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Global Hospitality Report (May 2, 2016)

2016 Middle East Hotel Survey - Sailing Through Rough Seas 
By Cristina Zegrea and Hala Matar Choufany

As a result of the historically low oil price, geopolitical instability and weak global economic recovery, the regional economic growth decelerated in 2015. Nonetheless, the MENA remains one of the fastest growing regions worldwide.

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Market Pulse: Milwaukee, Wisconsin 
By Dana Waud

Lodging demand from Fortune 500 companies, international tourist attractions, and professional sports teams has brought about a surge in hotel development in Milwaukee. How will the new hotels affect RevPAR and average rate in the city?

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Singapore Tourism Announces S$700 Million Tourism Development Fund 

For the past two years, Singapore’s tourism sector has been witness to greater challenges due to fluctuations in the global economy and in key source markets. Singapore also faces strong competition as neighbouring countries aggressively develop and promote tourism. The annual Tourism Industry Conference 2016 that took place earlier this week, highlighted that Singapore’s tourism sector will require both strategies that will allow Singapore to best benefit from long term growth opportunities and tactical measures to deal with volatility and challenges in the short term. The Minister for Trade and Industry, S Iswaran, announced at the event that the tourism sector will get another S$700 million boost over the next five years to improve innovation and growth. This third tranche of Tourism Development Fund money will broadly support three key areas, namely, the developing of products to keep Singapore a destination of choice, leveraging technology to increase productivity and improving manpower skills. Among other things, investments will be channelled towards niche sectors with potential for growth - the cruise industry, for example - as well as supporting the adoption of technology, such as robotics, data analytics or retrofitting of hotel premises. Over this period of five years, Singapore Tourism Board (STB) will continuously strengthen trade engagements and marketing efforts to Singapore’s top five source markets and other fast-developing secondary markets.

HVS APAC HOSPITALITY NEWSLETTER.
HNA Agrees Deal to Acquire Carlson’s Hotel Division  

HNA Tourism Group has forged an agreement with Carlson Hospitality Group that will see the Beijing-based firm purchase Carlson’s hotel division, Carlson Hotels, for an undisclosed sum, subject to receipt of applicable regulatory approvals. Carlson Hotels owns the Quorvus Collection, Radisson Blu, Radisson RED, Park Plaza, Park Inn by Radisson and Country Inns & Suites by Carlson brands, and the acquisition by HNA also includes Carlson’s majority stake (approximately 51.3%) in Rezidor Hotel Group. “Carlson Hotels own a powerful set of global brands and this historic agreement provides tremendous opportunities for growth,” commented David P Berg, Carlson Hospitality Group’s chief executive officer. A statement released by Rezidor regarding the deal said that the Brussels-based group “notes that Carlson has agreed to divest its hotel operations. Rezidor has no further information regarding the transaction or HNA’s intentions with its holding in Rezidor following completion of the transaction or a possible offer to Rezidor’s other shareholders. Rezidor assumes that this will be clarified in the near future and welcomes HNA as the new majority shareholder”.

HVS EMEA HOSPITALITY NEWSLETTER.

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