Weaker April in Europe
Hotels in European cities saw an indifferent April, with repvar gains hiding rising overheads and declining ancillary revenues. Both Budapest and Vienna saw headline revpar up, but goppar fell as other costs rose, reports Hotstats.
Tsogo buys into Redefine BDL
South African hospitality group Tsogo Sun has bought a 25% stake in management company Redefine BDL. The GBP8.1m deal means Redefine International’s stake in Redefine BDL has reduced to 25.3%.
Brack plans UK spend
Hotel investor Brack Capital has raised EUR26m in a London stock market listing. The company, founded in 1992 and with a USD2.5bn property portfolio, wants to increase its UK investments, reports the London Times.
Hyatt adds in Armenia
Hyatt has signed to open its second hotel in Armenia. An 88 room Hyatt Place is destined for a 2015 opening in Jermuk, in association with local partner Jersan LLC.
Strategic share issue
Strategic Hotels is issuing 34 million new shares to fund the purchase of a San Diego hotel and pay down debt. USD210m from the fundraising will buy the 63.6% balance of the Hotel del Coronado from investment partner Blackstone.