LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for year-end 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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Tuesday, January 26, 2010
STR Global posts Middle East/Africa Dec. '09, year-end '09 results
LONDON—The Middle East/Africa region reported year-end decreases in all three key measurements when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy in 2009 dropped 10.9 percent to 62.0 percent; average daily rate decreased 2.7 percent to US$153.91; and revenue per available room decreased 13.3 percent to US$95.44.
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The region’s occupancy in 2009 dropped 10.9 percent to 62.0 percent; average daily rate decreased 2.7 percent to US$153.91; and revenue per available room decreased 13.3 percent to US$95.44.
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STR reports Caribbean and Mexico pipeline for December 2009
HENDERSONVILLE, Tennessee—The Caribbean/Mexico hotel development pipeline includes 127 hotels comprising 17,528 rooms, according to the December 2009 STR Construction Pipeline Report released this week.
Among the countries in the region, Mexico reported the most rooms in the total active pipeline with 10,324. The country also ended the month with the most rooms in the In Construction phase with 4,200. The Bahamas reported 1,698 rooms in the total active pipeline and 895 rooms in the In Construction phase, followed by Puerto Rico with 1,130 rooms in the total active pipeline and 666 rooms in the In Construction phase
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Among the countries in the region, Mexico reported the most rooms in the total active pipeline with 10,324. The country also ended the month with the most rooms in the In Construction phase with 4,200. The Bahamas reported 1,698 rooms in the total active pipeline and 895 rooms in the In Construction phase, followed by Puerto Rico with 1,130 rooms in the total active pipeline and 666 rooms in the In Construction phase
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Hotel chain Starwood warns of possible credit card fraud
Customers who stayed at one of the hotels owned by international hotel conglomerate Starwood within Germany may have been victim to widespread credit card fraud, the company confirmed on Tuesday.
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Bankruptcy judge urges Station Casinos, creditors to negotiate
RENO – After six hours of arguments, a federal bankruptcy judge advised Station Casinos and unsecured creditors to hold negotiations over a $2.3 billion debt, rather than face legal action.
U.S. Bankruptcy Judge Greg Zive withheld a ruling on the petition by the unsecured creditors to be allowed to sue over the arrangement of the 2007 leveraged-buyout deal that took the casino company private.
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U.S. Bankruptcy Judge Greg Zive withheld a ruling on the petition by the unsecured creditors to be allowed to sue over the arrangement of the 2007 leveraged-buyout deal that took the casino company private.
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Monday, January 25, 2010
Taco Del Mar files for bankruptcy protection
Taco Del Mar Franchising, a Seattle-based chain of Mexican fast-food restaurants, filed for Chapter 11 bankruptcy protection on Friday, saying it owes creditors between $1 million and $10 million.
The chain's roughly 225 stores in the U.S., Canada and Guam will continue to operate, and individual Taco Del Mar franchisees are not in bankruptcy.
Larry Destro, who has been CEO since May, said he expects to slow growth at the company, which lost $2.8 million between 2006 and 2008.
Founded in 1992 by brothers James and John Schmidt, Taco Del Mar grew to about 70 stores by 2002, most of them in Seattle.
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The chain's roughly 225 stores in the U.S., Canada and Guam will continue to operate, and individual Taco Del Mar franchisees are not in bankruptcy.
Larry Destro, who has been CEO since May, said he expects to slow growth at the company, which lost $2.8 million between 2006 and 2008.
Founded in 1992 by brothers James and John Schmidt, Taco Del Mar grew to about 70 stores by 2002, most of them in Seattle.
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Outrigger and Choice Hotels Expand Hawaii Alliance
Choice Hotels International and hospitality services company Outrigger Enterprises Group has announced an expansion of their alliance in which ten additional Outrigger-managed and/or affiliated properties representing over 1,700 rooms will be added to its existing relationship, which currently includes six properties representing over 3,000 rooms
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Bain Capital to buy Domino's Pizza in Japan
TOKYO, Jan 25 (Reuters) - U.S. private equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino's Pizza (DPZ.N) as it sees opportunities in the country's niche pizza delivery market.
Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Saturday, January 23, 2010
Macedonia bars, eateries close to protest smoking ban
SKOPJE, Macedonia — Hundreds of cafes, bars and restaurants across Macedonia shut their doors to customers on Friday in a 24-hour protest against a new smoking ban that they claim has sent profits plummeting.
Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort
After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.
German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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More independents lured to big hotel brands' collections
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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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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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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