| Kingdom Sells 50% Of The Hotel des Bergues |
| Malaysian investment holding company Usaha Tegas has made its first foray into the European hotel sector, thanks to its wholly owned subsidiary Worldwide Hotel Investments (WHI). WHI has paid an undisclosed sum to Kingdom Hotels International for a 50% stake in the oldest and finest hotel in the Swiss city of Geneva: the Hotel des Bergues. If WHI wants a closer look at its purchase, then it will need to mind the paint; the 122-room hotel is currently closed for extensive renovation, and when it reopens this September it will do so with the Four Seasons flag flying proudly from its mast. |
| Radisson Edwardian Ties Up At New Providence Wharf | Return to Headlines |
| Hotel number 13 in Radisson Edwardian Hotels’ (REH) de luxe collection will be part of Ballymore’s mixed-use New Providence Wharf development in London Docklands. The 169-room, four-star property that REH is to manage under a long-term contract will rise to eight storeys and will be connected to the 30-storey Ontario Tower. The hotel is due to open in 2007. | |
| Jurys' Hotels Do It Good Service, But Dublin Disappoints | Return to Headlines |
| Richard Hooper, the Chairman of Jurys Doyle Hotel Group, said that the company was generally satisfied with trading in the first quarter of 2005 and that it remained broadly positive in its outlook for the year ahead. The sole disappointment to cloud the company’s AGM was the performance of its hotels in Dublin. A programme of renovation and reconstruction might be all that The Burlington Hotel needs to revive its fortunes, whereas the future of the Jurys Ballsbridge Hotel and The Berkeley Court is dependent on the outcome of a strategic review. | |
| Renaissance Reopens In Alexandria | Return to Headlines |
| Refurbishment work has finished at the 158-room Renaissance Alexandria Hotel in the city of Alexandria in Egypt. Delta Tourism & Hotels, the hotel’s owner, is said to have contributed US$5.2 million towards work reported to have cost a total of some US$11.2 million. Across in Nigeria, the government is reported to be ready to sell its majority holding in the 577-room Abuja International Hotel, which stands in the capital. Suitably qualified investors have until 20 May to submit their bids. | |
| Chelsea Unveils Latest Italian | Return to Headlines |
| The Sloane Hotel in the London suburb of Chelsea is known as San Domenico House now that Italian hotel group San Domenico has moved in. Reports suggest that the group paid more than £7.5 million for the 20-room boutique hotel. Elsewhere, The Times has news from the City concerning the Great Eastern Hotel at Liverpool Street railway station. The newspaper reports that Sir Terence Conran’s Conran Holdings could be about to bid for the 50% stake held by its joint venture partner in the hotel Wyndham International. The Times notes that a bid would value the luxury 267-room hotel at £130 million. | |
| Morning Star Looks To Sell Stake In Plaza On Hyde Park Ltd | Return to Headlines |
| Morning Star Resources awaits only the approval of its shareholders and then the company is clear to sell its 49% stake in hotel and restaurant operator Plaza on Hyde Park Ltd. The investment holding company Supreme Touch is standing by with the necessary £11.27 million in cash. The remainder of the stake is held by London Vista Hotel and Corus Hotels, and the latter has been indirectly involved in another transaction this week. Its wholly owned subsidiary Delaquest is reported to have agreed the sale of The West Retford Hotel in Retford, Nottinghamshire, for £2.7 million. The purchaser of the 62-room, three-star property is the recently formed limited company West Retford Hotel. | |
| Days Hotel Galway Opens | Return to Headlines |
| The Galway Ryan Hotel on the west coast of Ireland has emerged from refurbishment work costing a reported €30 million as the Days Hotel Galway. The 311-room hotel is the third in Dublin-based operator Prem Group’s collection in Ireland to fly the Days Hotel. | |
| Quintessential Adds Norton Manor To Its Network | Return to Headlines |
| Quintessential Hotels’ (QH) search for a fifth hotel in the UK has taken it to the county of Hampshire, where it has found something suitable in the village of Norton, north of Winchester. The company paid Dolce International and its strategic property partner AEW, of Boston, USA, a reported £8.75 million for the 97-room Dolce Norton Manor. QH is said to be ready to spend a reported £7.5 million on renovation work. Meanwhile, North British Trust Group has had no need to venture beyond the borders of its native Scotland in its quest for another hotel. The company is hoping to clinch the purchase of the family-owned 15-room Glencoe Hotel on the outskirts of Glencoe. And if it succeeds, the company wants to spend a few million pounds turning the property into a five-star hotel with more than 80 rooms that would be open in 2007. | |
| Hvar: A Happy Ending | Return to Headlines |
| Sunčani Hvar – the Croatian hotel chain that seemed destined to be forever the bridesmaid; that was until Orco Property Group appeared. Those following the ‘will they, won’t they’ storyline that began when Orco disappeared for talks with HFP (the Croatian Privatisation Fund) a few weeks ago were overjoyed to see Orco re-emerge holding in its hand the piece of paper that guaranteed that Sunčani Hvar’s big day was here at last. Orco will be investing an initial €27 million over the next three months in a company that has nine hotels on the Adriatic island of Hvar. | |
Absolute Share Price Performance Over the Past Week 14/04/05-21/04/05
InterContinental Hotels Group - Morgan Stanley raised its rating to 'Overweight' from 'Equal-Weight' on valuation grounds.
Whitbread - Deutsche Bank keeps its 'Hold' rating ahead of the announcement of Whitbread's finals.
NH Hoteles - The company was one of many whose share price tumbled in the wake of market fears for the long-term future of the US economy.
