Afleveringen
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Budget UK hotels saw a plateau in the first quarter, but remain confident for the rest of the year - but is it time for Whitbread to franchise Premier Inn? The SPACS Sonder, Soho House and Selina are all taking tough action to improve profitability, as investors wait....And the enigma that is Orient Express, as it takes investment from luxury goods group LVMH.
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Whether you're feeling more rock and roll, or looking for a family friendly feel, can you find a hostel brand to suit you? Deal volume is rising with Eurazeo selling, Fattal and HR Group acquiring - signalling we must now be past the bottom of the market. But there's still little clear distress. And more Indian hotel groups are tapping the country's stock market - so is India the new China?
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Zijn er afleveringen die ontbreken?
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Selling experiences is a tough gig, and few are making money at it - but there's value in keeping guests entertained and engaged. Corporate travel is back, and still coming back, though online meetings have clipped the ultimate level of demand. Hotel companies are pushing into flexible offices - so how can they make that move a convincing offer?
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The deal landscape is improving, with investors now getting used to the cost and tighter availability of debt - and some big deals coming to completion. How hospitality is still being ignored as officials look at how to reinvigorate urban centres in the UK. And frustration as European regulators look to bridle the digital giants, and its seems their latest moves have backfired and are damaging competition.
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Straddling different accommodation asset classes, and running a hybrid business, can be tough. Never mind finding the right audiences, there are investors to educate too. Contrasting first quarter fortunes at Choice and Hyatt; with Hyatt continuing its not quite asset-light approach. And as the world travels once more, the issue of over tourism is becoming a big political issue. There are bad, and good, solutions out there.
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IHG and Marriott look to grow conversions in their pipeline. IHG has cut its system fund charges, to enhance its attractiveness, as Marriott teases a new midscale brand designed specifically to encourage conversion signings. Spanish investor Azora has accelerated its long planned push in to hostels - who else will be challenging them in the market? And as there are signs of the hotel investment market defrosting, will it turn into a real melt?
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A record set of results from Whitbread came along with more details on how it will optimise its restaurants and bars. Being vertically integrated has its benefits, but also growth challenges. Hilton and Wyndham are both looking to new brand additions for growth, as performance in their home US market flattens off. And all is quiet, calm and seemingly unaffected by geopolitical upheaval, for Scandinavian hotel groups Pandox and Scandic.
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Thoughts from this year’s IHIF in Berlin, where the transaction market looks on, becalmed, as the brands and operators enjoy better times. Wyndham and Hilton buy new brands, broadening their offer - but who do the brands really serve? And while SPACs have not been a source of great riches for many hospitality businesses, market listings remain in favour, as far as Hotel101 and Motel One are concerned.
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As B&B Hotels and CitizenM potentially come to market, who will be in the mood to spend billions buying these brands, and grow them to the next level? Travelodge now looks to be changing its business model, with owners of the operating business backing a linked property company and buying a portfolio of Travelodge hotels. And Africa is seeing the hotel brands renew their march after the pandemic - as they discover some familiar challenges.
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As delegates at MIPIM get over the most recent shocks to hit property markets, there comes a growing realisation that active asset management is increasingly essential, to add value in operational real estate. Student accommodation providers are looking to adjacent spaces to learn operational lessons, and seek growth opportunities. And China's big property conglomerates are under pressure financially - what will the impact be on Western hotel partners?
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Deals off, deals on - as Choice abandons its plan to take over Wyndham, Barry Sternlicht reveals plans to launch a SPAC which will own a mix of US and European hotels, previously held by Starwood Capital. Saudi Arabia has hit a key milestone in expanding its tourism sector - and is making impressive progress. And in Europe, airlines and package groups are offering greater flexibility to keep up with continuing strong leisure demand.
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The extended stay niche was fastest to recover after the pandemic - and now they’re first to see performance level off, and face the economic headwinds out there. Worries continue over refinancing and the wall of debt the hotel sector faces - will it lead to distress and deals? And Greece has undergone an economic transformation, now its tourism market and hotels too are undergoing major change too, as international investors and brands arrive.
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More new hotel brands are coming - are they any good for consumers, and will there be a fallout? Tourist taxes are being ramped up, as destinations use them to generate an income, in the name of moderating peak demand from visitors. And as Spain looks forward to a strong 2024, Asian markets are now enjoying strong tailwinds.
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Accor, IHG and Hyatt are all looking to make more strategic moves, as they eye the last benefits of post-pandemic tailwinds. Choice hotels saw market conditions weaken in the US the fourth quarter - putting its share price under pressure, as it relies on that share price to buttress its hostile bid for Wyndham. And hospitality groups have taken a new direction in seeking public listings. Gone are US SPACs, with companies in Germany, Singapore and India tapping regional investor interest.
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Marriott still sees tailwinds from growing group and business bookings; Wyndham worries about the impact on its business of the Choice bid, to date reckoned at a USD75m negative impact. Meanwhile in Europe, owner Pandox and operator Scandic are looking forward to a positive year of more growth across the continent. And as pub groups shift into boutique hotels, how should hotel brands react to this quiet, but growing competitive threat?
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Soho House comes under attack from a short seller - but is the business fundamentally as worthless as they claim? Hilton signals a strategy switch, arguing now is the moment to consider acquisitions in a stressed market. And the alternatives in hostels bounce back, just as new format Outsite looks to grab unloved hotels.
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India’s local hotel groups are enjoying a strong economy, with growing demand, in a marketplace where there’s little prospect of much more supply in the near term. Consumer travel behaviour is changing, and more are booking directly, and more in advance. But the latest resarch also has a warning for the OTAs of new competition from the East. And third party hotel managers are looking forward to growing deal flow, bringing with it the expectation of more new properties to look after.
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The world is resetting around new demand drivers, new destinations and new flying routes after the pandemic - and there are winners as well as some losers. Consumers are tilting back towards hotels and away from short term rentals, just as the regulatory noose around them appears to be tightening. And hanging out with Best Western - a cheaper, more flexible branding alternative to the big brand groups.
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It’s a positive start to the new year, as consultants expect deal volume to improve - unlocking the restricted investment market. Major travel groups, including TUI, are looking to gain greater control over the hotels they sell as part of their packages. And thinking green, we’re seeing sustainability now becoming a greater part of the funding landscape, giving borrowers discounts if they hit agreed environmental targets.
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A big GBP800m purchase in London by Starwood Capital has brightened the investment community - could it be the moment private equity is back in the market? Plus, a portfolio of 66 Travelodge hotels trades, with the buyer being the US owner of the Travelodge operating business. And we delve into what French group Louvre is doing - a slumbering giant in the ownership of major Chinese group Jin Jiang.
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