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JOBS| INTL| Hotel GM/Regional Manager Needed in Toronto

200 room/suite Toronto airport hotel needs a GM
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200 room/suite Toronto airport hotel needs a GM leading to Regional Manager position with small Ontario, Canada based management company.

Please send resume and inquire to Bradly Sax, bsax@ shgonline.com

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NEWS| Taj signs an agreement for 5-star luxury resort in the Carribean

The Tata-controlled Taj chain will finally have a hotel in the Caribbean. Indian Hotels Company (IHC) has signed a management contract for a 5-star luxury resort on Anguila, a British protectorate island of coral and limestone.


The resort will complement the chain’s business hotels in San Francisco, Boston and New York.

A director on the board of the company confirmed to Financial Chronicle the signing of the contract for the 100-room resort. The island, east of Puerto Rico, is popular with both rich British and American tourists. It is noted for its spectacular coral reefs adjoining Saint Martin’s island. Taj has business hotels on both the east and the west coasts of the US. But it has no luxury resort to cater to Americans who patronise its hotels. This was seen as a strategic disadvantage. A hotel industry expert said Taj had been prudent in signing a management contract rather than buying or developing a property in these uncertain economic times.






A senior IHC official said the work on the resort project, which also included 100 high-end homes primarily targeted at US investors, could stall till demand for expensive homes picked up again.

He said in the interim they were not seeking any other property under development to cater to Americans.

“We expect that after some time some of the existing luxury resort properties may come back in the market (become available for sale or management contract). We hope to capitalise on this opportunity then,” he said.

In the meantime, IHC hopes to open the Taj Exotica Gold Resort and Spa in Doha, its first ever golf resort anywhere in the world, in the next fiscal year. The luxury resort will have 150 rooms and cater to high-end leisure travellers. The Taj also has other upcoming luxury resorts in Dubai, Morocco and Vietnam. The Taj group that manages a total of over 10,000 rooms expects to add another 8,800 rooms by 2011. The brokerage, Indiabulls, has forecast IHC’s average room rates and occupancies to dip by up to 10 per cent in 2009.





The company saw a 37 per cent decline in profits to Rs 83.85 crore and over 12 per cent decline in revenues to Rs 456.62 crore in the third quarter ended December 31, 2008.

In view of the slowdown, IHC had frozen its Rs 3,200-crore capital expenditure plan, and would now focus on completion of pending projects.

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NEWS| Nirula’s on the block again

Malaysian buyout fund Navis Capital Partners that owns a majority stake in Nirula’s has put the New Delhi-based fast-food chain on the block again and has appointed NM Rothschild to advise it on a possible sale, reported a business daily. But potential suitors say a high asking price may be keeping buyers away.

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Nirula’s managing director Samir Kuckreja, a part-owner of the company, said the firm “had received several takeover proposals” and confirmed the appointment of an investment bank to “manage such queries and explore the proposals.”





“But at this stage, we would like to state that Nirula’s continues to be owned by Navis Capital Partners and me, and the current shareholding pattern is not expected to change in the foreseeable future,” Kuckreja added.

However, a senior executive with a potential suitor said the owners of Nirula’s were expecting Rs 300 crore, which was “quite high”. The executive said Dabur, Indian Hospitality (IHC), Thapar Group and a Dubai-based fund were also sounded out to buy the 75-year-old restaurant chain.

A top Nirula’s executive said the company was still to get any feedback from its bank that the valuation is too high. The executive said Nirula’s was expecting a valuation twice the Rs 300 crore figure.





Nirula’s operation are based on the franchise format. Apart from Delhi and the national capital region, the company has stores in Panipat, Lucknow, Chandigarh and Agra. Its network spans 60 outlets, including dinein restaurants, pastry shops, ice-cream parlours and coffee shops.

Kuckreja said the company’s plans to set up 100 more outlets across India and abroad continue to be on track.


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Source| insidefranchising.net