Despite objections from the family of Benihana founder Rocki Aoki, shareholders of the Japanese-themed restaurant company Monday gave management the right to issue 12.5 million new shares of stock.
Shareholders and management of the Miami-based company had feuded over a proposed merger that will allow the issuance of new shares.
Aoki's children and other shareholders opposed the merger plans because they said it would further dilute their ownership stake.
At a Monday meeting in Fort Lauderdale, Aoki relatives raised questions about why the merger would dilute shareholder value for everyone except BFC Financial, the Fort Lauderdale holding company that controls the second largest stake in Benihana. BFC is headed by Alan Levan and it controls BankAtlantic.
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Tuesday, February 23, 2010
Benihana gets OK to issue new sharesDespite objections from the family of Benihana founder Rocki Aoki, shareholders of the Japanese-themed restaurant
Cruise line: 350 sick aboard ship in Caribbean
CHARLESTON, S.C. -- About 350 people were responding well to medicine after getting sick on a cruise to the Caribbean that departed from South Carolina, the cruise line said Tuesday.
Celebrity Cruise spokeswoman Cynthia Martinez said 326 of the more than 1,800 passengers on the Celebrity Mercury began complaining Sunday of upset stomachs, vomiting and diarrhea. Martinez says 27 of the nearly 850 crew members also reported symptoms.
The ship left Charleston on Feb. 15, the first departure in a newly-expanded year-round schedule of cruises from South Carolina as the industry expands in the state.
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Celebrity Cruise spokeswoman Cynthia Martinez said 326 of the more than 1,800 passengers on the Celebrity Mercury began complaining Sunday of upset stomachs, vomiting and diarrhea. Martinez says 27 of the nearly 850 crew members also reported symptoms.
The ship left Charleston on Feb. 15, the first departure in a newly-expanded year-round schedule of cruises from South Carolina as the industry expands in the state.
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Wyndham Worldwide Prices $250 Million of Senior Unsecured Notes
Wyndham Worldwide Corporation (NYSE: WYN) today announced the pricing of the public offering of $250 million aggregate principal amount of its senior unsecured notes due 2020. The senior unsecured notes offering is expected to close on February 25, 2010. Wyndham Worldwide intends to use the aggregate net proceeds from the offering to repay indebtedness including its Australia credit facility due June 2010.
The senior unsecured notes will bear interest at a rate of 7.375% per year payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2010. The notes will mature on March 1, 2020. The notes were offered to the public at a price of 99.998% of principal amount.
The senior unsecured notes will bear interest at a rate of 7.375% per year payable semi-annually on March 1 and September 1 of each year, commencing September 1, 2010. The notes will mature on March 1, 2020. The notes were offered to the public at a price of 99.998% of principal amount.
Man enters plea over charges tied to $3.75M in markers
A Wisconsin businessman pleaded not guilty Monday in district court to bad check charges stemming from $3.75 million in gambling markers.
Christian Peterson, 41, of Verona, Wis., pleaded not guilty to two counts of drawing and passing a check without sufficient funds with intent to defraud and one count of theft in connection with four markers – one at Caesars Palace for $3.45 million and three totaling $300,000 at the Hard Rock Hotel.
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Christian Peterson, 41, of Verona, Wis., pleaded not guilty to two counts of drawing and passing a check without sufficient funds with intent to defraud and one count of theft in connection with four markers – one at Caesars Palace for $3.45 million and three totaling $300,000 at the Hard Rock Hotel.
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Tim Hortons bets on Michigan expansion
As Starbucks Corp. shutters stores in Michigan -- seven closed last year and 11 more are on the chopping block -- Canada's Tim Hortons Inc. is moving in to serve coffee-drinkers left in the lurch.
Tim Hortons has 125 stores in Michigan, including 93 in Metro Detroit, and plans to open more here, though officials wouldn't disclose details of the expansion plan. The company also has stores in Flint, Saginaw and Lansing. It employs about 2,000 workers in the state.
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Tim Hortons has 125 stores in Michigan, including 93 in Metro Detroit, and plans to open more here, though officials wouldn't disclose details of the expansion plan. The company also has stores in Flint, Saginaw and Lansing. It employs about 2,000 workers in the state.
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Cracker Barrel Reports 35% Increase in Second-Quarter EPS
LEBANON, Tenn., Feb 23, 2010 (BUSINESS WIRE) -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL):
•Fully diluted income per share was $1.09 for the second quarter of fiscal 2010, an increase of 35%
compared with the prior-year quarter
•Operating income margin in the second quarter was 7.8% of total revenue compared with 6.2% in the prior-year quarter
•Revenue for the second quarter increased 0.4% to $632.6 million
•Comparable store restaurant traffic outpaced the Knapp-Track(TM) Traffic Index for the fourteenth consecutive quarter
•Comparable store restaurant and retail sales decreased 0.2% and 3.0%, respectively
•Net cash flow from operating activities for the first six months of fiscal 2010 increased $36.4 million to $86.3 million compared with the prior-year comparable period
•Reduced long-term debt by $41.4 million in the second quarter
•Repurchased 205,000 shares in the second quarter
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•Fully diluted income per share was $1.09 for the second quarter of fiscal 2010, an increase of 35%
compared with the prior-year quarter
•Operating income margin in the second quarter was 7.8% of total revenue compared with 6.2% in the prior-year quarter
•Revenue for the second quarter increased 0.4% to $632.6 million
•Comparable store restaurant traffic outpaced the Knapp-Track(TM) Traffic Index for the fourteenth consecutive quarter
•Comparable store restaurant and retail sales decreased 0.2% and 3.0%, respectively
•Net cash flow from operating activities for the first six months of fiscal 2010 increased $36.4 million to $86.3 million compared with the prior-year comparable period
•Reduced long-term debt by $41.4 million in the second quarter
•Repurchased 205,000 shares in the second quarter
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Monday, February 22, 2010
Burger King Launches Premium Steakhouse XT Burger Line
MIAMI--(BUSINESS WIRE)--Burger King Corporation (NYSE:BKC) today announced that BURGER KING(r) restaurants nationwide are cooking with a ground-breaking new broiler that takes product quality and menu innovation to great-tasting new heights. This state-of-the-art equipment is the heart of BURGER KING(r) restaurant kitchens. The broiler, supplied by two manufacturers, features proprietary technology that allows restaurants to further enhance the brand's famous flame-fresh taste and provides the flexibility necessary to explore a wider range of innovative, delicious, fire-grilled foods.
"This new broiler is a game-changing piece of equipment and a significant point of differentiation for us," said John Schaufelberger, senior vice president, global product marketing and innovation, Burger King Corporation. "Not only is the technology revolutionary to our industry, it is proprietary to the BURGER KING(r) brand. It allows us to up the ante in our product development across the board - from superior quality food and unconventional menu innovations to even more competitive value offerings."
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"This new broiler is a game-changing piece of equipment and a significant point of differentiation for us," said John Schaufelberger, senior vice president, global product marketing and innovation, Burger King Corporation. "Not only is the technology revolutionary to our industry, it is proprietary to the BURGER KING(r) brand. It allows us to up the ante in our product development across the board - from superior quality food and unconventional menu innovations to even more competitive value offerings."
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The FastCasual.com Top 100 Movers & Shakers
Publisher Paul Barron calls the 2009 FastCasual.com Top 100 Movers & Shakers the "fifth act" of fast casual.
Ranking the segment's top 100 brands for the fifth time, we attempted to refine the fast casual concept as one that offers gourmet-level food or drink and an interior that wows the guest at a price that is driven by value.
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Ranking the segment's top 100 brands for the fifth time, we attempted to refine the fast casual concept as one that offers gourmet-level food or drink and an interior that wows the guest at a price that is driven by value.
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Travelodge to spend £61m on 10 new hotels in UK
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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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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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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