Latest News
Issue 16 : June 26th 2009
No online threat
The last major hotel recession in 2001 led to hotel companies facing a huge threat from online intermediaries. These intermediaries were able to effectively aggregate demand and extract extraordinary commissions from hoteliers in the process.
This time around the threat from such intermediaries is much diminished. And new web models are emerging that offer hoteliers a route to customers without huge commissions.
Red Roof default is a another test
Red Roof, the US economy hotel chain unloaded by Accor in 2007 for $1.3bn, has defaulted on debt with a face value of $367m.
The move has highlighted the depth of problems within hotel property as the company has entered into discussions to restructure the delinquent debt which is secured on 113 of its 345 units.
Digging to continue at Aviemore
The Aviemore Highland Resort, which has been valued at £130m, has been sold-off via a “pre-pack” administration to existing manager Macdonald Hotels.
Funder HBoS has taken a hair cut but it has chosen to keep the business running in a move that may prove the pattern for other distressed businesses within its portfolio.
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