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Index: hospitality news, hospitality accounting text, hospitality managerial accounting text, hotel accounting, restaurant accounting, accounting, finance
Raymond Cote, Author of hospitality accounting textbooks provides this news website for educators, students, and professionals in the hospitality fields of accounting, management and operations.
Cote’s textbook customers make this website possible. These texts are:
- Basic Hotel and Restaurant Accounting
(Click the Principles/System button at left)
Accounting for Hospitality Managers (Click the Managerial Acctg Text button at left)
 
 Author's Background Information: Raymond Cote achieved the rank of full professor at a major hospitality university in the United States. For 18 years Professor Cote taught undergraduate and graduate courses in hospitality accounting and hospitality financial management. His experience includes setting up hospitality accounting courses in the United States and abroad for an international hospitality college. In the private sector, he achieved the position of vice president and chief accountant for a major food and lodging corporation. His business career transcended to the entrepreneurial level as president of several business conglomerates consisting of a food and beverage operation, retail and service companies, and a consulting/certified public accounting firm.
 SPECIAL REPORT ON COCA-COLA COMPANY IS AT THE END OF THIS NEWSLETTER.
 GENERAL INTEREST
 UNITED STATES NEWS
 DIVESTITURES
- Golden Gate affiliate, OTB Acquisitions LLC, buys On the Border 's 160 restaurants from Brinker International. The sale includes U.S. and international locations. Golden Gate Capital previously purchased Romano's Macaroni Grill from Brinker in December 2008. Other prominent brands in Golden Gate's portfolio include J. Jill, Eddie Bauer and Express.
- CKE, parent of the Hardee's and Carl's Jr. burger chains
 NEW MENUS, NEW PRODUCTS, NEW CONCEPTS
- Subway new marketing is "Build Your Better Breakfast." TV commercials will announce the convenience of breakfast sandwiches in all of Subway's 25,000 United States locations. The company will be running promotions promoting customization rather than price.
- Coffees, wine, beer, organic pastries, gourmet cheese and meat plates are being served at Starbucks’ Roy Street Coffee & Tea located in Seattle's Capitol Hill section and also at 15th Avenue Coffee & Tea in Seattle. Industry observers believe that the two cafes are the initial part of Starbucks plan to move back into the top end of the market. Starbucks again wants to distinguish itself from McDonald’s improved coffees and those of other quick service food competitors.
- Denny's is introducing its nationwide new, every day, all day $2 $4 $6 $8 Value Menu. Denny's $2 $4 $6 $8 Value Menu offers four items at each price point.
- Outback will introduce several entrees with fewer than 500 calories in April.
- KFC has a new concept for a chicken sandwich, NEW because it has no bun. The "sandwich" is called the Double Down, sells for $5; it consists of 2 boneless chicken filets, in between are two slices of cheese and sauce
 INTERNATIONAL GROWTH OF U.S. COMPANIES (See International News Section below for more information on the following)
- Taco Bell (Yum Brands) has opened its outlet in Bangalore, India on March 16.
- FOCUS Brands Inc. (Carvel ice cream and Cinnabon) is introducing its Moe’s Southwest Grill in Turkey this year.
- McDonald’s is the largest coffee chain in Australia.
- Cadbury (now owned by Kraft Foods) is in early planning to open a chain of Cadbury Cocoa Houses in Great Britain.
- Rio de Janeiro-based Brazil Fast Food plans to develop four KFC locations, two Pizza Hut restaurants and four Pizza Hut delivery stations this year in South America
 STATE OF THE HOSPITALITY INDUSTRY
- Some well-known casual-dining chains are serving smaller servings at lower prices. This strategy is due to the $75 billion casual-dining business continuing to survive in the food service depressed market. Some of these chains are Houlihan’s Cheesecake Factory, California Pizza, BJ’s Restaurants, and more.
- About 400,000 U.S. hotel employees were laid off during the past two years, according to Joe Mcinerney, president of the American Hotel & Lodging Association.
- The 2009 average daily room rate for U.S. hotels was the lowest since 2005.
- The 2009 occupancy rate was the lowest of the decade.
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"There’s a recovery going on" according to the NPD Group, a market research firm that tracks sales at 47 restaurant chains with a total of 103,000 outlets. "Restaurants all over the country are beginning to see signs of a potential recovery after a dismal 2009. Sales at some restaurants have risen in the last few months, and the industry has hired thousands of additional workers."
 NEWS OF INTEREST
- Skating Carhops are back. Skating carhops were common at Sonic locations in the 1960s and '70s, however they were omitted in the 80s and '90s. Now Ruby’s and Sonic are bringing them back. Most Sonic locations will have carhops and Ruby's just opened its first unit with skating carhops in Anaheim, CA.
- Caesars Palace Las Vegas introduces its extravagant Octavius Villas averaging 8,800 square feet, each one with a thematic design scheme from France, Greece. Each villa includes imported marble floors; private elevator; wood parquet and inlaid wood floors; hand-painted wall murals and ceiling designs; wood and stone archways; a billiard room; a plush home entertainment theater; whirlpool bathtubs in the master and guest baths; steam mist showers in all bathrooms; fully integrated audio visual systems with televisions in nearly every room and custom contemporary artwork; a spacious private terrace, with spa tub, fire pit, seating and dining area with a gas lantern and wall sconces. Villa guests may also enjoy the luxury of private butler and concierge services.
http://www.shoppingblog.com/blog/4091024
 ACCOUNTING AND FINANCE
- ETFs are getting more in the news. An ETF (Exchange Traded Fund is a hybrid, consisting of characteristics of a mutual fund and a stock. The mutual fund likeness is that the ETF contains a portfolio of securities. The stock similarity is that the ETF trades on a stock exchange and its price continually changes during the trading day. But, ETFs are more complex than a simple view of their composition. For example, very large ETF investors can trade large blocks of their holdings for the underlying securities in that ETF. For more information:
http://www.bloomberg.com/markets/etfs/etf_about.html
http://www.sec.gov/answers/etf.htm
 INTERNATIONAL NEWS
Australia
- McDonald’s the largest coffee chain in Australia. There are 808 McDonald’s restaurants in Australia, 608 of them include an attached coffee shop. The McCafé shops feature baked goods and free WiFi brings in a lot of businessmen.
China
- Wyndham Hotel recently added three luxury hotels in Shanghai, Changsha and Hangzhou. Continuing with its expansion plans in China, agreements were signed to open four additional new luxury Wyndham® hotels in the cities of Chengdu, Suzhou, Shanghai and Kunming. The 420-room Wyndham Grand Plaza Royale Palace Chengdu; the 311-room Wyndham Grand Plaza Royale Jingsi Garden Suzhou; the 374-room Wyndham Grand Plaza Royale Colorful Kunming; and the 321-room Wyndham Shanghai Bund East. All four hotels, are currently under construction. They will be managed by Greater China Hospitality (H.K.) Limited.
- Three new hotels: the 523-room Wyndham Grand Plaza Royale Oriental Shanghai; the 316-room Wyndham Grand Plaza Royale Furongguo Changsha in Hunan’s capital city; and the 283-room Wyndham Grand Plaza Royale West Lake will be managed by Greater China Hospitality (H.K.) Limited. These three new hotels also join the newly constructed 588-room Wyndham Xiamen, the brand’s first hotel to open China, and the 337-room Wyndham Baolian Hotel scheduled to open in 2011.
Cyprus
- Discounts are available for locals to develop domestic tourism. The discounts are available through October at 132 hotels, apartment complexes, and tourist villages. Participating hotels range at one to five star, all including breakfast, with prices ranging from €20 per person for a double hotel room to higher end Anassa Hotel studios at around €500.
France
- Tourism officials say the economic crisis caused foreign visits to France to decrease by six percent in 2009; however, an upturn is expected in 2010. Foreign visitors dropped to 74.2 million from 79.2 in 2008. Per-room revenue for high-priced hotels declined 15 percent.
Great Britain
- Cadbury (now owned by Kraft Foods) is in early planning to open a chain of Cadbury Cocoa Houses that will serve afternoon tea and a chocolatier. Negotiations with landlords over the first sites have begun and the first café could open in London by the end of 2010. As many as 60 cafés might open.
Guam
- The Guam Visitors Bureau reports that 109,321 tourists came to Guam in February, a 6% increase from January and a 17% increase compared to February 2009. The hotel occupancy rate held at 75% in February contributing $1.8 million in room occupancy taxes paid and $1.4 million in Gross Receipts Taxes.
India
- Taco Bell (Yum Brands) has opened its outlet in Bangalore on March 16. The store in a mall in India's technology capital has had a daily average of 2,000 to 2,500 customers. Taco Bell's menu is priced to attract customers; it starts at 18 rupees (about 40 cents United States); slightly lower than McDonald's menu and just above street-food prices in the cities. Taco Bell had to omit all beef out of its regular menu, using chicken instead, and it created many vegetarian options for Indian consumers. Yum Brands operates more than 70 KFCs in India, compared with McDonald's Corp.'s more than 170 outlets. It has about 160 Pizza Huts, while Domino's Pizza Inc. has approximately 275 stores.
- Marriott International Announces 4 More Hotels in India. Plans are to quadruple its portfolio to 40 properties by 2013. The four newly signed properties are:
• The 510-room luxury JW Marriott Hotel New Delhi International Airport, opening in 2012
• The 250-room upscale Bengaluru Marriott Whitefield Hotel, opening in 2011
• The 365-room Jaipur Marriott Hotel, opening in 2011
• The 200-room Courtyard by Marriott Hotel Hyderabad Hitec City, opening in 2013.
Malaysia
- The Royal Mulu Resort, a 118-room property, will be renamed the Mulu Marriott Resort & Spa in 2011. The hotel will be a 5-minute drive from the Gunung Mulu National Parkand will be the only full-service property in the area.
- Starwood Hotels and Resorts Worldwide is planning to introduce its W and aloft brands in Malaysia. The W Hotel and Residences brand should be located in the Kuala Lumpur city centre and Bukit Bintang area in four years. The aloft brand should be in Malaysia within 18 months in Kuala Lumpur, Johor or Sabah.
- Martha Stewart, author, entertainer and television personality will be among a high-profile group from the United States visiting Malaysia for about a week from May 19, according to a Tourism Malaysia official here. This should generate considerable international publicity for Malaysia as a tourist destination. Stewart has become one of the world’s strongest brand names and heads a US$200 million empire that rests on ideas of domesticity, style and elegance.
Netherlands
- Hyatt Hotels Corporation signed agreements for a 122-room hotel Andaz Amsterdam, planned for opening in 2012. Andaz Amsterdam will feature the Andaz Studio; the hotel brand's meeting facilities, an executive boardroom, a lounge, bar and restaurant as well as fitness and business centers.
South America
- Rio de Janeiro-based Brazil Fast Food plans to develop four KFC locations, two Pizza Hut restaurants and four Pizza Hut delivery stations this year in South America under an agreement with Yum Brands to expand the number of fast-food and pizza restaurants in Brazil and Chile. Yum Brands has 600 restaurant units in South America through its YUM BRANDS INTERNATIONAL division, which excludes restaurants in the United States and China.
Turkey
- FOCUS Brands Inc. (Carvel ice cream and Cinnabon) is introducing its Moe’s Southwest Grill locations in Turkey this year with 40 franchised locations.
Switzerland
- AT&T Inc. is selling the European operations of its Wayport Inc. subsidiary to the Swiss telecommunications company Swisscom AG. Wayport operates Wi-Fi hotspots in McDonald's restaurants and hotels.
 BASIC HOTEL AND RESTAURANT ACCOUNTING is a hospitality principles and systems text; it also has several introductory managerial accounting chapters. Press the button at left of this page labeled Princples/System Text.
 ACCOUNTING FOR HOSPITALITY MANAGERS is an advanced hospitality managerial accounting and financial management providing coverage for hotels, restaurants and casinos. Press the button at left of this page labeled Managerial Acctg Text.
SPECIAL REPORT: COCA-COLA CO
- 1 Coca Cola Plz NW
- Atlanta, GA 30313-2499, USA
- Phone: 404-676-2121
http://www.coca-cola.com
Employees: 93000
Coca-Cola products are sold in more than 200 countries. The company manufactures and distributes beverage concentrates, syrups, juice drinks, and other products. Coca-Cola also manufactures carbonated and noncarbonated drinks, including certain juice drink products, sports drinks, ready-to-drink coffees and teas, and water products. Coca-Cola has investments in many bottling and canning operations, most of these operations are independently owned.
Beverage products include Coca-Cola, Diet Coke, caffeine free Diet Coke, and other Coke or Coca-Cola products. Other soft drink brands include Fanta, Sprite, Diet Sprite Zero/Sprite Zero, Sprite Remix, Pibb Xtra, Mello Yello, Tab, Fresca and Barq’s. Other brands include Powerade, Minute Maid, Aquarius, Sokenbicha, Ciel, Bonaqa/Bonaqua, Dasani, Dasani brand flavored waters, Lift, Thums Up, Kinley, Pop Cola, Eight O’Clock, Qoo, Full Throttle, DOBRIY, Rich, Nico and other products developed for specific countries.
In many countries (excluding the U.S. and other), company beverage products also include Schweppes, Canada Dry, Dr Pepper, Crush, Simply Orange orange juice, Odwalla nutritional juices, Five Alive refreshment beverages, Bacardi tropical fruit mixers concentrate (manufactured and marketed under license) and Hi-C ready-to-serve fruit drinks. The company has a license to manufacture and sell concentrates for Seagram’s mixers in the U.S. and certain other countries. The company is the exclusive master distributor of Evian bottled water in the U.S. and Canada and of Rockstar (an energy drink), in most of the U.S. and Canada.
Beverage Partners Worldwide, a 50%-owned joint venture with Nestle S.A., markets ready-to-drink teas and coffees in some countries.
INFORMATION FOR ALL RECIPIENTS OF THIS NEWSLETTER
Notice for canceling further receipt of this newsletter: This newsletter is distributed only to educators. Your email address is treated highly confidential and is not harvested, sold, or transferred in any manner to any other institution or individual. The main purpose of this newsletter is to provide hospitality news and research. The author of this letter does have a commercial interest in the sale of his texts, which may be displayed or described therein. Upon notice from you, you may opt out of receiving this newsletter. Please mention "Opt Out" in the subject portion of your email. Immediate removal from my files will follow.
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.
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Raymond Cote, |Author
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