HVS Asia Pacific Hospitality Newsletter - Week Ending 30 April 2021
HVS Asia Pacific Hospitality Newsletter - Week Ending 30 April 2021 : Singapore and Hong Kong Inaugurates Travel Bubble Officially
Press Releases
Stay With Me: Hotel Owners Look Ahead to the Return of Leisure and Business Travel
As the hospitality industry awaits the return of travelers, the government's Paycheck Protection Program has helped many hotels weather the COVID-19 storm. D.J. Rama, Auro Hotels, Chip Rogers, American Hotel & Lodging Association, and CBRE's Bob Webster, join Spencer to discuss PPP's impact and the potential timing of the sector's recovery.
‘Upsizing’ Could Be One Of The Next Major Travel Trends, Says Globaldata
Financial situations worsening for consumers has been widely discussed amid the COVID-19 pandemic. However, many consumers managed to bypass this financial squeeze and have incidentally become efficient savers. This trend should not be overlooked by tourism companies which need to realize that not all travelers will be wanting a budget-friendly option for their next holiday, says GlobalData, a leading data and analytics company.
MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption
MGM Resorts International (NYSE: MGM) ("MGM Resorts") today announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties ("MGP") Operating Partnership LP (the "Operating Partnership") for aggregate cash proceeds of approximately $1.2 billion.
HFTP Global Board Addresses the International Association’s Program Initiatives as It Ramps Up in 2021
Ready to partake in the forward momentum of the recovering hospitality industry, the Hospitality Financial and Technology Professionals (HFTP®) Global Board of Directors has outlined multiple initiatives it will undertake to support its professional members and stakeholders.
HFTP Academy Debuts New Hospitality Benchmarking Certificate, In Collaboration with HotStats and Powered by Ascend
Hospitality Financial and Technology Professionals (HFTP®) has introduced a new professional course from its HFTP Academy: the Hospitality Benchmarking Certificate, which demonstrates expertise in financial analysis and benchmarking. The course is a collaboration with the hotel benchmarking firm HotStats and will be supported by Ascend, a hospitality talent development company. The certificate is delivered as a comprehensive course available to all, with no previous experience required.
Accor to sell a 1.5% stake in Huazhu for €239m
Accor announces that it completed the disposal of a 1.5% stake in Huazhu Group Limited (HTHT) for €239m. This transaction allows Accor to crystallize further value creation of the initial investment while simplifying its balance sheet. After this transaction, Accor owns a 3.3% stake in Huazhu and continues to be represented at the Group's Board of Directors.
Highgate Launches Expanded Receivership Services
NEW YORK-Highgate, the premier global real estate investment and hospitality management company, announces its receivership and loan resolution capabilities with the formation of a dedicated team that brings decades of expertise as court-appointed receivers and operators for hotels with distressed assets requiring lender involvement. The platform will be led by industry veterans Richard Millard and Joseph Klam.
Hospitality Financial Leadership Podcast: Why Every Hotel Leader Needs to be a Financial Leader
Listen to the podcast with Sarah Dandashy (Ask a Concierge). The financial side of hospitality isn't as sexy (to some) as other parts, but it is, of course, what determines success and that's super sexy! In the hotel world, knowing the numbers translates to individual and organizational success.
HVS Asia Pacific Hospitality Newsletter - Week Ending 5 February 2021
Minor Hotels Partners with Funyard Hotels & Resorts for China Expansion, South Korea Supports Vietnam's Hue Smart City Plan With USD13 Million, Gold Mine Museum and Park to be Constructed in Bau, Kuching, Cambodia’s Kep Province to Become Tourist Hotspot.
Scandic Comments On Market Situation And Ongoing Rent Negotiations
In December, Scandic's average occupancy rate was approximately 15 percent with continued weak demand in all markets. Ongoing rent negotiations have thus far led to agreements for rent reductions and offers from landlords totaling approximately 850 MSEK.
MGM Resorts International Statement On Snow Lake Capital Letter
The MGM Resorts International ("MGM Resorts") (NYSE: MGM) Board of Directors acknowledges Snow Lake Capital's letter related to MGM China Holdings Limited ("MGM China"), a separate, publicly traded company. MGM Resorts remains committed to Macau and will continue to take actions that are in the best interests of its shareholders and stakeholders. We appreciate continued constructive engagement with MGM China shareholders.
Snow Lake Capital Sends Letter to MGM Resorts’ Board of Directors
Snow Lake Capital Limited, a leading Asian alternative investment management firm with over US$3 billion in assets under management, today sent a letter to the MGM Resorts International (NYSE: MGM) ("MGM" or the "Company") Board of Directors urging them to sell 20% of their MGM China Holdings Limited (HKEX: 2282 HK) ("MGM China") business to a Chinese company as a strategic investor.
Scandic Comments On Market Development And Ongoing Rent Negotiations
In November, Scandic's average occupancy rate was approximately 20 percent due to extremely weak demand in all markets. Recently intensified rent negotiations have thus far led to agreements for rent reductions and offers for rent reductions from landlords totaling approximately 500 MSEK.
HVS Asia Pacific Hospitality Newsletter - Week Ending 27 November 2020
Iris Capital Snaps up Accor Hotel Portfolio for AUD180 Million, Discovery Lodge Acquired by New Zealand’s Largest Private Hotel Investor, Victorian Government's AUD465 Million Tourism Package Include AUD200 Travel Voucher Scheme, ADB Approves USD484 Million Loan for Expressway Linking Myanmar’s Bago Region.
Latest Projection: Travel Spending in U.S. to Plunge by Nearly Half This Year
Travel spending in the U.S. is expected to finish the year 45% down from 2019 levels, and will still not have returned to its pre-pandemic strength by 2024, according to the latest figures released by the U.S. Travel Association.
HVS Asia Pacific Hospitality Newsletter - Week Ending 13 November 2020
Singapore-Hong Kong Air Travel Bubble to Start on 22 November 2020, Philippines Eases COVID-19 Hotel Restrictions and Lifts Foreign Travel Ban, Radisson Hotel Group Welcomes the Ninth brand, Alta Capital Real Estate Announced a New Hospitality Portfolio.
HFTP 2020–2021 Global Executive Committee and Board of Directors Begin Term
The 2020-2021 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term at the start of this month. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, academics, hotels, finance, technology and more. The HFTP Global Board volunteers its time and professional expertise to help guide and progress the association to the forefront of the industry as it carries out its strategic plan.
HVS Asia Pacific Hospitality Newsletter - Week Ending 30 October 2020
Singapore Eases Local Tour Restrictions from 1 November, Indonesia Government to Disburse IDR3.3 Trillion Grant to Tourism Industry, Ratanakorn Asset Appointed ONYX Hospitality Group for Three Developments in Pattaya, Singapore and Germany to Set Up Reciprocal Green Lane for Business and Official Travel.
What Prop 15 means to California Hotel Owners
On election day this year, voters in California will be choosing between maintaining the existing Prop 13 which has been in place for 42 years (since 1978) and Prop 15, the first meaningful adjustment to tax laws with regard to assessing real estate in California for property tax purposes.