The Irish Hotels Federation (IHF) has negotiated a deal with the unions to cut Sunday pay rates for new hotel workers from double time to time and one third as the industry goes through the worst financial crisis in recent history.
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Wednesday, September 9, 2009
Wyndham Worldwide hires former DineEquity exec as CFO
NEW YORK, Sept 8 (Reuters) - Wyndham Worldwide Corp (WYN.N) on Tuesday announced the appointment of a former DineEquity Inc (DIN.N) executive as its chief financial officer, effective immediately.
Thomas Conforti replaces former CFO Virginia Wilson, who said in June that she would leave the hotel operator in the third quarter to pursue other interests
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Thomas Conforti replaces former CFO Virginia Wilson, who said in June that she would leave the hotel operator in the third quarter to pursue other interests
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Hyatt's IPO: Bad Timing or Family Necessity?
That's the question industry observers are asking as hotel powerhouse Hyatt Hotels prepares to jump into the public markets at a time when the lodging sector has spiraled to lows not seen since the Sept. 11 terrorist attacks.
"Hotels are highly sensitive to economic conditions, labor, cost of living and consumer confidence. So, when times are at the lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young's hospitality advisory practice. "It would appear that this is early in the cycle to have a hotel IPO."
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"Hotels are highly sensitive to economic conditions, labor, cost of living and consumer confidence. So, when times are at the lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young's hospitality advisory practice. "It would appear that this is early in the cycle to have a hotel IPO."
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Genting Singapore plans $1 bln rights issue
SINGAPORE, Sept 9 (Reuters) - Casino operator Genting Singapore said it plans to raise S$1.63 billion ($1.15 billion) in a rights issue to strengthen its finances and raise cash for possible acquisitions.
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Landry's Restaurants Special Committee to Explore Alternative Proposals to Indication of Interest From Tilman J. Fertitta
HOUSTON, Sept. 9 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company") announced today that on August 14, 2009, its Board of Directors appointed a special committee ("Special Committee") comprised solely of independent directors of the Company and authorized the Special Committee to review strategic alternatives for the Company, including a possible sale of the Company. The Special Committee has retained independent legal advisors and engaged Moelis & Company LLC as its financial advisor.
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Marriott signs 21 management contracts in Asia Pac
HONG KONG, Sept 9 (Reuters) - Hotelier Marriott International Inc (MAR.N) said on Wednesday it sees a strong Asia market and had signed 21 hotel and resort management contracts in the Asia Pacific region.
The hotels with a total of about 7,000 rooms are scheduled to open through the end of 2013, expanding Marriott's Asia-Pacific Portfolio to 154 hotels offering 51,500 rooms in 18 countries by the end of 2013, it said in a statement
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The hotels with a total of about 7,000 rooms are scheduled to open through the end of 2013, expanding Marriott's Asia-Pacific Portfolio to 154 hotels offering 51,500 rooms in 18 countries by the end of 2013, it said in a statement
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Sonic Appoints New President of Sonic Restaurants, Inc.
OKLAHOMA CITY--(BUSINESS WIRE)--Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced that Omar Janjua has joined the Company as President of its restaurant operating subsidiary, Sonic Restaurants, Inc. ("SRI"). Janjua was previously Executive Vice President and Chief Operating Officer for Steak 'n Shake Company, where he reported to the Chief Executive Officer and was responsible for the operations of 490 system restaurants with annual revenues of approximately $700 million.
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Tuesday, September 8, 2009
The TOP 100 GLOBAL FRANCHISES
This study ranks the top 100 global franchise companies from the many thousands of franchises around the world. The ranking is based on objective and measurable criteria including system size based on numbers of units, sales revenue for the system, stability and growth of the system, number of years in operation and market expansion. The ranking is also based on the implementation of best practice in the areas of franchisee support and training, environmental policy and social responsibility. Consideration was given as well to the availability of financing to franchisees, and whether it was direct financing, SBA approved or third party financing. The information was gathered from Franchise Disclosure Documents (FDDs), email surveys, telephone interviews and published industry sources.
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The Siegel Group Acquires Distressed St. Tropez Hotel in Las Vegas, Nevada
LAS VEGAS--(BUSINESS WIRE)--The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of the St. Tropez, a 150 room all-suite hotel situated on approximately 4.09 acres of land in Las Vegas, Nevada. The purchase price was $10.5 million with financing provided by the seller which just weeks earlier foreclosed on the property.
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China firm to invest $99m in Baha Mar (Bahamas)
China State Construction Engineering Corporation has committed to investing $99 million in the Baha Mar Resort, The Nassau Guardian has confirmed.
The firm is also finalizing details with Baha Mar officials related to a $1.92 billion construction contract for the planned redevelopment of the Cable Beach strip.
Baha Mar officials, who remain locked in a legal dispute with Harrah's Entertainment, have not yet made any announcement on the specific investment to be made by the Chinese corporation.
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The firm is also finalizing details with Baha Mar officials related to a $1.92 billion construction contract for the planned redevelopment of the Cable Beach strip.
Baha Mar officials, who remain locked in a legal dispute with Harrah's Entertainment, have not yet made any announcement on the specific investment to be made by the Chinese corporation.
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Fraud alleged in Rabuffo development in North Carolina
CASHIERS, N.C. — Banks are foreclosing on lot after lot. A federal magistrate suggests mortgage fraud has been committed. And some of those who bought lots in a controversial western North Carolina subdivision have been accused of fraud.
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Whitbread reins in expenses and cuts costs to ride out storm’s worst
The chief executive of Whitbread, the Premier Inn and Costa coffee shop operator, damped down talk of economic recovery yesterday, insisting he had yet to see any “substantive signs of improvement”.
Alan Parker, who took the helm five years ago, said that it was the “worst recession ever in my experience”, adding: “I’d say we’re bumping along the bottom. There’s good news and bad news but overall we’re not seeing any green shoots. Hopefully we’ll see some improvement in the new year.”
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Alan Parker, who took the helm five years ago, said that it was the “worst recession ever in my experience”, adding: “I’d say we’re bumping along the bottom. There’s good news and bad news but overall we’re not seeing any green shoots. Hopefully we’ll see some improvement in the new year.”
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Starwood looking to sell Societe Du Louvre Hotels piece by piece
The New York Post had a story providing some light into Starwood Capital’s sale of the Crillon hotel in France. Apparently Starwood Capital was in negotiations with JJW Hotels & Resorts – a high end hotel company based in the Middle East to sell the Crillon and nine other hotels from the Societe Du Louvre portfolio. Recently Starwood had instructed their property brokers to look for other sellers as JJW did not pay the entire $214 million deposit. Starwood had doubts that JJW would be able to get the financing to complete the sale of the portfolio as expected.
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Copenhagen: One in three hotels on brink of bankruptcy
Experts predict that hotels, hit hard by the recession, will suffer longer than other industries
A double whammy of recession and excess capacity has up to a third of the city’s hotels in danger of going under in the coming years, reports Berlingske Tidende newspaper.
In addition, half of the 422 hotels reviewed by credit analysis firm Soliditet for the newspaper posted a loss in their last fiscal year.
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A double whammy of recession and excess capacity has up to a third of the city’s hotels in danger of going under in the coming years, reports Berlingske Tidende newspaper.
In addition, half of the 422 hotels reviewed by credit analysis firm Soliditet for the newspaper posted a loss in their last fiscal year.
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