BOULDER, Colorado—Our industry is accustomed to reviewing and measuring hotel performance in macro terms on a monthly, quarterly or annual basis. However, the industry is actually a micro market with a competitive product that perishes and renews every single night.
Much can be learned by measuring the individual competitive interactions between hotels on a nightly basis. Therefore, while owners, investors and lenders primarily are concerned with the performance of their hotel relative
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Thursday, February 25, 2010
Tim Hortons Inc. Announces 2009 Fourth Quarter and Year-End Results
• Strong fourth quarter sales performance in both Canada and the United States, with a 3.4% same-store sales increase in Canada and 2.1% growth in the U.S.
• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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• U.S. segment achieves $4.8 million operating income for full-year compared to breakeven target
• The Company’s Board has approved an increase in the target dividend payout range to 30% to 35% of prior year, normalized annual net earnings, and approved a 30% increase in the quarterly dividend to $0.13 per share
• New $200 million share repurchase program announced
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Lodgian Reports 2009 Fourth Quarter and Full-Year 2009 Results
Fourth quarter 2009 total revenue for our 33 continuing operations hotels declined approximately 18.2 percent to $41.8 million, compared to the 2008 fourth quarter. Occupancy decreased 10.6 percent to 57.2 percent, while average daily rate decreased 9.1 percent to $90.56 in the 2009 fourth quarter. Loss from continuing operations was $(8.4) million, compared to $(4.9) million in the 2008 fourth quarter.
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Waldorf waiters sue for lost tips
Nine Waldorf Astoria employees have filed a lawsuit against the hotel for violating New York labor laws by failing to pay them the full tips they were entitled to.
The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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The employees allege that the famed Park Avenue hotel retained a portion of the service charges and special gratuities charged at the banquet hall, said Molly Brooks, an Outten & Golden lawyer who is helping to represent the nine waiters, seven of whom have worked at the hotel for more than 20 years.
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South Africa investigates high World Cup hotel prices
JOHANNESBURG — South Africa's tourism ministry has ordered an investigation into allegations that World Cup hotel prices are unreasonably high, one month after a similar government probe was launched to find out if local airlines were colluding to inflate fares.
The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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The hotel allegations have worried operators and others in South Africa's tourism business, who called a news conference Tuesday to deny them.
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Hyatt releases 4th Quarter 2009 Results
FOURTH QUARTER 2009
•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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•Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by lower selling, general and administrative expenses compared to the fourth quarter of 2008.
•Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $13 million after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See the table on page 3 of the accompanying schedules for a summary of special items.
•Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency) compared to the fourth quarter of 2008.
•Owned and leased hotel operating margins declined 330 basis points compared to the fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220 basis points compared to the same period in 2008. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
•Comparable North American full-service RevPAR decreased 11.1% compared to the fourth quarter of 2008. Comparable North American select-service RevPAR decreased 11.9% compared to the fourth quarter of 2008.
•Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency) compared to the fourth quarter of 2008.
•The Company opened nine properties.
•The Company completed an initial public offering of its Class A common stock in November 2009.
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Carrols Restaurant Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2009
Highlights for the 14-week fourth quarter of 2009 versus the 13-week fourth quarter of 2008 include:
•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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•Net income of $4.1 million, or $0.19 per diluted share (after impairment charges of $0.07 per diluted share, after tax), compared to net income of $4.4 million, or $0.20 per diluted share (including non-recurring gains and impairment charges, which in the aggregate reduced earnings by approximately $0.02 per diluted share, after tax);
•Total revenues increased 4.4% to $209.7 million from $200.8 million, including a 5.8% increase for the Company's Hispanic Brands;
•Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical(R), decreased 4.5% at Taco Cabana(R) and decreased 3.0% at Burger King(R);
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Wednesday, February 24, 2010
McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter and Fiscal Year 2009 Financial Results
•Revenues decreased 9.7% to $89.2 million from $98.8 million
•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share
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•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share
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Papa John's Announces Fourth Quarter and Full-Year 2009 Earnings
•Fourth quarter earnings per diluted share of $0.49 in 2009 vs. $0.46 in 2008 and full-year earnings per diluted share of $2.06 in 2009 vs. $1.30 in 2008
•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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Tuesday, February 23, 2010
SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL
Fourth Quarter 2009 Operational Results:
• Total revenue was $192.6 million.
• Pro forma RevPAR was $97.31.
• Loss attributable to common stockholders was $133.2 million.
• Loss attributable to common stockholders per diluted share was $1.45.
• Adjusted EBITDA was $44.8 million.
• Adjusted FFO available to common stockholders was $16.2 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 23.8%.
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• Total revenue was $192.6 million.
• Pro forma RevPAR was $97.31.
• Loss attributable to common stockholders was $133.2 million.
• Loss attributable to common stockholders per diluted share was $1.45.
• Adjusted EBITDA was $44.8 million.
• Adjusted FFO available to common stockholders was $16.2 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 23.8%.
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How To Negotiate Hotel Upgrades
Joel Rudy, chief operating officer of camera products supplier Photographic Solutions, is a frequent business traveler who delights in receiving travel upgrades. Last spring Rudy was living in New Jersey and traveling often to his company headquarters in Boston, Mass. His hotel of choice, The Westin, became his home away from home while on the road. Whenever he checked in he would politely ask for an upgrade to a bigger room, which they occasionally granted.
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Hersha Hospitality Announces Fourth Quarter 2009 Results
- 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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- 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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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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