Premier pushes ahead
Whitbread pushed like for like sales at Premier Inn up 8.3% in the last 11 weeks, and 4.7% for the year to mid February. Total sales grew 13.3% for the year, with revpar up 5.1%.
Germany’s largest hotel, the Estrel Berlin, is to add a 175 metre tower with 814 more rooms. The expansion is in addition to plans announced last autumn to grow the facility’s conference space, reports Bloomberg.
Turkish trio for IHG
IHG has signed a deal to add three new hotels to its Turkish portfolio. Two Holiday Inns will open later this year in Ankara and Istanbul’s Kadikoy district, with the third planned for a 2016 launch.
Lone Star scoops hotel debts
Investor Lone Star is understood to have successfully purchased GBP5.2bn of bank loans in Project Rock and Project Salt, sold by the Irish Bank Resolution Corporation. The deal includes loans owed by QHotels, Sommerston Hotels and Puma Hotels, reports Costar Finance.
Values on the rise
European hotels increased in value through 2013, and should grow further this year. Two thirds of hotels in 33 European city markets saw a positive result as markets improved through last year, report consultants HVS in their 2014 valuation index.