Many new hotel projects have been on hold since the financial market meltdown, but upscale and luxury hotel brands are expanding their ranks by signing independent properties eager for broader recognition and the marketing and sales clout that big brands bring.
From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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Saturday, January 23, 2010
Starbucks CEO Schultz earns $15 million in fiscal 2009
CHICAGO - Starbucks Corp. CEO Howard Schultz received compensation the company valued at nearly $15 million during the past fiscal year, an increase of nearly 54 percent as the company's profit soared after it cut costs and jobs, according to a regulatory filing
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Asian Hotel Brands Make the Journey to Europe
SINGAPORE — International hotel brands are stepping up their investments in the Asia-Pacific region because of its outsized growth prospects. So it would seem almost counterintuitive for luxury hospitality brands based in Asia to be opening hotels in Europe, where growth is slowing.
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Burger King Franchisees Can't Have It Their Way
The price of a double cheeseburger is generating a lot of heat among Burger King franchisees.
In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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Barbados Shores Up a Troubled Four Seasons
Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed—after initially attracting a cast of celebrity buyers.
In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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Friday, January 22, 2010
Toronto Restaurateur charged with cooking up scam
A well-known Toronto restaurateur is set to make his first court appearance after allegations that he defrauded a handful of Toronto investors out of more than $1 million.
Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Airline confident on Sandals tie-up
Air Canada is confident its partnership to serve Sandals' Emerald Bay resort in Exuma will be profitable, despite its packaged vacations representing only 15 per cent of seats to the Bahamas.
Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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El Pollo Loco pulls back on Chicago expansion
In 2004, El Pollo Loco announced its plans for a national expansion, including entry into the Chicago market. Now, The Sun Times reports that two of the chain's three stores there have closed recently, possibly putting the brakes on the company's plans for growth in the market.
Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Lone Star Funds Acquires Lodgian
Lodgian Inc. has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds for approximately US$270 million, including assumed debt.
Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Nevada officials approve Carl Icahn's control of 9 casinos as part of Tropicana reorganization
LAS VEGAS (AP) — Nevada gambling regulators on Thursday approved billionaire investor Carl Icahn's plan to control nine casinos in four states as part of the bankruptcy reorganization of Tropicana Entertainment LLC.
The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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TripAdvisor Sniffs Out America's Dirtiest Hotels
NEWTON, Mass. – January 22, 2010 /PRNewswire/ — TripAdvisor®, the world’s most trusted source of travel advice, today announced the top 10 dirtiest hotels in America, based on TripAdvisor traveler ratings for cleanliness. For the fifth consecutive year, TripAdvisor reveals the truth about hotels around the world, from the most gleaming to the most grimy.
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JAL bankruptcy will not affect company’s hotel portfolio
One of the largest bankruptcies in Japanese history, JAL is saddled with ¥2.5 trillion (US$28 billion) of debt, according to a bankruptcy filing made by the airliner in a New York court on 19 January. In the filing, the company said it has been stung by rising costs and declining demand for air travel caused by terrorism, the outbreak of the H1N1 virus, and other factors.
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Wynn Macau, Casino Operators Decline on China Rates Concerns
Jan. 22 (Bloomberg) -- Wynn Macau Ltd., controlled by billionaire Stephen Wynn’s casino operator, fell the most in almost three months in Hong Kong trading on speculation China will tighten policies to curb inflation.
Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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McDonald's Delivers Another Year of Strong Results In 2009
"McDonald's 2009 results reflect the broad-based strength of our global business," said McDonald's Chief Executive Officer, Jim Skinner. "Our in-demand food and beverages, unparalleled convenience and superior value at every level of our menu enabled us to serve 60 million customers per day during 2009, up 2 million per day over the prior year. In addition, McDonald's profitability increased as we marked our sixth consecutive year of positive comparable sales in every geographic segment and generated higher global revenues, operating income and earnings per share in constant currencies - all tremendous accomplishments given the tough global economy."
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Burger King plans beer-selling Whopper Bar in South Beach
Gimme a Whopper, fries — and a beer.
Those words are no longer wishful thinking. Friday, Burger King (BKC) will unveil plans to sell beer and burgers at a Whopper Bar — a new BK concept to compete with casual dining restaurants — in Miami Beach's tourist-heavy South Beach. The South Beach Whopper Bar is scheduled to open in mid-February.
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Those words are no longer wishful thinking. Friday, Burger King (BKC) will unveil plans to sell beer and burgers at a Whopper Bar — a new BK concept to compete with casual dining restaurants — in Miami Beach's tourist-heavy South Beach. The South Beach Whopper Bar is scheduled to open in mid-February.
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