It’s back to the future for the Beverly Hilton Hotel.
The Wilshire Boulevard fixture affectionately referred to as the BevHilton by longtime Hollywood types will cap its $80 million renovation by bringing in a new restaurant, Circa 55. The name is a reference to the year the hotel was opened, 1955.
The Wilshire Boulevard hotel plans to open Circa 55, which will overlook the Aqua Star pool and be accessible from the main lobby, in October. Stockyard steaks and fresh seafood will be featured and a new bar, C55, will open simultaneously. The bar will specialize in martinis and offer a tapas menu. Engstrom Design Group created the new spaces.
Packard Bell founder Beny Alagem acquired the hotel for $130 million in 2004 and has plans to build two high-rise condo towers next to it. The adjacent hotel conference center, a parking garage and local landmark Trader Vic’s would be demolished. The plan has drawn opposition from Beverly Hills citizens, who have mounted a campaign to save the tiki-themed watering hole.
The Hilton’s current restaurant, the Stardust, appears on the way out. The dining spot, which offers a panoramic view from the eighth floor restaurant, would be closed to diners. It could remain open for weddings and other private events, however. The Hilton hosts the Golden Globes and the lounge is a natural party spot.
Educated Guess
L.A.-based Guess Inc. may be a victim of its own success.
The maker of trendy, high-priced mall fashions said same-store sales were up 4 percent in August and company sales were up 9 percent to $58 million. That apparently wasn’t good enough for Wall Street, since analysts had projected an 8 percent increase. Company stock was hovering around $40 Thursday, down from $46 earlier in the week.
The company credited a higher percentage of full-priced merchandise getting sold.
Guess is sticking with its third-quarter projection of a 20 percent increase in sales, however, and Chief Operating Officer Carlos Alberini said the August performance is perfectly in line with his firm’s guidance and that the third quarter would reflect strong sales from Europe.
“We are exactly where we wanted to be,” he said, while admitting a slow start on the fall season. “We feel back to school is a little delayed this year, probably because of weather.”
The jeans company fell out of favor at the turn of the century, when it was known for turning models like Anna Nicole Smith into cultural icons. Over the past year, based on its strong growth and loyal customer base, its stock has risen 120 percent.
The earnings news was not so good for Hot Topic Inc., which reported a 6 percent loss in same-store sales, slightly beyond the 5.7 percent loss projected by analysts. The skull-and-bones motif featured by the City of Industry-based rock-style clothing manufacturer may be losing steam.
Another concern for the 10-year-old public company is that it is struggling while many teen retailers are up. L.A.-based American Eagle Outfitters, for example, posted 11 percent same-stores sales growth for August.
Sweet Deal
Jakks Pacific Inc. wants to expand the jellybean brand.
Next spring, the firm will be introducing supplies, stationery, tote bags and craft activities based on the Jelly Belly Candy Co.’s most popular brand.
“Our line will be delectably creative and absolutely colorful, just like the candy,” said Tamre Logan, Jakks’ senior VP of marketing for girls’ activities.
Fairfield-based Jelly Belly was founded in 1898 and is today a fourth- and fifth-generation family empire. Known for decades for its sugary candy corn, the firm diversified into jellybeans in 1976. When former President Ronald Reagan called them his favorites in 1980, Jelly Belly skyrocketed into prominence.
In addition to jellybeans, Malibu-based Jakks Pacific designs and markets a broad range of toys and consumer products. Besides the Jakks Pacific line, the company sells Play Along, Pentech, Go Fly A Kite and Plug It In & Play TV Games, among other products. Jakks and THQ Inc. have worldwide rights to publish and market World Wrestling Entertainment video games.
Emily Bryson York can be reached at [email protected] or at (323) 549-5225, ext. 235.
