Sept. 7 (Bloomberg) -- Whitbread Plc, the operator of the Premier Inn budget-hotel chain, rose the most in more than 10 years in London trading as sales at its Costa Coffee unit increased, and the company said it would meet profit estimates.
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Monday, September 7, 2009
Sunday, September 6, 2009
Saturday, September 5, 2009
Whitbread to end its final salary pension for all staff
Whitbread, the owner of the Costa coffee and Premier Inn chains, yesterday became the latest company to cut into workers’ pension provision as it outlined plans to shut its generous final-salary scheme to existing staff.
The leisure group said that 800 employees, or about 3 per cent of the workforce, would be affected.
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The leisure group said that 800 employees, or about 3 per cent of the workforce, would be affected.
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No buyer, no chef and a €50 million legal wrangle for Hôtel de Crillon in Paris
It is the grandest hotel in France, with suites costing up to €8,220 (£7,150) a night and a register signed by the likes of King George V, Sir Winston Churchill and Charlie Chaplin.
But Hôtel de Crillon in Paris is in limbo — lacking a chef for its Michelin-starred restaurant and awaiting a renovation — amid a legal wrangle over its sale by its US owner Starwood Capital, the investment firm.
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But Hôtel de Crillon in Paris is in limbo — lacking a chef for its Michelin-starred restaurant and awaiting a renovation — amid a legal wrangle over its sale by its US owner Starwood Capital, the investment firm.
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INNSUITES HOSPITALITY TRUST (IHT) REPORTS FIRST QUARTER EARNINGS
Adjusted EBITDA declined by 35.5% from $2.2 million to $1.4 million
Net income attributable to Shares of Beneficial Interest decreased to $532,000, or $0.06 per basic share, for the three months ended April 30, 2009 from $1.5 million, or $0.16 per basic share, for the three months ended April 30, 2008, primarily due to a decline in revenue due to lower occupancy and an increase of $479,000 in depreciation expense.
Revenues for the first quarter of fiscal 2010 of $5.5 million were down $1.3 million, or 19.0%, compared to $6.8 million in the prior year period, reflecting the current economic environment.
The Trust continues to proactively review and reduce operating expenses to offset declining revenue.
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Net income attributable to Shares of Beneficial Interest decreased to $532,000, or $0.06 per basic share, for the three months ended April 30, 2009 from $1.5 million, or $0.16 per basic share, for the three months ended April 30, 2008, primarily due to a decline in revenue due to lower occupancy and an increase of $479,000 in depreciation expense.
Revenues for the first quarter of fiscal 2010 of $5.5 million were down $1.3 million, or 19.0%, compared to $6.8 million in the prior year period, reflecting the current economic environment.
The Trust continues to proactively review and reduce operating expenses to offset declining revenue.
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Krispy Kreme Reports Operating Income of $2.9 Million for the Second Quarter of Fiscal 2010 -- Net Income Nears Breakeven
Second Quarter Highlights:
-- Operating income for the second quarter was $2.9 million compared to an
operating loss of $1.0 million in the second quarter last year
-- The Company posted a net loss of $157,000 in the second quarter (nil per
share) compared to a net loss of $1.9 million ($0.03 per share) in the
second quarter last year
-- Same store sales at Company-owned stores rose 5.9% year-over-year in the
second quarter, compared to a gain of 2.1% in the first quarter this
year and a decline of 4.1% in the second quarter last year
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-- Operating income for the second quarter was $2.9 million compared to an
operating loss of $1.0 million in the second quarter last year
-- The Company posted a net loss of $157,000 in the second quarter (nil per
share) compared to a net loss of $1.9 million ($0.03 per share) in the
second quarter last year
-- Same store sales at Company-owned stores rose 5.9% year-over-year in the
second quarter, compared to a gain of 2.1% in the first quarter this
year and a decline of 4.1% in the second quarter last year
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Friday, September 4, 2009
Union Calls for Hotel Boycott
The local hotel workers union on Thursday called for a boycott of the Hilton Long Beach hotel, saying the hotel has blocked efforts to unionize the workers.
Unite HERE Local 11 was joined by community activists, religious leaders and local academic figures in announcing the boycott and claimed to have the support of about 90 of the hotel’s total staff of 180.
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Unite HERE Local 11 was joined by community activists, religious leaders and local academic figures in announcing the boycott and claimed to have the support of about 90 of the hotel’s total staff of 180.
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The Greenbrier got its casino license
WHITE SULPHUR SPRINGS - Gov. Joe Manchin presented The Greenbrier Resort with its casino license, calling it "a proud day for the employees and the people in Greenbrier County."
Manchin pointed out that The Greenbrier's license varies from other casino licenses issued by the state because it "has a human resource account built into it." A portion of the receipts will help fund hotel employee benefits.
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Manchin pointed out that The Greenbrier's license varies from other casino licenses issued by the state because it "has a human resource account built into it." A portion of the receipts will help fund hotel employee benefits.
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Debt Clouds Future of Miami's Fabled Fontainebleau
MIAMI -- South Florida's Soffer family, already roiled by the June bankruptcy of its $3 billion Fontainebleau casino-hotel project in Las Vegas, is grappling with troubles at another cornerstone of its $7 billion real-estate empire: The original Fontainebleau hotel in Miami Beach.
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Scottish hotels continue to resist downturn
According to accountancy firm PKF, hotels in Scotland and Wales have both benefited from an increase in the number of Britons opting for 'staycations' this summer as Scottish and Welsh sites saw an 8.6 per cent and 2.1 per cent increase in RevPAR respectively.
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Resorts International is latest hotel default-Fitch
NEW YORK, Sept 3 (Reuters) - Borrowers have defaulted on a $227.9 million loan for three Resorts International hotel-casinos in New Jersey and Mississippi, according to Fitch Ratings, in one of the largest transactions hit by the real estate crisis.
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La Quinta Inns & Suites Launches Free iPhone, iPod Touch App
Finding and booking a La Quinta hotel just got easier for iPhone and iPod Touch users who download the newly released, free La Quinta app at the iTunes App Store. The application quickly and easily finds a La Quinta hotel near a location based on the latest GPS mapping technology. Now anytime, anywhere users can book a room at a La Quinta hotel, change an existing reservation, get driving directions to/from the hotel, view photos and get detailed service and amenity information. In addition, La Quinta Returns members can access their account to earn rewards and book free nights online. To get additional information about a specific hotel, users can click-to-call any hotel directly.
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Las Vegas Sands: Too Big to Fail?
I was a long-term bear on U.S. casinos in 2007, more on the fact that I thought Las Vegas exemplified all the aspects of American consumerism that were going to change - namely excess. [Oct 3, 2007: A Top in Casino Names? Wynn and Las Vegas Sands] [Nov 1, 2007: China Can't Save Las Vegas Sands - It's Getting Crox'd]
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Makena Resort and Maui Prince Hotel Future Brightens As Threat Of Closing Disappears
MAKENA, MAUI—The Maui Prince Hotel and Makena Resort will continue operating and welcomes reservations as new management prepares for transition.
“The threat of closing has disappeared,” said Barry Sullivan, attorney for Wells Fargo Bank, the mortgage lenders trustee. “We are confident there will be a smooth transition to the new resort management company.”
Travel agents are encouraged to continue booking the Maui Prince Hotel and Makena Resort for visitors because there is a plan for uninterrupted operation. All the various interests are in agreement. A Maui court is expected to approve the plan next Tuesday, Sept. 8, 2009.
Hotel guests can look forward to the same unique Maui experience that the Maui Prince
has provided for 26 years. Each of the 310 rooms has a breathtaking ocean view and the hotel amenities are superb.
On October 24, 2009 the hotel and resort looks forward to hosting the XTERRA Makena Beach Trail Run. It is one of the premier events that XTERRA sponsors worldwide each year.
“The North Course has never looked better,” said Erik Johnson, Director of Golf at the Makena Resort. “We are looking forward to hosting the Philadelphia Phillies and Maui’s own 2nd Annual Shane Victorino Celebrity Tournament on November 21, 2009.” The charity tournament is open to all amateurs.
So, the news is good. Maui Prince Hotel and Makena Resort is open, welcoming and ready to accept your reservations.
“The threat of closing has disappeared,” said Barry Sullivan, attorney for Wells Fargo Bank, the mortgage lenders trustee. “We are confident there will be a smooth transition to the new resort management company.”
Travel agents are encouraged to continue booking the Maui Prince Hotel and Makena Resort for visitors because there is a plan for uninterrupted operation. All the various interests are in agreement. A Maui court is expected to approve the plan next Tuesday, Sept. 8, 2009.
Hotel guests can look forward to the same unique Maui experience that the Maui Prince
has provided for 26 years. Each of the 310 rooms has a breathtaking ocean view and the hotel amenities are superb.
On October 24, 2009 the hotel and resort looks forward to hosting the XTERRA Makena Beach Trail Run. It is one of the premier events that XTERRA sponsors worldwide each year.
“The North Course has never looked better,” said Erik Johnson, Director of Golf at the Makena Resort. “We are looking forward to hosting the Philadelphia Phillies and Maui’s own 2nd Annual Shane Victorino Celebrity Tournament on November 21, 2009.” The charity tournament is open to all amateurs.
So, the news is good. Maui Prince Hotel and Makena Resort is open, welcoming and ready to accept your reservations.
