From the desks of the Hotel News Now editorial staff:
- UK PM criticizes Thomas Cook exec pay
- Hoteliers focus on sustainability at Hot.E
- Condor shareholders approve NexPoint deal
- European court sets new GDPR limit
- Europe up, Asia/Pacific down in August
U.K. PM criticizes Thomas Cook exec pay: Thomas Cook’s catastrophic collapse has put that company’s operations under the microscope, and U.K. Prime Minister Boris Johnson is now publicly questioning why the company’s executives were paid as much as they were while the company fell apart, Reuters reports.
“I have questions for one about whether it’s right that the directors, or whoever, the board, should pay themselves large sums when businesses can go down the tubes like that,” Johnson said while speaking in New York. “You need to have some system by which tour operators properly insure themselves against this kind of eventuality.”
The 178-year-old company’s demise happened at a time when it had hundreds of thousands of travelers around the globe.
Hoteliers focus on sustainability at Hot.E: While environmental sustainability is increasingly important for hoteliers, the discussions during the first day of the Hotel Investment Conference Europe in London branched into a larger discussion on financial sustainability, as well, HNN’s Terence Baker writes.
Baker noted several bankers are now looking at deals through the lens of long-term sustainability.
“Yes, we are all working in a competitive environment, but we do not want to chase the next transaction only to be not sustainable,” said Michael Young, relationship director for hotels and leisure at Santander.
Condor shareholders approve NexPoint deal: In a special meeting Monday, Condor Hospitality Trust’s common stock shareholders approved by 81.8% NexPoint Hospitality Trust’s proposed “acquisition by merger,” according to a news release from Condor. The deal is expected to close during the fourth quarter.
NexPoint will pay $11.10 per share of common stock for Condor’s portfolio of 15 upper midscale and upscale hotels. The full price for the deal comes in at approximately $700 million, according to a release from NexPoint.
European court sets new GDPR limit: A court battle between the European Union and Google has set new limits on the scope of the EU’s General Data Protection Regulation, specifically the provision of the law commonly known as “the right to be forgotten,” The New York Times reports.
That provision of the law allows people to restrict what information is available about them online, but The Times reports Europe’s highest court has limited the scope of that law to only being applicable within the EU. The French government had been pushing to make it applicable globally.
Europe up, Asia/Pacific down in August: A look at the latest performance numbers from HNN’s parent company, STR, shows performance trending up in Europe for the month of August, while the Asia/Pacific region saw an occupancy-driven dip.
In Europe, revenue per available room was up 1.4% year over year to €92.25 ($101.49), with a 0.4% increase in occupancy to 77.7% and a 1% increase in average daily rate to €118.70 ($130.59).
Hoteliers in the Asia/Pacific region saw a RevPAR drip of 1.9% year over year to $74.57, the result of a 2.2% drop in ocaccupancy to 73.4%. ADR for the month came in up slightly (0.3%) at $101.54.
Compiled by Sean McCracken.