Acorn International group sold… and other International hotel news

25 May 2006
Acorn International group sold… and other International hotel news

Acorn International group sold
Mallorca-based Hoteles Globales has bought the Acorn International hotel portfolio for an undisclosed sum, reported to more than €130m (£88.8m). Acorn's portfolio comprises eight freehold hotels and two freehold tourist apartments in Mallorca, Menorca and Ibiza. The sale, organised through agents Christie & Co, comes after five months of negotiations involving more than 30 potential buyers. The Hoteles Globales group has been operating in the industry for more than 30 years and will take control of the properties from 1 July. The company has agreed to retain all the employees.

UAE capital to gain another hotel
Abu Dhabi is to get a new landmark hotel on the capital's Khalidya coast by 2008. The Emirates Pearl will be based around an iconic 240m tower expected to cost around AED500m (£72.6m). The tower will contain 352 rooms and suites and 104 apartments, topped by a private penthouse with helipad and two presidential suites. "This is a signature development for Abu Dhabi and is another step forward in the capital's plan to have 25,000 hotel rooms by 2015," said Mubarak Al Muhairi, director general of Abu Dhabi tourism authority. The project is a joint venture between the Tourism Development & Investment Company and telecommunications company the Atlas Group. An operator has not yet been named although several international hotel brands have been approached.

Middle East hotels see massive boost in sales
Middle East hotels had world-beating 21% growth in revenue per available room (revpar) last year, double that of Asia and five times that of Europe. The figures follow industry speculation that the Dubai market in particular could not sustain the dramatic growth that has become the emirate's trademark. However the region appears to be maintaining its popularity with occupancy levels of 85% and average rate increases of more than 23%. Qatar led the region with a 62% increase in revpar while Oman came third with 54%. Abu Dhabi and Riyadh also both featured in the world's top 10 list. Visitor numbers to the region have also increased dramatically with international arrival figures increasing three-fold since 1995 to 38.4 million.

Pillow mints to be replaced by yoga videos
Hyatt is set to offer complementary yoga videos to its guests during the turndown service. A card, featuring an inspiring message, directs residents towards the 11 minute "Good night from YogaAway" video available on their in-room televisions. The service begins in May at Hyatt Hotels & Resorts and is the latest in the on-going partnership between the hotel company and Denver-based YogaAway, a provider of "yoga experiences".

Fairmont sale completed
The plan of arrangement in the Fairmont Hotels & Resorts sale has been completed and all of the company's outstanding common shares have been acquired by a company owned by affiliates of Colony Capital and HRH Prince Alwaleed's Kingdom Hotels International. Under the terms of the deal Fairmont's shareholders will received $45 (£24) in cash for each common share held. The sale combines the Raffles and Fairmont portfolios into a brand with 120 hotels in 23 countries.

German hotels set for kick off

By Alix Young

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