The nation's hotel industry, already struggling to pull out of its worst slump in decades, is now suffering from another loss in revenue because of the booming popularity of cellphones and laptop computers.
In the past, hotel operators could expect to collect extra money by charging guests for in-room phone calls and on-demand movies.
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Saturday, September 4, 2010
LaSalle Acquires Three Hotels for $292.5M
LaSalle Hotel Properties has completed the acquisition of two hotels in Philadelphia and one in San Francisco, while selling off an asset in New Jersey.
The Bethesda, MD-based hospitality REIT acquired the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City from HEI Hotels & Resorts (HEI) for a total of $224 million. HEI will continue to operate the hotels on behalf of LaSalle.
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The Bethesda, MD-based hospitality REIT acquired the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City from HEI Hotels & Resorts (HEI) for a total of $224 million. HEI will continue to operate the hotels on behalf of LaSalle.
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Friday, September 3, 2010
No smoking
Now I would think that any blind person using this facility would have a hard enough time hitting the target, let a lone searching to see if there is a no smoking sign.
picture from http://www.hertha.com/
What went wrong at Burger King
FORTUNE -- It's not yet clear what Burger King's new owner, the Brazilian-backed private equity firm 3G Capital, has in mind for the troubled No. 2 fast-food chain. But a total strategic revamp is in order.
Burger King (BKC), which went public four years ago after its previous private equity owners cashed out, has limped its way through the recession, losing sales and market share even as its far-better-managed rival, McDonald's (MCD, Fortune 500), has thrived. Thriving is what fast-food purveyors are supposed to do during a recession, when diners tend to trade down. But Burger King has stubbornly stuck to a losing strategy, falling further behind with each passing quarter. The result: A loss in share value over the two years up until Tuesday -- just before rumors of the buyout started to float -- of 36%. McDonald's shares over the same period rose 14%.
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Burger King (BKC), which went public four years ago after its previous private equity owners cashed out, has limped its way through the recession, losing sales and market share even as its far-better-managed rival, McDonald's (MCD, Fortune 500), has thrived. Thriving is what fast-food purveyors are supposed to do during a recession, when diners tend to trade down. But Burger King has stubbornly stuck to a losing strategy, falling further behind with each passing quarter. The result: A loss in share value over the two years up until Tuesday -- just before rumors of the buyout started to float -- of 36%. McDonald's shares over the same period rose 14%.
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Workers on one day strike at Toronto Hyatt
A nine-metre inflatable rat bobbed over about 30 striking workers marching Friday outside the Hyatt Regency, home of next week’s Toronto International Film Festival.
The one-day strike is an attempt to force the hotel to deal with “job security, pensions and certain safety issues,” said Althea Porter-Harvey of Local 75 of the union Unite Here.
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The one-day strike is an attempt to force the hotel to deal with “job security, pensions and certain safety issues,” said Althea Porter-Harvey of Local 75 of the union Unite Here.
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Carluccio's agrees to £90.3m takeover offer from Landmark
Italian restaurant chain Carluccio's has agreed to a £90.3m takeover offer from Middle Eastern retail and leisure giant Landmark.
Dubai-based Landmark, which holds the franchise for Carluccio's in the Middle East and owns 5.1% of the group's shares, has offered 142p in cash per share. It said it has irrevocable undertakings or letters of intent from shareholders accounting for 36.5%.
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Dubai-based Landmark, which holds the franchise for Carluccio's in the Middle East and owns 5.1% of the group's shares, has offered 142p in cash per share. It said it has irrevocable undertakings or letters of intent from shareholders accounting for 36.5%.
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Kinseth Hospitality Companies Assumes Management of Two Minnesota
North Liberty, IA., September 2, 2010 – Kinseth Hospitality Companies (KHC), an Iowa based hotel development and management company, announced they began managing the Cambria Suites in Maple Grove, Minnesota, and the Country Inn & Suites and attached Green Mill Restaurant in Woodbury, Minnesota, during the month of August, 2010. In both instances, KHC was selected as a Court Appointed Receiver to operate the properties.
Bruce Kinseth, Senior Vice President of Kinseth Hospitality Companies said, “KHC’s past experience, now managing over 4,700 hotel rooms throughout the Midwest, and our operation of high volume, casual themed restaurants gives us a unique background to bring our hospitality vision to both of the properties we assumed management of in August. We intend to use our hospitality sales and marketing experience to maximize the revenues for both of the properties in the short term.”
Bruce Kinseth comments further, “Given the past success that KHC has as a Court Appointed Receiver and our ability to safe-guard hotel assets for lenders, we have continued to increase the number of hotel management contracts within our portfolio during 2010. We are currently in discussion with other hotel financiers who are in need of an experienced hotel management company.”
Kinseth Hospitality Corporation now owns and/or operates forty-seven hotels and ten chain-affiliated restaurants in ten Midwestern states
Bruce Kinseth, Senior Vice President of Kinseth Hospitality Companies said, “KHC’s past experience, now managing over 4,700 hotel rooms throughout the Midwest, and our operation of high volume, casual themed restaurants gives us a unique background to bring our hospitality vision to both of the properties we assumed management of in August. We intend to use our hospitality sales and marketing experience to maximize the revenues for both of the properties in the short term.”
Bruce Kinseth comments further, “Given the past success that KHC has as a Court Appointed Receiver and our ability to safe-guard hotel assets for lenders, we have continued to increase the number of hotel management contracts within our portfolio during 2010. We are currently in discussion with other hotel financiers who are in need of an experienced hotel management company.”
Kinseth Hospitality Corporation now owns and/or operates forty-seven hotels and ten chain-affiliated restaurants in ten Midwestern states
Thursday, September 2, 2010
Burger King Sold, now here come the Lawyers
September 2, 2010
Today a buyout deal for Burger King Holdings Inc by investment firm 3G Capital, at a value of $24 per share, or about $4 billion, was announced at 9:22AM
Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged. So Burger King went from around $15 on Wednesday to over $23 today. An increase of around 52%
At 10:38AM Tripp Levy PLLC sent out their press release stating:
“The investigation concerns, among other things, whether the consideration to be paid to Burger King shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Burger King. The investigation further concerns whether the directors of Burger King may have breached their fiduciary duties by not acting in Burger King shareholders' best interests in connection with the sale process of Burger King.”
At 11:18AM today the firm of Levi & Korsinsky, LLP sent out their press release stating:
“For the quarter ending June 30, 2010, Burger King reported total revenue of $623 million and net income of $49 million as compared to total revenue and net income of $596.90 million and $41 million, respectively, for the prior quarter. The investigation concerns whether the Burger King Board of Directors breached their fiduciary duties to Burger King stockholders by failing to adequately shop the Company before entering into this transaction and whether 3G is underpaying for Burger King shares, thus unlawfully harming Burger King stockholders.”
At 11:20AM today the firm of Rigrodsky & Long, P.A. sends out their press release stating that
“The investigation concerns whether Burger Kings’s board of directors failed to adequately shop the Company and obtain the best price possible for Burger Kings’s shareholders before entering into the agreement with 3G Capital. Moreover, Burger King Chairman and CEO, John Chidsey, will remain through the transition period in his current capacity and subsequently assume a newly created position of Co-Chairman of the Board.”
All three of the above firms are trying to solicit plaintiffs so that they can collecthuge fees while the plaintiffs walk off with a Burger King Breakfast Sandwich Coupon massive amounts of cash for their major loss .
As part of the agreement with 3G Capital Burger King said “the Company may solicit superior proposals from third parties for a period of 40 calendar days continuing through October 12, 2010. It is not anticipated that any developments will be disclosed with regard to this process unless the Company’s Board of Directors makes a decision with respect to a potential superior proposal. There are no guarantees that this process will result in a superior proposal.”
So if you are a shareholder what do you do? You need to pick one of the firms above so that you can get the money you need to build your retirement fund. After all, it’s the American Way! Obviously #3 took from 9:22 AM to 11:20 , almost 2 hours to get out their release. Do you want to deal with a “number 3” company? Number 2 didn’t do much better. So there is only one pick left. Obviously Tripp Levy must have a “jack rabbit” staff that can fire out Press Releases at a moments notice. Helping the stockholders recoup millions, perhaps billions, of dollars that has been illegally withheld from them is a high priority, I am sure.
So hold the pickles, hold the lettuce all we ask is that you don't forget us, all we want is that you sue them our way. . . .
One question.How much does this cost the company and the shareholders?
Today a buyout deal for Burger King Holdings Inc by investment firm 3G Capital, at a value of $24 per share, or about $4 billion, was announced at 9:22AM
Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged. So Burger King went from around $15 on Wednesday to over $23 today. An increase of around 52%
At 10:38AM Tripp Levy PLLC sent out their press release stating:
“The investigation concerns, among other things, whether the consideration to be paid to Burger King shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Burger King. The investigation further concerns whether the directors of Burger King may have breached their fiduciary duties by not acting in Burger King shareholders' best interests in connection with the sale process of Burger King.”
At 11:18AM today the firm of Levi & Korsinsky, LLP sent out their press release stating:
“For the quarter ending June 30, 2010, Burger King reported total revenue of $623 million and net income of $49 million as compared to total revenue and net income of $596.90 million and $41 million, respectively, for the prior quarter. The investigation concerns whether the Burger King Board of Directors breached their fiduciary duties to Burger King stockholders by failing to adequately shop the Company before entering into this transaction and whether 3G is underpaying for Burger King shares, thus unlawfully harming Burger King stockholders.”
At 11:20AM today the firm of Rigrodsky & Long, P.A. sends out their press release stating that
“The investigation concerns whether Burger Kings’s board of directors failed to adequately shop the Company and obtain the best price possible for Burger Kings’s shareholders before entering into the agreement with 3G Capital. Moreover, Burger King Chairman and CEO, John Chidsey, will remain through the transition period in his current capacity and subsequently assume a newly created position of Co-Chairman of the Board.”
All three of the above firms are trying to solicit plaintiffs so that they can collect
As part of the agreement with 3G Capital Burger King said “the Company may solicit superior proposals from third parties for a period of 40 calendar days continuing through October 12, 2010. It is not anticipated that any developments will be disclosed with regard to this process unless the Company’s Board of Directors makes a decision with respect to a potential superior proposal. There are no guarantees that this process will result in a superior proposal.”
So if you are a shareholder what do you do? You need to pick one of the firms above so that you can get the money you need to build your retirement fund. After all, it’s the American Way! Obviously #3 took from 9:22 AM to 11:20 , almost 2 hours to get out their release. Do you want to deal with a “number 3” company? Number 2 didn’t do much better. So there is only one pick left. Obviously Tripp Levy must have a “jack rabbit” staff that can fire out Press Releases at a moments notice. Helping the stockholders recoup millions, perhaps billions, of dollars that has been illegally withheld from them is a high priority, I am sure.
So hold the pickles, hold the lettuce all we ask is that you don't forget us, all we want is that you sue them our way. . . .
One question.How much does this cost the company and the shareholders?
Hilton say piss-off to Pittsburgh hotel
In the latest blow to the struggling hotel, Hilton Hotels & Resorts announced today that it has terminated its Franchise License Agreement with Shubh Hotels Pittsburgh LLC, the owner of the Downtown hotel.
In a statement, a Hilton spokesman said the decision was made "due to violations of the terms of the Franchise License Agreement." He declined to identify the violations.
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In a statement, a Hilton spokesman said the decision was made "due to violations of the terms of the Franchise License Agreement." He declined to identify the violations.
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Workers picket in front of West Hollywood Hyatt
Protesters try to get people in the Hyatt Andaz hotel to checkout as approximately 100 workers from Local 11 union rally in front of the hotel on Sunset Boulevard in Hollywood.
Workers are complaining about not having a contract for the last eight months, saying Hyatt is using the economy as an excuse to eliminate jobs, reduce hours and forgo raises. Union workers at Hyatt Hotels in Hawaii and Toronto are also striking Thursday
Workers are complaining about not having a contract for the last eight months, saying Hyatt is using the economy as an excuse to eliminate jobs, reduce hours and forgo raises. Union workers at Hyatt Hotels in Hawaii and Toronto are also striking Thursday
HEI Hotels & Resorts Sells Two Philadelphia Hotels to LaSalle Hotel Properties
PHILADELPHIA, Sept. 2 /PRNewswire/ -- HEI Hotels & Resorts (HEI), the nation's fastest growing private owner/operator of hotel real estate, today announced that it has sold two of its Philadelphia hotels, the 294-room Westin Philadelphia and the 288-room Embassy Suites Philadelphia-Center City, to LaSalle Hotel Properties (NYSE: LHO), a leading real estate investment trust (REIT), for an undisclosed amount. Under terms of the deal, brokered by Hodges Ward Elliott, HEI will continue to operate the hotels on behalf of its new owners.
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Wisconsin smoking ban forbids smoking in every hotel room
Unlike most other non-smoking states, Wisconsin in July passed a statewide smoking ban that bans smoking in every hotel guestroom.
In most states that have banned smoking in public places, such as Kansas, the legislation allows hoteliers to exempt a certain percentage of guestrooms.
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In most states that have banned smoking in public places, such as Kansas, the legislation allows hoteliers to exempt a certain percentage of guestrooms.
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Burger King buyout by 3G Capital seen at $24/shr
A buyout deal for Burger King Holdings Inc (BKC.N) by investment firm 3G Capital is being valued at $24 per share, or about $4 billion, cable business channel CNBC reported on Thursday.
Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged.
Burger King has lagged larger rival McDonald's Corp (MCD.N) and other fast food chains as its key customer base takes a deeper hit from persistently high unemployment rates.
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Shares of Burger King, the No. 2 U.S. hamburger chain, surged 23 percent to $23.20 after the report. They had gained nearly 15 percent on Wednesday after news of a potential deal first emerged.
Burger King has lagged larger rival McDonald's Corp (MCD.N) and other fast food chains as its key customer base takes a deeper hit from persistently high unemployment rates.
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$250m resort project on Grand Bahama Island revives
A proposed $250 million resort project long earmarked for Grand Bahama has been revived, Tribune Business has been informed, with the developers in the throes of concluding their Environmental Impact Assessment (EIA) and working through the various government and Grand Bahama Port Authority (GBPA) approvals processes.
Tribune Business's contacts have revealed that the high-end hotel and residential development proposed by London-based property developer, the Raven Group, is back on track and moving forward, having been delayed by both the recession/credit crunch and uncertainty created by the GBPA ownership dispute.
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Tribune Business's contacts have revealed that the high-end hotel and residential development proposed by London-based property developer, the Raven Group, is back on track and moving forward, having been delayed by both the recession/credit crunch and uncertainty created by the GBPA ownership dispute.
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Nassau Bahamas Hilton's shareholders battle over $19m loan
The Boardroom battle at the British Colonial Hilton has been exposed by a ruling that effectively prevents the majority shareholder from refinancing its own $19.09 million bridging loan to the property, something it alleged had created a $3.4 million "net benefit" for the downtown Nassau resort.
The 30-page verdict by Canadian arbitrator Stan Fischer, a copy of which has been obtained by Tribune Business, is a victory for the Hilton's 29 per cent minority investor, the Canadian Commercial Workers Industry Pension Plan (CCWIPP), which had refused to approve the refinancing on the grounds that the Bahamian resort would be unable to generate enough cash flow to pay off the new loan's terms.
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The 30-page verdict by Canadian arbitrator Stan Fischer, a copy of which has been obtained by Tribune Business, is a victory for the Hilton's 29 per cent minority investor, the Canadian Commercial Workers Industry Pension Plan (CCWIPP), which had refused to approve the refinancing on the grounds that the Bahamian resort would be unable to generate enough cash flow to pay off the new loan's terms.
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