Service Properties Trust (SVC) has announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation from InterContinental Hotels Group. SVC sent notices of termination to IHG for failure to pay SVC’s minimum returns and rents due for July and August 2020 totalling $26.4 million, plus accrued interest, and IHG had until … [Read more...]
Search Results for: hotel acquisition
Building consumer confidence showing results for OYO Hotels
Consumer confidence in hospitality needs to be a focus of business in planning to increase footfall and revenue. Measures being taken to reassure consumers that hospitality providers are providing safe environments in which to enjoy hospitality need to be marketed. One such message has seen significant results. The introduction of new ‘Sanitised Stays’ safety measures … [Read more...]
Marylebone latest of three new London hotel builds for Shiva
Shiva Hotels Group has agreed finance to build a new luxury hotel in London’s West End. The new 200 bed luxury hotel will include multiple restaurants located between Marylebone and Oxford Street on Welbeck Street and Marylebone Lane, Marylebone. The finance has been secured through property investor Cale Street who have pledged £160 million to the project alongside … [Read more...]
Preferred Hotel Group acquires Beyond Green Travel
Preferred Hotel Group has today announced the acquisition of Beyond Green Travel – a world-renowned leader in providing sustainable tourism services and consulting, founded by ecotourism pioneer and global sustainability expert Costas Christ. Finalised on February 4, 2020, this is the first acquisition by the Ueberroth Family since they purchased Preferred Hotel Group, … [Read more...]
Pension fund acquires Gatwick Airport Hotel commercial ground rent
RPMI Railpen the investment manager for the £30bn railways pension scheme, has acquired the *commercial ground rent secured against a hotel next to Gatwick Airport. The former 185-room property is let on a 150-year lease to Axcel Hospitality Group. Formerly a Travelodge, Axcel Hospitality is to implement a comprehensive high-quality refurbishment of the hotel, … [Read more...]