• Newsletter May 5: a change of tack
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| | | | | | Starwood Capital agrees sale of
Principal portfolio to FdR
UK: Starwood Capital has agreed the sale of 14 hotels to Foncière des Régions, which has appointed IHG to manage 13 of them, predominantly under the Kimpton brand. Read more...
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Former Sydney fire station to get boutique hotel conversion
Australia: The former Stanmore fire station in Sydney's inner west will be converted to a boutique hotel and restaurant.
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Rinck to head up Hilton's luxury and lifestyle brands
US: Hilton has appointed Martin Rinck as global head, luxury and lifestyle group.
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The Bradley completes refurbishment
UK: Peter de Savary's The Bradley, a listed Regency townhouse B&B in Cheltenham has completed a refurbishment and the creation of two garden rooms.
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A change of tack
• The sale of Starwood Capital's Principal Hotel Company portfolio has numerous intriguing implications for the various parties involved.
The £858 million acquisition by French company Foncière des Régions (FDR) will see the 13 UK properties managed by IHG, some under the Kimpton brand, some under the InterContinental flag and at least one under a new upscale conversion brand which will be launched later this year.
The Principal hotels in London and Manchester will join Kimpton, along with one of the two Principal hotels in Edinburgh. The deal signifies a shot in the arm for the Kimpton brand in Europe, which has not been rolled out as rapidly as industry watchers expected, since its acquisition by IHG in 2014.
The deal is also an abrupt change of tack for IHG away from its preferred franchise model, in that it will lease the properties from FdR. IHG will pay an annual rent of £48 million until 2021, with inflationary increases thereafter, funding any shortfall generated by profit by up to £16 million in any one year. These leases will be a £48 million balance sheet liability from 2019 when the new IGRS16 accounting regulation comes in to force.
It will be interesting to see if this deal structure is a one-off solution devised for a unique opportunity to add a serious number of rooms (around 2,300) to the group's total or if it signals a return to lease and management agreements for IHG and possible the other major hotel companies.
George Sell, editor, Boutique Hotel News
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| | Meetings venues are adapting to changing times
Despite some uncertainties regarding the strength of the economy, the meetings industry has benefited from a strong start to 2018 says MIA chief executive Jane Longhurst.
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| Noise annoys: Interview - Niklas Moeller
BHN caught up with Niklas Moeller, vice president with K.R Moeller Associates, to find out about the challenges facing hospitality providers when it comes to noise management.
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| | | | | | | | | November 2018
Dubai, UAE
Date tbc
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| | | Interview: Kim Bardoul, The Highland Group
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| | Interview: Nick Turner, Laura Ashley Hotels & Resorts
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| | BHN at IHIF 2018: Klaus Kohlmayr, IDeaS
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| BHN at Sleep 2017: Tristan Auer
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| | | | | EDITORIAL
George Sell. Editor,
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| ONLINE SALES, CONFERENCE
AND EXHIBITION
Katie Houghton
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