As part of its refocusing strategy, Accor today sold 1,063,830 Club Méditerranée shares, corresponding to around a 4% interest in the company’s capital, to Group Crédit Agricole SA for €9.40 a share, representing a total amount of €10 million.
Orient-Express Hotels Ltd. (NYSE: OEH) (http://www.orient-express.com), owners or part-owners and managers of 51 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries, today confirmed that it has sold its Lisbon hotel, Lapa Palace, to a private Portuguese investor for EUR29.4 million, ($41.8 million).
Positive hotel performance news comes from Frankfurt, the city of trade fairs: Recent data from STR Global, the leading provider of market information for the world’s hotel industry, shows the direct impact of trade fairs on the region during recent weeks. Both the Musikmesse and ProLight + Sound fairs took place in Frankfurt on 1-4 April this year, rather than in March as in previous years. This explains the positive change in year-on-year revenue per available room (RevPAR) for the region as seen on the left-hand side of the chart below. Similarly for Wiesbaden, the peak around 18 April coincides with the start of the Internistenkongress, which was also held in March last year. It must be noted that performance in March suffered as these fairs moved forward in the calendar.
Loss-making Dutch hotel operator Golden Tulip will file for bankruptcy for 13 hotels in the Netherlands that it directly owns and operates, it said on Tuesday. The decision will not affect franchised or affiliated hotels, of which there are 720 in more than 50 countries, and the affected hotels will continue to operate during the proceedings, the company said. The group owns 60 hotels directly.
This article sets out to give the reader a picture of the Madrid hotel market up to the end of 2008 and our view on current tourism and hospitality trends and tendencies. The overall health of Spain's economy is under considerable pressure from the current economic climate. According to the Economist Intelligence Unit (EIU), Spain will face difficulties until at least the end of 2009 in recapturing the same degree of public support that existed before the general election.
Deloitte, the business advisory firm, has confirmed that the hotel industry continued to suffer during the first quarter of 2009 with a sharp decline in leisure and corporate travel. UK cities overall experienced a decline in revenue per available room (revPAR) by an average of £5 (9%).
In 1959, Berno H. Feuring was 21 years old and the youngest hotel director in Germany. He founded his own company in the same year and for 50 years now has - on behalf of hotel chains and investors - developed hotels mainly in the luxury segment and from the first idea to their opening. Amongst them are impressive names like Le Royal Méridien Hamburg, the Steigenberger Hotel de Saxe Dresden, Le Royal Mansour Casablanca or the Bristol in Warsaw, which was re-structured by Feuring. To this day, Feuring as a company has been involved in more than 400 hotel projects all over the world. In the following interview, the senior managing director talks about the special challenges in the hotel sector, his financial strategy as well as passing on the company to the next generation.
STR Global and Fairmas, the two leading providers of market information to the German hotel industry, report on the performance figures for the German hotel market. A year-to-year comparison of data for February 2009 shows all indices down for the country as a whole--average daily rate fell 0.7 percent, occupancy change was -7.4 percent and RevPar change was -8.1 percent. The relatively modest fall in rate was bolstered by a significant rise in year-on-year ADR for Cologne of 16.8 percent and insignificant decreases for Hamburg, -0.6 percent, and Berlin, -1.6 percent.
Spain's tourism sector will face further consolidation as structural problems and sharp falls in numbers of new visitors hit earnings, the co-chairman of the country's third largest hotel group said. "The sun and beach model isn't exhausted, but with low profitability, companies are increasingly less able to act and, in the long term, we will pay," Grupo Barcelo's Simon Pedro Barcelo said in an interview in Expansion on Tuesday.
London hoteliers are expected to see a 12.7% drop in revenue per available room (revPAR) by the end of 2009 according to Hotel Market Outlook, a quarterly report released by Deloitte. The report uses the outputs of an econometric model produced by an independent economic research group to produce forward looking changes in hotel performance.
Cannes | Some 18,000 delegates, spanning all sectors of the global real estate industry and representing 80 countries, leave Cannes today saying that MIPIM confirmed their belief that €15 trillion international property industry remains a solid long-term investment asset and that the industry is getting back to basics.