Four class-action lawsuits brought by disgruntled Quiznos Sub franchisees against the chain’s owners concluded Friday when a federal judge entered a ruling upholding the terms of a settlement valued at $206 million, according to court documents.
In upholding the terms of an initial settlement submitted last November by attorneys representing more than 8,000 current or former franchisees and Quiznos Franchise Co. LLC and related parties, Judge Rebecca R. Pallmeyer of the U.S. District Court in Chicago overruled the lone formal franchisee objection to the agreement
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Monday, August 16, 2010
Sunstone Hotel Investors, Inc. Acquires the 409-room Royal Palm Hotel - Miami Beach
ALISO VIEJO, Calif., Aug 16, 2010 /PRNewswire via COMTEX/ -- Sunstone Hotel Investors, Inc. (the "Company") /quotes/comstock/13*!sho/quotes/nls/sho (SHO 9.42, +0.03, +0.32%) today announced that it was the successful bidder at a foreclosure auction and acquired the fee-simple interest in the Royal Palm (the "Hotel") located on Collins Avenue in Miami Beach, Florida. The gross purchase price for the Hotel was approximately $126.1 million before transaction costs. Prior to the auction, the Company purchased a portion of the outstanding debt at a discount to par resulting in an economic gross purchase price of approximately $117.0 million or approximately $286,000 per key.
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Starbucks to offer Premium Content on its WiFi
Starbucks is not just offering its customers free wi-fi on the hazy notion that if they spend more time surfing the Web they will drink more coffee. No, the ubiquitous coffee shop retailer has plans to debut the second piece to its digital strategy this fall, which offers a more clear monetization path for it and its partners.
Called the Digital Network, Starbucks intends to offer exclusive and premium content from such providers as Apple, the New York Times, the Wall Street Journal and health publisher Rodale.
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Called the Digital Network, Starbucks intends to offer exclusive and premium content from such providers as Apple, the New York Times, the Wall Street Journal and health publisher Rodale.
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Eateries go Cash Only to save fees
Cash is king at local restaurants and bars struggling with a tight economy and small profit margins.
To avoid paying credit-card fees and -- shhh -- maybe fudge income numbers for the tax collector -- some merchants are treating credit cards as if they aren't worth the recycled plastic they're made of. In those places, cold cash is the only way to buy a hot meal.
Those in the know say the trend is growing.
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To avoid paying credit-card fees and -- shhh -- maybe fudge income numbers for the tax collector -- some merchants are treating credit cards as if they aren't worth the recycled plastic they're made of. In those places, cold cash is the only way to buy a hot meal.
Those in the know say the trend is growing.
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Pinnacle casino site in Atlantic City may sell at 70 percent discount
ATLANTIC CITY — Call it a 70 percent off sale — on a casino site.
In Atlantic City’s topsy-turvy real estate market, casino land coveted only four years ago at the gaming industry’s pre-recession peak may now be sacrificed for a bargain-basement price.
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In Atlantic City’s topsy-turvy real estate market, casino land coveted only four years ago at the gaming industry’s pre-recession peak may now be sacrificed for a bargain-basement price.
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Station Casinos Announces Second Quarter Results
The Company's net revenues for the second quarter ending June 30, 2010, were approximately $233.6 million, a decrease of 12.6% compared to the prior year's second quarter. The Company reported Adjusted EBITDA for the quarter of $61.4 million, a decrease of 22.5% compared to the prior year's second quarter. For the second quarter, the Company reported a net loss of $69.6 million as compared to a net loss of $65.3 million in the prior year’s second quarter.
In connection with the Chapter 11 cases, the Company recorded net reorganization items of $37.9 million in the second quarter. These reorganization items represent professional fees and other costs incurred as a direct result of the Chapter 11 cases of $31.2 million, and adjustments of swap carrying values of $6.8 million.
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In connection with the Chapter 11 cases, the Company recorded net reorganization items of $37.9 million in the second quarter. These reorganization items represent professional fees and other costs incurred as a direct result of the Chapter 11 cases of $31.2 million, and adjustments of swap carrying values of $6.8 million.
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Bank of China beats local lenders to finance £100m luxury London hotel
The Bank of China has swooped to fund a landmark hotel in London's West End, in the latest sign that the capital has become the darling of Far East investment.
The Bank of China has agreed terms with the Splendid Hotel group to provide a £50m development loan to build a 254-room hotel near New Scotland Yard. The six-storey hotel, which will have a final value of at least £100m, will occupy the freehold site of the 19th-century former Queen Anne's Chambers.
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The Bank of China has agreed terms with the Splendid Hotel group to provide a £50m development loan to build a 254-room hotel near New Scotland Yard. The six-storey hotel, which will have a final value of at least £100m, will occupy the freehold site of the 19th-century former Queen Anne's Chambers.
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Two Scottish hotels for sale as PAG Hotels falls into administration
Following the news that PAG Hotels has been placed into administration by KPMG, two of its hotels are up for sale as fully operational businesses.
The 12-bedroom Castle Venlaw Hotel on the outskirts of Peebles has been put onto the market for offers over £795,000. The hotel, which first opened in 1949, was bought in September 2007 by PAG.
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The 12-bedroom Castle Venlaw Hotel on the outskirts of Peebles has been put onto the market for offers over £795,000. The hotel, which first opened in 1949, was bought in September 2007 by PAG.
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High Tech Hotels: theWit Doubletree, Chicago
Even in a city known for its architecture, theWit Doubletree in Chicago, Illinois stands out, thanks in no small part to the neon green lightning bolt down the exterior facade. It is a design element that boldly proclaims something even more interesting is going on inside. Indeed, theWit is one of the most technologically advanced hotels in the world.
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How hotel guests can battle bedbugs
Experts say bedbugs can be found almost anywhere. Even the nicest hotels can become infested with the critters, which can go undetected for months because guests only stay for short periods. They advise the following precautions for hotel guests:
• Take sheets and blankets off the bed and inspect the mattress. If there are any brown or red spots, they might be blood or excrement from bedbugs.
• Look behind picture frames and around furniture. Bedbugs like small, dark crevices often found in wood.
• Don't place luggage on the floor or near a bed. Hotels often provide luggage racks and hangers.
• Wash all clothing after a trip. Hot water will usually kill any bedbugs.
• Take sheets and blankets off the bed and inspect the mattress. If there are any brown or red spots, they might be blood or excrement from bedbugs.
• Look behind picture frames and around furniture. Bedbugs like small, dark crevices often found in wood.
• Don't place luggage on the floor or near a bed. Hotels often provide luggage racks and hangers.
• Wash all clothing after a trip. Hot water will usually kill any bedbugs.
