HA Daily

September 7th 2010

Strong showing from Premier Inn

Macau gambling business recovers

Dubai debt payment delay

Latest HA Perspective

Issue 12 : September 1st 2010

Accor speeds up disposal plan

Accor has announced plans to increase the speed and volume of its asset-disposal programme this year, which will decrease net debt by up to Eu650m compared to the previous target of Eu450m.
    The move is in contrast to competitors such as Starwood Hotels & Resorts, which is waiting for a rebound in the transactions market before pursuing its own asset-light strategy.
   

Pandox leads Europe after Norgani buy

Pandox is to acquire Norgani Hotels for 8.3bn Norwegian Kroner (£860m) from Oslo Properties, a 100% owned subsidiary of Norwegian Property, in a move which will take the group to 119 hotels.
    The deal, which is conditional on funding and the approval of competition regulator will, Pandox said, make it the leading specialised hotel property company in Europe in terms of geographical diversity, number of hotels and brands.

Nama takes on bad hotel loans

Hotels in Ireland came under further stress last week with the news that Lloyds Banking Group is to wind down Bank of Scotland (Ireland), with the Irish Hotel Federation warning that the decision could be "catastrophic".
    The news came as second tranche of loans were transferred to the country’s National Asset Management Agency, which now controls almost 4% of the entire Irish hotel stock.