Sites belonging to London-based pub, hotel and hostel company Journeys Limited have been placed on the market after the company fell into administration.
Journeys Limited operated a number of brands including Journeys Inns and was the operational division of the property development company, HFHA Group.
Read more:
http://www.thepublican.com/story.asp?sectioncode=7&storycode=64586&c=1
Thursday, July 23, 2009
Landmark London hotel development falls into administration
A luxury new London hotel and apartment development designed by Norman Foster has fallen into administration.
The 11-storey complex, which is situated on The Strand on the site of the former Marconi Building, is owned by Urvasco, a subsidiary of Spanish hotel chain Grupo Hotelero Uravasco.
Read more:
http://www.breakingtravelnews.com/news/article/luxury-london-hotel-development-goes-bankrupt/
The 11-storey complex, which is situated on The Strand on the site of the former Marconi Building, is owned by Urvasco, a subsidiary of Spanish hotel chain Grupo Hotelero Uravasco.
Read more:
http://www.breakingtravelnews.com/news/article/luxury-london-hotel-development-goes-bankrupt/
Cigarette firm invests in Strategic Hotels
(Crain’s) — A discount cigarette company has acquired more than 7% in Strategic Hotels & Resorts Inc., saying it might take an activist role in the struggling luxury hotel company.
Miami-based Vector Group Ltd., which traces its history to the Liggett & Meyers tobacco company, bought 5.33 million shares in Chicago-based Strategic Hotels from June 2 through July 8, according to a filing Monday with the Securities and Exchange Commission. Vector paid about $7.14 million for the shares, a stake of about 7.1%, according to the filing.
Read more:
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34808
Miami-based Vector Group Ltd., which traces its history to the Liggett & Meyers tobacco company, bought 5.33 million shares in Chicago-based Strategic Hotels from June 2 through July 8, according to a filing Monday with the Securities and Exchange Commission. Vector paid about $7.14 million for the shares, a stake of about 7.1%, according to the filing.
Read more:
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=34808
Stanford Receiver Asks to Sell Stake in Houston Hotel Project
July 23 (Bloomberg) -- The court-appointed receiver for R. Allen Stanford’s businesses asked a federal judge for emergency approval to sell the accused swindler’s share of a Houston hotel project to avoid capital calls or a default.
Ralph Janvey, receiver for Stanford’s businesses, asked to sell Stanford’s interest in Midway CC Hotel Partners, which is nearing completion on a luxury hotel in CityCenter, in Houston’s Memorial area. Janvey said that unless he accepts a $2.7 million offer from another limited partner in the project by July 31, Stanford’s 72 percent ownership stake will shrink to 60 percent.
Read more:
http://www.bloomberg.com/apps/news?pid=20601206&sid=ajeDcFoRUWt8
Ralph Janvey, receiver for Stanford’s businesses, asked to sell Stanford’s interest in Midway CC Hotel Partners, which is nearing completion on a luxury hotel in CityCenter, in Houston’s Memorial area. Janvey said that unless he accepts a $2.7 million offer from another limited partner in the project by July 31, Stanford’s 72 percent ownership stake will shrink to 60 percent.
Read more:
http://www.bloomberg.com/apps/news?pid=20601206&sid=ajeDcFoRUWt8
P.F. Chang's lifts full-year earnings forecast
SCOTTSDALE, Ariz. (AP) -- P.F. Chang's China Bistro Inc. boosted its full-year outlook for earnings from continuing operations Wednesday, citing improved restaurant operating margins.
The restaurant operator now expects income from continuing operations in a range of $1.60 to $1.65 per share. Its previous guidance was for profit in a range of $1.45 to $1.50 per share.
Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast net income of $1.63 per share.
P.F. Chang's also reported a 23 percent rise in its second-quarter profit. The company's stock added 73 cents, or 2.1 percent, to $34.91 in electronic premarket trading.
The restaurant operator now expects income from continuing operations in a range of $1.60 to $1.65 per share. Its previous guidance was for profit in a range of $1.45 to $1.50 per share.
Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast net income of $1.63 per share.
P.F. Chang's also reported a 23 percent rise in its second-quarter profit. The company's stock added 73 cents, or 2.1 percent, to $34.91 in electronic premarket trading.
Monarch Casino Reports 2009 Second Quarter Results
RENO, NV--(Marketwire - 07/22/09) - Monarch Casino & Resort, Inc. (NASDAQ:MCRI - News) (the "Company"), owner of the Atlantis Casino Resort Spa (the "Atlantis") in Reno, Nevada, today announced results for the quarter ended June 30, 2009.
The Company reported net revenue of $34.5 million and EBITDA(1) of $6.4 million which were 2.5% lower and 1.3% higher, respectively, when compared with the second quarter of 2008. The Company announced quarterly income from operations of $3.3 million and diluted EPS of $0.11 which represent decreases of 25.3% and 31.3%, respectively, compared to the prior year's second quarter. Revenue generated in the casino department decreased by 6.0% while revenue from the food and beverage and hotel departments increased by 2.9% and 6.1%, respectively.
Read more:
http://finance.yahoo.com/news/Monarch-Casino-Reports-2009-iw-3817205075.html?x=0&.v=1
The Company reported net revenue of $34.5 million and EBITDA(1) of $6.4 million which were 2.5% lower and 1.3% higher, respectively, when compared with the second quarter of 2008. The Company announced quarterly income from operations of $3.3 million and diluted EPS of $0.11 which represent decreases of 25.3% and 31.3%, respectively, compared to the prior year's second quarter. Revenue generated in the casino department decreased by 6.0% while revenue from the food and beverage and hotel departments increased by 2.9% and 6.1%, respectively.
Read more:
http://finance.yahoo.com/news/Monarch-Casino-Reports-2009-iw-3817205075.html?x=0&.v=1
Canada's Tallest Hotel Tower Changes Niagara Falls' Skyline Forever
After months of construction and anticipation, Canada's tallest hotel tower has opened its doors and forever changed the skyline in Niagara Falls, Canada. With the best views, the new Hilton Hotel & Suites Niagara Falls - Fallsview rises 500 meters (more than 5 football fields) over the thundering Falls.The Hilton Hotel & Suites began its transformation to become the tallest hotel tower in Canada in January 2007. Now the largest resort in Niagara Falls, it boasts over 1,000 hotel rooms and suites, including two spectacular Presidential Suites on the 52nd Floor. Each elegantly appointed 2-bedroom suite features a sitting room with a fireplace, magnificent city or falls views and wireless technology.
Read more:
http://www.hotelresource.com/article40106.html
Read more:
http://www.hotelresource.com/article40106.html
LASALLE HOTEL PROPERTIES REPORTS SECOND QUARTER RESULTS
BETHESDA, MD, July 22, 2009 -- LaSalle Hotel Properties (NYSE: LHO) today reported net
income to common shareholders of $8.2 million, or $0.16 per diluted share for the quarter ended June 30, 2009, compared to net income of $20.5 million, or $0.51 per diluted share for the second quarter of 2008.
For the quarter ended June 30, 2009, the Company generated funds from operations (“FFO”) of
$35.6 million versus $47.4 million for the second quarter of 2008. On a per diluted share basis, FFO for the second quarter was $0.70, compared to $1.18 for the same period of 2008.
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4MTZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
income to common shareholders of $8.2 million, or $0.16 per diluted share for the quarter ended June 30, 2009, compared to net income of $20.5 million, or $0.51 per diluted share for the second quarter of 2008.
For the quarter ended June 30, 2009, the Company generated funds from operations (“FFO”) of
$35.6 million versus $47.4 million for the second quarter of 2008. On a per diluted share basis, FFO for the second quarter was $0.70, compared to $1.18 for the same period of 2008.
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4MTZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
High-profile Four Seasons condo project cuts prices
The Four Seasons Private Residences, Seattle's priciest condo development ever, plans to cut prices. Apparently the richest of the rich aren't buying, either.
"Market pressures are creating an environment in which even the most premium brands are having to make price adjustments to meet the market realities and buyers' expectations," Deborah Buchta of RMA Consultants, the firm marketing the condos, said in an e-mail.
"Even [the Four Seasons] is not immune to these conditions."
It's been nearly six months since a sale closed at the Four Seasons, which opened late last year. Buchta said she couldn't say how big the price reductions will be, or when they will take effect
Read more:
http://seattletimes.nwsource.com/html/businesstechnology/2009520590_fourseasons23.html
"Market pressures are creating an environment in which even the most premium brands are having to make price adjustments to meet the market realities and buyers' expectations," Deborah Buchta of RMA Consultants, the firm marketing the condos, said in an e-mail.
"Even [the Four Seasons] is not immune to these conditions."
It's been nearly six months since a sale closed at the Four Seasons, which opened late last year. Buchta said she couldn't say how big the price reductions will be, or when they will take effect
Read more:
http://seattletimes.nwsource.com/html/businesstechnology/2009520590_fourseasons23.html
STARWOOD REPORTS SECOND QUARTER 2009 RESULTS
WHITE PLAINS, NY, July 23, 2009 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE:
HOT) today reported second quarter 2009 financial results.
Second Quarter 2009 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.22. Including
special items, EPS from continuing operations was $0.72.
􀂃 Adjusted EBITDA was $200 million.
􀂃 Excluding special items, income from continuing operations was $41 million.
Including special items, income from continuing operations was $131 million.
􀂃 Special items totaled a benefit of $90 million ($0.50 per share) primarily related to a
$120 million benefit for a tax incentive program in Italy, partially offset by net
impairment charges of $26 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 27.7% (down
23.6% in constant dollars) compared to the second quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 25.4% (down 24.2% in
constant dollars).
􀂃 Management and franchise revenues decreased 18.0% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
35.5% (down 30.5% in constant dollars) compared to the second quarter of 2008.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased 34.4% (down 32.5% in constant dollars)
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4NzF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
HOT) today reported second quarter 2009 financial results.
Second Quarter 2009 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.22. Including
special items, EPS from continuing operations was $0.72.
􀂃 Adjusted EBITDA was $200 million.
􀂃 Excluding special items, income from continuing operations was $41 million.
Including special items, income from continuing operations was $131 million.
􀂃 Special items totaled a benefit of $90 million ($0.50 per share) primarily related to a
$120 million benefit for a tax incentive program in Italy, partially offset by net
impairment charges of $26 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 27.7% (down
23.6% in constant dollars) compared to the second quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 25.4% (down 24.2% in
constant dollars).
􀂃 Management and franchise revenues decreased 18.0% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
35.5% (down 30.5% in constant dollars) compared to the second quarter of 2008.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased 34.4% (down 32.5% in constant dollars)
Read more:
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA4NzF8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Ruby Tuesday, Inc. Announces Pricing of Common Stock Offering
MARYVILLE, Tenn.--(BUSINESS WIRE)--Jul. 22, 2009-- Ruby Tuesday, Inc. (NYSE:RT) today announced the pricing of the previously announced offering of 10,000,000 shares of its common stock at a price to the public of $6.75 per share. The Company has granted the underwriters a 30 day option to purchase up to 1,500,000 additional shares to cover over-allotments, if any. The Company will use the net proceeds to pay down debt. The Company expects to close the offering on July 28, 2009. Wells Fargo Securities and BofA Merrill Lynch are joint book-running managers and SunTrust Robinson Humphrey and Morgan Keegan & Company, Inc. are co-managers of the offering.
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=1310343&highlight=
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=1310343&highlight=
Chipotle Mexican Grill, Inc. Reports Second Quarter 2009 Results
DENVER--(BUSINESS WIRE)--Jul. 22, 2009-- Chipotle Mexican Grill, Inc. (NYSE: CMG and CMG.B) today reported financial results for its second quarter ended June 30, 2009.
Highlights for the second quarter of 2009 as compared to the second quarter of 2008 include:
Highlights for the second quarter of 2009 as compared to the second quarter of 2008 include:
- Revenue increased 14.1% to $388.8 million
- Comparable restaurant sales increased 1.7%
- Restaurant level operating margin was 26.0%, an increase of 360 basis points
- Net income was $35.4 million, an increase of 44.7%
- Diluted earnings per share was $1.10, an increase of 48.6%
Read more;
http://phx.corporate-ir.net/phoenix.zhtml?c=194775&p=irol-newsArticle&ID=1310158&highlight=
Wednesday, July 22, 2009
IFRS FAQs
Want to easily and quickly find out what has been happening with International Financial Reporting Standards and what could be on the horizon? Read the completely updated IFRS FAQs, formatted so you can select the questions and answers you're interested in
Read more:
http://www.ifrs.com/ifrs_faqs.html
Read more:
http://www.ifrs.com/ifrs_faqs.html
Hilton launches mobile booking tool
Hilton Hotels is launching a mobile web application that will offer customers full booking capabilities, initially in the UK and Germany with a view to a global roll-out.
The solution, created by Mobile Travel Technologies, enables travellers to search and select a hotel, view hotel information and images, plus make and change bookings. It will be launched this Friday and also includes a dedicated version for the iPhone.
Read more:
http://www.breakingtravelnews.com/news/article/hilton-launches-mobile-booking-tool/
The solution, created by Mobile Travel Technologies, enables travellers to search and select a hotel, view hotel information and images, plus make and change bookings. It will be launched this Friday and also includes a dedicated version for the iPhone.
Read more:
http://www.breakingtravelnews.com/news/article/hilton-launches-mobile-booking-tool/
Washington's Watergate Hotel fails to get bids
The famous Watergate Hotel in the US capital of Washington has failed to attract any bids at auction.The hotel was up for auction priced at $25 million (£15.2 million) but there were no takers.
Read more:
http://www.viewlondon.co.uk/news/washingtons-watergate-hotel-fails-to-get-bids-19276419.html
Read more:
http://www.viewlondon.co.uk/news/washingtons-watergate-hotel-fails-to-get-bids-19276419.html
