The Michelin Guide today names 21 more eateries in New York as offering value for money, adding to a list that includes Momofuku Noodle Bar and the Fatty Crab.
Hecho en Dumbo, a Mexican restaurant on the Bowery, and Fatty ‘Cue, chef Zak Pelaccio’s Malaysian-inspired barbecue joint in Brooklyn, are among those to receive a Bib Gourmand, meaning they offer a good two-course meal and a glass of wine or a dessert for $40 or less.
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Wednesday, September 29, 2010
China's Country Style Cooking Surges After U.S. IPO
Country Style Cooking Restaurant Chain Co. surged 47 percent after the operator of 101 fast-food outlets in China raised 18 percent more than initially sought in its initial public offering.
The company climbed 47 percent to $24.30 in New York Stock Exchange trading today after selling $82.5 million in American depositary receipts at $16.50 apiece yesterday. Country Style Cooking had originally asked for as much as $14 each before increasing its offer price range to $14 to $16 on Sept. 23, the Chongqing, China-based chain’s Securities and Exchange Commission filings showed.
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The company climbed 47 percent to $24.30 in New York Stock Exchange trading today after selling $82.5 million in American depositary receipts at $16.50 apiece yesterday. Country Style Cooking had originally asked for as much as $14 each before increasing its offer price range to $14 to $16 on Sept. 23, the Chongqing, China-based chain’s Securities and Exchange Commission filings showed.
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Jack In The Box To Close 40 Restaurants This Year
(RTTNews) - Restaurant chain operator Jack in the Box Inc. (JACK: News ) Wednesday said it plans to close 40 of its company-operated restaurants prior the close of fiscal year that ends on October 3. The company said the restaurants failed to meet acceptable levels of return on investment in its comprehensive analysis performed during fourth quarter
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Asian hotel group in talks to take control of six star London hotel development
KOP Group is in talks with Stan Thomas’s Thomas Enterprises and lender Lloyds Banking Group to take a controlling stake in a six star hotel development site at 10 Trinity Square close to the Tower of London in the City.
As revealed by Property Week on 31 July 2009 American tycoon Thomas had been trying to find a party to invest equity to start construction of the 490,000 sq ft hotel, spa and flats at the grade II-listed building.
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As revealed by Property Week on 31 July 2009 American tycoon Thomas had been trying to find a party to invest equity to start construction of the 490,000 sq ft hotel, spa and flats at the grade II-listed building.
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Top Police Officer thrown out of restaurant after sending food back
A TOP police worker was thrown out of a country hotel - after sending back a fatty steak.
Rob Shorthouse - director of corporate communications with Strathclyde police - was left stunned when the "crazed chef" ordered him and wife Lindsay out of the West Loch Hotel in Tarbert, Argyll.
And fellow diners claimed the man, who is also the owner, even threatened to call the cops.
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Rob Shorthouse - director of corporate communications with Strathclyde police - was left stunned when the "crazed chef" ordered him and wife Lindsay out of the West Loch Hotel in Tarbert, Argyll.
And fellow diners claimed the man, who is also the owner, even threatened to call the cops.
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Sol Melia sells the Sol Pelicanos Ocas
The hotel company Sol Meliá reported today that it has sold the Sol PelÃcanos Ocas Hotel in Benidorm, Alicante for 73.75 million euros, generating capital gains of 55.6 million euros for the hotel chain.
Sol Meliá will continue to manage the hotel under a 10-year lease agreement and will also retain a preferential purchase option on the hotel.
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Sol Meliá will continue to manage the hotel under a 10-year lease agreement and will also retain a preferential purchase option on the hotel.
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Starwood joins Panama's hotel boom
Starwood Hotels has announced that it is to take its Westin brand into Panama, the latest entrant of a hotel boom that is sweeping the country.
It will open two Westin hotels within the next two years, executives confirmed September 28, both close to Panama City.
The 611-room Westin Playa Bonita Panama will offer three restaurants, several pools and a full service spa, as well as spectacular views of the Pacific Ocean and the Panama Canal.
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It will open two Westin hotels within the next two years, executives confirmed September 28, both close to Panama City.
The 611-room Westin Playa Bonita Panama will offer three restaurants, several pools and a full service spa, as well as spectacular views of the Pacific Ocean and the Panama Canal.
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GuestScan allows hotel owners to share information about "known or potential troublemakers"
Personal data watchdog Privacy International has called for a government investigation into a Bristol based company keeping a national blacklist of nightmare hotel guests.
The new website GuestScan.com allows hotel owners to share information about "known or potential troublemakers" in an online hall of shame which lists the extent of their bad behaviour as well as personal details.
Using the database, hoteliers can identify problem guests in advance, reducing the risk of trashed rooms, non-payment or anti-social behaviour.
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The new website GuestScan.com allows hotel owners to share information about "known or potential troublemakers" in an online hall of shame which lists the extent of their bad behaviour as well as personal details.
Using the database, hoteliers can identify problem guests in advance, reducing the risk of trashed rooms, non-payment or anti-social behaviour.
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Walt Disney Hilton sells for $127M
One of the official partner hotels of Walt Disney World has been sold by the building's longtime owner for $127.2 million.
Tishman Hotel & Realty LP said Tuesday it "decided to take advantage of pent-up demand" for well-performing properties and sold the Hilton Walt Disney World Resort to Hilton Worldwide, which has been managing the hotel for nearly three decades.
"During our nearly 30-year ownership of the hotel, the Hilton posted strong returns and consistently outperformed its competitors," Tishman stated. "We maintain a strong presence in the Orlando hospitality market and continue to own the Walt Disney World Swan and the Walt Disney World Dolphin."
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Tishman Hotel & Realty LP said Tuesday it "decided to take advantage of pent-up demand" for well-performing properties and sold the Hilton Walt Disney World Resort to Hilton Worldwide, which has been managing the hotel for nearly three decades.
"During our nearly 30-year ownership of the hotel, the Hilton posted strong returns and consistently outperformed its competitors," Tishman stated. "We maintain a strong presence in the Orlando hospitality market and continue to own the Walt Disney World Swan and the Walt Disney World Dolphin."
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Tuesday, September 28, 2010
Mortgage Holder on former Pitsbugh Hilton challenges conversion to Wyndham
The company that holds the mortgage on the former Hilton in downtown Pittsburgh is challenging a bid to turn the hotel into a Wyndham Grand.
According to our news partners at the Pittsburgh Post-Gazette, Blackrock Financial Management filed a petition in bankruptcy court on Monday.
They claim a luxury Wyndham Grand is not a qualified franchisor under the loan agreement.
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According to our news partners at the Pittsburgh Post-Gazette, Blackrock Financial Management filed a petition in bankruptcy court on Monday.
They claim a luxury Wyndham Grand is not a qualified franchisor under the loan agreement.
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Monday, September 27, 2010
Abu Dhabi National Hotels Expects Profit Drop
Abu Dhabi National Hotels PSC, the owner of properties managed by Hilton, Le Meridien and Sheraton properties in the United Arab Emirates, expects a decline in profit after an expansion in its asset base.
“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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Need a condom? Check your hotel room’s mini-bar
The Thompson Hotels chain, which includes the Hollywood Roosevelt and the Thompson Beverly Hills, as well as several properties in New York, is selling limited-edition condom packages created by a series of fashion designers.
Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Milford Plaza Hotel to sell for $200M
One of the city's leading real-estate families is close to a deal to sell its shuttered Milford Plaza Hotel to a partnership led by private-equity firm Rockpoint Group LLC for about $200 million, according to people familiar with the matter.
The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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Hard Rock Cafe sues Vegas hotel with same name
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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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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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."
