Billionaire Carl Icahn will pay 8 cents on the dollar for the bankrupt Fontainebleau Las Vegas, a project with a $2 billion construction tab. The response from developer Jeff Soffer: The financial world turned on me.
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Thursday, January 28, 2010
Wednesday, January 27, 2010
Phuket hotels lose US$300 million - report
PHUKET – Industry-wide discounting by Phuket hotels cost the industry on the island US$300 million in room revenue in 2009, according to the Phuket Hotel Market Update report compiled by leading Thailand consultancy C9 Hotelworks.
Room rate cuts averaged 20% across the board last year, leading to the loss compared to 2008 room revenue. Despite tourism arrivals rebounding back to 2007 levels, a key blow to fundamental hotel metrics hit profit margins.
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Room rate cuts averaged 20% across the board last year, leading to the loss compared to 2008 room revenue. Despite tourism arrivals rebounding back to 2007 levels, a key blow to fundamental hotel metrics hit profit margins.
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Sir Rocco Forte secures future of his hotels with new bank loan
Sir Rocco Forte confirmed this week that a new financial arrangement to ensure the future operation of his 13-strong luxury hotel company had been secured.
“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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“We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong and supportive relationship,” said Forte, chairman and chief executive of the Rocco Forte Collection.
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Wyndham To Launch Ramada, Days Inn In Singapore
Wyndham Hotel Group's Ramada and Days Inn brands will enter Singapore with the development of two hotels: the 391-room Ramada Singapore at Zhongshan Park and the 405-room Days Hotel Singapore at Zhongshan Park.
Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Both new-build properties will be developed by HH Properties Pte. Ltd., a joint venture between niche property development group, Hiap Hoe Limited, and SuperBowl Holdings Ltd., an owner and manager of leisure and commercial properties. Construction will begin early this year and the hotels are expected to open in 2014.
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Papa Murphy's Pushes Through 2009 with Highest-Ever Sales, Store Count and Franchisee Satisfaction
VANCOUVER, Wash. – January 27, 2010 – Amidst one of the toughest years the restaurant industry has ever endured, Papa Murphy's International today announced that its total U.S. systemwide sales grew to $630 million in 2009, up over 7% from 2008. The take ‘n' bake pizza pioneer ended the year with 1,185 locations, opening 83 in 2009. Same-store-sales were up more than 2%, while most industry watchers estimated the pizza category to be down about 7%.
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McDonald's in beef over trademark with Chicago teen
Since 2007, Chicago teen Lauren McClusky has coordinated McFest, an annual charity concert featuring high school and college bands to benefit the Chicago chapter of Special Olympics.
She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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She has raised about $30,000 so far.
But after she went to register the name with the U.S. Patent and Trademark Office in 2008, McDonald's Corp. filed a challenge. In its petition last August, it claimed her use of the McFest name would be linked to the chain, which has already registered a "Mc" family of trademarked words including Mc$ave, McButton, McRule, McFree and plain old Mc.
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O'Charley's Inc. Closes on $45 Million Credit Facility
O'Charley's Inc., a leading casual-dining restaurant company, announced today that it has entered into a $45 million secured revolving credit facility, which matures on August 1, 2013, and amends and restates the Company's existing secured revolving credit facility that was scheduled to mature on October 18, 2011.
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Mitchells & Butlers dispute intensifies as investors call for new board
The racing tycoons JP McManus and John Magnier have waded into the fight at Mitchells & Butlers (M&B) by calling for those responsible for the £500 million of hedging losses to be pursued for the money.
Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Elpida, the duo’s investment vehicle, has written to the board of the pub company before tomorrow’s annual meeting confirming that it will vote its 17.6 per cent holding “to achieve a new independent board”, thereby aligning itself with Joe Lewis, the billionaire trader at the centre of the spat
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Lawmakers push for full casinos in Florida resorts
TALLAHASSEE -- Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now ready to open the doors to full-fledged casinos because, she says, Florida ``is losing the battle'' to the Seminole Tribe.
Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven ``destination resorts'' throughout the state through the Florida Gaming Equalization Act.
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Vail Resorts might have interest, and the means, to buy Intrawest
VAIL, Colo. — With Intrawest Holdings set for auction in February, some ski industry analysts see reasons to suspect that Vail Resorts might have interest in the sale.
Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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Intrawest's Whistler Blackcomb, British Columbia, with a combined 8,000-plus skiable acres between the two mountains, lays claim as the largest ski area in North America, while Vail comes in as the second-largest ski area, with 5,289 skiable acres. That alone could mean Vail Resorts' executives have their sights set on buying Intrawest Holdings, which has defaulted on a $524 million payment on its $1.4 billion loan — that is, if Vail Resorts has the kind of money for such a deal.
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China State-owned firms to shed hotel assets
China's tourism industry may benefit from a government directive ordering State-owned enterprises to shed their hotel assets and focus on their core businesses.
Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tourism officials have expressed a strong interest in purchasing some of the government's hotels, as the plan unfolds over the next three to five years.
The State-owned Assets Supervision and Administration Commission (SASAC) made the announcement late on Monday, which involves an estimated 100 billion yuan in hotel assets.
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Tuesday, January 26, 2010
STR releases updated forecasts for 2010, 2011
HENDERSONVILLE, Tennessee—The U.S. hotel industry is projected to end 2010 with decreases in two of the three key performance measurements, according to STR’s monthly forecast update.
STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR projects 2010 occupancy to be flat at 55.1 percent, ADR to decrease 3.2 percent to US$94.39, and revenue per available room to drop 3.2 percent to US$51.99.
Supply growth and demand growth during 2010 are both expected to increase 1.8 percent.
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STR Global posts Americas results for Dec. '09, year-end '09
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for year-end 2009 and December 2009, according to data compiled by STR and STR Global.
Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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Overall for 2009, the region’s occupancy dropped 8.7 percent to 55.3 percent, average daily rate fell 9.1 percent to US$99.08, and revenue per available room dropped 16.9 percent to US$54.81
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STR Global posts year-end '09, Dec. '09 results for Asia/Pacific
LONDON—Hotels in the Asia/Pacific region experienced decreases for all three key performance metrics for year-end 2009 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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In year-over-year measurements, the Asia/Pacific region’s occupancy fell 6.9 percent to 60.7 percent, average daily rate decreased 13.5 percent to US$119.91, and revenue per available room was down 19.4 percent to US$72.74.
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STR Global posts year-end '09, Dec. '09 results for Europe
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for year-end 2009, according to data compiled by STR Global.
Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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Figures for occupancy, average daily rate and revenue per available room ranged from double-digit losses to double-digit gains, depending on the market and the currency used for comparison.
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