Earnings up at Hyatt
Hyatt saw revpar up 7.7% systemwide in the first quarter, with ebitda up 31.3%. Hotels in the Asia region showed weakest growth, with a 2% decrease in ADR offset by occupancy improvement.
Strong pound hits M&C
Millennium & Copthorne saw headline revpar and profits decline in the first quarter, due to currency movements. In constant currency terms, group revpar was up 2.5% with group revenue up 5.9%.
Apollo European deal
Investor Apollo Global Management has acquired a EUR425m portfolio of 18 hotels across Europe. The package, bought from Ivanhoe Cambridge, includes IHG flagged hotels in Germany, Austria, Belgium, France, Holland and Spain, reports Property Week.
Ukraine effect hits Russian hotels
Russian hotels could see business drop by more than a fifth as a result of the Ukraine crisis. Already, European and US visitors are cancelling planned trips due to security fears, reports Bloomberg.
London tops price league
London is Europe’s most expensive capital to stay in, with Q1 prices up 13% compared with a year ago. At close to GBP116 a night, the average room rate puts London ahead of Zurich and Moscow, reports HRS.