5 things to know: 11 October 2019
5 things to know: 11 October 2019
11 OCTOBER 2019 9:16 AM

From the desks of the Hotel News Now editorial staff:

  • CDL poised to acquire 100% of M&C
  • Stocks rise amid US-China trade talks
  • Wyndham to dual-brand La Quinta, Hawthorn
  • Best Western’s LeBlanc on company growth
  • Aimbridge picks up Bellstar in Canada

CDL poised to acquire 100% of M&C: In a process that began in June, City Developments Ltd. is poised to take over 100% of London-based hotel firm Millennium & Copthorne Hotels, the shares of which were removed on Friday from the London Stock Exchange. At the end of September, CDL announced it had accepted more than 90% of M&C shares following publication of its final offer earlier that month. In a CDL news release issued this week, the firm said it will compulsorily acquire any remaining shares held by M&C shareholders who have not accepted the final offer by 19 November.

M&C had a market capitalization of £2.23 billion ($2.83 billion), has approximately 120 hotels. It both owns and manages many of those properties.

Stocks rise amid U.S.-China trade talks: U.S. stocks rose on Friday with investors hopeful for progress in U.S.-China trade negotiations as President Donald Trump has a meeting scheduled with Chinese officials, The Wall Street Journal reports.

The Dow Jones Industrial Average increased 1.2% just after opening, with the S&P 500 up 1.1% and the Nasdaq Composite up 1.3%. Some global stocks also rose, with the Stoxx Europe 600 seeing a 1.7% increase and the Hong Kong Hang Seng rising 2.3%.

President Trump “offered an upbeat assessment” of talks with China.

“Markets are hoping that Beijing’s emissaries are ready to offer compromises aimed at getting Mr. Trump to hold off on tariff increases set to take effect next week and in December,” the newspaper writes.

Wyndham to dual-brand La Quinta, Hawthorn: Executives at Wyndham Hotels & Resorts’ recent brand conference announced that the company has plans for dual-branded La Quinta and Hawthorn Suites hotels, reports HNN’s Dan Kubacki.

The company signed seven agreements for dual brands during the second quarter.

Krishna Paliwal, president of the La Quinta brand and head of architecture, design and construction, said the pairing of the two brands brings “quality and consistency” to the dual-brand space.

“We believe La Quinta does very well in the transient market, but there are markets where there is some business which is available for extended stay, so we have created a true dual brand,” he said.

Best Western’s LeBlanc on company growth: During a break at The Lodging Conference, HNN’s Stephanie Ricca sat down with Best Western Hotels & Resorts SVP and Chief Development Officer Brad LeBlanc for a one-on-one video interview to talk about the company’s renewed growth strategy.

LeBlanc has been in his role at Best Western since April 2019 and said he’s excited about growth for the company since it expanded its footprint.

“Best Western is a family of three today,” he said. “It’s WorldHotels on the luxury side; it’s the Best Western core brands, which includes these new boutique (brands); and it’s the SureStay family, which is the economy side of it. And we’re excited about all three.”

Aimbridge picks up Bellstar in Canada: Officials with Aimbridge Hospitality have announced the company has acquired Bellstar Hotels & Resorts, a company that manages luxury condo-hotels in Western Canada, according to a news release.

The deal adds seven properties with 600 keys to Aimbridge’s portfolio, with two resorts in Alberta and five in British Columbia. Aimbridge will continue to operate Bellstar’s corporate office in Calgary.

Aimbridge is also working to close a merger with Interstate Hotels & Resorts before year’s end.

Compiled by Danielle Hess.

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