Today’s news in brief – 23/10/24
Hilton reported a third-quarter net income of $344m (£265m), down from $379m (£292m) in the previous year. However, adjusted EBITDA increased to $904m (£696m) from $834m (£642m), supported by a 1.4% rise in system-wide comparable RevPAR. The company saw an 8.3% increase in management and franchise fee revenues. Diluted EPS was $1.38 (£1.06), adjusted to $1.92 (£1.48), surpassing last year’s $1.44 and $1.67 (£1.11 and £1.29). Hilton opened 531 hotels, adding 36,600 rooms, and welcomed several new brands, such as NoMad and Graduate by Hilton, into its portfolio. The company expanded in Asia-Pacific, reaching over 900 hotels, including its 700th in China. Hilton’s development pipeline included 492,400 rooms across 3,525 hotels, with 235,400 rooms under construction, further emphasising global expansion.
Staycity announced a new Wilde aparthotel in Oxford City Centre, which will feature 145 rooms. Part of a redevelopment of a former cinema on George Street, the new structure will be more energy-efficient and include a 400 sqm community space managed by Makespace Oxford. This development, led by Marick Real Estate, will be completed by the end of 2027. Staycity’s Wilde brand, inspired by Oscar Wilde, has been a design-led success since its first location in London’s Covent Garden. The new aparthotel is set to meet Oxford’s growing demand for accommodation.
Whitbread has started construction on a 229-bedroom Premier Inn in Manchester’s Northern Quarter, expected to open in 2026. The 10-storey hotel will feature Premier Inn’s latest bedroom designs and Premier Plus rooms. This project, led by GMI Construction, aligns with Whitbread’s strategy to expand Premier Inn locations, especially where the brand is underrepresented. The Rochdale Road location will be one of Manchester’s largest Premier Inns, adding to over 20 sites across the city.
Theo Creton has been appointed executive chef at Mara, a 2 AA Rosette restaurant at Links House in Royal Dornoch. After travelling and cooking in Southeast Asia and Australia, Creton returned to Mara to lead its culinary team. He plans to introduce seasonally inspired dishes, including a wild boar menu. His return also sees the launch of private dining experiences and supper clubs in collaboration with local culinary students.
