From the desks of the Hotel News Now editorial staff:
- HNA plans to sell 25% stake in Park Hotels
- Nor’easter storm could turn into ‘bomb cyclone’
- Execs talk industry issues in Memphis
- European hotel transactions up 22%
- ‘Glam’ hotel reopening at JFK airport
HNA plans to sell 25% stake in Park Hotels: China’s HNA Group is facing liquidity concerns after completing “debt-fueled acquisitions,” and is planning to sell some or all of its 25% stake in Park Hotels & Resorts, Reuters reports.
The 25% stake, which the company bought from Blackstone Group two years ago, is currently valued at $1.4 billion, the news outlet reports.
“The move is the latest in HNA’s drive to restructure its far-flung operations, while raising cash by selling equity and prime real estate assets,” according to the Reuters article.
Nor’easter storm could turn into ‘bomb cyclone’: The nor’easter storm hauling through the East Coast could turn into a “bomb cyclone,” knocking out power and flood areas along the Atlantic coast Friday and Saturday, CNN reports.
There are approximately 80 million people in the path of the storm, and authorities are advising coastal residents to be ready to evacuate due to high tides.
A “bomb cyclone” means the storm would drop “at least 24 millibars of atmospheric pressure in 24 hours,” according to the CNN article.
Execs talk industry issues in Memphis: Industry leaders at the recent Presidents’ Dinner held in conjunction with the Memphis Industry update spoke about industry issues such as Airbnb, tax reform and labor concerns, HNN’s Jeff Higley reports.
All participants seemed to be thinking about Airbnb, Higley writes.
“As an operator, we understand it’s going to take a big chunk of the share,” said Morty Valldejuli, VP and managing director of Pyramid Hotel Group’s Guest House at Graceland in Memphis, which hosted the event. “You can’t fight it, so you have to embrace it … and treat it like new supply.”
European hotel transactions up 22%: A report from HVS shows that Europe’s hotel transactions achieved record levels in 2017.
Transaction volume reached €21.7 billion ($26.7 billion) last year, which is a 22% increase over 2016 and the second-highest level ever recorded, according to the report.
Single-asset transactions were up 17% in 2017, which continued the upward trend and accounted for 57% of total transaction volume. Approximately 323 individual hotels, representing more than 60,000 rooms, were sold at a price of at least €7.5 million ($9.2 million).
‘Glam’ hotel reopening at JFK airport: “Eero Saarinen’s famed gull-winged TWA terminal” at the JFK International Airport in New York City is scheduled to reopen in early 2019, The Wall Street Journal reports.
The terminal hotel will house 505 soundproof guestrooms and celebrate the “swinging ’60s in an on-site museum dedicated to the Jet Age and midcentury modern design,” the newspaper reports.
Compiled by Danielle Hess.