Since unrestricted travel for Americans to Cuba appears to no longer be a case of "if" but "when," U.S. travel professionals are taking careful measure of how best to prepare to enter the fray.
And that fray represents a very large and promising market. Cuban officials estimate the eventual influx at close to 1 million U.S. visitors annually once the 47-year-old ban on travel to the island is lifted.
Cuba’s tourism minister, Manuel Marrero, said the country is ready.
"With our available capacity we could receive the American tourists without any problem," Marrero told U.S. travel professionals attending the first U.S.-Cuba Travel Summit in Cancun in late March.
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Tuesday, April 6, 2010
Monday, April 5, 2010
Starwood plans in the Bahamas changed
BAHA Mar's 1,000-acre resort campus will no longer house only Starwood properties but multiple brands, it was revealed yesterday, following the announcement that the deal to move the project forward had been signed in Miami with Chinese investors. The $2.6 billion redevelopment is expected to create 2.3 million new visitor nights.
Robert Sands, Baha Mar's senior vice-president of external affairs, said that building a multiple-brand complex will create competitive marketing and facilitate the targeting of niche markets in the tourism industry. The decision to have multiple brands could produce wider exposure of the Baha Mar property and appeal to a diverse spread of traveler.
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Robert Sands, Baha Mar's senior vice-president of external affairs, said that building a multiple-brand complex will create competitive marketing and facilitate the targeting of niche markets in the tourism industry. The decision to have multiple brands could produce wider exposure of the Baha Mar property and appeal to a diverse spread of traveler.
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Sunday, April 4, 2010
Morgan Stanley pulling out of Revel casino in NJ
Morgan Stanley said Thursday it is pulling out of the $2 billion Revel casino in Atlantic City and is prepared to take "a substantial loss" on the stalled project, into which it has already sunk $1.2 billion.
The company, which owns more than 90 percent of the ocean-themed casino-hotel project on the Boardwalk, did not list a reason for abandoning the project.
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The company, which owns more than 90 percent of the ocean-themed casino-hotel project on the Boardwalk, did not list a reason for abandoning the project.
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Saturday, April 3, 2010
R&I's Top 100 Independent Restaurants 2010: The Rankings
Tao Las Vegas Restaurant & Nightclub continues its run as the highest-grossing restaurant in the United States, according to an analysis by R&I magazine. Tao, located inside The Venetian Resort Hotel Casino, tops the list for the fifth straight year, posting 2009 sales of US$59.3 million and an average dinner check of US$70.
In fact, the only other hotel-based restaurant to crack the top 10 is located at another Las Vegas Sands Corp. property—Lavo Italian Restaurant & Nightclub inside The Palazzo Resort Hotel Casino placed seventh on the list, with US$22 million in sales and an average check of US$60.
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In fact, the only other hotel-based restaurant to crack the top 10 is located at another Las Vegas Sands Corp. property—Lavo Italian Restaurant & Nightclub inside The Palazzo Resort Hotel Casino placed seventh on the list, with US$22 million in sales and an average check of US$60.
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Ian Schrager plans to prime Chicago's Pump Room
Studio 54 nightclub co-founder and renowned hotelier Ian Schrager says he's likely to keep the name and “ethos” of the Ambassador East hotel and its legendary Pump Room restaurant.
Mr. Schrager on Thursday closed his purchase of the hotel and restaurant in a deal sources say was valued at more than $25 million.
In an interview Friday afternoon, Mr. Schrager said that while his plans aren't yet final for the hotel and Pump Room—a one-time celebrity hotspot that opened in the late 1930s—he's now leaning toward keeping the names after considering a change.
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Mr. Schrager on Thursday closed his purchase of the hotel and restaurant in a deal sources say was valued at more than $25 million.
In an interview Friday afternoon, Mr. Schrager said that while his plans aren't yet final for the hotel and Pump Room—a one-time celebrity hotspot that opened in the late 1930s—he's now leaning toward keeping the names after considering a change.
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City tries to break Tavern on the Green impasse
Mayor Bloomberg is increasingly frustrated with the lack of progress in the labor negotiations at Tavern on the Green. New operator Dean Poll and union head Peter Ward have not been able to reach an agreement for a labor contract covering the 400 workers at the now closed restaurant.
According to people familiar with the situation, Deputy Mayor Edward Skyler late last month tried to break the impasse by having a meeting with Mr. Ward and Mr. Poll. Still, a signed contract has yet to materialize.
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According to people familiar with the situation, Deputy Mayor Edward Skyler late last month tried to break the impasse by having a meeting with Mr. Ward and Mr. Poll. Still, a signed contract has yet to materialize.
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Buy low, get drunk, save money: the market where everyone ends up loaded
The bell rings out over the din, for all the world like the familiar sound of the New York Stock Exchange's opening bell – and the bartender screams out: "The market is CRASHING!!"
On the stock exchange floor, such a declaration might not be met with whoops of delight, but this is Exchange Bar & Grill, New York's most talked-about new watering hole, where the price of the drinks swings up and down according to supply and demand. A market crash means cheap trebles all round. "It's a crash," repeats one of the sozzled bankers at the bar.
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On the stock exchange floor, such a declaration might not be met with whoops of delight, but this is Exchange Bar & Grill, New York's most talked-about new watering hole, where the price of the drinks swings up and down according to supply and demand. A market crash means cheap trebles all round. "It's a crash," repeats one of the sozzled bankers at the bar.
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Fall from grandeur: Recession, foreclosure shutter Grand Bay
Pigeons live in the barren penthouse nightclub of the former Grand Bay, South Florida's last five-star hotel.
A vagrant recently went to the bathroom in the vacant lobby, where black graffiti colors the walls. The dining room hints of smoke, the remnant of a campfire built on the polished cherry floors.
No local hotel has suffered as steep a fall as Coconut Grove's Grand Bay, which closed two years ago for a $20 million renovation and never reopened.
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A vagrant recently went to the bathroom in the vacant lobby, where black graffiti colors the walls. The dining room hints of smoke, the remnant of a campfire built on the polished cherry floors.
No local hotel has suffered as steep a fall as Coconut Grove's Grand Bay, which closed two years ago for a $20 million renovation and never reopened.
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Friday, April 2, 2010
Man sentenced for hacking restaurant card data
WASHINGTON (April 1, 2010) Albert Gonzalez, the mastermind of payment card data thefts from Boston Market and Dave & Buster’s and a participant in the hack of a credit transaction processor serving thousands of restaurants, has been sentenced to two 20-year prison terms, the U.S. Justice Department said.
In a separate development, the Federal Trade Commission said late last week that one of the companies targeted by Gonzalez’s ring -- Dallas-based Dave & Buster’s Inc. -- will be subject to closer scrutiny for 20 years. That is the length of time that conditions laid down by the federal agency must be met by Dave & Buster’s following its agreement to settle FTC charges that the casual-dining chain had “left consumers’ credit and debit card information vulnerable to hackers, resulting in several hundred thousand dollars in fraudulent charges.”
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In a separate development, the Federal Trade Commission said late last week that one of the companies targeted by Gonzalez’s ring -- Dallas-based Dave & Buster’s Inc. -- will be subject to closer scrutiny for 20 years. That is the length of time that conditions laid down by the federal agency must be met by Dave & Buster’s following its agreement to settle FTC charges that the casual-dining chain had “left consumers’ credit and debit card information vulnerable to hackers, resulting in several hundred thousand dollars in fraudulent charges.”
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Royal Palm loses $143M foreclosure
The Royal Palm Hotel in Miami Beach is set for public auction after its owner lost a $142.7 million foreclosure judgment.
Wachovia Bank, as the special servicer for a commercial mortgage-backed security fund issued by Credit Suisse First Boston, won the judgment against Royal Palm Hotel Property based on a $108.4 million mortgage, plus interest and fees. The hotel, at 1545 Collins Ave., is scheduled for auction on May 27 on Miami-Dade County’s Web site.
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Wachovia Bank, as the special servicer for a commercial mortgage-backed security fund issued by Credit Suisse First Boston, won the judgment against Royal Palm Hotel Property based on a $108.4 million mortgage, plus interest and fees. The hotel, at 1545 Collins Ave., is scheduled for auction on May 27 on Miami-Dade County’s Web site.
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Supertel Hospitality Reports 2009 Fourth Quarter, Full-Year Results
NORFOLK, NE -- (MARKET WIRE) -- 03/31/10 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 114 hotels in 23 states, today announced its results for the fourth quarter and year ended December 31, 2009.
Revenues from continuing operations for the 2009 fourth quarter decreased 10.5 percent to $19.6 million, compared to the year-ago period, and decreased 10.4 percent to $89.0 million for the full year. Net loss attributable to common shareholders was $(25.7) million, or $(1.17) per diluted share, for the 2009 fourth quarter, compared to net earnings available to common shareholders of $3.0 million, or $0.14 per diluted share, in the 2008 same quarter. For the full year 2009, net loss attributable to common shareholders was $(28.9) million, compared with net earnings available to common shareholders of $5.5 million in 2008.
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Revenues from continuing operations for the 2009 fourth quarter decreased 10.5 percent to $19.6 million, compared to the year-ago period, and decreased 10.4 percent to $89.0 million for the full year. Net loss attributable to common shareholders was $(25.7) million, or $(1.17) per diluted share, for the 2009 fourth quarter, compared to net earnings available to common shareholders of $3.0 million, or $0.14 per diluted share, in the 2008 same quarter. For the full year 2009, net loss attributable to common shareholders was $(28.9) million, compared with net earnings available to common shareholders of $5.5 million in 2008.
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Hampton Hotels Opens Three New Properties in the United Kingdom
Hampton Hotels, part of the Hilton Worldwide portfolio of brands, today announced the opening of three hotel properties in the United Kingdom, located in Birmingham, Braintree and Shrewsbury. The converted hotels are owned by Osborn Securities and managed by Hilton Worldwide. These hotels increase the UK Hampton by Hilton estate to five, creating more than 500 additional rooms.
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Denny's Takes Aim at Quick Service
2010-04-01] Denny's (NASDAQ: DENN) will redefine the concept of traditional value menus on April 3, with the nationwide introduction of its new $2 $4 $6 $8 Value Menu.
Denny's first-ever, all day, every day value menu will provide consumers a variety of meal choices at affordable prices, featuring traditional favorites as well as new a la carte menu items for breakfast, lunch, dinner, dessert, and late night.
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Denny's first-ever, all day, every day value menu will provide consumers a variety of meal choices at affordable prices, featuring traditional favorites as well as new a la carte menu items for breakfast, lunch, dinner, dessert, and late night.
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Hyatt Expands Presence in South Florida with Hyatt Miami at The Blue
CHICAGO--(BUSINESS WIRE)--Hyatt Hotels & Resorts announced today the opening of Hyatt Miami at The Blue. The 17-acre hotel property in Doral, Fla. is adjacent to some of the most famous golf courses in the world and just minutes from Miami International Airport.
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Wynn deal privacy sought
The Foxwoods Casino partners who are ceding control of the project to Wynn Resorts of Las Vegas do not want the finances and other conditions of the deal made public.
In a motion filed Thursday with the Pennsylvania Gaming Control Board, the original investor group - Philadelphia Entertainment and Development Partners (PEDP) - said it anticipated entering into a purchase agreement with Wynn/PEDP L.P., a newly formed affiliate of the Nevada gaming company run by Steve Wynn.
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In a motion filed Thursday with the Pennsylvania Gaming Control Board, the original investor group - Philadelphia Entertainment and Development Partners (PEDP) - said it anticipated entering into a purchase agreement with Wynn/PEDP L.P., a newly formed affiliate of the Nevada gaming company run by Steve Wynn.
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