Featured in this HVS EMEA Hospitality Newsletter – Week Ending 19 July 2013
- Oh Vienna
- L’Hotel de Chine Achieves Its Italian Dream
- Park Inn Has Georgia On Its Mind Whilst France And Turkey Sing The Blu(e)s
- A Busy Day For Wyndham In The Middle East
- Marriott Plants A Crocus In Moscow And Brings Its First Courtyard To Aberdeen
- A Double Opening In Bursa And Luxury Collection On Its Way To Odessa
- More Moscow For Hyatt And Accor
- Boutique Chic In Belfast
- HOT.E – Where Europe’s Hotel Lenders and Investors Meet
- Hilton’s First Visit To The Baltics And Bahrain
- Solid Growth For Accor During The First Half Of 2013
- A Rise In Revenue For Rezidor
Vienna International Hotelmanagement AG has acquired the Arcadia Hotel Coburg via its subsidiary, VI Asset GmbH, from German group Arcadia Hotels for an undisclosed sum. The group will continue to run the four-star, 123-room hotel, in the eastern German city of Coburg, under the Arcadia brand. “Despite the extremely difficult financing environment, we have succeeded in realising this acquisition and are beginning with the implementation of our asset strategy,” said Vienna International’s chief executive officer, Dr Andreas Karsten.
L’Hotel de Chine Achieves Its Italian Dream
It was reported this week that Taiwanese conglomerate L’Hotel de Chine has purchased two hotels in Italy for an undisclosed sum and is looking for further acquisitions in Italy, France and Spain. The group currently has more than 2,000 rooms across Taiwan under its five brands; its new hotels in Italy are the 25-room Relais Villa de Monte Solare, in central Italy, and the 41-room Relais Sant’Uffiazia Wellness & Spa Hotel, in the north of the country.
Park Inn Has Georgia On Its Mind Whilst France And Turkey Sing The Blu(e)s
Rezidor Hotel Group has recently announced two new additions to its pipeline in Europe. First came the 200-room Park Inn by Radisson Rustaveli Tbilisi, in Georgia, which is expected to open its doors in the third quarter of 2015. This will be Rezidor’s second property in Georgia’s capital, alongside the 249-room Radisson Blu Iveria Hotel, Tbilisi. Next to be announced was the Radisson Blu Hotel, Rouen in France. This 91-room hotel is Rezidor’s first property in the northern city of Rouen, the historical capital of Normandy. The hotel, at the heart of the city, is also due to open in the third quarter of 2015. Rezidor also opened its fifth Radisson Blu hotel in Istanbul and its eighth in Turkey overall this week. The 130-room Radisson Blu Hotel, Istanbul Pera overlooks the Golden Horn in the European side of Istanbul.
A Busy Day For Wyndham In The Middle East
Wyndham Hotel Group recently opened two new Ramada hotels in the Middle East on the same day. The group made its first appearance in Iraq with the Ramada Sulaymaniyah Salim Street in the country’s autonomous Kurdistan region. The 71-room hotel welcomed its first guests in the city of Sulaymaniyah, which is known as the cultural capital of the region. Elsewhere in Lebanon, Wyndham opened the Ramada Plaza Beirut Raouche. This 18-storey, 144-room hotel overlooks the Mediterranean Sea in Lebanon’s capital, and has become Wyndham’s second hotel in the city and in Lebanon overall, alongside the 99-room Ramada Beirut Downtown.
Marriott Plants A Crocus In Moscow And Brings Its First Courtyard To Aberdeen
Marriott International announced the development of a new hotel in Russia this week. The group has signed a management agreement with CJSC Crocus International for the 250-room Moscow Marriott Hotel Crocus City, which is expected to open in 2016 as part of a mixed-use retail and residential complex in Crocus City, a satellite city and business district just outside Moscow’s ring road. Marriott also opened its second hotel in the Scottish city of Aberdeen. The 194-room Courtyard by Marriott Aberdeen Airport Hotel is the first of the group’s Courtyards to feature the new European-inspired design it announced for the brand in 2011, and it is the first Courtyard property in Aberdeen.
A Double Opening In Bursa And Luxury Collection On Its Way To Odessa
Starwood Hotels & Resorts has made its debut in the Turkish city of Bursa by opening not one but two hotels! Both the 171-room Sheraton Bursa Hotel and the 133-room Aloft Bursa Hotel are owned by Faik Celik Holding. On the Sea of Mamara, Bursa in northwest Turkey was once the capital of the Ottoman Empire and it is now the fourth most populous city in the country. Starwood now has nine hotels in operation in Turkey. Starwood also announced the entry of its Luxury Collection brand in Ukraine. The 112-room Hotel Bristol in the Black Sea port of Odessa is to become the Hotel Bristol, a Luxury Collection Hotel in early 2014. The hotel is jointly owned by LARK LLC (Vertex Hotel Group TM) and Bristol-Krasnaya LLC. Once rebranded it will become Starwood’s second hotel in Ukraine.
More Moscow For Hyatt And Accor
Hyatt Hotels Corporation has signed a management agreement, via one of its affiliates, with Russian real estate developer Istra-Kurort LLC (part of Gleden Invest Group) for its second hotel in the Moscow area and its third in Russia overall. The 168-room Hyatt Regency Moscow Istra Resort is due to open in 2017 on the shores of Istra Reservoir, 40 km west of Moscow, and it will also include 52 serviced apartments. It is reported that around US$150 million is being invested in the project. Hyatt now has six Hyatt Regency properties under development in Russia. French group Accor could also be found in Moscow this week, as it opened its fifth hotel in the city: the 360-room Novotel Moscow City. A total of US$160 million was invested in the hotel, which was developed in conjunction with Russian real estate and holding company, Tashir, and investor, CJSC Soglasie. Accor is operating the property under a long-term management agreement.
Boutique Chic In Belfast
Family owned hotel group Tullymore House Ltd plans to spend £12 million on converting the former Scottish Mutual building in Belfast city centre, Northern Ireland, into a 40-room boutique hotel. The ground and first floors of the six-storey building will contain two bars and two restaurants. The top floors will include the guest rooms and a further ten serviced apartments. Tullymore acquired the Grade-B1 listed building from Ireland’s National Asset Management Agency in May for £2 million. If planning permission is granted, the hotel could be open by 2016.
HOT.E – Where Europe’s Hotel Lenders and Investors Meet
This year’s Hotel Investment Conference Europe (HOT.E) will take place on 24-25 September at the InterContinental London Park Lane. Sophie Perret, a director with HVS London, will be one of the many speakers at the event. Sophie will be chairing a discussion on France, Benelux and Switzerland. HOT.E sessions primarily focus on two things: the capital markets (debt and equity) and where the investment opportunities are in Europe today. For more information or to register for the conference, visit www.europehotelconference.com.
Hilton’s First Visit To The Baltics And Bahrain
Hilton Worldwide signed three new properties this week, which will see it make its debut in two new markets. The group has signed a management agreement with Fortuna Travel OÜ for its first hotel in the Baltic States. The 202-room Hilton Tallinn, in Estonia, is on track to open in 2016. The new-build hotel will be within walking distance of the city’s UNESCO World Heritage medieval Old Town. Additionally, the opening of the DoubleTree Suites by Hilton Bahrain – Juffair in Manama in late 2015 will mark Hilton’s entrance into Bahrain. The 350-room property is the result of a management agreement with Tashyeed Properties Company and will be part of a mixed-use development in Bahrain’s capital. In Saudi Arabia, Hilton has got together with investor Al Hokair Group to develop its fourth hotel for the country’s Eastern Province. An existing hotel in the city of Dhahran is to be rebranded and will open as the 153-room DoubleTree by Hilton Dhahran at the end of the year. It brings Hilton’s DoubleTree pipeline in Saudi Arabia up to six hotels.
Solid Growth For Accor During The First Half Of 2013
Accor’s total group revenue rose like-for-like by 1.8%, to €2.7 million, during the first half of 2013. Revenue from the group’s hotels increased by 1.7%. Occupancy and RevPAR for Accor’s upscale and midscale hotels grew like-for-like by 1.3% and 1.7%, respectively, on the first half of 2012 – to 64.8% and €65. Occupancy for economy hotels fell like-for-like by 0.3%, to 67.7%, and RevPAR remained flat, but the group’s economy segment managed to achieve a like-for-like increase in average rate of 0.4% on the same period last year. Accor’s hotels in the UK were the strongest performers during the first half of the year, achieving the biggest like-for-like rises in occupancy, rate and RevPAR. A total of 9,940 rooms opened in the first six months of 2013, 80% of which were under asset-light structures.
A Rise In Revenue For Rezidor
Rezidor Hotel Group reported an increase in revenue of 2.3% in the first six months of 2013, to €456 million. Profit after tax was €6.2 million. EBITDA for the first half of the year was €32.1 million, with an EBITDA margin of 7.0%. “We see a modest, demand driven, recovery in the EMEA hotel market despite continued macroeconomic uncertainties,” said Wolfgang Neumann, Rezidor’s president and chief executive officer. In the second quarter of the year, Rezidor commented that the Nordic region recorded a strong RevPAR performance, benefitting from the timing of the Easter holidays, and hotels in the Middle East and Africa witnessed double-figure rises in RevPAR. Around 2,900 rooms were signed during the first half of the year and around 1,700 new rooms opened.
Absolute Share Price Performance Over the Past Week – 11-18 July 2013
Millennium & Copthorne – Credit Suisse gave Millennium a "neutral" rating and raised its target price from 496p to 518p.
Meliá Hotels International – Meliá lifted 2.6%, ending a two-day streak of losses.
NH Hoteles – NH rose 2.7% on high volatility.
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