The American Embassy in London is poised to become a new luxury hotel, following an agreement by a Qatari real estate investment company to buy the iconic building for an undisclosed sum.
While Qatari Diar has not announced what it intends to do with the property in Grosvenor Square, Mayfair – home to the American Embassy for nearly 50 years - it is believed the Grade II-listed Modernist building will be turned into a hotel and apartments.
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Monday, November 9, 2009
Hilton guests get handy new apps
Want to order a burger and beer from room service before you check into your hotel so dinner is waiting for you?
Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Guests at Hilton, Embassy Suites and Doubletree hotels will be able to do that using a new iPhone and iTouch application that parent Hilton Worldwide is announcing Monday.
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Ritz-Carlton to open the world’s tallest hotel in Hong Kong
The world’s tallest hotel will open in Hong Kong in 2010 when the Ritz-Carlton, Hong Kong, welcomes its first guests.
The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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The 312-bedroom hotel will occupy floors 102 to 118 on the International Commerce Centre (ICC) in Kowloon. With interiors by Singapore’s LTW, all rooms will provide spectacular city and harbour views.
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SF Hotel Workers Back To Work; Hotel Calls Strike 'Irresponsible'
SAN FRANCISCO -- After striking for three days, San Francisco hotel workers went back to work Sunday morning and received a cold reception from at least one major employer.
In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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In a statement released Sunday, the Grand Hyatt described the three-day strike as "irresponsible" and requested that the workers' union, Unite Here! Local 2, refrain from activities "aimed at jeopardizing business in San Francisco."
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Sunday, November 8, 2009
Morton's Restaurant Group, Inc. Reports Results For Third Quarter 2009
The three month period ended October 4, 2009 as compared to the three month period ended September 28, 2008 (13 weeks to 13 weeks)
-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset by
an increase in revenues from four new Morton's steakhouses opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset by
an increase in revenues from four new Morton's steakhouses opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS THIRD QUARTER 2009 RESULTS
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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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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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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