NEW YORK (MarketWatch) - Shares of Wyndham Worldwide were on the rise Wednesday, gaining more than 8% after a Deutsche Bank analyst upgraded the hotel and resort operator to a buy, citing the potential for an economic recovery and its relatively low current valuation.
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Thursday, January 14, 2010
Carlson Hotels To Acquire Majority Stake in Key Indian Partner
MUMBAI, India (Jan. 13, 2010) - Carlson Hotels Worldwide, one of the world’s leading hotel companies, today announced that it has signed an agreement to increase its stake in RHW Hotel Management Services Ltd (RHW) from 13% to 87%. RHW is the hotel management and consultancy services company which has successfully managed Carlson-branded hotels in India since 1998. Carlson is acquiring the shares from Umak Investment Company Private Limited. The remaining 13% is held by private investors. The transaction is subject to government approval.
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Benihana CFO resigns, sales up
Benihana announced the immediate resignation of CFO and VP of finance Jose Ortega on Wednesday, shortly after reporting an increase in sales.
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
California Pizza Kitchen Cuts 4Q EPS View, Revenue Tops Estimates
California Pizza Kitchen, Inc. (CPKI: 13.9, 0, 0%) gave preliminary fourth-quarter 2009 results slightly ahead of analyst expectations, but the company cut its forecast for earnings per share.
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
The pizza restaurant chain said earnings per share are now expected to be in the range of 15 and 17 cents, down from its November forecast for earnings between 16 and 18 cents a share.
Same-store sales are expected to come in within earlier projections at -5.5% to -6.5%. The company said revenues increased 3.8% during the quarter to $167.8 million. That compares to revenue of $161.7 million during the year-ago quarter.
Analysts were expecting California Pizza Kitchen to report revenue of $167 million, according to a poll by Thomson Reuters.
The company is expected to report fourth-quarter results on Feb. 18
Wednesday, January 13, 2010
Nation's Fast Food Patrons No Longer Trusted To Dispense Own Ketchup
WASHINGTON—In an effort to cut condiment expenses and address the gluttony, waste, and utter lack of self-restraint exhibited by Americans, officials from the fast food industry announced Monday a new policy prohibiting all customers from dispensing their own ketchup.
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Tuesday, January 12, 2010
Sheraton Cable Beach hotel in 10% revenue rise
SAN JUAN, Puerto Rico - Starwood yesterday said its Sheraton Nassau Beach Resort at Cable Beach had seen a 10 per cent revenue increase in 2009, and confirmed to Tribune Business its brands were still committed to the delayed $2.6 billion Baha Mar project.
Andrew Neubauer, director of sales and marketing for the Sheraton Nassau Beach Resort, said that despite the delay in the project, four Starwood brands will be present when the Baha Mar vision is realised.
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Andrew Neubauer, director of sales and marketing for the Sheraton Nassau Beach Resort, said that despite the delay in the project, four Starwood brands will be present when the Baha Mar vision is realised.
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Older women and younger men? Not on Carnival Cruise Lines
Apparently cougars put on more of a party than the Fun Ships can handle.
Carnival Cruise Lines has turned away a singles group that promotes cruises and other social events for cougars and cubs -- older women and younger men who, um, court each other.
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Carnival Cruise Lines has turned away a singles group that promotes cruises and other social events for cougars and cubs -- older women and younger men who, um, court each other.
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NYC proposes national salt reduction plan for restaurants
The New York City Health Department has announced that it is coordinating a nationwide effort to aid heart attack and stroke prevention by reducing the amount of salt in packaged and restaurant foods.
The National Salt Reduction Initiative, a coalition of cities, states and health organizations working to help food manufacturers and restaurants voluntarily reduce the amount of salt in their products, plans to reduce Americans’ salt intake by 20 percent over five years. The initiative is targeting packaged and restaurant foods because nearly 80 percent of sodium in Americans' diets is added to foods before they are sold.
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The National Salt Reduction Initiative, a coalition of cities, states and health organizations working to help food manufacturers and restaurants voluntarily reduce the amount of salt in their products, plans to reduce Americans’ salt intake by 20 percent over five years. The initiative is targeting packaged and restaurant foods because nearly 80 percent of sodium in Americans' diets is added to foods before they are sold.
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Cheesecake Factory: revenue steady in 4th quarter
CALABASAS HILLS, Calif. (AP) -- The Cheesecake Factory Inc. said Tuesday that its preliminary fourth-quarter revenue held steady while sales in established locations dipped slightly.
The restaurant chain said sales for the period that ended Dec. 29 were $401 million compared with $400 million during the same quarter in 2008.
Meanwhile, sales in locations open at least a year dipped about 1 percent, with sales down 0.7 percent at the company's namesake locations and down 3.9 percent at Grand Lux Cafes.
Sales in restaurants open at least a year are an important retail industry measure that tracks sales in established stores, rather than newly opened ones.
They declined 2.8 percent in the preceding third quarter, and Cheesecake Factory said the sequential improvement was "driven almost entirely by guest traffic."
The restaurant chain said sales for the period that ended Dec. 29 were $401 million compared with $400 million during the same quarter in 2008.
Meanwhile, sales in locations open at least a year dipped about 1 percent, with sales down 0.7 percent at the company's namesake locations and down 3.9 percent at Grand Lux Cafes.
Sales in restaurants open at least a year are an important retail industry measure that tracks sales in established stores, rather than newly opened ones.
They declined 2.8 percent in the preceding third quarter, and Cheesecake Factory said the sequential improvement was "driven almost entirely by guest traffic."
rwood Announces First of Three Luxury Collection Hotels to Debut in Peru
NEW YORK--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT - News) in a franchise agreement with Libertador Hotels, Resorts & Spas, today announced the opening of Hotel Paracas, a Luxury Collection Resort, marking the debut of the first of three Luxury Collection hotels opening in Peru over the next two years.
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Ex-Hilton CFO La Forgia Launches Hotel Asset Management Group
HENDERSON, NEVADA — A group of hotel and casino industry executives led by company founder and principal Robert M. La Forgia announce the launch of Apertor Hospitality LLC, an asset management and advisory firm serving the hospitality and gaming industries with a team of industry professionals based throughout the United States.
Highly relevant to today's rapidly evolving economy, Apertor offers a full complement of advisory services tailored to existing owners, investors and lenders with exposure to financially struggling hotels and casinos, as well as to new entrants looking to take advantage of current market conditions. Comprised of proven industry veterans and leaders, the dedicated team offers customized strategies designed to enhance and optimize asset value and investment returns for their clients.
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Highly relevant to today's rapidly evolving economy, Apertor offers a full complement of advisory services tailored to existing owners, investors and lenders with exposure to financially struggling hotels and casinos, as well as to new entrants looking to take advantage of current market conditions. Comprised of proven industry veterans and leaders, the dedicated team offers customized strategies designed to enhance and optimize asset value and investment returns for their clients.
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For sail: 200 homes on a cruise ship
About half of the cabins on the $1.1-billion Utopia, set to launch in 2013, will be offered as permanent residences ranging from about $3.7 million to $26 million
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McDonald’s Names New President and COO
PRESS RELEASE - (Oak Brook, Illinois) - - Jim Skinner, Chief Executive Officer of McDonald’s Corporation, today announced that Don Thompson, currently President of McDonald USA, has been elected to the role of President and Chief Operating Officer, with oversight responsibility for the company’s 32,000 restaurants worldwide
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Monday, January 11, 2010
Deadline for Las Vegas Fontainebleau bids set for Friday
Bids are due Friday from companies and individuals wanting to buy the bankrupt Fontainebleau casino-resort development project on the Las Vegas Strip.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
Cable Beach Bahamas Hotels open only because of Owner funding
Baha Mar's two existing Cable Beach resorts are only still open because their owner's family has used their own money to cover "significant multi-million dollar losses", particularly over the last two years, something that has made the Izmirlians the "largest private investor in the history of the Bahamas".
Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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