HVS EMEA Hospitality Enews - Week Ending 15 May 2009
Millennium's Grand Plan For Abu Dhabi | Millennium & Copthorne Middle East has signed a management agreement with Abu Dhabi-based National Corporation for Tourism & Hotels (NCT&H) to manage and operate NCT&H’s AED1 billion (US$272 million) hotel project in the Abu Dhabi National Exhibition Centre, UAE. The five-star, 725-room hotel is expected to open in the third quarter of 2011 and it will operate under the Grand Millennium brand. This hotel will be the second Grand Millennium property in the Middle East, alongside the 352-room Grand Millennium Dubai.
Almulla Hospitality Announces Its First Hotel | Dubai-based Sharia-compliant hotel chain Almulla Hospitality has chosen the Islamic holy city of Mecca, in Western Saudi Arabia, to be the location for its first property: the four-star de luxe, 875-room Adham hotel, which is expected to open in 2012. Their first hotel won’t be alone for long, however, as Almulla Hospitality plans to have ten hotels in operation under its three brands (Cliftonwood, Adham and Wings) in the Middle East and South East Asia by 2012; and this is only the beginning as the company’s chairman Abdullah Mohammad Almulla commented that “We want to be an international Sharia-based hotel company”.
Premier Inn Number Two For Dubai | Through a joint venture with the Emirates Group, Whitbread’s UK brand Premier Inn has opened its second hotel in the Middle East in the emirate of Dubai: the 230-room Premier Inn Dubai Silicon Oasis, which is now operating in Dubai city alongside its sister hotel the 308-room Premier Inn Dubai Investment Park. By the end of 2009, two will become three when the Premier Inn Dubai International Airport opens in December. Premier Inn is to continue with its international expansion with more hotels planned to open in Dubai and Abu Dhabi in 2010.
Anantara To Premiere In Africa | Thai hospitality company Anantara Resorts, owned by Bangkok-based Minor International, is to makes its debut in Africa with two five-star resorts in Morocco. Through a strategic partnership with Morocco-based investment fund H Partners, Anantara will manage the Anantara Marrakech Resort & Spa, which is to be developed within the Atlas Golf Resort, in Marrakech, and the Anantara Mogador Resort & Spa, which is to be constructed with 40 rooms and 60 villas next to the town of Essaouria, on Morocco’s Atlantic coast. Construction on the projects is to start later this year and both resorts are expected to open in 2011. Expect more fruits from this partnership in the future as these developments are rumoured to be the first of many between the two companies.
The Sun Is Still Shining For Sol Meliá | As the global financial crisis continues to cut a swathe through the hospitality industry, Sol Meliá has released its first quarter results for 2009. The company has reported a revenue of €266 million from January to March, a 9.6% decrease on the same period in 2008. EBITDA decreased by 37.4% to €39.4 million, and RevPar fell by 14.2%. However, despite these decreases, Sol Meliá is still in profit and it is now focusing on its contingency plan for 2009.
InterContinental Releases Its First Quarter Results | InterContinental Hotels Group (IHG) has also announced its first quarter results this week. Continuing revenue was reported to be US$342 million, a 24% decrease on the first quarter of 2008. RevPAR for the EMEA region decreased by 11.6% and operating profit from continuing opertions for the region fell 20% from US$30 million to US$24 million. Andrew Cosslett, chief executive of IHG, commented on the results “…The outlook remains tough but we are taking decisive action on costs without compromising our ability to continue to grow market share”.
Save Money On Your Ticket For The International Hotel Conference 2009 | The International Hotel Conference 2009, the seventh in the series, is to take place over the 21-23 October at the Hilton Molino Stucky, in Venice, Italy. Plenty of time to book my ticket you may think, but if you book before the 31 May you will save yourself €200…a saving which could provide you with a considerable amount of cocktails at the hotel bar as you network with other industry professionals. This year’s speakers include HVS London’s Russell Kett, Tim Smith and Gabi Baumann. Click here to book your ticket or for more information, or call +44 1274 854 100.
Kiessling's Corner | The news from Spain by Gabriele Kiessling, Analyst, HVS Madrid.The new five-star, 39-room Fontecruz Granada boutique hotel is to open in Andalucia as the first of its chain. A total of €17 million was invested in this hotel. The four-star, 82-room Balneario hotel has opened in Lleida (Cataluña). The hotel is managed by Grupo Ibersol. The Iberostar Pinos Park in Majorca is reopening after an investment of €6 million. The hotel has been converted into a four-star property with 203 rooms.
Absolute Share Price Performance Over the Past Week 7-14 May 2009
- InterContinental Hotels Group (IHG) - UBS downgraded IHG from "neutral" to "sell".
- Sol Meliá - UBS downgraded Sol Meliá from "neutral" to "sell".
- NH Hoteles - Jeffries revised its stance on NH Hoteles from "underperform" to "hold".
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