Issue 13: 8th April 2019

    citizenM valued at EUR2bn

    citizenM has been valued at EUR2bn after Singapore’s sovereign wealth fund GIC acquired a 25% stake in the company. Founding shareholders APG and KRC Capital have also committed additional equity, giving the group EUR750m to invest in expansion. The company currently has a portfolio of 15 hotels in eight countries and a development pipeline of [...]

    Slow start to Irish deals

    Ireland saw EUR36m in hotel transactions in the first quarter, after recording more than EUR730m for the full year last year. The imminent sale of the Conrad Hotel in Dublin was expected to drive renewed interest in the market, particularly at the higher end CBRE reported that four hotels in the country had been sold [...]

    Ascott expands short-stays

    The Ascott Limited has launched Citadines Connect, a line of business hotels with selected services, in a bid to widen its short-stay offerings. The company said it would launch the brand with two hotels, in Sydney and New York, with sites in Dublin and Silicon Valley under consideration. The company said that the brand would [...]

    Best Western rebrands

    Best Western Hotels & Resorts has rebranded itself as BWH Hotel Group following the purchase of WorldHotels. The company has moved further upscale with the purchase, as the consortia sought to compete with the global hotel operators. The WorldHotels agreement added 300 hotels to Best Western’s portfolio for an undisclosed fee. and came two years [...]

    Local authorities target hotels

    Local authorities in the UK have increased their investments in the hotel sector, in the search for long-term returns. Hotel groups including Travelodge have been building relationships with local authorities to drive expansion. According to Knight Frank, local authorities were planning over GBP600m of investment until 2023, through private-public partnership schemes, where hotels form the [...]

    Google adds vacation rentals

    Google has added vacation rentals to its hotel search, shortly after adding direct booking to Google Hotels. The news came as the EU Council approved new laws that will provide transparency for accommodation businesses in their dealings with OTAs. Google said that it would trial vacation rentals, with a limited inventory. Pratip Banerji, product manager, [...]