Largest CiCi's Pizza franchisee files for Chapter 11

The largest owner of franchises for Coppell-based CiCi’s Pizza has filed for bankruptcy reorganization, tossing the future of 55 restaurants — including some in Houston — up in the air.
Dallas-based Winmar Pizza LP filed for Chapter 11 bankruptcy protection in May. Winmar listed its assets as $1 million to $10 million and liabilities in the same range.
CiCi’s CEO Craig Moore says Winmar’s bankruptcy filing does not impact the corporate office, which oversees 20 corporate-owned stores nationwide and provides guidance to franchisees across the nation. The bankruptcy affects only 55 of the more than 600 CiCi’s Pizza restaurants across the United States, he says.

Read more:
http://www.bizjournals.com/houston/stories/2009/07/06/story12.html?ana=from_rss

Last few Hundred visitors

Hospitality Financial Consulting Group releases their report on Flow-Through Analysis

This link will take you to an article I wrote dealing with Flow-Through analysis. This is the first article in a series dealing with Hospitality Operations Finance.

http://www.hfcgllc.com/uploads/Flow-Through_-_Eric_Hertha.pdf

Queen honours ‘Foxy’

Last week, the Queen presented Jost Van Dyke businessman and preservationist Philicianno “Foxy” Callwood with a medal honouring him as a Member of the Order of the British Empire. Mr. Callwood, the proprietor of Foxy’s Bar and Restaurant, was listed on the Queen’s New Year’s Honours list for his contributions to tourism and his work in preserving Virgin Islands culture.

Foxy's is the best bar in the British Virgin Islands

Read more:
http://bvibeacon.com/main/index.php?option=com_content&task=view&id=2104&Itemid=26

Greene King positive despite 15% profit fall

Greene King, the acquisitive brewer and pubs company, today posted a 15 per cent fall in annual pre-tax profits to £118.5 million but said that sales in recent weeks were encouraging.
Rooney Anand, the chief executive, told reporters on a conference call that the recent warm weather and a renewed confidence among drinkers and diners had boosted sales.

Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6624201.ece

Duke and Duchess of Northumberland seek CEO to run Alnwick Castle

In a development that Karl Marx might have regarded as the final triumph of capitalism over feudalism, the running of some of England’s finest castles is passing from the aristocracy to another class of titled individuals — chief executives.
The latest delegation of ancient inherited powers is taking place at Alnwick, seat of the Duke of Northumberland, power base of the Percy family for 700 years and famous as the setting for the Harry Potter films.

Read More:
http://business.timesonline.co.uk/tol/business/article6632245.ece

STARWOOD CAPITAL ENTERS EXCLUSIVITY TO ACQUIRE GOLDEN TULIP HOSPITALITY

London, Paris, Lausanne, June 12, 2009 - Golden Tulip Hospitality BV, in consultation with the Trustees, and an affiliate of Starwood Capital Group Global (which itself controls, through an affiliate, Louvre Hotels SAS) have agreed terms for an affiliate to acquire the Company’s Franchise business, its Development & Representation businesses, Joint Venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands.Subject to confirmatory due diligence the transaction is expected to complete by June 26th 2009.It is the intention of Starwood Capital Group to grow the Golden Tulip brands in existing and emerging markets, leveraging off the Louvre Hotels distribution platform through a strategic alliance between Louvre Hotels and the Golden Tulip businesses.

Read more:
http://corporate.goldentulip.com/pressroom/news.aspx?id=276&NewsLanguage=EN&year=&pageAt=1

Love hotel business zooms despite downturn

TOKYO, Japan (CNN) -- Even in the midst of Japan's deepest economic recession since World War II, the country's love hotel industry is thriving.

"I'd hate to use the term "recession-proof," but it's certainly proven very resilient over the last six to nine months," said Steve Mansfield, CEO of New Perspectives, which operates six love, or "leisure," hotels in Japan.
One of them, the Bonita Hotel in Isawa, boasts a 257 percent occupancy rate. Rooms can be rented for three to 24 hours.

Here is a link to a previous article that we ran
http://www.hospitalitybusinessnews.com/2009/05/dicaprio-statue-30-rooms-boost-japans_21.html

Read more:
http://edition.cnn.com/2009/WORLD/asiapcf/07/02/japan.love.hotels/index.html?iref=newssearch

World's first no star hotel slashes prices to £5.99 a night

The bargain price buys a room with no windows or television, no central heating, very little hot water, and a compulsory waking time of 7am.
Guests are likely to have to share their room with up to six lorry drivers, hard up travelling salesmen or passing immigrants, and must queue for the hotel's one shower in the morning.

Read more:
http://www.telegraph.co.uk/news/newstopics/howaboutthat/5732914/Worlds-first-no-star-hotel-slashes-prices-to-5.99-a-night.html

Restaurant and hotel insolvencies to soar after summer

The number of insolvencies in the travel, leisure and tourism (TLT) sector has dropped by 50 per cent, although experts warn an increase may come after the summer trading ends.
Advisory firm KPMG has predicted that the ‘unusual’ drop in the average number of TLT insolvencies from 350 a month to 178 is not a sign of an upturn in the economic situation, rather a ‘temporary reprieve in advance of a second wave of insolvencies’.

Read more:
http://www.bighospitality.co.uk/item/3625

Travelodge to spend £52m building three hotels in Spain

Budget hotel chain Travelodge has announced plans to spend €61m (£52m) building three new hotels in Spain.
The hotels in Barcelona, Seville and Valencia will all be newly constructed, through a joint venture with property developer Citygrove, which has developed a number of Travelodge hotels in the UK.

Read more:
http://www.caterersearch.com/Articles/2009/07/03/328538/travelodge-to-spend-52m-building-three-hotels-in-spain.html

BAB, Inc. Reports Profit for 2nd Quarter FY 2009

DEERFIELD, Ill.-- (BUSINESS WIRE) -- BAB, Inc. (OTCBB: BABB), announced its financial results for its second quarter ended May 31, 2009, reporting net income of $111,000, or $0.02 per share, versus net income of $177,000, or $0.02 per share, for the same quarter last year.
For the quarter ended May 31, 2009, BAB had revenues of $797,000 and net income of $111,000, or $0.02 per share, versus revenues of $945,000 and net income of $177,000, or $0.02 per share, for the same quarter last year.

Read more:
http://www.smartbrief.com/news/NRA/industryBW-detail.jsp?id=422BC2A0-F44A-4009-A019-41B22AA05D67&sb_code=RSS&i=Specialty%20Eateries

Whitbread to build 10 and purchase 2 new hotels

Whitbread-owned hotel group Premier Inns is to add 12 new hotels to its portfolio.
Planning permission has been granted to build 10 new hotels across the UK and deals to purchase a further two existing properties, one in Islington, London and one in Belfast, have been agreed.
The plans will add 1562 rooms to its estate and create 600 new jobs when the hotels open between 2010 and 2013.

Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64358&c=1

Pritzker Snags Blackstone Resort At Fire-Sale Price

Deep discount may raise doubts about other Blackstone treasures.

Jay Pritzker, the late Chicago financier, knew how to drive a bargain. Apparently, so does his son, John.
John A. Pritzker is acquiring the 400-acre Carmel Valley Ranch resort in Carmel, Calif., from a private equity fund managed by Blackstone Group ( BX - news - people ) for a fraction of its previous value, according to people familiar with the transaction.

Read more:
http://www.forbes.com/2009/07/02/blackstone-private-equity-personal-finance-jay-pritzker.html?partner=yahootix

Tropicana Las Vegas emerges from bankruptcy

Tropicana Las Vegas has come out on the other side of its bankruptcy woes with a new leader and the bulk of its financial burden gone.
The Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas property when it emerged from bankruptcy Wednesday.
The new owners took over the property right after midnight this morning from the Tropicana’s former parent company, the Las Vegas-based Tropicana Entertainment LLC, and have promised to return the Tropicana to its “glory.”

Read more:
http://www.lasvegassun.com/news/2009/jul/02/yemenidjian-takes-reins-tropicana-las-vegas/