HVS EMEA Hospitality Enews - Week Ending 28 August 2009
Former Real Hotel Company Property Sold | The freehold interest of the Southcrest Hotel in the town of Redditch, central England, has been sold to Simon Chopra of Southcrest Manor LLP for an undisclosed sum. The 53-room hotel, which was previously operated by the Real Hotel Company as the Quality Hotel Redditch, is to undergo an extensive refurbishment.
A New Hotel For Leeds | UK-based property company Oxford GB is to develop a hotel in the city of Leeds, northern England, for £30 million. Work on the 244-room hotel is to start later this year and it is expected to open in late 2011, next to the city’s Millennium Square development. Oxford GB is a joint venture formed in 2006, by GB Building Solutions and Oxford Hotels Ltd, to develop up to 15 internationally branded mid-marked hotels in urban and business park locations across the UK.
Great Northern Hotel To Be Redeveloped | A consortium led by investment company Robson Asset Management is to redevelop the Great Northern Hotel in King’s Cross, London, UK. The project will transform the Grade II-listed property, which opened in 1855 and is now the oldest purpose-built hotel in central London, into a 94-room boutique hotel. Work is expected to start on the hotel at the beginning of 2010 and it is due to reopen at the end of 2011. The hotel’s owner King’s Cross Central will retain the freehold and a 125-year lease has been granted to the consortium.
Mövenpick Number Five For Jordan... | Mövenpick Hotels & Resorts has opened its fifth hotel in Jordan. The Mövenpick Resort Tala Bay is now operating in the Tala Bay residential community on the Red Sea, near to the port of Aqaba in southwest Jordan. The hotel currently has 306 rooms and an additional 150 rooms are expected to open by the beginning of 2010, as part of the second phase of the resort.
...And Ibis Number One | Although Jordan already has a set of Mövenpicks, Ibises have yet to set foot on its shores, but this will soon change in September when the capital Amman will herald the arrival of the Ibis Amman…no not a new breed of long-legged wading birds but a 158-room hotel! This is the latest opening of a portfolio of Ibis hotels being developed across the Middle East by Accor Hospitality Middle East and Kuwaiti hotel development company Action Hotels.
Kiessling's Corner | The news from Spain by Gabriele Kiessling, Analyst, HVS Madrid. Madrid-based Raso del Arca is planning to open a four-star apartotel in Villanueva de la Vera. The project will include a nine-hole golf course, a convention centre and 270 apartments with a spa area. Sol Meliá is to incorporate five new hotels into its portfolio, four of which are in Spain. The first hotel to be included is the five-star, 211-room Sheraton Bilbao, in the Basque country, which will be managed by Sol Meliá from September 15 onwards and rebranded as the Meliá Bilbao.
Kingdom Hotel Group's Half-Year Results | Kingdom Hotel Group reported an 11% decrease in total revenues for the first half of 2009, from US$115.5 million in 2008 to US$103.3 million in 2009. Hotel revenues fell by 9% to US$99.8 million for the first six months of 2009, compared to US$109.3 million for the same period in 2008. Hotel EBITDA decreased by 17% to US$26.4 million; however, the company’s overall EBITDA (excluding real estate sales) increased by 9% to US$21.5 million.
Accor Announces Its Results for The First Six Months Of 2009 | Accor has reported a revenue of €3.4 billion for year-to-June 2009, a decrease of 8.1% like-for-like on the same period in 2008. The group’s hotels revenue fell by 11.4% like-for-like for the first half of the year. EBITDAR decreased by 15% on 2008 to €924 million. However, Accor has managed to reduce its operating costs in owned/leased hotels by €72 million during the first six months of 2009, 50% of its target of €120 million for the whole year.
NH Hoteles Reports Its Half-Year Results | NH Hoteles has finished the first half of the year with a €41 million net loss against the €30.6 million net profit posted for the same period in 2008. The company reported a 21% year-on-year drop in turnover to €602.9 million and EBITDA fell by 74.9% to €36.3 million.
- Rezidor Hotel Group - The group traded this week at SKr24.80, which was 15.8% above its volume weighted price of SKr21.42.
- Accor - Share prices rose after the company announced that its board is to review the benefits of separating its hotel and prepaid services businesses.
- NH Hoteles - UBS revised its rating to "buy" from "sell" and raised the share price target from €2.62 to €4.00
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