• Issue 1156

Finnish renewal for Rezidor

Rezidor has resigned a deal with SOK, its strategic partner in Finland, for a further 10 years. The pair plan to grow their current partnership covering six Finnish hotels with 1,500 rooms.

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Madrid buy

Investment manager Aquila Capital has bought a second hotel development in Madrid. The German company has paid EUR28m for a building in the city centre that will be converted to open as a hotel in 18 months.

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Record for Baccarat

Barry Sternlicht has sold his Baccarat hotel in New York for USD230m, more than USD2m per room. The hotel opens next month, but has already sold to Chinese investor Sunshine Insurance, reports the Wall Street Journal.

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Expedia tax challenge

Expedia stands accused of underpaying up to USD847m in taxes to US local authorities. Lawsuits complain the company has paid taxes on wholesale rates, rather than prices charged to consumers, reports Bloomberg.

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