News Briefs

Tropical Smoothie Cafe announced that Max Wetzel, a restaurant industry leader with a proven track record driving growth and innovation at some of the most iconic quick service restaurant brands, has been appointed Chief Executive Officer. Wetzel succeeds Charles Watson, who is stepping down after more than 16 years with Tropical Smoothie Cafe, including the past six years as CEO. 

Wetzel brings decades of experience successfully growing global brands and highly franchised restaurant businesses. Most recently, Wetzel served as CEO of CKE Restaurants Holdings Inc., parent company of Carl's Jr.  and Hardee's, overseeing more than 3,700 restaurants across 40 countries and territories. Prior to CKE Restaurants, Mr. Wetzel served as Chief Operating Officer of Papa John's International, Inc., one of the largest franchisors of restaurants in the world. Throughout his career, his leadership has centered around creative initiatives, collaborative culture, and improved customer experience.

"I am honored to have the opportunity to join Tropical Smoothie Cafe at this exciting stage of our growth journey," said  Wetzel. "Tropical Smoothie Cafe's uniquely fun, tropical atmosphere, innovative, better-for-you menu and dedication to guests have solidified the Company as a nationally recognized leader in the fast casual industry. I am excited to join an organization with such a strong culture and commitment to 'Inspiring Better' in everything that we do. I look forward to working with our talented team to further support our franchisee community to showcase the Tropical Smoothie Cafe story and offer incredible experiences to more communities and guests every day."

Additionally, Tropical Smoothie Cafe announced that Roland C. Smith, a seasoned restaurant executive with more than 25 years of leadership experience, has joined its board of directors. Smith is an experienced senior executive with a consistent track record of growing leading restaurant, retail and consumer brands. He has served as Chief Executive Officer of both public and private companies, including Delhaize America, LLC, Wendy's/Arby's Group, Inc., Wendy's International, Inc., Triarc Companies, Inc., and Office Depot, Inc. He has also served as Chairman of numerous boards, including 24 Hour Fitness USA, Inc. and Carmike Cinemas, Inc., and additionally has served as a Director of Caliber, Inc. and Dunkin' Brands, Inc. Currently, Mr. Smith is Chairman of Jack's Family Restaurants and a Director of The Station Foundation.

Earlier this year, funds managed by Blackstone acquired Tropical Smoothie Cafe. This investment from Blackstone is intended to help accelerate Tropical Smoothie Cafe's already-rapid expansion through continued investments in menu innovation, operating excellence and best-in-class marketing.

Tropical Smoothie Cafe began operating as a single location on a beach in Destin, Florida, in 1997 and has grown into a nationally recognized brand with nearly 1,500 locations across 44 states. Since 2023 , Tropical Smoothie Cafe has opened more than 300 new locations, over 70 percent of which were opened by existing franchisees. 

TGI Fridays Inc. the owner and operator of 39 domestic restaurants in the  TGI Friday’s casual dining chain,  filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas. The Company expects to use the time and legal protections made available through the Chapter 11 restructuring process to allow the Company to explore strategic alternatives in order to ensure the long-term viability of the brand.

The TGI Fridays brand and related intellectual property are owned by TGI Fridays Franchisor, LLC as a result of a securitization agreement with a separate investor group. These entities are not included in the Chapter 11 process.

TGI Fridays Franchisor, LLC has franchised the brand to 56 franchisees in 41 countries. All of these franchise locations, both domestic and international, are independently owned and therefore not included in TGI Fridays Inc.’s Chapter 11 process. They are open and serving customers as usual.

To ensure continuity of service to franchisees, TGI Fridays Franchisor, LLC has negotiated a Transition Services Agreement (“TSA”) with – and provided interim funding to – TGI Fridays Inc. to maintain support services for franchisees while TGI Fridays Franchisor, LLC works to implement a new long-term support structure.

In addition to supporting franchise restaurants, TGI Fridays Inc. maintains operations across its corporate- owned restaurants in the U.S. The Company has secured a commitment for debtor-in-possession financing to support operations while proceeding through the Chapter 11 process. It also filed motions with the Bankruptcy Court that, when approved, will allow the Company to, among other things, continue its customer programs in the normal course. These motions are typical of the Chapter 11 process and are expected to be heard and approved in the first days of the case.

"The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world," said Rohit Manocha, Executive Chairman of TGI Fridays Inc. "The primary driver of our financial challenges resulted from COVID-19 and our capital structure. This restructuring will allow our go- forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential."
 

A Look Back

TGI Fridays Inc.  is the latest brand to file voluntary Chapter 11 in 2024, including  Roti, Buca di Beppo, World of Beer, Melted Bar & Grill, Kuma's Corner and Tijuana Flats, to name a few. RL Investor Holdings LLC acquired the bankrupt Red Lobster restaurant chain in September.   

BurgerFi International, Inc., owner of the casual dining chain Anthony's Coal Fired Pizza & Wings and BurgerFi,  filed voluntary petitions for reorganization. On Oct. 31,  BurgerFi was sold out of bankruptcy to lender TREW Capital Management in a credit bid of $44 million.  TREW also purchased bankrupt Rubio's in August for $40 million. 

Shift4, a global leader in integrated payments and commerce technology, announced a strategic partnership with ConnexPay, the world’s first all-in-one payments platform. This partnership will empower online travel agencies (OTAs) and hospitality businesses in the UK and European markets by integrating ConnexPay’s payment issuance solutions with Shift4’s leading payment processing infrastructure.

Through this partnership, ConnexPay will leverage Shift4’s expertise in the European payments landscape to expand within the UK and EU markets. Supported by Shift4’s full acquiring services with 3D Secure, ConnexPay is able to offer Gross Settlement payouts via third-party integration, unlocking new growth potential in key regions for both companies. 

By merging PayIn (the process of accepting payments from customers) and PayOut (issuing payments to suppliers) into one unified system, ConnexPay reduces the operational burden on merchants and enhances financial reconciliation. Shift4’s advanced acquiring capabilities will enable ConnexPay merchants to access next-day settlement along with the ability to issue virtual cards in real-time to one or more suppliers using incoming funds from customers.

“Combining ConnexPay’s advanced virtual card issuance capabilities with Shift4’s comprehensive payment processing platform allows us to offer an end-to-end solution that meets the unique needs of the travel and hospitality industries across the UK and EU markets,” said France Blanchard, SVP Account Management & Onboarding, Europe, at Shift4. “We’ve already seen strong interest within key markets, and with ConnexPay’s expansion efforts underway, we’re excited about the potential to scale this solution in more countries across Europe.”

“The combination of ConnexPay’s issuance solutions and Shift4’s acquiring services creates a robust platform that can scale the European continental markets,” said Ben Peters, CEO, ConnexPay. “This partnership allows us to support more OTAs and other travel-related businesses with a secure, all-in-one solution that not only enhances operational efficiency but also improves cash flow management.”

With plans to significantly scale its processing operations in various regions throughout Europe, the growth will be supported by Shift4’s proven capacity to manage billions of transactions annually, alongside ConnexPay’s flexible platform, which simplifies B2B payment processes through a single contract and unified reconciliation.

Griffin Hotel Management LLC, a hospitality company spanning multiple generations, has merged into Meyer Jabara Hotels. Effective immediately, Griffin will transition 14 assets to the MJH umbrella, and when combined with other deals currently in the 2024 pipeline, the hotel ownership and management company will reach 50 hotels by Q1 2025. Griffin executives James Kirkland and Jay Fishman are taking on new roles at Meyer Jabara Hotels. Kirkland, Griffin CEO, is assuming the role of Senior VP of Operations – Western Region and will oversee that region from Austin, Texas. Fishman, the majority owner of Griffin, will take on a business development role with MJH based out of the Chicago area.

“Griffin Hotel Management is a legacy organization with a great reputation, and we are honored to bring the DNA of this outstanding company – whose culture and values mirror our own – into Meyer Jabara Hotels,” said Justin Jabara, President of Meyer Jabara Hotels. “The Jabara, Meyer and Fishman families were early pioneers in hotel franchising, building some of the first Holiday Inns. Their passion for hospitality and longevity in the industry has given them unrivaled expertise that has stood the test of time.”

In addition to growing the size of its portfolio, this deal expands MJH’s footprint West, with properties thriving in Texas, Illinois, Arizona, New Mexico, Minnesota and Michigan. It also introduces Meyer Jabara Hotels to new capital partners successfully working with Griffin.

“Griffin is bringing a lot to the table, including some highly coveted top talent,” Jabara said.

Bringing Diverse Backgrounds to the Deal

Fishman brings diverse management expertise to MJH. Prior to founding Griffin in 2019, he served as CEO of Associated Hotels LLC. Prior to that he was Senior Vice President at VMS Realty Partners. During his tenure with VMS, Fishman handled acquisitions, management, and disposition of more than 40 hotels (including everything from mid-market assets to five-star resorts). His expertise includes the development and implementation of workout strategies and loan restructuring, hotel repositioning, negotiation and administration of management and franchise agreements, and portfolio management. Jay graduated from Indiana University with a B.S. in Accounting and is a CPA.

“Meyer Jabara Hotels is an organization deep in culture, talent, and management disciplines,” Fishman said. “They have a proven track record for delivering superior financial returns and maximizing long-term value, plus they bring a wealth of human resources, technology, purchasing, renovations, and project-management structure to our properties. Griffin hotels are in remarkable hands and the future has never looked brighter.”

Kirkland also brings an impressive background to MJH. Prior to joining Griffin, he held above-property sales and operations leadership roles working with both Marriott International and Hilton branded properties. He worked with Good Hospitality Services where he led the portfolio’s revenue generation and optimization efforts. He served in a leadership capacity overseeing both Marriott and Hilton branded assets, and also worked with Peachtree Hotel Group, serving in roles from Senior Regional Director, Full service and Lifestyle brands to Corporate Director, Business Strategy and Analytics. Throughout Kirkland’s hospitality career, he has successfully opened more than 30 premium-branded select service, extended stay and full-service properties across the United States. He attended Texas State University where he studied Business Administration with a concentration in management.

“I am thrilled with the merger between Griffin Hotel Management and Meyer Jabara Hotels,” Kirkland said. “As Senior Vice President – Western Region, I look forward to combining the talents of both organizations to capitalize on this exciting time of growth and innovation. Meyer Jabara’s commitment to exceptional hospitality and operational excellence aligns perfectly with our values at Griffin. I look forward to the growth and success of our properties in the Western region while working with our talented teams to deliver memorable experiences for our guests and driving continued success for our owners and partners.”

Meyer Jabara Hotels remains steadfast on organic, healthy growth. The company is focused on securing quality investments with ownership groups that are like minded and value relationships built on respect and communication. For more information on Meyer Jabara Hotels, visit www.mjhotels.com.

PM Hotel Group, a leading hospitality management company, and Sightline Hospitality, renowned for its experiential travel and innovative property management, are pleased to announce a strategic merger. This partnership marks a significant development in PM Hotel Group’s growth trajectory, specifically within PM Hotel Group’s lifestyle hotel division Modus by PM Hotel Group, complementing and deepening the organization’s distinct verticals of lifestyle, unconventional hospitality and experiential travel. The merger expands PM Hotel Group’s footprint across the United States, positioning the newly combined entity to deliver unparalleled management excellence and redefine luxury and lifestyle, driving enhanced value for property owners while offering guests a diverse range of premium accommodations and immersive experiences.

“Joining forces with Sightline Hospitality represents a significant milestone in PM Hotel Group's ongoing mission to elevate hospitality management standards,” said Joseph Bojanowski, President, PM Hotel Group. “Our companies share a vision for redefining guest experiences and a dedication to operational excellence. This partnership allows us to leverage our combined expertise, expanding our footprint from coast to coast with a diverse portfolio of distinctive properties. By uniting our people and strengths, we are well positioned to meet the evolving demands of today's discerning travelers, while setting new benchmarks for innovation in our industry.”

The merger with Sightline Hospitality significantly expands PM Hotel Group's portfolio, adding 22 properties that are either open or set to open within the coming months, largely as part of the organization’s lifestyle and unconventional hospitality division Modus by PM Hotel Group. This expansion includes a strong presence in the mountain regions, along the West Coast, and marks PM Hotel Group's debut in the Hawaiian Islands. The new properties not only align with PM Hotel Group’s ambitious growth strategy but also diversify its geographical reach into highly sought-after markets where travelers increasingly seek alternatives to traditional big box hotels. The merger strengthens the organization’s position in delivering unique, experience-focused hospitality, while simultaneously growing its presence in markets where proximity to nature and outdoor adventure is viewed as the new luxury.

In response to evolving consumer preferences, PM Hotel Group is now better equipped to cater to travelers who prioritize meaningful experiences over conventional luxuries. This strategic expansion introduces distinctive brands like RESET and evo Hotels to PM Hotel Group's diverse portfolio, deepening and strengthening their distinct verticals of lifestyle and experiential travel. These unique destinations cater to the growing demand for outdoor adventure, aligning perfectly with the increasing popularity of the national park system. The RESET properties offer immersive, nature-centric experiences, while evo Hotels combine urban comfort with easy access to outdoor activities, catering to a growing segment of travelers who view proximity to outdoor adventure as a premium offering in itself.

"At Sightline Hospitality, the core mission has always been to craft exceptional and immersive experiences for our guests. This merger with PM Hotel Group represents a strategic opportunity to combine our strengths and redefine the boundaries of hospitality excellence,” said Kirk Pederson, President, Sightline Hospitality. “We are excited to integrate our unique culture, our people and expertise with PM Hotel Group's established record of industry leadership. Together, we are poised to set new standards in guest satisfaction and property management."

Underscoring the significant cultural alignment between the two organizations, both PM Hotel Group and Sightline Hospitality share a commitment to innovation, efficiency, sustainability, and creating meaningful experiences for guests. The newly merged entity will continue to operate under the PM Hotel Group name, with plans to integrate Sightline Hospitality's innovative approaches and unique properties seamlessly into its operations. This strategic move is set to grow PM Hotel Group’s footprint within lifestyle and unconventional hospitality, with both organizations bringing their best practices and core values to the table. The new shared vision will drive a strategic approach to property management, guest services, and community engagement to maximize value for guests and owners alike.