LONDON-The Avingstone Fund, a new London-based vehicle, is to focus on the luxury end of the pan-European hotel market as a 'club' fund. It has so far assembled €310 million of equity commitments and is aiming at €500 million in total.
Hotel real estate dealmakers behind Avingstone are Founder and Chairman David Mongeau and Piers Talalla, who have advised on around €19 billion in hotel deals through their private Avingstone Financial investment bank. A spokesman said that target assets for the fund, launched in September, are four- and five-star properties, with an acquisition or development horizon expected to be around two years, over a fund potential life of around seven years. Two entrepreneurial families have committed €300 million, and discussion are in train with several other institutions, mainly North American, and at least one sovereign wealth fund.
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Saturday, November 21, 2009
Nassau South Ocean foreclosure bid defeated
THE six-month receivership for the disputed $867 million South Ocean redevelopment was discharged by the Supreme Court earlier this week, Tribune Business can exclusively reveal, after a judge dismissed an attempt by one of the property's investors to place it in foreclosure.
Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Justice Stephen Isaacs dismissed the foreclosure action brought by Propco, an investment vehicle owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), on the grounds that the resort's immediate holding company, New South Ocean Development Company, did not have Central Bank of the Bahamas approval - as a foreign-owned entity - to repay its loan debt to Propco.
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Back-up name chosen for Tavern on the Green
Tavern in the Park will be the new name of Tavern on the Green if the city does not win its trademark lawsuit against the famous restaurant's current operators.
Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Dean Poll, who won the new 20-year license to operate the landmark restaurant, registered with the state what he hopes will be the temporary name of the business.
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Lloyds Banking Group to disinvest from Forte hotels
Lloyds Banking Group has decided to withdraw from its joint venture with Sir Rocco Forte’s hotel company, which owes the bank some £380m.Half the debt is in the joint venture, which includes seven of the 13 international hotels in the Rocco Forte Collection, including Brown’s in London.Forte told The Herald: “Part of our hotels business is in joint venture with Bank of Scotland. They have declared the joint venture is no longer core, and over a period of time they would like to disinvest from it.”
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Four injured as rocket hit luxury hotel in Kabul
KABUL, Nov 21 (KUNA) -- Four people suffered injuries as a rocket landed near the Serena luxury hotel in the Afghan capital on Saturday, witnesses said.
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Those injured included a policeman and three other people.
Though no group claimed responsibility for the attack so far, the anti-government Taliban militants are reportedly involved as all luxury hotels, guest houses used for foreigners and other such places are under attack from them.
A day earlier, five guards of a former jihadi commander were killed in an attack on his convoy. Abdul Rab Rasul Sayaf, who is also member of the Afghan parliament, escaped the bid on his life.
Witnesses said the rocket hit the outer wall of the hotel but it did not cause much damages. (end) gk.bs KUNA 211920 Nov 09NNNN
Ky. appeals court upholds $6M verdict in case of McDonald's worker who was strip searched
LOUISVILLE, Ky. (AP) -- A Kentucky appeals court upheld a $6.1 million award to a former fast food worker who was forced to strip in a McDonald's restaurant office after someone called posing as a police officer.
The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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The appellate court on Friday ruled that Illinois-based McDonald's Corp., knew about a series of hoax calls to restaurants around the country, but didn't warn employees before Louise Ogborn was strip searched and sexually assaulted as the result of such a call in 2004.
The appeals court ruled that to reverse the verdict would cut against the weight of the evidence
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Friday, November 20, 2009
Kona Grill, Inc. Announces the Resignation of Mark L. Bartholomay
SCOTTSDALE, Ariz., Nov. 20, 2009 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA - News), an American grill and sushi bar, today accepted the resignation of Mark L. Bartholomay as the Company's Chief Operating Officer. Mr. Bartholomay is leaving Kona Grill to pursue other business and personal interests, effective immediately.
"On behalf of the board of directors, management team, and the entire organization, I want to thank Mark for his dedication and many contributions to Kona Grill over the past few years. We wish him the best in his future endeavors," said Tony Winczewski, Director and Chairman of the Nominating Committee of the Board of Directors.
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"On behalf of the board of directors, management team, and the entire organization, I want to thank Mark for his dedication and many contributions to Kona Grill over the past few years. We wish him the best in his future endeavors," said Tony Winczewski, Director and Chairman of the Nominating Committee of the Board of Directors.
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Bob Evans ups dividend, OKs stock buyback
Hot off a bump in fiscal second-quarter earnings, Bob Evans Farms Inc. told investors it plans to raise its quarterly dividend by more than 10 percent.
The Columbus-based restaurant chain said its board has given the green light to a dividend of 18 cents a share payable Dec. 15 to shareholders of record as of Dec. 4. That’s up 12.5 percent from Bob Evans’ previous 16-cents-a-share dividend
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The Columbus-based restaurant chain said its board has given the green light to a dividend of 18 cents a share payable Dec. 15 to shareholders of record as of Dec. 4. That’s up 12.5 percent from Bob Evans’ previous 16-cents-a-share dividend
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Hilton HHonors increases points required for free stay
Hilton Worldwide quietly announced to members last month that it's raising the number of loyalty points required next year to book a free night for most of its 3,300 hotels.
Starting Jan. 15, 2020, the changes will essentially devalue Hilton HHonors points by about 20% at a time when road warriors are traveling less and trying to make the best use of their loyalty rewards. The topic has been creating a buzz among frequent travelers on Flyertalk.com, and this morning, among USA TODAY road warriors.
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Starting Jan. 15, 2020, the changes will essentially devalue Hilton HHonors points by about 20% at a time when road warriors are traveling less and trying to make the best use of their loyalty rewards. The topic has been creating a buzz among frequent travelers on Flyertalk.com, and this morning, among USA TODAY road warriors.
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Thursday, November 19, 2009
Another Credit Card Fee Is About to Fly
Another fee is coming in the new year for airline and hotel customers — this time from your credit card company. The message: Pay your bill on time or forfeit the miles or points you thought you earned for making purchases on your card during that month. To get the rewards back, it's going to cost you.
American Express Co. is sending notices to customers who hold its cobranded cards with Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, that beginning in January rewards won't be transferred to loyalty accounts with those partners if you are late paying your bill.
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American Express Co. is sending notices to customers who hold its cobranded cards with Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, that beginning in January rewards won't be transferred to loyalty accounts with those partners if you are late paying your bill.
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Starwood Hotels to Move Headquarters to Connecticut
Nov. 18 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc., the third-largest U.S. lodging company, plans to move its headquarters to Stamford, Connecticut.
The company will move from White Plains, New York, into an existing structure in downtown Stamford in January 2012, Governor M. Jodi Rell said in a statement today.
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The company will move from White Plains, New York, into an existing structure in downtown Stamford in January 2012, Governor M. Jodi Rell said in a statement today.
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Wednesday, November 18, 2009
Upscale McDonald's brings European style to NYC
A McDonald's in midtown Manhattan became the first in the U.S. this fall to undergo a sleek, European-style makeover similar to what McDonald's has done at thousands of outlets around in France and the United Kingdom.
The eatery is outfitted with outlets for plugging in laptops, upholstered vinyl chairs instead of Fiberglas seats bolted to the floor, subdued lighting and employees whose all-black uniforms suggest a hip boutique.
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The eatery is outfitted with outlets for plugging in laptops, upholstered vinyl chairs instead of Fiberglas seats bolted to the floor, subdued lighting and employees whose all-black uniforms suggest a hip boutique.
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Jack in the Box Inc. Reports Fourth Quarter and FY 2009 Earnings; Issues Guidance for FY 2010
SAN DIEGO--(BUSINESS WIRE)--Nov. 18, 2009-- Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $40.6 million, or 70 cents per diluted share, for the fourth quarter ended Sept. 27, 2009, compared with earnings from continuing operations of $26.1 million, or 45 cents per diluted share, for the fourth quarter of fiscal 2008. For fiscal 2009, earnings from continuing operations totaled $131.0 million, or $2.27 per diluted share, compared with $118.2 million, or $1.99 per diluted share in fiscal 2008. Both the fourth quarter of 2008 and fiscal year 2008 included a negative impact of approximately 4 to 5 cents per diluted share for losses and costs related to Hurricane Ike.
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Famed Fontainebleau Miami Beach in Debt Trouble
Times are tough out there financially and even the beloved and famous landmark Fontainebleau Miami Beach now faces an uncertain future amid debt problems
Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Just 12 short months ago the Fontainebleau Miami Beach's $650 million makeover was drawing A-list celebrities. Today the posh hotel is in debt to contractors who say they are still owed money to the tune of $60 million. Developer Jeffrey Soffer owns half of the hotel venture along with Dubai's investment group, backed by the government, which owns the other half. The group invested $375 million and is now exercising the option to possibly file for Chapter 11
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Trump Creditors Poised to Take Control of Atlantic City Casinos
Nov. 18 (Bloomberg) -- Donald Trump and his daughter Ivanka ended their fight to control bankrupt casino operator Trump Entertainment Resorts Inc., clearing the way for creditors to take over the three New Jersey properties that bear his name.
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