No sooner had the board of Great Wolf terminated its deal to be bought out by Apollo Management than it’s back on again. Apollo has decided to match the $7 a share offer from KSL Partners, an offer WOLF’s board has accepted. By not terminating the merger, WOLF can save a total of $9...
Tata Group subsidiary, Indian Hotels, is reportedly interested in once again upping its stake in OEH, Bloomberg reported. Tata at one point owned a 10 percent of OEH but as of late reduced that to 6.9 percent. In 2007, OEH opposed what it termed as hostile moves by Indian Hotels to boost its investment....
Marriott plans to double its footprint in Latin America and the Caribbean by 2017 by adding 70 hotels. Room count is expected to increase from 13,000 to 27,000. MAR currently has 35 projects under development across the region. Increasing regional demand and a lack of consistent domestic hotel product present a good opportunity for...
Institutional Investors who in the past were mostly full-service and upscale focused are increasingly turning their attention to select-service properties, according to Jones Lang LaSalle Hotels. A decade ago select-service hotels were owned mostly by private investors. Today the pool includes private owners, pension and private equity funds and REITs. In terms of return...
Sheldon Adelson’s big dreams keep getting bigger. At the opening of the first phase of his $4.4 billion, 540-table game, 5,800-room Cotai Central in Macau, the Las Vegas Sands CEO described some of those plans: • Cotai Central will include a fourth hotel tower to begin construction late this year adding to the Holiday...
HG Vora Capital, Great Wolf’s largest shareholder, has become its second big institutional investor to oppose tendering shares to Apollo Capital. Vora, which owns 12.3 percent of WOLF, joins 4.2 percent holder PKW Partners in opposing Apollo’s $6.75 a share offer. Apollo raised its original $5 bid to beat KSL Capital Partners $6.25 offer,...
Flash sale promotions by websites such as Groupon and Living Social are not generating much interest among European hotel owners, according to a survey by TravelClick. Of the 900 survey respondents, 40 percent said they had used flash sale promotions, and of those 38 percent said they wouldn’t do it again. Objections cited included...
Starwood has announced plans to open 23 Sheraton Hotels in hot growth markets of Asia, the Middle East and Eastern Europe within the next three years. HOT will open 10 locations this year, starting with Sheraton Macao Hotel, the company’s largest property, as well as Sheraton Xian North City Hotel, Sheraton Fuzhou Hotel, Sheraton...
Spending on international travel is getting closer to pre-recession levels, according to VisaVue Travel. Tracking international-related spending made with Visa cards by travelers from the United States, Mexico, Canada and Brazil, VisaVue found Brazilian travelers increased their spending the most — 32 percent, of which 43 percent was on travel to the United States....
Marriott is set to open at least nine Renaissance hotels this year in markets around the world, as it grows the brand. Openings will be in Abu Dhabi, Barcelona, Shanghai, Rome, Amsterdam, Huizhou, Shenzen and Istanbul. There are currently 160 Renaissance hotels.
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