Holiday Inn portfolio sale
A portfolio of 21 Holiday Inn hotels across the UK is up for sale with an estimated GBP70m price tag. The package is currently owned by LRG, a consortium of Lehman Brothers, Realstar and GIC, reports Property Week.
Macdonald Hotels has secured a GBP300m refinancing deal with Lloyds Bank that returns majority control to management. A five year facility will allow capital expenditure of GBP70m on the group’s 46 hotels and 10 resort properties, reports the London Times.
Strong March for Madrid
Hotels in Madrid experienced a strong a March with occupancy up 10.5%, increasing revpar 20.7%. Also strong was Warsaw, where rate improved 7.9%, helping revpar up 9.9%.
Hyatt heads south
Hyatt is to launch its Hyatt House extended stay brand in Mexico. And in Brazil, Hyatt has signed its first site with FSA Group, a Hyatt Place in São Jose do Rio Preto.
Bidders eye up Sotogrande
The sale of NH Hoteles’ Sotogrande property unit has attracted bidders including Oaktree Capital and Cerberus Capital Management. The sale, expected shortly, could raise more than EUR200m, reports Bloomberg.