A major international financial institution is moving to obtain the necessary Bahamian government approvals to foreclose on a major chunk of Grand Bahama's $4.9 billion Ginn sur mer project, with the 2006 Heads of Agreement that expanded the development's size alleged to have been central to a scheme to artificially inflate its net worth.
The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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Thursday, June 10, 2010
McDonald’s Targets Emerging Markets With Restaurant Openings
June 10 (Bloomberg) -- McDonald’s Corp., the largest restaurant chain, plans to open 100 more restaurants in South Africa and 120 in India over the next five years as the company seeks out further growth in emerging markets.
The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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Sands Singapore Casino Sued for Conference Mishaps
June 10 (Bloomberg) -- Las Vegas Sands Corp.’s Singapore casino resort was sued by organizers of the first conference it hosted for misrepresenting a “complete disaster” as a world- class venue and for imposing duress, fear and force.
IPBA 2010 Pte, on behalf of the Inter-Pacific Bar Association conference, is asking the Singapore High Court to assess damages for misrepresentation, breach of agreement and Marina Bay Sands Pte’s conduct, according to a lawsuit filed June 8. The case counters the casino’s suit over unpaid bills.
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IPBA 2010 Pte, on behalf of the Inter-Pacific Bar Association conference, is asking the Singapore High Court to assess damages for misrepresentation, breach of agreement and Marina Bay Sands Pte’s conduct, according to a lawsuit filed June 8. The case counters the casino’s suit over unpaid bills.
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Wynn Shareholder Universal Aims for Casino Unit IPO
June 10 (Bloomberg) -- Universal Entertainment Corp., a Japanese pachinko game maker and the biggest shareholder in Wynn Resorts Ltd., plans a Hong Kong initial public offering within three years for a unit that is building a $2.7 billion Manila casino resort.
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UNITE HERE Wages National Actions Against Billionaire Pritzkers
Inside the plush Hyatt Regency McCormick Place in Chicago on June 9 assembled blue-chip Hyatt stockholders - anxiously anticipating dividend announcements that would perhaps justify a nice evening on the town, maybe in one of the city’s acclaimed five-star restaurants. Protesting outside were hotel workers who had their own concerns about how to put food on the table. Hyatt employees average less than $30,000 a year in most of the country.
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American Express CEO: Customers 'are traveling again'
American Express CEO Kenneth Chenault says U.S. card holders are traveling more and spending more on hotels this year than last year, even though they remain cautious travel spenders.
"Our mutual customers are traveling again," Chenault told the audience of about 1,000 people at the 32nd annual NYU hospitality investment conference luncheon on Monday.
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"Our mutual customers are traveling again," Chenault told the audience of about 1,000 people at the 32nd annual NYU hospitality investment conference luncheon on Monday.
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Ian Schrager launches a hotel chain with a difference
Legendary hotelier Ian Schrager - who revolutionised the travel industry with his creation of the boutique hotel genre - is celebrating the launch of his new hotel brand Edition today.
The American real estate developer - whose Ian Schrager Company already owns /magazine/the-gold-list-2010/gramercy-park-hotel,-new-york- Gramercy Park Hotel and who launched Morgans Hotel Group and Studio 54 - has teamed up with luxury group Marriott International to create an original hotel range that is the 'antithesis of a chain', and will be characterised by personalised and unique design spaces, modern service and outstanding beverage and entertainment facilities.
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The American real estate developer - whose Ian Schrager Company already owns /magazine/the-gold-list-2010/gramercy-park-hotel,-new-york- Gramercy Park Hotel and who launched Morgans Hotel Group and Studio 54 - has teamed up with luxury group Marriott International to create an original hotel range that is the 'antithesis of a chain', and will be characterised by personalised and unique design spaces, modern service and outstanding beverage and entertainment facilities.
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Wednesday, June 9, 2010
McDonald's threatens to McSue over Oakland's 'Little Mac'
All Allison Arevalo and Erin Wade wanted to do was open a small restaurant. So they quit their jobs and poured all their money into launching a macaroni and cheese eatery in Oakland. They dubbed their slice of comfort food heaven "Little Mac." According to Arevalo and Wade, "mac" referred to the dish, while "little" was a nod "to the small environmental footprint we aim to achieve."
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Denny's shares climb after CEO departs
CHICAGO — Shares of Denny's Corp. soared Wednesday after the struggling restaurant chain said it was replacing CEO Nelson Marchioli with board Chairwoman Debra Smithart-Oglesby on an interim basis and looking for a permanent replacement.
THE SPARK: Tuesday evening's announcement came less than a month after the end of bitter proxy fight with investors that had pushed to oust Marchioli, Smithart-Oglesby and former Chairman Robert Marks from the company's board.
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THE SPARK: Tuesday evening's announcement came less than a month after the end of bitter proxy fight with investors that had pushed to oust Marchioli, Smithart-Oglesby and former Chairman Robert Marks from the company's board.
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Disney Closes Doors on Five ESPN Zone Restaurants
After this latest round of cuts, California will be the lone state left with a branch of the sports bar-restaurant-arcade combos.
The Walt Disney Co. announced on Wednesday that it is shutting down five of its ESPN Zone Restaurants. The AP reports that the spots set to close are Baltimore, Chicago, New York, Las Vegas, and Washington D.C. The only two locations that escaped the out-of-business axe are Los Angeles and Anaheim, Calif.
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The Walt Disney Co. announced on Wednesday that it is shutting down five of its ESPN Zone Restaurants. The AP reports that the spots set to close are Baltimore, Chicago, New York, Las Vegas, and Washington D.C. The only two locations that escaped the out-of-business axe are Los Angeles and Anaheim, Calif.
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Dubai’s Union Properties Nears Ritz-Carlton Sale to Fund Towers
June 9 (Bloomberg) -- Union Properties PJSC is close to selling its Ritz-Carlton hotel in Dubai and plans to dispose of other assets after the developer “got distracted” during the property boom and took on projects and businesses that were a poor fit, its chairman said.
The company “got involved in so many businesses that were not core,” said Khalid Bin Kalban, who took over when Chief Executive Officer Simon Azzam resigned a year ago after 23 years in charge. “I don’t understand the rationale.”
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The company “got involved in so many businesses that were not core,” said Khalid Bin Kalban, who took over when Chief Executive Officer Simon Azzam resigned a year ago after 23 years in charge. “I don’t understand the rationale.”
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LA's Little Tokyo landmark hotel has money woes
LOS ANGELES—A 21-story Little Tokyo landmark is in financial trouble.
The 434-room downtown Kyoto Grand Hotel and Garden has defaulted on a nearly $34 million loan and could face foreclosure if a resolution isn't reached by Monday.
Little Tokyo Partners LP attorney Martin Taylor said Tuesday that he was optimistic a deal can be worked out with lender First Citizens Bank and Trust.
The hotel's Thousand Cranes restaurant recently closed.
Hotel general manager Richard Gaines says the recession hit hotels hard last year, but adds Kyoto Grand business has been picking up this year.
The 434-room downtown Kyoto Grand Hotel and Garden has defaulted on a nearly $34 million loan and could face foreclosure if a resolution isn't reached by Monday.
Little Tokyo Partners LP attorney Martin Taylor said Tuesday that he was optimistic a deal can be worked out with lender First Citizens Bank and Trust.
The hotel's Thousand Cranes restaurant recently closed.
Hotel general manager Richard Gaines says the recession hit hotels hard last year, but adds Kyoto Grand business has been picking up this year.
Tuesday, June 8, 2010
Eva Longoria Parker Sued Over Restaurant Dispute
Eva Longoria Parker is being sued by her former managers at her restaurant 'Beso'.
The part-owners Ronan and Mali Nachum have accused the actress of trying to push them out of their jobs at the Las Vegas restaurant by using scare tactics.
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The part-owners Ronan and Mali Nachum have accused the actress of trying to push them out of their jobs at the Las Vegas restaurant by using scare tactics.
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McDonald's May sales up but sees euro drag on profit
Roughly a quarter of McDonald's consolidated operating income originates in countries that use the euro currency, the world's biggest hamburger chain said on Tuesday. Based on current exchange rates, McDonald's expects currency conversion to hurt full-year net income per share, versus its previous expectation for a slight benefit. The company, which gets more than half of its revenue and profits from outside the United States, gave no further details.On Tuesday, the euro hovered near a four-year low against the dollar on concerns over a widening European debt crisis that has struck financial markets and could constrict consumer demand.
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Baird and STR launch new hotel stock index
Milwaukee-based Robert W. Baird & Co. and Smith Travel Research Inc. (STR) have launched the Baird/STR Hotel Stock Index, the first widely available U.S. hotel stock index in the financial industry. The index combines Baird’s knowledge of the financial markets with STR’s data processing.
“We believe this index can help hotel industry professionals monitor investment values and gauge interest in hotel investment broadly,” said David Loeb, managing director of Baird’s hotel research platform.
The newly launched Baird/STR Hotel Stock Index ended May at 1619.749, an 11.3-percent decrease for the month and a 17.4-percent increase for year-to-date 2010.
“It is surprising how frequently we in the industry have one view of the outlook while investors have an entirely different view,” said Randy Smith, CEO at STR. “For example, industry stocks began rebounding long before improvements in RevPAR became the norm. This index will provide one more variable in developing an improved model to better understand where the industry is going and how we get there.”
“We believe this index can help hotel industry professionals monitor investment values and gauge interest in hotel investment broadly,” said David Loeb, managing director of Baird’s hotel research platform.
The newly launched Baird/STR Hotel Stock Index ended May at 1619.749, an 11.3-percent decrease for the month and a 17.4-percent increase for year-to-date 2010.
“It is surprising how frequently we in the industry have one view of the outlook while investors have an entirely different view,” said Randy Smith, CEO at STR. “For example, industry stocks began rebounding long before improvements in RevPAR became the norm. This index will provide one more variable in developing an improved model to better understand where the industry is going and how we get there.”
