Orlando, Fla.-based E-Brands operates four Timpano Italian Chophouse & Martini Bar locations, three Samba Rooms, two Aquaknox Global Water Cuisine operations, one Canoñita Express, one Taqueria Canoñita and Timpano Tavern, formerly the David Burke Restaurant. Restaurants are located in Florida, Maryland, Colorado and Las Vegas.
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Saturday, August 7, 2010
Lender wants to force Atlantic City Hilton Casino Resort into receivership
ATLANTIC CITY — The Atlantic City Hilton Casino Resort’s chief lender is seeking court permission to force the troubled gaming hall into receivership and sell it.
The Hilton, Atlantic City’s smallest casino, has failed to make payments on its mortgage since July 2009, according to papers filed Wednesday in U.S. District Court in Camden.
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The Hilton, Atlantic City’s smallest casino, has failed to make payments on its mortgage since July 2009, according to papers filed Wednesday in U.S. District Court in Camden.
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325 workers affected in call center closure
There have been rumors about it in the past, but they have proven false.
Not this time.
One of the San Jacinto Valley’s largest employers, Hilton Hotels’ reservation call center on the west end of Hemet, will close in October. Only it is not moving to the Philippines as the rumor had it. The closure will put 325 people out of work unless they agree to move to one of the two remaining call centers, one in Texas and one in Florida.
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Not this time.
One of the San Jacinto Valley’s largest employers, Hilton Hotels’ reservation call center on the west end of Hemet, will close in October. Only it is not moving to the Philippines as the rumor had it. The closure will put 325 people out of work unless they agree to move to one of the two remaining call centers, one in Texas and one in Florida.
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Hilton can still use name in India?
NEW DELHI: In reaction to a report in TOI on July 29, Hilton Hotels has said that its appeal against an injunction on the use of the Hilton brand name by a trial court in Mount Abu has been admitted by the Rajasthan High Court.
Hilton Hotel’s global head Dave Horton has said that the single-judge bench of the High Court "only declined the application of interim stay", but the company has not been restrained from using its brand name.
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Hilton Hotel’s global head Dave Horton has said that the single-judge bench of the High Court "only declined the application of interim stay", but the company has not been restrained from using its brand name.
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JAL: Agree To Sell 79.6% Stake In JAL Hotel Unit To Hotel Okura
TOKYO (Dow Jones)--Japan Airlines Corp. said Friday that it will sell a 79.6% stake in its hotel business subsidiary by the end of September to Hotel Okura Co. as it is pushes ahead with its restructuring to focus on its airline business.
JAL, which currently holds a 90.7% stake in JAL Hotels Co through its wholly-owned subsidiary Japan Airlines International Co., declined to disclose the value of the share sale.
The carrier, which filed for bankruptcy protection in January, will retain its remaining 11.1% stake in JAL Hotels which operates 40 hotels in Japan and 18 hotels overseas.
The deal comes as JAL is drafting its latest restructuring plan that it plans to submit to the Tokyo District Court by the end of August.
JAL, which currently holds a 90.7% stake in JAL Hotels Co through its wholly-owned subsidiary Japan Airlines International Co., declined to disclose the value of the share sale.
The carrier, which filed for bankruptcy protection in January, will retain its remaining 11.1% stake in JAL Hotels which operates 40 hotels in Japan and 18 hotels overseas.
The deal comes as JAL is drafting its latest restructuring plan that it plans to submit to the Tokyo District Court by the end of August.
SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR SECOND QUARTER 2010
Second Quarter 2010 Operational Results:
• Total revenue was $181.0 million.
• Pro forma RevPAR was $111.91.
• Loss attributable to common stockholders was $4.9 million.
• Loss attributable to common stockholders per diluted share was $0.05.
• Adjusted EBITDA was $43.2 million.
• Pro forma Adjusted EBITDA for the 30 hotel portfolio was $39.9 million.
• Adjusted FFO available to common stockholders was $17.8 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 26.9%.
Art Buser, President and Chief Executive Officer, stated,
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• Total revenue was $181.0 million.
• Pro forma RevPAR was $111.91.
• Loss attributable to common stockholders was $4.9 million.
• Loss attributable to common stockholders per diluted share was $0.05.
• Adjusted EBITDA was $43.2 million.
• Pro forma Adjusted EBITDA for the 30 hotel portfolio was $39.9 million.
• Adjusted FFO available to common stockholders was $17.8 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 26.9%.
Art Buser, President and Chief Executive Officer, stated,
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Morgans Hotel Group Reports Second Quarter 2010 Results
Adjusted EBITDAfor the second quarter was $14.0 million, a $2.3 million or 19.7% increase from the second quarter of 2009. On a comparable basis, Adjusted EBITDA increased by 25%.
Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Hotels spring up as Colombia grows safer for tourists
Reporting from Bogota, Colombia — If you seek a monument to the security gains Colombia has made under President Alvaro Uribe's eight-year administration, the newly inaugurated JW Marriott Hotel here is a good place to look.
Improved security, the dynamic economy and some tax breaks are attracting the major international hotel chains that for decades shied away from Colombia. Uribe, who leaves office Saturday, officiated at the 264-room Marriott's ribbon-cutting ceremony last week.
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Improved security, the dynamic economy and some tax breaks are attracting the major international hotel chains that for decades shied away from Colombia. Uribe, who leaves office Saturday, officiated at the 264-room Marriott's ribbon-cutting ceremony last week.
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South Beach Hotels see rates drop
Some of South Beach's trendiest hotels saw their rates fall in the second quarter of the year compared to 2009 -- though they would hardly qualify as bargains.
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Thursday, August 5, 2010
Hersha Hospitality Announces Second Quarter 2010 Results
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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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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