Hotel Financial News

New hotel investment fund aimed at further network growth in India

New hotel investment fund aimed at further network growth in India

22nd Jul 2010 Press Release Hotel News

Accor and InterGlobe announce today the establishment of an investment fund for a portfolio of India hotel assets in which an affiliate of Pacifica Partners (Pacifica) will take a significant stake of up to 36% equity in the fund, subject to requisite regulatory approvals. Accor and InterGlobe will each hold 32% equity in the fund.

MGM MIRAGE Announces Proposed Private Offering

MGM MIRAGE Announces Proposed Private Offering

9th Mar 2010 Press Release Hotel News

MGM MIRAGE today announced that it proposes to offer up to $845 million in aggregate principal amount of senior secured notes due 2020 in a private placement. The Company plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its senior credit facility and related fees and expenses.

MGM MIRAGE Announces Successful Amendment and Extension Transaction

MGM MIRAGE Announces Successful Amendment and Extension Transaction

26th Feb 2010 Press Release Hotel News

MGM MIRAGE today announced that lenders representing approximately $4.37 billion of the outstanding commitments under its $5.55 billion senior bank credit facility have entered into an amendment agreement (the “Amendment”) which, subject to certain conditions, will extend the maturity of a portion of the credit facility from October 3, 2011 to February 21, 2014.

Peru-Sale of Thunderbird Hotel Pardo

Peru-Sale of Thunderbird Hotel Pardo

26th Feb 2010 Press Release Hotel News

Thunderbird Resorts Inc. (“Thunderbird” or “Group”) reports the following: the Group’s Peru subsidiary, Thunderbird Hoteles Las Americas (“THLA”), owns and operates six hotels in Lima, Peru (the “THLA Hotels”). As previously reported, in order to reduce the Group’s investment and related debt in “non-gaming” assets in the fourth quarter of 2009 the Group began to actively engage in selling four of the six THLA hotels that have no casino component.

IHG warns of tough outlooks as profits slide

IHG warns of tough outlooks as profits slide

16th Feb 2010 Hotel News

InterContinental Hotels has reported a 19% slump in full-year net profit and said trading would “stay tough” until business travel picked up. But the world’s largest hotel operator also added that bookings over the past quarter had showed signs of recovery.

Phuket Hotels Lose US$300 Million In Rate Plunge

Phuket Hotels Lose US$300 Million In Rate Plunge

29th Jan 2010 Press Release Hotel News

Industry-wide discounting by Phuket hotels cost the industry on the island US$300 million in room revenue in 2009, according to the Phuket Hotel Market Update report compiled by Thailand consultancy C9 Hotelworks.

Choice Hotel International Highlight Growth Prospects At America’s Lodging Investment Summit

28th Jan 2010 Press Release Hotel News

Executives from Choice Hotels International, Inc. (NYSE:CHH) highlighted the franchisor’s extensive opportunities for growth and shared their insights on its business operations at the eighth annual America’s Lodging Investment Summit, held this week in San Diego, California. Speakers from Choice Hotels included President and Chief Executive Officer Stephen P. Joyce, Senior Vice President, eCommerce and Global Distribution Mary Beth Knight, and Vice President of Emerging Brands, Kevin Lewis.