Scandinavian deals boom
Scandinavia saw an 89% increase in hotel deal volume in 2014, as Europe and the Middle East enjoyed a 30% uplift with EUR16.8bn of properties transacted. Germany and southern European markets also saw a spike in activity, reports CBRE Hotels.
Profits up at GLH
Hotel group GLH has pushed operating profits up 61% in the last six months to USD28.8m. The company’s rebrand of the Charing Cross hotel under the new Amba brand has seen its Tripadvisor ranking move from 220 to 26 in London.
Expedia bags Orbitz
Online travel agent Expedia has agreed to buy peer company Orbitz in a USD1.34bn deal. The USD12 in cash offer for Orbitz shares represents a 25% premium over the latest share price.
Steigenberger plays Jaz
Steigenberger has launched a new hotel brand, Jaz in the City. The first property under this, the company’s third brand, will launch in September in 2015 with a 247 room hotel in Amsterdam.
Marriott Saudi double
Marriott has signed to open two hotels in Al Khobar, Saudi Arabia. A Marriott with adjacent executive apartments will open in 2018, after the agreement of a deal with Ali Bin Sultan & Brothers Group Holding.