Hotels revenue declined by 10.1% over the year and 8.3% in the fourth quarter, which
showed a slight improvement compared with previous quarters, mainly due to the
first signs of stabilization in occupancy rates in December in Europe
Read more:
Wednesday, January 20, 2010
‘Tranche Warfare’ Erupts as Property Owners Slide Into Default
Jan. 20 (Bloomberg) -- When Lightstone Group bought Extended Stay Hotels Inc. in June 2007, it relied on more than $7 billion in debt financing to complete the $8 billion deal just weeks before the leveraged-buyout market imploded.
Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
Read more:
Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
Read more:
Tuesday, January 19, 2010
Premier Inn opens at Dubai airport
Premier Inn has now opened its third site within the Gulf region at Premier Inn Dubai International Airport.
This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
Read more:
This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
Read more:
Sbarro already a hit in Japan
Sbarro, the world's leading quick-service Italian restaurant concept, announced in a statement its aggressive expansion into the Japanese market, which will include the opening of 1,250 units.
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Viceroy Hotel Group Selected as Operator of “L’Ermitage Beverly Hills” Hotel
Viceroy Hotel Group announced today that it has been selected as operator of the renowned Los Angeles luxury hotel, L’Ermitage Beverly Hills. The announcement was made by Viceroy Hotel Group (VHG) Founder & CEO, Brad Korzen.
The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
Read more:
The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
Read more:
McDonald's Up; Burger King Down
McDonald's was lifted to outperform from neutral by Credit Suisse analyst Keith Siegner, citing potential earnings drivers like its international business.
"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
Read more:
"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
Read more:
Orient-Express Hotels raises $138 million in gross proceeds from offering of 12 million shares
NEW YORK (AP) — Orient-Express Hotels Ltd. said Tuesday that it raised gross proceeds of $138 million from a public offering of 12 million shares of its Class A stock.
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
London Japanese-Style Capsule Pod Hotel Wins Go-Ahead
A Japanese-style 'pod' hotel to be built in London has won the go-ahead from the local council.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Many fed-up time share owners are stuck trying to sell
For Stacey Udell, a Craigslist ad enticing her to own a piece of property in the Bahamas for $3,000 was too good to pass up.
The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
Read more:
The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
Read more:
Monday, January 18, 2010
Marriott, Hilton & other big chains give away internet service this year - but only to a special few
Pssst...Did you know that Marriott, Hilton, Sheraton and other full-service chain hotels that normally charge guests to log on may actually give you free internet access this year/
Read more:
Read more:
Caesars Palace plays hardball with dealers, asserts right to tips
Two years after casino dealers at Caesars Palace voted for union representation, they still don’t have a labor contract and relations with management have gone from bad to worse.
Caesars Palace executives have cemented their authority as the side holding most of the cards, proposing a list of new workplace rules and, in a shot heard throughout the Nevada gaming industry, asserting a right to dip into dealers’ tips
Read more:
Caesars Palace executives have cemented their authority as the side holding most of the cards, proposing a list of new workplace rules and, in a shot heard throughout the Nevada gaming industry, asserting a right to dip into dealers’ tips
Read more:
Sunday, January 17, 2010
More Hawaii hotel service-charge lawsuits filed
Five Oahu hotels are now being sued over accusations they failed to pass on food and beverage service charges to employees who worked at events.
The suits potentially involve hundreds of hotel workers and potentially thousands of customers who paid for events like wedding receptions and banquets.
Read more:
The suits potentially involve hundreds of hotel workers and potentially thousands of customers who paid for events like wedding receptions and banquets.
Read more:
Four Seasons Resort in Irving Texas is posted for foreclosure
One of the Dallas area's most exclusive hotel properties is facing a possible foreclosure.
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
Read more:
Lenders have filed to foreclose on the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre hotel, spa and golf club in Irving.
The more than 400-room hotel is one of the state's top-rated accommodations and hosts the annual HP Byron Nelson Championship golf tournament.
Read more:
Mayflower Looks to Restructure Debt
The Renaissance Mayflower, an 85-year-old institution in Washington, is seeking some relief on its $200 million securitized mortgage.
The restructuring effort by owner Rockwood Capital LLC is a sign that real-estate investments are running into problems even in relatively healthy markets. Hotels in the nation's capital are doing better than their peers in many other cities. But the Mayflower isn't doing well enough to make up for the top-of-the-market price and debt that Rockwood put on the property
Read more:
The restructuring effort by owner Rockwood Capital LLC is a sign that real-estate investments are running into problems even in relatively healthy markets. Hotels in the nation's capital are doing better than their peers in many other cities. But the Mayflower isn't doing well enough to make up for the top-of-the-market price and debt that Rockwood put on the property
Read more:
Hotel Operator Buys Time
Starwood Capital Group has withdrawn its demand to end Extended Stay Inc.'s exclusive control over its bankruptcy case and indicated that it is now negotiating with the hotel operator.
In papers filed with the U.S. Bankruptcy Court in Manhattan, Starwood said it would no longer protest Extended Stay's request for an extension through May 3 to file its bankruptcy-exit plan.
Starwood revised its position after Extended Stay showed it would be more receptive to the investment firm's proposals for the company.
Read more:
In papers filed with the U.S. Bankruptcy Court in Manhattan, Starwood said it would no longer protest Extended Stay's request for an extension through May 3 to file its bankruptcy-exit plan.
Starwood revised its position after Extended Stay showed it would be more receptive to the investment firm's proposals for the company.
Read more:
