Raffles in London? Bloomberg is reporting that Raffles Hotels & Resorts is the preferred operator of a hotel in the Old War Office in London’s Whitehall neighborhood. The building is being redeveloped by the Hinduja Group and Obrascon Huarte Lain SA of Spain. It would be the first Raffles hotel in London.
Wildfires in Madeira: Wildfires on the Portuguese tourist destination island of Madeira killed at least four people and forced the evacuation of more than 1,000 people. A 5-star hotel, unidentified in news reports, near the city of Funchal was destroyed.
Cambria in Anaheim: Choice Hotels International signed an agreement with franchise partner Nexus Companies to develop a 345-room Cambria Hotel & Suites in Anaheim, California, a half-mile from Disneyland. It’s expected to open in November 2018.
DoubleDragon buys hotel stake: DoubleDragon Properties of the Philippines acquired a 70% stakes in Manila-based hotel owner and developer Hotel of Asia for 832.2 million Philippine pesos (US$17.8 million).
Southern Sun to buy stake in fund: Southern Sun Hotels of Japan has been given approval to acquire a controlling share in Hospitality Property Fund, a REIT.
Read the story in Business Day Live
Jin Jiang boosts capital: Shanghai Jin Jiang Hotels Development’s board approved a move to boost the company’s hotel management to boost hotel management unit’s capital by 300 million yuan (US$45.18 million) to 900 million yuan, according to Reuters.
WoodSpring refinances: Wichita, Kansas-based WoodSpring Hotels completed a US$275 million refinancings of its portfolio of WoodSpring Suites extended-stay hotels. J.P. Morgan provided the five-year floating rate loan. The portfolio’s properties are in 20 states.
Sharm El-Sheikh bounceback: Occupancies in the Egyptian resort town of Sharm El-Sheikh has rebounded to more than 40% recently. Egyptian families helped boost occupancy, according to the head of an Egyptian tourism association.
Read the story in Egypt’s Daily News
Reservation pace declines: The pace of new bookings is down this summer in North America, with the business segment experiencing a 4.0% decline over the past 30 days, according to TravelClick’s July 2016 North American Hospitality Review. ADR is up slightly YOY.