From the desks of the Hotel News Now editorial staff:
- Blackstone to make full bid for Spain’s Hispania
- AccorHotels acquires 50% stake in Mantis Group
- Experts share best practices for PIPs in current market
- Global hoteliers concerned about high tax rates
- Hotel chefs in Asia/Pacific working to cut food waste
Blackstone to make full bid for Spain’s Hispania: Blackstone is looking to make a full-takeover bid for Spanish property group Hispania through Alzette Investment, according to Reuters. Hispania is valued at about €1.9 billion ($2.3 billion). Three-quarters of Hispania’s business consists of hotels and tourism.
The agreement stands at Blackstone buying 16.65% of Hispania at €17.45 per share ($21.36) for a total of €315.4 million ($386.1 million) from QP Capital Holdings and QPB Holdings, the news outlet reports.
This offer is the latest move by Blackstone investing in Spanish companies, including the acquisition of HI Partners as well as portfolios from Banco Popular.
AccorHotels acquires 50% stake in Mantis Group: AccorHotels announced it has agreed to buy a 50% stake in South Africa-based Mantis Group for an undisclosed sum, according to a news release.
Mantis Group manages 28 properties with a wide portfolio that includes boutique hotels and eco lodges across all seven continents, the release states. The partnership is accompanied by the creation of the nonprofit organization Community Conservation Fund Africa, which is pushing to prevent the decline of Africa’s wildlife.
“Mantis is a pioneer in customized one-of-a-kind travel services in some of the most imaginative hotels across the world. With this strategic partnership, we are reinforcing the Group’s footprint in Africa and we have access to a brand with strong roots and heritage, recognized for its commitment to preserve the environment and its prestigious credentials in the hospitality space,” AccorHotels Chairman and CEO Sébastien Bazin said in the release.
Experts share best practices for PIPs in current market: With pressures from high labor costs, new tariffs and shorter windows for project completions, property improvement plans can be a challenge, writes Hotel News Now’s Stephanie Ricca.
Experts on a panel at the recent Hunter Hotel Conference shared their best practices for overcoming negotiations, timing and labor.
“Sometimes sellers are proactive and have a PIP in place, while sometimes as buyers we’re calling for one,” said Craig Amos, EVP of capital investments for Apple Hospitality REIT. “Once the transaction happens, the PIP is attached to your franchise renewal, and it’s much harder to change. If you can, negotiate (the PIP) before the deal is finalized.”
Global hoteliers concerned about high tax rates: Global brand hotel leaders are sharing their concerns about a 28% tax tacked on luxury hotels in India, which could lead to declines in inbound tourism and hurt their growth, reports India-based newspaper The Economic Times.
Leaders from hotel chains like Hilton and Radisson Hotel Group met for the 14th annual Hotel Investment Conference-South Asia and noted that India is one of the highest-taxed countries in the world, the newspaper reports.
“It is a singular tax, so it makes it easy to do business,” said Alan Watts, president, Asia/Pacific at Hilton. “But, in relation to the quantum of the tax, it makes it one of the highest taxes in the world on travel. In terms of the quantum of the tax, we want to make sure that the owners are achieving the yields so that the industry continues to grow.”
Hotel chefs in Asia/Pacific working to cut food waste: International hoteliers at companies such as Hilton, Hyatt Hotels Corporation and Marriott International are expected to work with chefs and caterers to expand an initiative to reduce food waste in the Asia/Pacific region, Reuters reports, which is led by the environmental group WWF.
Hotel Kitchen, a food-waste-prevention program piloted in the United States last year, will launch its expansion on Friday at a meeting in Singapore with global and regional hotel chains, Reuters reports.
Initiatives include adjusting buffets and encouraging the use of “doggy bags,” the news outlet reports.
Compiled by Dana Miller.