Author Archives: Breaking Travel News

HVS: Hotel transactions set for recovery after 2020 slump

Total European hotel transaction volume fell by 69 per cent in the year of the pandemic following a record high the previous year when €27 billion-worth of hotel deals were struck. According to the annual European Hotel Transactions 2020, published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott, hotel transaction volume reached €8.5 billion last year. Single-asset transactions accounted for 65 per cent of all deals,  totalling €5.5 billion, while portfolio deals represented 35 per cent at €3 billion. Before the pandemic, 2020 was set for record transaction levels. The year started strongly with transactions in January and February up 2.5 per cent on 2019 with volumes of €2.7 billion and a 1.8 per cent rise in the average sale prices per room to €170,000.ADVERTISEMENTSubsequent lockdowns across Europe coupled with limited availability of debt financing pushed transaction levels down by 66 per cent with only one type of buyer, high-net-worth individuals, investing in larger volumes of hotels than in the previous year. A total of 201 European hotels and more than 44,000 rooms exchanged owners in 2020. The UK retained its position at the top of the transaction table, posting the highest level of investment volume across Europe with a total of €2.1 billion (£1.8 billion). Some €1.6 billion-worth (£1.4 billion) of UK transactions were London-based. Germany maintained second place in the transaction rankings, with total hotel investment volume for the year reaching €1.7 billion. Munich was its most favoured city with €501 million-worth of transactions. Looking ahead, HVS expects that the second half of 2021 will begin to show signs of transaction volume recovery as economic support programmes fall away and loans come up for refinancing, but the bulk of the recovery is likely to happen in 2022 in parallel with rising hotel revenue streams. “The full impact of the pandemic is expected to affect the transaction market later this year with an increase in distressed debt and opportunistic investment ahead of a gradual market recovery. “However, the majority of volume recovery is expected in 2022 as immunisation programmes are completed and the leisure and corporate travel sectors start to recover,” commented report author Shaffer Patrick, associate, HVS Hodges Ward Elliott, London. More Information Take a look at the full report here. Older Palace Hotel Tallinn joins Radisson Individuals Let's block ads! (Why?)

HVS: Hotel deals set for recovery after 2020 slump

Total European hotel transaction volume fell by 69 per cent in the year of the pandemic following a record high the previous year when €27 billion-worth of hotel deals were struck. According to the annual European Hotel Transactions 2020, published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott, hotel transaction volume reached €8.5 billion last year. Single-asset transactions accounted for 65 per cent of all deals,  totalling €5.5 billion, while portfolio deals represented 35 per cent at €3 billion. Before the pandemic, 2020 was set for record transaction levels. The year started strongly with transactions in January and February up 2.5 per cent on 2019 with volumes of €2.7 billion and a 1.8 per cent rise in the average sale prices per room to €170,000.ADVERTISEMENTSubsequent lockdowns across Europe coupled with limited availability of debt financing pushed transaction levels down by 66 per cent with only one type of buyer, high-net-worth individuals, investing in larger volumes of hotels than in the previous year. A total of 201 European hotels and more than 44,000 rooms exchanged owners in 2020. The UK retained its position at the top of the transaction table, posting the highest level of investment volume across Europe with a total of €2.1 billion (£1.8 billion). Some €1.6 billion-worth (£1.4 billion) of UK transactions were London-based. Germany maintained second place in the transaction rankings, with total hotel investment volume for the year reaching €1.7 billion. Munich was its most favoured city with €501 million-worth of transactions. Looking ahead, HVS expects that the second half of 2021 will begin to show signs of transaction volume recovery as economic support programmes fall away and loans come up for refinancing, but the bulk of the recovery is likely to happen in 2022 in parallel with rising hotel revenue streams. “The full impact of the pandemic is expected to affect the transaction market later this year with an increase in distressed debt and opportunistic investment ahead of a gradual market recovery. “However, the majority of volume recovery is expected in 2022 as immunisation programmes are completed and the leisure and corporate travel sectors start to recover,” commented report author Shaffer Patrick, associate, HVS Hodges Ward Elliott, London. More Information Take a look at the full report here. Older Palace Hotel Tallinn joins Radisson Individuals Let's block ads! (Why?)

Palace Hotel Tallinn joins Radisson Individuals

With a location at the entrance to the Old Town, Radisson Hotel Group has announced the opening of Palace Hotel Tallinn, a member of Radisson Individuals. Built almost 100 years ago and respectfully renovated, this monument of national architectural heritage is the first Radisson Individuals in the Baltic region.  Palace Hotel Tallinn, a member of Radisson Individuals offers 79 rooms and suites, including a Presidential Suite stretching across 150 metres squared which consists of a large studio with seating area for eight guests, a kitchen area with dining table for six, sauna, private office and meeting room. Built in 1937, Palace Hotel Tallinn, a member of Radisson Individuals was designed by the Estonian architect, Elmar Lohk, known for 1930s architectural style combining functionalism with influences of the Chicago school and traditional art. Located in the heart of Tallinn Old Town, steps away from Tallinn’s Freedom Square, one of the most popular meeting places in the city bordering the Old Town, the hotel invites guests to explore the historic cobblestone streets of Estonia’s cultural hub. ADVERTISEMENTToday, Tallinn’s rich cultural landscape blends with digital innovation as the home to the highest number of start-ups per person in Europe and the birthplace of some of the world’s leading technology companies, making it one of Eastern Europe’s most popular weekend destination getaways. Tom Flanagan Karttunen, area senior vice president northern and western Europe, Radisson Hotel Group, said: “We are very excited to announce our first Radisson Individuals in the Baltic region. “This is an excellent hotel, which will offer our guests a property in the famous Tallinn Old Town area. “The Radisson Individuals brand is a perfect match for this stunning hotel and historical area and with this opening we further strengthen our position as the leading international hotel group in the area.” Older Aegean slumps to full-year loss in Greece Newer HVS: Hotel transactions set for recovery after 2020 slump Let's block ads! (Why?)

Aegean slumps to full-year loss in Greece

Greek airline Aegean has reported a pre-tax loss of €297 million for financial 2020 as the Covid-19 pandemic took a toll on the aviation sector. The figure is in comparison to a profit of €107 million for 2019. Dimitris Gerogiannis, chief executive of Aegean, commented: “Last year was certainly the most difficult year in aviation history. “From the onset of the crisis we have worked diligently to manage the challenges of this special period. ADVERTISEMENT“We continue to work to further enhance our resilience and competitiveness but also to develop new services for our passengers to be more effective once restrictions are gradually lifted. “Naturally, the completion of the upcoming share capital increase is another important step in this process.” The resurgence of the pandemic, and the renewed restrictive measures imposed on travel in Europe and in Greece, heavily impacted the activity of the group in the fourth quarter. Traffic was down 85 per cent in the last three months of the year, when compared to 2019. Over the whole year, the carrier welcomed 5.1 million passengers, down from 15 million in the prior year. “We expect gradual but significant recovery in the second half 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June,” added Gerogiannis. Older Mövenpick Hotel Melbourne to open in May Newer Palace Hotel Tallinn joins Radisson Individuals Let's block ads! (Why?)

Eurowings adds new Russia and Georgia connections

Starting this summer, Eurowings will offer non-stop flights to Russia and Georgia. The airline will launch three new direct connections starting in July, flying passengers from Düsseldorf to Russia for the first time – to Ekaterinburg in Siberia and Krasnodar in southern Russia. There will also be departures to Georgian capital Tbilisi.ADVERTISEMENTThe flights expand the range on offer in the visiting friends and family segment, in which the Lufthansa subsidiary already offers numerous flights to Greece, Croatia, Algeria and Turkey. Most recently, connections to Beirut in Lebanon and Erbil in northern Iraq were added to the Eurowings program in December. Eurowings is the leader in this market segment and is increasingly expanding its position in response to growing demand. The new routes will be operated by an Airbus A320. Older Flemings Mayfair launches new Pietro Simone spa offering Newer Mövenpick Hotel Melbourne to open in May Let's block ads! (Why?)

Flemings Mayfair launches new Pietro Simone spa offering

Luxury hotel Flemings Mayfair has launched a new private skincare clinic in partnership with renowned skincare practitioner and facialist, Pietro Simone. Sister to Simone’s clinic in New York, the new Mayfair location will offer one-to-one consultations and bespoke face and body therapies using state-of-the-art medical grade machines and progressive technologies in the hotel’s newly designed luxurious treatment suites. With more than 20 years of experience, Pietro Simone is highly regarded by industry professionals for his one-of-a-kind methodologies and 360° transformative experiences. The new clinic will offer over 35 targeted and transformative personalised treatments which use science-led skincare, shockwaves, radio frequency and state-of-the-art lymphatic drainage stimulation, to address issues ranging from acne and hyperpigmentation to premature ageing and unwanted body fat. Henrik Muehle, general manager at Flemings Mayfair, commented: “I’m delighted to have developed a partnership with Pietro and for us to re-launch Flemings as home to the Pietro Simone Clinic here in London. ADVERTISEMENT“Pietro has developed an impressive programme of treatments which we’re confident will be well-received by the hotel’s guests and by Pietro’s existing clients.” An exclusive staycation package, the ‘Pietro Simone Experience at Flemings Mayfair’ will be available to book from May 17th. Simone said: “Our new private clinic at Flemings Mayfair will deliver a complete mind, soul and skin rejuvenation. “It will be a revolutionary space for life-changing treatments for clients of all genders, skin types, age demographic and ethnicity.” Older New look for Madeira Promotion Association Newer Eurowings adds new Russia and Georgia connections Let's block ads! (Why?)

airBaltic sees passenger numbers slip in March

airBaltic carried 29,200 passengers in March, a fall of 79 per cent on the year before. In total, the Latvian airline performed 660 flights last month. Martin Gauss, chief executive of airBaltic, said: “In March 2020 we were already forced to suspend all of our scheduled operations, helping to limit the spread of Covid-19. ADVERTISEMENT“Today we are gradually resuming flights to a larger number of destinations, while providing essential connectivity for those passengers who need to travel. “We expect that during the summer months responsible and safe leisure travel will once again be possible.” During March, the 15-minute flight punctuality indicator for airBaltic reached a level of 96 per cent. This means that more than 96 out of every 100 airBaltic flights departed at the planned time or with a delay of no more than 15 minutes. Older Cunard waves farewell to commodore Wells Newer New look for Madeira Promotion Association Let's block ads! (Why?)

Contracting & Construction Enterprises wins latest Red Sea Development contract

The Red Sea Development Company (TRSDC) has awarded the contract to design and build infrastructure at its Coastal Village to Saudi firm Contracting & Construction Enterprises (CCE). The village will be home to around 14,000 people who will eventually work at the destination. CCE, an engineering procurement and construction firm based in Riyadh, is responsible for developing the village’s local infrastructure, which is designed to minimise its carbon footprint. The company will also construct a network of paths and walkways, as well as the earthworks and utility hub buildings structure. “Our Coastal Village will soon be home for the employees who will operate the destination, as well as their families. ADVERTISEMENT“We want our residents to be as comfortable at the Red Sea Project as the guests who visit us, which is why we’re developing a liveable and sustainable community in which they can live, work and relax,” said John Pagano, chief executive of TRSDC. “We’re creating a new resort village and CCE is aligned with our commitment to creating this eco-friendly community, making them the perfect partner for this project.” To meet TRSDC’s ambitious sustainability standards CCE will be responsible for establishing a circulation network to connect the village that prioritises walking, cycling and a fleet of electric buggies and service vehicles. The Coastal Village will not be accessible by regular vehicles and instead rely on a network of roads and paths built for sustainable travel. This will be supplemented by energy-efficient LED street lighting and illuminated signages that will comply with the Red Sea Dark Sky guidelines. Lighting controls are provided to ensure that lighting is switched off during times when there is adequate daylight available, or no one is around. The contract also covers the construction of utility hubs, a potable water network, a firefighting water network, an irrigation network, and a sewerage network. Khaled Al Nabet, chairman of CCE, said: “It is an exciting challenge to design and build new infrastructure for this new residential village, and to do that while meeting the ambitious sustainability targets set by TRSDC. “Our designs have been developed to ensure we play our role in creating the world’s first truly regenerative tourism destination, and to lay a solid foundation for the success of future work.” The Coastal Village will include high-quality amenities including restaurants and cafes, supermarkets, recreational facilities, cinemas, a hospital and school, beachfront club and associated facilities, and other support and civic buildings. The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first hotels will open. The Coastal Village will become home to its first residents by the second quarter of 2021. Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include marinas, championship golf courses, entertainment and leisure facilities. Older Devmark Group to market Palm Tower in Dubai Let's block ads! (Why?)

Devmark Group to market Palm Tower in Dubai

Devmark Group has been appointed to create the marketing strategy and direct the sales for the 43-storey Palm View tower in Dubai. Located just below the trunk of Palm Jumeirah, with a 180-degree view across to Bluewaters Island, Palm Jumeirah and Burj Al Arab, the residential project boasts a total of 263 apartments. “One of the reasons why we were exclusively appointed as a specialist consultancy for this project, was our strategic advisory, which added significant value to the project’s market proposition,” said Sean McCauley, chief executive of Devmark Group. “We found that the latest global trends suggested residents have become far more spatially and environmentally aware following the lockdown.ADVERTISEMENT“Besides advising about the projects positioning, pricing, facilities and amenities, we wanted to create a live, work and relax concept, that would work equally well indoors as well as outdoors,” added McCauley. In addition to all of the hotel facilities, Devmark Group went on to create the exclusive Resident’s Club, which will feature private pool access and in-room dining. “The Club also gives residents access to several beach clubs throughout Dubai. “We packaged this as an exclusive offer to residents which has proved extremely popular with investors,” observed McCauley. “In fact, during a series of private pre-launch broker events recently, we have now completely sold out our initial allocation of pre-launch units. “So, we will now release more units ready for our upcoming public launch.”  Devmark said these apartments come complete with picture, floor to ceiling windows that take full advantage of the commanding views over the Palm Jumeirah and Dubai Marina, as well as custom furniture, quality fittings and furnishing and Bosch white goods and other branded appliances. Older Oslo County Court approves Norwegian financial restructuring Newer Contracting & Construction Enterprises wins latest Red Sea Development contract Let's block ads! (Why?)

Devmark Group to market Palm View Tower in Dubai

Devmark Group has been appointed to create the marketing strategy and direct the sales for the 43-storey Palm View tower in Dubai. Located just below the trunk of Palm Jumeirah, with a 180-degree view across to Bluewaters Island, Palm Jumeirah and Burj Al Arab, the residential project boasts a total of 263 apartments. “One of the reasons why we were exclusively appointed as a specialist consultancy for this project, was our strategic advisory, which added significant value to the project’s market proposition,” said Sean McCauley, chief executive of Devmark Group. “We found that the latest global trends suggested residents have become far more spatially and environmentally aware following the lockdown. “Besides advising about the projects positioning, pricing, facilities and amenities, we wanted to create a live, work and relax concept, that would work equally well indoors as well as outdoors,” added McCauley. In addition to all of the hotel facilities, Devmark Group went on to create the exclusive Resident’s Club, which will feature private pool access and in-room dining. “The Club also gives residents access to several beach clubs throughout Dubai. “We packaged this as an exclusive offer to residents which has proved extremely popular with investors,” observed McCauley.ADVERTISEMENT“In fact, during a series of private pre-launch broker events recently, we have now completely sold out our initial allocation of pre-launch units. “So, we will now release more units ready for our upcoming public launch.”  Devmark said these apartments come complete with picture, floor to ceiling windows that take full advantage of the commanding views over the Palm Jumeirah and Dubai Marina, as well as custom furniture, quality fittings and furnishing and Bosch white goods and other branded appliances. Older Oslo County Court approves Norwegian financial restructuring Newer Contracting & Construction Enterprises wins latest Red Sea Development contract Let's block ads! (Why?)