Global Hospitality Report (May 10, 2017)

Purchase Price Allocations for Hospitality Assets 
By Tim Sauer

This article provides a brief overview of purchase price allocations of hospitality assets performed under Accounting Standards Codification Topic 805.

2017 Middle East Hotel Survey – Chaos, Consolidation & Opportunity 
By Aaron Laurie and Hala Matar Choufany

The region continues to face distraught; dwindling economic conditions, changing demographics and source markets, and a saturation of luxury hotels pose an opportunity for developers to build mid-market.

Caribbean Hotel Investment Conference and Operations Summit (CHICOS) 2017 to be Held in Bermuda 

During the first formal event of 2017 to raise tourism and hospitality awareness on the island nation of Bermuda,  Caribbean Hotel Investment Conference and Operations Summit (CHICOS) Chairman Parris Jordan  joined forces with local industry leaders in March, to share a positive development story for the country and for the Caribbean region. Bermuda will also be the site for the 7th Annual HVS CHICOS Conference, to be held November 9-10 at the Hamilton Princess Hotel in Bermuda. CHICOS brings together more than 300 regional and international investors and operators, in addition to numerous other industry stakeholders each year – all to discuss the region’s markets and possibilities.

Marriott Announces the Debut of Element Hotels Brand in SE Asia  

Marriott International has announced the debut of the Element brand in Southeast Asia, with the opening of Element Kuala Lumpur in Malaysia. Developed in collaboration with owners IB House Management Sdn Bhd, the hotel is housed within Ilham Towers, making it the tallest eco-conscious hotel. Situated on Jalan Binjai, the hotel is close to embassies, corporate offices and within walking distance to Suria KLCC shopping center as well as the capital city's iconic landmark, Petronas Twin Towers. Element Kuala Lumpur is Green Building Index (GBI) certified with eco-friendly design and best practices including a rainwater harvesting system, indoor air quality CO2 monitor and energy-efficient LED lighting. The hotel features 252 guestrooms offering views of the city skyline and surrounding hills. In addition to the 132 stylish studio units, the hotel offers one-, two- and three-bedroom suites equipped with kitchenettes, making them ideal for large groups and long-stay guests. Additional facilities at the hotel include a restaurant, a rooftop bar on the 40th floor, meeting spaces, a fitness center and an indoor saline pool.

Motel One Sells Hotels in Berlin and Nuremberg 

Motel One has sold the 505-room Motel One Berlin-Central Station, in Germany’s capital, and the 133-room Motel One Nuremberg-Plärrer, in southeast Germany, to LHI Leasing under a sale-and-leaseback agreement for €77 million (€120,700 per room). Munich-based Motel One currently operates 56 hotels across Germany, Austria, the UK, the Netherlands, Switzerland, Belgium and the Czech Republic.


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