Travelodge, the UK’s first budget hotel brand which operates nearly 600 hotels, today announces that it has exchanged contracts to acquire 66 Travelodge-branded hotels on a freehold and long leasehold basis from its largest landlord, LXi REIT plc (“LXi”), for a combined sum of £210 million.
£2 billion of UK hotel transactions were recorded in 2023, according to global property adviser Knight Frank. Q4 was the strongest quarter of the year for investment into the sector with £615 million of deals, representing 31% of the total annual investment activity.
As we reflect back on the year 2023, we want to share the articles that resonated most with our readers on Hospitality Net throughout this past year. We've curated a list of the most engaging opinion articles on our website.
Wyndham Hotels & Resorts (NYSE: WH) (“Wyndham” or the “Company”), today announced that its Board of Directors, following a comprehensive review with its outside financial and legal advisors, has unanimously determined the unsolicited exchange offer (the “Offer”) from Choice Hotels International, Inc. (NYSE: CHH) (“Choice”) to acquire all outstanding shares of Wyndham is NOT in the best interests of Wyndham and its shareholders. The Wyndham Board of Directors unanimously recommends that shareholders NOT tender any of their shares into the Offer.
Prodea to acquire a further 55% stake in MHV from Cypriot group Yoda, Eternam and QuinSpark acquire two hotels in Chamonix, France, Barceló Group acquires Hotel Felipe IV in Valladolid, Spain, MarSenses acquires Ferrera Beach Hotel Apartments in Mallorca, Spain.
CapitaLand Ascott Trust (CLAS) is divesting three hotels in Osaka, Japan to an unrelated third party for a total of JPY10.7 billion (S$99.8 million[1]). The three properties are Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West.
Wyndham Hotels & Resorts (NYSE: WH) (“Wyndham” or the “Company”), the world’s largest hotel franchising company with approximately 9,100 hotels spanning more than 95 countries, today confirmed that Choice Hotels International, Inc. (NYSE: CHH) (“Choice”), has commenced an unsolicited exchange offer to acquire all outstanding shares of Wyndham common stock. The offer proposed by Choice appears unchanged from the terms outlined in a letter to Wyndham dated November 14, 2023 and is currently valued at approximately $86 per share.
Cliste Hospitality and Warren Private JV acquire Radisson Blu Hotel in Belfast, Van der Valk acquires Radisson Blu Palace Hotel in Spa, Belgium, Hotel Alzinar Mar Suites in Mallorca acquired by Zafiro Group from EIX Hotels.
Hilton (NYSE: HLT) today marked a decade of fast-paced growth since its initial public offering (IPO) on the New York Stock Exchange on Dec. 11, 2013. Over the last 10 years, the more than century-old company has nearly doubled its global property and room count, more than doubled its brand portfolio, more than quadrupled the number of Hilton Honors members worldwide, and delivered total shareholder returns of approximately 330%* – outperforming major indices and industry averages – and was recently named the No. 1 World’s Best Workplace by Great Place to Work.
The Hunter Hotel Investment Conference, Noble Investment Group, and Cecil B. Day School of Hospitality Administration, Georgia State University, are pleased to announce Leslie Hale, President and CEO of RLJ Lodging Trust, will join Mit Shah, CEO of Noble Investment Group, for the 10th Annual Bharat Shah Leadership Speaker Series.
Arrow Global acquires Palmares resort in Portugal from King Street and Kronos, Amixalan acquires the Sercotel Rosaleda Malága hotel in Spain from Activ-Group, Redman Hospitality acquires future Holiday Inn Express in Paris from AKERA, Vicartem and Extendam acquire Hôtel Amiral in Nantes, France, Unike Hoteller acquires Roemskog Spa & Resort in Norway from Bakkegruppen.
American Hotel & Lodging Association (AHLA) President & CEO Chip Rogers is speaking out today in support of the No Hidden FEES Act, which was introduced in the U.S. House of Representatives by Reps. Young Kim, R-Calif., and Kathy Castor, D-Fla.
Gelba Fastigheter acquires 51% stake in Host Property AB, Starwood Capital sells Comfort Hotel Vesterbro in Copenhagen to Nrep, Another Place acquires The Machrie hotel in Scotland, IDF Tourisme & Territoires acquires 11BAUER Paris Saint Ouen.
CapitaLand Ascott Trust to divest two Sydney hotels for A$109 million, Changi Airport's Terminal 2 fully reopens with lush greenery and digital waterfall display, Firefly commences inaugural flight from Penang to Bangkok, Malaysian Government to study feasibility of building pan-Borneo railway, says Transport Minister.
S Hotels and Resorts PCL (SET: SHR, or “the Company”), the global hospitality company from Singha Estate PCL (SET: S), has announced that it generated THB 7,222 million (approx. USD 203 million) in revenue in the first nine months of 2023, a significant increase of 18% from the same period last year. This achievement highlights the continued resurgence of the global tourism industry, from which the Company’s operations have greatly benefited.
Understanding your hotel’s financial performance involves thorough analysis of your balance sheet and what is often called your income statement – more commonly referred to as your P&L statement when talking with STR.
Marina d'Or resort in Spain acquired by Grupo Fuertes and Magic Costa Blanca, Extendam and partners acquire portfolio of 13 economy hotels in France, Hotel NH Marbella in Spain acquired by General de Galerías, CapMan Hotels II fund acquires office building for hotel extension in Finland.
In the second of our series on the budget approval process, we are looking at specific areas to look at which can ease the approval process and ensure a more accurate budget and a profitable following year.
New federal disclosure requirements for your businesses and entities will become effective January 1, 2024 – the reporting requirements are burdensome, can be triggered multiple times in a single calendar year and are subject to both civil and criminal liability. Accordingly, you should prepare to comply with the new law now.
CapitaLand Ascott Trust (CLAS) is divesting two mature hotels in Sydney, Australia to an unrelated third party for a total of AUD109.0 million (S$95.6 million[1]). Situated outside of the city centre, the two properties are Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Paramatta.