HVS EMEA Hospitality Enews - Week Ending 27 March 2009

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

Waldeck's Recovery Vehicle Here To Tow Away Luxury Hotels

Owners of top-end luxury hotels whose assets have been crunched might find a buyer willing to take their hotels from their wringing hands. Waldeck Capital, the investment trust, has set up Global Hospitality Recovery Fund, which is looking to institutions and individuals to help raise €500 million (all currencies will be considered) to buy distressed hotels across Europe and the USA. The fund is looking to make its first purchase towards the end of this year.

Hotel Could Light Up Old Fire Station In London

André Balazs Properties will hear next month whether it has been successful in its bid to convert a disused fire station on Manchester Square, in Marylebone, central London, into a 33-room hotel. The boutique hotel would be the first in Europe for André Balazs Properties, which is noted for the eight hotels it owns in the USA.

A Courtyard By Marriott For Gatwick Airport

The Courtyard by Marriott brand spread it wings and took flight this week to land at Gatwick Airport, in London, UK; the Courtyard by Marriott London Gatwick Airport opened as the first hotel under the brand in the UK. Marriott has signed a franchise agreement for the 218-room hotel with Kew Green Hotels.

Double Park Inn In The Middle East

The Park Inn brand has made its debut in both the Kingdom of Saudi Arabia and the Sultanate of Oman. Park Inn Al Khobar, on the Gulf coast of Saudi Arabia, has 148 rooms. Park Inn Muscat, sited alongside the road to Ruwi, the central business district of the Omani capital Muscat, has 175 rooms.

The First Hyatt Arrives In Qatar

The first Hyatt hotel in Qatar has opened. The 249-room Grand Hyatt Doha stands on 38 acres of beachfront in the capital Doha. The hotel, which also provides 91 private residences, is one of nine hotels that Hyatt Hotels & Resorts now has in the Middle East.

Golden Tulip’s First Royal Visit To Bulgaria

Everyone likes to receive flowers and now spring is here why not give a tulip, thought Golden Tulip Hospitality Group. Since Bulgaria already has one of the golden variety, the 90-room Golden Tulip Varna, Golden Tulip decided to give it one of the royal persuasion. The Dutch hotel company has signed a management agreement with Royal Bulgarian Ltd for the Royal Tulip Golf, Spa & Wellness Resort in Balchik, near Varna, on the Black Sea Coast. The 189-room newly built hotel will be part of the 18-hole LightHouse Golf Resort and it is expected to open in April 2010.

A New Hotel For Glasgow

A new 221-room hotel is planned for the city of Glasgow, in Scotland, as part of an £80 million mixed-use project that is to be developed on the site of the Savoy Centre shopping precinct. The two-storey building, which started life as a warehouse in 1910 and which became a shopping centre in the 1970s, will be transformed into a 30-storey city landmark by Belfast-based development company PNB Properties.

New Hotel Planned For Northern Irish Coast

Kennedy Group, the Northern Irish property developer, has submitted plans to build Port Gallen Lodge: a hotel of 25 rooms that would replace a derelict building on the seafront road that runs between the towns of Portrush and Portstewart, in Northern Ireland. If the plans for the £4 million project are approved in a timely enough manner, then the hotel could be open as early as next year.

Kiessling's Corner

By Gabriele Kiessling, Analyst, HVS Madrid. The 285-room Hotel Puente Romano, in Marbella, is to undergo a €1.4 million renovation, which includes the improvement of its room product, the implementation a new IT system (to improve the selling process) and new furniture. Elsewhere, CIO (Compañia de las Islas Occidentales) has opened the Gran Hotel Bahia del Duque, in Tenerife, under its new luxury brand The Tais Collection. The hotel opened 15 years ago and was initially operated by Sol Meliá. The hotel’s owners, familia Zamorano, created the new chain and they plan to expand internationally. The Tais Collection now comprises two properties, including Hotel Las Villas on Costa de Adeje.

The Fractional Summit 2009

Those who break out in a cold sweat at the thought of a maths lesson will be relieved to learn that this summit has nothing to do with fractions or any type of mathematical equation. What it will be is a gathering of more than 250 professionals from the fractional ownership industry in one place, the Hilton London Metropole, from 23 to 24 April. Visit http://fractionalsummit09.eventbrite.com click here for more information or to book your ticket for this event, which is supported by HVS Shared Ownership Services among others.

The Arabian Hotel Investment Conference 2009

The focus of this year’s conference is “With turbulence in international markets, where are business leaders in the Middle East looking to maximize business opportunities?”. The event is to be held at the Madinat Jumeirah resort in Dubai on the 2-4 May. HVS is one the event’s sponsors and this year’s speakers include Russell Kett, HVS London, Philip Bacon, HVS Madrid, Hala Matar Choufany, HVS Dubai and HVS’s founder and president Steve Rushmore. Click here for more information or to reserve your place at the conference.

Absolute Share Price Performance Over the Past Week 19-26 March 2009

Sol Meliá - Sol Meliá’s share price rose this week despite a cut in the target price from €3.60 to €2.10 by Goldman Sachs.

Accor - Credit Suisse reiterated its 'neutral' rating but cut its target price to €26.96.

InterContinental Hotels Group - Credit Suisse downgraded InterContinental Hotels Group to 'underperform' from 'neutral'.

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 Director rkett@hvs.com
Charles Human, Managing Director – HVS HWE chuman@hvshwe.com
Tim Smith, Director tsmith@hvs.com
Demetris Spanos, Managing Director – HVS Athens dspanos@hvs.com
Hala Matar Choufany, Managing Director – HVS Dubai hchoufany@hvs.com
Christopher Mumford, Managing Director – Executive Search cmumford@hvs.com
Philip Bacon, Managing Director – HVS Madrid and Managing Director, EMEA & Asia – HVS Shared Ownership Services pbacon@hvs.com
Adrian Jones, EMEA Hospitality Enews Author ajones@hvs.com