The owner of the Westin Casuarina Hotel, Casino & Spa in Las Vegas isn’t commenting on how the property is performing during the recession, but real estate watchers say the 826-room property may face foreclosure.
Fitch Ratings today downgraded a class of Wachovia Bank Commercial Mortgage Trust securities issued in 2005, citing several problem loans around the country.
One of the loans that was pooled and sold to investors in the Wachovia securities is secured by the Westin Casuarina on Flamingo Road just east of the Las Vegas Strip.
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Tuesday, November 2, 2010
Pizza chain offers $31,000/hour part-time job
As part of a series of events commemorating the 25th anniversary of its arrival in Japan, Domino's Pizza Japan is set to hire one lucky person at the rate of 2,500,000 yen ($31,030) for an hour's worth of work in December.
A company spokesman declined to provide further details until November 10, but the company's website said that anyone who wants the job will need to file an application. Those passing to the next stage will undergo an interview.Read More:
Las Vegas City Center scrambling to fix financial situation
The massive City Center casino complex opened in Las Vegas last December amid the steepest decline in tourism there in decades. Now, its owners are still scrambling to figure out how to fix the 67-acre development's financial problems.
The $8.7 billion project, with its hotels, condominiums, casino and giant mall designed by Daniel Libeskind, is the largest privately funded construction project in the U.S. It was supposed to usher in a new era of sophistication and urban living in the gaming capital. But it almost collapsed before it opened, and because of its huge scale, its fortunes and those of Las Vegas are closely linked.
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The $8.7 billion project, with its hotels, condominiums, casino and giant mall designed by Daniel Libeskind, is the largest privately funded construction project in the U.S. It was supposed to usher in a new era of sophistication and urban living in the gaming capital. But it almost collapsed before it opened, and because of its huge scale, its fortunes and those of Las Vegas are closely linked.
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Gansevoort New York Tipping Policy Update
November 2, 2010 (Hospitality Business News) In response to a recent news story in the New York Post, Gansevoort Meatpacking NYC clarified today that the bar does not include an automatic 20 percent tip on all beer, wine, and cocktails ordered, and has never done so. "Gansevoort Meatpacking NYC has the utmost respect for its customers and gives them the choice to tip hotel and bar staff as they deem appropriate" , stated a company spokeswoman.
Since its opening this summer, Gansevoort Park Avenue NYC, the newest hotel from the Gansevoort brand, has included a 20 percent gratuity on all bar tabs. the company stated that "as of today, this automatic gratuity has been eliminated. Moving forward, neither Gansevoort property in New York City will include a gratuity on bar bills, and an automatic gratuity will only be added for large parties and bottle service."
Monday, November 1, 2010
Holiday Inn to Turn Bars Into Social Hubs
LAS VEGAS—Now that it is wrapping up a $1 billion overhaul of its 3,400 hotels across the globe, Holiday Inn has turned its attention to its next project: redesigning and expanding its hotel bars to make them livelier.
At its annual conference for franchisees in Las Vegas this week, Holiday Inn parent InterContinental Hotels Group PLC unveiled a preliminary concept it calls the "social hub." The plan makes the bar the center of several Holiday Inn services, including the restaurant, game room and business center.
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At its annual conference for franchisees in Las Vegas this week, Holiday Inn parent InterContinental Hotels Group PLC unveiled a preliminary concept it calls the "social hub." The plan makes the bar the center of several Holiday Inn services, including the restaurant, game room and business center.
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Free coffee at Burger King every Friday in November
Grab a free, 12-ounce cup of Seattle's Best coffee at Burger King every Friday in November. Click to find a participating BK near you to get your free coffee, then click on the link under "Coffee's On At BK." No purchase necessary. One per customer during breakfast hours, which presumably end at 12 noon or thereabouts.
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Plaintiffs Suing McDonald's Over Health Issues Denied Class Status
A federal judge has dealt a blow to plaintiffs seeking class action status for their claims against McDonald's for health problems they allegedly developed by relying on the fast-food giant's claims about the nutritional content of its burgers and fries.
Judge Donald C. Pogue of the U.S. Court of International Trade, sitting in the Southern District by designation, refused to certify a class action brought by regular consumers of Big Macs and other McDonald's fare, saying that each plaintiff presents unique facts as to the elements of causation and injury.
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Judge Donald C. Pogue of the U.S. Court of International Trade, sitting in the Southern District by designation, refused to certify a class action brought by regular consumers of Big Macs and other McDonald's fare, saying that each plaintiff presents unique facts as to the elements of causation and injury.
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No buyers at foreclosure sale of Orlando Econo Lodge
There were no buyers Monday for the Econo Lodge on International Drive, which was part of a foreclosure sale at the Orange County County Courthouse.
The hotel's lender, CWCapital Asset Management, took possession of the property with a nominal bid of $100. No other bids were placed.
The 672-room hotel at 8738 International Drive — which was featured recently on the reality television series Undercover Boss — has been in legal trouble with its lender since January. In October, an Orlando judge issued a final judgment for more than $26 million.
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The hotel's lender, CWCapital Asset Management, took possession of the property with a nominal bid of $100. No other bids were placed.
The 672-room hotel at 8738 International Drive — which was featured recently on the reality television series Undercover Boss — has been in legal trouble with its lender since January. In October, an Orlando judge issued a final judgment for more than $26 million.
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New Hard Rock Hotel and Casino opens in Dominican Republic
A new Hard Rock Hotel & Casino opened today in Punta Cana, Dominican Republic. The November 1 opening was announced last Thursday by Hard Rock International – a joint venture between Hard Rock International and Palace Resorts.
The new hotel and casino is a transformation of what was formerly the Moon Palace Casino, Golf and Spa Resort located on Macao Beach at the eastern tip of the Dominican Republic.
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The new hotel and casino is a transformation of what was formerly the Moon Palace Casino, Golf and Spa Resort located on Macao Beach at the eastern tip of the Dominican Republic.
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Texas Roadhouse, Inc. Announces Third Quarter 2010 Results
Results for the quarter included:
- Comparable restaurant sales increased 4.3% at company restaurants and 4.4% at franchise restaurants;
- Three company restaurants opened;
- Restaurant margins increased 79 basis points to 17.9%;
- Diluted earnings per share increased 28% to $0.19 from $0.15 in the prior year period.
New York Bars start adding gratuity to checks
Big tips are no longer a "thank you" for good service -- they're now mandatory at many of Manhattan's poshest bars.
At the trendy Gansevoort Hotel in the Meatpacking District, bartenders slap a compulsory 20 percent tip on all beer, wine and cocktails ordered at the bar.
That adds $7 to each $35 glass of Veuve Cliquot champagne.
At the Tribeca Grand Hotel, where a double Beefeater gin on the rocks costs a whopping $26, the bartender also includes an extra $4.68 tip -- that's an obligatory 18 percent gratuity -- on your tab.
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At the trendy Gansevoort Hotel in the Meatpacking District, bartenders slap a compulsory 20 percent tip on all beer, wine and cocktails ordered at the bar.
That adds $7 to each $35 glass of Veuve Cliquot champagne.
At the Tribeca Grand Hotel, where a double Beefeater gin on the rocks costs a whopping $26, the bartender also includes an extra $4.68 tip -- that's an obligatory 18 percent gratuity -- on your tab.
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Morton’s Restaurant Group, Inc. Reports Results for Third Quarter 2010
Financial results for the three month period ended October 3, 2010 compared to the three month period ended October 4, 2009
- Revenues increased 3.9% to $66.2 million from $63.7 million.
- Comparable restaurant revenues for Morton’s steakhouses increased 3.2%.
- GAAP net loss from continuing operations was $(2.1) million, or $(0.13) per diluted share, for the three month period ended October 3, 2010 compared to a net loss from continuing operations of $(3.2) million, or $(0.20) per diluted share, for the three month period ended October 4, 2009.
- The three month period ended October 4, 2009 included a charge of $0.7 million after-tax, or $0.05 per diluted share, for a mark-to-market adjustment related to the fair value of the preferred stock that was subsequently issued in February 2010 as part of the fiscal 2009 settlement of certain wage and hour claims.
- Adjusted net loss from continuing operations was $(2.1) million, or $(0.13) per diluted share, for the three month period ended October 3, 2010 compared to an adjusted net loss from continuing operations of $(2.5) million, or $(0.16) per diluted share, for the three month period ended October 4, 2009. (Refer to the reconciliation of adjusted net loss to GAAP net loss in the tables that follow.)
Hilton Worldwide responds to child-trafficking scandal
McLean-based Hilton Worldwide will roll out a code of conduct for preventing child trafficking at its hotels by the end of the year, a company spokeswoman said.
The hotel chain attracted negative press after published reports that the Chinese police found a brothel operating in an independently owned karaoke club in a Hilton hotel in southern China in June.
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The hotel chain attracted negative press after published reports that the Chinese police found a brothel operating in an independently owned karaoke club in a Hilton hotel in southern China in June.
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Sunday, October 31, 2010
Gordon Ramsay's father-in-law speaks out
Even for a man as volatile as Gordon Ramsay, it was a spectacular falling out. Twelve days ago, to the astonishment of everyone, it was announced that the celebrity chef and his chief executive, Chris Hutcheson, had parted company, thereby ending one of the strongest, most notorious, partnerships in the industry.
Hutcheson was not just Ramsay’s initial backer and business mentor, he was his father-in-law and the abrupt severing of ties plunged the family into the type of blood feud that may never be resolved.
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Hutcheson was not just Ramsay’s initial backer and business mentor, he was his father-in-law and the abrupt severing of ties plunged the family into the type of blood feud that may never be resolved.
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Landrys buys Claim Jumper Assets
Hospitality Business News -Claim Jumper Restaurants, LLC announced today that Landry’s Restaurants, Inc. has been selected as the highest and best bidder in a competitive auction held October 28, 2010 for substantially all of its assets. Landry’s final bid has been valued by the Company and the Official Committee of Unsecured Creditors at $76.6 million. The proposed sale to Landry’s is expected to be approved by the Bankruptcy Court in Wilmington, Delaware on November 2, 2010. The transaction is expected to close on a date mutually agreeable to the Company and Landry’s, subject to satisfaction or waiver of customary closing conditions.
