Tag Archives: aggressive

Panera Acquiring Au Bon Pain Under Aggressive New Growth Effort

Panera Bread has reached a contract to obtain Au Bon Discomfort Holding Co., the Boston-based bakery-cafe chain of 304 units which was begun by the creators of Panera Bread.

The offer marks a new strategy for St. Louis-based Panera, which itself was gotten 3 months ago and is transitioning to brand-new leadership. It is the initial step in Panera’s “initiative to heighten growth in brand-new real estate channels, including hospitals, universities,” airports and metropolitan areas among others, the company said.

Terms of the deal, which is expected to close during the fourth quarter, were not revealed.

Ron Shaich, Panera’s creator, chairman and CEO, and his late partner, Louis Kane, produced Au Bon Pain in 1981. “With the acquisition we are revealing today, we are bringing Au Bon Pain and Panera together once again,” Shaich stated.

Synchronised to the acquisition statement, Shaich likewise revealed he was stepping down as CEO Jan. 1 while remaining as the firm’s chairman.

“This is the correct time for me to step down as CEO while still remaining associated with business as chairman,” he said. “I returned in 2011 since our development was slowing and we had to rearrange Panera as a better competitive alternative with broadened growth opportunities. And I enjoy to say we’ve done just that.”

Panera has been among the best-performing openly traded dining establishment stocks of the last 20 years, delivering a total shareholder return up 86-fold from July 18, 1997, to July 18, 2017, when it was sold to JAB Holding for $315/share, offering the offer a valuation of about $7.1 billion.

The sale to JAB was a boon to institutional investors. According to experts, the premium paid for Panera Bread was recognition of its previous investments to enhance performances and grow margins.

“Panera Bread Co. gained from an official take-out deal, as well as benefited from owning above market sales development due to its digital experience roll-out,” Waddell & & Reed Advisors Funds reported this past September.

Panera has been a leader in digital sales, carrying out about 1.3 million digital transactions weekly, representing about 28% of its sales, Shaich stated.

“Our omni-channel approach leads the industry, with shipment now available in more than 50% of the system and catering sales growing well over double-digits yearly,” he stated.

Blaine Hurst, Panera’s president and the designer of the digital technique is taking over as CEO.

“The past 7 years have actually given me the chance to learn from an industry icon,” Hurst stated. “With amazing brand-new initiatives underway to much better serve our customers and improve their dining experience, I think our chance is even brighter.”

As of September, Panera ran 2,050 bakery-cafes in 46 states and in Ontario, Canada.

In the acquisition of Au Bon Discomfort, Panera is being recommended by Skadden, Arps, Slate, Meagher & & Flom LLP. Au Bon Discomfort is being recommended by North Point Advisors LLC and Kirkland & & Ellis LLP.

Construction of Lucky Dragon resort bearing down ‘aggressive schedule’.

Not far from where the enormous, Chinese-themed Resorts World Las Vegas is under building on the north Strip, a shop hotel-casino with a comparable style is quickly materializing.

Over the previous couple of months, workers have actually been busy developing the Fortunate Dragon at a 2.5-acre website on Sahara Avenue simply west of Las Vegas Boulevard. The task, which is located in between the Golden Steer restaurant and the Appeal condominiums, consists of a nine-story hotel tower and a separate casino structure.

The Lucky Dragon has actually advanced largely under the radar, however Penta Building Group commemorated the conclusion of the hotel structure Friday and offered a peek inside the work that’s been done.

Penta project supervisor Paul Dutmer stated his company began on the Lucky Dragon simply a few short months back and developed one floor per week once the lower part of the hotel was total.

“It has an aggressive schedule,” he stated of the task.

Now that every floor of the hotel is developed, Penta’s continuing to be work includes finishing the parking garage and constructing the smaller gambling establishment portion, Dutmer said. The task is expected to be finished next summertime.

The Fortunate Dragon website was initially planned to end up being Appeal’s second tower, but “the market for that kind of house broke down,” said Greg Borgel, an expert with Moreno & & Associates who assisted with the task’s planning procedure a few years earlier. As soon as a 2nd residential tower became infeasible, the designer chose to pursue a shop casino instead, according to Borgel.

Clark County records show that the website is possessed by Andrew Fonfa, the developer of Appeal. Fonfa is also noted as the CEO of the Las Vegas Economic Impact Regional Center on that company’s site.

Efforts to reach Fonfa or others at the center for remark about the Lucky Dragon were unsuccessful, but the center’s site information some details about exactly what the hotel-casino need to appear like when it opens.

Broadly speaking, the Lucky Dragon will certainly aim to develop an “genuine Asian cultural and video gaming experience” through its food, gambling establishment, hotel and service providings, according to the site. Dining establishments will include noodle bars, dim sum and tea cafes, while the hotel will certainly consist of more than 200 spaces and a day spa that “combines China’s rich ancient culture with modern-day luxury and amenities,” the site states. The casino, meanwhile, will skew toward video games such as baccarat and pai gow that are popular in China and will also feature private, Feng Shui-designed pc gaming parlors.

Fortunate Dragon Building
A view of the Lucky Dragon Hotel & Casino construction site at 300 W. Sahara Ave. Sunday, Aug. 30, 2015.Introduce slideshow “

The Lucky Dragon has likewise apparently been seeking international investments. The center it is associated with is specifically developed to attract funds through a federal program called EB-5, which permits foreign financiers to receive irreversible legal residency in the United States if they meet certain requirements.

The EB-5 program is planned to assist promote the economy– an objective which the Lucky Dragon may be able to further in the area around the north Strip.

In an area long occupied by empty land and unfinished structures, multiple big jobs have either opened or started to progress throughout the previous year. SLS Las Vegas opened as a reinvention of the old Sahara resort last fall, the MGM Resorts Festival Grounds debuted across the street this spring and the shuttered Riviera ought to become replaced with convention space.

At the very same time, Malaysia-based Genting Group broke ground on Resorts World Las Vegas– located on the website of the Stardust and the scrapped Echelon job– in Might. Australian businessman James Packer and former Wynn Resorts executive Andrew Pascal are also planning to develop a resort called Alon Las Vegas on the website of the previous New Frontier.

Those tasks are years far from conclusion, however, so the neighborhood stays a tough place to do business for SLS. That resort saw a $48.7 million loss in the second quarter this year.

Lucky Dragon, then, may be struck with a few of the very same battles in the beginning– particularly, an absence of foot traffic and lower visibility than the more active areas of the Strip. However Chris Jones, an expert with Union Gaming Group, suggested that the conclusion of Resorts World could benefit the Lucky Dragon by helping to construct out the north Strip.

In the meantime, the Lucky Dragon might be able to take advantage of its distance to Las Vegas’ Chinatown community, Jones said.

“I think that they’re certainly barking up the best tree in regards to area and all,” he stated.

Las Vegas City Councilman Bob Coffin, whose district includes the Lucky Dragon website, was positive about the project’s capability to be successful.

“It’s always good when development is happening north of Sahara,” Coffin said. “(The Fortunate Dragon is) not a big influence on the community, but it is custom-made for an audience that they are going to cater to.”