DUBLIN, Ireland — The ancient Ireland of the tourist guidebooks has its share of haunted castles and spooky old ruins. But in the modern Ireland of the post-boom years you are more likely to find ghost housing estates and zombie hotels.
In Ireland, with a population of four and a half million, 300,000 homes are lying empty, according to a recent academic survey. Many of them are in clusters of almost-finished houses, built in fields that were rezoned for development in the madness of the housing boom. While bankrupt developers have left the housing developments unfinished, banks are keeping empty grand hotels open to prevent them from becoming, well, ghost hotels.
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Sunday, March 28, 2010
Chinese group buys Los Angeles Marriot Downtown Hotel
The Shenzhen New World Group Company, a Chinese-owned real estate development firm, has recently bought a 469-room hotel for an approximate price of $60 million, about half of its estimated value way back in 2007.
The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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The Los Angeles Marriott Hotel was under foreclosure when the Chinese firm acquired it. Shenzhen is planning to invest $13 million for the hotel’s upgrades and promises to do improvements on the aging hotel, which caters mostly to business clienteles.
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Financing partner of New South Ocean Development Company 'winding down'
ONE of the financing partners of the New South Ocean Development Company, the troubled hedge fund Plainfield Asset Management, has announced it is winding down and returning money to its investors amid a wave of lawsuits, the New York Post reported yesterday.
Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Plainfield's assets have reportedly fallen from a high of $5 billion to just over $3 billion. The hedge fund its expected to be left with around $500 million after the investors get their money back.
The New South Ocean Development Company is controlled by a Cayman-based partnership, which is owned 51 per cent by Plainfield's investment vehicle Seaside Heights, giving it majority control, one per cent by RHS Ventures and 48 per cent by one of the latter's affiliates, RHS Holdings.
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Bahamian Tourism predicted to decrease 4% in 2010
The Bahamian travel and tourism industry is projected to contract by 4.1 per cent during 2010, the World Travel & Tourism Council (WTTC) has projected, but its long-term projections for the sector's 3.4 per cent annualised growth over the next decade have been backed by leading industry figures.
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Yum opens 1st Taco Bell in India
LOUISVILLE, Ky. (March 27, 2010) In an effort to expand Taco Bell’s international reach, parent Yum! Brand Inc. debuted the quick-service chain's first unit in Bangalore, India, last week.
The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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The store opening is part of Yum’s plan to position the quick-serve Mexican chain as its third international powerhouse brand alongside its KFC and Pizza Hut divisions. The company, which last year opened 1,467 restaurants outside of the United States, including 509 in China and 898 in other foreign markets, has vowed to more than quadruple its multibrand holdings in India by 2015. It currently operates 158 Pizza Hut and 72 KFC restaurants there.
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Friday, March 26, 2010
Chemical Dump Costs Los Angeles Hotel $370,000
LOS ANGELES, California, March 26, 2010 (ENS) - The corporate operator of the Standard Hotel in downtown Los Angeles has agreed to plead guilty to violating federal environmental laws in an incident where a hotel employee poured pool chemicals down a rooftop drain. The chemical dump led to a street closure and several people became ill when fumes filled a nearby subway station.
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Miami Four Seasons Hotel Sold for $30M
BY DOUGLAS HANKS
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
dhanks@MiamiHerald.com
Downtown Miami's Four Seasons hotel has sold for $30 million, according to a new report.
Condo Vultures, a brokerage that focuses on distressed sales, reports that a New York group bought the hotel component of the 70-story high-rise on Brickell Avenue, which also includes condominiums, office space and a spa. The deal apparently was for the hotel portion alone.
The 221-unit hotel portion was valued at $85 million in tax records, Condo Vultures said.
Brinker International Announces Agreement to Sell On The Border Mexican Grill & Cantina(R)
DALLAS, March 25, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) has entered into a purchase agreement with OTB Acquisition LLC, an affiliate of Golden Gate Capital, to sell its On The Border Mexican Grill & Cantina brand. Terms of the transaction were not disclosed.
Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker expects the transaction to close by the end of fiscal 2010, subject to the completion of customary closing procedures. Brinker anticipates recording a gain upon completion of the transaction.
Brinker has agreed to provide transitional corporate support services to On The Border through the end of fiscal 2011, which will generate additional fees to offset the internal cost of providing the services. Moelis & Company LLC, is acting as Brinker's exclusive financial advisor in connection with this transaction.
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Brinker Boosts Buyback Target as Earnings Exceed Estimates
March 26 (Bloomberg) -- Brinker International Inc., owner of Chili’s Grill & Bar, reported third-quarter earnings that topped analysts’ estimates and boosted its share buyback target.
Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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Earnings before some items totaled 41 cents to 44 cents a share in the quarter ended March 24, the Dallas-based company said today. Analysts surveyed by Bloomberg estimated profit of 40 cents on average.
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CKE Restaurants(R) Announces Fourth Quarter and Full Year Fiscal 2010 Results
"Blended same-store sales decreased 3.9% for our fiscal year and decreased 6.0% in the fourth fiscal quarter with poor end of year weather impacting our results. Even though we saw weakness in the overall economy, high unemployment rates and deep-discount burger wars, I'm proud to say that for the year we maintained market share, our premium branding and remarkably constant levels of profitability," said Andrew F. Puzder, chief executive officer. "We will stay on course as we enter Fiscal 2011 with our focus on big, juicy premium burgers for hungry guys and as we grow our company stores and quickly expand our franchisee presence. To grow same-store sales we will continue with our aggressive new product launches, cutting edge advertising, dual branding and remodeling; all the while looking for ways to increase profitability."
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Sbarro, Inc. Announces Results of Operations for the Fourth Quarter and Fiscal Year Ended December 27, 2009
Revenues were $94.0 million for the quarter ended December 27, 2009 as compared to revenues of $98.7 million for the quarter ended December 28, 2008. The decrease in revenues was due to a 4.6% decrease in Company-owned comparable-unit sales, lost sales from stores strategically closed and a decline in royalties on franchise sales, offset by sales generated by new Company-owned stores opened in 2009 and 2008. Domestic franchise comparable-unit sales declined 6.2%. The decrease in Company-owned and domestic franchise comparable-unit sales primarily reflects continued reduced mall traffic throughout the United States as a result of the current economic environment. Without consideration for foreign currency fluctuations, international franchise comparable-unit sales declined 4.4%. The strengthening of the U.S. Dollar relative to virtually all foreign currencies added an additional 2.7% decline in international franchise comparable unit sales.
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Thursday, March 25, 2010
Foreclosure auction for W hotel in NYC canceled
DekaBank Deutsche Girozentrale , a senior lender holding a $60 million loan on the property, had planned to foreclose on Wednesday at the offices of the law firm Sonnenschein Nath & Rosenthal LLP.
Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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Plans for the auction were derailed after Hotels Union Square Mezz 1 LLC, the hotel's owner, filed for protection from creditors on Tuesday afternoon with the federal bankruptcy court in Wilmington, Delaware, according to Savills, an adviser to DekaBank.
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Schlotzsky's Goes All In With Cinnabon, New Look
2010-03-24] Schlotzsky's unveiled a new prototype store and extended cobranding relationship with Cinnabon as part of rebranding efforts it hopes to use to almost double in size by 2015.
"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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"When FOCUS Brands purchased Schlotzsky's several years ago, we put together a five-year strategy to reinvigorate and grow the brand," says Kelly Roddy, president of Schlotzsky's. "Part of the growth strategy was to make the concept more relevant, [but] still kind of mom-and-pop deli style.
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Homewood Suites by Hilton And Hampton Inn by Hilton Open Dual-Branded Property at Toronto Airport
Homewood Suites by Hilton, the international brand of all-suite, residential-style hotels, and Hampton Hotels, the international brand of nearly 1,800 hotels, today announced the opening of their first dual-branded development in Canada. Located within minutes from Toronto’s Pearson International Airport, the two buildings boast 126 Hampton rooms and 128 Homewood brand suites and are joined by a shared common area, pool and fitness center. The hotel is owned by Bayview Toronto Airport Corporate Centre Ltd and managed by Bayview Hospitality, Inc.
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STR: Miami leads February numbers
HENDERSONVILLE, Tennessee—Miami-Hialeah, Florida, host of Super Bowl XLIV on 7 February 2010, reported the largest average daily rate and revenue per available room increases for February, according to data compiled by STR.
Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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Miami-Hialeah was the only market to experience an ADR increase, rising 12.1 percent to US$201.63. The market’s RevPAR jumped 21.4 percent to US$158.45.
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