Hospitality Accounting - Hotel Accounting - Restaurant Accounting - Hospitality Finance - Hospitality Texts -Hospitality Management
MARCH 2011 Edition
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This news site is maintained and paid for by Raymond Cote, Author of these two texts:
Basic Hotel and Restaurant Accounting: A principles and systems text based on the uniform system of accounts for hotels (AHLA) and restaurants (NRA). The text also contains several introductory managerial accounting chapters. An optional workbook is available. Click the HRA DESCRIBED tab at top of this page for more information.
Accounting for Hospitality Managers: A managerial accounting and financial management text providing the student with the necessary skills and knowledge to analyze financial information to solve hospitality business problems and achieve profit objectives. An optional workbook is available. Click the AHM DESCRIBED tab at top of this page for more information.
YOUR SUPPORT:The royalties from the sale of the above texts make this site possible. If you are not a customer, your review and consideration of my texts is appreciated. Remember that the purchase of any text from a used book seller does not benefit the author or publisher. These used book sellers do not provide any academic service and incur no expense (which is considerable) in the revising or publishing of an up-to-date text.
EMAIL ADDRESS CONFIDENTIALITY GUARANTEE: Your email address and name are given 100% privacy and confidentiality. Your information is never given, sold, or in any other manner made available to any company, organization, or person. When you visit my web site, no information is gathered; your visit is not monitored, and cookies are never used. However, your visit to any outside links noted in the various news sections is subject to that organization’s practice, which is not under my control.
GENERAL NEWS OF INTEREST
· Leadership flaws to avoid: http://www.openforum.com/idea-hub/topics/managing/article/the-11-leadership-styles-you-must-avoid-mike-michalowicz?cid=em-smartbrief
· 10 Considerations before opening a restaurant: http://www.allbusiness.com/food-beverage/restaurants-food-service/15480338-1.html
· Roy Rogers Restaurants are making a comeback: http://www.qsrweb.com/article/180005/Roy-Rogers-mounts-comeback-returns-to-franchising
· Gluten-free menu addition consideration: http://smartblogs.com/restaurants/2011/03/17/a-peek-at-the-natural-products-expo-west/
· Taco Bell’s defense is working: http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=146901
UNITED STATES NEWS
Restaurant News
· Who’s the biggest food chain? McDonald's is the worldwide sales volume leader. Subway has more locations with 33,749 compared to McDonald's 32,737in 2010.
· Colorado restaurant provides a receipt explaining the carbs, calories, fat and protein.
· Hardee's is the first major burger chain to permanently add a turkey burger to the menu. In addition to the traditional version with lettuce, tomato and normal toppings; a barbecue ranch version and another with mushroom and swiss are offered. Prices range from $2.99 to $3.49.
Hotel News
· According to data from STR, the U.S. hotel industry had three key performance increases for February 2011. Year-to-year, occupancy was 55.7% up 5.2 %. The ADR at end of month was $98.95, a 2.5% increase. REVPar for the month was $55.15, an increase of 7.9%.
· A 115-room DoubleTree by Hilton hotel is currently being built on Brayford Wharf North in Lincoln, completion is scheduled by the end of 2011.
· Carlson, a privately held, global hospitality company, has opened the Country Inn & Suites By Carlson, Greenfield, Ind. There are now 12 Country Inns & Suites hotels in Indiana and more than 175 locations in the Midwest.
· Best Western International has opened the 174-room BEST WESTERN PREMIER in Harrisburg, Pa.
· Chattanooga, Tenn. gets the first renovated Sleep Inn hotel.
· The 107-room Home2 Suites by Hilton opened in Layton, UT.
· Starwood Hotels & Resorts Worldwide has completed its multimillion dollar renovation to The Royal Hawaiian, a 528-room property on Waikiki Beach, known as the "Pink Palace of the Pacific."
· Starwood Hotels & Resorts has opened its second Westin hotel in Phoenix, Arizona; the Westin Phoenix Downtown has 242 guestrooms.
· The Wyndham Garden Providence in Rhode Island, located at 220 India Street has been added to the Wyndham portfolio. The six-story, waterfront is owned and operated by Rhode Island-based The Procaccianti Group, a privately held real estate investment company which currently owns, operates or manages 64 hotels with approximately 17,000 guest rooms in 23 states.
Casino News
· The 60-year-old Sahara, influential in the development of the Las Vegas Strip will close May 16.
· Pennsylvania gambling industry has been expanded several times in the past decade; it might become the second largest gaming state by the end of 2012.
· Atlantic City has gaming has fallen off in recent years; one reason is increased competition from Pennsylvania and several other Northeastern states. Also, the casinos in the city have gotten old and renovation projects delayed while other states have built new, modern casino resorts. Pennsylvania, Maryland, and Maine have all had casinos opened in the last year, and more might come from New York and Massachusetts.
· A federal class-action lawsuit has been filed against Harrah's New Orleans Hotel and Casino. The lawsuit claims that the casino knew the dangers of secondhand smoke, but did not protect their employees.
· Indian tribes once had little competition, especially when the competition was held back by strict regulations or high tax rates. Now, states have added new casinos and numerous more are in the process of allowing casinos. In 2009, tribal casino gambling revenue dropped to $26.4 billion, a decline of only 1%; but it indicates that state casinos are becoming a major competitor.
International Growth of U.S. Companies
· The parent company of Dunkin' Donuts and Baskin-Robbins plans to expand further in Asia with thousands of new outlets in China and opening its first stores in Vietnam within 18 months.
· Starbuck’s plans are to open 1,500 stores in 2nd and 3rd tier cities in China by 2015. From September 2010 to January 2011, 800 stores have been opened in 35 cities.
· Cold Stone Creamery has signed three new partners in Singapore, Cyprus and Brazil to expand in this year.
· Pinkberry, known for its frozen yogurt is the most recent entry in Moscow's flourishing franchise market. Other entrants include: Cinnabon with seven franchises in Moscow and plans to expand in St. Petersburg, Rostov-on-Don and Vladivostok, in the near future. Papa John's has opened 17 franchises; Dunkin' Donuts has nine shops in Moscow.
· PepsiCo International is reporting growing revenues and profits from Asia Pacific markets such as China and India. The Middle East and Africa region are also generating excellent results. PepsiCo International is investing in the expansion of manufacturing capacity and local R&D for new products customized to Chinese consumers and to building the company’s sales force and brand-building. Management also plans to invest up to $3 billion in Mexico over the next five years for growth of its beverage brands and its Sabritas and Gamesa snacks. The company plans to invest $1 billion in Russia which includes a new beverage facility in Domodedovo and a snacks plant in Azov.
Accounting and Taxation
· The Senate has passed a bill that would overhaul the nation’s patent system to stop the further issuance of tax strategy patents. Tax strategy patents restrict taxpayers’ use of the tax laws and create a monopoly on tax compliance for those holding the patents. The AICPA’s position is that no taxpayer should be legally liable or pay a royalty for applying the best permitted methods and strategies to comply with the Federal Tax Code. The AICPA now implores the House of Representatives to approve the Senate’s version.
· The Securities & Exchange Commission’s (SEC) Office of the Chief Accountant (OCA) “is responsible for establishing and enforcing accounting and auditing policy to enhance transparency and relevancy of financial reporting, and for improving the professional performance of public company auditors in order to promote the fair presentation and credibility of financial statements used for investment decisions.”
· Employee/Employer Reporting of Tip Income: http://www.missouribusiness.net/irs/sections/section4/howtoreporttips.htm
· Watch those banking fees: http://www.fastcasual.com/blog/5532/Cut-costs-by-trimming-fees
INTERNATIONAL NEWS
Read the “International Growth of U.S. Companies” section in the United States news above for other international news not included herein.
Bahamas
· The World Travel & Tourism Council (WTTC) predicted that the tourism sector will employ 48,000 persons or 29.4% of the total workforce in 2011. It predicted that the tourism industry employment will grow 2.1% per year over the next decade, attaining 60,000 jobs or 30.3 % of the workforce by 2021.
Bahrain
· Hotel industry economic news:
o http://www.tradearabia.com/news/TTN_195158.html
o http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=301125
o http://www.reuters.com/article/2011/03/01/uk-bahrain-economy-idUSLNE72005H20110301
Canada
· A Hotels.com survey indicates that the 2010 average overnight paid room rate decreased to $123.91 in Edmonton $136.53 in Calgary, in Jasper $159.16 and Lake Louise $213.99. Prices dipped 2% in Vancouver ($140.41) following the 2010 Vancouver-Whistler Winter Olympics. Nationally, average hotel room rates were unchanged at $136. Prices were up 4% in Toronto ($135.62), host of the G20 Summit, and 6% in Montreal ($147.79). Resort cities were the most expensive with Tofino, B.C. at $230.11 per night (up 7%). Hotel room rates in Mont Tremblant, Que., and Whistler, B.C. rose 10% each.
· The United States was the top international destination. Canadians paid 6% less ($135.93) for rooms than a year ago. Las Vegas was the top destination, followed by New York, Seattle, Orlando and San Francisco.
· MIG Real Estate has purchased the 177-room Courtyard Marriott Downtown Edmonton in Alberta. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group). Concord Hospitality Enterprises Company of Raleigh, NC was retained as the operator for the hotel. Concord is one of the largest operators of Marriott branded properties in the U.S. and Canada.
· Quebec will experience a big impact Pension Plan costs. Quebec’s restaurant industry employs 257,000 people, including 109,000 youth. The new budget increases Quebec Pension Plan contribution rates by 0.15 percentage point for six years beginning Jan. 1, 2012, raising it from 9.9 per cent to 10.8 per cent of insurable earnings for employers as well as employees. Payroll taxes in Quebec are already 30 per cent higher compared to the rest of the country.
China
· Marriott International has opened a 507-room Renaissance Sanya Resort & Spa in the Haitang Bay resort area,
· Starwood has opened The Westin Nanjing in the capital of China's Jiangsu province the chain's eleventh in eastern China.
· Caesars Entertainment plans for the first time to lend its brands to hotels that don't have casinos. The move by Caesars, which changed its name from Harrah's Entertainment Inc. last year, follows that of competitor MGM Resorts International.
Greece
· World Team Poker’s Championship will be held at the South Point Hotel, Casino and Spa on May 24, 25 and 26, 2011. Teams currently scheduled are Team Australia, Team Brazil, Team Canada, Team China, Team Cyprus, Team England, Team Germany, Team Greece, Team Iran, Team Israel, Team Italy, Team Korea, Team Lebanon, Team New Zealand, Team Pakistan, Team Russia, Team Spain, Team Ukraine, Team Vietnam, Team USA and a Wild Card team of celebrities captained by Dr. Jerry Buss. Other teams expressing interest are Team Caribbean Islands, Team Costa Rica, Team Denmark, Team India, Team Mexico, Team Norway, Team Philippines and Team Wales. In addition to “team versus team” play, “individual versus individual” play will be events.
· Accor’s budget brand, 'Etap Hotel' will open its first two hotels by November. The 101-room Etap Hotel is in Hinjewadi Pune, and the 135-room Etap Greater Noida.
· Accor will also launch its first luxury brand 'Sofitel' and 'Pullman' in India in 2011. The Sofitel property will come up at BKC in Mumbai and Pullman at Central Park in Gurgaon.
· Eaton Hotels International, member of Langham Hospitality Group, will open its first property in India, a 93-room transit hotel called Eaton Smart in March 2011. Eaton Smart, The first- transit hotel in the country, will be located at the Delhi airport.
· Best Western India announced its new hotel brand Best Western Plus. The new brand will give member hotels the option to identify their properties as Best Western for midscale properties, Best Western Plus® for Upper midscale hotels and Best Western Premier® for the upscale properties.
Ireland
· Hyatt Hotels Corporation appears to be the most likely buyer of the Grand Canal Square Hotel in the south Dublin docklands. The 169-bedroom hotel is 2-years old; selling price is estimated at €20 million to €25 million. Fit-out costs are estimated at €8 million to €10 million.
· THE MOUNT Herbert Hotel, 168-beds, 60 staff, in south Dublin has been rebranded the Sandymount Hotel.
South Africa
· Hilton Worldwide has only by two five-star Hilton hotels, one in Sandton and one in Durban; but it will open a Hilton in Cape Town next month. Its plans are to expand in South Africa with at least one of its six brands in every city.
· The Belgian-based Rezidor group already has a number of five-star Radisson Blu and mid-market Park Inns in South Africa and is preparing to open eight new hotels this year throughout sub-Saharan Africa.
· Radisson plans to open eight new Radisson Blu or Park Inn hotels in this country and in Mozambique, Ethiopia and Nigeria this year.
Switzerland
· The ibis brand enters Delémont and Bulle; it already operates 19 hotels in 14 different cities.
· Century Casinos, Inc. has applied for a casino license in Neuchatel, Switzerland. It is one of four companies applying for the license. If approved, the company will invest $30 million toward the 21,000-square feet facility, including underground car parking, up to 250 slot machines and 18 gambling tables.
NOTICE TO READERS
· Sources of Information: Some of the information for this newsletter may be assembled, summarized, and re-tailored from many sources. For example, the National Restaurant Association, the American Hotel and Lodging Association, the Wall Street Journal, The Canadian Restaurant and Foodservice Association, Internal Revenue Service, QSR Magazine, Chain Leader, Hotel News Resource, Google, and numerous other professional sites.
· Links to third-party websites:Links to third party websites are provided solely as a convenience to you. If you decide to access any of the third-party websites linked in the newsletter, you do this entirely at your own risk. The author of this newsletter is not obligated to review third-party websites, does not control such third-party websites, and is not responsible for any such third-party websites. Ray Cote does not endorse or make any presentations about such third-party websites, their content, products or services.
· Procedure for making claims of infringement:Ray Cote respects the intellectual property rights of others. Accordingly, Ray Cote has a policy of removing any content that violate copyright law. Pursuant to Title 17 of the United States Code, Section 512, if you believe your copyright or other intellectual property right is being infringed please provide written notice to:
Raymond Cote, Author, PO Box 771383, Ocala, FL 34477
· Your written notice must:
(a) Present adequate contact information (postal address, telephone number, and e-mail address
(b) Contain your physical signature
(c) Identify the copyrighted work or other intellectual property alleged to have been infringed
(d) Contain a statement that the information in your written notice is accurate
(e) Contain a statement, under penalty of perjury, that you are authorized to act on behalf of the copyright or other intellectual property right owner.
(f) Any incomplete or fictitious claims will be deleted upon receipt
Basic Hotel and Restaurant Accounting: A principles and systems text based on the uniform system of accounts for hotels (AHLA) and restaurants (NRA). The text also contains several introductory managerial accounting chapters. An optional workbook is available. Click the HRA DESCRIBED tab at top of this page for more information.
Accounting for Hospitality Managers: A managerial accounting and financial management text providing the student with the necessary skills and knowledge to analyze financial information to solve hospitality business problems and achieve profit objectives. An optional workbook is available. Click the AHM DESCRIBED tab at top of this page for more information.
YOUR SUPPORT:The royalties from the sale of the above texts make this site possible. If you are not a customer, your review and consideration of my texts is appreciated. Remember that the purchase of any text from a used book seller does not benefit the author or publisher. These used book sellers do not provide any academic service and incur no expense (which is considerable) in the revising or publishing of an up-to-date text.
EMAIL ADDRESS CONFIDENTIALITY GUARANTEE: Your email address and name are given 100% privacy and confidentiality. Your information is never given, sold, or in any other manner made available to any company, organization, or person. When you visit my web site, no information is gathered; your visit is not monitored, and cookies are never used. However, your visit to any outside links noted in the various news sections is subject to that organization’s practice, which is not under my control.
GENERAL NEWS OF INTEREST
· Leadership flaws to avoid: http://www.openforum.com/idea-hub/topics/managing/article/the-11-leadership-styles-you-must-avoid-mike-michalowicz?cid=em-smartbrief
· 10 Considerations before opening a restaurant: http://www.allbusiness.com/food-beverage/restaurants-food-service/15480338-1.html
· Roy Rogers Restaurants are making a comeback: http://www.qsrweb.com/article/180005/Roy-Rogers-mounts-comeback-returns-to-franchising
· Gluten-free menu addition consideration: http://smartblogs.com/restaurants/2011/03/17/a-peek-at-the-natural-products-expo-west/
· Taco Bell’s defense is working: http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=146901
UNITED STATES NEWS
Restaurant News
· Who’s the biggest food chain? McDonald's is the worldwide sales volume leader. Subway has more locations with 33,749 compared to McDonald's 32,737in 2010.
· Colorado restaurant provides a receipt explaining the carbs, calories, fat and protein.
· Hardee's is the first major burger chain to permanently add a turkey burger to the menu. In addition to the traditional version with lettuce, tomato and normal toppings; a barbecue ranch version and another with mushroom and swiss are offered. Prices range from $2.99 to $3.49.
Hotel News
· According to data from STR, the U.S. hotel industry had three key performance increases for February 2011. Year-to-year, occupancy was 55.7% up 5.2 %. The ADR at end of month was $98.95, a 2.5% increase. REVPar for the month was $55.15, an increase of 7.9%.
· A 115-room DoubleTree by Hilton hotel is currently being built on Brayford Wharf North in Lincoln, completion is scheduled by the end of 2011.
· Carlson, a privately held, global hospitality company, has opened the Country Inn & Suites By Carlson, Greenfield, Ind. There are now 12 Country Inns & Suites hotels in Indiana and more than 175 locations in the Midwest.
· Best Western International has opened the 174-room BEST WESTERN PREMIER in Harrisburg, Pa.
· Chattanooga, Tenn. gets the first renovated Sleep Inn hotel.
· The 107-room Home2 Suites by Hilton opened in Layton, UT.
· Starwood Hotels & Resorts Worldwide has completed its multimillion dollar renovation to The Royal Hawaiian, a 528-room property on Waikiki Beach, known as the "Pink Palace of the Pacific."
· Starwood Hotels & Resorts has opened its second Westin hotel in Phoenix, Arizona; the Westin Phoenix Downtown has 242 guestrooms.
· The Wyndham Garden Providence in Rhode Island, located at 220 India Street has been added to the Wyndham portfolio. The six-story, waterfront is owned and operated by Rhode Island-based The Procaccianti Group, a privately held real estate investment company which currently owns, operates or manages 64 hotels with approximately 17,000 guest rooms in 23 states.
Casino News
· The 60-year-old Sahara, influential in the development of the Las Vegas Strip will close May 16.
· Pennsylvania gambling industry has been expanded several times in the past decade; it might become the second largest gaming state by the end of 2012.
· Atlantic City has gaming has fallen off in recent years; one reason is increased competition from Pennsylvania and several other Northeastern states. Also, the casinos in the city have gotten old and renovation projects delayed while other states have built new, modern casino resorts. Pennsylvania, Maryland, and Maine have all had casinos opened in the last year, and more might come from New York and Massachusetts.
· A federal class-action lawsuit has been filed against Harrah's New Orleans Hotel and Casino. The lawsuit claims that the casino knew the dangers of secondhand smoke, but did not protect their employees.
· Indian tribes once had little competition, especially when the competition was held back by strict regulations or high tax rates. Now, states have added new casinos and numerous more are in the process of allowing casinos. In 2009, tribal casino gambling revenue dropped to $26.4 billion, a decline of only 1%; but it indicates that state casinos are becoming a major competitor.
International Growth of U.S. Companies
· The parent company of Dunkin' Donuts and Baskin-Robbins plans to expand further in Asia with thousands of new outlets in China and opening its first stores in Vietnam within 18 months.
· Starbuck’s plans are to open 1,500 stores in 2nd and 3rd tier cities in China by 2015. From September 2010 to January 2011, 800 stores have been opened in 35 cities.
· Cold Stone Creamery has signed three new partners in Singapore, Cyprus and Brazil to expand in this year.
· Pinkberry, known for its frozen yogurt is the most recent entry in Moscow's flourishing franchise market. Other entrants include: Cinnabon with seven franchises in Moscow and plans to expand in St. Petersburg, Rostov-on-Don and Vladivostok, in the near future. Papa John's has opened 17 franchises; Dunkin' Donuts has nine shops in Moscow.
· PepsiCo International is reporting growing revenues and profits from Asia Pacific markets such as China and India. The Middle East and Africa region are also generating excellent results. PepsiCo International is investing in the expansion of manufacturing capacity and local R&D for new products customized to Chinese consumers and to building the company’s sales force and brand-building. Management also plans to invest up to $3 billion in Mexico over the next five years for growth of its beverage brands and its Sabritas and Gamesa snacks. The company plans to invest $1 billion in Russia which includes a new beverage facility in Domodedovo and a snacks plant in Azov.
Accounting and Taxation
· The Senate has passed a bill that would overhaul the nation’s patent system to stop the further issuance of tax strategy patents. Tax strategy patents restrict taxpayers’ use of the tax laws and create a monopoly on tax compliance for those holding the patents. The AICPA’s position is that no taxpayer should be legally liable or pay a royalty for applying the best permitted methods and strategies to comply with the Federal Tax Code. The AICPA now implores the House of Representatives to approve the Senate’s version.
· The Securities & Exchange Commission’s (SEC) Office of the Chief Accountant (OCA) “is responsible for establishing and enforcing accounting and auditing policy to enhance transparency and relevancy of financial reporting, and for improving the professional performance of public company auditors in order to promote the fair presentation and credibility of financial statements used for investment decisions.”
· Employee/Employer Reporting of Tip Income: http://www.missouribusiness.net/irs/sections/section4/howtoreporttips.htm
· Watch those banking fees: http://www.fastcasual.com/blog/5532/Cut-costs-by-trimming-fees
INTERNATIONAL NEWS
Read the “International Growth of U.S. Companies” section in the United States news above for other international news not included herein.
Bahamas
· The World Travel & Tourism Council (WTTC) predicted that the tourism sector will employ 48,000 persons or 29.4% of the total workforce in 2011. It predicted that the tourism industry employment will grow 2.1% per year over the next decade, attaining 60,000 jobs or 30.3 % of the workforce by 2021.
Bahrain
· Hotel industry economic news:
o http://www.tradearabia.com/news/TTN_195158.html
o http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=301125
o http://www.reuters.com/article/2011/03/01/uk-bahrain-economy-idUSLNE72005H20110301
Canada
· A Hotels.com survey indicates that the 2010 average overnight paid room rate decreased to $123.91 in Edmonton $136.53 in Calgary, in Jasper $159.16 and Lake Louise $213.99. Prices dipped 2% in Vancouver ($140.41) following the 2010 Vancouver-Whistler Winter Olympics. Nationally, average hotel room rates were unchanged at $136. Prices were up 4% in Toronto ($135.62), host of the G20 Summit, and 6% in Montreal ($147.79). Resort cities were the most expensive with Tofino, B.C. at $230.11 per night (up 7%). Hotel room rates in Mont Tremblant, Que., and Whistler, B.C. rose 10% each.
· The United States was the top international destination. Canadians paid 6% less ($135.93) for rooms than a year ago. Las Vegas was the top destination, followed by New York, Seattle, Orlando and San Francisco.
· MIG Real Estate has purchased the 177-room Courtyard Marriott Downtown Edmonton in Alberta. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group). Concord Hospitality Enterprises Company of Raleigh, NC was retained as the operator for the hotel. Concord is one of the largest operators of Marriott branded properties in the U.S. and Canada.
· Quebec will experience a big impact Pension Plan costs. Quebec’s restaurant industry employs 257,000 people, including 109,000 youth. The new budget increases Quebec Pension Plan contribution rates by 0.15 percentage point for six years beginning Jan. 1, 2012, raising it from 9.9 per cent to 10.8 per cent of insurable earnings for employers as well as employees. Payroll taxes in Quebec are already 30 per cent higher compared to the rest of the country.
China
· Marriott International has opened a 507-room Renaissance Sanya Resort & Spa in the Haitang Bay resort area,
· Starwood has opened The Westin Nanjing in the capital of China's Jiangsu province the chain's eleventh in eastern China.
· Caesars Entertainment plans for the first time to lend its brands to hotels that don't have casinos. The move by Caesars, which changed its name from Harrah's Entertainment Inc. last year, follows that of competitor MGM Resorts International.
Greece
· World Team Poker’s Championship will be held at the South Point Hotel, Casino and Spa on May 24, 25 and 26, 2011. Teams currently scheduled are Team Australia, Team Brazil, Team Canada, Team China, Team Cyprus, Team England, Team Germany, Team Greece, Team Iran, Team Israel, Team Italy, Team Korea, Team Lebanon, Team New Zealand, Team Pakistan, Team Russia, Team Spain, Team Ukraine, Team Vietnam, Team USA and a Wild Card team of celebrities captained by Dr. Jerry Buss. Other teams expressing interest are Team Caribbean Islands, Team Costa Rica, Team Denmark, Team India, Team Mexico, Team Norway, Team Philippines and Team Wales. In addition to “team versus team” play, “individual versus individual” play will be events.
· Accor’s budget brand, 'Etap Hotel' will open its first two hotels by November. The 101-room Etap Hotel is in Hinjewadi Pune, and the 135-room Etap Greater Noida.
· Accor will also launch its first luxury brand 'Sofitel' and 'Pullman' in India in 2011. The Sofitel property will come up at BKC in Mumbai and Pullman at Central Park in Gurgaon.
· Eaton Hotels International, member of Langham Hospitality Group, will open its first property in India, a 93-room transit hotel called Eaton Smart in March 2011. Eaton Smart, The first- transit hotel in the country, will be located at the Delhi airport.
· Best Western India announced its new hotel brand Best Western Plus. The new brand will give member hotels the option to identify their properties as Best Western for midscale properties, Best Western Plus® for Upper midscale hotels and Best Western Premier® for the upscale properties.
Ireland
· Hyatt Hotels Corporation appears to be the most likely buyer of the Grand Canal Square Hotel in the south Dublin docklands. The 169-bedroom hotel is 2-years old; selling price is estimated at €20 million to €25 million. Fit-out costs are estimated at €8 million to €10 million.
· THE MOUNT Herbert Hotel, 168-beds, 60 staff, in south Dublin has been rebranded the Sandymount Hotel.
South Africa
· Hilton Worldwide has only by two five-star Hilton hotels, one in Sandton and one in Durban; but it will open a Hilton in Cape Town next month. Its plans are to expand in South Africa with at least one of its six brands in every city.
· The Belgian-based Rezidor group already has a number of five-star Radisson Blu and mid-market Park Inns in South Africa and is preparing to open eight new hotels this year throughout sub-Saharan Africa.
· Radisson plans to open eight new Radisson Blu or Park Inn hotels in this country and in Mozambique, Ethiopia and Nigeria this year.
Switzerland
· The ibis brand enters Delémont and Bulle; it already operates 19 hotels in 14 different cities.
· Century Casinos, Inc. has applied for a casino license in Neuchatel, Switzerland. It is one of four companies applying for the license. If approved, the company will invest $30 million toward the 21,000-square feet facility, including underground car parking, up to 250 slot machines and 18 gambling tables.
NOTICE TO READERS
· Sources of Information: Some of the information for this newsletter may be assembled, summarized, and re-tailored from many sources. For example, the National Restaurant Association, the American Hotel and Lodging Association, the Wall Street Journal, The Canadian Restaurant and Foodservice Association, Internal Revenue Service, QSR Magazine, Chain Leader, Hotel News Resource, Google, and numerous other professional sites.
· Links to third-party websites:Links to third party websites are provided solely as a convenience to you. If you decide to access any of the third-party websites linked in the newsletter, you do this entirely at your own risk. The author of this newsletter is not obligated to review third-party websites, does not control such third-party websites, and is not responsible for any such third-party websites. Ray Cote does not endorse or make any presentations about such third-party websites, their content, products or services.
· Procedure for making claims of infringement:Ray Cote respects the intellectual property rights of others. Accordingly, Ray Cote has a policy of removing any content that violate copyright law. Pursuant to Title 17 of the United States Code, Section 512, if you believe your copyright or other intellectual property right is being infringed please provide written notice to:
Raymond Cote, Author, PO Box 771383, Ocala, FL 34477
· Your written notice must:
(a) Present adequate contact information (postal address, telephone number, and e-mail address
(b) Contain your physical signature
(c) Identify the copyrighted work or other intellectual property alleged to have been infringed
(d) Contain a statement that the information in your written notice is accurate
(e) Contain a statement, under penalty of perjury, that you are authorized to act on behalf of the copyright or other intellectual property right owner.
(f) Any incomplete or fictitious claims will be deleted upon receipt
