Booming regional deals
Investment transactions in the UK regional hotel market could breach GBP2bn this year, with single asset sales dominating the market. Last year saw GBP1.7bn of hotel properties transacted in the regions, up 138% year on year, reports Savills.
Tough 2013 for PPHE
Hotel group PPHE has reported revenues up 2% in 2013, helped by taking ownership of Dutch hotels and an Amsterdam opening. Like for like revenues were flat, as an occupancy-led strategy was used in challenging market conditions, particularly in Holland.
Reviews shape La Tour
Independent hotelier Hotel La Tour claims a first in its sector by publishing live, unedited customer reviews on its website. The Birmingham hotel has used review feedback to modify its offering, including upgrading power showers and enhancing entertainment channels on TVs.
Starwood flying high
Starwood’s hotel occupancy is at a record high in the USA, allowing it to raise room rates. And a shortage of US rooms at the upper end of the market means the group has massive pricing power, reports Bloomberg.
IHG has signed to open an InterContinental branded hotel in Bandung, Indonesia’s third largest city. A deal with PT Hotel Dago Pakar will see the 204 room hotel, with 19 villas, open later this year in the Dago district north east of the city centre.