NPD administrationsHotels in Tenby and Conwy, Wales have been placed in administration, following the demise of investor Norther Powerhouse Developments. The Fourcroft Hotel and Caer Rhun Hall are continuing to trade under management of Whisper Hotels. NPD acquired a portfolio of hotel and care home investments, planning refurbishments. A July court hearing saw insolvency practitioners granted [...]
Tough times for DusitClosures and renovations sent revenues down 14.9% in Q2, at Thai hotel group Dusit Thani. Revpar slipped 0.8%, as higher room rates largely countered lower occupancy. Hotel management revenue grew 44.1% year on year, due to the inclusion of acquisition Elite Havens. The company warned the strength of the Thai baht is negatively impacting inbound [...]
Unizo bid battleA second bidder has emerged for Japanese hotel operator Unizo. Fortress Investment Group is preparing to trump a hostile bid from travel agency HIS, reports Nikkei Asian Review. Unizo, with 25 hotels across Japan, could be worth up to USD1.2bn. Investors have been eyeing the listed group, which has a further six hotels in the [...]
Hotels keep their lustreHotels remain in vogue, as property investors seek better performing alternatives. While European property investment volumes were down 7.8% in the last year, CBRE reports hotel sector volumes up 5.3%. The UK accounted for 26% of all UK volume, with single asset sales eclipsing portfolio activity. Spanish markets were strong, with EUR4.3bn of deals in [...]
Oyo vacation boostIndian disruptor Oyo is to invest EUR300m growing its European vacation rental business. The group bought Dutch holiday rental company @Leisure in May, renaming it it Oyo Vacation Homes. Currently, the rental operation manages reservations in 115,000 homes across Europe. The business operates under the Oyo name, as well as Belvilla, Danland and Dancenter brands.
Melia Bulgaria boostSpanish group Melia has signed a 987 room hotel in Sunny Beach, Bulgaria. The converted and extended hotel will open in the Black Sea coastal resort in 2020. Melia opened its first hotel in Bulgaria in 2007, and currently has six properties along the Black Sea coast. The group operates four hotels under its Sol [...]
Garden Inn for TorunHilton has signed to open a Garden Inn branded hotel in Torun, Poland. The 132 room property will open in 2022, and includes the conversion of a historic brewery building. The hotel will operate under a franchise with a subsidiary of Satoria Group, and will be operated by VHM Hotel Management. VHM already operates Hilton [...]
Nordic buys KampNordic Choice Hotels has bought Finnish group Kamp Collection. Investor CapMan Buyout exited the hotel group having spent the last five years growing it to 10 properties with 17 f&b outlets and two spas. Kamp’s revenues are over EUR90m annually. The addition gives Nordic a further 1,406 rooms including four GLO branded hotels, with eight [...]
25Hours for FlorenceAccor-backed 25Hours has signed to open a hotel in Florence, Italy. The 173 room property is due to open in summer 2020. The hotel will be created from the conversion of three historic buildings in the city. Currently the brand has 13 hotels open with a pipeline including Dubai.
Holloway buyoutCanadian hotel group Holloway Lodging has been bought out by its major shareholder. The all-share acquisition by Clarke Inc values the group at CAD265m. Holloway has 23 hotels across Canada, and three US office buildings. It recently sold out of two pairs of Travelodge and Super 8 properties in Timmins, Ont. and Truro, N.S.
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