Featured in this EMEA Hospitality Newsletter - Week Ending 3 April 2009
Six UK Hotels For Sale
Six UK hotels that were previously managed by the Real Hotel Company, which went into administration at the beginning of this year, have been put on the market by their owner private Danish investment fund EjendomsInvest. Three of the properties are offered freehold. The remaining hotels are for sale under a new lease or a management contract. The hotels, which are in either the north of England or the Midlands, have a combined freehold value of £20 million.
Accor Increases Its Share In Groupe Lucien Barrière
Hotel group Accor has bought US investment fund Colony Capital’s 15% stake in the French casino company Groupe Lucien Barrière for a transaction price, determined by five independent banks, of €153 million. This acquisition brings Accor’s stake in the group to 49%.
Russia’s First Hyatt Regency
The Russian city of Ekaterinburg became the owner of the first Hyatt Regency hotel in the country this week with the opening of the 296-room Hyatt Regency Ekaterinburg. This is Hyatt Hotels and Resorts' second hotel in Russia alongside the 219-room Ararat Park Hyatt. By the end of 2010 Hyatt’s Russian portfolio will have doubled as the 18-suite Grand Hyatt Moscow Residences & Spa and the 368-room Grand Hyatt Moscow are scheduled to open in 2009 and 2010, respectively.
One&Only to Star In Cape Town
One&Only Resorts is making its debut in South Africa this week with the opening of the One&Only Cape Town. The 131-room resort is being marketed as a “six-star” property and its opening party has certainly attracted a host of other stars, such as Robert de Niro and Sharon Stone. This is One&Only’s sixth property and also its first urban resort.
Durban’s Royal Hotel Has Been Sold
The iconic 164-year-old Royal Hotel in the city of Durban, South Africa, which once welcomed a young Winston Churchill as a guest, has been sold to a consortium for an undisclosed sum. The building is to undergo a R40 million (approximately €3 million) renovation which is expected to be finished by October 2009. Some of the building is to be turned into office space and the hotel is to become a four-star, 205-room property.
Golden Tulip Announces Voluntary Receivership
Golden Tulip Hospitality Group has announced this week that it is to go into voluntary receivership, owing to a decline in occupancy rates and the cost of investing in new hotels. Golden Tulip is in discussions for a possible merger with Apollo Hotels & Resorts and private equity firm H2 Equity Partners. Golden Tulip’s operations and its franchises will not be affected by the receivership.
Absolute Share Price Performance Over the Past Week 26 March-2 April 2009
InterContinental Hotels Group - Natixis raised its rating from 'Reduce' to 'Add'.
Whitbread - The share price was lifted in the renewed optimism that caused the FTSE-100 to surge. SG Cross Asset Research had at the end of last week given a 'Sell' rating.
Sol Meliá - The share price climbed to a one-month high on robust volume.
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