Article Summary: From the desks of the Hotel News Now editorial staff:
From the desks of the Hotel News Now editorial staff:
Primary Category: 5 Things to Know
Secondary Categories: News
LVMH agrees to buy Belmond in deal worth $2.6 billion: French luxury goods producer LVMH Moët Hennessy Louis Vuitton SE has agreed to buy London-based hotel company Belmond for $25 per share, which represents an equity value of $2.6 billion and enterprise value of $3.2 billion. Belmond has 34 hotels, all owned but one.
In its latest earnings statement, for the third quarter of 2018, Belmond posted adjusted earnings before interest, tax, depreciation and amortization of $75.1 million, a year-over-year increase of 21%, and reaffirmed full-year EBITDA guidance would come in at between $140 million and $150 million.
Brexit fears cause pound sterling slump: Economic and business uncertainty in the United Kingdom stemming from fears of politicians not reaching a Brexit divorce deal with the European Union, due by 29 March, has been credited with the slump of the U.K. pound sterling, according to the BBC.
The news agency reports travelers at some U.K. airports now are barely offered one U.S. dollar for each U.K. pound, with the British currency having decreased in value by 11.8% since 16 April. In March 2008, the pound was worth $2. The article also contends that some of this slump could be due to the unlikelihood of interest rate rises in the U.K.
Global stocks wobble on China, Brexit fears: Brexit is not only having an effect on the U.K. economy. Global stocks also saw wobbles today, and continuing concerns about Chinese-U.S. trade relations are not helping matters, The Wall Street Journal reports.
Economists point to China’s own economy showing a slowdown since negotiations with the U.S. began in November. Adding to the heat in the cauldron, the European Central Bank cut its economic forecasts as it formally ended its four-year stimulus program for the European Union that was instigated following the Great Recession.
STR: Canada weekly results: For the week of 2-8 December, the hotel industry in Canada reported positive year-over-year results in the three key performance metrics, according to data from STR, parent company of HNN.
Compared with the week of 3-9 2017, occupancy rose 3% to 61.2%, average daily rate increased 3.3% to 145.89 Canadian dollars ($109.08) and revenue per available room jumped 6.4% to CA$89.24 ($66.72).
Winter F&B menus already in transition mode: In full swing for Christmas and the holiday season, food-and-beverage managers and chefs have winter menus set, which includes an overhaul of cocktails with darker spirits and spiced accents, writes HNN reporter Danielle Hess.
Transitioning a restaurant’s menu to more winter-appropriate items takes some advance planning. “We start the menu planning process about five weeks prior to launch and spend time reviewing market trends and seasonal products available from local suppliers, as well as top-and-bottom sellers,” said Patrick D’Amico, chef at the Renaissance Philadelphia’s Chez Ben restaurant.
Compiled by Terence Baker.
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Headline: 5 things to know: 14 December 2018
Article Date: 12/14/2018
Article Time: 9:03:00 AM