HVS EMEA Hospitality Enews - Week Ending 25 January 2008

The latest hospitality news from Europe, the Middle East and Africa.

EST Capital Eyes Three Of Starwood's Italian Hotels

A surge tide of money is poised to sweep through the watery streets of Venice, northeastern Italy, and roar on inland to the nearby town of Asolo. Holding the strings to the sluicegates of its purse is EST Capital, an asset management company. If various conditions are satisfied and a confirmatory signal from Starwood Hotels & Resorts is received, EST Capital will give a quick yank on those strings and engulf its American friend in €156 million. That money buys the 197-room Westin Excelsior Resort, Venice Lido; the 191-room Hotel Des Bains, Venice Lido Resort; the 31-room Hotel Villa Cipriani, in Asolo; and sundry assets such as offices. The deal is expected to close in the fourth quarter of 2008. Starwood is currently in talks with EST Capital about its continued management of the two Venetian hotels.

Yiannis Group Lands Hotels At Heathrow And Manchester

The Times reports that Yiannis Group has bought two hotels from Royal Bank of Scotland (RBS) for an estimated £175 million. The 881-room Park Inn Heathrow and the 148-room Manchester Marriott Victoria & Albert Hotel were two of four hotels that RBS placed on the market in October 2007. Another of the four, the 229-room Waldorf Hilton in London, was sold in December 2007 to a “high net worth UK investor” for a reported £185 million.

High Excitement At The Montcalm

Japan Airlines International has sold the 120-room, four-star Montcalm Hotel Nikko London to a family-run hotel company for a sum reported to be around £35 million. Nikko Hotels International will continue to operate the hotel for a further five years. Reports suggest that the new owner will be spending £4 million on refurbishment work.

Apollo's Mission At The Dylan Ends

Apollo Real Estate Advisors has sold The Dylan Hotel in Amsterdam. An unnamed buyer acquired the hotel for an undisclosed sum. The minimum asking price was €32 million. Designed by Anouska Hempel, the hotel opened in 1999 as Blakes Hotel. Apollo took over the hotel in 2003 and in 2005 the hotel was renamed The Dylan.

A New InterContinental For Doha's West Bay

InterContinental Hotels Group and HE Mohammed Bin Ajaj Al-Kubaisi are in agreement: they will team up to develop the InterContinental Doha West Bay. The hotel’s 540 rooms, a mix of hotel rooms and serviced apartments, will be contained within a 60-storey tower in the Qatari capital Doha. The hotel is set to open in March 2009 and it will be a companion for the InterContinental Doha.

Anantara Picks Its Desert Island Hotel

The word “Anantara” translates from Sanskrit as “the flow water without borders”. So Anantara Resorts will bring welcome irrigation as well as its management skills to the emirate of Abu Dhabi. Anantara Resorts will manage the 64-room, five-star Desert Islands Resort & Spa, which will have its soft opening in the second quarter of 2009. The resort stands on Şir Banī Yās, the largest of a total of eight islands that Tourism Development & Investment Company (TDIC) is working up into the Desert Islands tourism development. Another of TDIC’s projects is the five-star Qasr al Sarab resort in the Liwa desert. The Anantara Qasr al Sarab is set to open in 2009.

Hilton Gets A Call From Sal

Sal is the one in ten; the one of the ten main islands that make up the republic of Cape Verde on which a stranger from the hotel world has set foot this week. Hilton Hotels Corporation (HHC) is that stranger, and it has ventured to the southern town of Santa Maria to sign a contract to manage a hotel that will be opening in the second quarter of 2010. The 268-room Hilton Cape Verde, part of the Hilton Worldwide Resorts collection, will be HHC’s ninth hotel in Africa. The hotel is owned by Vela Verde Tourismo.

A Second In Sandton For Rezidor

The Park Inn Sandton is to be Rezidor Hotel Group’s second hotel in Sandton, a business district on the northern outskirts of the city of Johannesburg, in South Africa. The 192-room hotel is to open in April 2010. By then, the Rezidor scissors will have snipped the ribbon encircling the Radisson Hotel Sandton. The 283-room hotel is due to open later this year.

"The Caley" Is Set For Extensive Renovation

When The Caledonian Operating Company UK acquired the Caledonian Hilton Edinburgh last summer, it was noted that the new owner was prepared to invest in its prize. Details of that investment have now been reported. The company will spend a reported £22 million on renovation work. That work will begin with the refurbishment of 84 guest rooms and will continue on into next year with the creation of a courtyard lounge. The company has also put in an application to add 50 guest rooms to the 251-room hotel in the Scottish capital.

Building At Bowood

The celebratory cider is flowing in Wiltshire, and a jar in North Somerset is poised to pop its cork. Work to build a 43-room hotel on the Bowood Estate near the town of Chippenham, in Wiltshire, is under way almost a year after the ninth Earl of Lansdowne, the owner of the estate, submitted his planning application for a four-star hotel. The hotel is due to open in 2009. The cork will be launched on its maiden flight only if North Somerset Council approves plans submitted by the owners of the Cadbury House Hotel, Health Club & Spa, in Congresbury, near Bristol, to increase the number of guest rooms at the four-star hotel from 72 to 130.

Absolute Share Price Performance Over the Past Week 17-24 January 2008

Millennium & Copthorne - Certain analysts predicted that City Developments would receive a boost from M&C's continued earnings growth.

InterContinental Hotels Group - Takeover speculation helped the share price to rise.

Accor - Towards the end of last week, the press reported that Colony Capital intended to acquire further shares with an investment of around €1 billion.

For the latest in the hospitality industry, please visit: http://www.hvs.com. You are also welcome to contact the following personnel.

Russell Kett, Managing Directorrkett@hvs.com
Charles Human, Managing Director – HVS HWEchuman@hvshwe.com
Dominique Bourdais, Directordbourdais@hvs.com
Karen Smith, Directorksmith@hvs.com
Marc Finney, Directormfinney@hvs.com
Hadrien Pujol, Directorhpujol@hvs.com
Demetris Spanos, Managing Director – HVS Athensdspanos@hvs.com
Christopher Mumford, Managing Director – Executive Searchcmumford@hvs.com
Philip Bacon, Managing Director – HVS Madrid and Managing Director, EMEA & Asia – HVS Shared Ownership Servicespbacon@hvs.com
Adrian Jones, EMEA Hospitality Enews Authorajones@hvs.com