Morgans responds to latest attack
The board of Morgans Hotel Group has rebuffed proposals from shareholder Kerrisdale Capital Management to nominate seven new board members. Kerrisdale’s plans to liquidate Morgans is “reckless” and will rob stockholders of value, they insist.
Sands plans Singapore growth
Casino operator Las Vegas Sands wants permission to add 1,500 rooms to its Singapore hotel and entertainment complex. According to Sands chief executive Sheldon Adelson, the hotel is running at 98% occupancy “on a bad day”, reports Bloomberg.
Essenden plans spending spree
Hotel acquisitions could be in the sights of UK AIM listed Essenden, which is tapping investors for up to GBP100m in equity for expansion. The company, which owns the Tenpin bowling chain, will be targeting complementary multisite leisure businesses in the hotel, restaurant, gaming and fitness sectors, reports the London Times.
Suites in demand
Booming demand for luxury hotel suites is pushing hotels to increase provision. Rosewood Hotels & Resorts is increasing its percentage of suites at properties, while at Mandarin Oriental, suites have higher occupancy than rooms, reports the Wall Street Journal.