Issue 2123 - 11 January, 2019

    Castle expands

    Irish group Castle Collection has bought its third Scottish hotel. The 72 room Scotland’s Hotel & Leisure Club in Pitlochry was sold by Colliers off a GBP2.5m guide price. The hotel was sold by Crerar Hotel Group, which is reported to be planning three further disposals. Castle Collection owns two other hotels in Pitlochry, and four hotels [...]

    MGM feels the pressure

    Hedge fund investor Starboard Value is building a shareholding in hotel and casino operator MGM Resorts. The operator recently announced a cost cutting plan to improve profits, reports Reuters. MGM has a portfolio of 28 hotels across the USA, plus Macau and Shanghai. It has targeted a USD300m improvement in ebitda by 2021. Read the [...]

    Accor ups offer

    AccorHotels has increased its takeover bid for Polish affiliate Orbis. The PLN95 per share final offer is a 9.2% increase on its initial November bid. Accor already holds over 50% of Orbis shares, and has been its largest shareholder since 2000. Orbis operates 128 hotels with 21,000 rooms in 16 countries across eastern Europe. Read [...]

    Profits up in November

    UK hotels enjoyed a second month of profit growth in November. Trevpar was up 3% as rooms, f&b and banqueting all delivered revenue improvements, reports Hotstats. Occupancy improved modestly, while confident hoteliers pushed rates up 2.4%. Bournemouth enjoyed an 11.7% uplift in revpar, while Aberdeen was the weakest market, seeing revpar slip 3.6% for the [...]