THREE LANDMARK London hotels, the Berkeley, Claridges and the Connaught, which are owned by financier Derek Quinlan's Maybourne Hotel Group, may end up being controlled by the National Asset Management Agency (Nama) within the next few months as the transfer of an initial €16 billion in loans nears completion.
According to well-placed sources, the first tranche of properties earmarked for Nama will also include five prestigious Irish hotels: the Shelbourne, the K-Club, the Ritz-Carlton hotel in Wicklow, and the Radisson and G Hotel in Galway. All these high-profile establishments are linked to the top 10 developers whose multi-billion-euro portfolios will form the first wave of €80 billion in loans being moved into the State's asset recovery agency.
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Friday, March 5, 2010
Thursday, March 4, 2010
Law firm sued for $25M in sale of Hafadai hotel
Members of the Tenorio, Guerrero, and Borja families of Saipan who were minority shareholders of Saipan Hotel Corp. and Pacific Development Inc. filed an amended complaint in the CNMI Superior Court on March 3 against their former law firm, Carlsmith Ball, and several of its partners.
The lawsuit claims that the law firm and a number of the firm's partners in Honolulu and Saipan were instrumental in carrying out a scheme to deceive the local shareholders and strip away their shares in the Hafadai Beach Hotel for the benefit of the firm's Japanese and U.S. clients. The suit, which was originally filed in July 2009, asks for general and punitive damages in excess of $25 million.
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The lawsuit claims that the law firm and a number of the firm's partners in Honolulu and Saipan were instrumental in carrying out a scheme to deceive the local shareholders and strip away their shares in the Hafadai Beach Hotel for the benefit of the firm's Japanese and U.S. clients. The suit, which was originally filed in July 2009, asks for general and punitive damages in excess of $25 million.
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Survey says 89 per cent of firms not compliant with PCI-DSS
A UK-specific survey of 100 retail, financial and hospitality firms has found that only 11 per cent are certified as compliant with new credit card standards to be brought in during June.
The new Payment Card Industry - Data Security Standard (PCI-DSS) will be made mandatory in September and will be the second iteration of the standard which was first released in December 2004.
The standard is supported by five companies: American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa. The main aim of the standard is to reduce credit card fraud
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The new Payment Card Industry - Data Security Standard (PCI-DSS) will be made mandatory in September and will be the second iteration of the standard which was first released in December 2004.
The standard is supported by five companies: American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa. The main aim of the standard is to reduce credit card fraud
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Dunkin Donuts‘ former director of external communications pleeds guilty to taking kickbacks from an advertising vendor.
While ad world types continually tell themselves that the days of signing printing contracts in return for envelopes full of used bills pushed across a table at the local steakhouse are over, this case is a reminder that they’re not.
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Wendy's/Arby's Group Reports 4th Quarter and Full-Year 2009 Results
ATLANTA, Mar 04, 2010 (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the third largest quick-service restaurant company in the United States, today reported results for the fourth quarter and year ended January 3, 2010.
Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "In 2009, we achieved 16% growth in annual adjusted EBITDA1, despite the challenging economic environment
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Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "In 2009, we achieved 16% growth in annual adjusted EBITDA1, despite the challenging economic environment
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Hospitality Properties Trust Announces 2009 Fourth Quarter Results
Net income available for common shareholders for the twelve months ended December 31, 2009 includes a $51.1 million, or $0.47 per share, non-cash gain on extinguishment of debt relating to HPT's repurchase of $367.4 million face amount of its 3.8% convertible senior notes and various issues of its senior notes for an aggregate purchase price of approximately $303.3 million, excluding accrued interest.
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Silverleaf Resorts, Inc. Reports Fourth Quarter and Annual 2009 Results
Silverleaf Resorts, Inc. (NASDAQ: SVLF) today reported the following results for its fourth quarter and year ended December 31, 2009 and that it has extended its share repurchase program.
Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Carlson will spend $1.5B to revamp Radisson
Carlson Cos. Inc. will spend $1.5 billion to expand and improve its Radisson Hotels & Resorts brand as part of a broader plan to grow its hospitality business, the company announced Wednesday.
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Morton's Restaurant Group, Inc. Reports Results For Fiscal 2009 Fourth Quarter And For The Fiscal Year
Revenues decreased 9.4% to $79.2 million.
Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Famous Dave's Reports Fourth Quarter Results of $0.08 Per Share; Full Year Results of $0.62 Per Share
MINNEAPOLIS, Mar 03, 2010 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced revenue of $32.6 million and net income of $774,000, or $0.08 per diluted share, for its fiscal fourth quarter ended January 3, 2010. These results compare to revenue of $32.8 million and a net loss of $2.0 million, or ($0.22) per diluted share for the comparable period in the prior year. For the full year ended January 3, 2010, the company reported net income of $5.7 million, or $0.62 per diluted share, on total revenue of approximately $136.0 million, as compared with net income of $389,000, or $0.04 per diluted share, on total revenue of approximately $140.4 million for fiscal 2008.
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Dubai World Coughs Up the Knickerbocker
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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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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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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