Festival Inns, the Edinburgh-based hotel and bar operator, has placed a number of its assets on the market after deciding to focus exclusively on its major managed outlets.
The company has grown via acquisition since its launch in 1997 and now has seven hotels and 13 bars in its estate.
After conducting a strategic review, it has placed a number of Edinburgh assets including the Hudson Hotel, Biblo’s Bar, the Jazz Bar and Day Nurseries on the market through property agent Jones Lang
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Saturday, October 24, 2009
Half-finished Strand hotel for sale at £110m
The half-finished Foster & Partners designed hotel on The Strand, London has been put on the market for £110m.
Initially developed by Spanish group Urvasco, the site was earmarked as a five-star hotel with 173 bedrooms, 79 luxury apartments and underground parking, but in July, six months after work halted on the site, administrators PricewaterhouseCoopers (PwC) were called in
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Initially developed by Spanish group Urvasco, the site was earmarked as a five-star hotel with 173 bedrooms, 79 luxury apartments and underground parking, but in July, six months after work halted on the site, administrators PricewaterhouseCoopers (PwC) were called in
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Singapore Bets on Casino Gambling
Singapore has long enjoyed a reputation as the cleanest and least corrupt city in Southeast Asia, which may be why multinationals such as GE Energy (GE), Citibank (C), and Pfizer (PFE) have made it their home base for the region. But while Singapore offers the kind of security that corporate strategic planners like, it's also, well, a bit stiff—a place where chewing gum can only be sold by pharmacies and defacing public property with graffiti is punishable by a half-dozen swift strokes of the cane.
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Maybe Customers Don't Want Their Baby Back Ribs
With Chili's resorting to a new version of its old baby back, baby back, baby back ribs commercial to drum up sales, it shouldn't be too surprising to find out that Chili's owner Brinker International (NYSE: EAT) reported disappointing results for its fiscal first quarter
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Contract talks between Chicago hotels, unions "very, very far from settlement''
The union representing 6,000 hotel workers in downtown Chicago and 15,000 hospitality workers in the Chicago area said Friday that contract negotiations in this city are "very, very far from settlement."
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STR reports US performance for September 2009
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during September, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 6.3 percent to end the month at 56.7 percent. Average daily rate dropped 10.2 percent to finish the month at US$96.67. Revenue per available room for the month decreased 15.9 percent to finish at US$54.78.
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In year-over-year measurements, the industry’s occupancy fell 6.3 percent to end the month at 56.7 percent. Average daily rate dropped 10.2 percent to finish the month at US$96.67. Revenue per available room for the month decreased 15.9 percent to finish at US$54.78.
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Chipotle Mexican Grill, Inc. Announces Third Quarter 2009 Results
Highlights for the third quarter of 2009 as compared to the third quarter of 2008 include:
Revenue increased 13.8% to $387.6 million
Comparable restaurant sales increased 2.7%
Restaurant level operating margin was 25.5%, an increase of 410 basis points
Net income was $34.5 million, an increase of 76.9%
Diluted earnings per share was $1.08, an increase of 83.1%
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Revenue increased 13.8% to $387.6 million
Comparable restaurant sales increased 2.7%
Restaurant level operating margin was 25.5%, an increase of 410 basis points
Net income was $34.5 million, an increase of 76.9%
Diluted earnings per share was $1.08, an increase of 83.1%
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Starbucks Reaches Agreement Paul Twohig/Dunkin Donuts Case
SEATTLE--(BUSINESS WIRE)--The Starbucks Coffee Company (NASDAQ:SBUX) announced that it is pleased that the company and Mr. Twohig have resolved the lawsuit it filed against him. As part of the settlement Mr. Twohig will complete initial training but will otherwise not work at Dunkin' until January 15, 2010. In addition Starbucks will be paid $500,000. Mr. Twohig also reconfirmed his commitments not to share Starbucks trade secrets and other confidential information with Dunkin' at any time. We are pleased that the settlement allows both parties to move forward without protracted litigation.
Friday, October 23, 2009
BJ's Restaurants, Inc. Reports Financial Results for the Third Quarter of Fiscal 2009
HUNTINGTON BEACH, Calif., Oct 22, 2009 (BUSINESS WIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for the third quarter of fiscal 2009 ending Tuesday, September 29, 2009.
Total revenues for the third quarter of fiscal 2009 increased approximately 8.5% to $103.9 million compared to $95.8 million for the same quarter last year. Comparable restaurant sales decreased by 1.6% during the third quarter of fiscal 2009 compared to a decrease of 1.0% during the same quarter last year. Net income and diluted net income per share for the third quarter of fiscal 2009 increased approximately 55% to $3.2 million and 50% to $0.12, respectively, compared to the same quarter last year.
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Total revenues for the third quarter of fiscal 2009 increased approximately 8.5% to $103.9 million compared to $95.8 million for the same quarter last year. Comparable restaurant sales decreased by 1.6% during the third quarter of fiscal 2009 compared to a decrease of 1.0% during the same quarter last year. Net income and diluted net income per share for the third quarter of fiscal 2009 increased approximately 55% to $3.2 million and 50% to $0.12, respectively, compared to the same quarter last year.
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Las Vegas Sands Seeks Funding to Revive Macau Work
Oct. 23 (Bloomberg) -- Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, is seeking as much as $2 billion to restart mothballed projects in Macau, Chief Operating Officer Michael Leven said.
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Foxwoods' Our Lucaya deal 'comes alive again'
The Government will know "in the next 24-48 hours" whether its preferred choice for Foxwoods Development Company to take over the Our Lucaya Resort's management/operations, as well as its casino, is back on track, Tribune Business was told yesterday.
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Thursday, October 22, 2009
Good Time to Buy Sunshine State Hotels
TAMPA, FL-Besides being one of the world’s leading hotel markets, Florida also lines up as one of the best markets for hotel investment because of a spate of distressed assets, according to a report by HREC Investment Advisors. The report was issued on the one-year anniversary of the bankruptcy of Lehman Bros., one of the most active lenders on hotels over the past five years.
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Las Vegas resort sued over second-hand smoke
second Las Vegas Strip casino is being sued over allegations that the health of employees is being affected by second-hand smoke.
A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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A suit seeking class action status to represent all affected workers was filed Tuesday in U.S. District Court in Las Vegas by Wynn Las Vegas employee Kanie Kastroll against the casino resort and its parent company Wynn Resorts Ltd.
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Punch, Enterprise Surge as OFT Rejects Pubs Complaint
Oct. 22 (Bloomberg) -- Punch Taverns Plc and Enterprise Inns Plc, the U.K.’s two biggest pub owners, surged in London trading after the Office of Fair Trading rejected a complaint that so- called supply ties protect the companies from competition.
Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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Punch rose as much as 17 percent, while Enterprise gained as much as 21 percent in the U.K. capital. The shares had declined 29 percent and 16 percent, respectively, in the past month on concern over a “negative OFT response,” Seymour Pierce analyst Hugh-Guy Lorriman said in a note.
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STARWOOD REPORTS THIRD QUARTER 2009 RESULTS - Down 64%
􀂃 Excluding special items, EPS from continuing operations was $0.14. Including
special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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special items, EPS from continuing operations was $0.22.
􀂃 Adjusted EBITDA was $179 million.
􀂃 Excluding special items, income from continuing operations was $26 million.
Including special items, income from continuing operations was $41 million.
􀂃 Special items totaled a benefit of $15 million ($0.08 per share) and included
impairment charges of $27 million which were more than offset by a $44 million tax
benefit primarily related to hotel sales.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 20.3% (down
17.6% in constant dollars) compared to the third quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 19.7% (down 19.0% in
constant dollars).
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