Concept Development Partners LLC, an affiliate of Dallas-based CIC Partners, has signed a deal to buy “substantially all” of the bankrupt restaurant chain Max & Erma’s Inc.
The agreement, which still must be approved by a Pittsburgh bankruptcy judge, calls for Concept Development Partners to pay $24.8 million in cash and assumed debt for the company-operated restaurants in the Columbus, Ohio-based chain.
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Tuesday, July 13, 2010
Yum! Brands Inc. Reports Second Quarter 2010 EPS of $0.58,
Louisville, KY (July 13, 2010) — Yum! Brands Inc. (NYSE: YUM) today reported results for the
second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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second quarter ended June 12, 2010.
Earnings Per Share (EPS) was $0.58, excluding special items, representing 17% growth. On a
reported basis, EPS was $0.59 or 6% below last year because the company lapped a one-time gain
of $68 million arising from the acquisition of additional ownership in, and consolidation of, the
operating entity that owns the KFC business in Shanghai, China in the second quarter of 2009.
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Benihana Inc. to Explore Strategic Alternatives
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today announced that its Board of Directors has decided to explore strategic alternatives available to the Company, including a possible sale, in order to maximize shareholder value
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Quiznos activates strategy to bounce back
Quiznos used to be everyone's new favorite sub shop -- that kept going out of business.
At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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At least two Quiznos in Columbus have closed in the past year. It isn't happening just here. About 1,000 Quiznos nationwide closed between 2007 and 2009. After a rocky couple of years, Quiznos is trying to reboot, using a combination of new programs and incentives
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The Top 5 Closed-Door Restaurants in Buenos Aires
Unlike the States, where pesky codes and laws interrupt the dreams of gourmets with culinary skills but no official space, Buenos Aires and its bribe-friendly approach to these matters means that anyone who wants to can give restauranteering a shot. A wet dream for chefs, foodies, and trend-piece writers, puerta cerradas offers a different sort of dining experience focused on elaborate menus and more attentive service. Whether it's a less wussy approach to spices, savory Italian fare, or a full-on feast, many of the city's closed-door restaurants provide a tasty alternative to Palermo's latest fusion misstep. In case you can't possibly swallow another steak, here are the city's five best closed-door restaurants, reservations definitely required in advance.
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Noble Buys 126-Room Hotel
ATLANTA - Armed with an expansion plan, Noble Investment Group has acquired the 126-room Holiday Inn Charleston Historic District and an adjacent parcel to add 50 guestrooms and 2,500 square feet of meeting space to the hotel. In 2011, the hotel will be re-branded as a 176-key Courtyard by Marriott Charleston Historic District with 5,000 square feet of meeting space.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction. Located on the Charleston Peninsula, the hotel has been named a "Best Hidden Gem" by Trip Advisor.
The privately held company is focused on acquisitions with value-add opportunities in markets with high barriers to entry and the ability to reposition or re-brand the asset, according to Rodney Williams, chief investment officer and managing principal of Atlanta-based Noble Investment Group.
Embracing its Southern heritage, the hotel features wooden rocking chairs on the porch, a landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
Supertel Hospitality, Inc. Announces Sale of Hotel Properties
NORFOLK, NE, Jul 12, 2010 (MARKETWIRE via COMTEX) -- Supertel Hospitality, Inc. (Supertel), a real estate investment trust (REIT) which owns 111 hotels in 23 states, announced today that it closed on the sale of three hospitality properties during the past 35 days. Combined net proceeds from the sales totaled $3.02 million, which were used by Supertel to reduce balances on the company's credit facilities.
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Riviera Holdings, Las Vegas Casino Owner, Files for Bankruptcy
July 13 (Bloomberg) -- Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, filed for bankruptcy court protection under Chapter 11 in Nevada.
The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
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Wynn tip policy not a violation of state law
A controversial tip-pooling program instituted by Wynn Resorts Ltd. nearly four years ago does not violate Nevada law, state Labor Commissioner Michael Tanchek wrote in a ruling released Monday.
The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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Monday, July 12, 2010
London 'has worst food in Europe'
British cities have fared poorly in a Europe-wide survey, with London having the worst food.
And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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And although London was rated the most exciting European city, it was also considered the most expensive, according to the poll out from the TripAdvisor company.
Birmingham also received another unwanted accolade, being voted the second-most unattractive city, with Krakow in Poland the least attractive. The 2,963 Europeans, including 559 Britons, who were surveyed also considered Liverpool to have the second-worst cuisine among European cities, with Birmingham third worst.
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City Hall Opens New Hotel Chain With Billionaire
Gostinichnaya Kompania, or GK, owned by billionaire Ronald Lauder and City Hall, is creating a new hotel chain called Vashotel.
The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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The chain will operate two- to three-star hotels, including GK's Vladykino, Tsaritsyno, Zolotoi Kolos, Ostankino, Voskhod, Orekhovo, Sayany, Kuzminki, Altai, Turist and Uchyobo-Treningovaya, the company said.
This is a predictable decision, as GK's current portfolio of hotels is too diverse — from the 5-star Rossia and Moskva (which is still under construction) to the peripheral Kuzminki and Altai, it was necessary to split them up, said Marina Smirnova, senior vice president at Jones Lang LaSalle.
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Morgans Hotel Group Provides Update on the Status of the Debt Secured by Hudson and Mondrian Los Angeles
NEW YORK, July 12 /PRNewswire-FirstCall/ -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced that it has entered into forbearance agreements with the lenders which hold the mortgage loans secured by its Hudson and Mondrian Los Angeles hotels. The forbearance agreements effectively extend the maturities of the loans until September 12, 2010 allowing the company and the lenders to complete the negotiation and documentation of the appropriate amendments to further extend the loans. Based on the negotiations to date, we believe that the time will result in a combination of amendments to the loans and extensions of the maturities.
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Italian judge orders Gaddafi's son to settle unpaid €392,000 hotel bill
An Italian judge has ordered Saadi Gaddafi, the third son of Libyan leader Muammar Gaddafi, to pay a €392,000 (£328,000) hotel bill he failed to settle.
Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Gaddafi was taken to court by the Grand Hotel Excelsior in Rapallo, near Portofino, after staying for about 40 days in early 2008, accompanied by secretaries, bodyguards, a personal trainer, a driver and a dog trainer.
The party left without paying the bill but did leave behind a black sports utility vehicle, which is still parked at the hotel, local media reported.
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Hilton official seek to improve flavor of hotels' restaurants
If you tuned in to last Wednesday's episode of Bravo's "Top Chef D.C.," you would have caught a glimpse of what Beth Scott does every day -- spicing up the menu.
On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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On the show, the vice president of restaurant concepts for full-service and luxury brands at Hilton Worldwide challenged contestants to create a signature dish for the hotel chain. In reality, Scott, who has held her position for about a year, finds herself similarly challenged to breathe new life into Hilton's food and beverage division.
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Sunday, July 11, 2010
Bahamian Hotels suffer $59m room revenue loss in 2009
THE Bahamas hotel industry lost more than $12 million in revenues during 2009 as a result of a 27 per cent year-over-year decline in business travellers, the Ministry of Tourism's yearly performance review has revealed.
Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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Together with a $51.1 million fall in leisure stopover room revenues, hotels were down by almost $60 million on room revenues in 2009 compared to the prior year.
Breaking down the Bahamian hotel stopover market by segments, the Ministry's survey noted that business travellers spent $114 per night during 2009 on their accommodation, a decline of 3.4 per cent compared to prior year figures. They also spent $53 per night on meals.
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