Today’s news in brief – 19/11/24
Trinity Investments, in partnership with Oaktree Capital Management and Partners Group, has acquired The Standard, London, a flagship hotel located in King’s Cross. Housed in the iconic Brutalist-style Camden Town Hall Annexe, the hotel features 266 rooms and six dining options, including the award-winning Decimo restaurant and a rooftop bar. Trinity, which has invested over €550m (£459.5m) in European and UK hotels, sees this acquisition as a cornerstone of its expanding portfolio. The deal also aligns with Hyatt Hotels Corporation’s recent acquisition of Standard International, enhancing collaboration opportunities. The move strengthens ties between Trinity, Oaktree, and Hyatt, reinforcing confidence in Europe’s luxury lifestyle sector.
The hospitality sector in the UK continues to face significant challenges despite a slight drop in insolvencies in Q3 2024. Between January and September, 2,657 businesses, including hotels, restaurants, and pubs, shut down, a marginal decrease from 2,715 in 2023. The Buchler Phillips Hospitality Index shows a modest improvement from its August 2023 peak but remains high, with monthly closures consistently exceeding 260. High-profile administrations during Q3 include Antic Hospitality Group and the UK operator of TGI Fridays, resulting in over 1,000 job losses. Experts caution that the easing figures do not signal long-term recovery, given ongoing economic pressures.
The Leonard Hotel in Marylebone, London, has completed the first phase of a £1.5m refurbishment, revitalising one of its four Georgian townhouses. Family-owned since 2003, the project enhances bedrooms and bathrooms while preserving the hotel’s classic British charm. Directed by Saachi Sehgal with Russell Sage Studio, upgrades include luxurious materials and a sustainable energy management system using occupancy sensors. Future phases will focus on communal areas, including a new restaurant entrance, as part of the hotel’s ongoing modernization.
Travel tech firm and Accor subsidiary Gekko Group has named Adam McKnight as its new director of international growth. With over 15 years of experience in the B2B travel sector, McKnight will lead Gekko’s expansion into Asia-Pacific, the United States, and South America. His role involves crafting market strategies and adapting offerings for local needs. CEO Fabrice Perdoncini aims to double Gekko’s turnover within three years through strategic partnerships and entry into new markets.
