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106-465: Ground Round Grill & Bar is an American casual dining restaurant chain that was founded in 1969 in Massachusetts by Howard Johnson's . Originally intended as a secondary concept to upgrade poorly performing units of Howard Johnson's, it also operated on a standalone basis and became a major growth focus for Howard Johnson after the 1973 oil crisis hurt its other concepts. By 1985, when Ground Round

212-501: A "Rise 'N' Dine" continental breakfast at some economy-limited service locations. The chain abolished the multiple price tiers by 2015. Despite the hotel chain surviving into the 21st century, its number of locations have significantly dropped in recent years (there are fewer than 140 Howard Johnson hotels left in the United States, where the chain originated). As of May 2024, there are combined 280 Howard Johnson branded properties with

318-679: A 100 percent payout ratio for all income at lower rates. This inhibits the internal growth of the REIT and causes investors to not tolerate low or non-existent yields as the interest rates are more sensitive. Economic climates characterized by rising interest rates can cause a net negative effect on REIT shares. The dividends paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property. The first REIT in Kenya

424-610: A 26-lane bowling alley. There were 27 units by 2013, when the company declared its interest in expanding outside the chain's traditional base. Most of the remaining units were clustered in the Upper Midwest and Northeast. There were 15 units by 2021, when Ground Round launched another attempt to grow its market share with a beer-focused concept to open inside a Best Western hotel in Waterloo, Iowa . Locations from Missouri to New York state have closed as independent restaurateurs retire or sell

530-411: A 50 percent return on those who came to take advantage of the birthday offer. Children’s menus were an attractive staple of Howard Johnson’s. In addition to offering kid-friendly food at lower prices, industrial designer John Alcott’s firm created a variety of menus that kept the kids entertained. Some were maps of the United States, one was a guide to the metric system. Another menu could be converted to

636-527: A Dallas-based real estate investment trust , by agreeing to settle $ 40 million in cure claims. After the bankruptcy, Ground Round emerged as a 71-unit system, with 64 restaurants part of the cooperative and seven owned by other franchisees. In 2011, the Independent Owners Cooperative paid down its remaining loans from the 2004 acquisition. A new location opened in 2012 in New Jersey attached to

742-432: A child. The restaurant plans to pass out popcorn instead of peanuts due to allergy and fire code concerns. There is no one website for the chain, so there are multiple independent websites: Howard Johnson%27s Howard Johnson by Wyndham , still commonly referred to as Howard Johnson's , is an American hotel brand with over 200 hotels in 15 countries. It was also formerly a restaurant chain, which at one time

848-531: A collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It

954-503: A distinct asset class in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI . The key statistics to examine the financial position and operation of a REIT include net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO). REITs were created in the United States after President Dwight D. Eisenhower signed Public Law 86-779, sometimes called

1060-465: A family-style restaurant. Negotiations were made and, toward the end of the decade, the first Howard Johnson's restaurant opened in Quincy. It featured fried clams , baked beans, chicken pot pies, frankfurters, ice cream, and soft drinks. The first Howard Johnson's restaurant received a tremendous boost in 1929, owing to an unusual set of circumstances: Malcolm Nichols , the mayor of nearby Boston , banned

1166-559: A focus for action against segregated restaurants and hotels, including Howard Johnson's. On 12 August 1962, attorney and civil rights activist Floyd McKissick initiated the first of multiple rallies and demonstrations against segregated establishments in Durham, including the Howard Johnson's restaurant on Chapel Hill Boulevard, culminating in multiple protests on 18–20 May 1963 resulting in mass arrests as well as an eventual rapprochement with

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1272-468: A mask if string was added at home. Howard Johnson’s also held contests. If a person submitted proof via a check-off coupon that they had sampled all 28 flavors of ice cream, the next ice cream cone was free. By 1975, the Howard Johnson Company had more than 1,000 restaurants and more than 500 motor lodges in 42 states and Canada. The company reached its peak that year, but the late 1970s marked

1378-434: A merger with a group of senior investors fell through due to high interest rates. The privatization of the previously publicly traded Ground Round increased its debt burden. In spite of a 2000 relaunch with a new prototype and a slimming down of the menu from 300 items to 80, the company struggled after sales of 19 company-owned units fell through, causing it to default on loan payments. Refranchising attempts left corporate with

1484-431: A new ice cream recipe. Some sources say the recipe was based on his mother's homemade ice creams and desserts, while others say that it was from a local German immigrant , who either sold or gave Johnson the ice cream recipe. The new recipe made the ice cream more flavorful due to increased butterfat content. Eventually, Johnson created 28 flavors of ice cream. He is quoted as saying, "I thought I had every flavor in

1590-510: A new restaurant or expanded the chain. In 1990, an existing restaurant in Canton, Massachusetts , was remodeled as a prototype for a new era of Howard Johnson's restaurants, but the concept failed, and after less than a decade of operation, the prototype restaurant closed in the spring of 2000. The chain revamped 25% of the menu and created new signage, but the chain continued to lose ground to mass-market fast food operations. When Cendant acquired

1696-611: A parallel system of special purpose companies which can be used for the securitization of particular properties on the private placement basis. REIT shares targeted in 2016 accounted for 7 percent of the United States market, which were subsequently sold for less than half of the initial value at $ 31 billion. The Bursa Malaysia has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance). Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIREs) have lacked popularity because of high sale tax and double taxation. Until 2016, only one DIRE

1802-554: A property in the New Orleans Central Business District within 18 months of one another. The first was a July 1971 fire, set by two irate guests who had been ejected from the hotel, which killed six people. The second, in January 1973, was a harrowing day-long siege. Former Black Panther Mark Essex used the hotel's roof as a sniper's perch, killing three police officers, including Deputy Superintendent Louis Sirgo,

1908-448: A real estate company to pay less in corporation tax and capital gains tax . REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building. REITs can be publicly traded on major exchanges, publicly registered but non-listed, or private. The two main types of REITs are equity REITs and mortgage REITs (mREITs). In November 2014, equity REITs were recognized as

2014-542: A refranchising effort that left the company-owned stores underperforming franchised units. After filing for Chapter 11 bankruptcy protection in 2004, the chain closed some 60 corporate-owned locations. Ground Round Independent Owners Cooperative, LLC—a group originally formed of franchise owners based in Freeport, Maine —bought the chain out of bankruptcy, at which time it had 71 locations. The unit count has continued to dwindle since then, with just four locations in 2024, all in

2120-457: A restaurant remodeling plan. The constant changes in ownership caused money that otherwise might have gone to updating restaurants to be diverted to debt payments. Such chain staples as peanuts and free popcorn were scrapped or scaled back in attempts to modernize. After sales slowed in the casual-dining segment and Chili's and Applebee's were able to invest more in advertising, it was acquired by Boston Ventures Management in 1997; two years prior,

2226-491: A subsidiary of "Hospitality Franchise Systems Incorporated," which eventually merged with other companies to form Cendant . In 2006, Cendant split itself into Wyndham Worldwide and three other companies. Wyndham operated the Howard Johnson brand under several "tiers" based on price, level of amenities, and services offered. Under Cendant/Wyndham, the chain became a parking place for franchise conversions, which were existing independent motels which had been renovated and added to

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2332-457: A teenager. By 2013, only two original restaurants remained open, but the Bangor location no longer had the distinctive orange roof. While the hotel franchise’s HoJo Hotel Plaza locations did include a restaurant, there was no requirement that these replicate menus, format or branding of the former Howard Johnson restaurant chain. With La Mancha Group LLC no longer active, Wyndham Hotel Group acquired

2438-589: A total market capitalisation of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalisation. Two out of the nine listed REITs are also included in the EPRA index , an index published by the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalisation of €8 billion, Hui Xian REIT with

2544-438: A total market capitalisation of €2.3 billion, Champion REIT with a total market capitalisation of €1.8 billion, Fortune REIT with a total market capitalisation of €1 billion and Real Estate with a total market capitalisation of €700 million. As of August 2014, India approved creation of real estate investment trusts in the country. Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy

2650-466: A turnaround, Imperial reversed course and sold the company. Having declined to entertain Hostage's proposal to lead a leveraged buyout, Imperial employed Goldman Sachs who, with Hostage's assistance, sold the company to Marriott in 1986. In a contemporaneous transaction, Marriott sold the motor lodge business and the Howard Johnson trademark to Prime Motor Inns, a New Jersey company. Marriott was interested in

2756-496: Is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets. Emirates REIT has a portfolio of over US$ 575.3 million consisting of a total of seven properties primarily focused on commercial and office space as of December 2014. It has had substantial growth over the last four years. The REIT concept was launched in Australia in 1971. General Property Trust

2862-535: Is no longer manufactured. In 1925, Howard Deering Johnson borrowed $ 2,000 to buy and operate a small corner pharmacy in Wollaston , a neighborhood in Quincy, Massachusetts . Johnson was surprised to find it easy to pay back the money lent to him after discovering his recently installed soda fountain had become the busiest part of his drugstore. Eager to ensure that his store would remain successful, Johnson decided to devise

2968-651: Is proposing a regulatory framework similar to that of Singapore and Hong Kong. The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai. SECP has issued licenses to four parties namely, Arif Habib REIT Management Company, AKD REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company. The legal framework enabling

3074-529: Is the largest SIIC. Gecina is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs. Germany planned to introduce REITs in order to create a new type of real estate investment vehicle . The Government feared that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless, there still

3180-431: The 2007–2008 financial crisis , after which listed REITs responded by deleveraging (paying off debt) and re-equitizing (selling stock to get cash) their balance sheets. Listed REITs and REOCs raised $ 37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis. REIT dividends have

3286-695: The LGBTQ community , particularly in metropolitan New York. On April 21, 1966, at the Howard Johnson's in the Greenwich Village neighborhood, Dick Leitsch , Craig Rodwell , and John Timmins, all members of the New York chapter of the Mattachine Society , an early American gay rights group, patronized the restaurant as part of a 'Sip-In' demonstration in protest of New York liquor laws that prevented serving gay customers. The men were served drinks without incident at

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3392-545: The Marriott Corporation in 1985, and its headquarters moved in the Boston area from North Quincy to Weymouth . Hanson Group USA purchased Imperial in 1986; three years later, International Proteins Corporation acquired Ground Round for $ 93 million, at which time the restaurant chain had 215 locations (178 corporate-owned). In the meantime, the once-simple menu had grown to over 200 items, the chain had failed to keep up with

3498-713: The Ohio Turnpike , New Jersey Turnpike and Connecticut Turnpike were built, Johnson bid for and won exclusive rights to serve drivers at service station turnoffs through the turnpike systems. In the process of recovering from these losses, in 1947 the Howard Johnson Company began construction of 200 new restaurants throughout the American Southeast and Midwest . By 1951, the sales of the Howard Johnson Company totaled $ 115 million. By 1954, there were 400 Howard Johnson's restaurants in 32 states, about 10% of which were extremely profitable company-owned turnpike restaurants;

3604-943: The Shenzhen Stock Exchange on March 14. According to statistics from the Shanghai Stock Exchange, listing these two consumer infrastructure REITs has increased the total number of listed REITs to 23, with an issuance scale approaching 80 billion yuan. The Shenzhen Stock Exchange has reported that the funds raised by infrastructure REITs successfully listed on their exchange have surpassed 32 billion yuan. These projects encompass various asset types, including industrial parks, toll roads, storage logistics, ecological protection, clean energy, affordable rental housing, and consumer infrastructure. The products have been operating smoothly, with active investor participation, gradually enhancing market functions, thereby creating significant scale and demonstration effects. Japan permitted

3710-455: The "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173–1997) it enables the existence of tax-efficient residential REITs. Qualifications As of 2018 Orava Residential REIT is the only REIT in Finland. The French acronyms for REIT are SIIC (publicly listed), contrary to SCPI and OCPI (which are two other kinds of real-estate trusts not publicly listed). In France , Unibail-Rodamco

3816-566: The ASX, with market capitalization in excess of A$ 100bn. Australia is also receiving growing recognition as having the world's largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX. REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of

3922-503: The Cigar Excise Tax Extension of 1960. The law was enacted to allow all investors to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities . The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressman Joel Broyhill in 1961 who pushed for

4028-666: The DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot. The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through

4134-624: The Ground Round chain was company-owned and franchised, thus increasing the Howard Johnson Company profit. The 28 flavors of ice cream and piggybank-sensitive meal prices made it possible to lure families. The company also started some child-friendly promotions. One was a birthday club. Children signed up in advance and were sent birthday cards redeemable for a free meal, a cake, and in some locations, balloons and lollipops. Family members’ meals were charged at normal rates. The Springfield, New Jersey, restaurant sent out 10,000 cards one year, and they had

4240-606: The Hong Kong Government. Since 2005, there have been seven REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust , share prices of all but one are significantly below the initial public offering (IPO) price. Hong Kong issuers' use of financial engineering ( interest rate swaps ) to improve initial yields has also been cited as having reduced investors' interest As of July 2012 there are nine REITs listed with

4346-464: The Howard Johnson Company. Johnson wanted to expand his company, but the stock market crash of 1929 prevented this. After waiting a few years and maintaining his business, Johnson persuaded an acquaintance in 1935 to open a second Howard Johnson's restaurant in Orleans, Massachusetts . The second restaurant was franchised and not company-owned. This was one of America's first franchising agreements. By

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4452-556: The Howard Johnson chain. Segregation in Howard Johnson's restaurants provoked an international crisis in 1957, when a Howard Johnson eatery in Dover, Delaware , refused service to Komla Agbeli Gbedemah , the finance minister of Ghana , prompting a public apology from President Dwight D. Eisenhower . The Congress of Racial Equality , or CORE, was instrumental in organizing protests and sit-ins at Howard Johnson locations in multiple states. The city of Durham, North Carolina , became notable as

4558-513: The Howard Johnson's motor lodges, they offered to work together with FAI to ensure the expansion of the restaurant chain. By March 1995, FAI's official directory listed just 84 restaurants remaining in the US and Canada. By 2005, there were fewer than eight surviving restaurants. FAI ceased operations in 2005, the same year that the Springfield, Vermont , location and the last New York City restaurant in

4664-508: The Midwest. Ground Round was founded in 1969 by Howard Johnson's as a chain of pubs with a simple menu. It was intended as a new concept to convert marginal Howard Johnson's locations, as well as existing restaurant facilities. After the 1973 oil crisis , Ground Round became the primary expansion target within the company as it was forced to shift from long-distance travelers to local residents; by 1975, there were 64 Ground Round units, surpassing

4770-506: The Red Coach Grill concept. During the 1970s and 1980s, Ground Round was well-known for its children's parties, showing silent movies and cartoons on a big screen, a mascot named Bingo the Clown, and for passing out peanuts, whose shells customers could just drop on the floor. Ground Round had four owners in a 22-year span; Imperial Group retained Ground Round when Howard Johnson was sold to

4876-617: The Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and forced all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons. The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT's in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006. This restricts all 'true' REIT structures to be domiciled within

4982-537: The Singapore Exchange has grown to overtake those traditional listing with local assets. S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes, or alternatively as Business Trusts. Some of the regulations that S-REITs have to adhere to includes: S-REITs benefit from tax advantaged status where the tax is payable only at

5088-560: The Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income-tax), but are subject to numerous restrictions. Finnish REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009). Together with

5194-489: The added opportunity to capitalize on getting his name around. When wealthy socialite Dorothy May Kinnicutt Parish (known as Sister Parish ) began her decorating business in the 1930s, Johnson hired her to decorate the restaurant he built in Somerville, New Jersey . She told a reporter from The New York Times , “I dressed the waitresses in aqua, did the walls in aqua, I made the placemats in aqua. I guess I must have thought it

5300-494: The beginning of the end for the Howard Johnson Company. Because of the oil embargo of 1973 , the Howard Johnson's restaurants and motor lodges, which received 85% of revenue from travelers, lost profits when Americans could not afford long trips or frequent vacations. Rather than promoting the restaurants to travelers, management knew it had to focus on nearby population centers. Also, the company model of serving pre-made food with high-quality ingredients in traditional dining rooms

5406-560: The benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing of real estate. The government and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In

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5512-564: The budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs. As in 2021, there are three REITs listed in National Stock Exchange of India. These are Embassy, Mindspace and Brookfields. Overall, the shareholding of Indian REITs is skewed towards institutional investors (mostly FPIs), with very minimal contribution from retail investors. CSRC (China Securities Regulatory Commission) and NDRC ( National Development and Reform Commission ) jointly announced

5618-579: The buildings. As of August 2024, there were four Ground Rounds in the U.S., three in North Dakota and one in Ohio. That year, Joseph and Nachi Shea acquired the rights to the Ground Round name, with the existing locations continuing as licensed units, and announced plans to open a location in January 2025, in Shrewsbury, Massachusetts . A previous location there operated until 2004, and Joseph Shea often visited it as

5724-719: The chain became synonymous with travel among American motorists and vacationers in part because of Johnson's ubiquitous outdoor advertising displays. In 1959, Howard Deering Johnson, who had founded and managed the company since 1925, turned control over to his son, then 26-year-old Howard Brennan Johnson. The elder Johnson observed his son's running of the company until his death in 1972 at the age of 75. Howard Johnson Company went public in 1961; there were 605 restaurants, 265 company-owned and 340 franchised, as well as 88 franchised Howard Johnson's motor lodges in 32 states and The Bahamas . In 1961, Johnson hired New York chefs Pierre Franey and Jacques Pépin to oversee food development at

5830-748: The chain closed. Cendant acquired the rights to operate and maintain the remaining Howard Johnson's restaurants. In 2006, Cendant sold them to La Mancha Group LLC, which had proposed an aggressive expansion of the restaurant chain that never materialized. After the Waterbury, Connecticut , restaurant became The Brass House Restaurant in April 2007, only three locations remained. Cendant split into four smaller companies in 2006; its hotel group became Wyndham Worldwide while other pieces were spun off separately to become Avis Budget Group , Realogy , Travelport and Affinion Group . The Howard Johnson-branded frozen foods line

5936-509: The chain in order to provide them with access to a nationally recognised name and central reservation infrastructure. As these properties were not originally constructed as Howard Johnson sites, they lacked distinctive architecture and some had no restaurant at all. Howard Johnson Express Inns, Howard Johnson Inns, Howard Johnson Hotels, and Howard Johnson Plaza Hotels range from limited-service motels to full-service properties with on-site concierges and business centers. Howard Johnson began offering

6042-584: The city government. Future senator and presidential candidate Bernie Sanders , while a student at the University of Chicago in 1962, helped organize picketing of a Howard Johnson's location in Cicero, Illinois , during his time as a student activist for CORE. By 7 December 1962, the Howard Johnson Company issued a statement to the press opposing racial segregation in its restaurants, citing its corporate policy against discrimination: "Where it has been possible to change

6148-685: The company expanded operations by opening hotels, then known as Howard Johnson's Motor Lodges, which were often located next to restaurants. Throughout the 1960s and 1970s, it had become the largest restaurant chain in the U.S., with its combined company-owned and franchised outlets. Howard Johnson's restaurants were franchised separately from the hotel brand beginning in 1986 but, in the years that followed, severely dwindled in number until eventually disappearing altogether. The last restaurant, in Lake George, New York , closed in 2022. The line of branded supermarket frozen foods, as well as its famous ice cream,

6254-528: The company opened the first Howard Johnson's motor lodge in Savannah, Georgia . The company employed architects Rufus Nims and Karl Koch to oversee the design of the rooms and gate lodge. Nims had previously worked with the company, designing restaurants. The restaurant's trademark Simple Simon and the Pieman was now joined by a lamplighter character in the firm's marketing of its motels. According to cultural historians,

6360-810: The company's demise. In the late 1990s, the Howard Johnson's Candy Factory and Executive Offices in Wollaston were purchased and renovated by the Eastern Nazarene College to form the Adams Executive Center. In 1979, Johnson accepted an acquisition bid of more than $ 630 million from Imperial Group PLC of London, England. Imperial obtained 1,040 restaurants (75% company owned/25% franchised) and 520 motor lodges (75% franchised/25% company-owned). In 1981 Imperial recruited G. Michael Hostage, then CEO of Continental Baking Company and formerly executive vice president of Marriott Corporation , to replace Johnson as CEO. After four years, despite progress in

6466-599: The company's main commissary in Brockton, Massachusetts . Franey and Pépin developed recipes for the company's signature dishes that could be flash frozen and delivered across the country, guaranteeing a consistent product. While the landmark Brown v. Board of Education decision by the United States Supreme Court in 1954 struck down segregation in public schools, the segregation, and maintenance of whites-only public facilities continued in other domains, including

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6572-402: The company-owned restaurants for real estate. Marriott already owned Big Boy Restaurants and Roy Rogers Restaurants . In 1982, it acquired Host International , which had operated a number of highway rest stops. Many of the established Howard Johnson sites were in prime highway locations which could be profitably converted to Big Boy or various fast food banners. As Marriott quickly demolished

6678-512: The company-owned restaurants or converted them to the Bob's Big Boy restaurant chain, the number of Howard Johnson's restaurants remaining circa 1985 was sharply reduced. Only the franchised restaurants remained untouched. Marriott left all company-owned and franchised motor lodges untouched, as the deal called for them to be sold a year later (in 1986) to Prime Motors Inns, an existing franchisee with 63 motels. Prime Motors Inns continued to preserve

6784-425: The company-owned restaurants, the owners of the franchised restaurants feared elimination and banded together in 1986 to create "Franchise Associates Incorporated" (FAI). In 1986, Marriott gave FAI the right to operate and maintain Howard Johnson's restaurants. In 1987, FAI chairman George Carter acknowledged that "We have the concept, but it desperately needs to be modernized, internally and externally. Howard Johnson

6890-547: The creation under Eisenhower. As of 2021, at least 39 countries around the world have established REITs. A comprehensive index for the REIT and the global listed property market is the FTSE EPRA/Nareit Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, Nareit and the European Public Real Estate Association (EPRA). As of 29 January 2021,

6996-415: The end of 1936, there were 39 more franchised restaurants, creating a total of 41 Howard Johnson's restaurants. By 1939, there were 107 Howard Johnson's restaurants along American East Coast highways, generating revenues of $ 10.5 million. In less than 14 years, Johnson directed a franchise network of over 10,000 employees with 170 restaurants, many serving 1.5 million people a year. Johnson’s success gave him

7102-654: The establishment of REITs in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange among other exchanges in Japan. A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC. In addition to REITs, Japanese law also provides for

7208-639: The establishment of REITs in the Philippines have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost. Regulations on REITs

7314-487: The fiberglass signs were sculptured by Charles Pizzano . There were 200 Howard Johnson's restaurants when America entered World War II . By 1944, only 12 Howard Johnson's restaurants remained in business. The effects of war rationing crippled the company. Johnson managed to maintain his business by serving commissary food to war workers and U.S. Army recruits. When the Pennsylvania Turnpike (1940), and later

7420-577: The first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana. In 2007, the Securities and Exchange Commission (SEC) issued

7526-731: The first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008. In November 2015 there were three listed REITS on the Nigerian Stock Exchange : Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach

7632-818: The global index included 490 stock exchange listed real estate companies from 39 countries representing an equity market capitalization of about $ 1.7 trillion. Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mREITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts . The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in

7738-451: The investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of

7844-468: The latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties. In recent years, foreign assets listing on

7950-481: The listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17). The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013. There are at least two tens of REITS. Introduced in 2014 to replace the Property Funds for Public Offering (PFPO) scheme, REITs have gained popularity, and

8056-578: The lodges, just as Marriott had, until weak hotel and real estate markets caused it to sell off its assets and cease operations in 1990. Those involved with the company owned and franchised motor lodges banded together and formed the Howard Johnson Acquisition Corporation. They successfully obtained all the rights to operate and maintain the company-owned and franchised lodges. With these rights maintained, they changed their name to "Howard Johnson International Incorporated," which became

8162-579: The middle of unfinished meals, were of a scale not seen in the restaurant industry in recent memory" and franchise owners were equally as taken aback by the news. While franchised stores—which on the whole were higher-performing than corporate locations—remained open, sales fell as confused consumers assumed all restaurants had closed. A group of franchisees bought out the company and started the Ground Round Independent Owners Cooperative, LLC. They beat out U.S. Residential Properties,

8268-559: The minimum 50% subscription in a January 2015 initial public offer amid poor market prospects. By October 2015 there were 33 South African REITS and three non-South African REITs listed on the Johannesburg Stock Exchange , according to the SA REIT Association, which said market capitalization was more than R455 billion. Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by

8374-403: The model for a new concept, a more upscale steakhouse restaurant chain called Red Coach Grills . While they had some success, they were not sufficiently profitable. Eventually, the last 15 Red Coach Grills were sold in 1983 to a company executive who closed them. In 1969, Johnson again tried a new restaurant concept, Ground Round . It was successful. Although not a Howard Johnson's restaurant,

8480-511: The operation of our company-operated restaurants in the South to conform to our national policy of service without discrimination, this has been done." The letter, written in conjunction with CORE and the NAACP , praised the organizations and aligned company policy with their outlook that segregation was "not defensible." Howard Johnson's restaurants by the 1960s were known to be accommodating to members of

8586-549: The production of Eugene O'Neill 's play, Strange Interlude in Boston. Rather than fight the mayor, the Theatre Guild moved the production to the Wollaston Theatre in Quincy. The five-hour play was presented in two parts with a dinner break. The first Howard Johnson's restaurant was near the theater, and hundreds of influential Bostonians flocked to the restaurant. Through word of mouth, more Americans became familiar with

8692-541: The rapist threw a heavy mattress on her. She sued the motel chain for their lapse in security and won a judgment of $ 2.5 million, one of the largest such judgments at that time, leading to a reform in hotel security. Her rapist was never found. Francis had severe depression as a direct result of the rape and was a recluse for seven years after the event, returning to public life in 1981. H. B. Johnson attempted to streamline company operations and cut costs, such as serving cheaper food and having fewer employees. This strategy

8798-453: The rest were franchises. This was one of the first nationwide restaurant chains. While many places sold "fried clams", they were whole, which was not universally accepted by the American dining public. Howard Johnson popularized Soffron Brothers Clam Company 's fried clam strips, the "foot" of hard-shelled sea clams. They became popular to eat in this fashion throughout the country. In 1954,

8904-491: The restaurant; they later visited Julius' Bar where they were denied service, eventually leading to changes in the laws. In the late 1960s, gay liberation activist and self-identified drag queen Marsha P. Johnson decided on the drag queen name "Marsha P. Johnson", getting Johnson from the Howard Johnson's restaurant on 42nd Street. In the 1930s, H.D. Johnson bought the Wayland Red Coach Grill and used it as

9010-644: The rights to the HoJo's food business as well as the Howard Johnson hotel chain. In 2013, Wyndham proposed a brand reinvigoration which would have brought back select flavors of ice cream, adopted a new logo, phased out the multiple branding tiers, gave the properties a facelift and redesigned the chain as a lower-midscale brand starting in 2015. Wyndham did eventually implement retro-inspired guest room renovations, but most other plans, including those involving food and restaurant operations, were scrapped. Real estate investment trust Most countries' laws on REITs entitle

9116-608: The second-highest ranking officer in the New Orleans Police Department , the hotel's general manager and assistant general manager, and a couple from Virginia , who were on a belated honeymoon. He also wounded policemen, firemen and citizens. Then, in Jericho, New York , on 8 November 1974, singer-actress Connie Francis was raped at the Jericho Turnpike Howard Johnson's Lodge and nearly suffocated when

9222-410: The setting up of and the conduct of a Sri Lankan REITs. Specific provisions have been included for the verification of title and valuation of property that will form part of the assets of the REIT. Amongst the requirements is the mandatory distribution of approximately 90% of income to the unit holders, which is currently not a requirement for any of the listed entities. Further, due to the availability of

9328-531: The start of pilot projects in REITs on April 30, 2020. This official announcement represents the beginning of REITs in mainland China. As of March 14, 2024, the landscape of China's Real Estate Investment Trusts (REITs) saw a significant advancement with the listing of Huaxia Jinmao Commercial REITs (508017) and Jiashi Wumei Consumer REITs (508011) on the Shanghai Stock Exchange on March 12, followed by Huaxia China Resources Commercial REITs (180601) on

9434-550: The stock market. Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new "operating partnership". The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash. The industry struggled during

9540-537: The tax pass through mechanism to Unit Trusts, REITs also could benefit to be a viable business concept to Sri Lanka that will open new horizons for entrepreneurs to take the real estate industry to greater heights. Bernheim Comofi (now AG Real Estate ) introduced Belgian REITs in 1995 with the constitution of Befimmo . Others REITs in Belgium include Cofinimmo and Ascensio. REITs were introduced in Bulgaria in 2004 with

9646-421: The times, the buildings and their decor were outdated, and the restaurant saw its market share drop. The menu size increases, which included such dishes as swordfish and Mexican pizza, stemmed in part from attempts to diversify a menu heavy on meat dishes. Competitors such as Chili's and Applebee's siphoned market share; in 1994, the 207-unit system implemented its first-ever image advertising campaign as well as

9752-486: The total market capitalisation has reached THB 85 billion across two million square metres of assets. On 1 August 2020, the Securities and Exchange Commission of Sri Lanka (SEC) announced that REITS will be introduced as an extension of the current Unit Trust Code and the new Rules, which came into effect from 31 July 2020 is in the form of a Gazette Notification published by the SEC. These Rules which are comprehensive, will govern

9858-541: The vast majority located in the United States and China with further hotels in Canada, Mexico, Cambodia, India, Indonesia, South Korea, Saudi Arabia, the United Arab Emirates, Argentina, Chile, Colombia, Ecuador and Paraguay. While the Howard Johnson Company-owned and franchised motor lodges survived since being sold by the Howard Johnson Company in 1979, the restaurants did not. Because Marriott eliminated all

9964-404: The world. That '28' (flavors of ice cream) became my trademark ." Throughout the summers of the late 1920s, Johnson opened concession stands on the beachfront property along the coast of Massachusetts . The stands sold soft drinks, hot dogs, and ice cream. Each stand was successful. With his success becoming more noticeable every year, Johnson convinced local bankers to lend him funds to operate

10070-596: The worst performers in the chain. On February 13, 2004, Foothill Capital Management and Boston Ventures Management terminated their credit facilities for the chain. That day, all corporate-owned restaurants, almost half of the Ground Rounds then open, abruptly closed their doors. The franchisor for Ground Round, American Hospitality Concepts, filed for Chapter 11 bankruptcy on February 19. Nation's Restaurant News reported that "the mass layoffs and hasty restaurant lockups on that Friday afternoon, catching scores of diners in

10176-505: Was allowed to become tired and stale. We must get rid of that plastic image... Anything can be salvageable if a great deal of time and money and effort is put in it. And Howard Johnson needs all those same things."" While the Howard Johnson's restaurant chain was preserved, FAI did not have enough money to expand to new locations or revamp the brand. With the exception of one Howard Johnson's ice cream parlor in Puerto Rico , FAI never opened

10282-655: Was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main investment market segment of the Nairobi Securities Exchange. REITs have been in existence in Ghana since 1994. The Home Finance Company , now HFC Bank , established

10388-417: Was costly when compared to the innovations introduced by fast food outlets like McDonald's , which designed its products and restaurants to appeal to families with younger children. Around this time, the chain introduced "Hojo Cola" and other private-label sodas, which disappointed some customers who preferred familiar products such as Coca-Cola or Pepsi . The company suffered from two infamous incidents at

10494-463: Was discontinued after Fairfield Farms Kitchens shut down its Brockton, Massachusetts plant in 2006 and America's Kitchen of Atlanta, Georgia shut down in May 2008. In spring 2012, one of the last three original Howard Johnson's restaurants closed, in Lake George , and was listed for sale. Television personality, chef and author Rachael Ray once worked at that site while living in Lake George as

10600-676: Was established, which was in 2012. However, tax incentives plans demonstrate an intention of policymakers and lawmakers to boost the competitiveness of the market, and to encourage DIREs to be listed domestically. The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan

10706-402: Was quite chic, but I haven’t done a thing in aqua since.” (quoted in A History of Howard Johnson’s by Anthony Mitchell Sammarco). The unique icons of orange roofs, cupolas, and weather vanes on Howard Johnson properties helped patrons identify the chain's restaurants and motels. The restaurant's trademark Simple Simon and the Pieman logo was created by artist John Alcott in the 1930s while

10812-483: Was relaxed in January 2020 which led to the establishment of the first REIT in the country, AREIT Inc. of Ayala Land which had its public offering in August of the same year. However foreign investors still have poor reception towards REITs during that year when there was also a prevailing COVID-19 pandemic . Commonly referred to as S-REITs, there are more than 40 REITs listed on the Singapore Exchange , with

10918-476: Was separated from Howard Johnson, it had 215 restaurants. In the late 1980s and 1990s, Ground Round suffered from an outdated image compared to other casual dining competitors such as Chili's and Applebee's , an overly large menu, and debt from multiple sales that diminished the chain's ability to invest in restaurant remodels and other initiatives. Boston Ventures Management acquired Ground Round in 1997 but struggled from delayed sales of corporate locations and

11024-737: Was the first Australian real estate investment trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange ). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice. REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on

11130-408: Was the largest in the U.S., with more than 1,000 locations. Since 2006, all hotels and company trademarks, including those of the defunct restaurant chain, have been owned by Wyndham Hotels and Resorts . Howard Johnson's restaurants originally started as a single location opened by Howard Deering Johnson in 1925 and grew into a substantial restaurant chain in the decades that followed. By the 1950s,

11236-432: Was unsuccessful because patrons compared this new era of Howard Johnson's restaurants and motor lodges unfavorably to the services they had previously come to know. In a further effort to make the company more successful and profitable, Johnson created other concepts, such as HoJo Campgrounds and 3 Penny Inns for lodging, as well as Deli Baker Ice Cream Maker, and Chatt's for restaurants. All of these concepts failed, hastening

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