Owners of the Riviera hotel-casino on the Las Vegas Strip say they're trying to restructure $281 million in debt to avoid filing for bankruptcy protection.
Riviera Holdings Corp. offered no assurance Monday that a Chapter 11 filing can be avoided.
Documents filed with the federal Securities and Exchange Commission showed revenue at the Las Vegas Riviera fell from $30.2 million in the third quarter of 2008 to $22.6 million in the three months ending Sept. 30 of this year.
Occupancy at the 2,075-room Las Vegas Strip hotel fell from 87 percent to about 77 percent, while average room rates dropped under $60.
Riviera Holdings also owns a casino in Black Hawk, Colo. Quarterly revenue there was up from $10 million in 2008 to $12 million this year.
Monday, November 9, 2009
Nassau Hilton shareholders in dispute over $22m loan
A dispute has erupted between the two shareholders of downtown Nassau's British Colonial Hilton over a $22 million loan that forms part of the resort's financing, Tribune Business can reveal, with one of the parties thought to have moved to take the matter to arbitration in a bid to mediate a resolution
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California Pizza Kitchen Announces Financial Results for the Third Quarter 2009
Highlights for the third quarter of 2009 relative to the same quarter a year ago were as follows:
Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Total revenues decreased 5.3% to $164.8 million
Full service comparable restaurant sales decreased 8.0%
Net income increased 16.8% to $5.8 million
Earnings per diluted share increased 20% to $0.24
Outstanding debt of $37.0 million, a $13.0 million reduction from the second quarter of 2009
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Mexican Restaurants, Inc. Announces 2009 Third Quarter Operating Results
HOUSTON--(BUSINESS WIRE)--For the 2009 third quarter of Mexican Restaurants, Inc. (the “Company”) (NASDAQ: CASA) ended September 27, 2009, the Company reported a net loss of $232,614 or $0.07 per diluted share, compared with a net loss of $504,559 or $0.15 per diluted share for the third quarter of fiscal year 2008. For the 39-week period ended September 27, 2009, the Company reported a net loss of $260,697 or $0.08 per diluted share, compared with a net loss of $69,983 or $0.02 per diluted share for the 39-week period of fiscal year 2008.
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McDonald's October Global Comparable Sales Increase 3.3%
OAK BROOK, Ill., Nov. 9 /PRNewswire-FirstCall/ -- McDonald's Corporation announced today that global comparable sales rose 3.3% in October. Performance by segment was as follows:
•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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•U.S. relatively flat at (0.1%)
•Europe up 6.4%
•Asia/Pacific, Middle East and Africa up 4.7%
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Ashford Hospitality Trust Reports Third Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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-- Corporate unrestricted cash at the end of the quarter was $197.9 million
-- Total revenue decreased 22.7% to $220.6 million from $285.3 million
-- Net loss available to common shareholders was $33.6 million, or $0.52
per diluted share, compared with net income of $1.8 million, or $0.01
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.18 per diluted share
-- Cash available for distribution (CAD) was $0.09 per diluted share
-- Fixed charge ratio was 1.60x under the senior credit facility covenant
versus a required minimum of 1.25x
-- The company expects to close the refinancing of a $75 million loan, its
sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn
loan due in 2010), together with a $65 million loan coming due in 2011.
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Qatar's Al Faisal eyes overseas hotel deals
Qatar's Al Faisal Holding is shifting its focus to the hospitality sector, including buying hotels mainly in Europe, North America, and big Arab cities as it expands its hotel business globally, the company's chairman said.
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American Embassy in London to become luxury hotel
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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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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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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