Dubai World plans to sell its prized assets over a period of eight years to generate as much as $19.4-billion (U.S.) to pay off creditors burned by its overambitious expansion, according to a restructuring document obtained by Reuters on Wednesday.
The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai’s lavish Atlantis Hotel, that its capital structure was inappropriate and needed “urgent” restructuring, according to the document handed out at the meeting.
Read More:
Wednesday, August 25, 2010
Tuesday, August 24, 2010
Why ∏A = gUG + min(k-g, (1-g)(1-r)) equals low airline fares
t is a question that anyone booking a holiday or business trip will have asked themselves countless times: exactly when is the best time to buy an advance plane ticket to fly at the cheapest price?
Leave it too late and prices shoot up, and there is a danger the flight will be fully booked. But book too early and you run the risk that plans may change and you will be out of pocket if you don't travel or have to alter the flight.
Read More:
Leave it too late and prices shoot up, and there is a danger the flight will be fully booked. But book too early and you run the risk that plans may change and you will be out of pocket if you don't travel or have to alter the flight.
Read More:
Omni bids $67M for Florida resort
Omni Hotels & Resorts has bid $67.1 million to acquire the luxury Amelia Island Plantation resort out of Chapter 11 bankruptcy. The resort is located 29 miles north of Jacksonville, Fla.
Irving-based Omni submitted the highest bid for the Florida-based property on Monday.
Read More:
Irving-based Omni submitted the highest bid for the Florida-based property on Monday.
Read More:
Burger King Holdings, Inc. Reports Fourth Quarter and Full Fiscal 2010 Results
Fourth quarter fiscal 2010:
Worldwide comparable sales were negative 0.7 percent compared to negative 2.4 percent in the same period last year;
U.S. and Canada comparable sales were negative 1.5 percent compared to negative 4.5 percent in the same period last year;
Solid development growth continued with net restaurant count increasing by 59; and
Diluted earnings per share were $0.36, including $0.01 per share of negative impact from currency translation, compared to diluted earnings per share of $0.43 in the same quarter last year. Last year's diluted earnings per share included a $0.07 tax benefit from the dissolution of dormant foreign entities and this year's diluted earnings per share included a $0.02 tax benefit from the resolution of state tax audits and changes in state tax uncertainties.
Read More:
Worldwide comparable sales were negative 0.7 percent compared to negative 2.4 percent in the same period last year;
U.S. and Canada comparable sales were negative 1.5 percent compared to negative 4.5 percent in the same period last year;
Solid development growth continued with net restaurant count increasing by 59; and
Diluted earnings per share were $0.36, including $0.01 per share of negative impact from currency translation, compared to diluted earnings per share of $0.43 in the same quarter last year. Last year's diluted earnings per share included a $0.07 tax benefit from the dissolution of dormant foreign entities and this year's diluted earnings per share included a $0.02 tax benefit from the resolution of state tax audits and changes in state tax uncertainties.
Read More:
China hotel profitability slumps further
Gross Operating Profit (GOP) levels of the 5-star hotel sector in China have fallen to the lowest level recorded in the eight years the China Hotel Industry Study has been published.
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
Read More:
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
Read More:
Gomes, Casino Veteran, to Buy Resorts Atlantic City
Dennis Gomes, a gambling industry veteran whose career figured in the Martin Scorsese movie “Casino,” agreed to buy Resorts Atlantic City, New Jersey’s oldest casino resort, from a group of creditors.
The purchase is subject to approval by the New Jersey Casino Control Commission and customary closing conditions, Gomes Gaming Inc. said today in a statement. Terms of the purchase weren’t given.
Read More:
The purchase is subject to approval by the New Jersey Casino Control Commission and customary closing conditions, Gomes Gaming Inc. said today in a statement. Terms of the purchase weren’t given.
Read More:
4-yr-old boy develops sores after playing with used condom in hotel room
A family in the US is threatening a lawsuit against a hotel in Atlanta after their 4-year-old son developed sores from a used condom that was found in the room they were staying at.
Attorney Thomas Jones revealed that Chase Del'Shawn Jones was staying with his grandmother, Carmen Jones, and other family members at the Wyndham Garden Hotel on Piedmont Avenue NE in Atlanta on July 31.
Read More:
Attorney Thomas Jones revealed that Chase Del'Shawn Jones was staying with his grandmother, Carmen Jones, and other family members at the Wyndham Garden Hotel on Piedmont Avenue NE in Atlanta on July 31.
Read More:
Somali Gunmen Storm Hotel, 31 Reported Dead
MOGADISHU (Reuters) - Gunmen in army uniforms stormed a hotel in the Somali capital Mogadishu frequented by government officials on Tuesday, killing at least 31 people including legislators, the government said.
Hardline al Shabaab Islamists linked to al Qaeda have been waging an insurgency for three years against the fragile Western-backed government, and control most of Mogadishu. There was no immediate claim of responsibility for the attack.
Read More:
Hardline al Shabaab Islamists linked to al Qaeda have been waging an insurgency for three years against the fragile Western-backed government, and control most of Mogadishu. There was no immediate claim of responsibility for the attack.
Read More:
Monday, August 23, 2010
UCL to launch boutique hotel chain
Pub and restaurant operator, Urban & Country Leisure (UCL), is to launch a new boutique hotel chain in the UK. The first property, the former Globe Hotel in Warwick, now renamed The Lazy Cow, is expected to open later this year.
UCL has invested £1.5 million in the 16-bedroom site, with each bedroom designed and themed by interior design consultancy Tibbatts Kirk Abel. The hotel is part of an aggressive two-year strategy plan that will see UCL open a further ten small boutique hotels. In addition, the group is planning to expand its pub and restaurant estate by opening another 12 sites in 2011/12.
UCL is owned by entrepreneur Ross Saunders who said: “The Lazy Cow is the first of what we hope to establish as a chain of small, intimate, stylish boutique hotels that have a strong accent on quality accommodation, stylish interiors with exceptional food and drink offerings.
“Our aim is to provide the best possible accommodation offering to the tourist, business and destination weekend break markets.”
UCL has invested £1.5 million in the 16-bedroom site, with each bedroom designed and themed by interior design consultancy Tibbatts Kirk Abel. The hotel is part of an aggressive two-year strategy plan that will see UCL open a further ten small boutique hotels. In addition, the group is planning to expand its pub and restaurant estate by opening another 12 sites in 2011/12.
UCL is owned by entrepreneur Ross Saunders who said: “The Lazy Cow is the first of what we hope to establish as a chain of small, intimate, stylish boutique hotels that have a strong accent on quality accommodation, stylish interiors with exceptional food and drink offerings.
“Our aim is to provide the best possible accommodation offering to the tourist, business and destination weekend break markets.”
Blackstone to back investment in China real estate
HONG KONG (MarketWatch) -- U.S. private equity group Blackstone Group /quotes/comstock/13*!bx/quotes/nls/bx (BX 10.58, +0.40, +3.93%) will back a plan by Hong Kong luxury property developer Great Eagle Holdings /quotes/comstock/22h!e:41 (HK:41 20.45, 0.00, 0.00%) to build more than 1,000 new homes and 400 hotel rooms in the coastal city of Dalian
Read More:
Read More:
Hotelier starts court action against Anglo Irish Bank’s receivership
Businessman Hugh O’Regan has begun legal proceedings against Anglo Irish Bank, which has appointed a receiver over a number of his assets, including the Morrison Hotel.
The hotelier lodged the High Court action against the bank in recent weeks after it obtained a €37.4 million judgment against him. O’Regan is taking the case in his own name, and not through any company.
O’Regan has not yet filed any documents outlining his grievance or the cause of the action.
Read More:
The hotelier lodged the High Court action against the bank in recent weeks after it obtained a €37.4 million judgment against him. O’Regan is taking the case in his own name, and not through any company.
O’Regan has not yet filed any documents outlining his grievance or the cause of the action.
Read More:
Benihana sales increase 4.2%
by Eric Hertha
August 23, 2010
Benihana Inc., operator of the nation’s largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales and comparable restaurant sales for the first four weeks (July 19 - August 15, 2010) of the second fiscal quarter 2011 compared to the same four-week period for the second fiscal quarter 2010 (July 20 - August 16, 2009). These results demonstrate continued positive momentum resulting from the company’s implementation of its renewal program.
Total restaurant sales increased 4.2% to $25.2 million from $24.2 million, while Company-wide comparable restaurant sales increased 4.3%, representing the 6th consecutive period with comparable restaurant sales increases. By concept, comparable restaurant sales increased 7.3% at Benihana teppanyaki, while the impact of macro-economic weakness caused decreases of 1.2% at RA Sushi and 0.6% at Haru. There were a total of 388 store-operating weeks during the first four weeks of the second fiscal quarter 2011 compared to a total of 393 store-operating weeks during the first four weeks of the second fiscal quarter 2010.
Richard C. Stockinger, Chief Executive Officer and President, said, “We are pleased with the traffic gains (up 9.7%) at Benihana teppanyaki, which drove our sales momentum during the four-week period. Our renewal program continues to result in visits by both new and lapsed guests to our flagship brand. Our Chef’s Table email database, which since its introduction in April 2009 has grown to approximately 1.2 million subscribers, and our Chef’s Special promotions during the period, featuring ‘shrimp and chicken for 2’ for $35 and ‘hibachi steak for 2’ for $37, also proved effective in encouraging guests to enjoy our Benihana teppanyaki restaurants. While renewed softness in the overall economy led to a sequential slowdown at RA Sushi and Haru from the first fiscal quarter, we are encouraged that both brands were off only marginally from year-ago sales levels.”
August 23, 2010
Benihana Inc., operator of the nation’s largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales and comparable restaurant sales for the first four weeks (July 19 - August 15, 2010) of the second fiscal quarter 2011 compared to the same four-week period for the second fiscal quarter 2010 (July 20 - August 16, 2009). These results demonstrate continued positive momentum resulting from the company’s implementation of its renewal program.
Total restaurant sales increased 4.2% to $25.2 million from $24.2 million, while Company-wide comparable restaurant sales increased 4.3%, representing the 6th consecutive period with comparable restaurant sales increases. By concept, comparable restaurant sales increased 7.3% at Benihana teppanyaki, while the impact of macro-economic weakness caused decreases of 1.2% at RA Sushi and 0.6% at Haru. There were a total of 388 store-operating weeks during the first four weeks of the second fiscal quarter 2011 compared to a total of 393 store-operating weeks during the first four weeks of the second fiscal quarter 2010.
Richard C. Stockinger, Chief Executive Officer and President, said, “We are pleased with the traffic gains (up 9.7%) at Benihana teppanyaki, which drove our sales momentum during the four-week period. Our renewal program continues to result in visits by both new and lapsed guests to our flagship brand. Our Chef’s Table email database, which since its introduction in April 2009 has grown to approximately 1.2 million subscribers, and our Chef’s Special promotions during the period, featuring ‘shrimp and chicken for 2’ for $35 and ‘hibachi steak for 2’ for $37, also proved effective in encouraging guests to enjoy our Benihana teppanyaki restaurants. While renewed softness in the overall economy led to a sequential slowdown at RA Sushi and Haru from the first fiscal quarter, we are encouraged that both brands were off only marginally from year-ago sales levels.”
Huddle House, Inc. Announces the Resignation of CEO
By: Eric Hertha
August 23 2010
Huddle House, an Atlanta-based 400-plus-unit family diner chain, has announced the resignation of Chief Executive Officer Phil Greifeld.
Greifeld joined Huddle House in 1995 and spent nearly 12 years leading the Huddle House brand as its CEO. Greifeld stepped down from his role as President and CEO to pursue other opportunities.
Ken Keymer, current Huddle House Board Director and former CEO of VICORP Restaurants, Inc. (parent company of Village Inn and Baker's Square) and former CEO of AFC Enterprises, (parent company of Popeyes' Famous Fried Chicken) will take over as interim CEO.
"We are thankful for Phil Greifeld's commitment to the Huddle House brand throughout his long tenure and we wish him success in his new endeavor," Keymer said.
August 23 2010
Huddle House, an Atlanta-based 400-plus-unit family diner chain, has announced the resignation of Chief Executive Officer Phil Greifeld.
Greifeld joined Huddle House in 1995 and spent nearly 12 years leading the Huddle House brand as its CEO. Greifeld stepped down from his role as President and CEO to pursue other opportunities.
Ken Keymer, current Huddle House Board Director and former CEO of VICORP Restaurants, Inc. (parent company of Village Inn and Baker's Square) and former CEO of AFC Enterprises, (parent company of Popeyes' Famous Fried Chicken) will take over as interim CEO.
"We are thankful for Phil Greifeld's commitment to the Huddle House brand throughout his long tenure and we wish him success in his new endeavor," Keymer said.
Hotel thief caught red-handed on CCTV escapes trial due to 'lack of evidence'
A hooded man filmed trying to burgle a hotel and then caught red-handed by police at the scene has escaped prosecution - because of a lack of evidence.
The 26-year-old was one of two men caught on CCTV trying to break into a closed bar area after walking into the hotel.
They were also filmed sneaking into an empty bedroom where they ripped a 32-inch LCD TV from the wall and wrapped it in a bed sheet.
Read More:
The 26-year-old was one of two men caught on CCTV trying to break into a closed bar area after walking into the hotel.
They were also filmed sneaking into an empty bedroom where they ripped a 32-inch LCD TV from the wall and wrapped it in a bed sheet.
Read More:
Atlanta ATM thieves drop cash machine outside hotel
Atlanta police spokesman Otis Redmond told the AJC that officers responded to a 3:40 a.m. call about several men trying to remove the ATM from the lobby of the Biltmore Hotel building on West Peachtree Street.
"Upon arriving at the scene, police observed the ATM lying outside of the location," Redmond said. "Witnesses advised police that the males couldn't load the machine onto the truck they had backed up to the location."
Read More:
"Upon arriving at the scene, police observed the ATM lying outside of the location," Redmond said. "Witnesses advised police that the males couldn't load the machine onto the truck they had backed up to the location."
Read More:
