• Issue 1004

Travelodge buy

 

Investor Redefine International has bought a 132 room Travelodge in Enfield, north London, paying GBP10m. The deal represents an initial yield of 5.5%, with uplift from the letting of a vacant ground floor retail unit.

 

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UK outlook improves

 

May saw hoteliers in the south east of the UK enjoy a 4.9% growth in goppar, while the provinces saw growth for the fifth month in a row. Room rates improved 4.7%, offsetting a 0.3% fall in occupancy, report Hotstats.

 

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EasyHotel falls short

 

Budget hotelier EasyHotel has raised GBP30m in a share listing  on London’s junior stock market. The fundraising is just half its target amount with the shortfall blamed on difficult market conditions, reports the Financial Times. 

 

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Blackstone sells Hilton stake

 

Hilton has announced the pricing of a secondary share offering that will raise USD2bn for stockholder Blackstone. The offer of 90 million shares at USD22.50 per share will close on June 27. 

 

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Westin milestone

 

Starwood has opened its 200th Westin branded hotel, as the brand moves from its US origins to a global presence. The milestone property is the Westin Chongqing Liberation Square in China. 

 

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