HOUSTON--(BUSINESS WIRE)--For the fiscal year ended January 3, 2010, Mexican Restaurants (NASDAQ: CASA - News) reported a net loss of $848,699 or ($0.26) per diluted share. This compared with a net loss of $3,987,011 or ($1.22) per diluted share for fiscal year 2008. For the fourth quarter ended January 3, 2010, the Company reported a net loss of $588,001 or ($0.18) per diluted share, compared with a net loss of $3,917,026 or ($1.20) per diluted share for the same quarter in fiscal year 2008. During the fourth quarter ended January 3, 2010, the Company recorded $190,000 of severance expense as part of staff reductions. During the 2008 fourth quarter, the Company recorded a goodwill impairment of approximately $5.1 million, and a resulting approximate $1.3 million tax benefit.
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Tuesday, March 30, 2010
Punch Taverns chief Giles Thorley quits
Giles Thorley, chief executive of Punch Taverns, Britain's biggest pub group, today said he was quitting after nine years at the helm. The company said it was "well advanced with the process of appointing a successor" and that Mr Thorley would stay on until his successor is appointed. Although external candidates are being considered, Punch has two strong internal candidates who have helped Mr Thorley put the group on a more even keel.
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RDG Captial raises Benihana bid to $8/shr
New York investment manager Russell Glass is so eager for a taste of Japanese steakhouse Benihana that he's turning up the heat on his unsolicited bid for the struggling restaurant chain to $8 a share from $7, The Post has learned.
Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
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Glass, a former executive with Icahn Associates who's now head of New York investment firm RDG Capital, made his sweetened sales pitch yesterday to Benihana CEO Richard Stockinger, Chairman Darwin Dornbush and independent director Ronald Castell, according to a person familiar with the matter.
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In Asia Pacific, Downturn Looks More Like A Speed Bump
ASIA PACIFIC — The Asia Pacific hotel market has felt the impact of the downturn, but thanks to massive emerging economies that refuse to be stopped and localized financing practices that have kept pipelines healthy, the East continues to be where the action is. The region is at the head of the global recovery, with Jones Lang LaSalle Hotels reporting evidence of markets hitting bottom late last year. Promisingly, the financial sector is showing signs of increased demand, particularly in the economic hubs of Hong Kong and Singapore, JLLH says, and net absorption rose 20% across the region in the fourth quarter, although it will likely remain below pre-recession levels through 2010.
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Monday, March 29, 2010
Trump SoHo not SoSo
The Trump SoHo hotel and condominium has too many vacancies.
The 46-story building is scheduled to open April 9 in Manhattan. Sales were initially brisk, but only about a third of the 391 units are now in contract. What's more, it isn't clear how many of those will actually close, because that process won't begin until the hotel opens.
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The 46-story building is scheduled to open April 9 in Manhattan. Sales were initially brisk, but only about a third of the 391 units are now in contract. What's more, it isn't clear how many of those will actually close, because that process won't begin until the hotel opens.
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$700M Waikiki project moves ahead
The owner of the Sheraton Princess Kaiulani Hotel is moving forward with a $700 million redevelopment project for the center of Waikiki that could start as early as mid 2011.
The project, which would be the largest redevelopment of Hawaii’s main tourist district since Outrigger’s $585 million Waikiki Beach Walk redevelopment, would get under way just as Disney puts the finishing touches on its $800 million Aulani resort on the other side of Oahu in the Ko Olina resort
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The project, which would be the largest redevelopment of Hawaii’s main tourist district since Outrigger’s $585 million Waikiki Beach Walk redevelopment, would get under way just as Disney puts the finishing touches on its $800 million Aulani resort on the other side of Oahu in the Ko Olina resort
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Pub landlord arrested after body found in freezer
The landlord of a Norfolk pub five miles from royal residence Sandringham House has been arrested after the body of a woman, believed to be his fiancé, was found in the freezer in a put outhouse.
Mike Tucker, 49, and Becky Thorpe, 29, had run the 18th-century Compasses Inn in Snettisham since Easter Sunday last year, and became engaged in September.
Thorpe had not been seen for a week before the frozen body – which will will not be formally identified until early this week – was discovered by an employee lastTuesday lunchtime.
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Mike Tucker, 49, and Becky Thorpe, 29, had run the 18th-century Compasses Inn in Snettisham since Easter Sunday last year, and became engaged in September.
Thorpe had not been seen for a week before the frozen body – which will will not be formally identified until early this week – was discovered by an employee lastTuesday lunchtime.
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Sunday, March 28, 2010
Ireland's bust leaves ghost houses and zombie hotels
DUBLIN, Ireland — The ancient Ireland of the tourist guidebooks has its share of haunted castles and spooky old ruins. But in the modern Ireland of the post-boom years you are more likely to find ghost housing estates and zombie hotels.
In Ireland, with a population of four and a half million, 300,000 homes are lying empty, according to a recent academic survey. Many of them are in clusters of almost-finished houses, built in fields that were rezoned for development in the madness of the housing boom. While bankrupt developers have left the housing developments unfinished, banks are keeping empty grand hotels open to prevent them from becoming, well, ghost hotels.
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In Ireland, with a population of four and a half million, 300,000 homes are lying empty, according to a recent academic survey. Many of them are in clusters of almost-finished houses, built in fields that were rezoned for development in the madness of the housing boom. While bankrupt developers have left the housing developments unfinished, banks are keeping empty grand hotels open to prevent them from becoming, well, ghost hotels.
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Chinese group buys Los Angeles Marriot Downtown Hotel
The Shenzhen New World Group Company, a Chinese-owned real estate development firm, has recently bought a 469-room hotel for an approximate price of $60 million, about half of its estimated value way back in 2007.
The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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Financing partner of New South Ocean Development Company 'winding down'
ONE of the financing partners of the New South Ocean Development Company, the troubled hedge fund Plainfield Asset Management, has announced it is winding down and returning money to its investors amid a wave of lawsuits, the New York Post reported yesterday.
Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Bahamian Tourism predicted to decrease 4% in 2010
The Bahamian travel and tourism industry is projected to contract by 4.1 per cent during 2010, the World Travel & Tourism Council (WTTC) has projected, but its long-term projections for the sector's 3.4 per cent annualised growth over the next decade have been backed by leading industry figures.
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Yum opens 1st Taco Bell in India
LOUISVILLE, Ky. (March 27, 2010) In an effort to expand Taco Bell’s international reach, parent Yum! Brand Inc. debuted the quick-service chain's first unit in Bangalore, India, last week.
The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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Friday, March 26, 2010
Chemical Dump Costs Los Angeles Hotel $370,000
LOS ANGELES, California, March 26, 2010 (ENS) - The corporate operator of the Standard Hotel in downtown Los Angeles has agreed to plead guilty to violating federal environmental laws in an incident where a hotel employee poured pool chemicals down a rooftop drain. The chemical dump led to a street closure and several people became ill when fumes filled a nearby subway station.
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Miami Four Seasons Hotel Sold for $30M
BY DOUGLAS HANKS
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
Brinker International Announces Agreement to Sell On The Border Mexican Grill & Cantina(R)
DALLAS, March 25, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) has entered into a purchase agreement with OTB Acquisition LLC, an affiliate of Golden Gate Capital, to sell its On The Border Mexican Grill & Cantina brand. Terms of the transaction were not disclosed.
Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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