Rezidor has reported revpar up 3.5% in the third quarter, with revenues ahead 5.9% at EUR240.8m. Both room rates and occupancy improved during the period.
Provincial cities and towns in the UK had a strong September, outshining the performance of the capital, London. Scottish hotels put up room rates, helping revpar up 21.6% and goppar to a 27.3% increase, reports Hotstats.
Ascott links with Quest
Serviced apartment specialist Ascott has signed a strategic partnership with Quest, Australia’s largest provider in the sector. Ascott will invest up to AUD500m to acquire new properties in Australia, that Quest will then manage.
Shangri-La rights issue
Shangri-La Asia is to raise HKD5.23bn in a rights issue on the Hong Kong market. The company will use the majority of the funds to pay off bank loans, with the balance spent on existing and new hotels, reports Bloomberg.