Triton Construction has secured a contract to deliver a new 80-bed Premier Inn hotel in Porthmadog, North Wales. The £5.4 million instruction through Liberty Properties includes the design and build of the hotel on the former site of Ty Moelwyn Tax Office, as well as external services, roads, yards and car parking.
More than ever, off-plan hotel leases[1] are making headlines in the leisure real estate industry. Stemming from real estate law professional practices, off-plan hotel leases reconcile the legal and financial interests of three distinct actors: the developer (seller), the investor (owner) and the operator (tenant).
Whitbread, the owner of the Premier Inn and hub by Premier Inn hotel brands, is gearing itself up for a successful summer of staycations in Scotland with four new hotels due to open in the coming months.
Hilton (NYSE: HLT) today announced an agreement with Signo Hospitality (Signo) to develop 10 new hotels in Germany over the next five years. The first two properties to open under the agreement will be Hilton Garden Inn Herne and Hampton by Hilton Bottrop. Both hotels will be the first from Hilton in their respective cities, which sit in Germany's industrial centre in the Ruhr valley.
room2, the world's first hometel brand, has completed the sale and leaseback of its flagship offering, room2 Southampton, to a fund managed by Aberdeen Standard Investments ("ASI"), the UK's largest active asset manager. The disposal price of c. £10 million reflects a prime net initial yield of 4.98% with a 30 year indexed linked lease in place. The hometel concept, a sub sector of the extended stay space, is the brainchild of brothers Robert and Stuart Godwin, former members of the British Olympic Development Sailing Team. room2 was advised by Savills and ASI was advised by Knight Frank.
"London opens to you like a novel itself… It is divided into chapters, the chapters into scenes, the scenes into sentences; it opens to you like a series of rooms, doors and passages. Mayfair to Piccadilly to Soho to the Strand," writes Anna Quindlen in Imagined London: A Tour of the World's Greatest Fictional City
Portugal's hotel, tourism and leisure sectors have been evolving favourably in the recent years with travel & tourism accounting for 16.5% of Portuguese GDP in 2019. The strength of the market, fostered by government policy, boosted investments in the country's tourism and hospitality assets, as evidenced by an increased number of transactions and new hotel developments.
With an asset and liability guarantee agreement (Garantie d'actif et de passif, or GAP, under French law), the buyer obtains a contractual warranty for ensuring that the price it is paying matches the value of the company being sold. A post-sale tax adjustment or industrial tribunal proceedings in favour of an employee? A GAP agreement covers disputes prior to the sale, if these disputes were undeclared or if insufficient provisions were made for them.
Louvre Hotels Group, subsidiary of the world's second largest hotel group, continues to expand its Kyriad Direct brand, growing from 60 hotels open in 2020 to 100 hotels in 2021. Launched in April 2018, the Kyriad Direct brand is being developed on the 2-star segment to meet the needs of travellers looking for a quality hotel experience at an affordable price.
Two extraordinary Swiss hotels are now adding to the portfolio of the luxury hotel group Kempinski Hotels: the first five-star luxury hotel in Engelberg, Kempinski Palace Engelberg - Titlis Swiss Alps, which is nearing completion and will welcome discerning guests from all over the world in the heart of Engelberg from spring 2021; and the two hotels on Frutt in Melchsee-Frutt, which will benefit from the international management know-how and worldwide distribution network of Kempinski Hotels and be managed from the coming winter season by Kempinski.
Queensgate Investments and Rockwell has now been given the green light by the Greater London Authority (GLA) for the redevelopment of the Kensington Forum, to provide a world-class hotel and serviced apartment scheme alongside 62 genuinely affordable homes and substantial public realm improvements.
Värde Partners, a leading global alternative investment firm, today announced the successful completion of its previously announced sale of a portfolio of eight luxury hotels operating under The Dedica Anthology brand ("Dedica") to Covivio, a European real estate operator, through its subsidiary Covivio Hotels.
The award-winning Dutch hotel and lifestyle brand citizenM has entered into an exciting collaboration with German project developer GBI. citizenM is looking for prime locations for their entry into the German hotel market. True to its philosophy 'affordable luxury for the people', citizenM is offering guests all the luxuries they would expect from a high-end hotel in a prime location, yet without sky-high prices. Since June, citizenM is also offering contactless stays powered by its new app.
I'm afraid I can't take your bags," says the manager of The Dixon, a boutique hotel just south of Tower Bridge. He greets me in the lobby on reopening day (Saturday 4 July) after the pandemic forced the hotel to close for four months. A smile beams from behind the clear plastic visor that covers his face. "We have a new procedure, you see."
Paris - onefinestay , the leading hospitality brand offering the world's finest homes and service, announces the addition of Saint-Tropez to its growing Villa Collection. From super-slick hideaways to classically French retreats, onefinestay has curated 40 exceptional villas in the sunkissed region, all of them personally vetted for their quality, location, elegance and comfort.
Yes, we are open. As travel restrictions begin to ease and many countries gear up to celebrate the Whitsun holiday, the Steigenberger Hotel Herrenhof in Vienna and the Steigenberger Hotel & Spa Krems will both be reopening for leisure travelers on 29 May. They will be followed by the IntercityHotel Vienna and the MAXX by Steigenberger Vienna, which will start receiving guests again on 2 June and 1 July respectively. Some of Deutsche Hospitality's Austrian hotels have been using the break caused by the corona crisis to carry out renovations in their guest rooms and public areas.
Investor confidence in the UK's hotel sector is set to return this year as Brexit uncertainty settles, providing opportunities for both buyers and sellers alike.
Today, Scandic is launching Scandic GO, a new hotel brand that offers a playful, slimmer concept within the growing economy hotel segment. With Scandic GO, the company aims to establish a strong presence in city locations in all of the Nordic markets. Scandic will initially launch five hotels under the new Scandic GO brand - four in Stockholm and Oslo during the fourth quarter 2020 and one in Copenhagen during the second quarter 2021.
In the first quarter of 2020, the Hamburg-based hotel group NOVUM Hospitality has opened not one but two hotels of their young lifestyle brand the niu in Germany: the niu Air in Frankfurt and the niu Crusoe in Bremen. While the niu Air - the largest hotel of the niu brand to date - boasts 344 rooms and is located in close proximity to Frankfurt's former airport near Rebstockpark, the niu Crusoe offers 153 guestrooms and is situated right next to Bremen airport.
On behalf of the Principal Hotel Real Estate Fund II ( "Hotelfund II" ) PRINCIPAL REAL ESTATE EUROPE " PRINCIPAL", confirms the closing of the acquisition of the Ona Hotel Terra in Barcelona for € 40.50 million from a local real estate developer. The 3* hotel has 152 rooms, a restaurant, a bar, 2 meeting rooms as well as a rooftop terrace with swimming pool offering exceptional views over Plaza de España and Palace of Montjuic. As part of the transaction a long-term lease was entered into with Ona Hotels, a family owned Spanish hotel group based in Barcelona which operates 40 hotels in 4 countries (Spain, Andorra, Morocco and Tunisia) with ca. 5,500 rooms.