Aug. 23 (Bloomberg) -- Accor SA, Europe’s largest hotelier, said it is selling 48 hotels to units of Credit Agricole SA and Fonciere des Regions SA for 367 million euros ($465 million) as part of a plan to dispose of some real estate holdings.
Accor will continue to run the hotels, the Evry, France- based company said in a statement today. The sale consists of 31 properties in France, 10 in Belgium and seven in Germany, operated under the Novotel, Suite Novotel, Ibis and Etap brands.
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Wednesday, August 25, 2010
Guest walks out on $42K bill at African Fairmont
Like in Kenya’s banking sector, credit card and internet fraud is the hospitality industry’s most guarded secret.
Hoteliers are increasingly losing millions of shillings to sweet-talking, often savvy customers who land on their doorsteps complete with the trappings of wealth and power and live large only to vanish into thin air, leaving behind millions of shillings in unpaid bills.
Nairobi’s oldest and one of the most exclusive hotels, Fairmont Norfolk, has become the latest victim of a bills-skipping scandal planned and executed by a man the hotel’s management described as a “cunning and highly connected person who portends high profile credibility.”
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Hoteliers are increasingly losing millions of shillings to sweet-talking, often savvy customers who land on their doorsteps complete with the trappings of wealth and power and live large only to vanish into thin air, leaving behind millions of shillings in unpaid bills.
Nairobi’s oldest and one of the most exclusive hotels, Fairmont Norfolk, has become the latest victim of a bills-skipping scandal planned and executed by a man the hotel’s management described as a “cunning and highly connected person who portends high profile credibility.”
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Innkeepers Creditors Can Probe Apollo and Lehman Buyout Deal
Innkeepers USA Trust’s creditors won court permission to probe the 2007 transaction in which Apollo Investment Corp. acquired ownership of the bankrupt hotel company, giving it $1 billion in debt.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan court today said the committee can seek documents and witnesses from parties involved in the buyout, including Lehman Brothers Holdings Inc., which was an originator to loans used in the buyout. Creditors also seek to evaluate the validity of secured claims on Innkeeper’s estate which arose from the 2007 transaction.
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U.S. Bankruptcy Judge Shelley Chapman in Manhattan court today said the committee can seek documents and witnesses from parties involved in the buyout, including Lehman Brothers Holdings Inc., which was an originator to loans used in the buyout. Creditors also seek to evaluate the validity of secured claims on Innkeeper’s estate which arose from the 2007 transaction.
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Hotel offers $15 rooms - not including towels and TV
A no-frills hotel that costs as little as £9 a night - but charges for extras including towels and luggage storage - has opened in London.
Using a similar strategy to budget airline Ryanair, Malaysian hotel chain Tune Hotels will charge its customers extra for everything from towels to using the hair dryer and even getting the room cleaned
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Using a similar strategy to budget airline Ryanair, Malaysian hotel chain Tune Hotels will charge its customers extra for everything from towels to using the hair dryer and even getting the room cleaned
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Atlanta's Hotel tax collections up over 09
To date, the city has collected about $20.9 million in the hotel/motel tax, said Gregory Pierce, ACVB executive vice president and chief financial officer. Hotel/motel taxes are a key revenue source for organizations that bring convention and visitor traffic to Atlanta.
The hotel/motel increase should remain strong through the end of the year, especially since hotel occupancy in July climbed above 70 percent for the first time since 2008
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The hotel/motel increase should remain strong through the end of the year, especially since hotel occupancy in July climbed above 70 percent for the first time since 2008
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Hongkong & Shanghai Hotels Posts 31% Profit Rise
HONG KONG—Hongkong and Shanghai Hotels Ltd., the operator of the luxury Peninsula hotel chain, said Wednesday its first-half net profit rose 31% from a year earlier due to property revaluation gains and a nascent recovery in its hotel business.
The Hong Kong-listed company, controlled by businessman Michael Kadoorie and his family, said its net profit for the six months ended June 30 rose to 605 million Hong Kong dollars (US$77.8 million) from HK$462 million.
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The Hong Kong-listed company, controlled by businessman Michael Kadoorie and his family, said its net profit for the six months ended June 30 rose to 605 million Hong Kong dollars (US$77.8 million) from HK$462 million.
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She wasn’t suspended, she was just taken off the schedule
By: Eric Hertha
Hospitality Business News
In the ongoing battle between Disney and Imane Boudlal, a Muslim woman who is fighting for the right to wear her religious scarf, it was revealed today that Ms Boudlal has been taken off the schedule.
The hotel workers union has cried foul and said that Disney has in fact suspended the employee without pay. According to Disney spokeswoman Suzi Brown the suspension claim is not true. According to Disney the employee has not been suspended, she simply is not being scheduled.
We look forward to the verdict.
Hospitality Business News
In the ongoing battle between Disney and Imane Boudlal, a Muslim woman who is fighting for the right to wear her religious scarf, it was revealed today that Ms Boudlal has been taken off the schedule.
The hotel workers union has cried foul and said that Disney has in fact suspended the employee without pay. According to Disney spokeswoman Suzi Brown the suspension claim is not true. According to Disney the employee has not been suspended, she simply is not being scheduled.
We look forward to the verdict.
Dubai World plans to sell Investments in Atlantis and MGM among others
Dubai World plans to sell its prized assets over a period of eight years to generate as much as $19.4-billion (U.S.) to pay off creditors burned by its overambitious expansion, according to a restructuring document obtained by Reuters on Wednesday.
The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai’s lavish Atlantis Hotel, that its capital structure was inappropriate and needed “urgent” restructuring, according to the document handed out at the meeting.
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The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai’s lavish Atlantis Hotel, that its capital structure was inappropriate and needed “urgent” restructuring, according to the document handed out at the meeting.
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Tuesday, August 24, 2010
Why ∏A = gUG + min(k-g, (1-g)(1-r)) equals low airline fares
t is a question that anyone booking a holiday or business trip will have asked themselves countless times: exactly when is the best time to buy an advance plane ticket to fly at the cheapest price?
Leave it too late and prices shoot up, and there is a danger the flight will be fully booked. But book too early and you run the risk that plans may change and you will be out of pocket if you don't travel or have to alter the flight.
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Leave it too late and prices shoot up, and there is a danger the flight will be fully booked. But book too early and you run the risk that plans may change and you will be out of pocket if you don't travel or have to alter the flight.
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Omni bids $67M for Florida resort
Omni Hotels & Resorts has bid $67.1 million to acquire the luxury Amelia Island Plantation resort out of Chapter 11 bankruptcy. The resort is located 29 miles north of Jacksonville, Fla.
Irving-based Omni submitted the highest bid for the Florida-based property on Monday.
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Irving-based Omni submitted the highest bid for the Florida-based property on Monday.
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Burger King Holdings, Inc. Reports Fourth Quarter and Full Fiscal 2010 Results
Fourth quarter fiscal 2010:
Worldwide comparable sales were negative 0.7 percent compared to negative 2.4 percent in the same period last year;
U.S. and Canada comparable sales were negative 1.5 percent compared to negative 4.5 percent in the same period last year;
Solid development growth continued with net restaurant count increasing by 59; and
Diluted earnings per share were $0.36, including $0.01 per share of negative impact from currency translation, compared to diluted earnings per share of $0.43 in the same quarter last year. Last year's diluted earnings per share included a $0.07 tax benefit from the dissolution of dormant foreign entities and this year's diluted earnings per share included a $0.02 tax benefit from the resolution of state tax audits and changes in state tax uncertainties.
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Worldwide comparable sales were negative 0.7 percent compared to negative 2.4 percent in the same period last year;
U.S. and Canada comparable sales were negative 1.5 percent compared to negative 4.5 percent in the same period last year;
Solid development growth continued with net restaurant count increasing by 59; and
Diluted earnings per share were $0.36, including $0.01 per share of negative impact from currency translation, compared to diluted earnings per share of $0.43 in the same quarter last year. Last year's diluted earnings per share included a $0.07 tax benefit from the dissolution of dormant foreign entities and this year's diluted earnings per share included a $0.02 tax benefit from the resolution of state tax audits and changes in state tax uncertainties.
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China hotel profitability slumps further
Gross Operating Profit (GOP) levels of the 5-star hotel sector in China have fallen to the lowest level recorded in the eight years the China Hotel Industry Study has been published.
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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Gomes, Casino Veteran, to Buy Resorts Atlantic City
Dennis Gomes, a gambling industry veteran whose career figured in the Martin Scorsese movie “Casino,” agreed to buy Resorts Atlantic City, New Jersey’s oldest casino resort, from a group of creditors.
The purchase is subject to approval by the New Jersey Casino Control Commission and customary closing conditions, Gomes Gaming Inc. said today in a statement. Terms of the purchase weren’t given.
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The purchase is subject to approval by the New Jersey Casino Control Commission and customary closing conditions, Gomes Gaming Inc. said today in a statement. Terms of the purchase weren’t given.
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4-yr-old boy develops sores after playing with used condom in hotel room
A family in the US is threatening a lawsuit against a hotel in Atlanta after their 4-year-old son developed sores from a used condom that was found in the room they were staying at.
Attorney Thomas Jones revealed that Chase Del'Shawn Jones was staying with his grandmother, Carmen Jones, and other family members at the Wyndham Garden Hotel on Piedmont Avenue NE in Atlanta on July 31.
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Attorney Thomas Jones revealed that Chase Del'Shawn Jones was staying with his grandmother, Carmen Jones, and other family members at the Wyndham Garden Hotel on Piedmont Avenue NE in Atlanta on July 31.
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Somali Gunmen Storm Hotel, 31 Reported Dead
MOGADISHU (Reuters) - Gunmen in army uniforms stormed a hotel in the Somali capital Mogadishu frequented by government officials on Tuesday, killing at least 31 people including legislators, the government said.
Hardline al Shabaab Islamists linked to al Qaeda have been waging an insurgency for three years against the fragile Western-backed government, and control most of Mogadishu. There was no immediate claim of responsibility for the attack.
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Hardline al Shabaab Islamists linked to al Qaeda have been waging an insurgency for three years against the fragile Western-backed government, and control most of Mogadishu. There was no immediate claim of responsibility for the attack.
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