In line with City forecasts, Enterprise Inns has reported pre-tax profits of £208m for the year ending September 30, 2009, down nearly 21 per cent, on turnover down nearly eight per cent at £811m.
The UK’s second largest pub operator described 2009 as “another very testing year for the pub industry, with licensees having to endure weak consumer spending alongside rising overhead costs, duty increases ahead of inflation and aggressive pricing from supermarkets”.
Read more:
Tuesday, November 17, 2009
Starwood union sends strike warning to hotel customers
The union representing Chicago hotel workers involved in stalled negotiations at downtown Starwood Hotels & Resorts sent a letter to customers warning them customer service could suffer if a strike occurs during events booked here -- a letter that has convention bureau representatives worried about potential lost business.
"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
Read more:
"At the Congress Hotel -- where workers have been on strike for over six years -- guests have complained of a lack of amenities, roaches and poor service," the letter states
Read more:
Sbarro, Inc. Announces Results of Operations for the Third Quarter and Nine Months Ended September 27, 2009
Revenues were $85.5 million for the quarter ended September 27, 2009 as compared to revenues of $91.9 million for the quarter ended September 28, 2008. The decrease in revenues was due to a 5.2% decrease in Company-owned comparable-unit sales and lost sales from stores strategically closed, partially offset by sales generated by new Company-owned stores opened in 2009 and 2008. The decrease in comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Domestic franchise comparable-unit sales declined 7.1% while international franchise comparable-unit sales declined 27.3%, primarily due to the strengthening of the U.S. Dollar relative to virtually all foreign currencies. Without consideration for foreign currency fluctuations, the international franchise comparable-unit sales decline would have been 13%.
Read more:
Read more:
Monday, November 16, 2009
Longshot raises £30m to buy pubs
Longshot, founded in 1994 by Ollie Vigors and Joel Cadbury, sold its assests in June 2007, which included the 24-hour restaurant Vingt-Quatre, the Groucho Club and health club The Third Space, for around £50m.
Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
Read more:
Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
Read more:
'Lloyds takes £600m hit on Admiral pubs'
Lloyds Banking Group has been forced to swallow a £600m debt-for-equity swap at Admiral Taverns, the pubs group, in the latest fallout from the banking group’s ill-fated merger last year with rival HBOS
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
Read more:
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
Read more:
Hotels squirm as debt pressure mounts
A big hotel near Hartsfield-Jackson Atlanta International Airport may be about to change hands — a harbinger for the industry as more and more hotel owners find themselves deep in debt and unable to avoid drastic financial negotiations.
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
Read more:
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
Read more:
Whitbread's budget may stretch to Premier Inn and Travelodge merger
Whitbread, the leisure group, is in talks to create the dominant force in the British budget hotel market by merging its Premier Inn chain with the rival hotel company Travelodge.
It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
Read more:
It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
Read more:
Sunday, November 15, 2009
Marriott launches an upscale franchise
Hospitality giant Marriott International is launching a new brand called the Autograph Collection, aimed at tapping customers who prefer independent, high-end hotels over brands such as Marriott, Hilton and Four Seasons.
The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
Read more:
The Autograph Collection will allow independent hotels, many of whom have lost business in the recession, to maintain their character while using Marriott's massive reach to bring in more customers and save on costs.
Read more:
More independent hotels team with chains to gain guests
As room vacancies rise, independent hotel owners are increasingly linking up with large hotel chains for a lifeline to more customers.
In turn, frequent travelers seeking a reprieve from cookie-cutter hotel properties are finding more hip, boutique-style hotel options without sacrificing loyalty points
Read more:
In turn, frequent travelers seeking a reprieve from cookie-cutter hotel properties are finding more hip, boutique-style hotel options without sacrificing loyalty points
Read more:
Hotels Risk Losing Holiday Inn Brand
InterContinental Hotels Group PLC is ready to strip the brand next year from as many as 300 of the 2,700 Holiday Inn hotels owned by franchisees in North America if those properties don't undertake the brand's $1 billion overhaul by Feb. 1.
IHG, based in the U.K., started its overhaul of Holiday Inn two years ago in a bid to "contemporize" the 57-year-old brand and weed out older, poorly performing hotels.
Read more:
IHG, based in the U.K., started its overhaul of Holiday Inn two years ago in a bid to "contemporize" the 57-year-old brand and weed out older, poorly performing hotels.
Read more:
Las Vegas on winning streak as market rebounds
LAS VEGAS The nation's struggling economy may have shattered the myth that the Las Vegas gambling industry is recession-proof, but the hotels and casinos are seeing signs that the city will be among the first to get healthy again.
Although hotels have been forced to reduce room rates to lure customers and visitor volume is down, a steady increase in room occupancy this year coupled with a rebound in high-end gambling is giving hope, if not celebration, that Vegas is on track for recovery.
Read more:
Although hotels have been forced to reduce room rates to lure customers and visitor volume is down, a steady increase in room occupancy this year coupled with a rebound in high-end gambling is giving hope, if not celebration, that Vegas is on track for recovery.
Read more:
IHG’s Abrahamson Says No Travel Rebound Before 2011
Nov. 13 (Bloomberg) -- InterContinental Hotels Group Plc, the U.K.-based owner of the Holiday Inn brand, will struggle to increase revenue per available room before 2011 as a drop in travel demand constrains the company’s ability to raise prices, said Jim Abrahamson, president of the Americas unit.
“We are a lag industry,” Abrahamson said in a telephone interview yesterday, noting that sales typically trail the economy by about a year. “We have seen slowing declines in occupancy and demand. The first step to a recovery is stabilization.”
Read more:
“We are a lag industry,” Abrahamson said in a telephone interview yesterday, noting that sales typically trail the economy by about a year. “We have seen slowing declines in occupancy and demand. The first step to a recovery is stabilization.”
Read more:
Thursday, November 12, 2009
HFTP Honors Local Chapter at Recent Annual Convention
AUSTIN, TEXAS, USA (October 28, 2009) – Recognizing the important roles chapters play in the association, Hospitality Financial and Technology Professionals (HFTP®) recently honored several chapters for their contributions. The Chapter of the Year award was given to the Jacksonville, Fla. based First Coast Chapter for showcasing HFTP's principles best throughout the year. The chapter, along with several other chapters, was honored during the HFTP 2009 Annual Convention & Tradeshow, held in Las Vegas, Nev. last month.
"With over 70 chapters around the world, HFTP relies on chapters to provide a local connection to HFTP's ideals of offering education, networking and support to members," said Frank Wolfe, CAE, CEO of HFTP. "HFTP gives special recognition to those chapters that go the extra mile in chapter activities and those that provide unique ideas. Their hard work and dedication is appreciated throughout the entire organization."
HFTP's Chapter of the Year Awards recognize chapters that further the goals of HFTP by providing quality educational and professional opportunities to their members, along with involvement in the local community. The Chapter of the Year program is structured into three tiers based on the number of members per chapter, allowing chapters of all sizes to be recognized for their dedication to the association. The First Coast Chapter was the winner of the Tier A category with under 35 members in the chapter.
"With over 70 chapters around the world, HFTP relies on chapters to provide a local connection to HFTP's ideals of offering education, networking and support to members," said Frank Wolfe, CAE, CEO of HFTP. "HFTP gives special recognition to those chapters that go the extra mile in chapter activities and those that provide unique ideas. Their hard work and dedication is appreciated throughout the entire organization."
HFTP's Chapter of the Year Awards recognize chapters that further the goals of HFTP by providing quality educational and professional opportunities to their members, along with involvement in the local community. The Chapter of the Year program is structured into three tiers based on the number of members per chapter, allowing chapters of all sizes to be recognized for their dedication to the association. The First Coast Chapter was the winner of the Tier A category with under 35 members in the chapter.
Food fight: Burger King franchisees sue chain
CHICAGO (AP) -- Burger King franchisees sued the hamburger company this week over its $1 double cheeseburger promotion, saying they're losing money on the deal and the company can't set maximum menu prices.
The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
Read more:
The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
Read more:
Marriott International Announces Five New Hotels in the Middle East & Africa
Marriott International (NYSE:MAR) today announced the signing of five hotels for its newly established Middle East & Africa Region, including its first properties in Algeria, Ghana and Morocco.
Read more:
Read more:
