HVS Monday Musings: Rebooting Inbound Tourism in India By Mandeep S Lamba and Dipti Mohan This article highlights some measures which can help India become a preferred tourist destination once again for global travelers in the post-COVID era.
Hospitality Financial Leadership Training - For Non-Financial People.
Sonder Holdings Inc. (“Sonder” or the “Company”), a leading next-generation hospitality company that is redefining the guest experience, today announced financial results for the quarter ending March 31, 2021. Sonder delivered robust unit and revenue growth, driven by strong indicators of a resurgence in travel demand. The Company believes its results show the differentiated value of its technology-enabled experience for both guests and real estate owners. In April 2021, Sonder entered into an agreement to combine with Gores Metropoulos II, Inc. (“GMII”) (Nasdaq: GMIIU, GMII and GMIIW), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC and Metropoulos & Co. In connection with its previously announced proposed business combination, GMII today announced the filing with the U.S. Securities and Exchange Commission ("SEC") of a registration statement on Form S-4 (the "Registration Statement"), which contains a preliminary proxy statement/prospectus/consent solicitation statement.
Queensland Resort Dunk Island Acquired at AUD20 Million in Australia, New South Wales Government Allocated Millions to Boost State Tourism in 2021 Budget, Construction of Luzon’s First International Cruise Ship Terminal Goes Full Swing, Construction of Major Ecotourism Site Begins in Thanh Hoa, Vietnam.
Inspirato LLC (“Inspirato” or the “Company”), the innovative luxury travel subscription brand, and Thayer Ventures Acquisition Corp. (“Thayer”) (Nasdaq: TVAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Inspirato becoming a publicly listed company. The transaction values the pro forma company at an estimated enterprise value of $1.1 billion. Upon closing, the combined company will operate as Inspirato, and its Class A common stock is expected to be listed on Nasdaq under the ticker symbol “ISPO.”
Many will perceive Tokyo 2020’s tourism legacy to be overwhelmingly negative, due to it taking place during a pandemic and the side-effects that have come with that. However, some positives can still be drawn when looking to the future of Japanese tourism, says GlobalData, a leading data and analytics company.
Would you like to have an operations leadership team in your hotel who has their financial muscles in shape? If the answer is yes then my workshop series is what you have been looking for.
PPHE Hotel Group is pleased to announce that it has agreed terms to enter into a joint venture with Clal Insurance (“Clal”), one of Israel’s leading insurance and long-term savings companies, in respect of Park Plaza London Riverbank and the art’otel london hoxton development, two of the Group’s prime London assets. PPHE will receive a cash consideration of £113.7 million as part of this transaction, enabling the Group to pursue new opportunities to accelerate growth.
Scandic’s occupancy rate is expected to amount to at least 35 percent in June and business on the books for July is clearly higher than it was at the same time last year. Scandic expects occupancy in July 2021 to be higher than in July 2020, when it amounted to 42 percent.
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced an update on recent operating trends.
Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it completed its acquisition of the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR). As part of the transaction, Bally's also acquired the unencumbered rights to the Evansville operations' sports betting and iGaming skins, which will provide the Company with greater access to the growing Indiana gaming market.
Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced it has entered into a definitive agreement to acquire the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C" or the "Property"). In addition, the Company is also acquiring five luxury condominium residences adjacent to the hotel. The acquisition is expected to close on or prior to July 9, 2021, subject to customary closing conditions. Because the acquisition is subject to customary closing conditions, the Company can give no assurance that the transaction will be consummated by such date or at all.
Global DMC Partners (GDP), the premier global resource for virtual, hybrid and in-person events, has recently partnered with new DMCs from throughout the U.S. and international market world, strengthening its incomparable network. GDP remains the leading global sales and marketing engine for independently owned-DMCs that are eager and ready to take on the “new normal” for face-to-face meetings. With a global sales team strategically located across the Americas and Europe, the GDP team is eager to connect planners around the world with the best in class, expert DMCs that encompass over 500 destinations.
Ascott Residence Trust (ART) has entered into agreements to acquire three freehold rental housing properties in central Sapporo for a total of JPY 6.78 billion (S$85.2 million[1]) to expand its rental housing portfolio in Japan. The three rental housing properties – City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo[2] – are from unrelated third parties. The average EBITDA yield of the three acquisitions is approximately 4%. The transactions are expected to complete by end June 2021. The acquisition of the three rental housing properties will be funded by debt and part of the net proceeds from recent divestments.
Following the toughest year on record for our industry, Pathfinder Development positioned itself for success by focusing on providing value and Platinum Service, paving the way for an incredible first quarter of 2021. We are thrilled to report that we had 4 out of our 6 hotels rank in the top 8% out of 6,143 Texas hotels in REVPAR. We couldn’t have achieved this without the outstanding staff, both on-property and behind the scenes providing unmatched service to our guests and associates.
Accor announces today its intention, subject to market conditions, to sponsor a Corporate Special Purpose Acquisition Company (SPAC), the Accor Acquisition Company (AAC), to be listed on Euronext Paris.AAC aims to raise approximately €300m. Accor’s investment in AAC will not be material.Accor’s objective in creating AAC is to better serve Accor’s hotel owners and customers by providing high quality and recognizeable services and brands in any of five verticals adjacent to Accor’s core hotel business, namely:• food and beverage;• flexible working;• wellness;• entertainment & events; and• travel technology.
Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.
Minor International, NH Hotel Group's largest shareholder, has approved a rights offering of up to €107 million with pre-emptive subscription rights for all shareholders. Minor has already committed to invest the €100 million upfront, corresponding to its 94.1% shareholding, in the form of a convertible loan. The rest of the Company's shareholders will be offered the chance to invest the remaining €7 million as part of a rights offering expected to close between next September and October, when the new shares will be delivered. At that time, Minor will convert its loan into new Company shares.
The new lifestyle properties boast vibrant contemporary designs and offer an inspiring experience to modern travelers- CUE Podgorica is the first hotel opened under CUE Hotels in January 2021- The second CUE property is expected to launch in Abu Dhabi in Q1 2022
Scandic's President & CEO Jens Mathiesen has acquired a total of 155,000 stock options from Scandic's larger shareholders Stena Sessan and Formica. The options mature in approximately five years and have been acquired on market terms. The price per option amounts to 6.53 SEK and the strike price is 45 SEK.