Krispy Kreme Expanding in Caribbean

[2009-10-21] Krispy Kreme Doughnut Corporation announced that it entered into a franchise development agreement with Dominspec, S.A. for the development of 14 Krispy Kreme shops over the next five years in the Dominican Republic. Dominspec, S.A. is a quick-service restaurant conglomerate that operates Burger King and Papa John's restaurants in the Dominican Republic.

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Papa Bello buys Baltimore-based deli to develop new concept

Papa Bello Enterprises announced today that the company has signed a letter of intent to acquire Pastore's of Rosedale Inc., a Baltimore-based restaurant, deli and bakery chain. The announcement comes shortly after the restaurant's announcement to acquire Middle-Eastern themed Kebab Café.

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Domino's shutters eight Phoenix stores

Domino's had expanded quickly in the Phoenix area and is now closing eight of the 25 company-owned locations there, according to azcentral.com.

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Expedia pulls all Choice Hotels International inventory off its Web sites

On October 15, Expedia pulled all Choice Hotels International inventory off its Web sites after contract negotiations broke down. A few Choice hotels that have independent contracts with Expedia still can be found its sites, but just a handful.

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MGM Mirage takes huge charge

CHICAGO (MarketWatch) -- MGM Mirage said Tuesday it will take a nearly $1 billion charge in the third quarter to write-down the value of its massive CityCenter project in Las Vegas -- the same day that its controlling shareholder announced it was exploring "other alternatives" to its investment in the gambling and resort giant

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Pizza Hut going after wings market

Dallas-based Pizza Hut, a division of Yum! Brands, is making a strong move into the national chicken-wing market – one of the hottest sectors in retail food. Company president Scott Bergren announced the national launch of Pizza Hut's WingStreet brand on Oct. 19, joined by Dallas Cowboys’ wide receiver Roy Williams at a Pizza Hut franchise in Frisco run by Mike Baird.

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Miami’s Swank Shore Club Goes Delinquent

Things aren’t so sunny for New York developers Philip and Michael Pilevsky at their swank Miami Beach hotel The Shore Club, which recently went delinquent on its $111.5 million securitized mortgage.

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Billionaire investor Kerkorian considers options for MGM Mirage stake he calls 'undervalued'

Kerkorian, 92, MGM Mirage's majority stockholder until this year, said through his investment firm Tracinda Corp. that he is "exploring the possibility of strategic partnerships or other alternatives" for his stake in the Las Vegas-based casino company.

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SONIC REPORTS YEAR-END 2009 EARNINGS

- Net income per diluted share for the quarter totaled $0.28 versus $0.33 in the year-earlier quarter;
- System-wide same-store sales declined 4.5% for the fourth quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 5.3% in the quarter;
- System-wide new drive-in openings totaled 41 compared with 58 in the fourth quarter last year, reflecting primarily the company's recent decision to slow partner drive-in development in conjunction with its refranchising initiative; franchisees opened 40 drive-ins versus 45 drive-ins in the same period last year; and
- The refranchising of 11 partner drive-ins during the quarter; these transactions bring to 205 the total number of drive-ins refranchised during fiscal 2009.

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P.F. Chang's Reports Third Quarter Earnings

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 21, 2009-- P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated income from continuing operations(1) of $6.2 million for the third quarter ended September 27, 2009 compared to $7.7 million for the third quarter of the prior year. Net income (2) for the third quarter of fiscal 2009 totaled $6.2 million compared to $3.0 million for the third quarter of the prior year.


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Another Caribbean Resort Goes Belly Up

Lenders put the massive Dellis Cay development in the Turks and Caicos islands into receivership on Thursday, roughly a week after developer Turks Ltd. stopped construction. The resort was to include 25-room hotel, 78 for-sale condominiums and 17 villas, all managed by Mandarin Oriental Hotel Group

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Will Japan Airlines' hotel unit go on the block?

As Japan Airlines Co. Ltd. explores its restructuring options, the company seems likely to revisit an idea it has mulled at least twice in the last 10 years: selling its wholly owned hotel subsidiary. JAL Hotel operates about 60 properties under the brands Nikko Hotels International and Hotel JAL City both in Japan and far-flung destinations including China, Malaysia, Mexico City, London, Guam and the United Arab Emirates.

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Benihana names new chief operating officer

MIAMI (AP) -- Restaurant operator Benihana Inc. said Monday it has named industry consultant Christopher Ames as its new chief operating officer.
Ames was previously chief operating officer at Cosi Inc. He has also worked for Elephant Bar Restaurants Inc. and California Pizza Kitchen Inc.

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Hyatt sets terms of IPO

NEW YORK, Oct 19 (Reuters) - Hyatt Hotels Corp (H.N) set the size and price range of its planned initial public offering, suggesting the launch of the $931 million deal is imminent despite signs of feuding within the controlling Pritzker family

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Buyout talks fail at pub chain Regent Inns

THE future of Regent Inns, the debt-laden pub chain, which employs 2,000 staff, is in doubt after a management buy-out collapsed on Friday.
The group’s bank consortium, led by HSBC, is now hoping it can persuade a trade buyer to acquire the business.
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