- Achieved consolidated Hotel EBITDA margins of 34.0% -
- Margin decline held to 117 bps -
- Consolidated Hotel RevPAR decreased 9.7% -
- Adjusted Funds from Operation was $0.07 per diluted common share -
- New York City was the best performing market in the portfolio -
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Tuesday, February 23, 2010
Club founder goes on trial for 'looting' MT resort
BILLINGS, Mont. -- The founder of the millionaires-only Yellowstone Club goes on trial Wednesday to face claims that he fleeced the private Montana resort out of at least $286 million.
Before its 2008 bankruptcy filing, the club gained a reputation as a Western mountain haven for the nation's elite. Its high-megawatt membership list includes Microsoft Corp. co-founder Bill Gates, hotel magnate Barry Sternlicht and former Vice President Dan Quayle.
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Before its 2008 bankruptcy filing, the club gained a reputation as a Western mountain haven for the nation's elite. Its high-megawatt membership list includes Microsoft Corp. co-founder Bill Gates, hotel magnate Barry Sternlicht and former Vice President Dan Quayle.
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MHI Hospitality Corporation Reports Financial Results For Fourth Quarter and Year 2009
WILLIAMSBURG, Va., Feb. 23 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation(Nasdaq: MDH) ("the Company"), a self-advised lodging real estate investment trust (REIT), today reported its consolidated results for the fourth quarter and year ended December 31, 2009.
HIGHLIGHTS:
-- Funds from Operations ("FFO") increased 155.9% over fourth quarter 2008,
or approximately $0.7 million to approximately $1.2 million, or $0.11
per share, for fourth quarter 2009.
-- FFO for the full year was approximately $6.0 million, or $0.55 per
share, versus approximately $6.3 million, or $0.59 per share, for the
full year 2008.
-- Total revenue for the quarter decreased 0.6% over fourth quarter 2008,
or approximately $0.1 million, to approximately $17.5 million.
-- Total room revenue for the quarter increased 1.1% over fourth quarter
2008, or approximately $0.1 million, to approximately $11.5 million.
-- Adjusted operating income for the quarter decreased 8.5% over fourth
quarter 2008, or approximately $0.3 million, to approximately $3.0
million.
-- Total assets of approximately $214.0 million at December 31, 2009,
versus approximately $211.2 million at December 31, 2008.
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HIGHLIGHTS:
-- Funds from Operations ("FFO") increased 155.9% over fourth quarter 2008,
or approximately $0.7 million to approximately $1.2 million, or $0.11
per share, for fourth quarter 2009.
-- FFO for the full year was approximately $6.0 million, or $0.55 per
share, versus approximately $6.3 million, or $0.59 per share, for the
full year 2008.
-- Total revenue for the quarter decreased 0.6% over fourth quarter 2008,
or approximately $0.1 million, to approximately $17.5 million.
-- Total room revenue for the quarter increased 1.1% over fourth quarter
2008, or approximately $0.1 million, to approximately $11.5 million.
-- Adjusted operating income for the quarter decreased 8.5% over fourth
quarter 2008, or approximately $0.3 million, to approximately $3.0
million.
-- Total assets of approximately $214.0 million at December 31, 2009,
versus approximately $211.2 million at December 31, 2008.
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Starwood Hotels Bets on Hollywood Revival to Burnish W Chain
Feb. 23 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc. is trying to burnish its W brand, after lenders took back two properties last year, with a $350 million hotel whose future may hinge on Hollywood’s revival as an entertainment hub.
The W at Hollywood Boulevard and Vine Street, which opened Jan. 15, is designed to draw tourists and movie-industry customers at a time room demand is falling and the area is struggling with fewer visitors. The hotel, co-owned by Gatehouse Capital Corp. and run by Starwood, is the W’s “flagship,” said Carlos Becil, a North American vice president for the chain.
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The W at Hollywood Boulevard and Vine Street, which opened Jan. 15, is designed to draw tourists and movie-industry customers at a time room demand is falling and the area is struggling with fewer visitors. The hotel, co-owned by Gatehouse Capital Corp. and run by Starwood, is the W’s “flagship,” said Carlos Becil, a North American vice president for the chain.
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Benihana gets OK to issue new sharesDespite objections from the family of Benihana founder Rocki Aoki, shareholders of the Japanese-themed restaurant
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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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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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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