LOS ANGELES, March 20 (Reuters) - A Los Angeles-area sushi restaurant that made international headlines after it was charged with serving endangered whale meat will close forever as a "self-imposed punishment," according to a statement on its website.
The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
Read more:
Sunday, March 21, 2010
Saturday, March 20, 2010
Tex-Mex Heads to Turkey as Credit Thaw Fuels Restaurant Growth
March 19 (Bloomberg) -- FOCUS Brands Inc., the owner of Carvel ice cream and Cinnabon, will add 50 locations this year to its fastest growing chain, Moe’s Southwest Grill, and expand into Turkey as the global recession recedes.
Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
Read more:
Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
Read more:
Shangri-La sees 2009 net profit jump 54%
Luxury hotel operator Shangri-La Asia Ltd said Wednesday that its 2009 net profit jumped 54% year on year from US$165.9 million to US$255.5 million, helped by higher property prices, Dow Jones Newswires reported.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
Jarvis Hotels in talks with banks over debts
Jarvis Hotels is in crunch talks with its banks after breaching its financial covenants.
The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
Read more:
The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
Read more:
Baskin-Robbins Names Vice President of Marketing
PRESS RELEASE: CANTON, Mass., March 19 /PRNewswire/ -- Baskin-Robbins, America's favorite neighborhood ice cream shop, today announced the appointment of Brian O'Mara as Vice President of Marketing USA. He will report directly to Srinivas Kumar, Chief Brand Operating Officer for Baskin-Robbins Worldwide. He will also consult with John Costello, Chief Global Customer & Marketing Officer for Dunkin' Brands, Inc.
Read more:
Read more:
Einstein Noah Restaurant Group Names Marketing VP
PRESS RELEASE: LAKEWOOD, Colo., March 18 /PRNewswire-FirstCall/ -- Einstein Noah Restaurant Group, Inc., a leader in the quick-casual restaurant industry, announced today that it has named foodservice veteran Jeff Keune to the new position of vice president of marketing and formed a partnership with Y&R Chicago as agency of record.
Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
Read more:
Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
Read more:
Real Mex Restaurants today announced the hiring of Richard Dutkiewicz as executive vice president and chief financial officer
PRESS RELEASE: CYPRESS, Calif.--(BUSINESS WIRE)--Real Mex Restaurants, Inc. ("RMR") today announced the hiring of Richard (Rick) Dutkiewicz as Executive Vice President and Chief Financial Officer ("CFO").
Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
Read more:
Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
Read more:
Charlie Trotter closes his Las Vegas operations
Charlie Trotter has closed his Las Vegas restaurants, Restaurant Charlie and Bar Charlie, effective today.
Thursday night was the final night of service for both restaurants, located in the Palazzo Resort, Hotel & Casino on the Las Vegas Strip.
The culprit, of course, is the economy, which has hit Las Vegas luxury properties and restaurants particularly hard. "We couldn't be more proud and happy with the product," confirmed Rochelle Smith Trotter, director of business development and, as of quite recently, Charlie's wife. "We just celebrated two years out there. But we opened right at the beginning of the economic downfall."
Read more:
Thursday night was the final night of service for both restaurants, located in the Palazzo Resort, Hotel & Casino on the Las Vegas Strip.
The culprit, of course, is the economy, which has hit Las Vegas luxury properties and restaurants particularly hard. "We couldn't be more proud and happy with the product," confirmed Rochelle Smith Trotter, director of business development and, as of quite recently, Charlie's wife. "We just celebrated two years out there. But we opened right at the beginning of the economic downfall."
Read more:
EEOC lawsuit kills Jack in the Box deal
Four Jack in the Box restaurants formerly owned and operated by Abe Alizadeh will likely close because a federal agency wants to impose regulations on new owners based on sexual harassment charges from four years ago.
The four restaurants will likely close around April 15, leaving about 200 out of work.
Read more:
Read background story
The four restaurants will likely close around April 15, leaving about 200 out of work.
Read more:
Read background story
Emerging Restaurant Chain Rib City Outlines Expansion
Mar 19, 2010 - FORT MYERS, Fla. (March 16, 2010) - At a time when economic challenges have caused massive closings and layoffs in the restaurant industry, Rib City is experiencing continued growth, surprisingly without the aid of franchise marketing or advertising.
According to company officials, the majority of the southern-style barbecue chain's growth is attributed to customers applying to open their own Rib City franchise in their home state.
"Normally a chain like Rib City would have more of a regional expansion into surrounding areas and states that should take 10 to15 years," said company President Craig Peden. "But instead we have hopped, skipped and jumped from Washington to Maryland in six short years."
Read more:
According to company officials, the majority of the southern-style barbecue chain's growth is attributed to customers applying to open their own Rib City franchise in their home state.
"Normally a chain like Rib City would have more of a regional expansion into surrounding areas and states that should take 10 to15 years," said company President Craig Peden. "But instead we have hopped, skipped and jumped from Washington to Maryland in six short years."
Read more:
Cheese-only restaurant opens in London
For turophobics, it is a new and rather pongy circle of hell. In fact, even for those without the (admittedly rare) fear of cheese, the smorgasbord of nearly 100 fromages, sourced in Lyon and shipped weekly, is the stuff of nightmares.
Read more:
Read more:
Florida's Hard Rock expands casinos and hotels overseas
Three years after buying the Hard Rock brand for nearly $1 billion, Florida's Seminole tribe is aggressively expanding Hard Rock hotels and casinos internationally, from the Caribbean to eastern Europe.
This spring, the biggest Hard Rock hotel-casino yet is set to open in the Dominican Republic: a 1,790-room complex in Punta Cana, with 11 pools, 11 restaurants, a golf course, spa and other amenities.
Plans also are underway for what will be Europe's largest casino complex, a leisure venture in Hungary dubbed EuroVegas, said Jim Allen, chairman of Hard Rock International
Read more:
This spring, the biggest Hard Rock hotel-casino yet is set to open in the Dominican Republic: a 1,790-room complex in Punta Cana, with 11 pools, 11 restaurants, a golf course, spa and other amenities.
Plans also are underway for what will be Europe's largest casino complex, a leisure venture in Hungary dubbed EuroVegas, said Jim Allen, chairman of Hard Rock International
Read more:
Friday, March 19, 2010
Chesapeake Lodging Trust Acquires Hyatt Regency Boston
CHICAGO-- (BUSINESS WIRE) -- Chesapeake Lodging Trust (NYSE: CHSP), a lodging real estate investment trust (REIT), and Hyatt Hotels Corporation (NYSE: H) announced that Chesapeake Lodging Trust has acquired the 498-room Hyatt Regency Boston for a purchase price of $112 million, or approximately $225,000 per key, and will invest additional capital in renovations in the hotel, which is located in Boston, Mass. The companies have entered into a long-term management agreement and Hyatt will continue to operate the hotel under the Hyatt Regency flag.
Read more:
Read more:
Hard times send hotel industry into 'survival mode'
Neil Cornelssen says he misses the free cookies in the evening at one hotel and the daily newspaper outside his door at others.
He's also noticing that bath towels in a growing number of hotel rooms are shabby and need to be replaced.
Cornelssen, a sales manager in Marlton, N.J., is one of many frequent travelers who say they see the tangible effect that the recession has had on the nation's hotel industry. Among them: run-down rooms with fewer bathroom amenities, closed club lounges, fewer concierge staffers, slow room service, reduced hours at restaurants and bars, and infrequent airport shuttles.
Read more:
He's also noticing that bath towels in a growing number of hotel rooms are shabby and need to be replaced.
Cornelssen, a sales manager in Marlton, N.J., is one of many frequent travelers who say they see the tangible effect that the recession has had on the nation's hotel industry. Among them: run-down rooms with fewer bathroom amenities, closed club lounges, fewer concierge staffers, slow room service, reduced hours at restaurants and bars, and infrequent airport shuttles.
Read more:
Extended Stay accepts offer from Starwood Capital
GREENWICH, Conn. — Extended Stay Hotels Inc. has decided to take an investment offer worth up to $905 million from a group led by Starwood Capital Group in order to exit bankruptcy, abandoning an earlier proposal from Centerbridge Partners and Paulson & Co.
The hotel chain said Thursday that the proposal from Starwood, TPG Capital and Five Mile Capital Partners would value it at about $3.9 billion after the deal closes. It also said the deal would strengthen its balance sheet, lower its debt to $2.8 billion from $7.4 billion and provide cash reserves that would be poured into its properties and operations.
Read more:
The hotel chain said Thursday that the proposal from Starwood, TPG Capital and Five Mile Capital Partners would value it at about $3.9 billion after the deal closes. It also said the deal would strengthen its balance sheet, lower its debt to $2.8 billion from $7.4 billion and provide cash reserves that would be poured into its properties and operations.
Read more:
