Today’s news in brief – 23/2/24

Lore Group, based in London, has become a part of the Global Hotel Alliance (GHA), expanding the alliance’s portfolio with its five design-led hotels in Amsterdam, London, and Washington DC. This collaboration offers GHA DISCOVERY members a wider selection of properties across 100 countries. CEO Chris Hartley highlighted Lore Group’s alignment with traveller preferences for exceptional stays and immersive experiences, anticipating substantial growth opportunities through GHA DISCOVERY’s platform.

Hyatt reported a net income of $220m (£173m) for 2023, surpassing expectations. Record-breaking levels of fees were generated, driven by strong global travel demand and net rooms growth. Comparable system-wide RevPAR increased by 9.1% in the fourth quarter and 17.0% for the full year, with notable recovery in Greater China and strengthened group demand in the United States. Hyatt’s president and CEO, Mark S. Hoplamazian, hailed 2023 as transformative, marked by industry-leading growth and strategic progress.

Zoku Hybrid Hotels has appointed Patrick Nelson, former executive VP of real estate at WeWork, to aid its entry into the London market. With Nelson’s expertise, Zoku aims to redefine the real estate landscape by bringing innovative mixed-use solutions to business travellers globally. The move underscores Zoku’s commitment to expanding its real estate footprint and enhancing guest experiences.

The Serious Fraud Office (SFO) confirmed an investigation into Signature Group following its collapse into administration in 2020, leading to losses of up to £140m. Investors, enticed by promised returns of 8% to 15%, suffered losses as the group failed to deliver. Four individuals were arrested, and three residences were raided as part of the ongoing criminal investigation, supported by the National Crime Agency. Director Nick Ephgrave QPM highlighted the scheme’s impact on investors and local landmarks, emphasising the need for a thorough inquiry to reconstruct the events.