Marriott has sold its Edition boutique hotel in London, and agreed the sale of further Edition projects in Miami and Manhattan. The three have been bought by affiliates of the Abu Dhabi Investment Authority, which will pay a total USD815m.
Serviced apartment specialist BridgeStreet has unveiled a rebrand with the new name BridgeStreet Global Hospitality. The move aims to tackle recent suggestions the sector displays a lack of consistency.
European capitals saw contrasting fortunes in November, with many static against the previous year. In Barcelona and Prague, tight cost control helped improve profits despite flat revpar, reports Hotstats.
Hotel group Rezidor rescheduled four property agreements at the end of 2013, to improve profitability. Reductions in rent agreed have added EUR3.6m to ebitda in 2013, and will improve profits in coming years.
Euro hotel sell-off
The Le Meridien hotel in Split, Croatia is among billions in European property assets up for sale this year. Europe’s banks will sell off EUR60bn of problem debts this year at up to 95% discounts, reports Bloomberg.