MIAMI--(BUSINESS WIRE)--Nov. 24, 2009-- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today reported results for its 12-week fiscal second quarter ended October 11, 2009.
Richard C. Stockinger, Chief Executive Officer, said, "In the fiscal second quarter, we experienced a lower than expected comparable sales trend which pressured our operating margins. Additionally, we launched our Benihana Teppanyaki Renewal Program, which is focused on improving guest perceptions as they relate to image, quality, consistency, and lack-of-Japan. The decline in sales, its impact on operating margins, and incremental cost increases associated with the Renewal Program negatively impacted our results, and we failed to meet the leverage ratio required under our credit agreement with Wachovia. That agreement has now been amended.”
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Tuesday, November 24, 2009
Cheap Boutique Hotels Gain as U.S. Travelers Skip $500 a Night
Nov. 24 (Bloomberg) -- The world’s largest hotel companies, stung by the industry’s biggest declines since the Great Depression, are trying to do for lodging what Ikea did for furniture: Offer fashionable products at low prices.
Starwood Hotels & Resorts Worldwide Inc., the third- biggest U.S. lodging company, is developing boutique hotels for frugal travelers that cost about $119 a night. That’s a far cry from the $399 to $639 at the company’s upscale W Hotels. InterContinental Hotels Group Plc is following a similar strategy with its boutique chain Hotel Indigo.
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Starwood Hotels & Resorts Worldwide Inc., the third- biggest U.S. lodging company, is developing boutique hotels for frugal travelers that cost about $119 a night. That’s a far cry from the $399 to $639 at the company’s upscale W Hotels. InterContinental Hotels Group Plc is following a similar strategy with its boutique chain Hotel Indigo.
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Quiznos and Franchisees Reach Settlement of Multiple Class Action Lawsuits
CHICAGO, Nov. 23 /PRNewswire/ -- U.S. District Court Judge Rebecca Pallmeyer has preliminarily approved a settlement of four franchisee class action lawsuits filed against the Quiznos Franchise Company and others. The cases in Colorado, Wisconsin and Illinois, the earliest of which has been pending since 2006, allege violations of various state and federal laws in connection with the sale and operation of Quiznos franchises. Quiznos denied all claims, and the settlement agreement involves no finding or admission of liability.
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Monday, November 23, 2009
Largest BK franchisee staying loyal to the King
The Syracuse-based company that is the largest single owner of Burger King franchises is standing by the chain’s promotion of a cut-rate double cheeseburger, and is not participating in an uprising being mounted by many other franchisees.
The National Franchisees Association, on behalf of 850 other Burger King operators around the country, has filed a lawsuit against the Miami-based Burger King Holdings Inc., protesting the corporation’s insistence that its franchisees offer double cheeseburgers for $1.
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The National Franchisees Association, on behalf of 850 other Burger King operators around the country, has filed a lawsuit against the Miami-based Burger King Holdings Inc., protesting the corporation’s insistence that its franchisees offer double cheeseburgers for $1.
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Culinary Union sides with Station Casino’s creditors
The Culinary Union heightened the drama in its fight with Station Casinos last week, blaming a management-led buyout for the company’s bankruptcy filing and aligning itself with the company’s creditors.
The union issued a detailed report on the company’s financial woes, arguing that Station could have avoided bankruptcy had it not pursued a $5.7 billion deal to take the company private in 2007. It concluded with a call for creditors to demand that Station’s owners reinvest a significant part of the profits from the deal to help the company recover.
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The union issued a detailed report on the company’s financial woes, arguing that Station could have avoided bankruptcy had it not pursued a $5.7 billion deal to take the company private in 2007. It concluded with a call for creditors to demand that Station’s owners reinvest a significant part of the profits from the deal to help the company recover.
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Upper-upscale branded hotels’ operating expense trends
HENDERSONVILLE, Tennessee—Hotels have been cutting back on operating expenses because of the current economic conditions, but how have the past years’ expenses trended versus revenue growth? This article explores the past three years’ upper-upscale branded hotels’ operating revenues and expenses. (Upper-upscale brands include such brands as Hilton, Marriott, Westin and Hyatt.)
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STR Global reports Central and South America pipeline for October 2009
LONDON—The Central/South America hotel development pipeline includes 138 projects with 21,451 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, Brazil reported the most rooms in the total active pipeline with 8,958 rooms, followed by Panama with 4,139 rooms. Three other countries ended the month with more than 1,000 rooms in the total active pipeline: Argentina (2,421 rooms); Costa Rica (1,415 rooms); and Colombia (1,311 rooms).
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Among the countries in the region, Brazil reported the most rooms in the total active pipeline with 8,958 rooms, followed by Panama with 4,139 rooms. Three other countries ended the month with more than 1,000 rooms in the total active pipeline: Argentina (2,421 rooms); Costa Rica (1,415 rooms); and Colombia (1,311 rooms).
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STR Global reports Europe hotel pipeline for October 2009
LONDON—The Europe hotel development pipeline includes 570 hotels comprising 93,163 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, London, England, ended the month with the largest amount of rooms in the total active pipeline with 4,429 rooms, followed by Berlin, Germany, with 4,190 rooms. Hamburg, Germany, reported 2,084 rooms in the total active pipeline for the month.
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Among the key markets, London, England, ended the month with the largest amount of rooms in the total active pipeline with 4,429 rooms, followed by Berlin, Germany, with 4,190 rooms. Hamburg, Germany, reported 2,084 rooms in the total active pipeline for the month.
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STR reports Caribbean and Mexico pipeline for October 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 129 hotels comprising 18,715 rooms, according to the October 2009 STR Construction Pipeline Report released this week.
Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 10,615 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: Puerto Rico (1,633 rooms) and the Bahamas (1,448 rooms).
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Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 10,615 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: Puerto Rico (1,633 rooms) and the Bahamas (1,448 rooms).
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STR Global reports the Asia/Pacific pipeline for October 2009
LONDON—The Asia/Pacific hotel development pipeline includes 985 hotels comprising 235,931 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, Shanghai, China, reported the largest amount of rooms in the total active pipeline (12,445 rooms) and in the In Construction phase (9,291 rooms). New Delhi, India, followed with 6,736 rooms in the total active pipeline and 4,792 rooms in the In Construction phase. Beijing, China, ended the month with 6,267 rooms in the total active pipeline and 4,388 rooms in the In Construction phase.
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Among the key markets, Shanghai, China, reported the largest amount of rooms in the total active pipeline (12,445 rooms) and in the In Construction phase (9,291 rooms). New Delhi, India, followed with 6,736 rooms in the total active pipeline and 4,792 rooms in the In Construction phase. Beijing, China, ended the month with 6,267 rooms in the total active pipeline and 4,388 rooms in the In Construction phase.
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STR Global reports Middle East/Africa pipeline for October 2009
LONDON—The Middle East/Africa hotel development pipeline includes 437 hotels comprising 120,682 rooms, according to the October 2009 STR Global Construction Pipeline Report released this week.
The United Arab Emirates reported the largest number of rooms in the In Construction phase (30,039 rooms) and total active pipeline (53,789 rooms) among the countries in the region. Saudi Arabia followed with 7,406 rooms in the In Construction phase and 13,469 rooms in the total active pipeline. Two other countries reported more than 5,000 rooms in the total active pipeline: Morocco (6,640 rooms) and Qatar (5,408 rooms )
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The United Arab Emirates reported the largest number of rooms in the In Construction phase (30,039 rooms) and total active pipeline (53,789 rooms) among the countries in the region. Saudi Arabia followed with 7,406 rooms in the In Construction phase and 13,469 rooms in the total active pipeline. Two other countries reported more than 5,000 rooms in the total active pipeline: Morocco (6,640 rooms) and Qatar (5,408 rooms )
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Majestic Star Casino files for bankruptcy
WILMINGTON, Del. , Nov 23 (Reuters) - U.S. casino operator Majestic Star Casino LLC filed for bankruptcy on Monday after months of talks failed to produce an agreement on restructuring its defaulted debt, court documents showed.
The owner of casinos in Indiana, Mississippi and Colorado has suffered as competitors have expanded and the economic recession lingered, leaving the company unable to service its debt and invest in its locations.
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The owner of casinos in Indiana, Mississippi and Colorado has suffered as competitors have expanded and the economic recession lingered, leaving the company unable to service its debt and invest in its locations.
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Florida first US state to sue Expedia, Orbitz for room taxes
Florida has become the first U.S. state to join the ever-growing ranks of municipalities suing online travel agencies over alleged failure to remit taxes.
Expedia, Orbitz LLC and Orbitz Incorporated have been targeted by the state’s attorney general’s office, which claims the OTAs owe the state tax money for the rooms they have sold to consumers. The state claims the OTAs are only remitting taxes on the discounted rate at which the rooms are sold, rather than the full price of the room.
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Expedia, Orbitz LLC and Orbitz Incorporated have been targeted by the state’s attorney general’s office, which claims the OTAs owe the state tax money for the rooms they have sold to consumers. The state claims the OTAs are only remitting taxes on the discounted rate at which the rooms are sold, rather than the full price of the room.
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Admiral Taverns set to sell 300 pubs a year
Admiral has put 28 pubs up for sale with Paramount Investments, which expects a further 25 to be released for sale each month. Admiral has 2,100 pubs in its estate.
The sale reflects the bank’s desire to offload closed down pubs, Paramount said. Three of the current batch have already been sold.
In addition, the prices of a further 20 Admiral pubs have been cut by 10% or more.
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The sale reflects the bank’s desire to offload closed down pubs, Paramount said. Three of the current batch have already been sold.
In addition, the prices of a further 20 Admiral pubs have been cut by 10% or more.
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Germany aiming to cut hotel tax
Business trips to Germany could soon become less expensive if the government gets its way.
It wants to help the beleaguered accommodation industry by cutting the rate of VAT on hotel rooms from 19% to just 7% from January 1 next year.
Like their counterparts elsewhere in Europe, Germany's hoteliers are suffering during the economic downturn and have many empty rooms to fill.
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It wants to help the beleaguered accommodation industry by cutting the rate of VAT on hotel rooms from 19% to just 7% from January 1 next year.
Like their counterparts elsewhere in Europe, Germany's hoteliers are suffering during the economic downturn and have many empty rooms to fill.
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