Hotels in London have recorded a rarely achieved room occupancy of 90% during June driving a year-on-year profitability increase of 16% for that month, according to the latest HotStats survey from TRI Hospitality Consulting.
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.
The U.S. hotel industry posted mixed results in the three key performance measurements during April 2010, according to data from STR.
MGM MIRAGE announced yesterday that it closed the private offering of $845 million of its 9% senior secured notes due March 2020. The notes were issued at par with a four-year no call feature.
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 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.
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.
Host Hotels & Resorts, Inc. (NYSE:HST) , the nation’s largest lodging real estate investment trust (REIT), today announced its results of operations for the fourth quarter and for the full year ended December 31, 2009.
Mesa West Capital has provided an affiliate of Greenfield Partners, LLC with $14.5 million in first mortgage financing for the recapitalization of their existing loan on the Orrington Hotel, a full-service hotel located in Evanston, Illinois.
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.
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.
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.