LONDON—Hotels in the Asia/Pacific region experienced increases when reported in U.S. dollars for all three key performance metrics for November 2009, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy grew by 2.2 percent to 68.0 percent; average daily rate increased by 1.2 percent to US$129.46; and revenue per available room jumped 3.4 percent to US$88.05.
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Monday, January 4, 2010
STR Global reports Americas performance results for Nov. 2009
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for November 2009, according to data compiled by STR and STR Global.
In year-over-year comparisons, occupancy for the region dropped 4.4 percent to 50.2 percent; average daily rate declined 7.1 percent to US$95.42; and revenue per available room decreased 11.2 percent to US$47.86.
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In year-over-year comparisons, occupancy for the region dropped 4.4 percent to 50.2 percent; average daily rate declined 7.1 percent to US$95.42; and revenue per available room decreased 11.2 percent to US$47.86.
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STR Global releases Middle East/Africa results for November 2009
LONDON—The Middle East/Africa region reported mixed results in the three key measurements reported in U.S. dollars for November 2009, according to data compiled by STR Global.
The region’s occupancy dropped by 8.2 percent to 68.1 percent; average daily rate increased 2.2 percent to US$178.28; and revenue per available room decreased 6.3 percent to US$121.49.
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The region’s occupancy dropped by 8.2 percent to 68.1 percent; average daily rate increased 2.2 percent to US$178.28; and revenue per available room decreased 6.3 percent to US$121.49.
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Wednesday, December 30, 2009
Tavern on the Green preps for final service
(AP) - Tavern on the Green, once America's highest-grossing restaurant, is singing its culinary swan song.
The former sheepfold at the edge of Central Park, now ringed by twinkling lights and fake topiary animals, is preparing for New Year's Eve, when it will serve its last meal. Just three years ago, it was plating more than 700,000 meals annually, bringing in more than $38 million.
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The former sheepfold at the edge of Central Park, now ringed by twinkling lights and fake topiary animals, is preparing for New Year's Eve, when it will serve its last meal. Just three years ago, it was plating more than 700,000 meals annually, bringing in more than $38 million.
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Outback Steakhouse settles gender discrimination suit for $19M
OSI Restaurant Partners, the Tampa parent of the Outback Steakhouse chain, will pay $19 million and create a new human resources executive position to settle a gender discrimination class action lawsuit being tried in Colorado.
“Hopefully this major settlement will remind employers about the perils of perpetuating promotion practices that keep women from advancing at work,” said Stuart J. Ishimaru, acting chairman of the U.S. Equal Employment Opportunity Commission, in a release.
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“Hopefully this major settlement will remind employers about the perils of perpetuating promotion practices that keep women from advancing at work,” said Stuart J. Ishimaru, acting chairman of the U.S. Equal Employment Opportunity Commission, in a release.
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Tuesday, December 29, 2009
Truffle Breakfast, $67,000 Bordeaux Entice at Arnault Hotel
Dec. 29 (Bloomberg) -- There’s no whiff of economic crisis in the winter wonderland built by luxury-goods magnate Bernard Arnault in the French ski town Courchevel 1850.
For 47,000 euros ($67,466), the chairman of Paris-based LVMH Moet Hennessy Louis Vuitton SA can guarantee the sun rises at the Cheval Blanc hotel with a 1947 vintage bottle from famed Chateau Cheval Blanc in Bordeaux. Dawn also may be savored with a 220 euro “Dome of Black Truffles.”
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For 47,000 euros ($67,466), the chairman of Paris-based LVMH Moet Hennessy Louis Vuitton SA can guarantee the sun rises at the Cheval Blanc hotel with a 1947 vintage bottle from famed Chateau Cheval Blanc in Bordeaux. Dawn also may be savored with a 220 euro “Dome of Black Truffles.”
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GMB to ballot "thousands" of pubs on industrial action
The GMB union said today it hopes to be in a position to ballot up to 25,000 tied pubs on whether to take industrial action against pubco landlords by the end of January next year.
Paul Maloney, GMB National Officer for tied tenants, said his organisation wanted to secure a reduction in the amount pubs pay their landlord of around £12,000 per pub and industrial action was on the cards.
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Paul Maloney, GMB National Officer for tied tenants, said his organisation wanted to secure a reduction in the amount pubs pay their landlord of around £12,000 per pub and industrial action was on the cards.
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Orient-Express buys hotel in Peru for $7 million
NEW YORK (AP) -- Hotel owner and manager Orient-Express Hotels Ltd. said Tuesday that it purchased a hotel in Peru from Industrias Turistica Vagamundos SAC for $7 million.
The acquisition was made by Orient-Express Hotels' joint venture company, Peru OEH SA, which used cash reserves and $2.5 million of long-term debt for the purchase.
The Hotel Rio Sagrado, which opened in April, contains 21 suites and two villas. The hotel, located in the Sacred Valley of the Incas, is the fifth Peru acquisition for Orient-Express.
Orient-Express is the owner or part-owner and manager of 49 luxury hotel, restaurant, tourist train and river cruise properties in 25 countries.
The acquisition was made by Orient-Express Hotels' joint venture company, Peru OEH SA, which used cash reserves and $2.5 million of long-term debt for the purchase.
The Hotel Rio Sagrado, which opened in April, contains 21 suites and two villas. The hotel, located in the Sacred Valley of the Incas, is the fifth Peru acquisition for Orient-Express.
Orient-Express is the owner or part-owner and manager of 49 luxury hotel, restaurant, tourist train and river cruise properties in 25 countries.
Station Casinos bondholders want permission to sue
Station Casinos Inc.'s bondholders asked the Las Vegas company's bankruptcy court Monday for permission to sue the company over the 2007 leveraged-buyout deal that took Station private, charging the transaction crippled the company by saddling it with excessive debt.
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Woman sues NYC eatery over fallen moose head
(AP) - A New York City restaurant-goer says she was struck by the decor at a Manhattan restaurant -- but not in a visual way.
Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Raina Kumra said in a negligence lawsuit filed last week that a stuffed moose head plummeted off a wall and onto her head at the Scandinavian-themed White Slab Palace on Oct. 4. She said she suffered a concussion and other injuries after being hit by the 150-pound moose head, adorned with 3-foot-wide antlers.
The owner of the Lower East Side restaurant didn't immediately return a telephone message. Nor did Ms. Kumra, who is representing herself in the case
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Can Lady Gaga Save The Fontainebleau in Miami?
Admit it. 2010 was all about Lady Gaga and it seems only fitting that her New Year's Eve concert at Miami's Fontainebleau Resort is officially the hottest New Year's Eve party in America, according to NewYearsEve.com. Page Six reports:
Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Gaga, who's said to be getting about $300,000 for the show, has already sold north of $1 million in tickets on the site. Andrew Fox, the site's founder, tells us there are only a few $25,000 tables left and some general admission seats at $425. "I'm in awe of the fact that Lady Gaga will make the Fontainebleau the hottest ticket in America on New Year's Eve," he said.
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Ruth Improves Financial Position
Ruth’s Hospitality Group Inc. (NasdaqGS: RUTH - News), the operator of upscale casual-dining chains, in order to improve its financial position and flexibility has taken prudent steps to raise $69.7 million through a stock sale to a private equity firm, a right offering to existing shareholders and the sale of its headquarters building.
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Morgans Hotel Group Announces Extension of Loan Maturities on Hard Rock Hotel & Casino in Las Vegas
NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”), the operator and part owner of the Hard Rock Hotel & Casino in Las Vegas, today announced that the maturity date of the loan secured by the hotel and casino has been amended so that it is extendable to February 2014. In addition, the non-recourse loan, secured by approximately 11 acres of unused land owned by a Hard Rock subsidiary is now extendable until February 2014.
“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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“These amendments represent a vote of confidence from our lenders and mark another milestone in the restructuring of our balance sheet and our affiliate loans. With these extensions, the joint venture has reduced the stress of the near term loan maturities on the property, allowing us and our partner to focus our attention and resources on our greatest priorities: maximizing the guest experience and improving the long term value and financial performance of Hard Rock,” said Marc Gordon, President of Morgans Hotel Group.
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Monday, December 28, 2009
Artisan Hotel & Spa agrees to foreclosure
The hip, nongaming Artisan Hotel & Spa in Las Vegas has agreed to be foreclosed on by a lender.
Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Struggling with nearly $8 million in debt, the 64-room property is a locals favorite and is known for its lounge entertainment and fine art collection.
Attorneys in the case and Artisan co-owner Douglas Da Silva couldn’t immediately be reached for comment Wednesday, so it’s unclear when ownership and management of the property may change hands.
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Friday, December 25, 2009
Bahamas - $2.6bn Baha Mar deal '90% likely to go ahead'
Baha Mar's potential agreement with two Chinese state-owned entities for the financing and construction of its $2.6 billion Cable Beach project is "90 per cent likely to go" ahead, Tribune Business was told yesterday, with both sides trying to now tie down "a few commercial issues".
The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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The resort developer and its potential partners, China State Construction and China Export-Import Bank, were said to be "close" to concluding an agreement, Baha Mar having been hopeful of closing the deal by year-end.
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