Morgans Hotel Group has announced the sale of the Sanderson and St Martins Lane hotels in London for £192 million to Capital Hill Hotels, a Middle Eastern investor with other global hotel holdings. MHG will continue to operate the hotels under long-term management agreements.
Hoteliers in Europe have seen revPAR growth accelerate each month since December last year, with September posting the strongest yet, up 16.8 percent. This enabled the region to secure a 9.5 percent revPAR rise year-to-September to €64, compared to €58 during the same period in 2009, with occupancy the main driver of growth.
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.