Hetherley buys in StrathclydeHetherley Capital Partners has bought the Holiday Inn Express in Strathclyde, Glasgow. The GBP5.5m acquisition was made in partnership with Stellar Asset Management. Hetherley will spend GBP1.5m upgrading the 120 room property to latest HIE specification. Hetherley has a growing portfolio of hotels in the UK and Ireland. Read the full story here: http://www.hetherley.com/hetherley-launches-2hm-with-latest-acquisition/
Radisson fundraiserRadisson Hospitality has launched a EUR250m fundraising with an offer of notes. The company will use the funds to repay other borrowings, and fund its five year plan. The group also suggests it could use the funds to make further investments. The notes will listed on the Luxembourg exchange, and will mature in 2023. Read [...]
Blackstone buys HispaniaSpanish Reit Hispania has agreed to a EUR2bn buyout by private equity investor Blackstone. The move gives Blackstone a portfolio of offices, residential and 46 hotels. Blackstone increased its initial offer of EUR17.45 to EUR18.25 to secure agreement of the Hispania board. Hispania became the country’s first ever Reit, listing in 2014.
Berlin office pressureHotels in Berlin are being converted to offices, as demand for workspace in the city booms. Approx 25,000 sq m of hotels in the Mitte and Charlottenberg districts will be lost, reports Reuters. Office demand has grown as the city grows in importance as a major European office location. Almost all of the office space currently [...]
Delhi bids are inAuthorities in New Delhi have successfully auctioned two hotel properties. Indian Hotels has won management of the Connaught, with Bloom Hotels scooping the Asian International. IHCL’s bid for the 85 room Connaught will share 31.8% of revenues with landlord New Delhi Municipal Council, on a 33 year lease. Analysts say the aggressive bids reflect a market [...]
Leelaventure defaultsHotel Leelaventure has defaulted on an interest payment due this month. The company says it is pursuing a debt restructure, reports the Financial Express. In a regulatory filing, the company admitted that cashflows are insufficient to service its debts. Earlier this month, the board approved a share issue to convert some debt to equity. Read [...]
NH pushes for higher bidNH Hotels chairman Alfredo Fernandez has called for a higher offer from bidder Minor International. He told a shareholder meeting the bid undervalues the Spanish group, reports Reuters. Fernandez said analysts value the group at EUR6.90 per share, against Minor’s offer of EUR6.40. Minor already has ownership, or purchase commitments, covering 38.2% of NH stock.
Blu for BrugesRadisson Hospitality has signed a Blu brand hotel in Bruges, Belgium. The 109 room new build property will open in August 2018. The addition takes the group’s Belgian portfolio of open and pipeline properties to 15. A twelfth floor meeting space will provide views across the historic city centre. Read the full story here: Read more
Hyatt returns to AlmatyHyatt has signed to bring its Regency brand back to Almaty, Kazakhstan. A 292 room hotel will open in the same building it previously occupied from 1995 to 2011. The Rahat Palace property is scheduled to open in 2019. The building owner is Rahat JSC, a Kazakh-Austrian joint venture. Read the full story here: http://newsroom.hyatt.com/news-releases?item=123696
Jo&Joe signs BrazilAccorHotels has signed to launch its Jo&Joe brand in South America. A 350 bed property will open in Rio de Janeiro’s Cosme Velho district in 2020. Accor paid BRL20m for the site with its historic buildings, and will invest a further BRL30m in renovations. The accommodation mix will include 70 rooms and apartments, private homes and [...]
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