Global Hospitality Report (March 13, 2017)

In Focus: Halkidiki, Greece 
By Nana Boussia and Pavlos Papadimitriou

This article provides a market snapshot of Halkidiki, Greece. Halkidiki has traditionally been one of the top tourist destinations in Greece and is famous for its natural beauty and attractive coastline.

Market Pulse: Singapore 
By Victoria Jia Li Chan, Ho Mei Leng and Hok Yean CHEE

This article provides an overview of the tourism and hotel market performance in Singapore, in 2016. It also discusses key trends and solutions in creating value for hotels in Singapore while dealing with market changes and uncertainty.

Market Pulse: Tucson, AZ 
By Ryan Wall and Michael Smithson

Having struggled since the recession, hotel performance in Tucson has begun to rebound. New developments in the city, coming during a maturing national lodging cycle, should help the market gain momentum.

Conversiones de Hoteles: Cuál es el modelo adecuado para su propiedad? 
By Pedro Cypriano and Fernanda L'Hopital

Este estudio aborda las oportunidades y retos que conlleva la conversión de una propiedad independiente, y presenta las ventajas y limitaciones de los distintos modelos contractuales.

Ascott REIT Launches US$313 Million Rights Issue to Fund Germany and Singapore Expansion 

Ascott Residence Trust (Ascott REIT) issued a fully underwritten renounceable rights issue on 7 March to raise S$442.7 million (US$313.59 million). Current Ascott REIT unit holders will have the option of purchasing up to 481.7 million rights units at a ratio of 29 rights units for every 100 units they own. Proceeds will be used to partly fund the acquisition of its first property in Frankfurt (Citadines City Centre Frankfurt) and its second in Hamburg (Citadines Michel Hamburg) from The Ascott Limited for €65.4 million (US$69.2 million). Additionally, S$381.6 million from the equity fund raising will be used to pay for the acquisition of Ascott Orchard Singapore, which is expected to be completed by Q3-2017. Ascott REIT expects yields of up to 4.5 per cent for this acquisition and 5.4 per cent for the German properties. Once the acquisitions are completed, Ascott REIT will comprise more than 90 properties across 14 countries, expanding its asset size to S$5.3 billion and strengthening its position as the largest hospitality REIT in Singapore. Market capitalization will also grow to S$2.4 billion, increasing trading liquidity.

AccorHotels and Rixos Form Joint Venture  

AccorHotels has formed a strategic partnership with all-inclusive resort company Rixos Hotels that will see both parties manage and develop Rixos-branded properties worldwide; AccorHotels will own a 50% interest in the joint venture management company. Additionally, AccorHotels will incorporate 15 hotels in resort markets in Turkey, UAE, Egypt, Russia and Europe into its network and Rixos will rebrand five hotels to Accor brands. “This new partnership has many benefits for us. It enables us to become a leading resort operator in a growing market and to complement our offer with attractive leisure destinations to our guests and loyalty members,” said Sébastien Bazin, AccorHotels’ chief executive officer and chairman.


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