The racing tycoons JP McManus and John Magnier have waded into the fight at Mitchells & Butlers (M&B) by calling for those responsible for the £500 million of hedging losses to be pursued for the money.
Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Wednesday, January 27, 2010
Lawmakers push for full casinos in Florida resorts
TALLAHASSEE -- Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now ready to open the doors to full-fledged casinos because, she says, Florida ``is losing the battle'' to the Seminole Tribe.
Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Vail Resorts might have interest, and the means, to buy Intrawest
VAIL, Colo. — With Intrawest Holdings set for auction in February, some ski industry analysts see reasons to suspect that Vail Resorts might have interest in the sale.
Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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China State-owned firms to shed hotel assets
China's tourism industry may benefit from a government directive ordering State-owned enterprises to shed their hotel assets and focus on their core businesses.
Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tuesday, January 26, 2010
STR releases updated forecasts for 2010, 2011
HENDERSONVILLE, Tennessee—The U.S. hotel industry is projected to end 2010 with decreases in two of the three key performance measurements, according to STR’s monthly forecast update.
STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR Global posts Americas results for Dec. '09, year-end '09
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for year-end 2009 and December 2009, according to data compiled by STR and STR Global.
Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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STR Global posts year-end '09, Dec. '09 results for Asia/Pacific
LONDON—Hotels in the Asia/Pacific region experienced decreases for all three key performance metrics for year-end 2009 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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STR Global posts year-end '09, Dec. '09 results for Europe
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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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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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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