Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.
The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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Tuesday, February 16, 2010
Darden Raises 2010 Outlook on Higher Traffic
The owner of Red Lobster and Olive Garden restaurants, Darden Restaurants (DRI: 40.4075, 1.4075, 3.61%), upped its outlook for profits thanks to heightened consumer traffic. The company now says per-share earnings from continuing operations will be up by 5-8% for its fiscal year ending in May, up from December’s prediction of flat to a 4% rise.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
Domino's Pizza to open more branches as success story continues
Domino's Pizza to open more branches as success story continues• Total sales up 16% on the year
Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Bahamas Government to exit its interest in Mayaguana project
The Government's plans to exit its 50 per cent equity interest in a $1.8 billion Bahamas-based investment project could "move ahead rapidly" once it and its developer partner "mutually agree" recommended changes to their agreement, Tribune Business has learned.
Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Buffalo Wild Wings Less Than Hot After Earnings Shortfall
Shares of Buffalo Wild Wings (BWLD), which hit an all-time high of $48.73 last Thursday leading into its quarterly report, fell hard during after-hours trading as the company was unable to live up to the Street’s expectations. The company came in with Q4 profits of $8.3 million, or $0.46/share, up from $7.7 million, or $0.43/share, for the same period a year earlier. Revenue came in at $145 million, good for a 20% sequential increase. Still, these year-over-year increases did little to appease investors, as the Street’s consensus called for profit of $0.51/share on revenue of $149 million.
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Barracuda reports £336,000 loss for 2009
Barracuda Group has posted a £336,000 pre-tax loss on a turnover of £33m for 2009.
The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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P.F. Chang's signs Philippines deal
P.F. Chang’s China Bistro Inc. announced a deal with Global Restaurant Concepts Inc. to develop eight restaurants in the Philippines over the next five years.
Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Best practices for a top ranking on TripAdvisor
Many hotels aspire to achieve top ranking in TripAdvisor’s popularity index. In New York, HKHotels dominates the charts, with all four of its properties in the top five rankings. This article takes a closer look on how they achieved this.
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IHG - Full Year Results to 31 December 2009
Global constant currency RevPAR decline of 14.7%, with a fourth quarter decline of 10.9%.
26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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Red Lion Hotels Reports Fourth Quarter and Full Year 2009 Results
SPOKANE, WA, February 16, 2010 - Red Lion Hotels Corporation (NYSE: RLH), a western U.S.-based owner of midscale and upscale hotels, today announced its results for the fourth quarter and full year ended December 31, 2009.
Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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Monday, February 15, 2010
Harrah’s debt gamble
About a year ago, investors were so convinced that Harrah’s Entertainment would file for bankruptcy protection that the company’s bonds — its promises to pay back billions of dollars — traded for 10 cents on the dollar.
Since then, the world’s largest gaming company — one of the country’s biggest buyout targets during the real estate bubble — has surprised naysayers by carving out a foothold of three years during which it can afford to make interest payments on its debt. The hope is that by 2013, its earnings will be high again. They will need to be because that year a $6 billion debt payment will be due. Another $9 billion in debt, by analysts’ estimates, comes due between 2015 and 2019.
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Since then, the world’s largest gaming company — one of the country’s biggest buyout targets during the real estate bubble — has surprised naysayers by carving out a foothold of three years during which it can afford to make interest payments on its debt. The hope is that by 2013, its earnings will be high again. They will need to be because that year a $6 billion debt payment will be due. Another $9 billion in debt, by analysts’ estimates, comes due between 2015 and 2019.
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Sunday, February 14, 2010
Singapore tries luring foreigners as casino opens
SINGAPORE -- Foreigners and a few Singaporeans streamed to card and dice tables and slot machines Sunday at 12:18 p.m. - the lucky minute when tightly controlled Singapore opened its first casino.
The city-state is counting on the Resorts World Sentosa casino and another opening in May to lure tourists and expatriates without besmirching Singapore's hard-earned reputation as corruption-free.
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The city-state is counting on the Resorts World Sentosa casino and another opening in May to lure tourists and expatriates without besmirching Singapore's hard-earned reputation as corruption-free.
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Saturday, February 13, 2010
Caribbean Tourism Organisation forecasts growth in 2010
BRIDGETOWN, Barbados -- The Caribbean Tourism Organization (CTO) is forecasting a rebound in visitor arrivals in 2010 with moderate growth expected for the region on the heels of positive indicators from the fourth quarter of 2009.
According to Winfield Griffith, director of research and information technology, the CTO is expecting tourism in the region to grow by up to three percent in 2010 as the global economy continues to see recovery.
Despite the global economic slump, the Caribbean remains one of the world’s most popular tourist regions. A total of 22.1 million people visited the Caribbean in 2009, down from 22.9 million in 2008.
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According to Winfield Griffith, director of research and information technology, the CTO is expecting tourism in the region to grow by up to three percent in 2010 as the global economy continues to see recovery.
Despite the global economic slump, the Caribbean remains one of the world’s most popular tourist regions. A total of 22.1 million people visited the Caribbean in 2009, down from 22.9 million in 2008.
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