Travelodge has announced the development of 10 new hotels, at an investment value of £61m.
The hotels will provide an additional 1,133 rooms and will create 300 jobs, with all entry level staff being recruited from the long term unemployed.
There will be three new hotels in London, two in Manchester and further openings in Bristol, Liverpool, Camberley, Cannock and Andover.
The new London hotels underlines Travelodge’s commitment to being the biggest hotel brand in the capital by London 2012.
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Monday, February 22, 2010
Texas Roadhouse, Inc. Announces Fourth Quarter 2009 Results
Results for the fourth quarter:
•Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants;
•Five company restaurants opened and one franchise restaurant was acquired;
•Restaurant margins increased 237 basis points to 17.4%;
•Diluted earnings per share increased 40% to $0.12 from $0.09 in the prior year period.
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•Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants;
•Five company restaurants opened and one franchise restaurant was acquired;
•Restaurant margins increased 237 basis points to 17.4%;
•Diluted earnings per share increased 40% to $0.12 from $0.09 in the prior year period.
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Starwood to judge: Don't let federal prosecutors halt civil suit against Hilton
Starwood today asked a judge to deny federal prosecutors' request to halt Starwood's corporate espionage lawsuit against Hilton, according to a new court filing.
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Sunday, February 21, 2010
Looking for a Director of Finance for an Award Winning Luxury Resort in the Southeast US
Posted February 21 2010
Candidates must have a strong track record of success in an upscale or luxury hotel, resort or upscale club and a strong understanding of operations. In addition they must have experience managing multiple entities including homeowner associations.
Candidates with experience managing a private club component will have a distinct advantage.
The compensation and benefits associated with this position are outstanding as is the leadership within the company and at the resort.
For more information contact Kevin. Tell him you got the information from Hospitality Business News and that he should pay me for the ad!
Kevin F. Kelley, CHME
Specialty Search International
Watermark 12
5601 Mariner Street
Suite 102
Tampa, Fl. 33609
Office 813-818-7800 extension 230
Cell 434-566-3202
www.ssirecruiting.com
Candidates must have a strong track record of success in an upscale or luxury hotel, resort or upscale club and a strong understanding of operations. In addition they must have experience managing multiple entities including homeowner associations.
Candidates with experience managing a private club component will have a distinct advantage.
The compensation and benefits associated with this position are outstanding as is the leadership within the company and at the resort.
For more information contact Kevin. Tell him you got the information from Hospitality Business News and that he should pay me for the ad!
Kevin F. Kelley, CHME
Specialty Search International
Watermark 12
5601 Mariner Street
Suite 102
Tampa, Fl. 33609
Office 813-818-7800 extension 230
Cell 434-566-3202
www.ssirecruiting.com
Caribbean Hospitality’s Uncanny Conundrum
By Pamala Baldwin (caribsearchltd@aol.com )
Miami—In light of dwindling hospitality revenues and lackluster bookings predicted into 2011, Caribbean hoteliers, government Ministries and Tourism organizations continue scrambling for ways to stop the bleeding. For every action there is a reaction and in this case, we’ve created our own classic Catch 22.
Hospitality pure and simple is defined as ‘generous treatment to visitors’. Yet, the greater the cutbacks the less likely it is that guests will enjoy the same level of treatment they expect and deserve. Undeniably the number of layoffs parallel potential waning of positive guest experience thus, the conundrum.
During infamous 2009, damage control required aggressive cost cutting measures. Executives targeted the obvious — the labor force. On average, employee related expenditures account for 40 percent of a hotel’s operating budget. Once cuts were put in place financial strains eased a bit but what about the aftermath?
Today, thousands of regional skilled hotel and tourism employees are coping with salary cuts and reduced hours or worse yet, layoffs. To compound matters, cutbacks trigger job insecurity inevitably crippling staff loyalty and ultimately company’s reputation. No one is spared. Guests are less likely to enjoy the level of service standards and attention they expect, employees are stretched and stressed, and owners are pulling their hair out frantically while seeking solutions. It goes without saying that controlling labor expenses is critical; hospitality decision makers know all too well that employees are the most vital contributor in achieving positive guest experiences and maintaining standards. Human capital if you will. What to do?
Aside from slashing prices and people, are there no innovative ways to balance cost controls and guest satisfaction? Herein lays the double-edged sword. Enrique De Marchena, Caribbean Hotel & Tourism Association’s (CHTA) president underscores the dilemma by stating, “—even more crucial, each week we are hearing about our most valuable asset, our human resource personnel being laid off because of lack of visitors to our destinations.”
Bangkok-based CEO and Chairman of Six Senses, Sonu Shivdasani reiterated De Marchena’s observation saying, “—the last thing we should cutback is the people who deliver our exceptional service. We therefore needed to come up with the most optimal solution that will maintain mutual loyalty and high standards.”
Closer to home, seasoned resort general manager Helen Bayne has called upon her problem solving acumen to hatch an industry-first regional recovery plan. While specifics remain under wraps until Ms Bayne’s formal Press Conference, she explains that her concept will effectively maximize ‘human capital’, provide savings to the bottom line yet simultaneously enhance guests’ perception of service. Bayne remarks, “I’ve put a positive spin to these worrisome trends and orchestrated a way to create synergies between hoteliers and local governments; to replenish and recycle the labor pool and deliver jobs to motivated persons already experienced in the hotel and tourism industry.” She adds, “It’s got potential to cause a stir and a paradigm shift in the way we think of hospitality staffing beyond today and into the future”. Stay tuned.
Miami—In light of dwindling hospitality revenues and lackluster bookings predicted into 2011, Caribbean hoteliers, government Ministries and Tourism organizations continue scrambling for ways to stop the bleeding. For every action there is a reaction and in this case, we’ve created our own classic Catch 22.
Hospitality pure and simple is defined as ‘generous treatment to visitors’. Yet, the greater the cutbacks the less likely it is that guests will enjoy the same level of treatment they expect and deserve. Undeniably the number of layoffs parallel potential waning of positive guest experience thus, the conundrum.
During infamous 2009, damage control required aggressive cost cutting measures. Executives targeted the obvious — the labor force. On average, employee related expenditures account for 40 percent of a hotel’s operating budget. Once cuts were put in place financial strains eased a bit but what about the aftermath?
Today, thousands of regional skilled hotel and tourism employees are coping with salary cuts and reduced hours or worse yet, layoffs. To compound matters, cutbacks trigger job insecurity inevitably crippling staff loyalty and ultimately company’s reputation. No one is spared. Guests are less likely to enjoy the level of service standards and attention they expect, employees are stretched and stressed, and owners are pulling their hair out frantically while seeking solutions. It goes without saying that controlling labor expenses is critical; hospitality decision makers know all too well that employees are the most vital contributor in achieving positive guest experiences and maintaining standards. Human capital if you will. What to do?
Aside from slashing prices and people, are there no innovative ways to balance cost controls and guest satisfaction? Herein lays the double-edged sword. Enrique De Marchena, Caribbean Hotel & Tourism Association’s (CHTA) president underscores the dilemma by stating, “—even more crucial, each week we are hearing about our most valuable asset, our human resource personnel being laid off because of lack of visitors to our destinations.”
Bangkok-based CEO and Chairman of Six Senses, Sonu Shivdasani reiterated De Marchena’s observation saying, “—the last thing we should cutback is the people who deliver our exceptional service. We therefore needed to come up with the most optimal solution that will maintain mutual loyalty and high standards.”
Closer to home, seasoned resort general manager Helen Bayne has called upon her problem solving acumen to hatch an industry-first regional recovery plan. While specifics remain under wraps until Ms Bayne’s formal Press Conference, she explains that her concept will effectively maximize ‘human capital’, provide savings to the bottom line yet simultaneously enhance guests’ perception of service. Bayne remarks, “I’ve put a positive spin to these worrisome trends and orchestrated a way to create synergies between hoteliers and local governments; to replenish and recycle the labor pool and deliver jobs to motivated persons already experienced in the hotel and tourism industry.” She adds, “It’s got potential to cause a stir and a paradigm shift in the way we think of hospitality staffing beyond today and into the future”. Stay tuned.
US restaurant chain Ruby Tuesday puts Britain on menu
THE American restaurant chain Ruby Tuesday plans to open in Britain this summer. The company’s first outlet will open in Cardiff in June with another four openings already in the planning stages.
Named after the Rolling Stones track, the chain was started in 1972 by a group of Tennessee University students including the current chief executive, Sandy Beall. It has more than 900 owned and franchised restaurants and revenues of more than $1.4 billion (£905m).
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Named after the Rolling Stones track, the chain was started in 1972 by a group of Tennessee University students including the current chief executive, Sandy Beall. It has more than 900 owned and franchised restaurants and revenues of more than $1.4 billion (£905m).
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Wyndham Worldwide set on course for Hoseasons takeover
ONE of America’s largest hotel companies, Wyndham Worldwide, is closing in on a £40m deal to buy Hoseasons, the British holiday company that specialises in boating trips and short breaks.
Wyndham, owner of chains including Ramada, Days Inn and Howard Johnson, is thought to be in pole position to buy Hoseasons after edging out rival bidders, including holiday companies and private equity firms. A deal is likely to be concluded in the next few weeks. The American leisure group already owns a number of holiday businesses on this side of the Atlantic, including English Country Cottages, and analysts believe Hoseasons would fit neatly into its stable.
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Wyndham, owner of chains including Ramada, Days Inn and Howard Johnson, is thought to be in pole position to buy Hoseasons after edging out rival bidders, including holiday companies and private equity firms. A deal is likely to be concluded in the next few weeks. The American leisure group already owns a number of holiday businesses on this side of the Atlantic, including English Country Cottages, and analysts believe Hoseasons would fit neatly into its stable.
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Saturday, February 20, 2010
US marketing firm sues BVI Tourist Board
The territory’s former United States marketing and press relations firm has sued the BVI Tourist Board for breach of contract, claiming more than $1.2 million in damages. The Florida-based Zimmerman Agency — which filed a claim in a Virgin Islands Court on Nov. 9 — alleges that the BVITB and government cut off all contact in 2008 after a protracted payment dispute.
Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
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Since then, the BVITB has not responded to the suit, according to Curtis Zimmerman, the agency’s president and founder.
Last December, the Court awarded the agency a default judgment for more than $1.2 million after the BVITB failed to file or serve a defence.
Contacted last Thursday, BVITB Chairman Myron Walwyn declined to comment on the ongoing case, but said the board is contesting Mr. Zimmerman’s claim. The board’s lawyer, Gerard Farara, QC, also declined to comment.
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Casinos lost money for second time in history
CARSON CITY – For only the second time, Nevada casinos posted a loss – but this time it was the biggest.
The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss. The only bright spot, from a financial standpoint, was that people drank more. Sales of booze rose by 2.5 percent while revenue tied to casinos, rooms and food dropped. But 36 percent were recorded as “comp” drinks.
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U.K. hotels call for tight regulation of hotel reviews
Uproar in Britain over TripAdvisor's "dirtiest hotels" list has reignited calls for tighter regulations to ensure that consumer reviews on such websites are legitimate.
Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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Bob Cotton, president of the British Hotel Association, said he and other hotel association heads in Europe were planning to talk to the European Union about strengthening laws governing review sites.
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SABMiller To Merge Hotels, Casinos Unit With Gold Reef
JOHANNESBURG (Dow Jones)--SABMiller PLC (SAB.JO), one of the world's largest beer producers, Thursday said it will merge its South African hotels and casinos unit with rival Gold Reef Resorts Ltd. (GDF.JO) in exchange for a share in an enlarged company that will be worth about $2.7 billion.
The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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The deal will create a "premier gaming and hotels company in South Africa" that London-based SABMiller said will rank among the largest listed gambling concerns in Europe, the Middle East and Africa.
Gold Reef, a Johannesburg-listed company that owns a number of casinos in the country as well as the Gold Reef City theme park south of Johannesburg, said it will buy all the shares in Tsogo Sun and issue roughly 889 million new shares.
SABMiller will swap its 49% stake in Tsogo Sun for a 39.7% share in the enlarged Gold Reef, which it said will have a market value of about 21 billion rand and retain a listing in Johannesburg.
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Luxury resort developer files for bankruptcy
WILMINGTON, Del./BANGALORE, Feb 16 (Reuters) - A developer of luxury ski resorts, multimillion dollar townhouses and a Jack Nicklaus golf course near Lake Tahoe filed for bankruptcy on Tuesday, a victim of a commercial real estate crash.
East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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East West Resort Development V LP LLLP said in court documents it was forced to file for bankruptcy as its real estate sales have fallen nearly 60 percent and it was unable to secure funding to maintain its properties, including its $100 million Tahoe Club in Truckee, California.
The developer proposed a reorganization in which its majority owner, which is affiliated with Barclays Capital, will lead an investment of up to $32.5 million to recapitalize the company and bring it out of bankruptcy.
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The Next Chapter (11) In Buying Distressed Hotels: Bankruptcy Sales
These are tough times in the hotel business. The recession has squeezed room rates and net operating income. The credit crunch means new borrowing is available only at lower loan to value ratios near 50%, on already beaten down values. At the same time, many tens of billions of dollars of existing hotel loans are maturing or otherwise in default, leaving the owners with little ability to sell or refinance at for amounts sufficient to pay off existing debt.
However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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However, out of problems come opportunities. For many owners, the next chapter in their hotel's storied history may be Chapter 11-of the Bankruptcy Code. That may be good news for hotel buyers, because while there are pitfalls, there are also unique opportunities in the bankruptcy process for buyers of hotels to reduce costs, increase value, and even obtain unconventional financing terms not otherwise available.
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London Town goes into administration
After months of speculation London Town, the indebted property developer turned pub operator, has gone into administration.
In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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In a complicated deal while the group’s holding company, London Town plc, has gone into administration the two companies – GRS Pubs Ltd and GRS Pub Investments Ltd – which hold the group’s 200-odd freehold pubs have not gone into administration and continue to trade as normal under the guidance of administrator David Chubb of PricewaterhouseCoopers (PwC )
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Ritz-Carlton raises Marriott’s commitment to Aruba
ORANJESTAD, Aruba — Ritz-Carlton will expand its presence in the Caribbean with the 320-room, $200 million Ritz-Carlton Aruba, slated to open in late 2012.
The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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The resort will be Ritz-Carlton’s seventh in the Caribbean region, joining hotels in St. Thomas, Jamaica, Grand Cayman, Puerto Rico, Cancun and Abaco, Bahamas.
The announcement here earlier this week by Marriott International’s CEO and chairman, Bill Marriott Jr., capped several years of debate about building another hotel on one of the last stretches of prime beachfront along Palm Beach’s hotel row.
Concerns regarding the sustainability and conservation of Aruba’s natural resources as well as access to the beach for island residents had stalled talks in the past.
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