Worldwide briefing

15 June 2004
Worldwide briefing

Essential news from around the world…

Accor buys controlling stake in Club Med
French hotel giant Accor has agreed to buy a 28.9% stake in struggling French resort operator Club Méditerranée for €252m (£167m). Its acquisition of shares held by the Italian Agnelli Group and by French state-owned bank Caisse des Depots et Consignations will make it the majority shareholder in Club Med.

Le Méridien opens second hotel in Singapore
Le Meridien has opened its second hotel in Singapore and its 30th in the Asia-Pacific region. The 380-bedroom Le Méridien Changi Village hotel, which is owned by Far East Organization Hotels, has undergone a $45m (£24m) transformation.

Fairmont sells luxury Hawaii resort for $355m
Fairmont Hotels and Resorts is to sell the luxury Fairmont Kea Lani Maui hotel in Hawaii to Host Marriott Corporation for $355m (£195m). Fairmont will continue to manage the hotel under the existing long-term contract once the deal has completed in August. Fairmont bought the hotel and the management contract in early 2001 for $250m (£137m).

Investment conference launched for the Middle East Jonathon Worsley, a director of consultants CB Richard Ellis Hotels, has joined forces with the Middle East Economic Digest to launch the Arabian Hotel Investment Conference. The inaugural conference will be held at the new Madinat Jumeirah resort in Dubai from 30 April to 2 May 2005. Worsley co-founded the Intenational Hotel Investment Forum held each year in Berlin.

Ramada opens three new hotels in Amsterdam

PWC predicts boost for US hotels in 2004
PricewaterhouseCoopers is predicting a boost to the US hotel industry this year. It forecasts that revenue per available room will grow by 5.8% from $49.19 (£27.03) to £52.03 (£28.59). This increase will stem from an estimated rise in occupancy from 59.2% to 60.8%, and a 3% increase in average daily rate.

Le Meridien Seychelles resort reopens after $12m revamp The 62-bedroom Le Méridien Fisherman's Cove resort hotel on Beau Vallon beach on the island of Mahé in the Seychelles, has re-opened after a $12m (£6.6m) nine-month refurbishment.

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