French boutique hotel operator Touriste has acquired the Chrysos Hotel in West London. The Chrysos Hotel in West London comprises two converted Georgian properties in Norfolk Square, Paddington. Plans to extensively upgrade and remodel the hotel when it reopens post the Covid-19 lockdown, as well as increase the number of rooms are already underway. The … [Read more...]
NH Hotel Group secures €225 million Covid-19 financing
NH Hotel Group has signed a syndicated loan for €225 million with maturity in 2023, which will enable the Company to finance its operational needs in the current global economic scenario. The agreement, reached within the legal framework established by the Spanish government to mitigate the economic impact of the Covid-19, has been granted endorsement by the Official … [Read more...]
OYO Hotels UK redundancies
OYO Hotels is set to make most of its UK staff redundant, due to closures enforced by the Covid-19 crisis in hospitality. Yahoo Finance reported that last Friday, staff at OYO Hotels were told a 30-day consultation period on redundancies at the company was taking place. With a team of 300 people across the UK, a spokesperson for the company said that redundancies … [Read more...]
Hotel M&A still active
With a large proportion of hotels around the world closed or severely impacted from the Covid-19 pandemic M&A activity is subdued. There is still however activity, albeit ever more selective. M&A timelines can vary enormously, when deals are struck executing them can become a protracted process. Only last week we reported on a $5.8 billion lawsuit over a stalled hotel … [Read more...]
$5.8 billion lawsuit over stalled hotel acquisition
Chinese Insurance giant Anbang are suing South Korea’s Mirae Asset Management for failing to complete the $5.8 billion acquisition of a US hotel portfolio. The lawsuit was initiated in the US on Monday, following Mirae’s failure to secure finance to complete the acquisition. The hotels that were to be acquired included JW Marriott Essex House in Manhattan, New … [Read more...]