Whitbread raised revpar at its Premier Inn hotels 5.4% in preliminary results for 2013. Occupancy was up 1.7% in the year, to 78.1% with the company continuing to win market share.
Abu Dhabi advances
Hotels in Abu Dhabi increased occupancy 4.3% and room rate by 2.2% in March, pushing profits up 14.3%. Demand has risen consistently through the first quarter, helped by improved flight capacity with national carrier Etihad, reports Hotstats.
Choice franchising strength
Earnings per share were up 23% in the first quarter at Choice Hotels, with franchising ebitda up ahead of expectations by 15%. Revpar was up 5.6% with both occupancy and room rate improving.
Strategic Hotels has arranged a new USD300m credit facility secured by an interest in five of its hotel properties. And it has also paid USD22.7m to terminate an interest rate swap portfolio, saving USD11.5m in the next year.
Starwood Capital is selling its Meridien Etoile hotel in Paris for around EUR300m. The buyer is US investor Mount Kellett Capital Management, reports Property EU.