Hotel Designs

Marriott International has recently celebrated the opening of the 383-room Renaissance Shanghai Caohejing Hotel in Shanghai. The hotel is managed in partnership with Shanghai Caohejing Park Huagang Properties Ltd., and represents the sixth Renaissance-branded hotel to open the city. Renaissance Hotels is the signature lifestyle brand within the Marriott International global portfolio of 17 hotel brands. The hotel is centrally located in the Caohejing New Technology Development Zone in the Xuhui district, offering a retreat for business travellers in the heart of the neighbourhood. Situated within five minutes of Shanghai Metro Line 9, the hotel boasts easy access to the nearby Hongqiao business district, and the shopping and dining hub of Xujiahui. The hotel is also conveniently located near the Hongqiao Transportation Hub and Shanghai International Airport.

The Renaissance Shanghai Caohejing offers 383 Deluxe Rooms, Club Rooms and Suites, including the Presidential Suite. Rooms are stylishly warm and vibrant and packed full of five-star amenities and technology: fully-wired and equipped to accommodate both business and leisure guests. The area’s first international hotel, the Renaissance balances a mix of traditional Chinese décor fused with a contemporary Western feel. The hotel’s chic and spacious interiors with elevated ceilings and expansive windows provide plenty of natural light and a relaxing, spacious environment. With 14 meeting room options of varying sizes including a divisible, pillar-free 570m2 Grand Ballroom, the hotel offers the setting for meetings, special events and dream weddings in the area.

Four destination restaurants and the hotel lounge deliver the best in local and international cuisine from quick snacks and leisurely afternoons of ‘Sip & Savour,’ to family gatherings and fine dining. Wanli, the hotel’s signature Chinese fine-dining restaurant, offers Cantonese and Shanghainese delicacies, while its ten private dining rooms (seating of up to 20 guests) boasts East-meets-West features of modern design entwined with local history and elements of feng shui.

Smoki Moto is a modern, casual and cosmopolitan restaurant offering Korean BBQ, sushi and teppanyaki favorites and signature Sojo cocktails. The hotel’s all-day dining spot, Café BLD, is a new take on Renaissance Hotel’s three-meal restaurant serving the best of local and international favourites prepared in an open kitchen. The Lounge offers a cool transformation from morning to evening where you can sample afternoon tea and discover the best in fine wines and “R” cocktails in the evening, while enjoying live music as part of RLife LIVE, the Renaissance brand’s renowned entertainment program.

The 24-hour Fitness Center is equipped with the latest in cardiovascular equipment, free weights, and an indoor swimming pool. Qualified personal trainers are on hand to assist guests, along with a full complement of amenities including steam room and sauna.

For guests up for a bit of well-deserved pampering, the Renaissance Shanghai Caohejing redefines the R&R experience with its very own wellness sanctuary featuring TOUCH SPA – professional facilities providing luxurious body and beauty rituals in seven private treatment rooms.

The Ritz-Carlton Hotel Company, L.L.C. has opened its first hotel in Austria in the capital city of Vienna. The Ritz-Carlton, Vienna, a 202 room property located on the central Schubertring Boulevard, is the ninth hotel in Europe for the luxury hotel company. The Ritz-Carlton, Vienna is an elegant building composed of four historic palaces dating back to the 19th century and is located in the heart of the city with incredible views of Vienna’s landmarks from its rooms and roof top bar. The cultural heritage of the city with its museums, opera, concert halls and historic buildings is just a short stroll from the hotel.

The hotel embraces tradition with many original design features which have been painstakingly preserved and integrated into the interiors offering a strong sense of place. An impressive marble staircase is a stunning feature of the hotel interior, decorative mural paintings together with intricate wood carvings and panelling were all carefully restored and form an essential part of the hotel’s character.

The Ritz-Carlton Vienna reflects the city’s combination of Imperial tradition and contemporary creativity in its design and interiors incorporating both historic and modern features.

The hotel’s stylish guestrooms and suites include 43 suites and a spacious Presidential suite of rooms on the second floor with many original features. The Club Lounge is located on the seventh floor and provides guests exclusive access to a private concierge service, a gastronomic food and beverage presentation throughout the day and views of the city scape from its windows below the eaves of the hotel.

Dstrikt restaurant, located on the ground floor with a summer terrace, offers authentic Austrian cuisine from the kitchen of Chef Wini Brugger, open throughout the day guests can enjoy locally grown produce and regional dishes. The rooftop bar Atmosphere is a unique location from which to discover the panoramic views of the city of Vienna and enjoy a relaxing drink. Melounge is adjacent to the lobby and is the perfect setting for the Viennese tradition of coffee and cake in the afternoon. The cosy D-Bar completes the sophisticated variety of bars and restaurants at the hotel open to both local residents and hotel guests.

The business facilities offered at the hotel include a range of meeting rooms featuring the stunning 300 square metre Crystal Ballroom decorated with thousands of sparkling crystals. Two permanent boardrooms and three function rooms with natural light are complemented by a Business Centre, all located on the first floor.

Recreational amenities comprise of a spectacular 18 metre indoor swimming pool, Fitness room, sauna and steam rooms. The boutique Guerlain Spa will offer six treatment rooms including two specially designed for couples.

Sofitel Luxury Hotels has successfully launched the Sofitel Mumbai BKC, in the heart of Mumbai, the first in an exciting line-up of future projects. French culture, design and gastronomy blend artistically with rich Indian tradition in a Neo Art Nouveau style, offering multifaceted experiences in cuisine, entertainment and relaxation; where buoyant business meets elegant lifestyle, and “Life is Magnifique”.The Sofitel Mumbai BKC is located at Bandra Kurla Complex (BKC) – the burgeoning financial district of Mumbai. Geographically in the centre of the city, BKC has excellent access to both major highways in Mumbai as well as the domestic and international terminals of Chhatrapati Shivaji International Airport.

Sofitel Mumbai BKC has been meticulously designed by the architects at BBGM (U.S.A), with interior designers at the Miaja Design Group (Singapore) led by Isabelle Miaja, a renowned French designer. The hotel design embraces modern and elegant interiors creating a French contemporary feel with a blend of Indian colours, shapes and patterns. Marble and chandeliers for the lobby, design and elegance for the bedrooms with state of the art technology for the business centre, the Sofitel Mumbai BKC intends to become a key address in the city.

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Following an extensive multi-million pound renovation and redesign, Hilton Glasgow has announced the introduction of three new food and beverage outlets to the hotel.

Connich Bar, Morblas Restaurant and Ti Tea Lounge are three new concepts for the stylish city centre hotel, which will celebrate 20 years in the city later this year. The first to launch is Connich Bar, taking its name from the Scottish Gaelic word meaning ‘to encounter’. Located on the ground floor of the hotel, the much-anticipated venue is designed to be a stylish choice for hotel guests and visitors alike, providing the perfect place to meet and enjoy the talk of the day. Inviting guests to experience the warmth and passion of Scottish Hospitality at its best, the menu in Connich Bar offers both signature and classic cocktails as well as wee nibbles and bigger bites.

Following a remarkable overhaul from design company Central Design Studio, the bar has been successfully transformed into a modern, relaxing and welcoming space perfectly suited to the hotel’s location. The venue is set across one level and features extensive seating, TV screens for news and sporting events as well as a window wall allowing plenty of natural light.

The bar features stylish oversized arm chairs and banquette seating using a striking palette of orange and a more muted grey, combining the use of contrasting fabrics and textures.

Mood lighting throughout the space compliments the ever changing Scottish weather, whilst more intimate areas for small meetings and get-togethers can be found dotted throughout the bar.

Connich Bar will serve a fantastic range of specially selected wines and beers, premier spirits, Champagnes and Prosecco as well as an extensive list of malt whiskies. The bar also boasts a varied cocktail list, which is comprised of classic, Champagne, signature and calorie conscious cocktails.

Hungry guests can choose from a selection of sandwiches, wraps and paninis as well as the introduction of innovative Scottish themed snacks such as Tattie Scone Nachos and Crisp Haggis Bites. For those looking for something slightly more substantial, Connich Bar’s bigger bites range from healthy salads to classic fish and chips.

Following closely behind Connich Bar will be the new restaurant concept, Morblas. Derived from the Scottish Gaelic words for “Great” and “Taste”, Morblas will cater for all palates. A mixture of fresh starters, hearty main courses and grills as well as an extensive dessert menu will ensure dining options for all tastes.

Also launching in summer 2012 is the new afternoon tea lounge, Ti. Derived from the
Scottish Gaelic word for tea, Ti represents a modern, fashionable and cosmopolitan
companion to Connich Bar. Filled with energy and personality Ti not only offers traditional afternoon tea but will introduce new versions of the classic with the “Ti Afternoon Tea with a Twist” including “Confessions of a Chocoholic” and “Mad Hatters Afternoon Tea”.

Aloft Hotels has recently announced it has opened its 60th hotel globally with the opening of Aloft Asheville Downtown in Asheville, North Carolina. Owned and operated by McKibbon Hotel Group, Inc., Aloft Asheville Downtown will offer 115 stylish guest rooms and over 1,800 square feet of unique outdoor meeting space on its Air Level pool deck and The Ledge observation deck, as well as 649 square feet of indoor meeting space in an unbeatable downtown location.Aloft Asheville Downtown is walking distance to numerous restaurants, breweries, shops and galleries. Just minutes from the Blue Ridge Parkway and Biltmore House and Gardens, the hotel is within walking distance of Pack Square Park, Diana Wortham Theatre and the renowned Orange Peel music venue. Aloft Asheville Downtown features artwork in public spaces and guest rooms that is produced entirely by local artists, and is the only hotel in downtown with convenient covered parking.

Pioneering initiatives in pop culture, design, and technology have positioned Aloft as a must-have brand for the next generation of travelers. Aloft hotels has reported consistently high guest satisfaction scores since launch, reflecting the success of its modern, and vibrant design at an affordable price point. The Aloft social guest experience, with the buzzing re:mixTM lounge and happening w xyzTM bar, has earned select hotels within the portfolio designations on TripAdvisor’s 2011 “Top 10 Trendiest Hotels in the US” and “Top 10 Trendiest Hotels in the World” rankings lists.

Source: Starwood Hotels & Resorts Worldwide, Inc.

For the first time, Sofitel is to open its doors in Casablanca, Morocco’s economic capital, with Sofitel Casablanca Tour Blanche. The glass building designed by Belgian architect Patrick Guénard reflects the breath of modernity that the country’s largest city is currently experiencing. Situated at the heart of the business district the 24-story hotel stands out in the skyline. Frenchmen Marc Hertrich and Nicolas Adnet were given the job of decorating its interior. The pair have managed to ingeniously mix clean lines with Moorish trimmings. The innovatively designed 141 bedrooms and 30 suites all have a view of the white city.

The hotel also offers a variety of dining possibilities. Mourad Mahfoud, Moroccan chef of L’Arabesque restaurant, who trained in Paris, subtly combines French cuisine with local seasonal products in this gastronomic restaurant. L’Atelier Oriental mixes flavours from the Maghreb, Arabia, Persia and Asia. The La Casart bar is the latest addition to Casablanca’s reputable night life. The bar lounge is dedicated to art, and its paintings and sculptures fit in perfectly with the decor, in particular René Caussanel’s mural “Jaune Soleil” (Yellow Sun).

Finally, resembling the apartments on the New-York roof-tops, the Penthouse situated on the 24th floor is a prestigious villa on the hotel rooftop, with protected access. The exclusive suite is breathtakingly decorated and has a 120m² terrace with an unobstructed view of the city.

With Sofitel Agadir Thalassa, this is the second hotel to open in Morocco in 2012 and brings the number of Sofitel hotels in the Kingdom to eight.

UK News

The Bank of England’s new Funding for Lending Scheme which is aims to unblock the flow of credit in Britain’s economy, will take more than a few months to fully bear fruit, BoE Paul Fisher said on Wednesday. Scepticism has already been raised as a number of the UK’s top lenders raise their STV rate on mortgages (further restricting credit and spending conditions for our consumers).With the BoE announcing another round of QE in July and unveiling the Funding for lending scheme, this morning’s broad money data will be of interest as will provide some indication of whether the bank’s stimulus is gaining traction.

GBPEUR traded between a range of 66 points yesterday with a high of 1.26486 and a low of 1.2582 hit first thing in the London session. Overnight comments from China agreeing to continue buying European government bonds have bought the pair to session lows of 1.2610.

GBPUSD traded within an equally tight range of 1.5802 to 1.5854 having a small flurry of activity post U.S GDP figures that showed no surprise to consensus. From here all eyes remain on Friday speech after which we look for either resistance of 1.5888 or support of 1.5750 to be tested.

A Citigroup survey suggests that expectation for the rate of inflation to climb in the coming year has increased in July to 2.8% from June’s 2.4%, further constraining likely consumer spending and making it harder for the economy to emerge from recession.
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International News

The ECB and the Fed are noticeably tight-lipped ahead of the ever important September briefings. Although the Kansas Fed sponsored Jackson Hole Economic Symposium is expected to shed light on fiscal policy and easing, it seems that speculation over what role the ECB will play in future bond buying remains the key concern across the major currencies.

The euro did see some pressure yesterday as we saw headlines that another Spanish region could potentially request government aid, reminding everyone of how close the situation is to disaster. It does seem however that most traders will remain somewhat side-lined until an understanding on the ECB’s intervention is made clearer.

EURUSD continues to hold above 1.25 with EUR peaking at 1.2573. The lowest key support of this range is being acknowledged as 1.2414, and traders suggest that any movement through 1.2588 may propel EUR higher to towards 1.27.

The upward revision to US GDP growth in the second quarter, to 1.7% from the preliminary estimate of 1.5%, offers little comfort as it is old news.

The alternative economic report, US GDI (gross domestic income) suggests that the US economy is hardly growing at all, which may go some way to explaining the slight dip in the value of the dollar over today’s session.

US personal spending for July should provide some insight into postings for third quarter GDP. Spending is forecast to increase by 0.5% after a flat reading for June.

French business sentiment remains low; although it did improve very slightly it remains at a level indicating an unfavourable economic situation. French Prime Minister Ayrault has come out to say publicly that he feels Eurobonds are in fact ‘necessary’ now, and that confidence is the main concern for the region.

Hotel Indigo has recently announced the opening of the Hotel Indigo Veracruz – Boca del Río. The new hotel, located in the Veracruz business district and just steps from the World Trade Center and America’s Plaza, offers guests the intimate service typically associated with boutique lodging along with the peace of mind and consistency expected from a large hotel group. The 106-room hotel features a warm and inviting environment with vibrant décor and colourful accents. The design reflects the cultural richness and folklore of this charming seaside community, including the old Veracruz lighthouse, which once welcomed travelling ships into port and now welcomes travellers of a different kind into the hotel.

Local traditions are also reflected in the hotel’s restaurant La Bamba Bistro, where local chefs incorporate elements representative of the region, including seafood dishes that draw on Veracruz’s history as a fishing town. The restaurant’s design was influenced by traditional music and dance, including photos of performers and flowing white drapes that recall the twirling dresses of Jarocha dancers.

With a focus on the creature comforts trend with a smaller footprint, space-efficient guestrooms feature plush bedding, high-definition flat-screen TVs, iHome stations and spa-inspired showers. Hard surface flooring with area rugs create a fresh, residential feel. Guestroom furniture is tinted in shades of orange and green to mirror the beauty of the local mangrove trees.

Common areas, including the restaurant, bar, swimming pool, gym, business centre, valet parking and Jamapa ballroom have free high-speed wired and wireless Internet access.
Each Hotel Indigo property is uniquely designed to reflect the culture, character and history of the surrounding neighbourhood. No two hotels are the same. Brand standards don’t dictate the number or size of rooms, making Hotel Indigo ideally suited to conversion properties or independent boutique hotels.

Jorge Caram Kuri, architect of the hotel and director of Gilca Construction led the hotel’s design. Interior Designer Walter Allen was responsible for the hotel’s décor. Hotel Indigo Veracruz- Boca del Rio is managed by Sebaspol Management Company under a license agreement with a company in the InterContinental Hotels Group.

Botanique Hotel & Spa, nestled amid the untouched hills and mountains of Campos do Jordão, Brazil, and situated in between Rio de Janeiro and Sao Paulo, will open in November 2012. Set on 700 acres, the intimate retreat recognising Brazilian nature and modernism, comprises eleven private villas and six suites. Additionally there will be the first 100% Brazilian spa in the country, as well a dramatic restaurant, private movie theatre, stables with Olympic standard horses, library and cookery school. The intimate retreat – a vision of owner Brazilian entrepreneur, Ricardo Semler – is the first of its kind in the country showcasing the best of Brazil with indigenous design, furnishings, culture, cuisine, and experiences. The architectural design is truly breathtaking incorporating huge river stone boulders, towering walls of glass and exposed steel offering expansive and unobstructed views of the valley.

The interior design has been curated by several of the country’s most revered interiors experts such as Adélia Borges and the furniture and artwork have been commissioned from some of Brazil’s finest emerging and established designers and artists to create a unique collection.

Overlooking the valley, the hotel’s eleven private villas and six suites are each individual in design. Each villa has an elaborate private garden measuring at least 600m2 whilst the suites are located in the main building around the spa and Mina restaurant. Daily room rates include food, Brazilian wines and wine tastings, minibar, beverages, all activities and experiences, gratuities and laundry.

Throughout the property, rare local materials have been used in the build such as locally sourced chocolate slate from a singular mine which only reaches the correct colour once every seventeen months. Three ton rocks from the local river have been used in the walls, natural-coloured stone, soaring triple height glass walls, and massive wood beams that have been reclaimed from 120 year-old farms in Minas Gerais.

Perched on the ridge, offering 180° views of the mountains and valley, Mina restaurant under rising star chef Gabriel Broide, will serve modern contemporary Brazilian cuisine with an all-Brazilian wine menu to match. The hotel will have a cult Brazilian wine cellar with a Reserve list featuring some of the most exclusive and iconic wines in the world. It will be one of the rarest collections of curated wines available.

Cut into the hillside, the eight-room 10,000 square foot Spa at Botanique is an all-Brazilian spa with signature treatments encompassing ancient native healing and relaxation rituals. Influences include afro-Brazilian and Native Indian treatments as well as Brazilian dance and martial arts. There will be eight specialised treatment spaces and relaxation suites as well as an indoor pool and dry and wet saunas.

Experiences include a forty seat cinema which transforms into a couple’s love seat for individual showings, Olympic standard horses in the stable, an outdoor swimming pool and soft bottom lake, tennis professionals and 600 thread count linens. There is a stone lined library that showcases the finest literary works of the country containing multi-lingual translations for all to enjoy. Furthermore guest luggage can be picked up the day before arrival from hotels in Sao Paulo, where it is unpacked, ironed and clothes hung in the suite and delivered again after a guest has left. The aim is to offer a genuine retreat, so much so, that no vehicles are allowed within 1km of the hotel. On arrival guests are whisked to the hotel in an electric buggy.

The guest experience begins the moment a guest books to stay at Botanique via the “Curador da Experiências.” One of the fifteen highly-trained Curadors becomes the point-person for the guest from before their arrival, through check-in, and though the duration of their stay in an unobtrusive and discreet manner. All guest communication regarding dinner reservations, wine tastings and arranging local activities is organized through the Curadors, as opposed to being outsourced to different departments of the hotel.

UK News

Due to a bank holiday there was no major data released in the UK, however sterling gained some ground against euro briefly on Friday to trade a high of 1.2671 before dropping to 1.2603 after US markets opened. After some choppy trading over the weekend the pair currently trade just below strong technical support at 1.26. A sustained break below this level could lead to another short term rally for the euro after last weeks increased confidence.GBPUSD traded generally downwards over the weekend after Fridays session’s high of 1.5869, we saw a steady decline to 1.5788 early this morning. After a sharp, but brief drop to 1.5752 cable has recovered to trade just below resistance at 1.58 again.

UK inflation is expected to now go back over 3% by the year end, which lessens the argument for more QE, Sterling may be able to shake off the recent poor economic data and be somewhat supported, especially versus the US dollar.

A survey showed today, Confidence of British businesses plunged over the summer, suggesting the economy will struggle to pull out of recession this year.
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International News

The euro hit a session low of 1.2535 against the dollar and markets speculate on whether another round of quantitative easing for the US could be around the corner. It is likely that political uncertainty and macroeconomic downside risk will drive market development. Attention is now tuned to the monetary policy meeting in the ECB on 6 September.

French president Francois Hollande said that while Greece must show its credibility by implementing austerity measures and reforms, Europe must also recognize efforts it has already made and help the country with growth.

German IFO Business climate figures came in slightly worse than expected and GBPEUR reached a peak of 1.2654 after the news against the weekend low of 1.2609. “The news clearly shows that Germany cannot escape unharmed if the rest of the Eurozone falls into a deep recession,” said Boris Schlossberg, MD of FX Strategy at BK Asset Management in New York. German GfK Consumer Confidence Survey has balanced this data somewhat, after coming out better than expected this morning and strengthening the euro by around 30 pips on release against sterling.
“Monetary policy should do what it can to support the recovery, but Sandra Pianalto, a voting member of the Fed remains increasingly hesitant over further QE. “We remain in a frustratingly slow economic recovery and there are limits to what monetary policy can accomplish”.

The FED comments continue to send out a mixed message on QE policy and perhaps Bernanke’s speech on Friday may provide some clarification.There is potential for huge disappointment if Bernanke doesn’t do something, after conflicting reports on what the Fed would do sent expectations spinning last week.

JPY strengthened after Japan cut its economic assessment, underlining the fragility of the global economy and fundamentally spurring demand for safer assets in the market – such as Japanese Yen and Swiss Franc. Japan’s currency weakened against all except three of its 16 major counterparts as Asian and European stocks declined. Japan’s government downgraded its assessment of the world’s third-biggest economy for the first time in 10 months and some analysts forecast that GDP will shrink this quarter. GBPJPY dropped to a 10-day low this morning of 123.69 after the news.

Canada’s dollar strengthened for a second day against its US counterpart. The loonie rose 0.2% to 99.07. GBPCAD dropped to a weekend low of 1.5613 this morning after trading as high as 1.5769 on Friday.

Australia’s dollar touched its lowest level in a month, extending a two-week decline. The Aussie fell against most of its major peers, AUDUSD declining 0.3% to 1.0369.

Four Seasons Hotels and Resorts celebrates a homecoming of sorts with the opening of a new 259-room flagship hotel in Toronto, Canada, where the company was founded more than 50 years ago. The opening is a significant milestone in a growth strategy that includes expansion in every corner of the world. “The new Four Seasons Hotel Toronto is a showcase for the next generation of Four Seasons experiences, helping to exemplify where we’re headed in the future,” says President and Chief Executive Officer Katie Taylor. “It gives us all a sense of pride to display the very best of Four Seasons, right here in our hometown.”

The global footprint of Four Seasons spanning five continents and 36 countries is the result of a development strategy with focus on the destinations its guests want and need to travel. In 2011, Four Seasons signed 14 letters of intent, more than any other year in the company’s history. Each new hotel that results from this process brings to life the best of the local culture, aesthetic and experiences, making each Four Seasons stay distinct and memorable.

China is one of the largest areas of focus for the company going forward, representing more than 20 percent of projected openings for the next four years. A new property in Guangzhou opened in July 2012, and additional hotels are set to open in Beijing and Shanghai Pudong in the coming weeks, as well as a hotel in Shenzhen in the near future. Four Seasons first entered Asia with the acquisition of Regent Hotels in 1992. After refining the Asian portfolio and rebranding Regent Hotels to Four Seasons, the company focused on opening branded hotels in major city centres and exotic resort locations throughout the region.

This Autumn, Four Seasons will also enter Sub-Saharan Africa, with the opening of the first of three properties, Four Seasons Safari Lodge Serengeti, Tanzania. Four Seasons Safari Lodge will be a unique opportunity for the brand in an exciting new destination. Located within Tanzania’s Serengeti National Park, the UNESCO World Heritage Site covers 14,763 square kilometres (5,700 square miles). The landscape features the largest concentration of plains animals in Africa, and is acclaimed for the best game drives and abundant year-round wildlife. Additional new properties are planned in Ngorongoro Conservation Area and on the island of Zanzibar.

The Oetker Collection, an inspiring selection of masterpiece hotels, is delighted to announcean exclusive partnership with Guerlain – one of the oldest perfume houses in France. The collaboration will be for future joint development and will see Guerlain spas accompany the expansion of new masterpiece hotels worldwide. Palais Namaskar, which opened outside Marrakech in April 2012, will be the first to benefit from this new partnership.Founded in Paris in 1828, Guerlain has established a refined image of luxury, which is recognised across the perfume industry. It has also gained great reputation in spa and beauty institutions worldwide, following more than 180 years of experience in the development of beauty products and treatments. The prestigious French brand now maintains a select network of spas in prime cities worldwide, including New York and Tokyo. The latest development at Palais Namaskar will be Guerlain’s first opening in Morocco.

Located 20 minutes away from the vibrant Marrakech medina, and commanding more than 12 acres of pristine seclusion, tranquil lakes and inspiring panoramas, the five-star Palais Namaskar explores new dimensions in hospitality. Inspired and influenced by the essential principles of Feng Shui, every aspect of the hotel, and Le Spa Namaskar, revolves around the three fundamentals of purity, energy and balance.

With a philosophy that complements Le Spa Namaskar, Guerlain uses natural raw materials to create exquisite fragrances and products. Signature treatments will include the Orchidée Impériale Prestige Treatment to redefine facial contours and rediscover youth, and the Terracotta Treatment – a body massage using Terracotta Huile du Voyageur, a Mediterranean tradition revisited by Guerlain.

Following the partnership with Palais Namaskar, the Oetker Collection and Guerlain are exploring opportunities for future hotel openings worldwide, including Le Bristol Abu Dhabi, the next masterpiece hotel from the Oetker Collection.

MGM Resorts International and Morgans Hotel Group have announced an unprecedented partnership to introduce Delano Las Vegas, an all-suite hotel at Mandalay Bay. After completing a property redesign, Morgans Hotel Group’s signature luxury brand will come to life in place of THEhotel in late 2013.This strategic brand partnership marries the traditions of excellence from both of these leading hospitality companies. Delano Las Vegas will be managed by MGM Resorts under a long-term licensing agreement with Morgans Hotel Group.

As Delano’s second outpost in the United States, Delano Las Vegas will transport the iconic brand from the shores of South Beach to the Las Vegas Strip. Once completed, guests will experience the Delano lifestyle, and its unique blend of effortless luxury and impeccable service at the world-renowned Mandalay Bay.

In addition, Morgans Hotel Group plans to introduce several new food and beverage concepts at Mandalay Bay to be managed by The Light Group. Venues will include a casual American bistro by Chef Brian Massie, a Japanese dining destination by celebrity chef Akira Back and a new vision for Red Square. The Light Group will once again reinvent Las Vegas nightlife with a revolutionary nightclub. All venues are scheduled to open in 2013.

Built on an ideology centred around unique guest experiences and the feelings those experiences conjure, no two Delano properties will ever be the same. Each location will adapt to its surroundings, providing exclusive experiences that combine superior service with high-energy night and daylife, as well as an unmatched standard of fine dining. Delano enthusiasts from around the globe can expect the same attention-to-detail, premier service and quality experience at Delano Las Vegas as its iconic South Beach predecessor.

Each of the property’s 1,100 all-suite accommodations will be redesigned in keeping with the Delano personality. Rounding out the Las Vegas experience will be the transformation of the destination’s public spaces including bars, lounges, spa, and restaurants, with additional details to be released in the coming months.

A five year, full renovation of the Boston Marriott Copley Place has been completed, it was announced recently. From guest rooms, to meeting space, lobbies and restaurants, to health club and pool areas, this landmark hotel has been entirely re-imagined and re-designed. All 1,100 spacious guest rooms and 47 luxurious suites have been transformed into calming retreats with Marriott Hotels & Resorts Refreshing Mint interior design, inspired by nature. The crisp décor palette combines splashes of mint green with rich chocolate brown hues. New lighting, artwork, desk chair, wall coverings, window treatments, and bath amenities combined with technical necessities, such as wired and wireless internet connection, 37” HDTVs, laptop safes and mini-refrigerators, create a stylish and thoughtful guest room. The hotel’s Concierge Lounge has also been significantly expanded and updated to provide the utmost comfort, convenience and high level of service.

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Accor will launch its pioneering economy hotel brand, Ibis, in Adelaide following the signing of an agreement with hotel developer and investor, Hines Property, who will develop a new hotel in the heart of the Adelaide CBD. The $65 million hotel development, which received planning approval in March this year, will be located in a prime location on Grenfell Street which houses many of the major corporate institutions and also enjoys immediate access to the shopping precinct of Rundle Mall and leisure based attractions in the city. The new hotel will reach 17 levels to the Adelaide skyline with panoramic views over Hindmarsh Square and to the Adelaide Hills.

Timing of the development will coincide with the opening of the expanded Adelaide Convention Centre and redevelopment of Adelaide Oval with construction planned to commence later this year with a scheduled opening early in 2014.

With 307 guest rooms, Ibis Adelaide will be the largest Ibis Hotel in Australia and will be a major boost for Adelaide’s tourism sector which is dominated by 4 and 5 star hotels. The hotel will also be the first purpose-built economy hotel in the CBD for over two decades and the first internationally branded hotel of its type to open its doors in Adelaide.

The Ibis Adelaide will join a network of Ibis Hotels across every other mainland state capital in Australia and will join a network of over 900 Ibis hotels worldwide. The announcement of the new Ibis in Adelaide follows Accor’s decision earlier this year to give its Ibis brand “megabrand” status, creating three tiers for the brand – Ibis Budget, Ibis Hotels and Ibis Styles.

The Ibis brand is the biggest economy hotel brand in the world, with Ibis Adelaide joining a global network that includes cities like London, Paris, Berlin, Rome, Dubai, Bangkok, Shanghai, Singapore, Hong Kong, Jakarta and Auckland.

“This will be a key development for Adelaide,” said Chief Operating Officer Accor Pacific, Simon McGrath.

“The economy hotel sector is the fastest growing market in global travel, and is set to grow even faster with the rapid expansion of low-cost carriers. Many other hotel groups have talked about developing economy hotels in Australia, but only Accor has delivered the product. We expect to announce another major new Ibis project later in the year.

“What is different about Ibis is that it has invested extensively in giving a premium economy experience. Ibis hotels are quite different from 3-star hotels of just a decade ago, with the brand offering premium bedding, very contemporary design and outstanding use of space, so that we can offer a quality product but at a genuine 3-star price.

“The hotel’s launch will stimulate travel from a range of sectors, but particularly business and leisure travel. The brand is known around the world and particularly in Australia’s key Asian markets such as China, Indonesia, Singapore and India. A state of the art Ibis will open in a few months in Hong Kong and this will give the brand even greater visibility in the burgeoning Asian market, added Mr. McGrath.

Hines Property is no stranger to hotel development having recently completed the award winning $100m Crowne Plaza Adelaide hotel. The company has also developed numerous other apartment projects and hotel projects in Adelaide.

“The Adelaide Hotel market has a predominance of older style properties operated at the four and five star level and there is an evident gap in the market for both new hotels and those which are operated at the premium economy level. Traditional hotels have so many underutilised guest services and facilities which ultimately increase room rates charged to guests. At Ibis Adelaide we won’t be offering shoe shine services and room turn downs but we will be offering a hotel of high quality and design. By limiting services to those which are essential to our guests we will be able to offer extremely competitive and compelling room rates in an excellent location which is ideal for both corporate and leisure travellers.

“We have been through a rigorous hotel operator selection process and we have appointed Accor to operate this hotel as they are widely regarded as one of the global leaders in managing economy hotels,

”We expect Ibis Adelaide to set the standards for premium economy hotel accommodation in Australia,” said Hines Property Managing Director, James Hines.

Ibis Adelaide will offer guests restaurant and bar facilities, a fitness centre, business centre, guest lounge, conference and meeting space and comprehensive Wi-Fi coverage throughout the hotel.

The launch of Ibis Adelaide will build on Accor’s already substantial presence in South Australia, complementing hotels such as Mercure Grosvenor, Sebel Playford, Rockford Adelaide, Grand Mercure Mount Lofty House and Novotel Barossa Valley Resort.

IHG (InterContinental Hotels Group), announces the opening of the first Candlewood Suites hotel to include the brand’s new interior design package, created with graduate students at Savannah College of Art and Design (SCAD), one of the nation’s top interior design schools. The overall design concept for Candlewood Suites hotels is called “Haven,” which captures the essence of the Candlewood Suites brand and conjures thoughts of rest, refuge and sanctuary. Within the concept are two distinct, yet complementary, design schemes that are light, clean and refreshing. The “Nest” scheme, with earthy green hues, is featured at the North Little Rock hotel, and “Harbor” features warm blue colours. The new designs also feature sustainability, flexibility and storage; the latter two are especially important to extended stay travellers, who live in hotels for weeks or months at a time. This project follows the highly successful redesign of the Staybridge Suites standardized room décor by SCAD students in 2009.

Guests at the Candlewood Suites North Little Rock North can take advantage of the just-like-home amenities available at all Candlewood Suites hotels, including complimentary high-speed Internet access, free local phone calls, free on-site guest laundry and a 24-hour fitness centre. Unique to Candlewood Suites, guests can also enjoy the convenience of the Candlewood Cupboard®, where a variety of beverages, breakfast items, snacks, frozen entrees and sundries can be purchased on the honour system at any time and where guests can enjoy complimentary Maxwell House coffee around the clock. The North Little Rock hotel will donate all proceeds from the Candlewood Cupboard to the brand’s charity of choice, Give Kids the World. Additionally, guests of the Candlewood Suites North Little Rock can visit the free Lending Library, where movies are available for use in guestrooms, which all feature a flat screen television with DVD player.

The Candlewood Suites North Little Rock features the brand’s new Lending Locker concept, currently in pilot mode. Guests can borrow commonly needed items that they can’t typically travel with, like extra lighting, small kitchen appliances and desk fans. Like the Candlewood Cupboard, the Lending Locker is run on the honour system.

Candlewood Suites guestrooms feature studio or one-bedroom suite floor plans with a full kitchen, comfortable recliner, large workspace with desk chair and overhead lighting.

The new property is located near Springhill Baptist Hospital, Pulaski Technical College, L’Oreal Maybelline Company and Remington Arms and is just minutes from the downtown Little Rock and Little Rock National Airport.

UK News

Sterling hit a three-month high of 1.5912 against the dollar on Thursday, tracking gains in other perceived riskier currencies. While a small pullback looks like the next step GBPUSD is firmly in an upwards trend.As the Bank of England continues to endorse a wait-and-see approach for the near-term Sterling may remain supported. Although, we continue to look for strength or weakness in USD and EUR as the key drivers.

GBPEUR showed signs of a potential move to the bottom of the range at 1.2580 hitting a day low of 1.2620.

U.K. mortgage approvals rose in July from the previous month to 28,441, the British Bankers Association said today however approvals are down from 34,125 a year earlier.

CBI figures which indicate short-term trends in the UK retail and wholesale distribution sector, showed a huge drop from 11% in July to -3% in August.
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International News

Euro traders’ sensitivity to disappointing economic data remains absent, yesterdays PMI figures showed a steady contraction in the euro zone but had little effect on the strength of the euro

EURUSD climbed as high as 1.2588, the highest level in 7 weeks, after the FOMC minutes weighed on the dollar and traders still hold optimism to potential ECB intervention and meetings over Greece. Any further upside may be capped by resistance at 1.2607.

Euro-area services and manufacturing output contracted for a seventh straight month in August, adding to signs of a deepening economic slump as European leaders struggle to contain the fiscal crisis. The PMI figure of 46.6 was a slight improvement on the 46.5 in July, however still shows a contraction if under 50.

Consumer confidence in the U.S. fell for the 6th consecutive time to -47.4. This was the lowest level since January, and the series of declines is the longest since 2008 as Americans’ held more pessimistic views on their finances.
Federal Reserve Bank of St. Louis President James Bullard said the Federal Open Market Committee minutes released yesterday are no longer as relevant because the U.S. economy has picked up in the past month.

The worst U.S. drought in a half century and record feed prices are spurring farmers to shrink cattle herds to the smallest in two generations, driving beef prices higher.

In Australia RBA Governor Glenn Stevens continued to talk up the Australian dollar with his belief that Australia will see growth and inflation close to trend going forward.
In Asia, new orders in Chinese manufacturing dropped to a three-year low.

Hilton Aberdeen Treetops has announced it will undergo a £425,000 refurbishment programme, expected to be completed by autumn 2012. The hotel will remain in operation throughout the works.Hilton Aberdeen Treetops located on Springfield Road will receive a complete overhaul of its bedroom corridors. 30 bedrooms including eight of the property’s deluxe plus business bedrooms will be upgraded and refurbished. The hotel business centre will also be refurbished to create a brand new lounge area with 24 hour beverages available. The hotel is also spending £75,000 upgrading kitchen and catering equipment.

Stewart Lorimer, area general manager for North of Scotland, said, “This is just the latest in an ongoing programme of upgrades we have undergone at the hotel to ensure we remain a key player in attracting both business and leisure visitors to the city. Aberdeen’s hospitality sector continues to play a vital role in the economy of the city and we’re delighted to continually improve our proposition for busy business and leisure guests.”

Seven of the hotel’s meeting rooms will be refurbished giving a new dynamic look to these areas which are a popular choice for meetings and conferences in the city.

The refurbishment follows a £400K programme of work last year which included a revamp of lobby lounge areas, reception space, restaurant and ballroom. The renovation is part of a larger scope of major projects by individual hotels above standard annual capital expenditures across the global portfolio of Hilton Hotels & Resorts, the flagship brand of Hilton Worldwide. Beginning in 2011, the projects currently total more than $3 billion during a three year period.

Hilton Aberdeen Treetops is situated just 10 minutes from the city centre and only 20 minutes from Aberdeen Airport. The 120 room hotel hosts nine meeting rooms with capacity for two to 1,000 people. Delegates can relax by taking advantage of the hotel’s LivingWell Health Club with indoor heated pool, sauna, gym and beauty spa. Guests can enjoy a delicious meal in the revitalised Springfield’s Restaurant or watch live sports on the 6ft screen in high definition in the hotel’s relaxing Springfield’s Bar area.

UK News

The daily close over the magical resistance level of 1.5780 was the first sign of a potential move higher for GBPUSD, even with the technical set up firmly in place few expected a 100 pip rally following last night’s FOMC minutes that firmly places U.S QE back on the table in September. An expected higher revision in tomorrow’s UK GDP data should help to keep cable supported today. The UK’s recent poor trade deficit figures have put our fiscal policy firmly in the spotlight with a number of current and old MPC members adding personal comments over the past 24 hours. The measures put in place to protect our AAA credit rating status may have started to create the opposite effect as government borrowing figures miss targets.

GBPEUR remained in consolidation yesterday opening at the low of 1.2641 to reach a high of 1.2693. Future direction continues to look like it will be driven by developments in the euro zone, allowing the pair to shrug off the normal effects of domestic data.

GBPCAD maintained its recent upward trend to a hit a high of 1.5696, the highest since 1st August. GBPAUD continued to move higher touching 1.5144, the highest since July 25th.

BBA data has this morning showed that UK mortgage approvals rebounded in July from their low in June.
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International News

Yesterday’s August FOMC minutes revealed a high number of members judged additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery. Recent improved U.S data had scaled back expectations of further involvement from the FED. Bernanke’s speech at Jackson Hole next week is now extremely important as the markets look for confirmation of the prospect of QE in September.

EURUSD continued a remarkable recovery from recent multi year lows. Closing the New York session at 1.2529 following the release of the FOMC Minutes. The pair is now showing signs of being overbought so a retracement could occur before any push higher with 1.2650 now being the next target in an optimum environment.

CAD weakened off the back of lower than expected Retail Sales data and moved back towards parity with USD. BOC Governor Mark Carney reiterated its mildly hawkish stance, viewing that modest withdrawal of stimulus may be appropriate. Last month the BoC voted to keep its interest rates unchanged.

Hong Kong will pioneer the sale of Chinese RMB futures contracts, the first offshore futures contracts deliverable in the Chinese currency on 17th September, hoping the plan will give it a larger role in the city’s exploding yuan market as China works to internationalize its currency.

Germany, the champion of the euro area, sold over EUR4bn bonds dated for maturity September 2014 at rates meaning investors will receive no return. This reflects not only the demand for safety but also enthusiasm for potential exposure to a comeback of the Deutsche mark. If it were to make a comeback, any new Deutsche mark would be expected to appreciate quickly.
Egypt has formally requested USD4.8bn from the IMF, according to a presidential spokesman. Ms. Lagarde has yet to respond to the request and met cabinet officials yesterday to continue the discussions.

The leaders of Germany and France are set to hold talks in Berlin on whether to give Greece more time to make the cuts required by its debt bailout. German Chancellor Angela Merkel and French President Francois Hollande will also meet Greek Prime Minister Antonis Samaras later this week. Mr Samaras is seeking an extension of up to two years. The talks come amid reports that due to the worsening state of the economy, which affects tax receipts and welfare spending levels, Greece may now need to find savings of up to 13.5bn euros – 2bn more than thought.

German PMI services unexpectedly declined for the first time in 3 years this morning. While Europe’s flash PMI did nothing to challenge the notion that the single currency area is now firmly in recession.

Hilton Worldwide has announced the official name of its first Waldorf Astoria hotel in Latin America – Waldorf Astoria Panama. Formerly known as The Panamera, A Waldorf Astoria Hotel, the new designation brings the distinguished brand name to the forefront, reflecting the hotel’s commitment to the service and hospitality that are synonymous with the name Waldorf Astoria. Waldorf Astoria Panama is on schedule to open this year.“The Waldorf Astoria name is known throughout the world as representing the best in luxury and hospitality,” commented Danny Hughes, senior vice president, Caribbean, Mexico and Latin America, Hilton Worldwide. “Placing the brand prominently at the front of the hotel name reinforces our commitment to deliver unparalleled service and quality at this first ever Waldorf Astoria hotel in Latin America.”

Located steps away from Calle Uruguay, in the heart of the entertainment area, Waldorf Astoria Panama is approximately 25 minutes from Tocumen International Airport (PTY) and two blocks from the city centre and financial district. Within walking distance of Cinta Costera, one of Latin America’s best running and walking trails overlooking the Pacific Ocean, the luxury hotel is just 20 minutes from the Panama Canal and 10 minutes from the historic centre known as Casco Viejo.

Featuring 248 guest rooms and luxury residences, Waldorf Astoria Panama will boast an exquisite elegance displayed throughout the hotel’s public areas and accommodations. Rooms will be tastefully designed featuring the finest linens and amenities, including spacious marble bathrooms with walk in rain showers. The property will also offer an array of recreational facilities including a 2,000-square-foot fitness centre by Life Fitness, a 2,000-square-foot spa and an outdoor swimming pool with mosaic gold tiles.

For the perfect meeting environment, the hotel will feature Level 5, a multi-event venue for meetings and social gatherings where Manhattan penthouse design blends with a trendy Latin American ambiance. The more than 3,500 square feet of meeting space includes three multi-purpose meeting rooms and a ballroom, complemented by a versatile business centre where guests can access a variety of services.

Featuring four distinct restaurants and bars, Waldorf Astoria Panama, will tempt guests with Peacock Alley, a sophisticated and intimate lobby bar; Ginger, an authentic and exotic lounge and sushi bar that incorporates ginger in its Asian specialty menu; Bungalow Terrace & Pool Bar, a welcome oasis in a relaxing poolside atmosphere; and Brasserie Brillo, a casual all day dining restaurant perfect for a fresh meal made with local ingredients.

UK News

The UK released weak Public Sector Net Borrowing data which suggests the UK economy is slowing down and the euro was given a boost after Spain had a positive bond auction.After reaching a high of 1.2729 during the morning GBPEUR has since fallen to the lowest level in almost two weeks. US markets opened yesterday, and the pair posted an overnight low of 1.2641 after being dragged down by EURUSD movements created from more support on buying Spanish bonds.

The UK government unexpectedly had to borrow money in July, traditionally a good month for tax receipts, further knocking Chancellor of the Exchequer George Osborne’s efforts to rein in the budget deficit. Fitch Ratings Agency responded and repeated comments from earlier this week that the UK’s triple-A rating could be at risk if the government diverges from its plan to cut the country’s budget deficit.

UK manufacturers expect to hold output levels steady over the coming three months as new orders sank to the lowest level in 2012, reflecting a steep drop in overseas demand.

Sterling benefitted from increased investor risk appetite and broke out of its range bound activity seen since early July. GBPUSD reached a high of 1.5802, a level not seen since May 22nd, the next key resistance level can be seen at 1.5818 and strong technical support at 1.57 could provide a solid platform for a higher trading range from 1.57-1.59.
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International News

The euro rose to six-week highs against the dollar and yen before regional leaders meet this week to discuss Greece’s fiscal adjustment program amid optimism in the markets that the European debt crisis is starting to be contained.
Fitch Ratings Agency said the weakest Eurozone countries were likely to face rating downgrades by the end of the year if there was no progress made on finding a resolution to the Eurozone crisis.

The EURUSD rallied to a fresh monthly high of 1.2487 as ECB board member Jorg Asmussen endorsed an unlimited bond purchasing program to tackle the debt crisis, news was also leaked that Greece may get an extension to meet its budget target as European leaders convene this week.

Spain sold €4.5bn of 12 and 18 month bills. The average yield on the one-year securities was 3.07%, compared with 3.92% at a previous auction on July 17.

The US dollar weakened against all but one of its 16 major counterparts before a report today which is forecasted to show US home sales improved last month.

Canadian wholesale sales shrank unexpectedly in June, the first drop in five months, yet Canada’s dollar appreciated to the highest level since May against the USD of 1.0148 as crude oil and global stocks gained amid speculation Europe’s debt crisis won’t deepen.

Sweden’s krona gained as a central bank official said economic growth has been “unexpectedly” strong this quarter and the currency has strengthened more than estimated. The central bank has cut rates twice since December as Europe’s debt crisis begins to threaten an expansion in the largest Nordic economy.

The South African rand gained for the first time in three days on speculation euro leaders will make progress on Greece’s debt crisis, stoking demand for riskier assets such as ZAR. GBPZAR had advanced over 3% in a week to trade at a 3 week high at 13.10 yesterday.

Exports in Japan fell more than expected. Key among the various measures the decline since July last year was 8.1%, a decline of 2.9% was expected. The global slowdown has hit the Japanese economy hard and GBPJPY hit 125.49 yesterday, the highest level in six weeks.

Hilton Worldwide has recently celebrated the opening of its first dual branded property in the U.K., the Hilton and Hampton by Hilton at St. George’s Park, The Football Association’s (FA) new National Football Centre in Burton upon Trent. Dubbed the new home of English football, St George’s Park is the FA’s multi-million pound development with world-class training and development facilities designed to nurture a new generation of world class performers. Hilton and Hampton by Hilton at St. George’s Park offer sports, business and leisure guests a host of options all under one roof in the shape of a 142 bedroom upscale Hilton Hotels & Resorts hotel, and an 86 bedroom Hampton by Hilton for the value wise guest. This is the 11th property for the Hampton by Hilton brand in the UK, ahead of a further 11 in the pipeline.Both hotels showcase iconic design, incorporating sustainable elements such as rainwater harvesting and a sleek, modern look and feel. Their interior designs draw inspiration from St. George’s Park’s footballing identity with limited edition prints, paying homage to greats of the English game, displayed both in guest bedrooms and public areas.

Hilton at St George’s Park, Burton upon Trent offers upscale accommodation with 91 standard guest rooms, 41 executive rooms and 14 suites. Hampton by Hilton at St. George’s Park, Burton upon Trent provides 86 air-conditioned guest rooms, fitness room, 24/7 snack area, complimentary hot breakfast and contemplation room. Conferencing facilities are extensive thanks to a 500 seat conference room (convertible to a 400 capacity ballroom) 250 seat education zone featuring state of the art meeting, tutorial and seminar rooms and a 90 seat lecture theatre.

Guests can enjoy the stunning countryside location and wonderful views across the 330 acre site as they relax in the aptly named bar and lounge area, The Crossbar, or enjoy a meal in The Restaurant at St. George’s Park. This 66-seat brasserie offers a hearty British menu showcasing the best quality food, freshly prepared from seasonal, locally sourced produce and can cater for additional private dining for up to 68 guests.

The wider complex boasts upscale fitness and health facilities, which will include a range of services available to both hotel guests and local residents. The Health Club & Spa at St George’s Park will offer the very latest fitness and spa facilities as well as an indoor pool and relaxation area. The Spa, which includes four treatment rooms, will offer a luxurious experience with a Comfort Zone bespoke menu of services, exclusive to the Health Club and Spa at St George’s Park.

In addition, all facilities offered to guests at the neighbouring Hilton at St George’s Park will also be made available to those staying at the Hampton by Hilton property. An ample car park boasts 350 spaces, shared with the St. George’s Park training facility, while both hotels offer complimentary Wi-Fi throughout.

UK News

The Bank of England, which cut its growth forecasts this month, is trying to kick-start lending to bolster the economy after the recession deepened in the second quarter. Still, the housing market may remain under pressure as weak consumer confidence and the euro-area debt turmoil undermine demand.The Council of Mortgage Lenders showed yesterday that UK gross mortgage lending increased in July from June, continuing the unsettled pattern of monthly rises and falls as one-off effects alter the market on a monthly basis.

Cable continued to test the top of the trading range during yesterday’s session driven by the market’s mood swings amid reports and denials over an ECB bond-buying plan. This morning GBPUSD has hit a two month high of 1.5775. A close above this number will open up 1.5900 as a target however with more than five failed attempts to do this recently another fail will not be a surprise.

Following Fridays gains GBPEUR remained above 1.27 for most of the day yesterday, hitting an afternoon high of 1.2763 before settling around 1.2740 towards the late afternoon. Overnight some of yesterday’s good performance was lost; GBPEUR retreated and opened this morning around 1.2690.

This morning public sector net borrowing came in below forecast continuing the deterioration seen over the past few months.
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International News

The euro slipped as the Bundesbank argued against an unlimited bond purchase program to cap borrowing costs across the periphery countries, while a spokesman for the European Central Bank announced that plans to target the yield curve has ‘not yet been discussed’ by the Governing Council.

In very similar trading to the close of the week last week EURUSD had a positive morning, opening at 1.2354 the pair quickly hit the day’s high at 1.2368 but sharply fell 0.27% to the low of 1.2296. It was halted by strong resistance at 1.2288 and closed the day just over the 1.23 mark. Overnight the euro retraced some of those losses and opened this morning fractionally over 1.24.

Yields on Spanish and Italian bonds dropped to a six-week low yesterday on speculation leaders will agree on a plan to contain the debt crisis. Spain was quoted 23 basis points lower at 6.16%, while Italy was quoted at 5.72% down nine basis points

The Australian dollar rose against all of its major counterparts before Europe’s leaders meet this week to discuss measures to stem the region’s debt crisis. The AUD strengthened versus the USD and JPY on prospects the European Central Bank will try to cap bond yields in the euro area, supporting investor appetite for riskier assets.

After the RBA Minutes released last night, AUD added to yesterday’s gains against most of its major peers as the Reserve Bank of Australia made no mention of intervening to curb the currency’s strength, which has persisted despite a decline in the terms of trade. GBPAUD is currently trading below 1.50 at 1.4986.

New Zealand Inflation Expectations (YoY) from the RBNZ decreased to 2.3% in 3Q from a previous 2.4% showing little change. The ongoing muted inflation expectations will add to the view that the RBNZ has plenty of time on its hands before it needs to contemplate a rate hike.

Canada’s dollar held near its strongest level versus its US counterpart in more than three months amid improved US economic growth prospects and speculation European officials are moving closer to curbing their sovereign-debt crisis. The currency gained 0.2% last week, marking the sixth consecutive weekly gain.

The Polish economy, after many quarters of resilience to the Euro zone’s crisis, has shown signs of slowing this year, with the economy expanding 3.5% in the first quarter compared to 4.3% in 2011.

Hilton Worldwide has opened the newly-renovated, upscale, full-service DoubleTree by Hilton Goa-Arpora-Baga, the third DoubleTree by Hilton hotel in India on the 15th August 2012. Located in a quiet setting, the 105-room hotel is located centrally just a few miles from the picturesque Baga and Anjuna beaches. Ingo’s Saturday Nite Bazaar and Splash Water Park are both within walking distance from the hotel, and the Anjuna Flea Market also is close, making the hotel a comfortable and convenient base from which to explore the breathtaking coastline of North Goa. Formerly known as Riviera De Goa, DoubleTree by Hilton Goa-Arpora-Baga marks its new affiliation with a range of refurbishments that include refreshed guestrooms and public spaces, extensive landscaping, a new business centre, up-to-date technology and an enhanced dining experience at the new restaurant Flame, which offers an extensive menu of Goan, Indian, Chinese and Italian delicacies.

Owned by Riviera De Goa Resorts and Hotels Private Limited and managed by Hilton Worldwide, DoubleTree by Hilton Goa-Arpora-Baga features spacious and comfortable guestrooms, most with a private balcony or patio and an expansive lagoon or pool view. All guestrooms are equipped with wired and wireless internet access, HD LCD satellite television, electronic safe, refrigerated private bar, in-room tea and coffee making facilities, radio alarm clock with MP3 player connection, iron and ironing board and a refreshing collection of Crabtree & Evelyn citron bath and body products. Additional amenities include 24-hour in-room dining, laundry and concierge services.

In addition to Flame, dining options at the hotel include Caffeine, an all-day café that serves a range of patisserie items, light snacks and freshly brewed tea and coffee. CoBar is the poolside bar and restaurant which presents a selection of light snacks and beverages.

Appreciating the needs of today’s travellers, the hotel features 3,000 square feet of flexible conference and banqueting facilities that can accommodate up to 200 people and is ideal for business meetings, conferences, trainings, seminars, social gatherings and private receptions. For guests who wish to keep up with their workout schedule, DoubleTree by Hilton Goa-Arpora-Baga offers a fitness centre and an outdoor swimming pool.

UK News

GBPUSD remained range bound on Friday posting a high of 1.5738 and a low of 1.5675. As the afternoon progress the pair approached the 1.5668 support level as positive US data helped the dollar. The pound has strengthened over the weekend to open back over 1.57, with no significant data out today the pair is likely to be traded on risk sentiment only, the next key resistance level to watch for is 1.5732 and support still remains a t 1.5668.GBPEUR started the day falling from 1.2720 as the euro continued to strengthen, the pound found support at 1.2690 before comfortably moving above 1.27, finishing at 1.2744 for the day. The pound opened today just over 1.27 with support seen at 1.2694 and resistance on the upside at 1.2758.

Ratings agencies Moody’s and Fitch have again warned that they may downgrade the UK from triple-A status if government borrowing and debt rose higher than forecast – which looks increasingly plausible

According to Rightmove, UK home sellers cut asking prices by a record for the month of August after the London Olympic Games and an uncertain economic outlook distracted potential buyers. Average asking prices in England and Wales fell 2.4% from July, when values declined 1.7%, also dropping 1.2 % in London.
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International News

On Friday in the US, Preliminary Consumer Sentiment, a leading indicator of consumer spending unexpectedly rose to 73.6 against a forecast of 72.5 leading to the US dollar strengthening against most of the majors in afternoon trade.

EURUSD started the day at 1.2345 and quickly rose to 1.2365 as Spanish bond yields edged lower again to 6.48% helping the single currency. The trend reversed after the US consumer data release and the pair fell to a low of 1.2309 near the end of Friday’s trading. Over the weekend the euro has strengthened to open Monday’s around 1.2350 approaching resistance levels of 1.2380 and 1.2428.

According to a report by Bloomberg, German Chancellor Angela Merkel seems to be considering relaxing Greek bailout conditions. Lately, Germany has been divided by two opposite poles that may compromise Greece’s future within the Eurozone or lead to further policy easing and growth attempts

Global share markets continue to confound conventional wisdom and are once again trading up on the day. Resilient share markets often correlate with a weakening off of the safe haven US dollar.

Canada’s consumer price index advanced 1.3% in July versus a 1.5% gain last month. The Canadian Dollar declined against its US counterpart for the first time in four days to $1.0111 as inflation slowed, adding to evidence the nation’s economy is moving away from full capacity

Australia’s dollar declined against all of its major peers after the nation’s treasury said the central bank would be able to ease monetary policy if the currency’s gains are hurting the economy. It currently trades at 1.5065 against the pound.

Emerging nation Brazil has announced plans to indulge in a Keynesian-style demand expansion scheme, which will see over US$60bn spent over the next quarter of a century on the country’s infrastructure.

This morning, the Leading Economic Index in Japan that shows the performance of the Japanese Economy over the short and mid-term came out at 93.2 compared to a previous figure of 95.2

Westin Hotels & Resorts announces that it is applying its industry leading, design-driven approach to the new public space design, allowing travellers to stay balanced, refreshed and connected on the road. Designed with guests’ well-being in mind, the new lobby concept serves as a modern-day oasis for today’s demanding travellers by incorporating natural design elements, flexible and functional zoning and conveniently-located retail and grab & go areas. Westin’s new public space concept is currently on display at Westin Gaslamp Quarter in San Diego and will continue to roll out at participating properties worldwide throughout 2013. Five additional hotels are slated to feature the new concept this year including Westin Indianapolis, Westin Boston Waterfront, Westin Birmingham, Westin Georgetown and Westin Bethesda.Vertical Gardens Offer a Breath of Fresh Air

The Vertical Garden is a unique focal element of the new Westin lobby concept and was designed not only to improve indoor air quality, but also to create a calming, more natural environment. Although vertical gardens exist in other boutique hotel properties, Westin is the first global brand to incorporate these structures in the lobby space throughout its global portfolio. The brand’s in-house design team, led by Erin Hoover, Vice President of Design, was inspired by research conducted by NASA scientists who discovered that growing plants indoors relieves stress while also helping to clean the air. The design team was also motivated by multiple studies of biophilia which indicate that the integration of nature into design results in a range of health benefits, including lower blood pressure, enhanced mental stamina and elevated moods. As the first international hotel brand to go smoke-free in 2006, Westin decided to partner with Ambius, the premier global interior landscaping provider, to create these “living walls” that function operationally in the hospitality environment and further the brand’s commitment to ensuring that guests leave feeling better than when they arrived.

Ranging from 100 to 300 square feet, each Vertical Garden is custom-designed and integrates wall-mounted plant modules with infill panels of unique textured materials inspired by the interior architecture and the location’s regional identity. Experts from Ambius work with Westin’s Brand Design Team and the individual properties to determine which plants are best suited for their lobby space, depending on the amount of natural and artificial light, as well as the location’s natural climate. These range from low- and mid-light plants including Variegated Philodendron, Golden Pothos and Dallas Ferns, to high-light plants such as English Ivy and the Purple Waffle Plant, all selected by the design team for their detoxifying, high-oxygen producing properties that improve overall air quality. Some of the systems are also designed with a UV filter, allowing for the use of grey water and therefore providing an even further positive impact to the environment over the life-span of the Vertical Garden.

Sensory Welcome = Energizing Haven

Upon arrival in the new lobbies, guests are transported from the everyday and are greeted with a unique balance of calm and energy, beginning with a more customized experience at the new Westin check-in pods. These free-standing structures replace the outdated hotel check-in desk and are ergonomically designed with work surfaces at optimum heights and a more spacious, personal guest interaction area. Westin’s signature white tea scent, combined with custom music, calming tonal colours and soft, atmospheric lighting creates a fresh and soothing ambiance. A new back-lit feature wall, on display behind the check-in
pods, was created by transferring one of Westin’s 28 X-ray nature images onto a solid core material, creating soft visual texture and subtle movement. This new relaxing arrival zone allows travellers to let go of their stress and enter an inviting, uplifting space that helps them stay balanced, refreshed and ready to achieve.

Re-Imagined Zoning Creates Opportunities for Working and Playing Well

Whether enjoying downtime with friends and family or conducting an impromptu meeting with colleagues, Westin’s new lobby concept provides guests opportunities to both work and play well through new zoning. The Dock is an active, adaptive space ideal for meetings, browsing the internet or engaging in conversation. Consisting of meeting tables designed with connectivity in mind, The Dock features conveniently located power outlets, integrated lighting and easy access to computers and printers. Thoughtfully designed seating zones have also been created to meet the needs of modern travellers, with power panels built into side tables for easy accessibility. Flexible spaces can easily transform in order to accommodate varying levels of interaction and intimacy, from semi-private meetings to casual gatherings with friends. New acoustic and architectural screens have also been added to improve sound control and help create a more intimate setting.

Grab & Go Café and Westin Retail Store Create Natural Flow of Activity

Conveniently located in the Westin lobby adjacent to the new seating zones, the Westin Grab & Go Café and the signature Westin retail store make it easy for guests to grab a quick bite or finish up their last-minute shopping. The Westin Grab & Go Café will vary at each
property, ranging from an enclosed café space with a heavenly sky light and a central communal table to a transitional café/bar experience that adjusts to a lively, engaging lobby bar experience in the evening. Taking a page from its sister brand W Hotels & Resorts, credited for innovating the hotel retail experience, Westin will also debut a signature retail store, offering a curated selection of Westin innovations, including Heavenly® bedding, bath products and white tea scented products for the home.

Source: Starwood Hotels & Resorts Worldwide, Inc.

Louvre Hotels Group, affiliate of Groupe du Louvre, one of the largest hotel chains in the world, announced the opening of the first ‘Royal Tulip’ in South Asia, Royal Tulip Luxury Hotel, Navi Mumbai, in partnership with city-based Concrete Builders. The opening of this hotel introduces the Royal Tulip Luxury Hotels brand of Louvre Hotels Group to the one of the largest planned cities in the world, Navi Mumbai.Catering specially to the Coroprate and Business travellers, Royal Tulip Luxury Hotel, Navi Mumbai is centrally located in Kharghar, Navi Mumbai, and about 40 Kms from Mumbai International Airport and just about 2 kms from the upcoming International Airport. Navi Mumbai’s first 5 Star Luxury Hotel is built to capture the essence of the city’s rich and diversified culture.

Inspired by Louvre Hotel Group’s hospitality expertise, Royal Tulip Luxury Hotel, Navi Mumbai offers its legendary service, luxury amenities, finest range of cuisines and recreation options that are superlative in class and beyond compare. In an ambience steeped in history and complimented by the richness of culture, the hotel is set to bring customers world-class luxury with the warmth of Indian hospitality.

Royal Tulip Luxury Hotel, Navi Mumbai stands tall on its architectural features and demonstrates a fine blend of European and Indian sensibilities. The distinctive two giant towers that dominate the façade are perhaps the most prominent feature of this luxury hotel.

With elegant and luxurious facilities, highly personalized services, ultra-modern amenities and a deluxe level of comfort, the hotel is sure to create unforgettable memories for its revered guests. The Royal Tulip Luxury Hotel, Navi Mumbai experience is a gateway into a new world of discovery and personal enrichment, where every touch-point creates an unforgettable memory.

Design & Guestrooms
A stunning addition to Royal Tulip Luxury Hotels global brand portfolio, the hotel encompasses 97 rooms, each exuding an ambience that is steeped in rich classical décor and includes plush international amenities such as BVLGARI accessories, Frette Bed & Linen, and much more. The Luxury Hotel also features six theme suites that recreate the splendour of Royal Dynasties in their stately rooms. These include The Mughal, The Rajput, The Maratha, The Pallava, The Maurya and The Nizam.

Meeting Facilities & Banquets
The meetings and conference facilities at Royal Tulip Luxury Hotel, Navi Mumbai have been designed to accommodate private and exclusive gatherings. Five aesthetically designed meeting rooms along with a plush and exclusive Executive Board Room, featuring an in-house video conferencing add a new dimension and are designed keeping in mind all discerning business travellers’ needs.

Dining
• Mukammal– Sepciality Awadhi Cuisine Restaurant – Recreating the royal splendour of the nawabi era of ancient Awadh, Mukammal offers mouth watering Awadhi cuisine restaurant, featuring gourmet dishes by award winning chefs and highly trained personal butlers.
• Kahwa – The Coffee Shop – Inspired by the traditional elixir of Kashmir, Pakistan and Afghanistan, Kahwa serves some of the finest spreads of world cuisine.
• The Connoisseur Lounge – Bar – For the aficionados of fine spirits, there are amazing varieties of international wines, scotch whiskeys, premium beverages and cocktails to choose from that the first of its kind exclusive lounge bar in Navi Mumbai
• The Plunge – The Poolside beckons you to take a refreshing dip by the day and transforms into a perfect party place at night.

At the Africa Hotel Investment Forum (AHIF) this September in Nairobi, one of the hot topics on the agenda will be ‘What it takes to do a deal in Africa’.

Why is this such an important question? “Because Africa is a continent full of opportunity and impressive economic growth” says Jonathan Worsley, Chairman of Bench Events, the company organising AHIF. “However, it is not the easiest place in the world to do business but if it could become easier, the cheque books of international investors would open”. With 7 of the world’s 10 fastest growing economies being in Africa and economic growth averaging around 6% per annum, more than double the rate of many major Western economies and faster than the average for Asia, you might expect entrepreneurs to be rushing in. One of the reasons they’re only just starting to dip their toes in the water is the relative difficulty of doing business there.

Jean Marc Grosfort, Chief Development Officer, Middle East & Africa for the hotel chain Marriott International says that the greatest obstacles to his company include: poor infrastructure, limited knowledge and appreciation of international standards, reluctance of local partners to put up sufficient cash, corruption and a construction industry that can suffer from mediocre quality and delays. He describes a hotel project where a hotel owner borrowed money for redevelopment. The lender insisted on its preferred site management company and the site management company allegedly misused the funds. As a consequence, the project was delayed and the owner was left with no option but to contemplate legal action against the lender. Stories like this do not help entrepreneurs to secure funding.

A much talked-about inhibitor to in inward investment in Africa is political risk. Some international investors fear that if they put money into a project with one party in government, a subsequent change in administration could lead to the project being “nationalised”. Experienced deal makers point to various strategies to mitigate such risks. One is to find a local partner who is very well connected; another is to make the project subject to the legal jurisdiction of another country and a third is to give the government an interest in the project’s success by persuading it to take a stake with a specially constituted investment fund.

Sometimes, having a strong brand name is sufficient to make things happen. Jean-Marc Grosfort reports that in one African country, the government was so happy to see a Marriott coming that strong words were given to the national bank by the minister of finance to ensure that the appropriate senior loan was available – the deal was signed in less than 4 months.

Gabriel Matar, Director, Middle East & Africa, Jones Lang LaSalle Hotels, points to the need for a destination to have a master plan for tourism development. “A master plan means that the country can give credibility to investors and that makes all the difference between funding or not”, he says: “Investors won’t spend money going against the type. It needs the government to be behind tourism development; that’s too big a job for the private sector. Many African governments don’t understand this and they think the private sector will do it all. In that scenario, the only chance for a new project to win funding is if there is a huge return for the private investor but such projects tend to carry excessive risk and ultimately fail.”

Matar holds up Mauritius as a positive example. “There, tourism is a priority and they have a master plan that is respected and implemented by successive governments. Developments that fit the master plan will often receive government support in the form of help with finance, for example with investment by a national fund, by introductions to international sources of capital or by giving access to credit lines agreed by international lenders such as the IMF, the EBRD or the Africa Development Bank.”

Philippe Doizelet, Managing Partner, Horwath HTL confirms a master plan for tourism development is the first step, particularly towards partnership between major hotel brands and local investment funds or institutional investors that are emerging in selected African countries. However, he points out that the time to structure a deal takes longer in Africa than anywhere else in the world and adds, “The levels of financial sophistication are variable – well developed in South Africa and Morocco but emerging elsewhere such as Senegal and Benin”.

Senior Vice President Phillipe Baretaud, & Head of Development Europe Middle East Africa, Accor, which recently signed a management contract under the Sofitel flag for the hotel Ivoire in Abidjan, stresses the importance of an imaginative approach to financing. He says: “The key to hotel development in this market is operators and hotel owners working together to structure deals in innovative ways to secure financing.”

Jonathan Worsley concludes: “Evidently, the expertise exists. Delegates at AHIF will receive detailed answers to the question ‘What does it take to do a deal in Africa’ – as we will hear from a panel of successful players in the African hotel market. We will learn about their activities and interrogate them on the strategies that unlock finance and promote long-term profitability of hospitality projects.”

The Africa Hotel Investment Forum (AHIF) will take place in Nairobi on September 25-26. It is the premier hotel investment conference on that continent and it will be attended by leaders of the hospitality industry, by investors, by consultants and by the media from Africa and around the world. For further information, go to www.Africa-Conference.com.

With the opening of the Fleming’s Deluxe Hotel Frankfurt Main-Riverside on August 20th, Worldhotels and Fleming’s Hotels & Restaurants add a new strategic dimension to their partnership. The group’s 10th Fleming’s Hotel, owned and operated by HMG Hotel Management & Servicegesellschaft mbH & Co KG, will serve as a role model for co-branded hotels within the Worldhotels portfolio of 500 hotels worldwide. Building on the equity of both brands, the Fleming’s and the Worldhotels name will ensure recognition in local, domestic and international markets. The Fleming’s and the Worldhotels logo will consistently appear together everywhere from the building’s facade to room keys and amenities.

Worldhotels Managing Director Robert Hornman comments: “With its central location in a key up-and-coming area of the city, the Fleming’s Deluxe Hotel Frankfurt Main-Riverside is a very valuable addition to our portfolio. The superb quality of both hardware and service complemented by its consistent co-branded message make this hotel everything we look for in our hotels.”

Hartmut Schroeder, Managing Director of HMG Hotel Management & Servicegesellschaft mbH & Co KG, adds: “We have been working with Worldhotels since 2005 and our long-standing relationship with Worldhotels has been central to the success of the Fleming’s properties. The strong branding in this hotel marks another step in our partnership and we are thrilled to see how the hotel will benefit from both of our strong brands.”

Located in one of Frankfurt’s fastest-growing business areas, near to the future headquarters of the European Central Bank, the new hotel will open its doors on 20 August 2012. It will be Fleming’s fifth hotel in the city and will offer 149 rooms over six floors, top-class conference and event facilities and a range of dining options.
Fleming’s Deluxe Hotel Frankfurt Main-Riverside will join Worldhotels’ Deluxe Collection and boasts a strong modern design focus throughout, with sleek walnut-coloured woods, warm earth and Bordeaux tones and full-glass bathrooms with prominent use of stainless steel and granite. All rooms and suites are fitted with individually-controlled air conditioning, free high-speed internet access, iPhone docking stations and LCD TV.

The sixth floor, commanding spectacular views of the city, will be home to nine different conference rooms with a total space of 540 square metres, accommodating up to 200 participants.

Dining possibilities include ‘Fleming’s Club’, an exclusive eatery specialising in grill and seafood dishes, while a delicatessen offers tasty take-away options.

UK News

The pound continued to hold its position against the euro yesterday morning, opening at 1.2758, before jumping sharply to 1.2798 after UK retail figures came out 0.2% better than expected at 2.8% and Eurozone CPI figures were released without surprise. However the pair fell off throughout the afternoon to end up at the support level 1.2757With the major focus now shifting to September and the ECB’s do or die plan for Greece and the single currency, support and resistance levels currently sit at 1.2725 and 1.2820, a break outside of this range could facilitate a sharp move for the pair.

After yesterday’s slight rally against the dollar, and an open of 1.5678, GBP climbed against the greenback trading as high as 1.5743, its highest level since July 30th before closing at 1.5734. The pair sits in a support/resistance range between 1.5671 and 1.5754

BOE MPC member Martin Weale commented the economy is stagnating, but there is an underlying sense of confidence. He also underlined recent bank caution, saying the Eurozone remains the biggest cause for concern.
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International News

The euro strengthened against a basket of currencies yesterday as comments from German Chancellor Angela Merkel backed ECB moves to help reduce borrowing costs, This helped the euro complete five day gains against 16 of its major counterparts.

All eyes in the US will be on today’s release of the Michigan Consumer Sentiment figure, expected to come out inline at 14.55 GMT. With it being the last trading day of the week, a quiet morning for the pair could be overturned late in the session if the figure varies wildly from the 72.2 the market is expecting.

European equity markets edged higher on Thursday after Bloomberg reported that Spain might receive the first, 30 billion euro tranche of the EU banking bailout as soon as by the end of this week, driving risk sentiment across the area.

The late in the day data releases from the US sat in line with market expectation, with only the US Philly Fed Manufacturing Index being the only piece of date outside of its forecasted figure, -7.1 against an expected -5, marking an improvement from the previous -12.5, but still contracting.

Speculation of further policy easing by the Fed, likely to be QE3, moved EUR/USD to higher levels yesterday. Having already edged higher on the day, following the recent mixed housing and labor market data, and dovish comments from Narayana Kocherlakota who is usually on the hawkish side helped the pair found new strength to reach 1.2369 after a continued climb throughout the day’s session.

European equity markets edged higher on Thursday after Bloomberg reported that Spain is likely to receive the first, 30 billion euro tranche of the EU banking bailout as soon as by the end of this week, driving risk sentiment across the area.

Recent data in New Zealand has been giving mixed messages about direction and momentum of the country’s economy. Last week’s HLFS employment report was on the soft side, as was card-spending data. Moreover, this week’s Q2 retail sales data was strong showing a 1.3% bounce from the -0.6% recorded in Q1. As a result, the market now prices close to a 50% chance of a 25bps RBNZ cut by year-end.

Commenting on the company voluntary arrangement (CVA) proposal in today’s announcement by Travelodge, Richard Fleming, UK Head of Restructuring at KPMG and proposed ‘supervisor’ of the CVA, said:
“The impact of the economic downturn on Travelodge’s business has been compounded by a large debt burden and expensive lease arrangements. Today’s CVA proposal is one facet of a wider Travelodge restructuring plan to tackle those leases which are proving unsustainable, the majority of which were agreed during the pre-2008 property peaks. With the support of its lenders, shareholders and landlords, the company will be able to reshape its debt and operational structure to a model more suited to these straitened times. The company needs to secure at least 75% creditor approval for its CVA. ” Brian Green, restructuring partner at KPMG and second proposed supervisor of the CVA, added:

“We are constantly seeking to improve and evolve our CVA structures, based on feedback from the landlord community. Accordingly, we are again including a ‘claw back’ mechanism for landlords so they can share in the turnaround of the restructured company’s future and landlords are also being offered the option of lease extensions. The detailed terms of the CVA reflect those we have advised on since the start of the downturn. No hotels will be closed on day one, nor will there be any redundancies and suppliers will continue to be paid on time and in full.

“49 hotels, out of a total of 505, have been identified for transfer to other operators. The landlords of these hotels are being asked to accept a 45% reduction in rent until the hotels are transferred. A further 109 hotels have been identified as being viable at a reduced equivalent monthly rent of 75%. Overall, we estimate landlords of affected hotels will see a return of up to 23.4p in the £1 versus 0.2p in the £1 in the alternative of administration.”
The key facets of the Travelodge CVA are:

• All of the Travelodge hotels currently trading will remain open.
• A total of 347 hotels, 2 offices and 4 restaurants will be retained at current rents and current payment terms throughout the CVA period.
• A further 109 hotels will be retained at a reduced equivalent monthly rent of 75% for three years before reverting to a market-based rent for the remainder of the lease terms.
• The company is seeking to transfer 49 hotels to other operators within the next six months in order to minimise the impact on landlords and other creditors. In the meantime, rent on these hotels will be reduced to 55% for six months, which is similar to the previous high profile CVAs KPMG has supervised in recent years.
• An identical compromise is to be applied to 19 leases of premises which have been sublet to other tenants and to 18 leases of vacant sites.
• The company will continue to pay rates, which is of great importance to landlords, until such time as replacement occupiers/operators are found.
• The CVA will contain a so-called ‘claw back’ clause which allows the compromised landlords to share in the turnaround of the business.
• Furthermore the 52 development sites where leases have exchanged but not yet completed will continue to be developed and proceed to opening.
A detailed CVA proposal document is expected to be made available to Travelodge creditors via a dedicated website today. The creditors will vote on the CVA on 4th September 2012. KPMG will spend the next three weeks in talks with creditors to ensure they understand the full detail of the proposal.

The CVA is being undertaken as part of Travelodge’s financial restructuring which will secure a long term future for the business. The key terms of the financial restructuring are as follows:
• £75m of new cash to be injected into the Company
• £55m of the new cash injection will be invested into a major refurbishment programme across the estate covering over 11,000 rooms and almost 200 hotels. The refurbishment programme will commence in early 2013 and continue through to summer 2014
• Bank debt of £233m will be written off and £71m repaid, reducing total bank debt from £633m to £329m. Loan notes of £476m will be written off completely
• Repayment date of the remaining debt extended to 2017 and cash pay interest reduced significantly to a rate of 0.25% above LIBOR through to the end of 2014

Marriott International, Inc. celebrates continued growth in the south of France with the opening of its first AC Hotel by Marriott in the country, the first new AC Hotel by Marriott to open since the launch of the joint venture and co-brand last year. The former Hotel Ambassadeur, located in the heart of Juan-les-Pins, has been re-branded an AC Hotel by Marriott hotel, following ambitious growth plans for the brand announced last year. As Marriott continues to grow its presence on France’s glamourous Cote d’ Azur, the 221-room AC Hotel Ambassadeur Antibes-Juan Les Pins joins the JW Marriott Hotel Cannes, which re-opened following a stunning renovation earlier this year, the Riviera Marriott Hotel La Porte de Monaco, and the AC Hotel Nice, which will open in early 2013.

Following renovation, the AC Hotel Ambassadeur Antibes-Juan Les Pins exudes the modern comfort and urban style associated with the AC Hotels by Marriott brand. Blending quality, comfort, design and technology, the hotel features fresh new designs to its reception and lobby, including a signature AC Lounge with zones to relax, work or unwind. The hotel’s 221 guestrooms and suites boast smart, contemporary furnishings, natural driftwood floors and a warm and sophisticated colour palette.

In addition to its twenty flexible meeting rooms that can accommodate up to two hundred people, the hotel is a stone’s throw from a new convention centre opening in 2013 offering a host of facilities including exhibition and lecture space for 500 delegates.

Located in a lush and tranquil setting, the AC Hotel Ambassadeur Antibes-Juan Les Pins offers both indoor and outdoor pools, a pool-side grill and is located a short 200 meter walk from the hotel’s idyllic private sandy beach. Provençal cuisine with a unique twist can be sampled at the AC Ambassadeur Restaurant where fresh, natural ingredients are transformed into memorable culinary experiences.

Sounds like a disease doesn’t it? It’s not a disease, just a county on the Columbia River gorge. The name derives from a Chinook Indian word meaning ‘swift waters’, and the Skamania Lodge, our destination on Monday, gave super views across the river (and will be the subject of a future Review).Despite my years in hotel design, I have never supervised, or been involved in the onsite supervision of a photo-shoot before. These artists, David Phelps and his assistant Ethan, create their images for very different reasons to me. They are selling dreams to guests on behalf of the hotel, whereas my imagery is intended to show the spaces and their organisation for designers and hotelier readers of HotelDesigns ‘warts and all’. The spaces were to be dressed then photographed, an exercise in artistic perfection I am totally in awe of.

We left early on Monday morning having spent Sunday collecting the trailer and packing the items we were delivering to the hotel. Interesting ways the US differs from the UK. Skamania is just a hop skip and a jump from Seattle, but this translates to about 250 miles. I always thought that, looking at the map, Portland was virtually a suburb of Seattle, but that is a Brit scaling the map in British terms. Like navigating around continental Europe the distances are far greater than they appear on the map, especially to a map reader used to reading Britain. The drive took us down the I5, which I have previously driven northwards to Vancouver.

UK News

The pound enjoyed a rally against the euro yesterday afternoon helped by UK jobless claims weakening and the Bank of England minutes showing a unanimous vote to maintain its current policy in August. Between 07:00 and 13:00 GBP moved from 1.2714 to hit a two week high of 1.2780.The single currency struggled for a number of reasons, chief among which are a change in the focus of Marian Rajoy’s pledges towards Spain’s budget deficit, BoE Governor King’s choice to avoid a discussion on UK interest rates, and the French and Italian mid-week bank holiday.

Against the dollar GBP traded within a 42 pip range, which is the tightest range for five years. Cable saw a high of 1.57011 and a low for the day of 1.5659. In pre-market trading GBP/USD is lower than yesterday’s close, but the 12 hr range remains tight.

The pound’s very slight rally against the dollar was helped by an unexpected weakening in UK jobless claims by 5.9k for July. It seems GBP/USD will follow the range-bound price action witnessed in June as ‘cable’ struggles close above the 200 day moving average of 1.5716. For the past three days GBPUSD has closed unchanged.

Bank of England Deputy Governor Charles Bean has argued that the central bank’s QE programme is working, but he did concede that it is hard to quantify the impact of the program on the broader economy.

This morning UK retail sales did not increases in July and came out with 0% growth despite London hosting the Olympics. This helped GBPUSD climb to 1.5706 and GBPEUR hit 1.2790 off the back of this as investor clearly feared to worst and a drop in sales.
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International News

There was no data released for the Eurozone yesterday, but the dollar made gains on the back of the bank holiday nonetheless. EURUSD peaked at 1.2274 by 10:00 having begun the morning at 1.2343; whilst CPI came in roughly in line with expectations, the additional soft data for The States simply compounded USD’s advantage.

The dollar also improved against the Yen, achieving a one month high of 78.99. It has been suggested that the better than expected U.S retail sales released week may not be enough to stop the Fed adopting further Quantitative Easing this September, until we see further signs of the economic picture the jury is still out.

If USD continues to hold up against JPY until next week then it will represent two bullish weeks in a row and, according to ADS Securities, could be a sign of something bigger. 79.60 – 79.80 might be achieved in the near term
Although monetary easing seems less likely in the near term for the United States, Canada has been able to tempt the market with promises expanding exports. CAD/USD traded at it’s highest level since May, better than 1.01 for the ninth day in a row.

GBPCHF has moved clear of 1.53. July saw an 11.3% increase in the SNB’s foreign currency reserves, and this was in the pursuit of defence of the minimum exchange rate versus the Euro.
Whilst speculation over a Greek exit from the Eurozone is nothing new it seems that the time frame is getting ever smaller, with a number of pundits arguing that Greece won’t be able to weather the volatility due after the Med’s return from summer holidays. September is considered crunch time, again.

The Melbourne Institutes Inflation Expectations report suggests that the pace of price inflation for good and services will contract from 3.3% to 2.4%. EUR/AUD remains at multi year highs in excess of 0.85, and, versus GBP the AUD still manages to keep the pair below he 1.50 mark.

UK News

Sterling rose to a two-week high against the dollar yesterday after data showed annual British inflation rose unexpectedly. The pair hit the high of 1.5728 from a session low of 1.5671. Rising inflation may give the Bank of England less scope to ease monetary policy if prices remain sticky in the coming months.The pound struggled against the euro in early trading touching a low of 1.2679 but rallied back up above the 1.27 level. The figures released may boost the case for more quantitative easing.

Activity in the UK housing market declined again in July, with a particularly large fall in newly agreed sales. Although demand and supply remain fairly well balanced, surveyors continue to expect further modest declines in prices.

This morning the minutes from the August meeting of the Bank of England’s Monetary Policy Committee (MPC) indicated no mention of a future rate cut. Sterling had remained range bound in early trading ahead of the release. Mervyn King indicated in his press conference following the release of the inflation trends report that he did not think it was necessary to contemplate further QE. Traders have indicated that if the BoE minutes show policymakers are not veering towards rate cuts in the near term, it could give sterling a slight boost.

In an interview with the Belfast Telegraph, BoE member Paul Fisher said UK interest rate cuts are still under review but quantitative easing remains a much more powerful tool.

Unemployment for the three months ended June was forecasted to show a steadiness at 8.1% despite the most recent economic degradation however the figure came in at 8.00%.
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International News

The eurozone’s two biggest economies avoided shrinking between April and June, but the resilience of Germany and France wasn’t enough to prevent the currency bloc’s economy as a whole from falling back into contraction. Figures released yesterday indicated eurozone economic output fell 0.2% in the second quarter from the first. Output fell 0.4% year-on-year, again matching expectations.

French economic growth flat lined for the third quarter in a row in the second quarter, showing that quarter-on-quarter growth stagnated for the third consecutive quarter and highlighting that the euro-zone debt crisis is taking a heavy toll.

Following the data French Finance Minister Pierre Moscovici reiterated the government’s growth and deficit reduction targets. He added, “France is not in recession, while many of its partners are, like Spain, Italy, Belgium and the U.K,” Mr. Moscovici said shortly after second-quarter figures were published.

Spanish banks’ level of borrowing from the European Central Bank rose to a record high in July as tensions mounted in the weeks following the announcement of a €100bn bailout for the country’s financial industry. Data released yesterday by the Bank of Spain showed that net borrowing rose to €375.55bn, up from €337.21bnin June, the tenth month in a row of increases.

The US dollar was helped yesterday by US retail sales data which rose for the first time in four months in July. The data was a sign that consumers could drive faster economic growth in the third quarter and somewhat reduce the chances of another round of quantitative easing by the Fed. July’s sharp 0.8% m/m increase in US retail sales values suggest that, after three months of holding back on spending, consumers started to dig deep in their pockets.

Against the US dollar the euro reversed some of today’s earlier gains following the survey results from Germany and the growth reading. Earlier today, EURUSD continued a three-week uptrend, climbing above 1.2350 hitting a session high of 1.2386 and a low of 1.2316. Resistance will most probably be seen around 1.2440/45.

India’s inflation in July slowed more than expected, building hopes that it would give the central bank some space to ease monetary policy next month. July inflation was 6.87% from a year earlier, significantly slower than June’s reading of 7.25%.

Marriott International, Inc recently celebrated the opening of its ninth hotel in Turkey, the 212-room Renaissance Istanbul Bosphorus Hotel operating under a franchise agreement with Polat Holding A.S.Offering stunning views of Istanbul’s celebrated Bosphorus River, the magnificent 20-story Renaissance Istanbul Bosphorus Hotel is located on the European side of Istanbul, in Besiktas, midway between the areas of Taksim and Levent. The hotel is ideally situated just moments from Bosphorus’ main boat harbor and within easy reach of the city’s cultural gems such as Saint Sophia Museum, Sultanahmet Mosque and Topkapi Palace that helped earn Istanbul ‘European Capital of Culture’ status in 2010.

The Renaissance Istanbul Bosphorus Hotel features a rooftop bar boasting incredible city views, a lobby bar, bistro and all-day dining restaurant with outdoor terrace serving Mediterranean cuisine with Turkish specialties. For leisure and relaxation, there is a state-of-the-art fitness centre including an indoor pool, sauna, steam room and Turkish bath.

The 212 sophisticated guestrooms and suites boast magnificent Bosphorus views, luxury bedding and latest technologies. Flexible meeting space, including a vast ballroom divisible into three, caters for all manner of meeting and social events.

UK

Yesterday the pound saw a high of 1.2773 against the euro, before dropping to a low of 1.2706 on expectations that data due this week will bolster the case for more quantitative easing.
GBPUSD only managed to gain 0.1% on the day to close at 1.5693 after reaching a high of $1.5717, its strongest since late July. In a survey compiled by The Chartered Institute of Personnel and Development, UK companies plan to increase employment levels in the next three months, but may look to make cuts if economic data fails to prompt a recovery.

The UK housing market appears to back on the ropes again as the Royal Institution of Chartered Surveyors said UK house prices fell last month, marking the lowest level since June 2011. Prices fell to a balance of -24 in July from -22 in June.

UK CPI figures released this morning have shown inflation has gone against expectations, rising in July. The annualised figure of 2.6%, is up on last month’s figure of 2.4% and estimates of 2.3%. Whilst the increase in prices puts extra pressure on the consumer, the pound might see gains as this result lessens the case for extra monetary easing.

Of the back of this data the pound has risen slightly against the US dollar and euro, the next resistance levels to watch are 1.5743 and 1.2761 respectively.
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WORLDWIDE

EURUSD fell to low of $1.2263 as the European session opened but traded back up throughout the day breaking through two key resistance levels to reach a session high of 1.2367 on the back of a successful bond auction in Italy and news the yields on Spanish bonds has dropped.

Greece is still experiencing difficulties as data released yesterday showed GDP contracted 6.2% in the second quarter compared with a year earlier. Despite the significant fall, the figure was better than the 6.5% decline seen in the first quarter and estimates of a 7.0% fall providing additional support for the euro.

Last night New Zealand Retail Sales were better than expected at 1.30% for the second quarter after a 0.6% decline in the first quarter, the positive data has had little impact on NZD strength.

Early this morning German preliminary GDP figures came in slightly better than forecast at 0.3% for the quarter, but in the longer term it remains to be seen if Germany will escape the sovereign debt crisis and keep the Eurozone out of recession. GDP was expected to show modest growth of about 0.2%, after 0.5% growth in the previous quarter.

Jörg Krämer, Chief Economist at Commerzbank said, ‘’The German economy is losing momentum, there’s no doubt about that, and in the third quarter the economy will shrink compared to the second quarter.”

After the recent rounds of GDP figures, 7 of the 17 Eurozone are now confirmed to be in recession. Business confidence fell for a third straight month in July and manufacturing is contracting. A lack of growth across the area and deep recession in the periphery nations is hampering fiscal consolidation and prolonging the debt crisis.

US Retail Sales will be the major focus today (see below), if a weaker than expected figure is published it would be risk negative and ultimately could be put the US dollar under pressure by encouraging expectations of more QE.

The ME London Hotel, the latest jewel on the urban hotel scene in London, is preparing the final details for its opening in September in central London. This is the fifth hotel for the ME by Meliá brand, the most avant-garde of the hotel brands operated by Meliá Hotels International, and boasts a spectacular design by the world renowned architectural firm Foster + Partners.Housed in the former headquarters of BBC Radio (Marconi House), the historic building near Covent Garden has now been fully renovated to include contemporary elements in which a sense of light and space plays a key role in highlighting the magnificent facilities and brand attributes. The hotel offers a collection of 157 rooms, including 16 suites and a spectacular two-storey ME Suite with direct access to the rooftop bar.

A large elliptical tower tops the building on the corner of Aldwych and The Strand, crowned by a glass dome. The interior is dominated by an elegant pyramidal atrium, following the triangular floor pattern of the hotel, around which are distributed the guestrooms. While updating the 1904 building to retain its noble character, the design has been conceived with a contrast of light and dark shades such as black marble in the hallways and white leather walls in the rooms.

ME by Meliá offers a true brand experience, reflected in the success of its existing four hotels, including the renowned ME Madrid Hotel in the central Plaza de Santa Ana in Madrid and the ME Barcelona Hotel, designed by Dominique Perrault. To ensure a first-class hotel experience, the brand employs an “Aura Experience Manager”, responsible for ensuring every guest enjoys their stay, an expert in the city who meets each guest personally to offer a customised service, one of the most attractive of the many attributes which make the new ME London Hotel so different.

The opening of the hotel also sees the European launch of the STK restaurant, a popular American steakhouse concept especially designed for a female audience which has been a great success in the US in the hands of the New York restaurant group The ONE Group. Thanks to the partnership with the ME London Hotel, the American firm will also run the hotel’s “Asellina” Italian restaurant. The ME London Hotel also provides the “Marconi Bar” in the lobby, an ideal setting to end the day after work, while the hotel rooftop terrace is home to the spectacular “Radio” bar, the only terrace bar with panoramic views of Aldwych and the Strand (the heart of social and theatre life in London) which will be open from breakfast until dawn.

Finally, the ME London Hotel has 700 square meters of flexible space to host events and meetings, offering superior quality service for groups up to 300 guests.

According to the Vice Chairman and CEO of Meliá Hotels International, Gabriel Escarrer, “thanks to its location and outstanding product and service quality, the opening of this hotel after the Olympics will represent a fundamental step forward in our globalisation process and also make a major contribution to the London luxury hotel scene.”

UK

On Friday, the UK showed UK PPI Input m/m rose to 1.7% in July, less than the expected 2% rise by economists. Following the release of the UK factory output price figures for July at 930am on Friday, sterling was little changed against most major counterparts, trading at 1.2694 against euro and 1.5591 against the US dollar. GBPEUR traded at a low of 1.2691 on Friday, showing a high of 1.2771. This morning it is trading around 1.2750 and with strong support in place at 1.2716, sterling has a platform to test the next resistance at 1.2794 today.

GBPUSD saw a low of 1.5577 and a high of 1.5700, this morning we have seen markets open slightly lower at 1.5677. Two sets of support are in place at around 1.5500 and the technical resistance starts at 1.5733 so we can expect the start of this week to remain relatively range bound.
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Industrial production in France remained unchanged in June, as factory activity continued to be subdued by the euro area debt crisis and adds to the outlook that the Eurozone’s second biggest economy may have slipped into recession in Q3.

US import prices unexpectedly decreased in the month of July, although the report also showed an unexpected increase in export prices. Upon release of the data, the dollar was trading at 1.5597 against the pound and 1.2260 against the euro.

EURUSD edged lower on Friday, extending its setback from its monthly high of 1.2442 at the beginning of the week, as disappointing Chinese data sparked risk aversion and boosted the greenback across the board. We saw a new low of 1.2242 by the end of Friday’s European session. This rally is currently testing resistance around the 1.2300 area. Already this morning we have seen a high of 1.2301, a break above 1.2323 at close could spark a new rally.

Canada’s unemployment rate rose to 7.3% in July from 7.2% in June. It was an unexpected decline as the market was expecting an increase of 9,000 payrolls with the unemployment rate remaining at 7.2%. GBPCAD saw a subsequent high of 1.5573 after the release.

Japan’s GDP added just 0.3% in the second quarter of 2012 compared to the previous three months, suggesting that the recovery from the March 2011 earthquake and tsunami remains stuck in neutral. FTSE 100 futures are trading lower this morning as a result and GBPJPY is currently trading at around 122.70 after a low of 121.67 over the weekend.

Further evidence that Asian markets are struggling emerged this weekend after Hong Kong expanded less-than-expected in Q2. Falling demand elsewhere continues to weigh on the economy’s exports, prompting the government to cut the growth forecast for the full year. GBPHKD is currently trading at 12.14 after a low of 12.02 at the end of July.

Marriott International has signed an agreement with Weligama Hotel Properties Ltd., a fully owned subsidiary of East West Properties PLC, to open a hotel in Sri Lanka, the Weligama Bay Marriott Resort & Spa in 2014 – this will be Marriott’s first property on the Indian Ocean Island.The 200-room, 11-storey Marriott Weligama Resort and Spa will be operated under Marriott’s flagship Marriott Hotels & Resorts brand.

Weligama, located 144km from Colombo is a popular tourist destination renowned for its sandy beaches. Famous for its stilt-fishermen perched on a cross bar of a single pole planted into the sea bed, this attraction has been captured in every corner of the world depicting Sri Lanka as a preferred destination of choice for travellers from all over the world.

The Hotel will be located in Weligama, a part of Matara which is one of the largest cities on the south coast of Sri Lanka, where tourism and fishing are the two main businesses. Tourism is the mainstay of the south-western coast of Sri Lanka. The services sector is expected to be the primary engine of growth in coming years which is expected to be led by tourism.

“We see great opportunity in Sri Lanka with ever-increasing visitor numbers to the country,” commented Simon Cooper, president and managing director Marriott, Asia Pacific. “While India, UK and Germany are the largest source markets for hotels in Sri Lanka; the Middle East and Russia are the emerging source markets and with the Sri Lanka Tourism Development Authority (“SLTDA”) aiming to achieve a target of 2.5 million tourist arrivals by 2016 we are confident of attracting great leisure and business guests to the property.”

With some 640sq metres of flexible ballroom space, the hotel should prove extremely popular in the Meetings, Incentives, Conferences and Exhibition (MICE) market. While those travelling to Weligama Bay Marriott Resort & Spa on holiday, will be able to take full advantage of the wide leisure offering at the hotel which includes three restaurants, a pool with a pool bar, spa, fitness centre and a beautiful stretch of beach.

Focus Hotels is delighted to announce the opening of the DoubleTree by Hilton London Heathrow Airport, formerly known as the Ramada Hotel Heathrow, following the successful conclusion of a franchise license agreement with the subsidiary of Hilton Worldwide. Focus Hotels rescued the hotel, along with sister property the Ramada Hotel Bristol, from administration in October 2011 – saving a total of 170 jobs in the process. In the space of just nine months under Focus Hotels’ management, the Ramada Heathrow Hotel saw total revenues for the first six months of 2012 rise 29 per cent year on year. Having transformed the hotel’s performance, Focus Hotels has now secured its future by completing this franchise deal with one of the world’s biggest hotel brands. Focus Hotels’ CEO, Peter Cashman said:
“This exceptional turnaround is a testimony to Focus Hotels’ expertise and management style. Although it had not been performing to expectation since opening three years ago, there has been no special investment in the property since we took over its management. We simply repositioned the hotel to make it more competitive in the Heathrow Airport market; established a new on-site sales and yield team, led by locally-recruited yield and sales managers; and then provided ongoing close support and guidance to the hotel management team, who were then quickly able to transform the property’s performance.”

This latest success story follows hot on the heels of last year’s major franchise deal with Accor, for 10 Focus Hotels-managed properties. According to CEO Peter Cashman, Focus Hotels continues to actively seek other opportunities to bring its hugely successful management style to underperforming properties.

On behalf of the shareholders of Bouverie No 1 Limited, Jones Lang LaSalle Hotels would like to congratulate KSL Capital Partners and its wholly owned subsidiary in successfully acquiring the world famous The Belfry resort located in the West Midlands near Birmingham, United Kingdom. George Nicholas, executive vice president, Jones Lang LaSalle Hotels, said: “The Belfry attracted wide international interest from investors looking to capitalise on the existing golfing reputation and grow the business through renovation of the hotel and restaurants.”

George Nicholas added: “The sale is vote of confidence by KSL Capital Partners in to the UK and bolsters the sentiment in the UK lodging sector as evidenced by £1.123 billion in hotel property sales year to date 2012, representing growth of 12% over the same period last year with the majority of investment coming from offshore.”

Owners of The Belfry Resort, Sean Quinn Junior and the Quinn family added: “We congratulate KSL Capital Partners on their acquisition of The Belfry, and wish them well. We would particularly like to extend our appreciation to the management and staff at the hotel for their hard work and dedication over the past number of years, and look forward to seeing the proud traditions of The Belfry continuing.”

Situated on 550 acres and housing the headquarters of the UK PGA, the resort comprises 324-rooms, with meeting and conferencing facilities as well as three 18-hole golf courses including the famous Brabazon course, the host of four Ryder Cups, more than any other golf course.

As owner of ClubCorp, the world’s preeminent golf club operator, the investment by KSL Capital Partners in The Belfry represents KSL Capital Partners first golf acquisition in to Europe.

The hotel was sold through Jones Lang LaSalle Hotels as the owners exclusive agents.

The Luxury Collection Hotels & Resorts, part of Starwood Hotels & Resorts Worldwide, Inc., reopens the doors to the historic Hotel Maria Cristina, a Luxury Collection Hotel, San Sebastian, following an extensive $25 million restoration. The renovation of Hotel Maria Cristina, which was completed in time for its 100th anniversary this month, is part of a larger strategy to invest in the restoration of Starwood’s most celebrated Luxury Collection hotels. The reopening of Hotel Maria Cristina follows in the footsteps of Hotel Alfonso XIII, a Luxury Collection Hotel, Seville, which underwent a meticulous multi-million dollar refurbishment earlier this year. The restored Prince de Galles, a Luxury Collection Hotel, Paris and The Gritti Palace, a Luxury Collection Hotel, Venice, will debut in 2013. Rising above the vivacious and storied city centre of San Sebastian, the building is considered to be one of the grandest hotels in Europe, originally designed by famed French architect Charles Mewès for its namesake, Queen Maria Cristina. The extensive nine-month project, which was led by Idom Engineering & Architecture, features interiors restored by HBA Design; the firm took special care to enhance the élan, soft curves and powerful feminine presence that have characterised the hotel since it opened. The hotel also offers The Luxury Collection Concierge service to all guests, promising the most discerning global travellers an extraordinary experience.

A Century of Elegance Renewed
Christened in July 1912 by a visit from the queen herself, Hotel Maria Cristina was built during the Belle Époque, a time when haute couture was still burgeoning and there was a fluid emphasis on Art Nouveau. The restoration of the landmark hotel focused on refined feminine touches added within its existing framework to create a sense of comfortable and abundant luxury.

The public spaces reveal soaring ceilings, intricate mouldings, towering marble pillars, and a polished grey and white Carrara marble floor. Softening the palatial surfaces, a sophisticated champagne colour palette on the walls and furniture blend together with warm mocha and copper coloured touches found in the soft velvet upholstery and hand-tufted wool rugs. Silvery silk curtains frame the passageways and behind the reception desk padded leather walls fill the trio of arched wall niches.

Continued on page two…

The International Valuation Standards Council (IVSC) is undertaking an examination of the methods used for valuing hotels and other leisure properties, following concern about the different practices being used around the world. In recent years the hotel sector has evolved considerably, particularly in the way ownerships are held and financed, and the need for consistent and reliable valuation has become ever more important.

The IVSC project is being led by Jim Eales, a member of the IVSC Standards Board and Global Head of Ernst & Young’s Valuation and Business Modelling Group.

Eales explains:

“There are many components that together form the value of a hotel. For example the value of land and buildings will be a major part but there can be significant challenges in distinguishing these from the value of all the other components of a hotel business, and in ensuring that there has been a consistent approach in assessment. This can lead to inconsistent practice and valuations. The IVSC aims to bring forward guidance to help valuation providers and investors alike.”

An IVSC Discussion Paper on the subject highlights the main issues identified by the Standards Board and invites responses and comments from valuation professionals, hotel operators, lenders, investor groups and any others involved in the sector who may need to rely on valuations.

Although hotels represent one of the most significant asset classes covered by the project, the IVSC study extends to other “trade related” property affected by similar valuation challenges – for example, bars, restaurants, other properties in the leisure sector and specialised health care facilities.

UK

Yesterday’s mix of economic data and potential policy intervention remain inconclusive and as suggested in the previous report markets remain range bound. The UK has posted its largest overall trade deficit since records began 15 years ago, indicating weak demand for British goods, both in Europe and beyond, exports fell 4.9%, while imports fell 0.5%.

GBPEUR remains locked in consolidation, King’s reluctance to cut the bank rate was clear and does underpin sterling to some extent. Look to euro news to create the next movement with a break of 1.2730 re-opening 1.2870 as a target. Euro sellers could see 1.2580 as the bottom of the trading range for the time being.

Against the USD the pound traded above the 1.56 level throughout the day reaching a session high of 1.5684 at the very beginning of the London session. This morning the pound has fallen below the 1.56 level with the next support at 1.5561.

The number of homes being repossessed in the UK has fallen to its lowest level since the end of 2010, “The figures show that lenders, borrowers and debt advisers are working together to get through the current period of economic difficulty and keep mortgage possessions in check,” said the CML’s director general, Paul Smee.
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The euro weakened for a third day against the dollar hitting 1.2269 from the high of 1.2386 after economists surveyed by the ECBank predicted the region’s contraction this year will be worse than forecast, giving the bank possible new grounds to lower interest rates again.

ECB board member Christian Noyer said the bond purchase program ‘will be sufficient to have a strong impact on the markets,’ and went onto say that the Governing Council will ‘intervene very quickly’ while ‘favouring bonds with shorter maturities’ amid the heightening threat for contagion.

Greece’s unemployment rate rose to a record high in May as the country struggles through a fifth year of recession. The rate rose to an all-time high of 23.1% from 22.6% in April. It was 16.8% a year earlier.

June’s U.S. trade deficit fell to its lowest level since 2010 as exports reached a record level and imports declined due to sliding oil prices. The U.S. deficit in international trade of goods and services decreased 10.7% in June to a seasonally adjusted $42.92bn.

The number of U.S. workers filing applications for jobless benefits fell slightly last week, continuing to suggest that the labour market is stabilizing.

Canadian housing starts fell 6.1% to an annual rate of 208,500 in July this rate was down from a revised 222,100 units in June. Canada recorded another hefty trade deficit in June, the biggest in 21 months, as imports led by machinery and equipment hit a record high.

Most commodity currencies have performed well of late, in particular the CAD and NOK and AUD. While the trends suggest further strength possible all currencies will be prone to a correction and remain at risk of large sell offs should sentiment change dramatically.

The Bank of Japan maintained its assessment of the domestic economy in its monthly report for August, as firm domestic demand backed by reconstruction from the last year’s earthquake continued to help the nation’s recovery.

China’s trade surplus narrowed in July as export and import growth both slowed sharply, signalling continued difficulty for the world’s second-largest economy.

Dawson Design Associates have asked me to advise them on the opening of their London office, which is happening in September. Aside from helping them to find staff, I was invited to spend ten days in the Studio in Seattle, looking at working methods, documentation, FF&E suppliers etc..

I jumped at the chance to work in Seattle for ten days, staying at the rural home of practice Principal, Andrea Sheehan-Dawson, who I hope to be introducing to many suppliers during the Sleep event in November. Andrea is a very committed designer, as is shown by the 6 design awards the practice has won since 2005. She lives with her University student daughter Emily, two cats and a 3 legged dog in 15 acres of wooded land across Puget Sound from Seattle. The commute I have joined her in is a delightful ferry and bus ride, taking just under an hour door to door. Emily drives us to the ferry in the family 4×4, stopping to let the horse from its loose box. Emily achieved prominence locally by her campaign to save the little people that had populated the metalwork of the local ferry terminal, now removed to enable maintenance. To her delight I pointed out that some had survived the cull…

A multi-million dollar renovation of interior and exterior space brings one of the Mid Atlantic region’s most prominent meeting venues to new heights of productivity, professionalism and value. The Wyndham Virginia Crossings Hotel & Conference Center in Glen Allen, Virginia, committed over $3 million to providing state-of-the-art technology in its dedicated conference centre. The renovation includes lobbies, restaurants, meeting and function space, and adding new gardens, reception areas and recreational facilities. Plans are underway for renovation of all 183 guestrooms and suites, to be completed in 2013.Its purpose-built, IACC-approved conference facilities are 21st century, designed “to produce maximum results,” according to General Manager Bob Nelson. Nelson was recently honoured with Wyndham Hotels & Resorts General Manager of the Year Award for 2011. He and his staff are committed to providing everything needed for a productive, cost-effective meeting.

In today’s business environment, meeting planners are under intense scrutiny to produce results. “A significant amount of time and money is lost because of badly planned and poorly executed meetings,” Nelson says. He and his staff have earned a reputation for providing a unique setting with excellent technical facilities, and one of the region’s most experienced and professional staffs that can assist with every aspect of conference and event planning. “Our customers are very loyal because we make them look very, very good,” says Nelson.

Set on 20 landscaped acres that reflect the grace and charm of Old Virginia, the recently renovated Wyndham Virginia Crossings Hotel & Conference Center features a fast and efficient digital infrastructure to power meetings and events to their optimum potential.

The renovations are a perfect blending of classic and contemporary design, combining the most advanced technology and ergonomics within a serene and secure setting. Sequestered behind stately brick walls, the Wyndham Virginia Crossings Hotel & Conference Center recalls a college campus or private estate. Guests pass through a wrought-iron gate, up a tree-lined drive to the hilltop, where the property overlooks the woodlands of Virginia and the greens of the Crossings Golf Club.

UK

As expected yesterday saw Mervyn King deliver a gloomy quarterly inflation report cutting the growth and inflation outlook as expected. The bank revealed that it is now expecting zero growth this year after forecasting a 0.7% rise in GDP only three months ago. It also cut its 2013 forecast to 1.7% growth revised from 2.1%. Despite the gloomy report sterling did strengthen after King stated the bank will use asset purchases as its central stimulus tool because interest rate cuts are counterproductive. After these comments we saw the pound make gains against a basket of currencies.

GBPEUR opened near the low of 1.2578 but was propelled to a 5 day high of 1.2688 at the same time as Mervyn King was speaking and was assisted by disappointing Industrial production figures from Germany.

GBPUSD reacted similarly, climbing rapidly to a find a session high of 1.5675 from the low of 1.5574 GDP made the same gains against all major pairs.

With little data out today we expect major currency pairs to be supported by risk appetite but remain range bound
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EURUSD opened at the high of 1.2401 but fell steadily through the course of the day to touch a low 1.2327 as ratings agency DBRS announced rating downgrades for Italy and Spain.. The pair should see decent support around yesterday’s low, while 1.2440/50 remains key area of resistance.

German Industrial production figures YoY for June came in at -0.3% against the 0.3% consensus and the 10 year bond auction found yields pushing up to 1.42% from 1.31% – a clear indication of increased risk sentiment towards the economy’s future. As a benchmark, the US also auctioned 10 year notes at yields of 1.68%
Italian Prime Minister Mario Monti and his Spanish counterpart Mariano Rajoy have begun a new offensive against decisions on Eurozone funding by German Chancellor Angela Merkel, pressuring her to agree to a European shield against the high borrowing costs which are crippling Madrid and Rome.

New Zealand published labour figures from late last night to show unemployment improved marginally from 5.23% to 5.2% but employment saw a big increase reaching 14.0K from -28.3K in the previous month.

Japanese Machinery Order figures for June were up massively MoM from -14.8% to 5.6% although consensus had pitched this at 10.9%. The national bank this morning maintained interest rates at 0.1%.

Key figures from China this morning YoY for July indicated the Consumer Price Index had fallen from 2.2% to 1.8%, exceeding the 1.7% consensus. Producer Price Index however fell more significantly to -2.9% from -2.1% where -2.5% was expected.

Australian unemployment rate for July was down by 0.1% on the 5.3% previous and consensus but employment change went up from -28.3K to 14.0K where only 10.0K was expected.

The Scandies largely outperformed yesterday helped by the turn in risk appetite.

In the earthly paradise of the Alhambra, quiet cloisters contain gardens of reflecting pools. Planted with aromatics, these are spaces that uplift the soul and create a cool oasis in the heat of the Spanish plains…Here in the northern hemisphere we crave the all too rare moments of warmth on our faces. In warmer climes we seek shade and the opportunity of a refreshing breeze. Outdoors we can meet our friends, rendezvous with lovers, absorb the local colours and cultures or simply curl up with a book.

Although the concept of the ‘outdoor room’ is hardly new, it is a wise designer who creates the opportunities for special spaces beyond the building envelope that are truly integral to the form and function of a hotel. Indeed, outdoor spaces make commercial sense; a well-appointed and carefully designed garden or terrace can have significant revenue potential.

Each setting demands thoughtful planning and design, whether you are taking advantage of a view or sunny aspect; offering protection from noise or wind or visually and physically connecting the inside to the outside for an intimate balcony, restful winter garden, convivial terrace or bustling café.

Continued on page two…

Continuing to grow worldwide, Fairmont Hotels & Resorts is eagerly anticipating the opening of a new luxury hotel: Fairmont Jaipur in India. The hotel is set to open its doors on August 9, 2012, marking Fairmont’s entry into India. The hotel is ideally situated within India’s “Golden Triangle”, a geographic region that is home to dazzling palaces, timeless forts and notable landmarks like the Taj Mahal.Created from the ground up, the overarching design influence of the property pays tribute to the great Mughal dynasty, and is a sensitive re-imaging of the traditional Mughal palace. With 255 guestrooms and suites including Fairmont Gold, the rooms reflect a modern, sophisticated style alongside the rich, cultural characteristics of the famed “Pink City” of Jaipur. A focal point of each guestroom is the spacious bathroom, which is entered through glazed sliding door panels, each featuring a traditional ornately patterned screen and boast striking floors which have a complex geometrical pattern of stars and diamonds.

As the Mughals were known for extravagant feasts, the hotel features a number of restaurants and bars, including Zarin (meaning Golden), the Indian specialty restaurant which highlights classical dishes prepared using traditional techniques and spices yet a modern flare. Zoya, the hotel’s all-day dining restaurant, is where guests can enjoy international cuisine in one of five distinct seating areas, including a Mughal tent. Fairmont Jaipur’s tea lounge, Anjum, brings a new dimension to the art of tea tasting by offering a selection of single origin first flush leaf teas of both black and white varieties, as well as teas infused with herbs such as basil, lemongrass and mint grown on site. As well, Fairmont’s long standing tradition of afternoon teas has been given a local twist with a live Masala Chai station offering the quintessential Adrak Wali Cha’ – the Indian adaptation of ginger-infused tea. Aza is the hotel’s regency style library bar which features an outstanding collection of fine wines, bespoke cocktails and malt whisky, showcased at a whisky appreciation station complete with aged and rare malt whiskies of the world. For the cigar connoisseurs, the Cigar Diwan is a classic smoking room with a rich, masculine feel, artistically decorated with hand-painted artwork. Fairmont Jaipur will also offer 5,500 square meters (60,000 square feet) of meeting space while a 1,300 square meter (14,000 square foot) Willow Stream Spa will debut in the coming months.

Key to a stay at any Fairmont property worldwide is enriching experiences that embody the destination. Fairmont Jaipur offers tea in the gardens, traditional entertainment and dancing in the courtyard, authentic spa treatments and falconry for the enjoyment of guests. A city rich in historical landmarks, guests can visit the Amber and Jaigarh Forts and the Jantar Mantar observatory in Jaipur. Local artisans specialize in captivating textiles, particularly rich, stamped fabrics, as well as jewellery. The adventurous may enjoy elephant rides, or taking in a game of elephant polo.

UK

GBP opened Tuesday’s trading over the 1.56 mark against the US dollar and climbed throughout the day on the background of better than expected, but still poor, manufacturing figures from the UK. GBPUSD managed to climb to a high of 1.5684 before settling at1.5645 when markets closed.GBP rallied back from a lacklustre previous day and advanced to maintain the range-bounce price action carried over from June, but the Bank of England inflation report today may install a bearish outlook for the GBPUSD as market participants expect the central bank to lower its forecast for growth and inflation.

Official data showed yesterday output from the UK’s industrial sector collapsed in June, posting its sharpest drop in more than three-and-a-half years as the extra public holidays during the month appeared to weigh on production.

GBPEUR showed a very tight trading range yesterday. Opening at 1.2572, the pair only managed a day’s high of 1.2618 before settling back at 1.2590 towards the close of trade. GBPEUR opens this morning much unchanged at 1.2592.
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EURUSD opened the markets at 1.2423 seeing a brief drop below 1.24 to the day’s low of 1.2396 before holding a steady position for most of the afternoon closing trade close to the day’s high of 1.2442.

The US Dollar and the Japanese Yen declined in overnight trade as Asian stocks advanced, denting demand for the safe haven currencies.
Canada’s dollar gained to a three-month high against its US counterpart as risk appetite increased and crude oil, the nation’s biggest export, rose.

The euro rose against the yen and dollar after Germany supported European Central Bank President Mario Draghi’s proposals to stem the region’s debt crisis. Euro gains were supported as the European Union said it had received no requests for the region’s rescue fund to buy government bonds.

Draghi outlined a plan last week under which the ECB may buy debt of struggling euro-bloc countries in tandem with the region’s bailout fund, while saying the details still need to be worked out over the coming weeks.

The euro held gains even after Germany’s Economy Ministry in Berlin said factory orders dropped 1.7 % from May, when they rose 0.7 %. Economists projected a 0.8 % decline.

Australia’s dollar rose to the strongest since March against the US dollar after the Reserve Bank said current policy settings were “appropriate.” RBA Governor Glenn Stevens and his board said in a statement the nation’s growth was close to trend.

The Swiss National Bank’s foreign- currency reserves surged to a record in July as the euro region’s increasing turmoil forced policy makers to step up their defence of the franc ceiling. The franc rose 0.2% to 96.70 centimes per dollar and was up to 1.20184 per euro.

Hilton Worldwide has signed an agreement with long-standing business partner, Egyptian Touristic Resorts LLC, to introduce two new premium Hilton Hotels & Resorts properties to Cairo and Alexandria.The dual signing for the 390-room Hilton Giza Pyramids, located in an exclusive residential and commercial district South of Cairo, and the 195-room Hilton Alexandria King’s Ranch Resort, situated 40 kilometres West of Alexandria, represent the 19th and 20th Hilton Worldwide properties to open in Egypt.

Hilton Giza Pyramids, which is set to be Hilton Worldwide’s sixth property in the capital, will command panoramic views of Egypt’s greatest tourist attractions including the world famous heritage sites of the Pyramids and the Sphinx. The hotel’s 390 rooms include 18 suites and the property will feature a wealth of facilities and conveniences designed to appeal equally to both the business and leisure traveller. Amenities include a large function room, two boardrooms, four meeting rooms, a business centre, a large health club plus spa and an outdoor swimming pool. The property will also boast a wide variety of restaurants including all day dining and three speciality options as well as a lobby lounge and destination bar. The hotel is expected to open in 2016.

As part of Alexandria’s growing King’s Ranch development, Hilton Alexandria King’s Ranch Resort is set to become a stylish and conveniently located landmark hotel aimed at the business and leisure traveller to Egypt’s second largest city.

Located close to the recently expanded Borg Al Arab International Airport and set in lush picturesque landscaping, the hotel will feature a large function room, four large meeting rooms, a business centre and an outdoor and indoor pool. On site dining facilities will include a speciality restaurant and an all-day dining option as well as an executive lounge, a destination bar and a lobby lounge. Hilton Alexandria King’s Ranch Resort is the brand’s second hotel in Alexandria and is expected to open at the end of 2013.