WIRE) -- Pebblebrook Hotel Trust /quotes/comstock/13*!peb/quotes/nls/peb (PEB 18.93, +0.08, +0.42%) (the "Company") today announced that it has acquired the InterContinental Buckhead Atlanta hotel for $105.0 million. The 422-room, AAA five-diamond, luxury, full-service hotel is located in the heart of Buckhead, an affluent community in Atlanta, Georgia. The hotel will continue to be managed by IHG ("InterContinental Hotels Group PLC").
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Lawyer cleared of Ritz hotel £250m sale fraud
A solicitor has been cleared of trying to fraudulently sell the Ritz hotel in central London for £250m.
Conn Farrell, 57, was one of three men at Southwark Crown Court accused of defrauding financier Marcel Boerkhoorn and property dealer Terence Collins.
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Conn Farrell, 57, was one of three men at Southwark Crown Court accused of defrauding financier Marcel Boerkhoorn and property dealer Terence Collins.
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Denny's to convert 140 Flying J Restaurants
Restaurant chain Denny's Corp. said Thursday it will begin converting the restaurant portions of 140 Flying J Travel Centers to the Denny's brand beginning in July.
Denny's was selected in March by Pilot Travel Centers LLC to provide the restaurant sections of its travel centers. Pilot won Federal Trade Commission approval to acquire rival Flying Jay on Wednesday. The company is now called Pilot Flying J.
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Denny's was selected in March by Pilot Travel Centers LLC to provide the restaurant sections of its travel centers. Pilot won Federal Trade Commission approval to acquire rival Flying Jay on Wednesday. The company is now called Pilot Flying J.
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RBS Sells London's Cumberland Hotel to London & Regional, Starwood Capital
Royal Bank of Scotland Group Plc, the largest bank owned by the U.K. government, sold London’s Cumberland Hotel to London & Regional Properties Ltd. and Starwood Capital Group LLC to reduce its investment in hotels.
The transaction closed yesterday, RBS spokeswoman Aoife Reynolds said in a telephone interview today. Reynolds declined to confirm a report in Property Week magazine that the closely held purchasers paid almost 215 million pounds ($324 million) for the 1,019-bedroom hotel at Marble Arch in central London.
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The transaction closed yesterday, RBS spokeswoman Aoife Reynolds said in a telephone interview today. Reynolds declined to confirm a report in Property Week magazine that the closely held purchasers paid almost 215 million pounds ($324 million) for the 1,019-bedroom hotel at Marble Arch in central London.
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Wyndham Completes TRYP Acquisition From Sol Melia
PARSIPPANY, NJ, Jul 01, 2010 (MARKETWIRE via COMTEX) -- Wyndham Hotel Group, a subsidiary of Wyndham Worldwide /quotes/comstock/13*!wyn/quotes/nls/wyn (WYN 19.90, -0.24, -1.19%) , has completed the previously announced acquisition of the TRYP hotel brand from Sol Melia Hotels & Resorts including franchise agreements with 92 TRYP hotels in Europe and South America.
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Sunstone Hotel Sees 2Q Revenue Per Available Room Up 6.5%
Sunstone Hotel Investors Inc. (SHO) anticipates an approximate 6.5% increase for revenue per available room in the second quarter as it also projected a key profitability metric will likely top analysts' expectations.
The hospitality industry is beginning to see signs of a rebound after several years of falling prices and occupancy rates.
President and Chief Executive Art Buser said Sunstone has continued to see improving demand, primarily because of increased business travel. The demand increase is allowing operators to improve pricing in some markets, he added.
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The hospitality industry is beginning to see signs of a rebound after several years of falling prices and occupancy rates.
President and Chief Executive Art Buser said Sunstone has continued to see improving demand, primarily because of increased business travel. The demand increase is allowing operators to improve pricing in some markets, he added.
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