Can the Playboy Bunnies keep the Sagamore out of foreclosure?
That's the question hanging over one of South Beach's most fashionable hotels as it pursues a licensing deal to open the only Playboy Club outside of Las Vegas.
Wednesday, December 9, 2009
Troubled pub operator Pubs 'n' Bars goes into administration
Troubled pub operator Pubs 'n' Bars has gone into administration
David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
Read more:
David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton have been appointed as administrators of the firm, which runs 87 "community pubs" in the South East.
The move comes days after the AIM-listed firm requested that trading in its shares be suspended.
In September the Pubs 'n' Bars' subsidiary Moorgate Taverns, which held an estate of ten freehold public houses, was put into administration.
Read more:
Morgans Hotel Group says it is prepared to surrender Mondrian Scottsdale hotel to lenders
NEW YORK (AP) — Morgans Hotel Group Co. said Tuesday it has failed to reach a deal with lenders on restructuring terms of its loan on a Scottsdale, Ariz., hotel and is prepared to surrender the Mondrian property to the lenders.
New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
Read more:
New York-based Morgans Hotel stopped paying its $40 million mortgage and mezzanine loans on the property in June. The loans, which had been due June 1, are secured by its interests in the Scottsdale hotel.
Read more:
CKE Restaurants(R) Announces Third Quarter Fiscal 2010 Results
CARPINTERIA, Calif., Dec 08, 2009 (BUSINESS WIRE) -- CKE Restaurants, Inc. (NYSE:CKR) announced today third quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended November 2, 2009.
Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
Read more:
Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.
Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.
The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.
Total quarterly revenue was $324.2 million, a decline of 3.7%.
Read more:
Lender files for foreclosure on Hotel Ivy
Dougherty Funding has begun foreclosure proceedings on the Hotel Ivy and condominiums in downtown Minneapolis.
Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
Read more:
Minneapolis-based Dougherty filed two suits against the owners in Hennepin County district court Nov. 17 to start the proceedings. One action was related to the hotel and the other was for the condo tower
Read more:
Yum Confirms '09 Earnings Outlook
(NYSE: YUM - News), the parent of the KFC, Taco Bell and Pizza Hut fast-food chains, reiterated its fiscal 2009 earnings per share growth forecast of 12%, excluding one-time items, helped by commodity deflation, lower effective tax rate and the addition of 1,400 new units in China and other international markets.
Read more:
Read more:
Dubai World loses control of New York hotel
NEW YORK (AP) - Dubai World's investment arm, Istithmar, lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
Read More:
One of the hotel's interim lenders, a private equity firm called LEM Mezzanine, acquired the 270-room hotel for $2 million, according to Dow Jones. The sale was another financial blow to Istithmar, which acquired the hotel in October 2006 for $285 million, according to Real Capital Analytics, a data tracking firm.
Read More:
Tuesday, December 8, 2009
Vail Resorts Reports Fiscal 2010 First Quarter Results and Early Season Indicators
Highlights
-- Resort Reported EBITDA, which includes our Mountain and Lodging
segments, for the first quarter improved from the prior year by $0.8
million, or 2.0%, due in part to the favorable impact of cost savings
initiatives implemented subsequent to the prior year first quarter.
-- Total revenue and Real Estate Reported EBITDA declined and net loss was
greater for the first quarter compared to the prior year due to the
timing of real estate project closings.
-- Net Debt leverage ratio of 2.4 times trailing twelve months Total
Reported EBITDA and no revolver borrowings under the Company's $400
million senior credit facility as of October 31, 2009.
-- Season pass sales to date, including the Epic Season Pass, up
approximately 11% in units and approximately 9% in sales dollars
compared to the same time period in the prior year.
Read more:
-- Resort Reported EBITDA, which includes our Mountain and Lodging
segments, for the first quarter improved from the prior year by $0.8
million, or 2.0%, due in part to the favorable impact of cost savings
initiatives implemented subsequent to the prior year first quarter.
-- Total revenue and Real Estate Reported EBITDA declined and net loss was
greater for the first quarter compared to the prior year due to the
timing of real estate project closings.
-- Net Debt leverage ratio of 2.4 times trailing twelve months Total
Reported EBITDA and no revolver borrowings under the Company's $400
million senior credit facility as of October 31, 2009.
-- Season pass sales to date, including the Epic Season Pass, up
approximately 11% in units and approximately 9% in sales dollars
compared to the same time period in the prior year.
Read more:
Pyramid Hotels & Resorts files for $275 mln IPO
NEW YORK, Dec 7 (Reuters) - Luxury hotelier Pyramid Hotels & Resorts Inc on Monday filed for an initial public offering that it hopes will raise $275 million.
The Massachusetts-based company, which acquires and invests in luxury and top-end hotels, currently manages 52 hotels including nine spas and 18 golf courses in the United States, according to a filing with the U.S. Securities and Exchange Commission.
Read more:
The Massachusetts-based company, which acquires and invests in luxury and top-end hotels, currently manages 52 hotels including nine spas and 18 golf courses in the United States, according to a filing with the U.S. Securities and Exchange Commission.
Read more:
Pubs close in Scotland over licensing chaos
A deadline of 1 December was set for venues to submit names and details of new premises managers. If Licensing Boards’ records showed this had not been done, licences were automatically revoked.
A spokesman for Aberdeen City Council said: “Twenty one premises have yet to advise licensing of the name and details of their premises managers.
Read more:
A spokesman for Aberdeen City Council said: “Twenty one premises have yet to advise licensing of the name and details of their premises managers.
Read more:
Carluccio’s reports fall in profits but says consumer confidence is rising
Italian restaurant group Carluccio's today revealed full-year profits had fallen, but said there have been signs of improved consumer confidence in recent weeks.
Adjusted pre-tax profits for the 12 months to 27 September fell to £4.7m from £5.6m last year as costs rose, partly due to a weak exchange rate and higher utility costs. Turnover was up to £69m from £64.1m as expansion continued.
Read more:
Adjusted pre-tax profits for the 12 months to 27 September fell to £4.7m from £5.6m last year as costs rose, partly due to a weak exchange rate and higher utility costs. Turnover was up to £69m from £64.1m as expansion continued.
Read more:
Monday, December 7, 2009
Accorhotels.com Launches iPhone Application
Accorhotels.com Launches iPhone Application
Customers are now able to make reservations at 3,000 Accor hotels worldwide directly from an iPhone
(PRWEB) December 6, 2009 -- As of today, accorhotels.com is providing iPhone users with free access to an application that will enable them to reserve a room in any of 3,000 Sofitel, Pullman, MGallery, Mercure, Novotel, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1 and hotelF1 hotels, directly from their iPhone.
Read more:
Customers are now able to make reservations at 3,000 Accor hotels worldwide directly from an iPhone
(PRWEB) December 6, 2009 -- As of today, accorhotels.com is providing iPhone users with free access to an application that will enable them to reserve a room in any of 3,000 Sofitel, Pullman, MGallery, Mercure, Novotel, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1 and hotelF1 hotels, directly from their iPhone.
Read more:
Sunday, December 6, 2009
Costa Mesa's Wyndham Hotel Sells for $21M
The Wyndham Orange County hotel in Costa Mesa’s arts district has been sold at a foreclosure auction, trading hands at half of what the property was valued at three years ago.
Rosanna Inc., a real estate developer and investor that state records show as being based in Irvine, bought the 238-room hotel for $21 million at an auction held late last month.
Read more:
Rosanna Inc., a real estate developer and investor that state records show as being based in Irvine, bought the 238-room hotel for $21 million at an auction held late last month.
Read more:
Experts predict Las Vegas Sands casino will dominate Singapore market
The world’s newest gaming venue will be halfway around the world — with a Las Vegas company in the center of the competition.
Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
Read more:
Experts are saying Las Vegas Sands’ Marina Bay Sands will likely be the more visible and more enduring property of two that will open in Singapore in early 2010.
Read more:
