Five hotels formerly owned by Akkeron hotels have been sold by administrators Zolfo Cooper. The leasehold hotels – Quality Hotels in Bury St Edmunds, Colchester, Peterborough and Kings Lynn and the Cromwell Hotel in Stevenage – have been sold as going concerns to West Register (Property Investments).
Chinese investor Wang Jianlin is planning a luxury hotel in Madrid, converting the historic Edificio Espana. Wang bought the building for USD358m from Grupo Santander through his Dalian Wanda company, reports Forbes.
Refinance for Orient-Express
Orient-Express Hotels has refinanced USD657m of debts with a new USD552m seven year loan and USD105m revolving credit facility. The main loan is at LIBOR plus 3%, substantially lengthening the profile and lowering the cost of the company’s debt.
Marriott’s new African acquisition, Protea Hospitality Holdings, is building new hotels in Nigeria’s booming market. New builds will add 400 rooms in Lagos to Protea’s 700 already open in the country, reports Bloomberg.
South African recovery
Hotels in South Africa are on the rise once more, with the sector finally recovering from the oversupply of the 2010 World Cup. Room rates improved in 2013, while occupancy levels were up 3.6%, reports Business Day Live.