Dealers at Caesars Atlantic City overwhelmingly approved a five-year contract with the casino that will increase salaries by 18 percent over the life of the agreement.
The ratification vote by the United Auto Workers, which was completed Thursday, marks the second contract the union has reached with an Atlantic City casino, following a pact with the Tropicana Casino and Resort in August.
Read More:
Friday, November 19, 2010
Doormen at Montreal Fairmont charged with extortion
Montreal police say the six men have been pressuring cabbies to pay up before picking up passengers at the storied Queen Elizabeth hotel.
Read more:
See other related stories: - http://www.hospitalitybusinessnews.com/search?q=doormen
Thursday, November 18, 2010
SOL Kerzner hits out on Baha Mar
Says Baha Mar deal violates agreements made with his company
The proposed deal between the Government of The Bahamas and Baha Mar violates previous agreements between the government and Kerzner International, charged Sir Sol Kerzner yesterday.Read More:
Hilton Worldwide’s Offering Slashed to $1.56 Billion
A bond offering linked to the buyout of Hilton Worldwide Inc. was slashed in size as investors demanded additional yield to buy the securities.
The unrated Hilton sale, backed by interest in all of the assets of the hotel chain, was trimmed to $1.56 billion, according to people familiar with the transaction who declined to be identified because terms aren’t public. Bank of America Corp. and Goldman Sachs Group Inc. earlier marketed $2.66 billion of the bonds, people familiar with the transaction said Oct. 25.
Read More:
The unrated Hilton sale, backed by interest in all of the assets of the hotel chain, was trimmed to $1.56 billion, according to people familiar with the transaction who declined to be identified because terms aren’t public. Bank of America Corp. and Goldman Sachs Group Inc. earlier marketed $2.66 billion of the bonds, people familiar with the transaction said Oct. 25.
Read More:
Chatham Lodging delays 7m share offering
PALM BEACH, FLORIDA Chatham Lodging Trust has postponed a planned public offering of 7 million common shares due to unfavorable market conditions.
The hotel REIT, focused on acquiring upscale extended-stay hotels and premium branded select-service hotels, is delaying indefinitely its share offering that was first announced last Friday. Chatham’s share price slipped 5.8% between Friday’s share sale announcement and Wednesday.
Chatham owns 13 hotels with an aggregate of 1,650 guestrooms across nine states.
The hotel REIT, focused on acquiring upscale extended-stay hotels and premium branded select-service hotels, is delaying indefinitely its share offering that was first announced last Friday. Chatham’s share price slipped 5.8% between Friday’s share sale announcement and Wednesday.
Chatham owns 13 hotels with an aggregate of 1,650 guestrooms across nine states.
Mike Tyson to Launch New High-End Restaurant Chain?
Mike Tyson might be getting into the restaurant and food business.
As reported in the Tuesday edition of The New York Post, the former heavyweight champ is in talks with Moshe Malamud of the Franklin Mint regarding the launch of a high-end restaurant chain. The report says Tyson, who started and has adhered to a strict vegan diet last spring, is supposedly interested in “breaking into the kosher food business.”
Read More:
Hooters security attacked woman who disputed bill
A woman claiming she was attacked by a security guard at a south suburban Hooters restaurant after disputing her bill filed a lawsuit Wednesday against the restaurant chain.
Livier Torres claims a Hooters security guard attacked her Jan. 10 inside a restaurant on the 9100 block of South Cicero Avenue in Oak Lawn after she disputed charges on her bill, according to a suit filed in Cook County Circuit Court.
Read More:
Livier Torres claims a Hooters security guard attacked her Jan. 10 inside a restaurant on the 9100 block of South Cicero Avenue in Oak Lawn after she disputed charges on her bill, according to a suit filed in Cook County Circuit Court.
Read More:
Texas-based restaurant chain sues Ark eatery owner
FAYETTEVILLE, Ark. — A Texas-based restaurant chain is suing an Arkansas restaurant owner for trademark infringement.
Texas-based chain Twin Peaks features scantily-clad female servers in a mountain snow lodge-style atmosphere. The Arkansas owner, Kevin Laughlin, incorporated his company called Grand Tetons LLC in July 2009 and plans to open a restaurant called Northern Exposure next month.
In the lawsuit filed in federal court in Dallas, Twin Peaks claims Laughlin approached the company in spring 2009 and spent time learning about the business. The company claims it helped him select a location for a Twin Peaks franchise in Fayetteville.
The lawsuit claims Laughlin pulled out of the negotiations after a few months, saying he'd develop his own business model.
The Northwest Arkansas Times reports the staff at Laughlin's restaurant said he was too busy to be interviewed Wednesday.
Texas-based chain Twin Peaks features scantily-clad female servers in a mountain snow lodge-style atmosphere. The Arkansas owner, Kevin Laughlin, incorporated his company called Grand Tetons LLC in July 2009 and plans to open a restaurant called Northern Exposure next month.
In the lawsuit filed in federal court in Dallas, Twin Peaks claims Laughlin approached the company in spring 2009 and spent time learning about the business. The company claims it helped him select a location for a Twin Peaks franchise in Fayetteville.
The lawsuit claims Laughlin pulled out of the negotiations after a few months, saying he'd develop his own business model.
The Northwest Arkansas Times reports the staff at Laughlin's restaurant said he was too busy to be interviewed Wednesday.
Former Fairborn hotel manager sentenced in rape case
XENIA, Ohio -- 42-year-old Hitesh Patel, the Fairborn Motel 6 general manager found guilty of rape and other sexual misconduct involving employees was sentenced to six years in prison yesterday in the Greene County Common Pleas Court.
Patel had faced a maximum of 16-and-a-half years for the eight charges a jury convicted him of on September 29. He was ordered to serve his time in the Ohio Department of Rehabilitation and Correction.
Read More:
Massachusetts Fines UBS $100,000 In Hedge-Fund Hotel Case
NEW YORK (Dow Jones)--Massachusetts fined UBS Securities LLC $100,000 to settle a complaint the firm didn't enforce the full disclosure of its arrangements with hedge fund advisers.
UBS Securities, a unit of UBS AG (UBS, UBSN.VX), settled the allegations without admitting or denying wrongdoing, a spokesman for Massachusetts Secretary of the Commonwealth William F. Galvin said Thursday. UBS spokeswoman Allison Chin-Leong said, "we're pleased to have resolved the matter."
The case dates back to a 2002 inquiry into ABN Amro Securities LLC, a prime broker that offered hedge funds office space, technology and other services in an arrangement known as a "hedge-fund hotel." UBS acquired ABN Amro's prime brokerage business in 2003 for $250 million. Massachusetts' Galvin said UBS didn't enforce a requirement that its hedge-fund hotel clients disclose their arrangements with the bank to investors.
Read More:
UBS Securities, a unit of UBS AG (UBS, UBSN.VX), settled the allegations without admitting or denying wrongdoing, a spokesman for Massachusetts Secretary of the Commonwealth William F. Galvin said Thursday. UBS spokeswoman Allison Chin-Leong said, "we're pleased to have resolved the matter."
The case dates back to a 2002 inquiry into ABN Amro Securities LLC, a prime broker that offered hedge funds office space, technology and other services in an arrangement known as a "hedge-fund hotel." UBS acquired ABN Amro's prime brokerage business in 2003 for $250 million. Massachusetts' Galvin said UBS didn't enforce a requirement that its hedge-fund hotel clients disclose their arrangements with the bank to investors.
Read More:
Judge says Disney can't bar Anaheim hotel cabbies
SANTA ANA -- A judge says Disney Resorts can't bar cabbies from Disneyland, California Adventure, Downtown Disney and its three hotels.
Orange County Judge James Di Cesare on Wednesday granted a temporary restraining order until he hears arguments claiming Disney and Anaheim's Hilton and Marriott hotels are creating a monopoly by favoring one cab company. There are three licensed cab companies in Anaheim. Read More:
Wednesday, November 17, 2010
How Much Is Sysco Worth?
Sysco (NYSE: SYY) is practically the epitome of boring. The company distributes foodstuffs to hundreds of thousands of customers around the country so that those customers can chop, fry, cook, and put delicious meals in front of us when we go out to eat.
The company is a big dog in an even bigger industry, but it's neither a sexy industry nor one that promises scorching growth. On the flip side, though, Sysco's competitive position, scale, and industry make it a particularly safe and stable pick in a world where security seems to be AWOL. At the same time, Sysco's stock pays a none-too-shabby 3.6% dividend and has an enviable record of growing its payout.
Read More:
The company is a big dog in an even bigger industry, but it's neither a sexy industry nor one that promises scorching growth. On the flip side, though, Sysco's competitive position, scale, and industry make it a particularly safe and stable pick in a world where security seems to be AWOL. At the same time, Sysco's stock pays a none-too-shabby 3.6% dividend and has an enviable record of growing its payout.
Read More:
Tulsa Crown Plaza becomes a Hyatt
The Crowne Plaza Hotel, once mired in bankruptcy and foreclosure, will soon have new life as a Hyatt Regency.
Jeff Keeley, general manager of the downtown hotel, announced the brand change Monday morning during an interview on local radio station KMYZ.
He said on the air that the changeover, effective Jan. 1, apparently means that the 462-room hotel's new owner, Sorin Real Estate, intends to invest in the property for the long term.
Keeley declined to comment further after the radio show.
Read More:
Jeff Keeley, general manager of the downtown hotel, announced the brand change Monday morning during an interview on local radio station KMYZ.
He said on the air that the changeover, effective Jan. 1, apparently means that the 462-room hotel's new owner, Sorin Real Estate, intends to invest in the property for the long term.
Keeley declined to comment further after the radio show.
Read More:
Google Hotpot challenges Yelp's restaurant rater
Google is getting into the restaurant rating biz, with its new launch of Hotpot, a sort of Yelp/Foursquare/Facebook mash-up linked to Google Places.
Google maps already aggregate ratings from other rating websites like Citysearch and OpenTable, but Hotpot is more personalized. It tailors its recommendations based on places that you, and others in your social network, have rated highly. (It's similar to Facebook Places, but instead of just "like"ing a place, the user can give a rating somewhere between Love and Hate.) After Yelp rejected Google's purchase offer last year, might this competing product be considered an act of revenge?
Read More:
Google maps already aggregate ratings from other rating websites like Citysearch and OpenTable, but Hotpot is more personalized. It tailors its recommendations based on places that you, and others in your social network, have rated highly. (It's similar to Facebook Places, but instead of just "like"ing a place, the user can give a rating somewhere between Love and Hate.) After Yelp rejected Google's purchase offer last year, might this competing product be considered an act of revenge?
Read More:
