Two partially renovated office buildings in downtown Baltimore, both undergoing conversion to hotels, are scheduled to be sold at back-to-back auctions next month in foreclosure sales on behalf of the lenders. Alex Cooper Auctioneers is handling both sales for BB&T Corp.
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Wednesday, July 21, 2010
LaSalle Hotel Properties Reports Second Quarter Results
BETHESDA, Md., Jul 21, 2010 (BUSINESS WIRE) -- LaSalle Hotel Properties /quotes/comstock/13*!lho/quotes/nls/lho (LHO 21.66, -0.42, -1.90%) today reported net income to common shareholders of $8.0 million, or $0.11 per diluted share for the quarter ended June 30, 2010, compared to net income of $8.2 million, or $0.16 per diluted share for the second quarter of 2009.
For the quarter ended June 30, 2010, the Company generated funds from operations ("FFO") of $35.9 million versus $35.6 million for the second quarter of 2009. On a per diluted share basis, FFO for the second quarter was $0.52, compared to $0.70 for the same period of 2009.
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For the quarter ended June 30, 2010, the Company generated funds from operations ("FFO") of $35.9 million versus $35.6 million for the second quarter of 2009. On a per diluted share basis, FFO for the second quarter was $0.52, compared to $0.70 for the same period of 2009.
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Starbucks Reports Record Third Quarter Earnings
SEATTLE--(BUSINESS WIRE)--Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its fiscal third quarter ended June 27, 2010, updated FY10 targets, and introduced FY11 targets.
Fiscal Third Quarter 2010 Highlights:
•Comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦U.S. comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦International comparable store sales increased 6%, driven by a 4% increase in traffic and a 2% increase in average ticket
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Fiscal Third Quarter 2010 Highlights:
•Comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦U.S. comparable store sales increased 9%, driven by a 6% increase in traffic and a 3% increase in average ticket
◦International comparable store sales increased 6%, driven by a 4% increase in traffic and a 2% increase in average ticket
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Tuesday, July 20, 2010
Number of US restaurants falls 1 percent from last year, mom-and-pops hurt more than chains
CHICAGO (AP) - More restaurants have shut their doors as high unemployment and lackluster wage gains keep diners from eating out. The number of U.S. restaurants slipped 1 percent this spring from the same time last year, according to market research released Tuesday.
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O’Brien's Restaurant founder accuses son of fraud
The patriarch of the O’Brien family, owner of O’Brien’s Restaurant in Old Town and other businesses, has accused his son of fraud in gaining control of the enterprises.
Daniel O’Brien sued his son Peter in Cook County Circuit Court, saying that over 15 years Peter deceived him and his wife into signing documents that transferred the control. Peter O’Brien, prominent in Chicago business circles and until recently a member of the board that ran McCormick Place, was largely running the businesses on his parents’ behalf.
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Daniel O’Brien sued his son Peter in Cook County Circuit Court, saying that over 15 years Peter deceived him and his wife into signing documents that transferred the control. Peter O’Brien, prominent in Chicago business circles and until recently a member of the board that ran McCormick Place, was largely running the businesses on his parents’ behalf.
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Anyone Named Dave, David, or Davy Eats Free at Famous Dave's Bar-B-Que Restaurants on Sunday, August 1, 2010
MINNEAPOLIS, Jul 20, 2010 (GlobeNewswire via COMTEX) -- Calling all BBQ lovin' Dave's, David's and Davy's! On Sunday, August 1, 2010, Famous Dave's Bar-B-Que Restaurants /quotes/comstock/15*!dave/quotes/nls/dave (DAVE 7.95, +0.11, +1.40%) are offering anyone with the first name of Dave, David or Davy a free entree (maximum value of $15) at participating locations nationwide. Anyone with the middle name of Dave, David or Davy can also join in on this special celebration by receiving one entree for half price (maximum value of $7.50). Celebrating the award-winning BBQ restaurant's "Sweet and Sassy" 16 year anniversary and honoring the Founder, "Famous Dave" Anderson, this one-day-only event has been brought back by wildly popular demand and is being offered for the second year in a row. A Buck-a-Bone rib special is also available to everyone dining in the restaurant or taking BBQ TO GO.
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'Entourage' stars among investors in NY restaurant
SARATOGA SPRINGS, N.Y. — Two stars of the HBO series "Entourage" are backing the new owners of a popular restaurant next door to a racetrack in eastern New York.
Kevin Connolly, who plays Eric "E" Murphy on "Entourage," and Kevin Dillon, who portrays Johnny "Drama" Chase, are among the investors in Siro's in Saratoga Springs.
Both actors are from New York.
Mortgage banker Keith Kantrowitz said Monday that his group bought the restaurant. He says the investors all have personal relationships with at least one of the owners.
The restaurant had been purchased from a group that had owned it since the early 1980s. A sale price wasn't disclosed.
Kevin Connolly, who plays Eric "E" Murphy on "Entourage," and Kevin Dillon, who portrays Johnny "Drama" Chase, are among the investors in Siro's in Saratoga Springs.
Both actors are from New York.
Mortgage banker Keith Kantrowitz said Monday that his group bought the restaurant. He says the investors all have personal relationships with at least one of the owners.
The restaurant had been purchased from a group that had owned it since the early 1980s. A sale price wasn't disclosed.
Man Charged in Debit Card Scam after Hotel Employees Find $100,000
A 21-year-old Quebec man has been charged in connection with a debit-card skimming scam in Saskatoon that netted nearly $100,000.
On Sunday, Saskatoon police were called to a hotel in the 100 block of Cardinal Crescent after staff discovered the cash — mostly $20 bills — in a hotel room.
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On Sunday, Saskatoon police were called to a hotel in the 100 block of Cardinal Crescent after staff discovered the cash — mostly $20 bills — in a hotel room.
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City Developments acquires New York's Renaissance Syracuse Hotel
SINGAPORE: Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York.
The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income.
The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake.
The 20-storey Renaissance Syracuse Hotel sits on freehold land and currently has 279 rooms.
The company believes the hotel will benefit from its proximity to educational, medical and transport hubs, such as Syracuse University, the State University of New York Upstate Medical University and Syracuse Hancock International Airport.
The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income.
The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake.
The 20-storey Renaissance Syracuse Hotel sits on freehold land and currently has 279 rooms.
The company believes the hotel will benefit from its proximity to educational, medical and transport hubs, such as Syracuse University, the State University of New York Upstate Medical University and Syracuse Hancock International Airport.
Accor Reports First-Half Sales Gain as Hotel Occupancy Recovers
July 20 (Bloomberg) -- Accor SA, Europe’s largest hotel company, said first-half sales rose as occupancy improved.
Revenue climbed 6 percent to 2.85 billion euros ($3.7 billion), the Evry, France-based company said in a statement today. Excluding the services unit, which was spun off this month, second-quarter sales increased to 1.72 billion euros from 1.57 billion euros a year earlier, beating the 1.64 billion-euro average estimate from four analysts surveyed by Bloomberg.
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Revenue climbed 6 percent to 2.85 billion euros ($3.7 billion), the Evry, France-based company said in a statement today. Excluding the services unit, which was spun off this month, second-quarter sales increased to 1.72 billion euros from 1.57 billion euros a year earlier, beating the 1.64 billion-euro average estimate from four analysts surveyed by Bloomberg.
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Ritz Carlton To Open Worlds Tallest Hotel In Hong Kong
Maybe the Ritz-Carlton saw the Armani Hotel Dubai in the Burj Khalifa--the current tallest building in the world--as a challenge. Or, maybe the hotel group just wanted to create some local competition with the Park Hyatt Shanghai (to date the highest rooftop observation deck in Asia). Or, maybe still, the pending opening of the tallest hotel in the world was just another way for the legendary hotel group to make an unforgettable impression. Whatever the case, the Ritz-Carlton's re-entry into Hong Kong is prepped to be one of the biggest and grandest events in hotel history, and we got a sneak peak at what's to come
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Extended Stay Wins Court Approval of Plan to Sell Assets, Exit Bankruptcy
Extended Stay Inc., the bankrupt U.S. hotel operator, won approval of its plan to pay creditors by selling its assets to Centerbridge Partners LP, Paulson & Co. and Blackstone Group LP.
U.S. Bankruptcy Judge James Peck in New York today approved Extended Stay’s restructuring plan, which calls for the Centerbridge group to pay $3.9 billion for the company’s hotels.
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U.S. Bankruptcy Judge James Peck in New York today approved Extended Stay’s restructuring plan, which calls for the Centerbridge group to pay $3.9 billion for the company’s hotels.
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$3M repayment plan for Biltmore Hotel OK'd
Coral Gables commissioners and The Biltmore Hotel agreed to a plan late Monday that will allow the hotel's operator to repay more than $3 million currently owed to city taxpayers.
"I’m really hopeful this is the start of a larger process that will attempt to ensure we have a sustainable relationship," said Commissioner Ralph Cabrera.
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"I’m really hopeful this is the start of a larger process that will attempt to ensure we have a sustainable relationship," said Commissioner Ralph Cabrera.
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Kingdom Holding Net Grows 47% on Revenue From Hotels
July 20 (Bloomberg) -- Kingdom Holding Co., an investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal, said second-quarter profit advanced 47 percent on revenue from global hotel operations and units inside Saudi Arabia.
Net income increased to 135.4 million riyals ($36.1 million) from 92.1 million riyals in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today. The company is “experiencing improving results from its hotel operations and its domestic entities,” it said.
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Net income increased to 135.4 million riyals ($36.1 million) from 92.1 million riyals in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today. The company is “experiencing improving results from its hotel operations and its domestic entities,” it said.
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Glasgow Hilton Hotel sickness caused by norovirus
An outbreak of vomiting and diarrhoea at the Hilton Hotel in Glasgow was caused by the norovirus bug, health officials have confirmed.
NHS Greater Glasgow and Clyde (GGC) said a total of 83 people had shown symptoms since last Wednesday - 63 guests and 20 members of staff.
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NHS Greater Glasgow and Clyde (GGC) said a total of 83 people had shown symptoms since last Wednesday - 63 guests and 20 members of staff.
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