Prime office rents in Riyadh have growth by 13% over the last 12-months, fuelled in part by the looming Regional HQ Program deadline, which goes into effect in January 2024, according to global real estate consultancy, Knight Frank’s Summer 2023 Saudi Commercial Market Review.
Earlier this week, the Global Hospitality Group® co-hosted a breakfast briefing in Los Angeles with CREDE, a leading real estate development and project management firm. The program focused on how hotel owners and developers can reduce their cost of capital and costs of construction while filling in gaps in their capital stack through a few critical construction management techniques and exploitation of both traditional and alternative financing options.
The Accor Group, Andera Partners and partner investors today announced that they have entered into exclusive negotiations for Accor to acquire a 63% stake in Potel & Chabot which it does not currently own. After this transaction, Accor will become the sole shareholder of Potel & Chabot which will be consolidated within the Group's Luxury & Lifestyle Division. The contemplated transaction is subject to customary regulatory authorizations. Closing is expected to occur in the fall of 2023.
The sale of an overnight hotel stay is a perishable product. If the room remains unsold, the opportunity to sell that particular room on that particular night is lost forever.
Sofitel Adelaide Hotel Acquired For AUD154 Million, Abu Dhabi Fund For Development and MINT Snaps Up Maldives Hotel For USD60 Million, Hong Kong‘s AB Capital Adds To Japan Portfolio With Tokyo Hotel Buy, Capital Alliance Has Received Approval For AUD340 Million Dual Hotel Project In Melbourne’s Docklands Precinct.
During a Capital Markets Day to be held today at the Group's head office, Accor will present its medium-term ambitions for a new chapter of growth. With strong brands and highly skilled teams, a simplified and optimized operating model and processes, Accor intends to accelerate its sustainable growth.To unlock its growth potential, Accor is taking full advantage of the strengths of each of the two new divisions created in January 2023. For each of them, Accor has defined clear strategic priorities.
As part of the implementation of its asset-light strategy, Accor announces that it has reached an agreement with Mutris – a Moroccan investment company bringing together private and institutional investors – under which Accor will, firstly, sell its 33% stake in Risma, Morocco’s leading publicly listed hotel operator, to Mutris at a price of 130 dirhams per share, and secondly, sell its Risma bonds on the market.
In line with the announcement made on September 28th, 2022, Accor announces having successfully completed the disposal of its headquarters building, “Sequana Tower”, for €460 million to The Valesco Group. This transaction is the largest office deal of the year in Continental Europe and largest office deal in France since 2022.
Global Asset Solutions, the specialist luxury hotel asset management company, has launched a new podcast series discussing news and issues affecting the sector.
American hotels will benefit from an important update to the Paycheck Protection Program (PPP). Following months of collaboration with the American Hotel & Lodging Association and hotel owners across the country, the Small Business Administration (SBA) issued new PPP eligibility guidelines today.
David Lund, The Hotel Financial Coach announced the release of the book The Prosperous Hotelier on Kindle today. The 300+ page book is a guide to hotel financial literacy designed for the operational leader who wants to gain access to understanding the numbers as well as the financial leader who desires a more substantial following in the hotel.
Hala Matar Choufany, President at HVS Middle East & Africa, talks about investor interest in Africa & her key takeaways from AHIF 2022 in an insightful pop-up talk with Daniel Silke.
Wyndham Hotels & Resorts, Inc. (NYSE: WH) (the "Company") today announced that it successfully completed the refinancing of its previously outstanding Senior Secured Term Loan B Facility due May 2025 (the "Term Loan B due 2025"). The Company closed on a new $1.1 billion Senior Secured Term Loan B Facility (the "New Term Loan B"), which will mature in May 2030. The net proceeds from the New Term Loan B were used to repay all outstanding principal under its Term Loan B due 2025.
The Meet the Money® 2023 conference wrapped up earlier this month, after 3 days of informative panel discussions exploring opportunities, challenges, and trends in the hospitality industry. The summaries below outline discussions our experts and executives presented to an audience of hotel owners, developers, investors, lenders and operators.
Salter Brothers Acquires Luxury Boutique Hotel & Estate Portfolio in New South Wales, Australia, Blackstone Group Acquires the Former Hiyori Hotel Tokyo Ginza EAST, Champion Technology has Sold 48.45% of Metropolitan Yijing Hotel for HKD45.9 Million, Queensland Government has Announced to Invest AUD9.2 Million to Kickstart Ecotourism Projects.
Red Plant Hotel in Sapporo, Japan Transacted at JPY1.73 Billion, Freedom Hostel Cairns has Sold and Rebranded, Japan’s First Harry Potter Theme Park to Open in June, INNSiDE by Melia Bangkok to Debut in the Summer of 2023.
JMBM’s Global Hospitality Group® hosted the 30th edition of Meet the Money® national hotel conference on May 1-3, 2023. Alongside investment boot camps and insightful discussion panels, the conference featured several exciting special presentations interpreting the latest data and industry sector highlights. In Part 4 of this blog series, we highlight the special presentations given by Mike Cahill and Paul Single.
JMBM’s Global Hospitality Group® recently hosted the 30th edition of Meet the Money® national hotel conference. Alongside investment boot camps and insightful discussion panels, the conference featured several exciting special presentations interpreting the latest data and industry sector highlights. In Part 3 of this blog series, we highlight the special presentations given by Warren G. Feldman and Alan X. Reay.
The Prosperous Hotelier shows you not just how to get comfortable with the numbers, but how to dance with them. Inspirational, educational, and chock full of tips and tricks to familiarize yourself with the inner workings of the hospitality industry—including links to online videos to supplement your learning—this book puts financial literacy at your fingertips.
At its Investor Day today, Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) intends to highlight the strategic actions the Company has taken to position it to become the preferred hospitality brand for high-end travelers in each segment that it serves, and the Company’s plans to build on its strong momentum to drive further growth and shareholder value.