Taco Del Mar Franchising, a Seattle-based chain of Mexican fast-food restaurants, filed for Chapter 11 bankruptcy protection on Friday, saying it owes creditors between $1 million and $10 million.
The chain's roughly 225 stores in the U.S., Canada and Guam will continue to operate, and individual Taco Del Mar franchisees are not in bankruptcy.
Larry Destro, who has been CEO since May, said he expects to slow growth at the company, which lost $2.8 million between 2006 and 2008.
Founded in 1992 by brothers James and John Schmidt, Taco Del Mar grew to about 70 stores by 2002, most of them in Seattle.
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Monday, January 25, 2010
Outrigger and Choice Hotels Expand Hawaii Alliance
Choice Hotels International and hospitality services company Outrigger Enterprises Group has announced an expansion of their alliance in which ten additional Outrigger-managed and/or affiliated properties representing over 1,700 rooms will be added to its existing relationship, which currently includes six properties representing over 3,000 rooms
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Bain Capital to buy Domino's Pizza in Japan
TOKYO, Jan 25 (Reuters) - U.S. private equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino's Pizza (DPZ.N) as it sees opportunities in the country's niche pizza delivery market.
Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Bain Capital said in a statement that it would buy Japanese firm Higa Industries Co from Duskin Co (4665.T), Daiwa SMBC Capital and Ernest Higa, the founder of Higa.
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Saturday, January 23, 2010
Macedonia bars, eateries close to protest smoking ban
SKOPJE, Macedonia — Hundreds of cafes, bars and restaurants across Macedonia shut their doors to customers on Friday in a 24-hour protest against a new smoking ban that they claim has sent profits plummeting.
Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Even on the capital's main pedestrian avenue Makedonija, people battled to find an early morning coffee as establishments refused to open up in a show of anger about the ban introduced on January 1.
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Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort
After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.
German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
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More independents lured to big hotel brands' collections
Many new hotel projects have been on hold since the financial market meltdown, but upscale and luxury hotel brands are expanding their ranks by signing independent properties eager for broader recognition and the marketing and sales clout that big brands bring.
From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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From the Graves 601 Hotel in Minneapolis to the Ivy in San Diego to luxury hotels in Amsterdam and China, Starwood and Wyndham alone in the past few weeks have announced a number of additions to their high-end brands.
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Starbucks CEO Schultz earns $15 million in fiscal 2009
CHICAGO - Starbucks Corp. CEO Howard Schultz received compensation the company valued at nearly $15 million during the past fiscal year, an increase of nearly 54 percent as the company's profit soared after it cut costs and jobs, according to a regulatory filing
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Asian Hotel Brands Make the Journey to Europe
SINGAPORE — International hotel brands are stepping up their investments in the Asia-Pacific region because of its outsized growth prospects. So it would seem almost counterintuitive for luxury hospitality brands based in Asia to be opening hotels in Europe, where growth is slowing.
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Burger King Franchisees Can't Have It Their Way
The price of a double cheeseburger is generating a lot of heat among Burger King franchisees.
In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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In an ongoing dispute that could affect how the nation's hundreds of franchise organizations set prices, the burger chain is insisting that its two beef-patty sandwich be sold for no more than $1—in line with other items on its "Value Menu."
But the company's franchisees claim that at that price, they lose money.
Although the loss on each sandwich may only be a few cents, a typical restaurant might sell several hundred of the burgers each week.
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Barbados Shores Up a Troubled Four Seasons
Barbados, a popular vacation spot for the affluent, is bailing out the troubled Four Seasons luxury-resort development on the tiny island. Construction of the project stalled a year ago as financing dried up and sales of its private villas slowed—after initially attracting a cast of celebrity buyers.
In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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In a bid to salvage jobs, the government of Barbados agreed last month to guarantee a $60 million loan from a Caribbean bank to help restart construction. In return for the guarantee, the government will end up with a 20% stake in the project.
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Friday, January 22, 2010
Toronto Restaurateur charged with cooking up scam
A well-known Toronto restaurateur is set to make his first court appearance after allegations that he defrauded a handful of Toronto investors out of more than $1 million.
Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Panagiotis “Peter” Tsatsaris, who was once described in this newspaper as someone who “changes our world just a little bit for the better,” is to appear in a College Park courtroom Thursday afternoon on 14 charges — three counts of fraud over $5,000 and 11 counts of uttering a forged document.
He is accused of bilking investors across the GTA out of their life savings — one man allegedly lost $500,000 — after convincing them through a series of forged letters and contracts that they were buying McDonald’s restaurants along the Hwy. 407 corridor in Thornhill.
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Airline confident on Sandals tie-up
Air Canada is confident its partnership to serve Sandals' Emerald Bay resort in Exuma will be profitable, despite its packaged vacations representing only 15 per cent of seats to the Bahamas.
Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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Stephen Hector, Sandals' spokesman, said Air Canada was excited about what the resort chain has been doing to improve the property in Exuma, and decised to create a new route direct from Toronto.
Venice Walkine, director-general of the Bahamas Ministry of Tourism and Aviation, said Air Canada considered the mechanics and economics of entering into a partnership with Sandals and moved forward with once-a-week direct airlift to the island.
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El Pollo Loco pulls back on Chicago expansion
In 2004, El Pollo Loco announced its plans for a national expansion, including entry into the Chicago market. Now, The Sun Times reports that two of the chain's three stores there have closed recently, possibly putting the brakes on the company's plans for growth in the market.
Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Franchisee ABE Holdings LLC had previously signed a deal to open 18 stores in the Chicago area in addition to the company's plans for another 12. The company previously took over two of those franchise stores in 2007 and closed them in 2008.
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Lone Star Funds Acquires Lodgian
Lodgian Inc. has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds for approximately US$270 million, including assumed debt.
Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
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Nevada officials approve Carl Icahn's control of 9 casinos as part of Tropicana reorganization
LAS VEGAS (AP) — Nevada gambling regulators on Thursday approved billionaire investor Carl Icahn's plan to control nine casinos in four states as part of the bankruptcy reorganization of Tropicana Entertainment LLC.
The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.
Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment Inc., with shares owned by some 150 lenders, said company CEO Scott Butera.
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