HENDERSONVILLE, Tennessee—The Canadian hotel development pipeline includes 214 projects comprising 23,384 rooms, according to the December 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 0.9-percent decrease in the number of rooms in the pipeline compared to November 2009 and a 10.8-percent decrease in the number of rooms in the pipeline compared to December 2008.
Read more:
Friday, January 15, 2010
STR reports US hotel pipeline for December 2009
HENDERSONVILLE, Tennessee—The total active U.S. hotel development pipeline includes 3,829 projects comprising 401,090 rooms, according to the December 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 34.6-percent decrease in the number of rooms in the total active pipeline compared to December 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
Read more:
Read more:
Red Lion names interim president, CEO
Red Lion Hotels Corp. on Thursday announced that President and CEO Anupam Narayan has left the company.
The company did not give any details, saying only that his employment ended on Jan. 13.
In the meantime, Jon Eliassen, the lead independent director on the company’s board, has been appointed interim president and CEO
The company did not give any details, saying only that his employment ended on Jan. 13.
In the meantime, Jon Eliassen, the lead independent director on the company’s board, has been appointed interim president and CEO
Starwood files fresh allegations against Hilton
Reuters) - Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT - News) has claimed that at least five members of rival Hilton Hotels executive committee knew of the alleged theft of trade secrets last year, court papers filed on Thursday showed.
Starwood sued Hilton and two of its top executives for corporate espionage last April, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the "lifestyle" market.
Hilton said at the time that the lawsuit was without merit.
The amended complaint claims that Hilton's Chief Executive Christopher Nassetta and its head of global development, Steven Goldman, also knew of the theft of Starwood's confidential information.
Starwood has now asked the court to appoint one or more "monitors" to ensure Hilton's compliance with all injunctions and the imposition of a "penalty box" or "time out" period for any further development of Hilton's luxury and lifestyle brands.
Hilton could not be immediately reached for comment outside regular U.S. business hours.
Starwood sued Hilton and two of its top executives for corporate espionage last April, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the "lifestyle" market.
Hilton said at the time that the lawsuit was without merit.
The amended complaint claims that Hilton's Chief Executive Christopher Nassetta and its head of global development, Steven Goldman, also knew of the theft of Starwood's confidential information.
Starwood has now asked the court to appoint one or more "monitors" to ensure Hilton's compliance with all injunctions and the imposition of a "penalty box" or "time out" period for any further development of Hilton's luxury and lifestyle brands.
Hilton could not be immediately reached for comment outside regular U.S. business hours.
MGM Said to Forge Ahead With Macau I.P.O.
MGM Mirage, the casino company whose counts Kirk Kerkorian as its largest shareholder, is following in the footsteps of rivals Wynn Resorts and Las Vegas Sands as it pushes ahead with plans to list its Macau operations on the Hong Kong stock exchange, according to press reports.
MGM Grand Macao, the joint venture between MGM Mirage and its Macao partner, Pansy Ho,have begun vetting banks to work on the I.P.O., The South China Morning Post reported.
Read more:
MGM Grand Macao, the joint venture between MGM Mirage and its Macao partner, Pansy Ho,have begun vetting banks to work on the I.P.O., The South China Morning Post reported.
Read more:
Thursday, January 14, 2010
Ark Restaurants Announces Financial Results for the Fourth Quarter
NEW YORK, New York -- December 31, 2009 -- Ark Restaurants Corp. today reported financial results for the fourth quarter and full year ended October 3, 2009.
As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.
Read more:
As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.
Read more:
AMERISTAR CASINOS REPORTS THIRD QUARTER 2009 RESULTS
Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
Read more:
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa Adjusted EBITDA Declined Only 2.1% Year Over Year Despite a Net
Revenue Decrease of 6.8%
Adjusted EBITDA Margin Improved 1.3 Percentage Points Over Prior-Year
Third Quarter
Ameristar Black Hawk Net Revenue Up 24.2% Year Over Year Following
Implementation of Regulatory Enhancements
Additional Growth at Ameristar Black Hawk Following September 29
Opening of 536-Room Luxury Hotel and Spa
Read more:
The Donald goes Hawaiian with Waikiki hotel
HONOLULU -- When you hear the name Donald Trump, you think New York. Maybe Atlantic City.
But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
Read more:
But not Hawaii. Yet, there was that name sprouting among the urban canyons of Waikiki.
The Trump International Hotel & Tower at Waikiki is the newest -- and perhaps for a time, last -- major addition to the famed Oahu skyline. A sparkling new addition to Waikiki for those who see the skyscraper rimmed beachfront as America's answer to Copacabana Beach in Rio
Read more:
Fairmont to open seven new hotels this year
Hospitality chain Fairmont Hotels and Resorts has revealed its development pipeline for 2010, with seven new hotels being added to its global portfolio of 59 properties.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
The Middle East will see the newly-developed Makkah Clock Royal Tower hotel in Saudi Arabia, which the hospitality chain believe will become a key destination for visitors from the UAE and the rest of the region.
The property will be part of the iconic Abraj Al Bait Complex, which includes seven towers, adjacent to the Masjid Al Haram. The 858-room hotel will offer Fairmont Gold, the brand's lifestyle product offering, with numerous dining outlets and conference facilities. The 76-storey hotel tower, at 577 metres, will be among the world's tallest and feature a 40-metre clock, more than five times larger than Big Ben in London. The property is to open in Q3 2010.
"Outbound travel to Asia, Africa, and Europe from the Middle East markets remains strong. The new hotels will cater to the needs of guests from the Middle East with facilities tailored to their needs, such as large family rooms and suites, and many hotels providing halal food," said Thomas W Storey, President, Fairmont Hotels and Resorts.
Other properties planned for this year by The Fairmont also include The Savoy, London, which will reopen after a two-year, £100 million (Dh596m) restoration programme. The opening is set for Q2 2010. In Shanghai, The Fairmont Peace Hotel is the new name for the newly restored Peace Hotel.
China will see the opening of a Fairmont Beijing, while two other properties will opening North America, and one in South Africa.
Extended Stay in Restructuring Talks With Centerbridge, Paulson
Jan. 14 (Bloomberg) -- Extended Stay Hotels Inc., the bankrupt hotelier with $7.6 billion of debt, has been in talks with investment firms Centerbridge Partners LP and Paulson & Co. on a $400 million infusion of cash for restructuring.
A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
Read more:
A potential $200 million equity investment and $200 million backstopped rights offering have been “agreed to in principle,” the hotel chain said in a Jan. 12 filing in U.S. Bankruptcy Court in New York.
Read more:
Magnuson Hotels Expands Into UK, Bahamas, Puerto Rico
Magnuson Hotels, the world's largest independent hotel group, announced today the expansion of its low-cost global reservation services to the United Kingdom, the Bahamas and Puerto Rico.
Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
Read more:
Recent successful hotel additions in Rosebank, Scotland; Freeport, The Bahamas and San Juan, Puerto Rico are the first of Magnuson Hotels' 2010 expansion outside its current North American base.
The company expects during 2010 to double its size in North America to over 2000 hotels, while opening an international headquarters in London.
Read more:
First Wyndham Brand Hotel in the Netherlands Opens in Amsterdam
PARSIPPANY, N.J. 01-14-2010 —Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, today announced that the Apollo Hotel Amsterdam, an iconic, 223-room hotel with a 50-year history of serving visitors, has joined the upscale Wyndham Hotels and Resorts® brand as its first hotel in the Netherlands.
Read more:
Read more:
Hersha Hospitality Trust Begins Public Offering Of 35 Mln Shares Of Beneficial Interest
(RTTNews) - Monday, Hersha Hospitality Trust (HT: News ) commenced a public offering of 35 million common shares of beneficial interest, par value $0.01 per share. Hersha intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 4.73 million common shares to cover over-allotments, if any.
Read more:
Read more:
Crestline Hotels & Resorts Announces Internal Promotions and the Addition of Three Executives as the Company Implements its 2010 Operations Strategies
FAIRFAX, VA January 12, 2010 James Carroll, Chief Operating Officer of Crestline Hotels & Resorts today announced the promotion of two operational executives along with the addition of three regional management positions. Two of the companys Regional Vice Presidents of Operations, Bruce Nelker and Shaun Kirby, have been promoted to Senior Vice Presidents of Operations and will have enhanced leadership responsibilities within the operations team of Crestline Hotels & Resorts
Read more:
Read more:
Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the Third Fiscal Quarter 2010
MIAMI, Jan 13, 2010 (BUSINESS WIRE) -- Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation's largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales and comparable restaurant sales for the twelve-week third fiscal quarter ended January 3, 2010.
Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
Read more:
Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
Read more:
