LAS VEGAS - Owners of the Hard Rock Cafe restaurant chain are suing owners of the Hard Rock Hotel & Casino in Las Vegas over its name, saying the casino's party image has damaged the moniker enough to justify ending a 14-year-old licensing agreement.
Lawyers for Orlando-based Hard Rock Cafe International Inc. said in the lawsuit filed Tuesday in federal court in New York that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.
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Monday, September 27, 2010
Strategic Hotels & Resorts Signs Agreement to Sell the InterContinental Prague
By Eric Hertha - Hospitality Business News
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Saturday, September 25, 2010
Hilton: Revenue from mobile apps soaring 200% monthly
The surge that Hilton Worldwide has seen this year in its iPhone application downloads and mobile room bookings surprises even Chuck Sullivan, the company's senior vice president of global online services.
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Arizona J.W. Marriott is delinquent on $165 million in mortgage payments
Southern Arizona’s largest resort, the 575-room J.W. Marriott Starr Pass Resort, is delinquent on $165 million in mortgage payments. To avoid a foreclosure, owner Signature Properties International is trying to work out a loan modification with lenders, according to Realpoint, a national credit-rating company.
Realpoint reports Signature Properties’ first attempt to modify its mortgages was rejected. Neither was the company able to find new financing to replace the maturing loans.
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Realpoint reports Signature Properties’ first attempt to modify its mortgages was rejected. Neither was the company able to find new financing to replace the maturing loans.
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Morgans says Hard Rock lawsuit 'is without merit'
A day after owners of the Orlando-based Hard Rock Cafe restaurant chain sued the ownership of the Hard Rock Hotel and Casino in Las Vegas over its name, New York-based Morgans Hotel Group responded.
Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Sudanese diplomats scuffle at Iranian NYC event held at the Hilton
NEW YORK — Sudanese diplomats scuffled with security workers at the hotel where the Iran delegation is staying during the U.N. General Assembly's annual meeting, police said Friday.
Iran hosted an event Thursday evening at the Hilton Manhattan East Hotel near the United Nations. Members of the Sudanese delegation wanted to speak to Iran officials, and about 30 went to the hotel.
Some balked at going through the metal detector and started pushing and shoving each other, Police Commissioner Raymond Kelly said. It's not clear who started pushing or whether Iranian officials were involved in the scuffle.
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Iran hosted an event Thursday evening at the Hilton Manhattan East Hotel near the United Nations. Members of the Sudanese delegation wanted to speak to Iran officials, and about 30 went to the hotel.
Some balked at going through the metal detector and started pushing and shoving each other, Police Commissioner Raymond Kelly said. It's not clear who started pushing or whether Iranian officials were involved in the scuffle.
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Chatham buys hotel portfolio for $61 million
Chatham Lodging Trust said Friday it has completed the acquisition of a hotel in White Plains, N.Y., that's part of a $61 million property portfolio purchased by the hotel operator.
The 133-suite Residence Inn by Marriott was the last of four hotels in the portfolio.
Chatham has now acquired 11 hotels and has two hotels under contract since its initial public offering in April.
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The 133-suite Residence Inn by Marriott was the last of four hotels in the portfolio.
Chatham has now acquired 11 hotels and has two hotels under contract since its initial public offering in April.
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Biltmore Hotel audit offers insights into dealings with city
A new audit says the Biltmore Hotel owes Coral Gables millions in unpaid rent and other charges. But both sides said they will focus on the bigger picture: a deal that ensures the long-term sustainability of the hotel and protects the city's interests as landlord.
``The audit is static for me,'' said City Commissioner Maria Anderson. ``I will bypass it and try to work on the future. My main focus is to get us back on track as partners, and that includes paying the rent and management fees.''
The hotel's relationship with the city soured in April 2009, when it stopped paying rent and unsuccessfully sought to credit historic preservation expenses against the rent as its revenues and profits dropped.
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``The audit is static for me,'' said City Commissioner Maria Anderson. ``I will bypass it and try to work on the future. My main focus is to get us back on track as partners, and that includes paying the rent and management fees.''
The hotel's relationship with the city soured in April 2009, when it stopped paying rent and unsuccessfully sought to credit historic preservation expenses against the rent as its revenues and profits dropped.
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Friday, September 24, 2010
Turning to Twitter to fix restaurant complaints
CHICAGO — When Tony Bosco saw mostly negative reviews about the restaurant Wow Bao, he Tweeted: "Going to 'business' dinner (at)Wow Bao. Can any1 tell me if it's going to suck as much reviews suggest."
And almost immediately he got a response from an unexpected source — BaoMouth, the official Twitter feed of Wow Bao, an upscale fast food place in Chicago. The restaurant offered him a coupon to find out for himself, on the house.
Wow Bao sent Bosco two $15 gift cards via an iPhone app, and Bosco went the next night, posting pictures of the food on Twitter.
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And almost immediately he got a response from an unexpected source — BaoMouth, the official Twitter feed of Wow Bao, an upscale fast food place in Chicago. The restaurant offered him a coupon to find out for himself, on the house.
Wow Bao sent Bosco two $15 gift cards via an iPhone app, and Bosco went the next night, posting pictures of the food on Twitter.
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Restaurants Rap State on Tipping Rules .
New York restaurants say new state guidelines on workers' tips and pay are long overdue and could help clarify a Byzantine system they believe has led to an increasing number of lawsuits alleging unfair wage practices.
Former New York State Labor Commissioner M. Patricia Smith, who now works for the U.S. Labor Department, issued a set of recommended changes for the state in November. Nearly a year later, Albany has yet to act on the recommendations, leading to mounting frustration in the industry.
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Former New York State Labor Commissioner M. Patricia Smith, who now works for the U.S. Labor Department, issued a set of recommended changes for the state in November. Nearly a year later, Albany has yet to act on the recommendations, leading to mounting frustration in the industry.
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DineEquity’s 3Q Same-Store Sales Up
DineEquity Inc. (DIN - Snapshot Report), operating under the Applebee's Neighborhood Grill & Bar and IHOP brands, announced a preview of its same-store sales results for third quarter 2010. The company indicated that comparable sales in the chain of restaurants under both the brands are on a rising trend.
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Thursday, September 23, 2010
Ruby Tuesday to open up to 200 Mexican eateries
Ruby Tuesday has inked a deal that will allow it to open and operate up to 200 fast-casual Mexican restaurants.
The Maryville-based restaurant operator signed a licensing agreement last week with LFMG International LLC for the development rights to South Florida-based Lime Fresh Mexican Grill.
The move into fast casual gives Ruby Tuesday, a casual dining chain with more than 850 company and franchise-owned locations, entry into a segment that has been the fastest growing in the restaurant industry.
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The Maryville-based restaurant operator signed a licensing agreement last week with LFMG International LLC for the development rights to South Florida-based Lime Fresh Mexican Grill.
The move into fast casual gives Ruby Tuesday, a casual dining chain with more than 850 company and franchise-owned locations, entry into a segment that has been the fastest growing in the restaurant industry.
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Hard Rock brand sues, cites Rehab behavior at Las Vegas hotel
The owner of the international Hard Rock brand no longer wants its name associated with the Las Vegas Hard Rock hotel-casino and is suing to cancel their licensing agreement, citing negative publicity from the Rehab pool parties and reality TV series.
Orlando-based Hard Rock Cafe International (USA) Inc. (HRCI) sued the owners of the Las Vegas hotel as well as Rehab's producer and broadcaster Tuesday in federal court in New York
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Orlando-based Hard Rock Cafe International (USA) Inc. (HRCI) sued the owners of the Las Vegas hotel as well as Rehab's producer and broadcaster Tuesday in federal court in New York
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New York Helmsley hotel up for sale
Separately, another piece of the once-vast Helmsley real estate empire is on the sales block.
The New York Helmsley hotel, at 212 E. 42nd St., has just been listed and could fetch over $300 million, The Post has learned.
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The New York Helmsley hotel, at 212 E. 42nd St., has just been listed and could fetch over $300 million, The Post has learned.
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Detroit Omni to close
The Omni Detroit Hotel will cease operations Oct. 12 as the hotel’s owner wants to “focus on other properties.”
The 108-room hotel has been up for sale since the beginning of the year, with a plan to close unless a sale is under contract, said Caryn Kboudi, vice president of corporate communications for Irving, Texas-based Omni Hotels & Resorts, which operates 45 hotels in North America.
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The 108-room hotel has been up for sale since the beginning of the year, with a plan to close unless a sale is under contract, said Caryn Kboudi, vice president of corporate communications for Irving, Texas-based Omni Hotels & Resorts, which operates 45 hotels in North America.
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