LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for February 2010 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy rose 4.7 percent to 60.6 percent, average daily rate increased 16.2 percent to US$131.36, and revenue per available room jumped 21.6 percent to US$79.65.
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Thursday, March 25, 2010
STR Global: Middle East/Africa results Feb. 2010
LONDON—The Middle East/Africa region reported increases in all three key measurements for February 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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The region’s occupancy rose 1.9 percent to 65.7 percent, average daily rate increased 1.7 percent to US$166.18, and revenue per available room grew 3.6 percent to US$109.23.
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STR Global: Europe results for Feb. 2010
LONDON—The European hotel industry posted generally favourable results in year-over-year metrics when reported in U.S. dollars, euros and British pounds for February 2010, according to data compiled by STR Global.
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Starbucks Spills Dividend On Shareholders
Starbucks shares slipped up in a heavily traded session Wednesday after the coffee retailer announced its first-ever dividend.
The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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The Seattle-based company will pay out 10 cents a share on April 23 to shareholders on record as of April 7. Going forward, the company said it is targeting a dividend payout range of 35% to 40% of net income. Starbucks ( SBUX - news - people ) also announced that it would buy back 15 million shares, in addition to the 6.3 million authorized under a previous repurchase plan.
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Subway to begin breakfast menu April 5
CHICAGO (AP) -- Subway is joining the increasingly crowded breakfast scramble in a move that the sandwich chain hopes will help add customers and sales.
After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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After years of testing, almost all of Subway's 23,000 U.S. restaurants will begin selling the meal April 5. When they do, the nation's largest restaurant chain by number of outlets will be a big player in the breakfast game, which can be handsomely profitable if done right.
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Starwood’s Sternlicht Seeks Riviera Casinos Through Bankruptcy
March 24 (Bloomberg) -- Barry Sternlicht’s Starwood Capital Group LLC, the investment firm that’s raising a $1.5 billion real estate fund, is trying to take over ailing Las Vegas casino-owner Riviera Holdings Corp. four years after a bid he backed was shot down by shareholders.
Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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Wednesday, March 24, 2010
Strategic Pricing in European Hotels: 2006–2009
This paper examines the pricing, demand (occupancy), and revenue (RevPAR) dynamics for European hotels for the period 2006 through 2009. The results of this four-year study reveal that in both good times (2006–2007) and bad (2008–2009) hotels that offer average daily rates above those of their direct competitors have lower comparative occupancies but higher relative RevPARs. Based on 8,026 hotel observations, this pattern of demand and revenue behavior was consistent for hotels of various sizes and type of hotel management (i.e., chain-affiliated or independent), and held true in most market segments across all geographic regions of Europe.
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Tuesday, March 23, 2010
Former Hard Rock casino workers sued over theft of $831,519
An insurance company is suing two former Hard Rock hotel-casino employees, charging they were involved in the theft of $831,519 from the Las Vegas resort.
National Union Fire Insurance Company of Pittsburgh Pennsylvania filed suit last week in U.S. District Court in Las Vegas against Jhirmal Earl Winfield and Sammy Sampson II, both of whom were part of the Hard Rock table game count staff and both of whom have been charged in thefts from the resort.
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National Union Fire Insurance Company of Pittsburgh Pennsylvania filed suit last week in U.S. District Court in Las Vegas against Jhirmal Earl Winfield and Sammy Sampson II, both of whom were part of the Hard Rock table game count staff and both of whom have been charged in thefts from the resort.
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Monday, March 22, 2010
Four Seasons Maui on Ropes
The Four Seasons Maui has gone delinquent on its $425 million of mortgages just as the Four Seasons New York and others have reached compromises with their lenders.
MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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Sunday, March 21, 2010
Ashford Hospitality Trust Reports Fourth Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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AFC Reports Fiscal 2009 Financial Results; Provides Fiscal 2010 Guidance
Reported net income was $18.8 million, or $0.74 per diluted share, compared to $19.4 million, or $0.76 per diluted share, last year. Adjusted earnings per diluted share were $0.74 in 2009, compared to $0.65 in 2008, an increase of 14 percent. Adjusted earnings per diluted share is a supplemental non-GAAP measure of performance. See the heading entitled "Management's Use of Non-GAAP Financial Measures."
Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Battle To Begin Monday Over Casino Expansion In Atlantic City
The Atlantic City casino industry is struggling mightily and all parties involved are looking for ways to revive the areas top industry. Senator James Whelan believes he has a solution.
On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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With Chicago's convention biz ailing, luring vacationers is more vital than ever
For those planning a vacation, the lure of Las Vegas is undeniable: a gleaming strip of luxury casinos, big-budget stage shows and warm desert breezes. Those considering Orlando, Fla., dream of the Magic Kingdom and gravity-defying roller coasters.
And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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Price wars breaks out among Discounters
Four major hotel discounters and deal-finders are enjoying record popularity, all because of a substantial drop in both individual and group bookings at America's hotels.
By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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'Buy a pub and lose your life's savings'
Did you know there was a minister for pubs? It’s enough to make you want to go into politics and spend a large portion of the week doing invaluable research. I became aware of this most enviable role only last week, when I heard that the present incumbent, John Healey MP, is encouraging potential investors to sink their pennies into pubs.
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