New Owner for the Most Arresting Hotel Development in London

Abu Dhabi-based Lulu Group International has acquired London's famous Great Scotland Yard building, which once housed the headquarters of the London Metropolitan Police, from Galliard Homes for £110 million. Construction of a hotel is already underway at the 92,000 ft² site and the 233-room Great Scotland Yard is due to open in the first quarter of 2017. Steigenberger Hotel Group has been selected to operate the seven-storey hotel, which will retain the building's original Edwardian façade. "This iconic five-star hotel will mark the entry of the Steigenberger brand into the vibrant and world-renowned London hotel market," said Puneet Chhatwal, the group's chief executive officer.

LFPI Purchases Alliance Hotel Group's 12-Hotel Portfolio in France

Asset management group LFPI has acquired Alliance Hotel Group from private equity firm Lone Star for an undisclosed sum. Alliance consists of 12 hotels (1,913 rooms) in Greater Paris and other French regional cities (operating under the Mercure, Crowne Plaza and Best Western brands). The sale brings LFPI's portfolio of owned and/or operated hotels across France and Germany to 74 (64 in France and ten in Germany.

MEININGER to Make its Mark in Rome

MEININGER Hotels has signed a 20-year lease agreement that will see the hybrid hotel/hostel group open its first property in Italy. A former medical centre in Rome, close to the city's main railway station, Termini, is to undergo an 18-month conversion programme, from which it will emerge at the beginning of 2017 as a 114-room (394-bed) MEININGER hotel. Commenting on the group’s Italian debut, Navneet Bali, MEININGER‘s chief executive officer, said, “With the agreement we are entering a new and important market, being the third most visited city in Europe. Italy and especially Rome has an enormous number of World Heritage Sites, which attract people from all over the world.”

Istanbul Hosts Debut Appearances from Rotana and Starwood's Four Points...

Abu Dhabi-based Rotana has opened two hotels in Istanbul, marking the group's entry in the Turkish and European markets. The 163-unit Burgu Arjaan by Rotana and the 156-unit Tango Arjaan by Rotana are both housed in Istanbul's Maltepe district, in the city's Asian side. Additionally, the opening of the Four Points Istanbul Dudullu this week marks the debut of Starwood Hotels & Resorts' Four Points chain in Turkey. The 182-room hotel, which is owned by Ever Group, is on Istanbul's Asian side in the centre of the city's Dudullu industrial zone. Starwood currently operates 13 hotels across Turkey and has a further two properties in the pipeline to open this year, including a second Four Points hotel in Istanbul (the Four Points by Sheraton Istanbul Batisehir).

...As Radisson Blu Residences Plans to Set Up Home in the City

Carlson Rezidor is planning to take its Radisson Blu Residences brand to Istanbul, Turkey, for the first time. The Radisson Blu Residence Istanbul Batisehir is scheduled to open in the second quarter of 2016 in the western side of the city with 171 studios and apartments. The property will be part of the 818,000 m² mixed-use Batisehir project and joins nine other Radisson Blu properties either in operation or under development in Istanbul.

Cork's Clarion For Sale

The Clarion Hotel Cork City in Cork, on Ireland's southwest coast, has been put on the market by the National Asset Management Agency for offers of more than €30 million. With 198 guest rooms, the hotel, which overlooks the River Lee, is the largest hotel in the city. The four-star property is operated by Choice Hotels Group.

IHG Releases its First-Half Results for 2015

InterContinental Hotels Group (IHG) achieved total reported revenue for the first half of 2015 of US$915 million, a 1% rise on the first half of 2014. Operating profit increased by 9% on last year, to US$337 million, and global RevPAR grew by 5.1% over the first six months of 2015. The group opened 27,532 new rooms during the first half of the year and signed a further 43,204 rooms, increasing its pipeline to 214,134 keys. "We delivered our best first half for signings since 2008," commented Richard Solomons, IHG's chief executive. 

Hilton Has Reached the One Million Rooms Milestone

Hilton Worldwide's net income attributable to stockholders for the second quarter of 2015 was US$161 million. Second-quarter adjusted EBITDA increased by 15% on the same period last year, to US$777 million; and the group has increased its outlook for the full-year adjusted EBITDA to between US$2,820 million and US$2,870 million. System-wide RevPAR rose 5.2% on 2014. Hilton's president and chief executive officer, Christopher J. Nassetta, said, "We continue to lead the industry in organic growth with the largest rooms pipeline and largest share of rooms under construction. Including rooms signed this month, we also reached the milestone of have one million rooms open or under development." The group opened 82 new hotels during the second quarter of 2015.

Absolute Share Price Performance Over the Past Week – 23-30 July 2015

NH Hoteles –  Group cut to 'neutral' from 'buy' by UBHas signed 15 hotels (almost 2,500 rooms) in the second quarter of 2015.

Accor –  Announced 52% increase in profits for the first half of 2015.

InterContinental Hotels Group – Announced half-year results and reported strong results.

Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS London.