Michael R. Shumsky, recently appointed CEO of CiCi's Pizza, announced in a statement a restructuring plan to better position the company for growth and success in 2010 and beyond. The restructuring has resulted in new organizational realignments to better support CiCi's franchisees, provide an industry leading experience for its guests and own the value position in the pizza segment.
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Friday, January 8, 2010
Marriott: 4Q better than expected in North America
BETHESDA, Md. Marriott International Inc. said Thursday it expects its fourth-quarter revenue per available room in North America to be slightly better than it forecast.
Marriott said the figure, a key measure of a hotelier's fiscal health, fell 13 percent to 14 percent, while the company said in early December that it would fall 13 percent to 16 percent decline.
Marriott said the decline in other regions would be in line with its earlier estimate of 14 percent to 16 percent on a constant dollar basis.
Marriott is scheduled to report its fourth-quarter results on Feb. 11. The hotel company is based in Bethesda, Md.
Its shares fell 11 cents to $27.87 in after-hours trading Thursday after closing up 11 cents at $27.98 during regular trading.
Marriott said the figure, a key measure of a hotelier's fiscal health, fell 13 percent to 14 percent, while the company said in early December that it would fall 13 percent to 16 percent decline.
Marriott said the decline in other regions would be in line with its earlier estimate of 14 percent to 16 percent on a constant dollar basis.
Marriott is scheduled to report its fourth-quarter results on Feb. 11. The hotel company is based in Bethesda, Md.
Its shares fell 11 cents to $27.87 in after-hours trading Thursday after closing up 11 cents at $27.98 during regular trading.
Haiti experiences a hotel boom
A decade after Haiti's only U.S. hotel franchise removed its marquee from a downtown Port-au-Prince building, the Caribbean nation is preparing to welcome its first international hotel brand.
Choice Hotels International, owners of Comfort Inn, is franchising its brand to two hotels in touristy Jacmel, a quaint seaside town in southeast Haiti known for its spell-binding carnival and viewed as Haiti's arts capital.
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Choice Hotels International, owners of Comfort Inn, is franchising its brand to two hotels in touristy Jacmel, a quaint seaside town in southeast Haiti known for its spell-binding carnival and viewed as Haiti's arts capital.
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Wednesday, January 6, 2010
The Mansion facing threat of foreclosure
One of Buckhead’s most prominent new developments — the Mansion on Peachtree — could be heading back to the lender.
Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5
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Barring a last-minute deal, the high-end Mansion on Peachtree is facing imminent foreclosure, according to the project’s developer. A 30-day foreclosure notice is expected to be advertised on Jan. 5
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Gordon Ramsay's Recipe For Redemption
On a gray morning in October, Gordon Ramsay bursts into the kitchen of his south London house, pop music blaring from the radio. At the heart of the room stands a 67,000-pound ($109,000) French cooking range that weighs 2.5 tons and had to be lowered by crane into the celebrity chef’s home.
Ramsay, who is 6 feet 2 inches (1.88 meters) tall and weighs 215 pounds (98 kilograms), is wearing jeans, a tight black T-shirt that accentuates his muscles and a Bell & Ross watch -- a Swiss brand marketed to soldiers, bomb-disposal experts and other “men facing extreme situations.”
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Ramsay, who is 6 feet 2 inches (1.88 meters) tall and weighs 215 pounds (98 kilograms), is wearing jeans, a tight black T-shirt that accentuates his muscles and a Bell & Ross watch -- a Swiss brand marketed to soldiers, bomb-disposal experts and other “men facing extreme situations.”
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Damage Is Done: Lower Room Rates Hurt Hotel
A dismal economy and the plummeting cost of an average room made 2009 a year the hotel industry would just as soon forget.
“I’ve been in the San Diego hotel business for 36 years and have never seen anything worse than this — not even after 9/11, because that recession didn’t last as long,” said Jack Giacomini, vice president, managing director and partner at the Hotel Crowne Plaza Hanalei in Mission Valley
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“I’ve been in the San Diego hotel business for 36 years and have never seen anything worse than this — not even after 9/11, because that recession didn’t last as long,” said Jack Giacomini, vice president, managing director and partner at the Hotel Crowne Plaza Hanalei in Mission Valley
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Harrah’s uses resort fees to take swing at competitors
Struggling under a mammoth debt burden in penny-pinching times, Strip casino giant Harrah's Entertainment is taking the offensive with a press release informing consumers that none of the company's Las Vegas hotels charge so-called mandatory resort fees.
The release also takes a broad swipe at the competition, including the many Las Vegas hotels that charge such fees.
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The release also takes a broad swipe at the competition, including the many Las Vegas hotels that charge such fees.
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Flanigan's reports higher profits
Miami Herald Staff Report
Fort Lauderdale-based Flanigan's Enterprises, which owns and operates Flanigan's Seafood Bar and Grill restaurants and Big Daddy's liquor stores, reported increased earnings for the 14 weeks ended Oct. 3, in comparison to 13 weeks ended Sept. 27, 2008.
Net income rose to $222,000, or 12 cents per share, compared to $66,000, or 3 cents per share, in the 2008 period.
Revenue grew 6.4 percent to $16.6 million.
Fort Lauderdale-based Flanigan's Enterprises, which owns and operates Flanigan's Seafood Bar and Grill restaurants and Big Daddy's liquor stores, reported increased earnings for the 14 weeks ended Oct. 3, in comparison to 13 weeks ended Sept. 27, 2008.
Net income rose to $222,000, or 12 cents per share, compared to $66,000, or 3 cents per share, in the 2008 period.
Revenue grew 6.4 percent to $16.6 million.
Ruth’s Hospitality: Sales decline stabilized
HEATHROW, Fla. (Jan. 5, 2009) Ruth’s Hospitality Group Inc. gave investors a glimmer of stabilization late Monday as its fourth-quarter preliminary report indicated a slowing in its same-store sales slide.
The parent of Ruth’s Chris Steak House said same-store sales at corporate units of the signature brand for the Dec. 27-ended quarter fell 11.2 percent, compared with an 18.7 percent decline in the same quarter of 2008. At market close Tuesday, Ruth’s shares were up a penny from the day earlier, or 0.41 percent, to $2.43. A day earlier the stock had spiked after an analyst said business spending may be increasing and help boost fine-dining sales.
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The parent of Ruth’s Chris Steak House said same-store sales at corporate units of the signature brand for the Dec. 27-ended quarter fell 11.2 percent, compared with an 18.7 percent decline in the same quarter of 2008. At market close Tuesday, Ruth’s shares were up a penny from the day earlier, or 0.41 percent, to $2.43. A day earlier the stock had spiked after an analyst said business spending may be increasing and help boost fine-dining sales.
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World’s Tallest Hotel Gives Dubai Its Second Record in a Week
Jan. 6 (Bloomberg) -- The world’s tallest hotel opened in Dubai today, continuing a record-setting week for the emirate that started with the inauguration of highest skyscraper.
Rose Rayhaan, a 72-story building with 482 rooms and suites, rises less than a mile from Burj Khalifa, the 200-floor tower that opened Jan. 4 with firework, light and water displays. The alcohol-free hotel will be operated by Rotana, an Abu Dhabi-based hotel management company that announced the opening in an e-mailed statement today.
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Rose Rayhaan, a 72-story building with 482 rooms and suites, rises less than a mile from Burj Khalifa, the 200-floor tower that opened Jan. 4 with firework, light and water displays. The alcohol-free hotel will be operated by Rotana, an Abu Dhabi-based hotel management company that announced the opening in an e-mailed statement today.
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Vail Plaza Hotel developer loses project in bankruptcy court
VAIL, Colo. — After 15 years, numerous lawsuits, construction delays and a worldwide financial crisis, Waldir Prado ultimately couldn't hang on to the Vail Plaza Hotel.
A federal bankruptcy court in Denver Monday awarded the hotel to a Mexican investment company. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
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A federal bankruptcy court in Denver Monday awarded the hotel to a Mexican investment company. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
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MGM to launch non-gaming hotel brands in India.
MGM Mirage, Las Vegas Strip’s largest casino owner, is planning to enter India with non-gaming brands, Bellagio and MGM Grand.
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Bellagio is positioned as a high-end luxury brand while MGM Grand is positioned slightly lower. The group has mentioned that it is looking at cities such as Delhi, Mumbai, Hyderabad and leisure destinations such as Goa, Rajasthan and Kerala to establish these brands.
The group is likely to keep its investments minimal by managing the proposed hotels instead of owning them
Blackstone steps into Highland Hospitality-source
NEW YORK, Jan 5 (Reuters) - Private equity firm Blackstone Group (BX.N) is aiming to control the restructuring of hotel owner Highland Hospitality Corp, a source familiar with the matter said on Tuesday, confirming a report in the Wall Street Journal.
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Ahead of the Bell: Sonic shares slide
NEW YORK (AP) -- Shares of Sonic Corp. dropped in premarket trading Wednesday after its first-quarter performance and disappointing 2010 profit outlook gave few clues as to how the drive-in restaurant operator can improve sales in an increasingly competitive environment.
Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Late Tuesday the Oklahoma City based company reported its fiscal first-quarter profit slipped 13 percent as unemployment concerns kept consumers from eating out. Sonic also provided a lackluster 2010 earnings forecast, saying it expects profit to be flat compared with 2009's 71 cents per share.
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Sonic Reports First Quarter 2010 Results
OKLAHOMA CITY, Jan 05, 2010 (BUSINESS WIRE) -- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced results for the first fiscal quarter ended November 30, 2009. Key elements of the company's first quarter report included:
•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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•Net income per diluted share totaled $0.10 versus $0.12 in the year-earlier quarter;
•System-wide same-store sales declined 6.5% for the first quarter; same-store sales at partner drive-ins (those in which the company owns a majority interest) declined 9.1% in the quarter; and
•System-wide new drive-in openings totaled 25 for the quarter compared with 39 in the first quarter last year; franchise drive-in openings totaled 22 versus 34 in the same period last year.
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