LONDON—InterContinental Hotels Group PLC said room rates, which fell during the recession, have started to rise in most markets as the return of business travelers continues to boost its revenue and profit.
The world's largest hotel operator by number of rooms said Tuesday that revenue per available room, or revpar—a key industry measure—rose 7.4% in the second quarter of the year, compared with a 0.2% rise in the first quarter. By July, revpar was up 8.1%. A 1% increase in revpar improves full-year operating profit by $13 million
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Tuesday, August 10, 2010
Soccer star David Beckham and chef Gordon Ramsay to open L.A. pub?
If you live in Los Angeles and you've been looking for a place where you can knock back a few pints, talk some soccer, maybe listen to some of the Spice Girls' greatest hits and, if you're lucky, witness a belligerent chef verbally abusing pretty much everyone ... well, you might not have to search much longer.
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Trump Entertainment May Seek Hotel Partner to Upgrade Plaza
Trump Entertainment Resorts Inc., the Atlantic City casino company that emerged from bankruptcy last month, said it may seek a hotel partner to renovate the Trump Plaza Hotel & Casino.
“One of the options is a joint venture, where we would probably donate the real estate,” Chief Executive Officer Mark Juliano said in an interview. The partner would “pump capital into the existing property, to both renovate it and add a new room tower,” he said.
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“One of the options is a joint venture, where we would probably donate the real estate,” Chief Executive Officer Mark Juliano said in an interview. The partner would “pump capital into the existing property, to both renovate it and add a new room tower,” he said.
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Gordon Ramsay stands to pocket £5m with TV firm sell-off
Years of financial woes have seen his global empire begin to crumble.
But it seems that after successive setbacks Gordon Ramsay may at last have some good news.
The chef is in line to make £5million by selling his 50 per cent stake in the TV company that makes all his shows.
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But it seems that after successive setbacks Gordon Ramsay may at last have some good news.
The chef is in line to make £5million by selling his 50 per cent stake in the TV company that makes all his shows.
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Monday, August 9, 2010
McDonald's July Sales Rise 7%, Topping Estimates
McDonald’s Corp. said comparable- store sales climbed 7 percent last month from a year earlier, the biggest monthly gain since January 2009, fueled by U.S. and Asian sales at the world’s largest restaurant chain.
Analysts projected global sales would advance 5.1 percent, the median of three estimates compiled by Bloomberg. Sales at restaurants open at least 13 months rose in all regions, with a 5.7 percent increase in the U.S. and a 10 percent gain in Asia, Africa and the Middle East.
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Analysts projected global sales would advance 5.1 percent, the median of three estimates compiled by Bloomberg. Sales at restaurants open at least 13 months rose in all regions, with a 5.7 percent increase in the U.S. and a 10 percent gain in Asia, Africa and the Middle East.
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A,B, & C grades start to hit New York Restaurants
Since July 27, when the city's health department began issuing letter grades evaluating restaurants' cleanliness, 443 eateries have been visited by an inspector and just 16% of them received an A, the highest mark.
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Asian tycoon wants to sell the London Waldorf
One of Britain's wealthiest Asian entrepreneurs is preparing to check out of an historic London hotel for up to £250 million.
Gulshan Bhatia bought the Hilton Waldorf from Royal Bank of Scotland for £180 million in 2007. The five-star, 299-room hotel in the Aldwych, near Covent Garden, central London, was built in 1908.
One source close to the situation said: 'Mrs Bhatia is looking to increase her presence in London by using the money raised to snap up smaller hotels.'
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Gulshan Bhatia bought the Hilton Waldorf from Royal Bank of Scotland for £180 million in 2007. The five-star, 299-room hotel in the Aldwych, near Covent Garden, central London, was built in 1908.
One source close to the situation said: 'Mrs Bhatia is looking to increase her presence in London by using the money raised to snap up smaller hotels.'
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Portfolio Hotels & Resorts will manage the Hilton Greenville
ROSEMONT, Ill.--(BUSINESS WIRE)--Chicago-based Portfolio Hotels & Resorts has announced the addition of the Hilton Greenville in Greenville, SC to its management portfolio, bringing the company’s total to 4365 managed rooms across six states. The 256 room full service hotel is located on I-385 North, in Greenville’s premier business, shopping, dining and entertainment district and just three minutes from downtown.
“We’re excited about welcoming this highly regarded Hilton hotel into the Portfolio family,” stated Graham Hershman, COO of Portfolio Hotels & Resorts. “We look forward to bringing our extensive experience in full service hotel management to the operation of this well-situated property.”
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“We’re excited about welcoming this highly regarded Hilton hotel into the Portfolio family,” stated Graham Hershman, COO of Portfolio Hotels & Resorts. “We look forward to bringing our extensive experience in full service hotel management to the operation of this well-situated property.”
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$57-a-night hotel opens in London this month, but towels are extra
A Malaysian hotel chain is hoping it can do for the hotel business what Ryanair did for air travel in England.
Tune Hotels is opening a hotel with 75 rooms in London on Westminster Bridge Road, close to many of London’s many attractions from Big Ben, to the Houses of Parliament and the London Eye.
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Tune Hotels is opening a hotel with 75 rooms in London on Westminster Bridge Road, close to many of London’s many attractions from Big Ben, to the Houses of Parliament and the London Eye.
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Travelodge rules out sale to Whitbread
Budget hotel group Travelodge is not up for sale and its debt-laden owner Dubai International Capital (DIC) has had no approach from Whitbread (WTB.L), CEO Guy Parsons told Reuters, scotching media speculation.
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Sunday, August 8, 2010
Las Vegas Fontainebleau to sit idle until economy improves
Three pieces of news emerged today about the massive, unfinished Fontainebleau casino resort on the Las Vegas Strip:
--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.
--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.
--Icahn has already gained -- on paper -- a $52 million profit on the property.
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--Investor Carl Icahn, who bought Fontainebleau out of bankruptcy in February, confirmed that there are no immediate plans to restart construction on the resort.
--Despite talk that he may sell the property, Icahn indicated he plans to hold on to the asset until business conditions improve.
--Icahn has already gained -- on paper -- a $52 million profit on the property.
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Denny's Corporation Reports Results for the Second Quarter 2010
SPARTANBURG, S.C., Aug 03, 2010 (BUSINESS WIRE) --
Denny's Corporation (NASDAQ: DENN) today reported results for its second quarter ended June 30, 2010.
Second Quarter Summary
•Same-store guest counts decreased 3.7% and were sequentially stronger each month in the quarter. This reflects an improvement of 1.9 percentage points from the first quarter and represents Denny's strongest guest count performance since the first quarter of 2009.
•Same-store sales decreased 6.2% at company units and 5.9% at franchised units
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Denny's Corporation (NASDAQ: DENN) today reported results for its second quarter ended June 30, 2010.
Second Quarter Summary
•Same-store guest counts decreased 3.7% and were sequentially stronger each month in the quarter. This reflects an improvement of 1.9 percentage points from the first quarter and represents Denny's strongest guest count performance since the first quarter of 2009.
•Same-store sales decreased 6.2% at company units and 5.9% at franchised units
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California Pizza Kitchen Takeover Talks Falter
The New York Post reported Wednesday that buyout negotiations for California Pizza Kitchen ended without a deal, sending the company’s stock downward.
The Post cited a source who said American Securities Capital, a New York private equity fund, had failed to reach an agreement with the restaurant chain, and that it was “unlikely” talks would resume given the disagreements.
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The Post cited a source who said American Securities Capital, a New York private equity fund, had failed to reach an agreement with the restaurant chain, and that it was “unlikely” talks would resume given the disagreements.
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California Pizza Kitchen Announces Financial Results For the Second Quarter of 2010
Highlights for the second quarter of 2010 relative to the second quarter of 2009 were as follows:
•Total revenues decreased 4.6% to $163.1 million
•Comparable restaurant sales decreased 5.9%
•Net income of $4.2 million, or $0.17 per diluted share
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•Total revenues decreased 4.6% to $163.1 million
•Comparable restaurant sales decreased 5.9%
•Net income of $4.2 million, or $0.17 per diluted share
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Restaurant Owner Charged With Embezzling From Employee Retirement Fund
The owner of a string of Burger King restaurants in New York was arrested and charged Friday with embezzling more than $260,000 from a retirement fund for his employees.
Steven M. Zavidow, who owns and operates 11 Burger King restaurants in the area, faces six counts of embezzlement in the theft of $263,000 from the employee benefit plan he administered, according to a criminal complaint.
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Steven M. Zavidow, who owns and operates 11 Burger King restaurants in the area, faces six counts of embezzlement in the theft of $263,000 from the employee benefit plan he administered, according to a criminal complaint.
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