Financial results for the third quarter 2009 compared to the third quarter 2008:
•Revenues decreased 13.6% to $86.3 million from $99.9 million
•Comparable restaurant sales decreased 18.8%
•Comparable restaurant traffic decreased 14.2%
•Total operating expenses were 87.1% of revenues compared to 87.5% last year
•Net income of $1.3 million, or $0.09 per diluted share, compared to net income of $1.4 million, or $0.09 per diluted share
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Thursday, November 5, 2009
Wellington sees 2.6% EBITDA fall
Wellington Pub Company, the 829-strong free-of-tie pub company — owned by the Reuben brothers, but subject to a securitisation — has seen a 2.6% decline in Ebitda.
According to a Fitch report published last month, that decline was made up of rental income excluding property disposals, in the year to the end of June 2009, compared to the year before.
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According to a Fitch report published last month, that decline was made up of rental income excluding property disposals, in the year to the end of June 2009, compared to the year before.
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Hersha Hospitality Announces Third Quarter 2009 Results
- Achieved consolidated Hotel EBITDA margins of 37.7% -
- Margin decline excluding property taxes held to 117 bps -
- Consolidated Hotel RevPAR decreased 14.8% -
- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -
- Beginning to benefit from Improving Market in NYC -
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- Margin decline excluding property taxes held to 117 bps -
- Consolidated Hotel RevPAR decreased 14.8% -
- Adjusted Funds from Operation ("AFFO") was $0.23 per diluted common share -
- Beginning to benefit from Improving Market in NYC -
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Hyatt Hotels Corporation Prices Initial Public Offering
CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (“Hyatt”) announced today the pricing of its initial public offering of 38,000,000 shares of Class A common stock at a price of $25.00 per share. Hyatt’s Class A common stock will begin trading on the New York Stock Exchange under the symbol “H” on November 5, 2009.
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Tuesday, November 3, 2009
FelCor Reports Third Quarter Results - Continues to Accomplish 2009 Goals
Summary:
Completed the sale of $636 million of senior notes due 2014 that allowed us to refinance our existing senior notes that mature in 2011.
RevPAR decreased 17.8 percent for the third quarter at our 85 consolidated hotels.
Market share increased approximately two percent for the third quarter at our 85 consolidated hotels.
RevPAR increased 53 percent in the third quarter at the San Francisco Marriott Union Square (following the completion of the redevelopment in June).
Hotel expenses declined 11.6 percent during the third quarter. Our strict expense controls limited the effect of reduced revenue on flow-through to Hotel EBITDA to 51 percent, compared to the prior year, which was better than our expectations. Hotel EBITDA margin decreased 490 basis points.
Adjusted FFO per share was $0.14 for the third quarter. Adjusted EBITDA was $45.3 million for the quarter. This met the low end of our expectations.
Net loss for the third quarter was $25.5 million.
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Completed the sale of $636 million of senior notes due 2014 that allowed us to refinance our existing senior notes that mature in 2011.
RevPAR decreased 17.8 percent for the third quarter at our 85 consolidated hotels.
Market share increased approximately two percent for the third quarter at our 85 consolidated hotels.
RevPAR increased 53 percent in the third quarter at the San Francisco Marriott Union Square (following the completion of the redevelopment in June).
Hotel expenses declined 11.6 percent during the third quarter. Our strict expense controls limited the effect of reduced revenue on flow-through to Hotel EBITDA to 51 percent, compared to the prior year, which was better than our expectations. Hotel EBITDA margin decreased 490 basis points.
Adjusted FFO per share was $0.14 for the third quarter. Adjusted EBITDA was $45.3 million for the quarter. This met the low end of our expectations.
Net loss for the third quarter was $25.5 million.
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Atlantis puts ban on teens
UNACCOMPANIED youths are to be barred from all areas of Atlantis, resort chiefs said yesterday.
Announcing a clampdown in the wake of Saturday's double shooting, bosses at the resort also condemned irresponsible parents for using Atlantis as a "teen sitting service".
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Announcing a clampdown in the wake of Saturday's double shooting, bosses at the resort also condemned irresponsible parents for using Atlantis as a "teen sitting service".
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Hilton Complimentary Internet Access In Lobby Costs $10 A Day
At Hilton Washington Dulles Airport hotel, everything is complimentary! That's because to them "complimentary" actually means "for a price." Last week, a linguistics professor tried to take advantage of their "Complimentary High-speed Internet access on the lobby level," which is how they describe the service on their website. He quickly discovered that he'd have to agree to a $9.99 charge in order to get the free service.
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Tavern on the Green: We're still open!
When Michael Desiderio isn't sitting in bankruptcy court, the chief operating officer of Tavern on the Green is worrying about how to jump-start the holiday season. The storied eatery makes nearly a quarter of its annual revenues in November and December.
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Hyatt: Occupancy stabilizing, trend to continue
CHICAGO – Hotel occupancy rates are finally stabilizing, a soon-to-be public Hyatt Hotels Corp. told potential investors Monday, offering more welcome signs to an industry that's been battered by the recession
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Boyd pursues Station Casinos in bankruptcy court
LAS VEGAS—Casino operator Boyd Gaming Corp. is asking a federal bankruptcy judge to let it buy some or part of the assets of one of its rivals.
Las Vegas-based Boyd filed a motion Sunday in Station Casinos Inc.'s Chapter 11 reorganization case in U.S. Bankruptcy Court in Reno.
Boyd wants the judge to appoint an examiner so outside companies can offer reorganization plans.
Station Casinos rejected a $950 million offer earlier this year from Boyd to buy some or all of Station's assets.
Station Casinos operates 18 casinos in the Las Vegas area. It filed for bankruptcy protection in July and asked the court last week for a four-month extension to submit a reorganization plan.
Las Vegas-based Boyd filed a motion Sunday in Station Casinos Inc.'s Chapter 11 reorganization case in U.S. Bankruptcy Court in Reno.
Boyd wants the judge to appoint an examiner so outside companies can offer reorganization plans.
Station Casinos rejected a $950 million offer earlier this year from Boyd to buy some or all of Station's assets.
Station Casinos operates 18 casinos in the Las Vegas area. It filed for bankruptcy protection in July and asked the court last week for a four-month extension to submit a reorganization plan.
Texas Roadhouse, Inc. Announces Third Quarter 2009 Results
Results for the quarter included:
•Comparable restaurant sales decreased 4.6% at company-owned restaurants and decreased 3.6% at franchise restaurants;
•One company restaurant and two franchise restaurants opened, while two company restaurants closed;
•Restaurant margins increased 133 basis points;
•Diluted earnings per share increased 27% to $0.15 from $0.12 in the prior year period.
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•Comparable restaurant sales decreased 4.6% at company-owned restaurants and decreased 3.6% at franchise restaurants;
•One company restaurant and two franchise restaurants opened, while two company restaurants closed;
•Restaurant margins increased 133 basis points;
•Diluted earnings per share increased 27% to $0.15 from $0.12 in the prior year period.
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Carrols Restaurant Group, Inc. Reports Financial Results for the Third Quarter 2009
Highlights for the third quarter of 2009 versus the third quarter of 2008 include:
•Net income increased to $5.6 million, or $0.26 per diluted share, from net income of $3.7 million, or $0.17 per diluted share;
•Total revenues were $201.2 million compared to $209.1 million;
•Comparable restaurant sales decreased 0.1% at Pollo Tropical(R), decreased 4.3% at Taco Cabana(R), and decreased 6.1% at Burger King(R);
•Total outstanding indebtedness was reduced $25 million year-to-date to $291.2 million
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•Net income increased to $5.6 million, or $0.26 per diluted share, from net income of $3.7 million, or $0.17 per diluted share;
•Total revenues were $201.2 million compared to $209.1 million;
•Comparable restaurant sales decreased 0.1% at Pollo Tropical(R), decreased 4.3% at Taco Cabana(R), and decreased 6.1% at Burger King(R);
•Total outstanding indebtedness was reduced $25 million year-to-date to $291.2 million
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Starwood Hotels Signs an Agreement to Sell Bliss Spas to Steiner Leisure for $100 Million
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 2, 2009-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that the company has signed an agreement to sell the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million. As part of the transaction, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels respectively
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Monday, November 2, 2009
Sands looks to raise $2.5B with Hong Kong IPO
HONG KONG (AP) -- U.S. casino operator Las Vegas Sands Corp. aims to raise $2.5 billion through an initial public offering in Hong Kong this month to help repay massive debts and restart languishing casino projects in Macau, a document showed Monday.
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'Irish pub trade in crisis as 1,500 close over five years'
More than 1,500 pubs, hotels and restaurants have gone to the wall in the past five years, costing thousands of jobs, a stark survey will reveal today. And one in three rural pubs now say they will struggle to survive into the future, despite massive efforts within the industry to woo more customers - Irish Independent
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