IHG has sold an 80% stake in the InterContinental New York Barclay hotel. A deal with Constellation Hotels for USD240m also commits the partners to a major investment to upgrade and extend the hotel.
UK numbers up
UK hotels are poised for a positive 2014, after a 2013 performance that turned out better than expected. In London, high occupancies have driven day rates higher towards the latter part of 2013, report consultants PWC.
Hilton has signed to reflag the Concorde Opera hotel in Paris under its Hilton Hotels & Resorts brand. The hotel, recently bought by Blackstone Real Estate Partners Europe, will undergo a major refit prior to rebranding next year as Hilton Paris Opera.
Investor appetite up
Manchester and Barcelona are tipped as hot hotel investment markets for 2014. Sentiment is also strong in German cities Munich, Frankfurt and Hamburg, report JLL in their hotel investor survey.
The UK Office of Fair Trading has launched a consultation on revised commitments from hotel companies and OTAs in response to allegations of price parity agreements. booking.com, Expedia and IHG have made amendments to their original proposals, in a bid to satisfy the competition watchdog.
Hotel Analyst Daily News will be taking a seasonal break, publishing again on Monday January 6. Best wishes for the holiday season, and a happy New Year from all at Hotel Analyst.