5 things to know: 4 April 2016
 
5 things to know: 4 April 2016
04 APRIL 2016 9:35 AM

From the desks of the Hotel News Now editorial staff:

  • What Anbang’s Starwood bid says about Chinese investment
  • EU vote puts hiring on hold in UK
  • Rio Olympics hotel development on pace despite hurdles
  • Sunway invests more than $200m in hotels
  • Ashford creates website for fight over Prime

What Anbang’s Starwood bid says about Chinese investment: In a report based largely on anonymous sources, the Wall Street Journal examined Anbang Insurance Group’s failed quest to acquire Starwood Hotels & Resorts Worldwide and outbid Marriott International.

One tidbit included in the report is that Anbang would have been on the hook for the entire $14-billion offer even if the deal was ultimately blocked by Chinese insurance regulators.

EU vote puts hiring on hold in UK: The pending vote to stay in or to leave the European Union has put a chilling effect on British deals and hiring, according to a report from Reuters. That report was based on a survey published by Deloitte, which showed 75% of CFOs in the country favor remaining in the EU.

They survey also showed 83% of CFOs believes the level of uncertainty facing British businesses is above normal.

Rio Olympics hotel development on pace despite hurdles: There are a lot of things that could get in the way of a successful Summer Olympics in Rio de Janeiro, but hotel development isn’t one of them at this point, writes HNN contributor Ed Watkins.

As Brazil continues to grapple with political uncertainty, economic woes and health concerns related to the Zika virus, hoteliers say the city is on pace to host the mega event, at least from their perspective.

“Rio is as ready as any Olympic city was in the past and will be in the future,” said Paul Sistare, president and CEO of São Paulo-based Atlantica Hotels, which operates 85 branded and unbranded hotels in Brazil. “Of course, the question is what happens to the hotels and the country after the close of the games.”

Sunway invests more than $200m in hotels: Malaysia-based Sunway Hotels & Resorts will sink $218.8 million into its hotels in Malaysia, Cambodia and Vietnam over the next three years, according to a report from Travel Daily News.

Roughly half of that capital will be put into two new properties: the 401-room Sunway Pyramid Hotel West, which opened in Malaysia in February, and the 351-room Sunway Velocity Hotel in Kuala Lumpur, which are set to open in the third quarter of 2017.

Ashford creates website for fight over Prime: Officials with Ashford Hospitality Prime have announced a new website, www.ashfordprimefacts.com, as part of their pushback against activist investor group Sessa Capital.

The two companies have been legally sparring of late over the Ashford Group’s process to sell the Ashford Prime portfolio and control of the Ashford Prime board.


Compiled by Sean McCracken.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.