An insurance company is suing two former Hard Rock hotel-casino employees, charging they were involved in the theft of $831,519 from the Las Vegas resort.
National Union Fire Insurance Company of Pittsburgh Pennsylvania filed suit last week in U.S. District Court in Las Vegas against Jhirmal Earl Winfield and Sammy Sampson II, both of whom were part of the Hard Rock table game count staff and both of whom have been charged in thefts from the resort.
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Tuesday, March 23, 2010
Monday, March 22, 2010
Four Seasons Maui on Ropes
The Four Seasons Maui has gone delinquent on its $425 million of mortgages just as the Four Seasons New York and others have reached compromises with their lenders.
MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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MSD Capital LP, the private investment firm of Dell Inc. founder Michael Dell and his family, skipped the February payment on the debt as it seeks to restructure the loan, according to credit-rating company Realpoint LLC. The 380-room hotel's debt is split between two securitized mortgages, one of $250 million and one of $175 million.
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Sunday, March 21, 2010
Ashford Hospitality Trust Reports Fourth Quarter Results
FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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AFC Reports Fiscal 2009 Financial Results; Provides Fiscal 2010 Guidance
Reported net income was $18.8 million, or $0.74 per diluted share, compared to $19.4 million, or $0.76 per diluted share, last year. Adjusted earnings per diluted share were $0.74 in 2009, compared to $0.65 in 2008, an increase of 14 percent. Adjusted earnings per diluted share is a supplemental non-GAAP measure of performance. See the heading entitled "Management's Use of Non-GAAP Financial Measures."
Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Battle To Begin Monday Over Casino Expansion In Atlantic City
The Atlantic City casino industry is struggling mightily and all parties involved are looking for ways to revive the areas top industry. Senator James Whelan believes he has a solution.
On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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With Chicago's convention biz ailing, luring vacationers is more vital than ever
For those planning a vacation, the lure of Las Vegas is undeniable: a gleaming strip of luxury casinos, big-budget stage shows and warm desert breezes. Those considering Orlando, Fla., dream of the Magic Kingdom and gravity-defying roller coasters.
And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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Price wars breaks out among Discounters
Four major hotel discounters and deal-finders are enjoying record popularity, all because of a substantial drop in both individual and group bookings at America's hotels.
By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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'Buy a pub and lose your life's savings'
Did you know there was a minister for pubs? It’s enough to make you want to go into politics and spend a large portion of the week doing invaluable research. I became aware of this most enviable role only last week, when I heard that the present incumbent, John Healey MP, is encouraging potential investors to sink their pennies into pubs.
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L.A. eatery charged with serving whale meat closes
LOS ANGELES, March 20 (Reuters) - A Los Angeles-area sushi restaurant that made international headlines after it was charged with serving endangered whale meat will close forever as a "self-imposed punishment," according to a statement on its website.
The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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Saturday, March 20, 2010
Tex-Mex Heads to Turkey as Credit Thaw Fuels Restaurant Growth
March 19 (Bloomberg) -- FOCUS Brands Inc., the owner of Carvel ice cream and Cinnabon, will add 50 locations this year to its fastest growing chain, Moe’s Southwest Grill, and expand into Turkey as the global recession recedes.
Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
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Atlanta-based FOCUS has signed a franchise agreement to add 40 Moe’s restaurants in Turkey over seven years, marking the brand’s first foray outside the U.S. and Canada, Mike Shattuck, president of FOCUS Brands International, said this week in an interview. The first of the Turkey locations will open in Istanbul’s Sapphire Tower in September, he said.
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Shangri-La sees 2009 net profit jump 54%
Luxury hotel operator Shangri-La Asia Ltd said Wednesday that its 2009 net profit jumped 54% year on year from US$165.9 million to US$255.5 million, helped by higher property prices, Dow Jones Newswires reported.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
Jarvis Hotels in talks with banks over debts
Jarvis Hotels is in crunch talks with its banks after breaching its financial covenants.
The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
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The Times understands that the company, which operates 42 hotels and five associate properties under the Ramada franchise, is in advanced talks with Grant Thornton, acting on behalf of the banks, over a refinancing of its £122 million debt facility
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Baskin-Robbins Names Vice President of Marketing
PRESS RELEASE: CANTON, Mass., March 19 /PRNewswire/ -- Baskin-Robbins, America's favorite neighborhood ice cream shop, today announced the appointment of Brian O'Mara as Vice President of Marketing USA. He will report directly to Srinivas Kumar, Chief Brand Operating Officer for Baskin-Robbins Worldwide. He will also consult with John Costello, Chief Global Customer & Marketing Officer for Dunkin' Brands, Inc.
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Einstein Noah Restaurant Group Names Marketing VP
PRESS RELEASE: LAKEWOOD, Colo., March 18 /PRNewswire-FirstCall/ -- Einstein Noah Restaurant Group, Inc., a leader in the quick-casual restaurant industry, announced today that it has named foodservice veteran Jeff Keune to the new position of vice president of marketing and formed a partnership with Y&R Chicago as agency of record.
Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
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Keune most recently was vice president of daypart development at Wendy's/Arby's Group, Inc., where he held various marketing responsibilities during the past nine years. Keune has an MBA degree from Owen Graduate School of Management at Vanderbilt University and a bachelor degree from Northwestern University
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Real Mex Restaurants today announced the hiring of Richard Dutkiewicz as executive vice president and chief financial officer
PRESS RELEASE: CYPRESS, Calif.--(BUSINESS WIRE)--Real Mex Restaurants, Inc. ("RMR") today announced the hiring of Richard (Rick) Dutkiewicz as Executive Vice President and Chief Financial Officer ("CFO").
Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
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Dick Rivera, President and CEO of RMR, said: "Rick's experience in both restaurant and manufacturing environments make him a particularly good fit with the needs of the company. He has worked in public companies as well as with private equity groups and is a strong leader with a broad business perspective who will complement our team and help us build value for all of our stakeholders." Dutkiewicz has been the Chief Financial Officer of Einstein Noah Restaurant Group (NASDAQ: BAGL), since 2003, where he played a key role on the executive team for the nation's largest operator of bagel bakeries, helping it transform into a leader in the quick casual segment of the restaurant industry.
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