For the second quarter ended June 30, 2010, net income applicable to common shareholders increased to $3.4 million, or $0.02 per diluted common share, compared to a net loss of $(0.2) million, or $(0.01) per diluted common share for the comparable quarter of 2009.
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Thursday, August 5, 2010
STRATEGIC HOTELS & RESORTS REPORTS SECOND QUARTER 2010 RESULTS
CHICAGO – August 4, 2010 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the second quarter ended June 30, 2010.
Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Red Lion Hotels Reports Second Quarter 2010 Results
RevPAR for owned and leased hotels declined 1.8% year-over-year
ADR at owned and leased hotels up 0.2%; occupancy down 1.2 points
ADR performance up 2.4% against competitive set
EBITDA decreased $2.3 million, impacted primarily by:
Investments in direct sales and franchise development activities
Non-recurring franchise termination settlement in 2009
Closed hotel in Astoria, Oregon
Reduction in group business and competitive rate pressures
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ADR at owned and leased hotels up 0.2%; occupancy down 1.2 points
ADR performance up 2.4% against competitive set
EBITDA decreased $2.3 million, impacted primarily by:
Investments in direct sales and franchise development activities
Non-recurring franchise termination settlement in 2009
Closed hotel in Astoria, Oregon
Reduction in group business and competitive rate pressures
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New hotel fee sought to promote L.A. tourism
Hotel owners in Los Angeles are pushing a plan to add a new fee to hotel bills that would generate more money to promote the city as a worldwide tourist destination.
While the city already spends $11.4 million a year to attract tourists, proponents of the new fee say Los Angeles spends far less to promote itself than other top tourism towns such as Las Vegas, San Diego and Orlando, Fla.
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While the city already spends $11.4 million a year to attract tourists, proponents of the new fee say Los Angeles spends far less to promote itself than other top tourism towns such as Las Vegas, San Diego and Orlando, Fla.
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HYATT REPORTS SECOND QUARTER 2010 RESULTS
Adjusted EBITDA was $135 million compared to $120 million in the second quarter of 2009, an increase of 12.5% (11.8% excluding the effect of currency).
Net income attributable to Hyatt was $25 million, or $0.14 per share, compared to a net loss attributable to Hyatt of $50 million, or $0.34 per share, in the second quarter of 2009. Net income attributable to Hyatt included an unfavorable impact from special items of $8 million after-tax, or $0.04 per share, during the second quarter of 2010 compared to an unfavorable impact from special items of $64 million after-tax, or $0.43 per share, during the second quarter of 2009. See the table on page 3 of the accompanying schedules for a summary of special items.
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Net income attributable to Hyatt was $25 million, or $0.14 per share, compared to a net loss attributable to Hyatt of $50 million, or $0.34 per share, in the second quarter of 2009. Net income attributable to Hyatt included an unfavorable impact from special items of $8 million after-tax, or $0.04 per share, during the second quarter of 2010 compared to an unfavorable impact from special items of $64 million after-tax, or $0.43 per share, during the second quarter of 2009. See the table on page 3 of the accompanying schedules for a summary of special items.
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Consumers rank favorite restaurant chains
The nation’s most popular casual-dining chains — including The Cheesecake Factory, which was the runaway favorite in a recent customer survey — will stand to benefit from more optimistic consumer sentiment if they focus on the experience provided, convenience and food quality
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Wednesday, August 4, 2010
Palm Jumeirah hotel development falls victim to delays
DUBAI—Nearly all 10 planned hotel properties on Dubai’s Palm Jumeirah archipelago have seen setbacks.
The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
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The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
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Shooting at Baltimore Hilton
BALTIMORE - Baltimore City Police are investigating a shooting inside a room at the Pratt Street Hilton.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
Three metro Atlanta hotels to close, change course
The Wyndham Garden Hotel and Baymont Inn and Suites on Piedmont Avenue are expected to close sometime during the middle of August while Marriott's Renaissance Hotel on West Peachtree Street has announced it is laying off 142 employees in anticipation of closing later this year.
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Smartphones pose a threat to debit and credit cards in the US
The British bank has reportedly teamed up with AT&T, Verizon and TMobile to test out technology that would allow US consumers to buy products and services simply by waving their phone at a reader.
The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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Chesapeake Lodging Trust Reports Second Quarter Results
For the second quarter 2010, the Company reported total revenue of $11.8 million and net income of $1.4 million, or $.15 per diluted share. Funds from operations (FFO) were $2.1 million, or $.23 per diluted share, and Adjusted FFO was $2.7 million, or $.30 per diluted share. Net income before interest, income taxes, and depreciation and amortization (Corporate EBITDA) was $2.1 million, or $.23 per diluted share, and Adjusted Corporate EBITDA was $2.7 million, or $.29 per diluted share.
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Tuesday, August 3, 2010
Struggling metro Atlanta room rates create bargains for travelers
Five years ago, the chances of getting room rates of less than $100 at a swanky upscale hotel like the W or the Grand Hyatt were few and far between.
But these days, with the economy lumbering and the inventory of hotels in metro Atlanta way outnumbering guests, room rates -- the amount a visitor pays for lodging -- have stagnated and are creating unheard of deals that could last into 2012, lodging experts say.
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But these days, with the economy lumbering and the inventory of hotels in metro Atlanta way outnumbering guests, room rates -- the amount a visitor pays for lodging -- have stagnated and are creating unheard of deals that could last into 2012, lodging experts say.
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Austin Four Seasons Hotel Nabs $56M Refi
AUSTIN, TX-The Four Seasons Hotel here has received a $56 million first mortgage and mezzanine loan to refinance its existing mortgage. Los Angeles-based Mesa West Capital provided the hotel’s owners, Lodging Capital Partners and Syndicated Equities Group, with the first mortgage, while Blackstone Real Estate Debt Strategies provided the mezz piece.
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Gaylord Entertainment Company Reports Second Quarter 2010 Results
Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2010. Highlights from the second quarter include:
Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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Trump SoHo Developers Sued for Fraud
The developers of the Trump SoHo Hotel Condominium have been sued for allegedly making fraudulent misrepresentations and using deceptive sales practices to market hotel-condominium suites.
The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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The lawsuit comes as the project's developers, the Bayrock Group and the Sapir Organization, have begun offering direct financing in hopes of boosting sales. The units start at $1.2 million for a studio.
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