DUBAI, March 4 (Reuters) - Dubai World's overseas investment arm has lost its second prime New York property after defaulting on payments to Danske Bank, an executive at the lender said, raising questions over the future of its remaining U.S. assets.
Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.
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Thursday, March 4, 2010
Expedia Says Hotel Room-Rates Decline Has Started to Slow
March 2 (Bloomberg) -- Expedia Inc., the biggest Internet travel agency, said declines of hotel room rates started to slow in the fourth quarter as cheaper currencies attracted more travelers in some regions.
Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Wednesday, March 3, 2010
DineEquity, Inc. Provides Financial Performance Guidance for Fiscal 2010
Excluding the impact of potential restaurant sales in 2010, DineEquity provided fiscal 2010 guidance on the following key financial performance metrics:
-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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DineEquity, Inc. Announces Solid Fourth Quarter 2009 Financial Results
For the fourth quarter 2009, IHOP's domestic system-wide same-store
sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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Wynn Resorts to Provide $250 Million for Philadelphia Casino
March 3 (Bloomberg) -- Wynn Resorts Ltd., the casino company founded by billionaire Steve Wynn, will provide about $250 million for the riverfront project it’s seeking to take over in Philadelphia.
The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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Tuesday, March 2, 2010
Sawgrass Marriott resort owner files for Chapter 11
March 2 (Reuters) - RQB Resort LP, owner of the Sawgrass Marriott golf resort where Tiger Woods made his public apology, filed for Chapter 11 bankruptcy protection, hurt by weak corporate and group bookings, court documents show.
RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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IRISH HOTEL INDUSTRY STRUGGLING TO SURVIVE ECONOMIC DOWNTURN
A worrying 88% of hoteliers are concerned about the viability of their business for 2010 according to an industry survey undertaken by the Irish Hotels Federation (IHF) with over 90% of respondents having reduced staffing levels during the last 18 months. The research was undertaken in advance of the IHF’s 72nd Annual Conference in Galway and canvassed 160 hotel owners and general managers to get a greater understanding of how the economic downturn is affecting the day to day running of their businesses.
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HVS Reports 25 Percent Fall in European Hotel Values Over Two Years
HVS’s London office has today released the latest edition of its annual review of European hotel value trends, the Hotel Valuation Index (HVI). The European HVI has tracked trends in upscale hotel values in 36 key European markets since 1993.
This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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Domino's Pizza Announces 2009 Financial Results
ANN ARBOR, Mich., March 2, 2010 /PRNewswire via COMTEX/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the fourth quarter and fiscal 2009, each ended January 3, 2010. During the fourth quarter, the Company's domestic same store sales grew 1.4% as a result of increased store traffic. International same store sales grew 3.9% in the fourth quarter, marking the 64th consecutive quarter of same store sales growth for this division. Fourth quarter diluted EPS as reported was 41 cents, and was $1.38 for fiscal 2009. On an as adjusted basis, diluted EPS was 30 cents for the fourth quarter, a 58% increase over the fourth quarter of 2008, and was 87 cents for fiscal 2009, a 16% increase over fiscal 2008. During fiscal 2009, the Company repurchased approximately $189 million in principal amount of its fixed rate notes, and has repurchased approximately $239 million in principal amount over the past 14 months. Late in the fourth quarter of 2009, the Company successfully introduced a new core pizza product, continuing to build momentum for 2010.
David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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Monday, March 1, 2010
Wyndham Hotels Hacked Again
The break-in occurred between late October 2009 and January 2010, when it was finally discovered. It affected an undisclosed number of company franchisees and hotel properties that Wyndham manages. Wyndham has acknowledged the incident in a note posted to its Web site.
"A hacker intruded on our systems and accessed customers information from a limited number of franchised and managed properties," the company said. "The hacker was able to move some information to an off-site URL before we discovered the intrusion."
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"A hacker intruded on our systems and accessed customers information from a limited number of franchised and managed properties," the company said. "The hacker was able to move some information to an off-site URL before we discovered the intrusion."
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Sir David Michels launches new hotel asset management firm
Sir David Michels, former group chief executive of Hilton, has joined forces with one time colleague, Hugh Taylor, to launch a new hotel asset management business.
The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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Sunday, February 28, 2010
Former Royal Caribbean Cruises official charged with fraud
A former commodities manager at Royal Caribbean Cruises was indicted on charges of defrauding the Miami-based cruise giant of more than $600,000 by setting up a phony company and overcharging his employer for fuel.
Jamil Murni, 60, of Houston, was charged with nine counts of wire fraud and one count of money laundering in an indictment in federal court in Miami.
Murni, who was arrested on the charges, couldn't be reached for comment.
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Jamil Murni, 60, of Houston, was charged with nine counts of wire fraud and one count of money laundering in an indictment in federal court in Miami.
Murni, who was arrested on the charges, couldn't be reached for comment.
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Fortress Said to Be Near Intrawest Debt Restructuring Deal
Feb. 27 (Bloomberg) -- Fortress Investment Group LLC has agreed with lenders on the outline of a debt restructuring for Intrawest ULC, owner of Olympic downhill skiing resort Whistler Blackcomb, said a person with knowledge of the talks.
Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Wynn Resorts loses $5.2M in 4th qtr, earns $20.7 million for 2009
LAS VEGAS (AP) — Casino operator Wynn Resorts Ltd. said Thursday that rising revenue at its resort in China's gambling enclave of Macau helped narrow its fourth-quarter loss to $5.2 million.
The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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Casino operator MGM Mirage, lenders agree to extend maturity on $3.6B in debt
LAS VEGAS (AP) — Casino operator MGM Mirage said Friday it has reached an agreement with lenders to extend the deadline for repaying about $3.6 billion of its debt to February 2014.
The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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