Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the third quarter ended September 30, 2009.
Revenues from continuing operations for the three months ended September 30, 2009, totaled $276.6 million, as compared to $289.7 million a year earlier. Revenues from the restaurant and hospitality group were $224.2 million and $229.1 million for the third quarter of 2009 and 2008, respectively and $52.4 million and $60.6 million for the same periods from the Golden Nugget properties.
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Sunday, November 8, 2009
Starwood Hotels closes on sale of St. Regis space
WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. said Thursday it closed on the sale of St. Regis New York's retail space for $117 million to investment group GFC Fifth Avenue LLC.
Sale proceeds will go toward paying down debt.
Starwood Hotels & Resorts Worldwide has 982 properties worldwide.
Shares of Starwood rose $1.14, or 3.8 percent, to $30.88.
Sale proceeds will go toward paying down debt.
Starwood Hotels & Resorts Worldwide has 982 properties worldwide.
Shares of Starwood rose $1.14, or 3.8 percent, to $30.88.
Starbucks Posts Strong Fourth Quarter and Fiscal 2009 Results
Fiscal Fourth Quarter 2009 Highlights:
Comparable store sales trends improved in U.S. and International segments on both sequential quarter and year-over-year basis.
Consolidated same store sales improved to negative 1% from negative 5% in the previous quarter.
Operating margin improved 760 basis points to 8.2%.
Non-GAAP operating margin improved 570 basis points to 10.4%.
EPS of $0.20 compared to $0.01 in Q408
Non-GAAP EPS increased to $0.24, a 140% increase from $0.10 in the prior year period.
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Comparable store sales trends improved in U.S. and International segments on both sequential quarter and year-over-year basis.
Consolidated same store sales improved to negative 1% from negative 5% in the previous quarter.
Operating margin improved 760 basis points to 8.2%.
Non-GAAP operating margin improved 570 basis points to 10.4%.
EPS of $0.20 compared to $0.01 in Q408
Non-GAAP EPS increased to $0.24, a 140% increase from $0.10 in the prior year period.
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Thursday, November 5, 2009
Landry's Restaurants plans to fund part of going-private deal with private debt offering
HOUSTON (AP) -- Landry's Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own
Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company's president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry's shares. Under terms of the deal, Fertitta's company will pay $14.75 per share in cash for Landry's stock it doesn't already own
Landry's operates restaurants nationwide under the names Rainforest Cafe, Landry's Seafood House, Charley's Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
Interstate Hotels & Resorts Reports Third-Quarter 2009 Results
Same-store(4) RevPAR for all managed hotels in the third quarter of 2009 decreased 20.8 percent to $78.97. Average daily rate (ADR) declined 15.1 percent to $115.29, and occupancy was off 6.7 percent to 68.5 percent.
Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.
Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.
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Same-store RevPAR for all full-service managed hotels dropped 22.2 percent to $87.75, based on a 17.1 percent fall in ADR to $125.35, and a 6.3 percent decline in occupancy to 70.0 percent.
Same-store RevPAR for all select-service managed hotels fell 16.6 percent to $62.09, reflecting a 9.7 percent decrease in ADR to $94.63, and a 7.6 percent decline in occupancy to 65.6 percent.
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Great Wolf Resorts Reports 2009 Third Quarter Results
For the third quarter ended September 30, 2009, the Company reported net loss of $(42.1) million, or $(1.35) per diluted share, compared to net income of $2.2 million, or $0.07 per diluted share for the same period a year earlier. The 2009 results include (1) a non-cash charge of $28.5 million to establish a valuation allowance against its deferred tax assets, and (2) a non-cash impairment charge of $24.0 million related to the Company’s Blue Harbor Resort & Conference Center in Sheboygan, Wisconsin.
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McCormick & Schmick's Seafood Restaurants, Inc. Reports Third Quarter 2009 Financial Results
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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•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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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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