VAIL, Colo. — After 15 years, numerous lawsuits, construction delays and a worldwide financial crisis, Waldir Prado ultimately couldn't hang on to the Vail Plaza Hotel.
A federal bankruptcy court in Denver Monday awarded the hotel to a Mexican investment company. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
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Wednesday, January 6, 2010
MGM to launch non-gaming hotel brands in India.
MGM Mirage, Las Vegas Strip’s largest casino owner, is planning to enter India with non-gaming brands, Bellagio and MGM Grand.
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Blackstone steps into Highland Hospitality-source
NEW YORK, Jan 5 (Reuters) - Private equity firm Blackstone Group (BX.N) is aiming to control the restructuring of hotel owner Highland Hospitality Corp, a source familiar with the matter said on Tuesday, confirming a report in the Wall Street Journal.
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Ahead of the Bell: Sonic shares slide
NEW YORK (AP) -- Shares of Sonic Corp. dropped in premarket trading Wednesday after its first-quarter performance and disappointing 2010 profit outlook gave few clues as to how the drive-in restaurant operator can improve sales in an increasingly competitive environment.
Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Sonic Reports First Quarter 2010 Results
OKLAHOMA CITY, Jan 05, 2010 (BUSINESS WIRE) -- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced results for the first fiscal quarter ended November 30, 2009. Key elements of the company's first quarter report included:
•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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CKE Restaurants(R), Inc. Reports Period Twelve Same-Store Sales
"Blended same-store sales decreased 6.5% for period 12 of our 13 period fiscal 2010. We believe the ongoing weakness in the overall economy coupled with poor weather conditions negatively impacted both brands' sales results during period 12," said Andrew F. Puzder, chief executive officer. "In this environment, we will continue to focus on profitability, the excellent value-for-the-money of our premium products and new initiatives to improve same-store sales and increase market share.
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Bahamas project lender cost buyers 'millions of dollars'
A real estate purchaser at the $4.9 billion Ginn sur mer project in Grand Bahama's West End has alleged she lost $1 million as a result of "predatory lending practices" employed by the project's main financial backer, which are now the subject of a $24 billion US-based class action lawsuit.
L. J. Gibson, one of the lead plaintiffs in the lawsuit filed against Credit Suisse in the US district court in Idaho, alleged she and other members of the 'class action', who had purchased 195 lots at Ginn sur mer, had suffered a major financial loss as a result of the Swiss bank's purported lending policies, which had resulted in it taking over the project.
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L. J. Gibson, one of the lead plaintiffs in the lawsuit filed against Credit Suisse in the US district court in Idaho, alleged she and other members of the 'class action', who had purchased 195 lots at Ginn sur mer, had suffered a major financial loss as a result of the Swiss bank's purported lending policies, which had resulted in it taking over the project.
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Bank obtains $525m Ginn foreclose order
A US court has approved Credit Suisse's $525 million foreclosure on a $4.9 billion Bahamas-based mixed-use resort project, Tribune Business can reveal, a key step in the plan that will see Ginn enter into a joint venture with the Swiss bank to develop the property.
Documents from the New York State Supreme Court, which have been obtained by this newspaper, reveal that Justice Barbara Kapnick entered the foreclosure and sale order, whereby the Ginn sur mer project in Grand Bahama's West End will effectively be sold at a public auction, on December 23, 2009.
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Documents from the New York State Supreme Court, which have been obtained by this newspaper, reveal that Justice Barbara Kapnick entered the foreclosure and sale order, whereby the Ginn sur mer project in Grand Bahama's West End will effectively be sold at a public auction, on December 23, 2009.
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Monday, January 4, 2010
STR reports US performance for November 2009
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during November, according to data from STR.
In year-over-year measurements, the industry’s occupancy fell 4.3 percent to end the month at 49.5 percent. Average daily rate dropped 8.3 percent to finish the month at US$93.60. Revenue per available room for the month decreased 12.3 percent to finish at US$46.33.
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In year-over-year measurements, the industry’s occupancy fell 4.3 percent to end the month at 49.5 percent. Average daily rate dropped 8.3 percent to finish the month at US$93.60. Revenue per available room for the month decreased 12.3 percent to finish at US$46.33.
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STR Global posts November 2009 results for Europe
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for November 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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STR Global posts November 2009 increases for Asia/Pacific region
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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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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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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