MGM Mirage today warned it may take a charge against earnings to write down the value of its 50-percent interest in the $8.5 billion CityCenter complex preparing to open in December on the Las Vegas Strip.
At least part of the writedown may be related to the company's need to lower condominium prices at the resort in order to close sales of the condos. There are some 2,400 condominium and condominium-hotel units in multiple towers at the resort.
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Friday, September 18, 2009
STR reports Caribbean and Mexico pipeline for August 2009
The Caribbean/Mexico hotel development pipeline includes 141 hotels comprising 18,535 rooms, according to the August 2009 STR Construction Pipeline Report released this week.
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STR Global reports Europe pipeline for August 2009
The European hotel development pipeline includes 585 hotels comprising 94,259 rooms, according to the August 2009 STR Global Construction Pipeline Report released this week
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STR Global reports Middle East/Africa pipeline for August 2009
The Middle East/Africa hotel development pipeline includes 468 hotels comprising 126,464 rooms, according to the August 2009 STR Global Construction Pipeline Report released last week.
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More Financial Blues for The Fontainebleau
You’ve probably already heard that the still-under-construction Fontainebleau Las Vegas went bankrupt. (Although the Miami Herald reports that the property’s lawyers won an additional three weeks in bankruptcy protection this week, as they try to sell the sucker off.)
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FelCor Commences Tender Offers for Its Senior Secured Floating Rate Notes
IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH) and its subsidiary, FelCor Lodging Limited Partnership (“FelCor LP”), today announced that on September, 17, 2009, FelCor LP commenced cash tender offers for all of its $215 million aggregate principal amount of senior secured floating rate notes due 2011 (CUSIP No. 31430Q AY3) and all of its $300 million aggregate principal amount of 8½% senior notes due 2011 (CUSIP No. 31430Q AL1)
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The Marcus Corporation Reports First Quarter Results
First Quarter Fiscal 2010 Highlights
- Total revenues for the first quarter of fiscal 2010 were $110,153,000, compared to revenues of $120,371,000 for the first quarter of fiscal 2009.
- Operating income was $18,975,000 for the first quarter of fiscal 2010, compared to operating income of $23,947,000 for the same period in the prior year.
- Net earnings were $10,218,000 or $0.34 per diluted common share for the first quarter of fiscal 2010, compared to net earnings of $12,433,000 or $0.42 per diluted common share for the first quarter of fiscal 2009.
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- Total revenues for the first quarter of fiscal 2010 were $110,153,000, compared to revenues of $120,371,000 for the first quarter of fiscal 2009.
- Operating income was $18,975,000 for the first quarter of fiscal 2010, compared to operating income of $23,947,000 for the same period in the prior year.
- Net earnings were $10,218,000 or $0.34 per diluted common share for the first quarter of fiscal 2010, compared to net earnings of $12,433,000 or $0.42 per diluted common share for the first quarter of fiscal 2009.
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Thursday, September 17, 2009
Harrah's Buys Planet Hollywood Debt
Harrah's Entertainment Inc. bought $140 million of the debt tied to the Planet Hollywood Resort & Casino in Las Vegas, giving Harrah's a role in the fate of the struggling property.
Harrah's purchase of the debt from Goldman Sachs Mortgage Co., a unit of Goldman Sachs Group Inc., came last week, just a day before the casino defaulted on its $860 million mortgage by failing to make its monthly interest payment, according to people familiar with the matter. The mortgage's servicer, KeyCorp, sent the casino's owners a default notice Thursday, these people say
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Harrah's purchase of the debt from Goldman Sachs Mortgage Co., a unit of Goldman Sachs Group Inc., came last week, just a day before the casino defaulted on its $860 million mortgage by failing to make its monthly interest payment, according to people familiar with the matter. The mortgage's servicer, KeyCorp, sent the casino's owners a default notice Thursday, these people say
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Potential buyer in negotiations for stalled Fontainebleau project
At least one unidentified potential buyer is negotiating to take over the bankrupt Fontainebleau hotel-casino development in Las Vegas, Fontainebleau reported Monday.
But significant hurdles remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.
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But significant hurdles remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.
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CKE RESTAURANTS® MAINTAINS PROFITABILITY DESPITE CHALLENGING ENVIRONMENT AND SOFTNESS IN SAME-STORE SALES
CARPINTERIA, Calif. — September 16, 2009 — CKE Restaurants, Inc. (NYSE:CKR) announced today second quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended August 10, 2009.
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Luxury Hotel Oversupply in Tokyo May Cut Occupancy
Sept. 17 (Bloomberg) -- Luxury hotel occupancy in Tokyo may decline because of an increase in rooms and a delayed recovery in the world’s second-biggest economy.
“The beginning of next year is going to be very soft,” said Malcolm Thompson, general manager of The Peninsula Hotel Tokyo. “Even though we’re expecting the economy to pick up and the pointers are that things will, as hoteliers we’re still going to be challenged by the amount of supply.”
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“The beginning of next year is going to be very soft,” said Malcolm Thompson, general manager of The Peninsula Hotel Tokyo. “Even though we’re expecting the economy to pick up and the pointers are that things will, as hoteliers we’re still going to be challenged by the amount of supply.”
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Britannia Hospitality buys the Stafford hotel for £77.5m
Britannia Hospitality, owned by Egypt's El Sharkawy family, has bought London's Stafford hotel for a reported £77.5m from pubs and hotel firm Daniel Thwaites.
The purchase of the 105-room Mayfair hotel took place at 1am this morning, and is part of the El Sharkawy family's plans to expand into global capitals.
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The purchase of the 105-room Mayfair hotel took place at 1am this morning, and is part of the El Sharkawy family's plans to expand into global capitals.
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Hoteliers suffer as room rates fall to five-year low
The scale of the battle facing UK hotels is laid bare today by data showing that average room rates will fall back to 2005 levels over the next 12 months and the industry will not move into recovery mode until late next year, according to PricewaterhouseCoopers.
The accountancy firm forecasts that the average room rate (ARR) will fall by 8.1 per cent to £77.69 a night in 2009, down from £84.53 last year – the biggest drop since 2002, when rates fell by almost 6 per cent.
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The accountancy firm forecasts that the average room rate (ARR) will fall by 8.1 per cent to £77.69 a night in 2009, down from £84.53 last year – the biggest drop since 2002, when rates fell by almost 6 per cent.
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Domino's Pizza(R) Launches New iPhone Optimized Mobile Ordering System
ANN ARBOR, Mich., Sept. 16 /PRNewswire-FirstCall/ --Domino's Pizza, the world leader in pizza delivery (NYSE: DPZ - News) today announced the launch of a new version of its mobile ordering Web site. The enhanced version is optimized for the Apple iPhone, Palm Pre and phones that support the Google Android operating system. Customers visiting www.dominos.com from a browser in one of the supported devices will be automatically connected to the new, enhanced site.
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Bankrupt: Tavern on the Green Even Stiffed Balloon Guy
For the vendors they stiffed, industry insiders, members of the Parks Department, and anyone familiar with the multiple lawsuits filed against them, the Tavern on the Green bankruptcy filing last week came as no surprise. But for everyone else, it was a bit of a shock
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