Wyndham Worldwide Corp.'s third-quarter earnings rose 50% as the lodging company saw a big tax benefit and as its hotel and time-share businesses continued to recover from weak demand last year.
For the year, the company raised its earnings guidance to $1.94 to $1.98 a share from July's boosted forecast of $1.78 to $1.88. It also sees 40 cents to 44 cents this quarter, while analysts' average projection was 40 cents, according to Thomson Reuters.
The lodging industry has seen results improve in recent quarters amid an upturn in travel and tourism demand and prior cost cutting. Rival Marriott International Inc. about three weeks ago swung to a third-quarter profit absent prior-year write-downs as its timeshare business continued to rebound. However, it gave a weak view for the current quarter.
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Tuesday, October 26, 2010
Las Vegas Sands joins InterContinental
LOS ANGELES - LAS Vegas Sands Corp's Strip resorts, the Venetian and Palazzo, are joining the portfolio of InterContinental Hotels Group, the world's top hotel company by number of rooms.
Under the 10-year licensing deal, the Las Vegas hotels, with more than 7,000 luxury rooms, will gain access to IHG's global operating system, sales force and Priority Club loyalty program, which has 52 million members.
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Under the 10-year licensing deal, the Las Vegas hotels, with more than 7,000 luxury rooms, will gain access to IHG's global operating system, sales force and Priority Club loyalty program, which has 52 million members.
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Buffalo Wild Wings, Inc. Announces Third Quarter 2010 Results
Buffalo Wild Wings, Inc. /quotes/comstock/15*!bwld/quotes/nls/bwld (BWLD 45.25, -3.28, -6.76%) , announced today financial results for the third quarter ended September 26, 2010. Highlights for the third quarter versus the same period a year ago were:
Total revenue increased 14.0% to $151.3 million Company-owned restaurant sales grew 13.9% to $137.0 million Same-store sales increased 2.6% at company-owned restaurants and 0.3% at franchised restaurants Net earnings increased 23.7% to $8.5 million from $6.9 million, and earnings per diluted share increased 23.7% to $0.47 from $0.38 Read More:
London hotel rates up 12.5%
Hoteliers in London achieved average room rates of 12.5% more in September compared to the same month in 2009.
According to research by PKF Hotel Consultancy services, the price of an average hotel room in London was £118.56 last month, up nearly £15 on September 2009.
Manchester hoteliers also saw a strong month, thanks to the Labour Party conference. Occupancy increased 5.4% to 82.2%, while rates rose 9.4% to £81.78.
The regions remained virtually static. The average room rate for September 2010 was £65.42, while in 2009 it was £65.45.
Robert Barnard, a partner at Hotel Consultancy Services, said the public spending review may have an effect on hoteliers in the near future, but added:
“The solid figures we have seen over the past few months are at least a good start point if there are to be further bumps in the road ahead."
According to research by PKF Hotel Consultancy services, the price of an average hotel room in London was £118.56 last month, up nearly £15 on September 2009.
Manchester hoteliers also saw a strong month, thanks to the Labour Party conference. Occupancy increased 5.4% to 82.2%, while rates rose 9.4% to £81.78.
The regions remained virtually static. The average room rate for September 2010 was £65.42, while in 2009 it was £65.45.
Robert Barnard, a partner at Hotel Consultancy Services, said the public spending review may have an effect on hoteliers in the near future, but added:
“The solid figures we have seen over the past few months are at least a good start point if there are to be further bumps in the road ahead."
$2.2 Billion in Hotel Development for Burmuda
Premier and Minister of Tourism Dr Ewart Brown held a press conference today [Oct 26] to address the Tourism third quarter. One of the things he addressed was hotel development saying there is “approximately $2.2 billion earmarked for hotel development on the island for the next 10 years”. The Premier continued on to say that “despite the worldwide economic downturn, it hasn’t deterred investors from demonstrating continued confidence in the Bermuda product,” and that as he prepares to finish his term as Premier he is “pleased to leave a number of hotel development projects in the pipeline.”
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TPG Hospitality, Inc. to Manage Eight Lodgian Hotels
PROVIDENCE, R.I., Oct. 26 TPG Hospitality, Inc. (a Procaccianti Group company), the integral hotel management company within vertically integrated TPG Companies with over 17,000 rooms under management in 23 states, has quietly and steadily climbed to the top of the list of the industry's leading hotel management companies.
Today, Gary Gray, Senior Vice President, confirms, "Lodgian has awarded TPG Hospitality, Inc. the management of approximately 2,000 premium branded hotel rooms representing eight full service hotels." At the time of this release, Gray indicated that TPG Hospitality, Inc. had transitioned management of two properties including the 270-room beachside Crowne Plaza in Melbourne, FL and the 231-room Crowne Plaza in Silver Spring, MD.
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Today, Gary Gray, Senior Vice President, confirms, "Lodgian has awarded TPG Hospitality, Inc. the management of approximately 2,000 premium branded hotel rooms representing eight full service hotels." At the time of this release, Gray indicated that TPG Hospitality, Inc. had transitioned management of two properties including the 270-room beachside Crowne Plaza in Melbourne, FL and the 231-room Crowne Plaza in Silver Spring, MD.
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Charlie Sheen trashes room at Plaza Hotel in coke-fueled rampage
A drugged up and naked Charlie Sheen -- just two months out of rehab -- trashed his room at The Plaza Hotel early today in a frantic bid to find his wallet and cellphone after partying with a hooker, authorities said.
Hotel security called police just after 2 a.m. where they found the hard-partying Sheen after a woman called the front desk from the famed Eloise Suite, sources told The Post.Tables and chairs had been thrown around the room and a chandelier was also damaged, sources said.
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Pittsburgh "Hilton" owner accused of 'incompetence'
A New York lender filed an emergency motion Monday for the appointment of a trustee to oversee operations at the former Hilton Pittsburgh, accusing the hotel owner of "gross mismanagement, incompetence and deceitfulness."
In its 35-page motion, BlackRock Financial Management Inc. claimed that Shubh Hotels Pittsburgh used hotel funds to "pay insiders and non-corporate expenses" and that Dr. Kiran C. Patel, the Tampa cardiologist seeking to take over the property, is "inextricably intertwined" with Shubh and its management.
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How did a savvy traveler's hotel room get burglarized?
Scenario: A well-traveled guest at a Wyndham hotel in Oklahoma City recently told police that her hotel room had been burglarized, the Oklahoman tells us.
The thief stole the woman's laptop, some identification, cash in her purse - and even cash that she'd raised for a breast cancer fundraiser. The victim is a flight attendant, so she knows hotels well and I'm willing to bet that she considers herself to be a savvy traveler.
So how did it happen?
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The thief stole the woman's laptop, some identification, cash in her purse - and even cash that she'd raised for a breast cancer fundraiser. The victim is a flight attendant, so she knows hotels well and I'm willing to bet that she considers herself to be a savvy traveler.
So how did it happen?
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