Hard-up Britain loses its appetite for eating out

It has been one of Britain’s most successful industries for the past four decades, but the recession has finally brought the phenomenal growth in informal dining to a halt.
A report published yesterday by Allegra Strategies, the analysts, revealed that the amount Britons spend on informal eating out — where a meal costs £15 or less — has fallen for the first time in 40 years.

Read more;
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6710949.ece

Yum! Brands Inc. Reports Second Quarter 2009 EPS of $0.63

SECOND QUARTER HIGHLIGHTS
• International development continued at a robust pace with 328 new restaurants including 118 new units in mainland China and 193 in Yum! Restaurants International (YRI).
• Worldwide system sales growth prior to foreign currency translation of +3% including +8% in
mainland China, +6% in YRI, and a 1% decline in the U.S.; after foreign currency translation,
worldwide system sales declined 4%.
• Worldwide restaurant margin improved 1.7 percentage points driven by the combination of prior year pricing, flat commodity costs and refranchising; all three divisions improved margins.
• Worldwide operating profit growth of 11%, excluding foreign currency translation, driven by new unit development, improved restaurant margins, and proactive cost management. Each of our divisions generated profit growth: +11% in China, +8% in the U.S. and +6% for YRI. Including foreign currency translation, worldwide growth was +4%, China increased +14% and YRI declined 15%.
• EPS growth was negatively impacted by foreign currency translation of approximately $0.03 per share partially offset by the benefit from last year’s substantial share repurchases which reduced average shares outstanding by 3%.

Earnings Release : http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTAyMjJ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Restaurant Units Activity Summary: http://investors.yum.com/phoenix.zhtml?c=117941&p=irol-newsearnings

Yum! Brands Full-Year 2009 Detailed Guidance Update: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTAyMjR8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Son of Fontainebleau Creator Found Dead

Ben Novack, Jr., son of the storied developer and long-time owner of the Fontainebleau Hotel in Miami Beach, was found dead over the weekend in a suburban New York hotel room. According to press reports, Novack’s wife found the body in their Rye Town Hilton guestroom when she returned from breakfast on Monday morning.Police suspect foul play but so far have released no details regarding motive or suspects in the death.

Read more:
http://lhonline.com/realestate/Fontainebleau_Novack_Miami_Beach_0714/

Wynn Resorts files suit over 'XS' trademark

Wynn Resorts Holdings LLC filed a lawsuit Monday in U.S. District Court against Atlanta-based NYLO Hotels, an operator of boutique hotels, after NYLO asserted rights to the trademark "XS" and offered to let Wynn pay a licensing fee to use the name for the club at Encore.

Read more:
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/07/14/state/n154804D67.DTL&type=business

Interstate Hotels & Resorts Extends Senior Credit Facility to March 2012

ARLINGTON, Va., July 14 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (OTC Bulletin Board: IHRI), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has extended the maturity of its senior credit facility to March 2012 by converting the facility's outstanding balance of $161.2 million to a new term loan. The agreement also provides the company with an $8 million revolving credit line. The revised facility carries an interest rate of LIBOR plus 550 bps, with a 2.0 percent LIBOR floor plus additional PIK interest (payment-in-kind) of 2.0 percent through March 2011 and 3.0 percent thereafter. The accrued PIK interest is payable at maturity.

Read more:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/07-14-2009/0005059899&EDATE=

Book 'em, Danno: Hawaii Five-0 hotel to reopen

NEW YORK (CNNMoney.com) -- The Ilikai Hotel, which was made famous by the TV show "Hawaii Five-0," could soon reopen its doors after the company that recently bought the Waikiki landmark shut it down last week.
Real estate investment firm iStar Financial Inc., which purchased the Ilikai for $51 million at a foreclosure auction in May, said that the hotel "will reopen as soon as practically possible under a new management team and operational structure."

Read more:
http://money.cnn.com/2009/07/13/news/companies/Ilikai_hotel/?postversion=2009071313

Suit claims firm misstated Trump's ties to project

This is something that has been on the burner for a while. Investors are buying Condo's with a "Brand Name" attached, only to find out later that the Brand is there simply as a result of being paid a commission on each sale. There is a licensing agreement in place. Well investors in the Trump International Hotel & Tower Waikiki Beach Walk have taken it to the next level. They found out that Trump really has nothing to do with the project and they are suing.

Is it that they didn't know, or is it that the prices have fallen so much that they want out of theirs contracts. Therein lies the big question.

Read more:
http://www.google.com/hostednews/ap/article/ALeqM5iTfFQ5oGaUhJvLG5DsXRPDAHWCrgD99DTE801

Hilton owner to pay off smaller debts and avoid sale of assets

Here are two great quotes that sum it all up

"Harris Mathis, chief operating officer for Florida-based Shubh Hotels LLC, said the Hilton was reconciling the amounts owed to Salego Plumbing Co. and Gokul Inc. yesterday and intends to take care of both Monday."

And . . . . .

"Sometimes those small amounts sneak up on you and I guess this one got by us," Mr. Mathis said."

Read more:
http://www.post-gazette.com/pg/09192/983217-53.stm

Abu Dhabi chef fined $27,000 for out of date yoghurt

A head chef at the Emirates Palace hotel in Abu Dhabi has been fined AED92,000 ($27,000) for storing an out-of-date tub of yoghurt in a kitchen fridge.Inspectors from Abu Dhabi Municipality found the yoghurt, which the British chef’s lawyers said was one day past its expiry date, during a routine visit about a month ago, according to the National.

Read more:
http://www.arabianbusiness.com/561961-abu-dhabi-chef-fined-27000-for-out-of-date-yoghurt

Tattershall Castle reports £48.4m loss

The losses at TCG included an impairment charge of £27.5m. Tattershall restructured at the start of its current financial year, transferring 114 of its pubs to new legal entities covering distint market segments - Bars, Inns, Pubs and Taverns. TCG Acquisitions is left to run 36 of the original sites in the wake of the restructure.
A company statement said: “This new structure is proving to be operationally effective giving better management focus on each market segment. “The operating loss from continuing operations for the year was £3.4m (2007: £1.8m). “During the year the company has benefited from the waiver by group companies of debt totalling £46.7m.” During its most recent financial year, the company completed trhe refurbishment of 17 sites and completed the planned disposal of six sites.

Read more;
http://www.morningadvertiser.co.uk/news.ma/article/83720

Top 400 Chain Restaurants of 2009

The Top 400 chain restaurants had combined systemwide sales of roughly $312.2 billion in 2008, up 7% from the previous year, according to Restaurants & Institutions' annual ranking of the largest chain brands. McDonald's is once again the top-grossing restaurant chain, with worldwide sales of $70.7 billion. While several of the chains on the list saw double-digit worldwide sales growth in 2008, quite a few others experienced sales declines, shuttered units, or faced bankruptcy or buyouts.

Read more;
http://www.rimag.com/article/CA6669984.html

Free Monday mocha is McDonald's latest salvo in coffee war

McDonald's takes another swing at Starbucks in the ongoing battle for the specialty coffee market.
Starting Monday, the fast food franchise is offering a free iced or hot mocha every Monday from now until Aug. 3.
Each chocolate espresso coffee drink is available only one purchase at a time, so be sure to split your tickets.

Read more:
http://www.seattlepi.com/business/408073_coffee13.html

Ark. man gets $25M award in suit over Texas hotel

LITTLE ROCK, Ark. -- InterContinental Hotels Group, owners of Holiday Inn Worldwide, has been ordered by a court to pay $25 million in damages to an Arkansas franchisee for fraud involving a hotel in Texas.
J.O. "Buddy" House of West Memphis, owner of Hotel Associates, claimed in a lawsuit that InterContinental Hotels Group breached its contract and fiduciary duty with his company over a Holiday Inn Hotel and Suites in Wichita Falls, Texas.
House claimed he lost millions of dollars in renovation costs and loss of value during various changes in ownership and personnel at the world's largest hotel franchiser.

Read more:
http://www.miamiherald.com/business/breaking-news/story/1139778.html

Zaxby's Reports Growth in Sales

2009-07-13] Zaxby's reports increased sales and unit volume despite the down economy and forecasts further growth in 2009.
In 2008, the nearly 500-unit chain saw its third consecutive year of same store sales growth. The chain reported increases of more than 8 percent in 2006 and 2007 and a 5.6 percent increase in 2008. Total sales grew 18 percent in 2008 making Zaxby's one of the nation's fastest growing quick-casual concepts.

Read more;
http://www.qsrmagazine.com/articles/news/story.phtml?id=8959&utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication

Start increasing room rates, hoteliers told

Hotel operators across the UK are being urged to start pushing up their room rates, as occupancy in both London and the regions begins to stabilise.
Recent analysis by business advisory firm Deloitte has found that occupancy in London hotels has remained largely stable, dropping by less than one per cent to 78 per cent in the year to June.

Read more:
http://www.bighospitality.co.uk/item/3668