| Featured in this EMEA Hospitality Newsletter - Week Ending 23 September 2005 |
| Norgani's Nordic Gains (Part Two) | Return to Headlines |
| Norgani Hotels then went from strength to strength. A quick breather from the chase and then off again: this time for another brief trot around Norway followed by a cross-border gallop into Sweden. Two Norwegian properties – the 139-room Quality Hotel & Resort Fagernes and the 75-room Quality Hotel Arcticus – should be framed and mounted in January 2006, with Home Invest 140 million Norwegian kroner (€18 million) the richer. That same month should find Norgani unloading from its saddlebags the six Swedish hotels captured from Capona for a total outlay of 645 million Norwegian kroner (€83 million). The properties, which have a total of 933 rooms, are the Scandic Malmen, in Stockholm; two hotels in the city of Växjö – the Scandic Växjö and the Royal Corner Hotel & Konferens; the Best Western Hotel Jägersro, in Malmö; the Scandic Bollnäs; and the Scandic Uplandia, in Uppsala. | |
| LHM Decides To Sell Alias Hotels | Return to Headlines |
| Last October LHM signed a conditional agreement to sell its Alias Hotels chain to London-based property firm GuestInvest for £30.4 million. But since then LHM has had a change of heart and it announced this week that it had bought out the contract and had decided instead to put the four UK hotels – the opening of the Alias Ropewalks in Liverpool next year will make it a quintet – up for sale. LHM’s chairman Nicholas Dickinson said such a move was in the best interests of its shareholders, given the current strength of the hotel market and Alias Hotels’ positive trading results. | |
| Rezidor's Dublin Doubling | Return to Headlines |
| A new Radisson SAS hotel in central Dublin should be ready to throw open its doors in October 2006. The 161-room property will be a companion for the existing 151-room Radisson SAS St Helen’s Hotel. This has been a busy time for Rezidor SAS Hospitality, what with the recent official opening in Cork of the 129-room Radisson SAS Hotel & Spa. Partygoers might care to go on from there to the village of Waterville in Co. Kerry to view a hotel that is up for sale. The privately owned 42-room, four-star Butler Arms Hotel has an asking price of a reported €7 million. | |
| Jersey With A Radisson SAS Logo | Return to Headlines |
| Jersey Waterfront Hotel Holding (JWH) can take a step back to admire the work that marks the completion of phase one of a proposed £45 million development on the waterfront in St Helier, on the island of Jersey. Looking over JWH’s shoulder with equal rapture were representatives of Rezidor SAS Hospitality, who had stepped ashore to sign a 20-year management contract on that work, which is to be a 195-room, four-star Radisson SAS hotel and conference centre. | |
| Pestana Close To A Deal On The Cardoso | Return to Headlines |
| Reports suggest that Grupo Pestana is close to securing what would be its fourth hotel in Mozambique. The Portuguese firm is negotiating the purchase of a 59% stake in the Hotel Cardoso, which stands in the capital Maputo. Lonrho Africa is selling the stake in the 131-room property for a reported US$3 million. Pestana will apparently be spending another US$10 million on raising the hotel’s rating from four-star to five-star. Last week’s newsworthy African capital was Kigali in Rwanda, the news being that receivers acting on behalf of bankrupt Belgian airline Sabena had sold the Hotel des Mille Collines. Those who like flesh on the bare bones of a story should now spread their napkins: the buyer is reported to be Mikcor Hotel Holding and the purchase price (for an 89% stake in the 112-room hotel) a reported US$3.2 million. | |
| Domina's Management Seven | Return to Headlines |
| Domina Vacanze and Domina Hotel Group have finalised an agreement that hands Domina Hotel Group the managerial reins at seven hotels in its native Italy. Six of the properties have adopted the mid-scale Domina Inn brand: the Domina Inn Alaska, in Cortina d’Ampezzo; the Domina Inn Les Jumeaux, in Courmayeur; the Domina Inn Miramonti, in Corvara; the Domina Inn Palumbalza, in Porto Rotondo; the Domina Inn Piccolo, in Portofino; and the Domina Inn Royal, in Positano. The odd one out is the Domina Giudecca Hotel in Venice, as it has taken the upper-scale Domina Hotels & Resorts brand. | |
| Poetry Soon To Be In Motion In Bulgaria | Return to Headlines |
| Bulgare Developing Company is reported to have plans to spend US$24.5 million on the construction of a hotel complex covering some 32 hectares in the Bulgarian winter resort of Pamporovo. Work on the Orpheus Valley Aparthotel is due to start next month and it should be finished in 2008. | |
| Starwood Capital Completes The Capture Of Groupe Taittinger And Société du Louvre | Return to Headlines |
| Starwood Capital Group has completed the acquisition of a stake of some 69% in Groupe Taittinger and a stake of some 67% in Société du Louvre. Starwood Capital, through its affiliate Star GT Acquisition SAS, expects to make an offer next month for the remaining shares in each company. The deal has seen some rearrangement in the boardroom; Starwood Capital's Senior Managing Director Jeffrey Dishner becomes Chairman of the Managing Board of Groupe Taittinger. Barry Sternlicht, Starwood Capital's Chairman and CEO, has two seats reserved for him: one as Chairman of Groupe Taittinger's Supervisory Board and Chairman of the Board of Directors at Société du Louvre. | |
Absolute Share Price Performance Over the Past Week 15/09/05-22/09/05
NH Hoteles - Takeover speculation is still reportedly rife in the market. Analysts say that the company is an attractive bid target despite a 30% rise in the share price over the year to-date.
Jurys Doyle Hotel Group - A consortium of Doyle family members and company directors was the latest to make an offer: a minimum of €18.90 a share.
De Vere Group - Teather & Greenwood placed a 'Sell' rating on the stock.
