The break-in occurred between late October 2009 and January 2010, when it was finally discovered. It affected an undisclosed number of company franchisees and hotel properties that Wyndham manages. Wyndham has acknowledged the incident in a note posted to its Web site.
"A hacker intruded on our systems and accessed customers information from a limited number of franchised and managed properties," the company said. "The hacker was able to move some information to an off-site URL before we discovered the intrusion."
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Monday, March 1, 2010
Sir David Michels launches new hotel asset management firm
Sir David Michels, former group chief executive of Hilton, has joined forces with one time colleague, Hugh Taylor, to launch a new hotel asset management business.
The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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The pair already asset manage 60 Hilton and Marriott hotels across the UK, through Hilmar Hotel Management. Now, under the new trading name of Michels & Taylor, they are opening up their service to new owners of branded hotels of over 100 bedrooms across Europe.
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Sunday, February 28, 2010
Former Royal Caribbean Cruises official charged with fraud
A former commodities manager at Royal Caribbean Cruises was indicted on charges of defrauding the Miami-based cruise giant of more than $600,000 by setting up a phony company and overcharging his employer for fuel.
Jamil Murni, 60, of Houston, was charged with nine counts of wire fraud and one count of money laundering in an indictment in federal court in Miami.
Murni, who was arrested on the charges, couldn't be reached for comment.
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Jamil Murni, 60, of Houston, was charged with nine counts of wire fraud and one count of money laundering in an indictment in federal court in Miami.
Murni, who was arrested on the charges, couldn't be reached for comment.
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Fortress Said to Be Near Intrawest Debt Restructuring Deal
Feb. 27 (Bloomberg) -- Fortress Investment Group LLC has agreed with lenders on the outline of a debt restructuring for Intrawest ULC, owner of Olympic downhill skiing resort Whistler Blackcomb, said a person with knowledge of the talks.
Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Under the plan, Intrawest’s $1.2 billion of debt would be divided into a senior tranche of $800 million and a mezzanine tranche of $400 million, said the person, who declined to be identified because the discussions are private. The parties have set an April 16 deadline to complete negotiations.
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Wynn Resorts loses $5.2M in 4th qtr, earns $20.7 million for 2009
LAS VEGAS (AP) — Casino operator Wynn Resorts Ltd. said Thursday that rising revenue at its resort in China's gambling enclave of Macau helped narrow its fourth-quarter loss to $5.2 million.
The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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Casino operator MGM Mirage, lenders agree to extend maturity on $3.6B in debt
LAS VEGAS (AP) — Casino operator MGM Mirage said Friday it has reached an agreement with lenders to extend the deadline for repaying about $3.6 billion of its debt to February 2014.
The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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The move gives the Las Vegas company a bit more leeway as gamblers visit casinos less often and spend less on each trip. It has nearly $13 billion in outstanding debt.
MGM Mirage owns the most casinos on the Las Vegas Strip and is the world's second-largest gambling company by revenue after Harrah's Entertainment.
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Friday, February 26, 2010
Thomas H. Lee Partners to Acquire CKE Restaurants
CARPINTERIA, Calif., Feb 26, 2010 (BUSINESS WIRE) -- CKE Restaurants, Inc. ("CKE"), owner of Carl's Jr. and Hardee's quick-service restaurant chains, and Thomas H. Lee Partners ("THL") today announced that they have entered into a definitive merger agreement under which THL will acquire CKE for approximately $928 million, including the assumption of approximately $309 million of net debt.
Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.
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Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.
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Thursday, February 25, 2010
Fork Manufacturer Introduces Fifth Tine To Accommodate Growing American Mouthfuls
EVANSVILLE, IN—In an effort to keep pace with the rapid growth of American mouthfuls, flatware manufacturer KitchenMaster announced yesterday the addition of a fifth tine to its line of dinner forks. "These days, a traditional four-tined fork is just not enough to handle the quantities of food people shove down their throats,"
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Broward Florida to review bid to build hotel, condos at Diplomat golf course
The owners of the Diplomat Golf Resort & Spa in Hallandale Beach will ask Broward County on Thursday for a zoning change to develop a 500-unit hotel and up to 950 residences on a waterfront property that now features an underused golf course and smaller facilities.
Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Estimated to cost at least $500 million, the project is one of the largest resort and residential developments proposed in today's weak economy. Many others have been placed on hold because of reduced spending by travelers and limits on credit for new hotels and homes.
Planning the investment is the Plumbers & Pipefitters National Pension Fund, which owns the golf property and the 998-room Westin Diplomat Resort in nearby Hollywood. Both properties now are managed as one and represent the largest resort complex in Broward County.
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Lavish hotels out of vogue: Marriott
"The most over-the-top excesses will probably be a long time -- if ever-- coming back," Marriott President Arne Sorenson told the Reuters Travel and Leisure Summit.
He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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He drew a distinction between these hotels and the typical Ritz-Carlton luxury hotels the company operates. Marriott's other brands include its namesake properties and Courtyards.
Sorenson added that some projects in the Caribbean, which tend to be smaller and partly rely on residences, "may never come back" because they rely on the kind of lavish spending that has gone out of vogue with travelers.
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STR reports US performance for January 2010
HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in all three key performance measurements during January 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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In year-over-year measurements, the industry’s occupancy ended the month virtually flat with a 0.4-percent decrease to 45.1 percent. Average daily rate dropped 7.1 percent to finish the month at US$93.93. Revenue per available room for the month decreased 7.4 percent to finish at US$42.35.
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STR Global posts Americas Jan. 2010 results
LONDON and HENDERSONVILLE, Tennessee—The Americas region recorded declines in all three key performance metrics when reported in U.S. dollars for January 2010, according to data compiled by STR and STR Global.
In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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In January 2010, the region’s occupancy ended the month virtually flat with a 0.7-percent decrease to 45.5 percent, average daily rate fell 6.0 percent to US$96.68, and revenue per available room dropped 6.7 percent to US$43.98.
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STR Global posts Asia/Pac. Jan. 2010 results
LONDON—Hotels in the Asia/Pacific region experienced increases in all three key performance metrics for January 2010 when reported in U.S. dollars, according to data compiled by STR Global.
In year-over-year measurements, the Asia/Pacific region’s occupancy rose 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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In year-over-year measurements, the Asia/Pacific region’s occupancy rose 13.9 percent to 61.0 percent, average daily rate increased 5.6 percent to US$130.75, and revenue per available room jumped 20.3 percent to US$79.81.
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STR Global posts Europe Jan. 2010 results
LONDON—The European hotel industry posted mixed results in year-over-year results when reported in U.S. dollars, euros and British pounds for January 2010, 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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STR Global posts Jan. 2010 results for Middle East/Africa
LONDON—The Middle East/Africa region reported decreases in all three key measurements for January 2010, when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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The region’s occupancy in January fell 2.3 percent to 54.8 percent, average daily rate decreased 1.9 percent to US$170.20, and revenue per available room decreased 4.1 percent to US$93.23.
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