PRESS RELEASE: CHICAGO, November 17, 2009 - Hospitality workers have navigated increased workloads, longer hours and strained resources during this recession. Some of these challenges have taken their toll on workplace morale. A new CareerBuilder survey of more than 100 hospitality employers reveals that one-in-five (20 percent) rate their organization's current employee morale as low. Additionally, more than one-third (37 percent) of hospitality workers report that they have had difficulty staying motivated at work in the last year and more than a quarter (26 percent) do not feel loyal to their current employer. The survey was conducted between August 20 and September 9, 2009.
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Tuesday, November 17, 2009
Hotels 'hoping and praying' for recovery by the third quarter
THE Bahamian resort industry is "hoping and praying" that a sustained business recovery will come "no later than the third quarter next year", with occupancy and room yields under sustained pressure due to the weakness in group business.
Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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Robert Sands, the Bahamas Hotel Association's (BHA) president, told Tribune Business that while the industry responsible for most private sector employment in this nation was cautiously optimistic that there had been a "bottoming out" in the rate of revenue and yield decreases, based on September 2009 results, it wanted to see successive months of improvement before determining the worst was behind it.
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$22m investor: 'Rug's been pulled out from under me'
A Bahamas-based investor who has injected $22 million into his resort project over the last two years is preparing to file a legal action against the Government "early this week", amid fears it will not honour his Heads of Agreement, and said: "I feel as if the rug has been pulled out from under us."
Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Michael Reardon, vice-president and one of the principal investors in the Eleuthera-based Sky Beach Club project, told Tribune Business he had not been refunded some $200,000 worth of Customs duties, as Prime Minister Hubert Ingraham had allegedly said would happen, with the tax payments having increased construction costs by 45 per cent and scared away potential real estate buyers.
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Enterprise Inns confirms 20 per cent profit slide
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”.
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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”.
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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
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"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
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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%.
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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.
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Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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'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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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
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In turn, frequent travelers seeking a reprieve from cookie-cutter hotel properties are finding more hip, boutique-style hotel options without sacrificing loyalty points
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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.
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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.
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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.
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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.
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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.”
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“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.”
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