Today’s news in brief – 8/11/23
Marriott International reported strong Q3 results, with a group-wide 8.8% increase in Revenue Per Available Room (RevPAR), leading to net revenues of $752m (£613.2m), up from $630m (£513.8m) compared to the previous year. The company’s adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached $1.1bn (£900m) in the same period, up from $985m (£803.3m) in the previous year. The global hotel chain also expanded its portfolio by adding around 17,200 rooms, resulting in a development pipeline of over 3,200 properties and nearly 557,000 rooms. Marriott anticipates further growth, raising its full-year 2023 worldwide RevPAR growth guidance to 14% to 15% year-over-year.
The Inn Collection Group has successfully completed a 14-month refurbishment project, reopening The Tynemouth Castle Inn in North Tyneside as a pub with 72 bedrooms. The restoration project involved various north-east-based companies, including Silverstone Building Consultancy, GSS Architecture, BXB Interiors, and Design North. The venue’s relaunch was celebrated with a fireworks display, marking a significant investment aimed at preserving the building’s character and contributing to the community and economic growth in North Tyneside.
London has been identified as the most attractive European city for hotel investment in 2023, according to the 2023 European Hotel Industry Survey by Deloitte. The report revealed that London moved up two places since the previous year, overtaking Lisbon. Respondents in the survey expressed optimism regarding London’s Revenue Per Available Room (RevPAR) growth, with 54% anticipating a 4% to 7% increase. However, the industry faces challenges such as inflation, labour shortages, and energy prices. Despite these challenges, the survey found that nearly three-quarters of respondents are optimistic about the long-term future of the UK hotel market.
UK holiday operator Bourne Leisure has expanded its Warner Leisure portfolio by acquiring the Dalmahoy Hotel and Country Club in Edinburgh and The Forest of Arden Country Club in the Midlands. The Dalmahoy Hotel represents Warner Leisure Hotels’ first operation in Scotland, featuring a Grade A manor house, two golf courses, and 215 bedrooms. The Forest of Arden Country Club adds to the group’s offerings in the Midlands, with two golf courses, multiple restaurants and bars, and 214 bedrooms. Womble Bond Dickinson advised on the acquisition, reflecting Bourne Leisure’s confidence in the future growth of its portfolio.
