ME Hotels, a collection of experience-based urban contemporary resorts and hotels operated by Sol Melia, announced today that the brand's Cancun property, ME Cancun, will shift to an all-inclusive business model as of January 1, 2011. ME Cancun will embrace the brand's first "Complete ME" concept, which will break the mold of traditional all-inclusive resorts where non-guests are prohibited access to the property grounds and amenities. In addition to welcoming hotel guests, this revolutionary and industry-first business approach will embrace non-guests and local movers and shakers, allowing them to enjoy the property's a la carte culinary offerings and revel in ME Cancun's high style design and vibrant social scene.
Gabriel Escarrer Jaume, the Co-Vice President & CEO of Sol Melia Hotels and Resorts and an industry innovator says "We are excited to evolve the ME brand with the implementation of the Complete ME concept at our Cancun property. This dynamic model will allow the property to cater to a wide array of guests while meeting new consumer demands which have become increasingly driven by the desire for more qualitative value with freedom. Thanks to this calculated business decision, ME Cancun will now become the area's premier all-inclusive property, offering guests a superior product coupled with the high service standards our guests have grown accustomed to."
Wednesday, August 11, 2010
Monday, August 9, 2010
West Virginia
The Canadian hotel industry reported mostly positive results during the week of 25-31 July 2010, according to data released by STR.
In year-over-year measurements, the Canadian hotel industry’s occupancy increased 4.0 percent to 73.0 percent. Average daily rate ended the week virtually flat with a 0.5-percent decrease to CAD$126.66. Revenue per available room for the week rose 3.4 percent to CAD$92.50.
Among the provinces, Ontario posted the largest occupancy increase, rising 7.2 percent to 72.3 percent, followed by Nova Scotia with a 6.1-percent increase to 81.3 percent. Alberta reported the largest occupancy decrease, falling 2.8 percent to 65.6 percent. Prince Edward Island ended the week virtually flat with a 0.7-percent occupancy decrease to 89.3 percent.
In year-over-year measurements, the Canadian hotel industry’s occupancy increased 4.0 percent to 73.0 percent. Average daily rate ended the week virtually flat with a 0.5-percent decrease to CAD$126.66. Revenue per available room for the week rose 3.4 percent to CAD$92.50.
Among the provinces, Ontario posted the largest occupancy increase, rising 7.2 percent to 72.3 percent, followed by Nova Scotia with a 6.1-percent increase to 81.3 percent. Alberta reported the largest occupancy decrease, falling 2.8 percent to 65.6 percent. Prince Edward Island ended the week virtually flat with a 0.7-percent occupancy decrease to 89.3 percent.
Saturday, August 7, 2010
Hyatt, Chesapeake and more
Chesapeake Lodging Trust announced that has entered into a credit agreement to obtain a USD 115-million, two-year secured revolving credit facility with a syndicate of banks, including Wells Fargo and JP Morgan Chase.
The amount that the real estate investment trust can borrow under the revolving credit facility is based on the value of the Company's hotel properties included in the borrowing base, as defined in the credit agreement. Borrowings under the revolving credit facility bear interest equal to LIBOR, plus 3.75%, subject to a LIBOR floor of 2.00%. The credit agreement contains standard financial covenants, including certain leverage ratios, coverage ratios, and a minimum tangible net worth requirement. Subject to certain conditions, the facility allows for a one-year extension.
Irving, Texas-based FelCor Lodging Trust (NYSE: FCH) said second-quarter net income was USD 22 million. Revenue per available room for FelCor, which went public six months ago, was USD 90.62, up 5.6%.
The amount that the real estate investment trust can borrow under the revolving credit facility is based on the value of the Company's hotel properties included in the borrowing base, as defined in the credit agreement. Borrowings under the revolving credit facility bear interest equal to LIBOR, plus 3.75%, subject to a LIBOR floor of 2.00%. The credit agreement contains standard financial covenants, including certain leverage ratios, coverage ratios, and a minimum tangible net worth requirement. Subject to certain conditions, the facility allows for a one-year extension.
Irving, Texas-based FelCor Lodging Trust (NYSE: FCH) said second-quarter net income was USD 22 million. Revenue per available room for FelCor, which went public six months ago, was USD 90.62, up 5.6%.
Thursday, August 5, 2010
HardRock needs a bigger global footprint
Michael Shindler is not taking much time in pushing forward Hard Rock Hotels and Casino’s growth plans.
The company that currently licenses or franchises a dozen properties comprising slightly more than 4500 rooms, is looking to increase that number to between 40 and 45 properties during the next decade.
And with over 30 projects comprising approximately 5000 rooms in its development pipeline, Hard Rock appears to be well on the way to reaching its goal. Approximately 80% of the projects in the pipeline are stand-alone hotels, with the remainder being casino-hotels.
“It iss a bit of a mixed bag,” Shindler said during a telephone interview. Growing the company’s casino-hotel brand internationally is a priority, however, he said.
Shindler, who joined the company in February as executive VP of hotels and casinos, is helping to oversee the effort. He had been president and CEO of Chicago hotel consulting and advisory firm Four Corners Advisors and also served in various other positions within the industry, including chairman of the board of directors of Hyatt Gaming Management and vice president of development and asset management at Las Vegas Sands Corporation.
The company that currently licenses or franchises a dozen properties comprising slightly more than 4500 rooms, is looking to increase that number to between 40 and 45 properties during the next decade.
And with over 30 projects comprising approximately 5000 rooms in its development pipeline, Hard Rock appears to be well on the way to reaching its goal. Approximately 80% of the projects in the pipeline are stand-alone hotels, with the remainder being casino-hotels.
“It iss a bit of a mixed bag,” Shindler said during a telephone interview. Growing the company’s casino-hotel brand internationally is a priority, however, he said.
Shindler, who joined the company in February as executive VP of hotels and casinos, is helping to oversee the effort. He had been president and CEO of Chicago hotel consulting and advisory firm Four Corners Advisors and also served in various other positions within the industry, including chairman of the board of directors of Hyatt Gaming Management and vice president of development and asset management at Las Vegas Sands Corporation.
Wednesday, August 4, 2010
Bangkok hotels vow to recover
For more than two months this spring, thousands of red-shirted protesters camped in the heart of Bangkok, shutting down a dozen hotels and four high-end shopping malls.
General managers of five hotels close to the conflict zones each said they lost millions of dollars in revenue between April and June. Hotels throughout the country are resorting to promotions and fam tours.
The protesters, mostly rural poor from the north and northeast, demanded dissolution of parliament and fresh elections. The focal point of a three-square-mile occupation area was a large televised stage set up at Rajaprasong. This four-way intersection is best known to visitors for the Erawan Shrine, the Grand Hyatt Erawan and the huge CentralWorld shopping mall.
The protesters were predominantly peaceful, respectful of property and not hostile to tourists or foreigners. But in the final week, as the army encircled the area preparing for its 19 May final assault, violence exploded north of the protest zone along Rajaprarop Road and to the south in the main commercial districts. By then, at least 20 hotels had closed. In Bangkok alone, 38 buildings were set on fire. In the final tally, nearly 90 people were dead and thousands wounded.
General managers of five hotels close to the conflict zones each said they lost millions of dollars in revenue between April and June. Hotels throughout the country are resorting to promotions and fam tours.
The protesters, mostly rural poor from the north and northeast, demanded dissolution of parliament and fresh elections. The focal point of a three-square-mile occupation area was a large televised stage set up at Rajaprasong. This four-way intersection is best known to visitors for the Erawan Shrine, the Grand Hyatt Erawan and the huge CentralWorld shopping mall.
The protesters were predominantly peaceful, respectful of property and not hostile to tourists or foreigners. But in the final week, as the army encircled the area preparing for its 19 May final assault, violence exploded north of the protest zone along Rajaprarop Road and to the south in the main commercial districts. By then, at least 20 hotels had closed. In Bangkok alone, 38 buildings were set on fire. In the final tally, nearly 90 people were dead and thousands wounded.
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