Asset World Corporation Acquired dusitD2 Chiang Mai, Aju Hotels and Resorts Sold Westin San Jose to Khanna Enterprises, Sri Lankan Government Announced Plans to Develop Galle Port into a Tourism Hub with a Budget of USD175 million, Thailand Government is Expanding Bangkok Suvarnabhumi Airport for THB7.8 Billion.
The upcoming Union Budget of India (2022-23) is expected to focus on bringing in economic reforms to ease supply-side bottlenecks, provide production-linked incentive (PLI) schemes to domestic MSME’s* sector, asset monetization and privatization. Along with this, the government needs to strike a balance between fiscal expenditure and fiscal consolidation. Against this backdrop, GlobalData, a leading data and analytics company, expects the budget deficit to narrow down to 5.3% of GDP in 2022 compared to 5.6% in 2021.
Brand Finance has named Hilton the world’s most valuable hotel brand in its 2022 Global 500 Report. Hilton led both the hotel and broader tourism sector with a brand value of $12 billion, now higher than its valuation before the COVID-19 pandemic.
Fragrance Group Acquired Holiday Inn Hotel in London to Grow UK Portfolio, Michael Kadoorie Acquires a Further 12.4% Stake in Hong Kong and Shanghai Hotels for USD337.5 Million, ESR Cayman Limited Completes Acquisition of ARA Asset Management for USD5.2 Billion, Co-living Startup Bespoke Habitat raises SGD1 Million from Angel Investors.
Hospitality Financial and Technology Professionals (HFTP®) and the Hospitality Sales and Marketing Association International (HSMAI) have renewed their commitment to collaborate on industry advancing initiatives. The two leading-associations have long worked together via co-located events, knowledge-sharing, research and recognition of industry leaders. This recent partner agreement continues this tie through 2024.
Sonder Holdings Inc. (“Sonder'' or the “Company”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, today announced that it completed its previously announced business combination with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (“GM II”), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC, and Metropoulos & Co. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022.
MUI Group Has Sold an UK Hotel for GBP6.5 Million, Golden Union Assets Acquire USD31 million Shanghai Co-living Property, Sultan Plaza up for Collective Sale with SGD360 million Reserve Price, Novaland Ties up with VinaLiving and Fusion Hotel Group to Further Develop Aqua City, Pelican Paradise Group is Building a Multi-million Resort in Timor-Leste.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce the successful closing of the sale of our client Prism Hotels & Resorts (prismhotels.com) to Aimbridge Hospitality (aimbridgehospitality.com). Prism specializes in hotel management, resort development management, and management of hotels in receivership and Ambridge is a leading global hospitality company.
Hard Rock International, the legendary hospitality and entertainment company, today announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.
VICI Properties Inc. (“VICI Properties” or “VICI” or the “Company”) announced today that, in connection with MGM Resorts International’s (“MGM Resorts”) agreement to sell the operations of The Mirage Hotel & Casino (the “Mirage”), located in Las Vegas, NV, to Hard Rock International (“Hard Rock”), VICI has agreed to enter into a new separate lease with Hard Rock related to the operations of the Mirage (the “Mirage Lease”) and also enter into an amendment to the Master Lease to be made by and between VICI Properties and MGM Resorts (the “MGM Master Lease”).
MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced it has reached an agreement to sell the operations of The Mirage Hotel & Casino ("The Mirage") to Hard Rock International ("Hard Rock") for $1.075 billion in cash, subject to customary working capital adjustments.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”), incorporated in the state of Maryland, today announced that its Board of Directors has approved a special dividend liquidation distribution of $7.94 per share of the Company’s common stock (the “Common Stock”), to its stockholders of record as of the close of business on December 27, 2021.
Deutsche Hospitality is undertaking a massive expansion of the services it provides to hotel partners and investors in the areas of franchise, management and lease agreements. The new “BE Deutsche Hospitality” partner programme sends out clear impetuses to the sector. The hotel industry continues to offer considerable areas of potential for successful investments if the right ties are in place with an expert ally. To this end, Deutsche Hospitality has put together a new service concept containing a host of digital solutions which are precisely tailored to the needs of its hotel partners. Everything has been combined to form an all-in package.
Marriott Bonvoy, Marriott International's award-winning travel program featuring 30 extraordinary hotel brands and endless experiences, has teamed up with up-and-coming digital artists – TXREK, JVY, and Erick Nicolay – to create three Non-Fungible Tokens (NFTs). Marriott Bonvoy will become the one of the first hospitality brands to create its own NFTs and will unveil the digital art, inspired by the travel program's recent global "Teaser of Marriott Bonvoy’s travel-inspired NFTs.
The Global Hospitality Group® (GHG) of Jeffer Mangels Butler & Mitchell LLP (JMBM) has released an updated version of its Hospitality Credentials, detailing unsurpassed experience by providing representative clients and properties the GHG has worked on over the past 30 years. These Credentials show how the GHG has helped clients with more than 4,500 hospitality properties, valued at more than $112 billion.
Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing for the Fall 2022 release of the 12th Revised edition of the Uniform System of Accounts for the Lodging Industry (USALI). The revision to the current 11th Edition (released in 2014) has gone through a well-considered, in-depth process. Ahead of publishing the newest edition, the HFTP and the GFC has invited leading industry stakeholders to participate in the review of exposure drafts, requesting comments for consideration ahead of the 12th edition publication.
ACCOR SA (the "Company") today announces its intention to issue new 7-year Benchmark Senior euro-denominated bonds due November 2028 (the “New Bonds”). The New Bonds will be issued in the form of “Sustainability-Linked Bonds” pursuant to the “Sustainability-Linked Bond Framework” published by the Company on 15 November 2021.At the same time, the Company also announces the launch of a tender offer by Crédit Agricole Corporate and Investment Bank on the following series of bonds of the Company:
Hotel values are not expected to make a full return to pre-pandemic levels until 2023-25 with some regions across the globe showing faster recovery than others, according to a webinar held by hotel consultancy HVS and EP Business in Hospitality this week [Wednesday 27th October].
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing.
With this hotel financial leadership talk, your team will come away with education and a plan of action.