Best Holiday Lettings

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  • IHG announces sale of InterContinental London Park Lane for £301.5m

    InterContinental Hotels Group PLC (IHG) today announces it has agreed to sell InterContinental London Park Lane (“the Hotel”) to Constellation Hotel (Opco) UK S.A., that is an affiliate of Constellation Hotels Holding Limited, a center Eastern private investment group.  IHG’s leasehold interest within the Hotel have been sold for gross cash proceeds of £301.5m ($457m*), 62% above 31 December 2012 net book value.

    IHG has secured a 30 year management contract at the Hotel, with three ten year extension rights at IHG’s discretion, giving an expected contract length of 60 years.  Management fees are expected to be approximately £4m ($6m*) once a year.

    The Hotel was opened in 1975 as a purpose built InterContinental and was wholly owned by IHG since 1999.  The Hotel generated revenues of $89m, EBITDA of $39m and EBIT of $33m in 2012.

    The transaction is anticipated to finish within the second quarter of 2013, subject to the satisfaction of certain standard conditions.  The proceeds would be used for general corporate purposes, with £61m ($93m*) used to produce security over UK pension liabilities that have been previously secured against the hotel.

    IHG indicated in November 2012 that the Hotel will be the next major asset considered on the market and announced on 19 February that the Hotel was being actively marketed for disposal.  Since becoming a standalone company in April 2003, on completion of this disposal IHG may have sold 191 hotels for proceeds of $6.1bn.

    Richard Solomons, Chief Executive of IHG, commented:
    “The transaction we’ve got announced today to sell InterContinental London Park Lane highlights the price of our asset portfolio and the attractiveness of InterContinental as one of several world’s leading luxury hotel brands.  This is another step in our long standing commitment to scale back the capital intensity of IHG.  We’re more than happy to be working closely with Constellation Hotels, a respected hotel investor, who may be a good partner and with whom we glance forward to building a protracted term relationship.”

    Transaction Details:
    1.  The purchasing entity is Constellation Hotel (Opco) UK S.A..
    2.  The Hotel has 447 guest rooms.
    3.  The internet book value of the assets sold was £186.6m ($302m) as at 31 December 2012.
    4.  At current exchange rates the transaction will give rise to an estimated group reported exceptional pre-tax profit on disposal of c.$150m*, with a good non-cash tax charge estimated at c.$30m*.
    5.  Net cash proceeds are expected to be c.$446m* after:
    a.  Estimated transaction costs of c.$9m*;
    b.  Estimated payment of $2m* to settle the pension liabilities of current and previous hotel employees.
    Note: $93m* of the money proceeds would be used to give security over UK pension liabilities which have been previously secured against the Hotel.
    6.  The Hotel assets has been sold on a 16.3.x post fees and post FF&E reserve 2012 EBITDA multiple.

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  • Brand USA launches campaign with Expedia

    Brand USA, the tourism marketing body for america of America, has launched the third phase of the worldwide campaign ‘Land of Dreams’ within the UK.

    The campaign may be conducted along side Expedia and should include 30-second TV advert spots with an on-air action for Expedia, supported by digital, out of home and print elements.

    The 345 TVR campaign will run until May 30th 2013.

    Showcasing the variety of experiences available within the Usa in a fresh and unexpected light, the campaign invites visitors to “Discover this land, like never before”.

    Chris Thompson, Brand USA chief executive, said “The UK is a key marketplace for us because the largest overseas market in the case of visitation numbers, and the #1 spending marketplace for america.

    “Showcasing the rustic as an exhilarating holiday destination and demonstrating the welcome of the united states on television is extremely important to us.

    “We like to invite travellers to find the limitless possibilities america has to supply.”

    In the 11 months ending November 2012 there have been 3,484,758 UK visitors to the us.

    Brand USA’s objective is to rekindle the holidaymakers’ love affair with America – reclaiming the USA’s share of the international market and positioning the rustic as a various destination still to be explored.

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  • News: Regional online travel bookings worth $15.8 billion by 2014

    ATM 2013 technology seminar series to spotlight increasing shift far from traditional channels with internet bookings expected to grow by another $5.4 billion accounting for 22% of all travel bookings within two years.

    The topic of online versus traditional booking channels will again be a key focus on the 2013 Arabian Travel Market technology seminar sessions as organiser, Reed Travel Exhibitions, highlights the dramatic shift in consumer mindset during the last yr as travellers go surfing to technology for convenient airline and hotel bookings.

    A shift within the attitude of the region’s travellers to new booking channels has seen online bookings grow by almost a 3rd in 2012 to arrive slightly below US$10.4 billion, up 31% on 2011 figures.

    According to an October 2012 study from Travelport entitled ‘Assessing the web Travel Opportunity: The center East’, conducted in association with global travel market research company PhoCusWright, this upward trend is anticipated to continue with online bookings expected to account for 22% of all travel bookings made within the region inside the next two years, with a complete value of US$15.8 billion.

    The research, which covered online travel trends in 10 Middle East countries from 2010 to 2014, also revealed that regional online travel agencies (OTAs) are expected to grow by 18% between now and 2014, with gross booking value set to just about double from US$3.1 billion to US$5.4 billion within the next two years.
    “In 2011 alone, there has been a 39% rise in online bookings inside the region, and we’re seeing a transparent shift from dependence on traditional booking channels to online services because the Middle East traveller becomes more well-off with using the web as a convenient and credible resource,” said Mark Walsh, Portfolio Director, Reed Travel Exhibitions.

    “Mirroring this sharp rise inside the online travel marketplace, floor space in our Technology and Online Wholesalers section for next years show is already 78% sold” added Walsh.
    Travelport’s research document confirms the findings of a mid-year report issued by travel comparison site wego.ae, which profiled 50,000 website users. Just like the early adoption of travel sites in Asia, Wego found that UAE travellers are taking control in their own itineraries as they look for best deals and added value.

    “The breakneck pace of technological development is leading the travel industry towards a totally virtual business environment. The ‘human face’ of the business should be successfully transplanted into the web domain by bringing both personality and functionality into play if companies are to keep up their commercial success moving forward,” said Walsh.

    Growing confidence in ecommerce sites and the security of web-based transactions could also be prompting a rise in interest in online travel searches, says Wego, which also saw a considerable rise in traffic and transactions following the launch of its parallel Arabic-English platforms earlier this year.

    “Now that wego.ae is live in Arabic, now we have noticed a surge in local hotel searches and interest in a wider mixture of international flights and accommodation to over 600 destinations,” said Ross Veitch, Wego CEO and Co-Founder.

    According to Veitch, searches by local users for flights from Abu Dhabi have increased by 120% year-on-year, and by 106% for Dubai departures. Flight searches to neighbouring Qatar have doubled; with Saudi Arabia registering a 76% increase. Local in addition to international hotel searches by UAE residents also are up 121% against 2011 figures, with Wego reporting that Dubai leads the pinnacle 20 most searched destinations (as at April 2012), with 20.2% of total share, followed by Abu Dhabi in third place at 7.7% and Fujairah, Ras Al Khaimah and Sharjah also making the pinnacle ten.

    Hotel operators within the region also are vying with OTAs to drive online bookings because the market becomes increasingly competitive. “We have seen a gentle increase in online hotel reservations since we opened two years ago, with 2012 year-to-date figures showing a 35% revenue increase on 2011; and we now have a dedicated revenue and e-distribution manager as portion of the team,” said Purnima KP, Director of Sales & Marketing, Mövenpick Hotel Deira.

    The 2013 Arabian Travel Market technology seminar series will once more welcome leading regional and international digital experts specialising within the travel sector, who will reveal the newest digital trends, share information on technological advancements and invite session attendees to share their very own experiences and insight.

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  • Tunisia launches first ever European ad campaign

    This month sees the launch of the primary European advertising campaign from the Tunisian National Tourist Office.

    Designed to encourage visitors from across Europe to rediscover the destination, that is only a two to 3 hour flight from most UK airports, the campaign highlights the depth of Tunisia’s tourism offering and is scheduled to run across more than a few broadcast, outdoor, print and online outlets until the fall.

    Showcasing the country’s fascinating history, ancient archaeology, white-sand beaches and world-class leisure activities, the adverts use CGI images to emphasize the diversity of experiences which might be enjoyed in Tunisia in only sooner or later.

    With this technology, visitors are shown playing golf within the ancient ruins of El Jem, while the Ksours of Tataouine appear at the stunning beaches of Djerba.

    Tunisia has made great progress towards democracy and aims to recover its 2010 tourism visitors high.

    In fact, figures from March 2013 show a 1.4 per cent increase in UK visitors in comparison with March 2010 and figures for the primary quarter of 2013 are already 20 per cent higher than even as last year.

    “We are very focused on the launch of this European-wide campaign and that i feel confident about its potential impact on consumers. Initial feedback is promising and inspiring,” says Wahida Jaiet, TNTO director, UK & Ireland.

    “Since tourism started in Tunisia within the early 1960s, the destination has managed to conquer all types of crises.

    “Tourism figures for 2013 are looking strong and we are hoping that through our campaign and our partners’ commitment, we are able to watch for welcoming more visitors from the united kingdom and the remainder of Europe,” concluded Jaiet.

  • Regent Hotels to unveil all-suite Bali spa resort

    Regent Hotels & Resorts continues to set new standards in luxury hospitality with the launch of Regent Bali. Located in Sanur on Bali’s spectacular eastern coastline, Regent Bali is scheduled to open in June 2013. Because the only all-suites beachfront resort in Sanur, the valuables is destined to be the premium choice for travellers seeking exclusive experiences in a tranquil and secluded resort.

    Nestled within ten acres of lush tropical gardens, Regent Bali features 95 exceptional suites. Both traditional and timeless, each private retreat boasts contemporary Balinese-style interiors, spacious living rooms and sea or tropical garden views.

    Regent Bali comprises 78 Deluxe Suites (90sqm) and 8 Premier Suites (136sqm). For the final in indulgence and convenience, the four Deluxe Spa Suites (157sqm) and the four Premier Spa Suites (181sqm) include separate spa treatment rooms. Each Premier Spa Suite also incorporates a semi-outdoor entertainment and dining area sufficiently big to deal with as much as eight guests.

    Regent Bali’s singular sensation is the ultra-luxurious Regent Villa (937sqm). The 2-bedroom beachfront Villa encompasses a private pool, Jacuzzi, individual spa consultation room with steam room for 2. Offering an abundance of fashion and space, the Regent Villa includes separate dining and living areas and two luxurious bathrooms (36sqm each), each with a lavishly spacious bathtub.

    Regent Bali may be home to twenty-five Regent Residences. Measuring between 308-660sqm, the 2-storey homes feature two or three elegantly appointed bedrooms, carport, private infinity swimming pool, front room, dining room, separate butlers’ entrance and quarters.

    “Regent Bali embodies the recent direction and philosophy of our company,” explains Ralf Ohletz, President, Regent Hotels & Resorts. “We are committed to making bespoke luxury lifestyle destinations, offering exceptional service and unique facilities in addition to exclusive residential properties. Regent Bali can be a flagship property for the logo.”

    Regent Bali can even serve numerous international and pan-Asian cuisines on the delightfully informal yet refined Nyala Beach Club & Grill. Authentic Indonesian dishes and all-day dining could be available at Layang Layang Restaurant while The Pool Terrace alongside the major swimming pool offers spectacular sea views and a diffusion of healthy meals.

    Renowned for its rare beauty, Bali is popularly generally known as the ‘Island of the Gods’. The island’s rich Indonesian heritage and hospitable culture have made it some of the sought-after international tourist destinations. Ideally located on Sanur Golden Beach just 14km from the island’s Ngurah Rai International Airport, Regent Bali overlooks 200m of pristine golden sands.

    Guests also are invited to lap up the posh of the 55m infinity pool, enjoy a stimulating workout within the well-equipped fitness centre or bask in a pampering spa and grace treatment on the expansive Regent Spa. Treatments include timeless revitalising Balinese and therapeutic massages in addition to quite a number unique spa and sweetness treatments.

    Spanning 810sqm, the Regent Bali Spa contains five single treatment rooms and two intimate double treatment rooms designed specifically for couples. Catering to guests’ complete grooming needs, the Regent Bali Spa also features a beauty salon offering an in depth menu of manicures, pedicures, hair care services and waxing treatments.

    Steeped in history, the Sanur district has long held a name for attracting artists, celebrities and socialites, from playwright Noel Coward to Mick Jagger and Princess Diana. Today Sanur remains an inventive hotspot and continues to entice discerning travellers from worldwide.

    Although the resort was conceived because the ultimate luxury retreat, it also serves because the perfect base to explore Bali. Nearby tourist attractions include Gunung Kawai Hindu Temple, Batur Mount Volcano, Ubud Art Village and Bali’s postcard-worthy Rice Terraces.

    “Regent Bali will offer guests unrivalled comfort, privacy and understated elegance,” adds General Manager Murray Aitken. “Our 95 exclusive suites, including The Regent Villa, allow guests to flee to their very own private sanctuary and bask in Bali’s premium beach resort experience.”

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