Crain’s) – The 467-room Wyndham O’Hare is shutting down, the latest sign of trouble in a brutal Rosemont hotel market that has been squeezed by a surge in supply and a dramatic drop in demand.
The hotel at 6810 N. Mannheim Road will close on or about Jan. 1, says Jack vanHartesvelt, executive vice-president and principal at Kennedy Associates Real Estate Counsel L.P., a Seattle-based pension fund adviser that owns the hotel through an investment fund.
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Tuesday, December 22, 2009
Granite City Food & Brewery Ltd. Announces Renegotiation of Terms of Bridge Debt
MINNEAPOLIS--(BUSINESS WIRE)--Granite City Food & Brewery Ltd. (NASDAQ: GCFB - News). By agreement dated effective December 16, 2009, Granite City Food & Brewery Ltd. and Harmony Equity Income Fund, L.L.C. and Harmony Equity Income Fund II, L.L.C. amended the March 30, 2009 Bridge Loan Agreement between the parties. The original Agreement provided for the issuance of $1.0 million of partially convertible bridge notes and warrants which matured in April 2010 and then payable in 6 equal monthly installments. The maturity date of the current principal balance has been extended to January 1, 2011, at which time the principal amount outstanding will be payable in 12 equal monthly installments, with the final installment due on December 1, 2011. Further, the total amount of the commitment will be reduced to $800,000 from the initial $1.0 million commitment. Adjustments were also made to the provisions for payment of deferred and accrued interest.
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You're No Warren Buffett, Steak n Shake
Remember when Octomom tried to look like Angelina Jolie? Steak n Shake (NYSE: SNS) is trying to do something similar, with its recent channeling of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). But instead of lip-puffing Botox and a new layered 'do, Steak n Shake is going for a reverse split and an insurance-company acquisition.
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Ruth's Hospitality Group, Inc. Announces Proposed Transactions Intended to Strengthen the Company's Financial Position and Improve its Flexibility
HEATHROW, Fla.--(BUSINESS WIRE)--Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH - News) today announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company’s balance sheet and improve its operating and financial flexibility.
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Monday, December 21, 2009
Sands China May Have Sales of $5 Billion in 2010, Adelson Says
Dec. 22 (Bloomberg) -- Sands China Ltd., the casino operator with the second-biggest market share in Macau, may have sales of $4.5 billion to $5 billion next year, according to the head of the company that controls it.
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Sir David Michels, deputy chairman of Marks & Spencer
Sir David Michels, the deputy chairman of Marks & Spencer, has been named non-executive chairman of Paramount Restaurants, the operator of the Chez Gérard, Caffè Uno, Bertorelli and Livebait restaurant chains.
The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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The former Hilton Group chief executive’s decision to boost his bulging portfolio of directorships will fuel speculation that he does not plan to put his name forward as a candidate for the chairmanship of M&S when the search process begins next year
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Sheraton hotel in Arlington Heights to close
(Crain’s) — The depressed local hotel market has claimed another casualty: the Sheraton in Arlington Heights, which is shutting down just three years after an adjoining $25-million water park was built next door.
The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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The 429-room Sheraton Chicago Northwest and CoCo Key water park will close Dec. 28, putting about 230 employees out of work, according to a statement provided by a hotel spokeswoman.
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National Restaurant Association Issues Statement on Health Care Reform Bills
WASHINGTON, Dec. 21 /PRNewswire-USNewswire/ -- The National Restaurant Association issued a statement today regarding the health care reform package proposed by Senate Majority Leader Harry Reid (D-Nev.).
"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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"The Senate has made key improvements in its bill over the House-passed version," said Dawn Sweeney, President and CEO of the National Restaurant Association. "The health care reform package currently before the Senate demonstrates meaningful progress toward protecting jobs and small businesses while taking steps toward providing access to high quality, affordable health care for Americans."
"We need to ensure that the final bill improves job creation and entrepreneurship, and does not weaken the improvements included in the Senate bill," Sweeney said.
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STR Global reports Asia/Pacific pipeline for November 2009
The Asia/Pacific hotel development pipeline includes 975 hotels comprising 232,680 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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Among the key markets, Shanghai, China, reported the most rooms in the total active pipeline, with 13,057 rooms. Three other markets ended the month with more than 5,000 rooms in the total active pipeline: Bangkok, Thailand (8,849 rooms); New Delhi, India (6,355 rooms); and Beijing, China (6,326 rooms). Tokyo, Japan, reported the smallest amount of rooms in the total active pipeline with 250 rooms.
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STR Global reports Middle East/Africa pipeline for November 2009
LONDON—The Middle East/Africa hotel development pipeline includes 441 hotels comprising 119,560 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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Among the countries in the region, the United Arab Emirates reported the most rooms in the In Construction phase (28,153 rooms) and in the total active pipeline (51,594 rooms). Saudi Arabia followed with 7,243 rooms in the In Construction phase and 13,664 rooms in the total active pipeline. Zambia had the smallest amount of rooms in the In Construction phase and the total active pipeline with 215 rooms each.
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STR Global reports Europe pipeline for November 2009
LONDON—The Europe hotel development pipeline includes 577 hotels comprising 97,266 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the key markets, London, England, reported the largest amount of rooms in the total active pipeline with 5,154 rooms. Moscow, Russia (4,837 rooms), and Berlin, Germany (4,493 rooms), also reported a large number of rooms in the total active pipeline.
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Among the key markets, London, England, reported the largest amount of rooms in the total active pipeline with 5,154 rooms. Moscow, Russia (4,837 rooms), and Berlin, Germany (4,493 rooms), also reported a large number of rooms in the total active pipeline.
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STR reports Caribbean and Mexico pipeline for November 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 131 hotels comprising 18,291 rooms, according to the November 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 11,105 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: the Bahamas (1,448 rooms) and Puerto Rico (1,130 rooms).
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Among the countries in the region, Mexico reported the largest number of rooms in the total active pipeline with 11,105 rooms. Two other countries ended the month with more than 1,000 rooms in the total active pipeline: the Bahamas (1,448 rooms) and Puerto Rico (1,130 rooms).
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STR Global reports Nov. 2009 Central and South America pipeline
LONDON—The Central/South America hotel development pipeline includes 131 projects with 19,929 rooms, according to the November 2009 STR Global Construction Pipeline Report released this week.
Among the countries in the region, Brazil ended the month with the most rooms in the In Construction phase as well as in the total active pipeline with 2,837 rooms and 8,264 rooms, respectively. Panama reported 2,363 rooms in the In Construction phase and 4,289 rooms in the total active pipeline.
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Among the countries in the region, Brazil ended the month with the most rooms in the In Construction phase as well as in the total active pipeline with 2,837 rooms and 8,264 rooms, respectively. Panama reported 2,363 rooms in the In Construction phase and 4,289 rooms in the total active pipeline.
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Blimpie Debuts In Kuwait
Blimpie, a sub sandwich franschises, said it is planning for its first location in Kuwait. Blimpie’s parent company, Kahala, has entered into a licensee agreement with International Famous Franchises (IFF), and is looking to open18 stores in Kuwait by 2014.
The first location in Kuwait is slated to open in the spring of 2010 as part of Middle East expansion. The restaurant offers sandwiches and salads that are low in calories. The company said that minor changes have been made to the menu for the Kuwait debut and is expecting to add regional items next year.
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The first location in Kuwait is slated to open in the spring of 2010 as part of Middle East expansion. The restaurant offers sandwiches and salads that are low in calories. The company said that minor changes have been made to the menu for the Kuwait debut and is expecting to add regional items next year.
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Wyndham adds first five-star, all-inclusive resorts in Mexico to system
As hotel giants such as InterContinental Hotels Group pin hopes on leisure travel in 2010, Wyndham Hotels & Resorts announced a move that could bolster its appeal to families and other vacationers:
Four, existing Mexico resorts - all-inclusive, luxury properties - have joined Wyndham's system.
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Four, existing Mexico resorts - all-inclusive, luxury properties - have joined Wyndham's system.
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