HVS EMEA Hospitality Enews – Week Ending 30 January 2009
Noor Has Plans For "Cedar Island" | Arguing about who has the biggest artificial tree is in danger of becoming a pursuit not wholly confined to neighbours in the West at Christmas time. If Beirut-based Noor International Holding sees its plans realised, then it can boast it has the biggest – albeit that this is not a Christmas tree but a man-made tree-shaped resort sprawling in the Mediterranean off the coast of Lebanon. Dubai has her “Palm Islands”; Lebanon could have her “Cedar Island”, in tribute to the national symbol of Lebanon. The twin Palm Islands are in no danger of “going bonsai” just yet, though. Noor International must first secure all necessary approvals; and even when this is accomplished, the island would still require at least another three years to build.
Rydges In The Sand | Two of the many projects in the Middle East that Reef Real Estate Investment Company has on its books are the Crystal Tower and the Al Wadi Hotel & Residence. Both properties are in the emirate of Dubai and both will now come under the operational control of Rydges Hotels and Resorts. Though Rydges is most at home in Australia, the company is no stranger to the emirate, where it already has the 98-room Rydges Plaza Hotel.
Istanbul Awaits Its Newly Sprung Divan | The Divan Istanbul Hotel had stood sentinel over the city of Istanbul for 53 years until last December, when it was purposely razed. But Koç Holding has not killed wantonly; for out of the rubble will rise a brand-new Divan Istanbul Hotel, one having 228 rooms behind its terracotta-panelled façade. Koç Holding is investing US$50 million in the new hotel, which should be ready to open in 2010.
Ibis Hotel Opens In Algiers | Accor has opened its first Ibis hotel in Algeria. The 261-room Ibis Alger Aéroport, which, as it name suggests, is close to an airport – in fact, Houari Boumedienne, the international airport in the Algerian capital Algiers – cost a reported €18 million to construct. Accor worked on the hotel with SIEHA, the Algerian real estate firm.
No Sleeping When This Sandman Comes Calling | Before this week the only conceivable association between the words “British” and “Northland Properties” was that most of the Canadian hospitality firm’s hotels are in the Canadian province of British Columbia. A second association became apparent this week when Northland paved the way for its first British hotel. Northland is reported to have paid the developer Downing several million pounds for the former headquarters of the brewer Scottish & Newcastle. The building in Newcastle upon Tyne, in northeast England, will be refurbished and transformed into a 169-room hotel that will take the Sandman Signature brand, the category that Northland reserves for its hotels of a four-star standard. The hotel is scheduled to open in summer 2011.
Plymouth, Ho! | Homes are not where Devington Homes’ heart is at present. Instead of the block of flats that Devington had planned for its development Oceanique, the company is to build a 140-room budget hotel and 182 rooms for students. Oceanique, in the centre of the city of Plymouth, in southwest England, is already promised a Novotel. Construction work is expected to begin this autumn and the entire project should be ready some three-and-a-half years from then.
Lucky Seven For Scandic In Copenhagen | Scandic Hotels will have a seventh hotel in Copenhagen come 1 April 2009. The company has signed a long-term contract with Fritz Schur, the owner of the Palace Hotel, that will see the hotel on Rådhuspladsen take the name Scandic Palace. The hotel has 170 rooms and is in the process of being completely refurbished.
Kiessling's Corner | Grupo Pascual is to spend €45 million converting Balneario de Cordo, in the municipality of Benifallet (Tarragona), into a five-star property. The new establishment will have 91 rooms and 60 rooms will be given over to use as an aparthotel. Elsewhere, NH Hoteles recently opened NH Las Tablas in the northern part of Madrid. The newly constructed four-star hotel has 149 rooms and is located in the north of Madrid, 11 km from Barajas Airport. By Gabriele Kiessling, Analyst, HVS Madrid
Absolute Share Price Performance Over the Past Week 22-29 January 2009
- Accor - Credit Suisse kept an 'Outperform' rating and its target price of €58 after Accor's announcement that it had completed a €600 million bond issue.
- Whitbread - Cazenove reiterated its 'Underperform' rating.
- Millennium & Copthorne - Cazenove reiterated its 'In-Line' rating.
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