Hotel Designs

Starwood Hotels & Resorts Worldwide, Inc. has announced the opening of Four Points by Sheraton Colonia Roma in Mexico City. Owned and managed by Sora Group, the new hotel is the third in Mexico for the fast-growing Four Points brand, which now includes more than 160 hotels around the world. Twenty-three Four Points hotels are slated to open in 2012 alone, giving it the second largest pipeline among all Starwood brands.The 90-room Four Points by Sheraton Colonia Roma exemplifies the brand’s “best for business” proposition for travellers who seek great hotels at great rates. Among its hallmarks are a stylish and functional guest room workspace, free in-room internet, free WiFi in public spaces, and the best local beers from the brand-wide Best Brews program.

Other features include a 24-hour fitness centre, an international restaurant, and a relaxing bar and lounge. Seven meeting rooms provide more than 9,300 square feet of flexible meeting space. The hotel’s location in Colonia Roma puts it within walking distance of shopping and cultural treasures, close to corporate headquarters including the World Trade Center, and just eight miles from Mexico City’s Benito Juarez International Airport.

“The introduction of the Four Points by Sheraton Colonia Roma represents the fifth brand of the Starwood portfolio to open in Mexico City and reaffirms our commitment to growing the options for both international as well as domestic travellers to this key business and tourism destination,” said Osvaldo Librizzi, president of Starwood’s Latin America Division. “We are delighted to launch this partnership with the Sora Hotel Group and are confident that Colonia Roma is an ideal location for our guests to enjoy the Four Points by Sheraton and all that Mexico City has to offer.”

Brian McGuinness, Senior Vice President of Specialty Select Brands for Starwood, added, “Four Points by Sheraton enjoys a loyal worldwide following and we’re pleased to offer guests a new lodging option in one of the world’s great centres of culture and business. We believe that Four Points’ contemporary style and ‘best for business’ services and amenities are an excellent fit for Mexico City.”

Mexico City’s first suburban development, Colonia Roma has enjoyed a renaissance as a centre of art, design, shopping, and dining. The Four Points hotel is located near the neighbourhood’s main thoroughfare, Alvaro Obregon Street, affording its guests easy walking access to world-class attractions including the Casa Lamm cultural centre, the MUCA contemporary art museum, and Casa Universitaria del Libro.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

Rezidor, one of the fastest growing hotel companies worldwide and a member of the Carlson Rezidor Hotel Group, has opened a new flagship in Qatar: the Radisson Blu Hotel, Doha. The outstanding property featuring 583 rooms has been converted and completely renovated. Qatar is one of the world’s richest countries, and is using its immense oil and gas wealth to diversify the economy into real estate, tourism, and air travel. In 2022, Qatar will be hosting the Football World Cup. Rezidor operates the brands Radisson Blu, Park Inn by Radisson and Hotel Missoni across the Middle East, and currently has 30 hotels with more than 12,700 rooms in operation and under development in the region.

The Radisson Blu Hotel, Doha enjoys an excellent location in the city centre, only 4 kilometres from Doha International Airport and close to the bustling West Bay business district. Visitors find innumerable opportunities for shopping and dining nearby, while beachcombers can bask on the stunning shoreline. Memorable cultural attractions include the Museum of Islamic Art, designed by I.M. Pei.

Besides 583 rooms and suites with Radisson Blu signature services such as free high speed internet access, the hotel features fantastic in-house dining options: Guests can chose between 12 restaurants – including fine dining and more casual options for anything from a leisurely meal to a quick bite.

The restaurants have just received two major awards from Time Out Doha: Best Chinese Cuisine and Best Japanese Cuisine. 6 stylish bars and nightclubs complete the impressive food & beverage programme.

For moments at leisure, the hotel comprises swimming pools, saunas and gymnasiums, squash, basketball, badminton and tennis courts. Business guests enjoy more than 2,000 square metres of airy, contemporary conference space.

The Inn at the White Elephant Village opened in June 2012 with 14 suites and six deluxe guest rooms. Located on South Beach Street, in the heart of Nantucket town, the new Inn and existing White Elephant Residences makes up the newly-created White Elephant Village, a natural extension of the award-winning White Elephant hotel that continues to be rated among the top hotels in the world. The Inn is the latest property for Nantucket Island Resorts who owns and manages Nantucket’s most iconic hotels including the Relais and Chateaux Wauwinet, The Cottages and Lofts on the Boat Basin, Jared Coffin House, White Elephant Hotel and the White Elephant Hotel Residences. The group also owns and manages the 240 slip marina – the Nantucket Boat Basin.

Celebrated Nantucket interior designer Kathleen Hay brings a warm, neutral palette to the Inn, providing a sophisticated and comfortable décor. Reflecting the ambiance of its island location, the Inn features oversized windows, allowing natural sunlight to illuminate the rooms, and quintessential Nantucket wainscoting detail throughout the lobby and corridors. Each of the suites and deluxe guest rooms comes complete with HD flat-screen TVs and miniature refrigerators as well as linens by Pratesi, plush Turkish towels, bathrobes, and cosy slippers. Ideal for families, the 14 suites offers sofa beds to accommodate couples travelling with children and four of the suites features fireplaces.

As part of the expansion, the Village has its own lobby, including reception area, concierge, fireplace, gift shop, and business centre. The lobby serves morning coffee, pastries, all-day snacks, and late-afternoon port and cheese – creating a natural hub for guests. Guests of the White Elephant Village may enjoy exclusive use of the Village’s heated pool and cabanas, fitness centre, and complimentary bicycles.

Managing Director of Nantucket Island Resorts Khaled Hashem sees this expansion as a positive sign that tourism in Nantucket is continuing to grow. “We are excited with the addition of the Inn that will further enable us to host families and groups in the award winning accommodations these travellers expect from the White Elephant.”

DoubleTree by Hilton proudly announces the opening of an upscale full-service hotel, situated near London Heathrow Airport (LHR). The 200-room DoubleTree by Hilton London Heathrow Airport is located just ten minutes from LHR and central London is easily accessible via public transport to the city’s historic attractions, world renowned neighbourhoods and business districts.Formerly the Ramada London Heathrow hotel, DoubleTree by Hilton London Heathrow Airport is celebrating its new affiliation with a variety of new product, service and design enhancements, including the Hilton HHonors guest loyalty programme, luxurious Sweet Dreams by DoubleTree® bedding and the signature DoubleTree by Hilton chocolate chip cookie welcome.

The DoubleTree by Hilton London Heathrow Airport is owned and managed by Focus Hotels Management Ltd, and operated under a franchise license agreement with a subsidiary of Hilton Worldwide.

The tastefully appointed and spacious guestrooms and deluxe rooms at DoubleTree by Hilton London Heathrow Airport feature modern comforts and conveniences suited to today’s business and leisure travellers. In-room facilities include wireless high-speed and hard wired internet access in guestrooms and public areas throughout the hotel; spacious work desks with ergonomic chairs; high-definition LCD TVs; MP3-compatible alarm clocks; plush bedding and combed cotton linens; in-room gourmet coffee and tea service; and refreshing Crabtree & Evelyn Citron bath and body products.

The hotel features an open plan bar and restaurant area with complimentary WiFi access, which guests can make use of whilst enjoying dishes from the restaurant menu. The restaurant offers a variety of classic British menu items in a casual, friendly atmosphere. The hotel also serves the brand’s signature Wake Up DoubleTree Breakfast, which includes hot dishes and healthy options to start the day. At the end of a busy day, guests can unwind with a fine selection of refreshing cocktails at the hotel’s bar. 24 hour room service also is available with a full menu selection during peak dining hours.

DoubleTree by Hilton London Heathrow Airport features six meeting rooms, totalling 221 square metres of flexible conference space for conventions, business meetings, training seminars, banquets and social events, which can accommodate up to 150 guests. The hotel offers a 24-hour self-service business centre and complimentary printing service that includes print-from-your room facilities.

UK

Sterling has benefited in recent months from being seen as a safe haven alternative to the euro zone’s fiscal turmoil, although some market players said the gloomy outlook for the UK economy could limit the pound’s gains.The pound fell to its lowest level in a month versus the dollar on concern efforts to pull the U.K. out of its first double-dip recession since the 1970s will be hampered by the euro-area crisis and declining global growth.

GBPUSD’s fall from 1.5516 to 1.5389 was also down to positive US Jobless Claims data. Looking ahead a break and close below 1.5380 could again revive the possibility of a significant down trend. Although, this levels looks like it could hold for now with any intraday bounces being capped at 1.5530.

GBPEUR had opened trading at 1.2655, before falling to 1.2632, and overall had a quiet day with a mere 35 pip trading range, finishing at 1.2642. A close below 1.26 will be needed to relieve immediate upside pressure.
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WORLDWIDE

Chinese Q2 GDP slowed to 7.6% y/y, although still a fantastic growth figure, it marked the sixth consecutive quarter of decline and revealed the slowest growth pace since the first quarter of 2009.

Moody’s downgraded to Italy overnight to Baa2 with negative outlook. A Baa2 rating from Moody’s sees Italy now one notch below S&P and two notches below the Fitch rating. This could further weigh on euro sentiment and will likely see increased focus on the Italian bond auction this morning.

EURUSD fell to another fresh 2 year low of 1.2164 from 1.2245. Key support still comes in at 1.2132, any bounces should find near-term resistance at 1.2336

The euro’s drift lower came in spite of a surprise rise in euro-zone industrial production data for May, which showed output climbing 0.6% on the month, compared with expectations for a 0.2% fall. However, the year-on-year drop of 2.8% was the biggest since December 2009, highlighting the weakness of the sector
Spain is looking to tighten next year’s deficit targets for regional governments and plans to leave this year’s targets unchanged despite the European Union loosening overall targets for the country, Spain’s government set a target of 1.5% of gross domestic product for the regions’ budget deficit in 2012, and of 1.1% of GDP in 2013

Unemployment in Greece continued to rise, April’s figure rose from 22.5% from 20% in March.
Investors sold perceived riskier currencies against the dollar after the release of June minutes from the Federal Reserve, which suggested growth in the world’s largest economy would have to worsen for the central bank to launch more quantitative easing.

In a surprise move overnight the Bank of Korea cut interest rates 0.25% down to 3%, citing signs of US economic deterioration, problems in the Eurozone, and slower emerging market growth. Brazil also recently cut interest rates by a 0.50% down to a historically low 8%. Add that to the easing measures of late by the US, the UK, the EU, Australia and China and it becomes clear that global growth could soon get markedly worse.

US Initial jobless claims fell by 26,000 to a seasonally adjusted 350,000 in the week ended July 7, sending claims to their best level since March 2008. And if this trend continues it could validate the Fed’s decision to hold back on another round of Quantitative Easing as the market could be recovering on its own without their additional assistance.

U.S. mortgage rates dropped, with 30-year loans reaching a record low for a fourth straight week, amid signs of improvement in the housing market. The average rate for a 30-year fixed mortgage fell to 3.56 % in the week ended today, the lowest in Freddie Mac records dating to 1971, from 3.62 %.

ZAR fell to its lowest level this month as bond yields dropped to a record on speculation South Africa’s central bank will follow Brazil and Korea in cutting interest rates to stimulate growth.

The turnover of CEOs amongst the world’s 50 largest hotel companies doubled in 2011, compared with 2009, with 12% of companies now being led by a new chief executive.

However, the choice of CEOs is becoming more conservative in the sector, with internal promotions more common, or appointments from within the hotel industry. These were the key findings of a study by HVS Executive Search, co-authored by Chris Mumford and Thomas Mielke. This biennial CEO monitor tracks succession rate, as well as the profiles and demographics of outgoing and incoming CEOs. The largest company in the top 50* is InterContinental Hotels Group (with 4,437 properties), while MGM Resorts International is the smallest (with 17 properties).

The previous HVS study showed an average of five companies in the top 50 changed their CEO each year. The onset of the economic downturn in 2008 saw this rate spike to seven changes, then drop to just three in 2009 as boards opted for stability. A further rise in 2011 demonstrates that as companies become increasingly stable and see the beginnings of economic improvement they are prepared to make major business changes such as appointing a new CEO.

“During the early days of the global economic meltdown we certainly witnessed shareholders and boards electing to either stick by their management teams and support them out of recession, or to make a quick change and recruit a CEO suitable for the tough times ahead,” commented Chris Mumford, HVS Executive Search, President – Europe, Middle East & Africa.

“Increased CEO turnover over the past two years could be also attributed to boards starting to lose patience with the executive leadership at those companies where the impact of the financial crisis is still being felt and recovery is taking longer than forecast.

“As we look ahead to the next two years we anticipate that changes will largely be driven by economic conditions; a company with financial stability and an aggressive growth strategy requires a different leadership skill set to one in survival mode,” he added.

While the majority of CEO changes were planned events in 2011, there were twice as many planned successions as there were forced changes in leadership (8% versus 4%). Disagreements in strategy between directors and management gave rise to an increase in forced succession, such as at NH Hoteles and Accor.

The study also reveals a change in the typical profile of a hotel company CEO due to the influx of Chinese companies into the top 50 largest hotel companies. Leaders of these companies tend to be younger that their Western counterparts and are typically first-time CEOs groomed into the role by the Chairman or previous CEO.

The average age of an incumbent hotel company CEO is 52, with the majority of CEOs in Europe and North America in their early 50s.

The number of Chinese hotel companies in the study caused the average age of a CEO in Asia drop from 56 in 2007 to 46, with incoming CEOs being an average of 44 years old. European and North American CEOs are six years older on their date of appointment.

As the Chinese market matures and the talent pool grows bigger the average age of a CEO across the study is expected to rise accordingly, and the CEO profiles begin to more closely mirror those of Europe and North America.

At the same time, as North American companies further increase their global reach more ‘global citizens’ are likely to occupy the top seats. This in turn may see a reintroduction of CEOs from other sectors with experience of growing international brands.

The study also reveals that CEOs of privately owned companies tend to be younger than those of publicly listed companies at 46 years old, compared with 51.

* The study included data from the 50 largest hotel companies as published by HOTELS Magazine in September 2011.

The typical hotel CEO…
• Is 52 years old
• Is male – only 2% are female
• Is unlikely to hold dual roles – only 30% of hotel companies now have joint CEO and chairman
• Is in his first CEO role – only a third have held the title previously
• Is from within the company if it’s a privately owned company (88% are from inside)
• Is more likely to be from outside if it’s a publicly owned company (33% are from outside)
• Is from within the hotel sector (43%)
• Is well qualified – 27% of CEOs have an MBA or Masters degree
• Has no experience of foreign markets – only one third has this experience
• Has been in the job for an average of six years.

Following Germany, Israel, Belgium, Hungary and Switzerland, Leonardo Hotels is now also to have a presence in Vienna. The first Leonardo Hotel in Austria has opened its doors: the 4-star Leonardo Hotel Vienna. “By coming to Vienna we’ve been able to add another important European location to our hotel portfolio,” explains Daniel Roger, CEO of Leonardo Hotels Europe. Vienna’s Leonardo Hotel is located in a central position right on Europaplatz just 100 m from the city’s main shopping street, Mariahilfer Straße, and has 213 bedrooms and 3 function rooms with up to 85 sqm. The reconstruction was financed by the IMMOFINANZ Group, the owner of the hotel property: “We are very pleased to have gained a strong partner for this appealing location with Leonardo Hotels. Together we will further highlight the growing district around the recently newly opened Westbahnhof railway station in Vienna,” says Manfred Wiltschnigg, Member of the Board of the IMMOFINANZ Group.

The hotel’s highlight is the generously proportioned, open lobby, which combines bar, restaurant and lounge to form a spacious entrée. “That’s our centrepiece and the hotel’s ‘living room’, which invites people from all over the world to linger, unwind and make new contacts,” says interior designer Andreas Neudahm, explaining his concept. In a major renovation project led by him, the premises got transformed into a modern, fresh lifestyle and business hotel. In order, despite the purist style and modern design, to nevertheless create a link to Vienna and its sights, several special artworks featuring typical Viennese scenes are being produced exclusively for the hotel and will be found in varying sizes throughout the premises.

One very special feature of the hotel is the business level, which extends over two floors and provides bedrooms specifically tailored to the needs of people travelling on business. They feature, for example, spacious desks at which guests sit in extra comfortable ‘Relax Chairs’. The colours convey an especially elegant and refined ambience.

At the new Leonardo Hotel Vienna guests travelling on business experience true exclusivity in the VIP lounge, which has been designed specifically with them in mind — A relaxing atmosphere combined with comprehensive extra service, extended culinary offerings and free Internet access leave nothing to be desired.

The Isle of Man’s latest hospitality venue – a stylish new 30-bedroom hotel being built next to Ramsey Park – is on schedule to open in mid-August, bringing 15 to the local area.

Owned by Isle of Man resident Trevor Hemmings, Ramsey Park will be a contemporary hotel with each of the bedrooms having views of Mooragh Park, the lake or the sea, and some having views on both sides. It includes the stylish 50-cover Lake View Restaurant for hotel guests and non-resident diners.The hotel is the latest to come under the Classic Lodges ‘Associate’ hotels umbrella and will be run by the newly-appointed General Manager, Steve Dawson. Steve, a resident of Douglas for more than 30 years, is relishing the challenge of getting the hotel up and running: “I have worked in the hospitality industry for many years,” he says, “but this is the first time I have been involved from the very beginning and it is incredibly exciting to have an input into how the hotel will operate.”

Steve believes that as well as the hotel’s luxury accommodation, style and location, the restaurant will become a destination in its own right: “I am sure that with the fine food we will be serving, and its impressive location on the shore of the lake, the Lake View Restaurant will soon be a favourite for locals and visitors alike,” he says.

Richard Grime, Managing Director of the Classic Lodges chain of hotels, says that Ramsey Park represents a multi-million pound investment for the Group, and into the local community: “We are delighted to be adding Ramsey Park to our portfolio of hotels,” he says.

“Ramsey Park is slightly different in that it is a modern building, whereas most of our current properties are historic properties, but the location, and the quality of service it promises, is entirely consistent with the Classic Lodges brand. I have no doubt that Ramsey Park will become its own modern-day classic.”

UK

Bank of England Governor Mervyn King said the UK economy doesn’t show “great signs” of recovering from recession. King mentioned the impact of the pound’s appreciation on exports may further dent prospects for the UK economy.Despite King’s comments the pound managed to strengthen against the euro for a fifth day in a row as investors grow more cautious over the outcome of the German court hearing on the Eurozone bailout fund and a surge in UK manufacturing and industrial production in May.

GBPEUR remained above the 1.26 mark opening at 1.2614 and closing off at around 1.2650. The gains continued overnight as GBPEUR hit a high of 1.2677 a level not seen since 2008 during the pound’s dramatic decline at the height of the credit crunch. Although showing signs of being over-bought, 1.2750 has become the big key level to watch out for if a close above 1.2685 is seen.

GBPUSD opened the day at 1.5503 gaining slightly to reach a high of 1.5541 before dropping in the early afternoon to close the session under the 1.55. As GBPUSD continues to trade above the 1.5450 figure, we may see the pair track sideways ahead of the BoE Minutes due out next week, and the official statement should set the tone for the remainder of the month as market participants weigh the outlook for monetary policy. Any moves higher would find significant resistance at the 38.2% Fibonacci level of 1.5683.
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WORLDWIDE

The euro remained under significant pressure in the aftermath of last week’s decision by the ECB to cut interest and deposit rates and reports from yesterday’s Eurozone Finance meeting suggested that Spain is still some way off agreeing terms of a recapitalization package. Spanish Prime Minister Rajoy has to produce a two year deal by the end of this month to receive the €100bn bailout for his troubled banking sector.

EURUSD fell from a high of 1.2329 to a 2-year low of 1.2238, with the momentum of the declines and a lack of significant data to help prop up the euro, we could see further lows across the board. The next support level to watch is the June 2010 low of 1.2233 which with the current trend is just around the corner.

The IMF have warned that even after successful financial reforms and austerity measures Italy may become the next Eurozone member to require bailout funds as government debt yields rise.
This morning Consumer Price Index in Germany fell in June to its lowest annual rate in a year and a half showing inflation fell by 0.1% in June from May, and rose by only 1.7% on the year.

Greek Finance Minister Yiannis Stournaras said yesterday Greece will not get fresh bailout money before September, and doesn’t expect to get more time to meet creditor-imposed fiscal targets until the country gets its austerity program back on track.

Strong production data from Sweden has sent the Krona to a near 12-year high against the euro during European trading yesterday. EURSEK fell to as low as 8.5843 its weakest since December 2000 after Swedish industrial production data rose 3.5% in May, easily beating expectations of a 0.6% increase.

China, the world’s second largest economy is predicted to report a slowdown in the second quarter when it releases Gross Domestic Product data on July 13. The country lowered interest rates on July 5 for the second time in a month to stimulate the economy.

Australia’s dollar fell toward a one-week low after data showed imports rose less than forecast in China, the nation’s biggest trading partner. Australian government bonds were little changed, with the yield on benchmark 10-year debt at 3%.

Mercure has recently celebrated the opening of its first hotel in Russia, the Mercure Arbat Moscow. The hotel, which is owned by ARD, is operated by Accor under a management contract. The hotel is ideally located in the city’s historic district in a pedestrian street famous for its artists’ workshops, boutiques, cafés and restaurants. It has 109 rooms, including 18 Privilege rooms and four Suites. The hotel has a restaurant, “La Promenade”, which serves Franco-Russian dishes; a bar; a fitness center and meeting rooms. All of the hotel’s rooms have free Wi-Fi and tea and coffee making facilities.

The Mercure Arbat Moscow is Accor’s twelfth hotel in Russia. The group has been in Russia since 1992 and is now among the top five hotel Group in the Russian market. Accor intends to continue and step up its expansion in the coming years. For the Mercure brand alone, it plans to open two other Mercure hotels in Russia by the end of the year, including one in Sochi, host city for the 2014 Winter Olympics. The introduction of the Mercure brand of non-standardized hotels will enable Accor to accelerate its expansion in this country.

Accor intends to have a network of 50 hotels (nearly 10,000 rooms) by 2016 in the Russia-CIS region. The group currently has 14 hotels (3,500 rooms) in the region in Russia, Ukraine and Turkmenistan. It plans to expand into new countries, notably Armenia, Belarus, Georgia, and Kazakhstan. The Sofitel, Novotel, ibis and now Mercure brands are already established in the region and the group also plans to launch Pullman and Adagio there in 2013 and 2014 respectively.

“The opening of the Mercure Arbat Moscow represents an important step in our expansion in Russia,” explains Yann Caillère, Accor’s President and Chief Operating Officer. “Thanks to our strong brands and distribution network, we are ideally positioned to seize the growth opportunities in this market where demand is growing considerably, particularly in the midscale and economy segments.”

UK

GBPEUR continued to trade above the psychological 1.25 level, opening at 1.2588 and closing the day comfortably at 1.2602. Earlier in the day GBPEUR hit a new three and a half year high of 1.2632 as investors grew increasingly concerned about the Eurozone debt crisis and bought sterling as an alternative to the euro.On the back of Bank of England Deputy Governor Paul Tucker testifying before the treasury select committee yesterday, the US dollar surprisingly lost some of the gains it made towards the end of last week rising from a low of 1.5473 and closing for the day at 1.5508.

The BOE’s Paul Tucker is pushing back at Barclay’s ex-CEO Bob Diamond’s contention that the BOE instructed him to keep Libor low to avoid the appearance of a raging banking crisis. He also told MP’s yesterday that the FSA investigations should be extended to other self-certifying markets such as Gold and Oil.
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WORLDWIDE

EURUSD traded within a tight range yesterday; opening below Friday’s low at 1.2273 and struggled to break the 1.23, closing at 1.2298 in UK trading hours. The next significant resistance lies at 1.2360.

Yesterday, ECB President Mario Draghi said that the recent slowdown in growth in the Eurozone as well as the weakening of inflationary pressures in the area induced the central bank to cut the main interest rate, as well as the deposit and lending rates by 25 basis points at their July monetary policy meeting.

Finance ministers met yesterday and have proposed that the head of the Luxembourg central bank, Yves Mersch, should take a vacant board seat at the European Central Bank.

The EU’s head, Juncker announced that ministers from the 17 Eurozone nations reached a tentative agreement after 9 hours of debating which includes a ‘first disbursement’ of €30bn for Spanish banks by the end of the month.

The timing of the meeting was fortuitous as the yield on Spanish 10-year bonds auctioned yesterday exceeded the key level of 7%, which market experts consider unsustainable.

In Greece the Greek coalition government has won a vote of confidence in Parliament as Prime Minister Samaras told reporters he plans to accelerate privatisations and bring forward much needed reforms to try and stall the slowdown of the economy.

Disappointing economic news from the US, China and Japan have reduced appetite for the Australian dollar, which remains correlated with global growth. We saw sterling move from a low of 1.5167 to a high of the day at 1.5250 yesterday against AUD.

The Beijing Tourism Group (BTG) and international hotel management group GHM have formalised a joint venture partnership and announced plans to launch an upscale resort concept branded Ahn Luh. The partners, together with a third investor, the Great Ocean Group (GOG), said the group’s first properties will debut in the next two-to-three years. This was announced in March at the signing ceremony for the new hotel group’s first project, the Ahn Luh Dujiangyan in Chengdu.Created by BTG Chairman Duan Qiang, GOG founder Whitney Duan and resort visionary Adrian Zecha, who founded Amanresorts and co-founded GHM with Hans R. Jenni, the Ahn Luh brand will encapsulate the best while distilling the essence from the various brands that Adrian Zecha has successfully introduced over the years. Ahn Luh will cater to the world’s most discerning travellers, as well as the growing Chinese tourism market. According to the Secretary of the World Tourism Organisation, China is set to become the world’s most visited country and the planet’s top source of foreign tourists by the year 2020.

Said BTG’s Chairman Duan: “Resorts in the new Ahn Luh brand aim to promote and practice what we have termed the ‘China services’ concept. In essence, this concept marries internationally accepted standards of quality with distinct, local features. The result is the fusing of old-world Chinese hospitality with contemporary elegance to create value added products, while contributing to an eco-friendly environment.” The design at each Ahn Luh property will differ, with each handcrafted resort incorporating elements reflective of the arts and culture of its particular locale.

“The Ahn Luh Dujiangyan is a project where the historical and cultural elements feature prominently given that the Dujiangyan Irrigation System, along with Mount Qingcheng, are placed together on the UNESCO World Heritage List,” said Douglas Zhao, Executive Chairman of the Ahn Luh group. He added, “We’re planning to build on the great architectural traditions that have evolved in China over the past three thousand years, but at the same time, we’re looking to exude the enthusiasm and the innovative spirit that abounds throughout China.”

Ahn Luh is charting future developments in major cities and tourism destinations throughout China. In the pipeline are hotels in Beijing, the Pearl River Delta and Southwest China. Ahn Luh’s hotels will come to market as 50- to 100-room and villa properties, featuring 60-square metre rooms and 120-square metre suites. As a complement to each hotel’s spa, a resident Tai Chi master will manage an on-site Tai Chi Centre.

Other distinguishing features include ‘dian xin’ breakfast, an all-day Chinese-style tapas bar, indoor and outdoor pools, a library and cigar lounge, airport concierges and a fleet of Wi-Fi-enabled cars. Each hotel will also house a retail shop selling regional goods as well as traditional Chinese medicine. Some Ahn Luh properties will include private villas and residences. All will feature meetings facilities that provide intimate spaces for executive retreats.

The British Furniture Confederation (BFC) is to highlight the importance of Britain’s furniture industry during a four day exhibition at the House of Commons.

As the voice of the British furniture and bed industry, the BFC will showcase the excellence and variety of furniture manufactured in the UK in the heart of Westminster from Monday July 9.The aim is highlight the fact that the industry contributes £7 billion to the economy and supports in excess of 100,000 jobs across more than 6,000 companies.

Said BFC chairman Paul von der Heyde: “The BFC has been working with government and parliamentarians to improve recognition of the industry. This exhibition demonstrates the size and contribution made by the industry to the economy and showcases key manufacturers in the UK.”

The high profile exhibition is being held at the Upper Waiting Hall, House of Commons (July 9 to Thursday July 12 between 10am and 6pm) and will be seen by MPs, peers and civil servants.

The exhibition is sponsored by Stephen McPartland, MP, chair of the All-Party Parliamentary Furniture Industry Group and is being supported by a launch event at the House of Commons at 4pm on July 9.

A PR campaign, focusing on attitudes towards ‘Buying British’, will underpin the BFC’s latest initiative with results of a major consumer survey due to be released to online and offline national print and broadcast media to coincide with the start of the exhibition.

Said Paul von der Heyde: “It’s clear from this research that British made furniture still has a lot of support across the UK. While the sector has undoubtedly experienced weaker demand across world economies, there is a loyalty towards British made product that has enjoyed a fillip as a result of royal celebrations, the Euros and forthcoming Olympics.

“UK furniture manufacturing remains a substantial industry and while there is widespread recognition of that fact among the public, our focus during the exhibition will be to reinforce to government and parliamentarians the sector’s significance.”

UK

Sterling made gains against euro throughout Friday’s session, opening at the low of 1.2525 to reach a 3 and a half year high of 1.2607 as investors concerned about the debt crisis cut their exposure to the Eurozone.GBPUSD fell to a 1-week low of 1.5472 from the 1.5550 high, this was helped along by positive data from the US labour market. This break should open up support targets around the 1.5400 level. Traders are looking for a close above 1.5550 for any potential upside, strong resistance should contain the pair below 1.5700.

The prices charged by UK manufacturers fell by 0.4% from May to June – the biggest fall since November 2008, a strong signal that UK inflation will continue to fall in the short term.

BOE Deputy Governor Paul Tucker gets the chance today to testify on the Libor scandal that cost Barclays top three managers their jobs and cast doubt on his prospects of succeeding Mervyn King.
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WORLDWIDE

The EURUSD touched a two-year low amid concern an ECB cut in interest rates to a record low won’t be enough to stem the euro bloc’s debt crisis. The move was tempered by speculation the Fed may take further steps to boost growth, including a third round of QE. Analysts are looking towards the US central bank two-day policy meeting on July 31 for a clear outline on further easing policy.

It is expected to be announced this week that the US trade deficit narrowed in May as falling crude oil prices and weakening demand helped trim the import bill.

EURUSD fell from the high of 1.24 to 1.2296 during Friday afternoon trading, falling through support at 1.2298. EURUSD is set for further declines after breaking to a 2-year low. Given the current momentum, the next target is around 1.2150. A short correction of this decline could be triggered if the pair break upside barriers at 1.2352.

The IMF Managing Director Christine Lagarde said they are reducing their estimate for global growth this year on weakness in investment, jobs and manufacturing in India and China.

Italy\’s government has approved a further €4.5bn in spending cuts to the public sector in order to delay a new tax increase until late 2013.

On Friday Nonfarm Payrolls in the US for June improved to 80K from the 77K previous but fell short of the 90K forecast, also US unemployment met projections and held firm at 8.2%.

EURUSD, GBPUSD and GBPJPY continued to track each other very closely in a display of safe haven currency behaviour in a high risk market. US dollar and Japanese yen continue to attract the investors in times of stress in the global markets.

European finance ministers are set to vote today on the new head of the Eurogroup, ahead of Jean Claude Juncker\’s departure on July 17.

Canada saw positive employment data for June on Friday; the unemployment rate saw a marginal improvement with 7.2% against the 7.3% previous and the net change in employment came in at 7.3K down from the previous 7.7K. The Canadian dollar has strengthened against sterling in July, moving from 1.6050 to a low of 1.5710 – the pair is currently trading at 1.5798.

China released it’s consumer price indices this morning at 2.2, which not only fell drastically from the 3.0% previous but also fell short of the 2.3% consensus.

Classic Lodges, the nationwide group of carefully selected high-end hotel properties, has welcomed the well-known and recently refurbished Plough and Harrow Hotel in Birmingham as the latest addition to its Associate Hotels portfolio.One of the oldest hotels in the city, the Plough and Harrow was built in 1704 as a wayside inn and has lately been the subject of extensive renovations in order to restore the traditional building to the highest standards of accommodation. The £750,000 hotel-wide upgrade included refurbishments to 36 bedrooms, the restaurant, the lounge, bars, conference rooms, roofs, heating systems and Internet access, with further work planned in the future to create eight new executive bedrooms in the Grade II listed part of the building.

The hotel’s picturesque appearance and proximity to the city centre has already made it a popular location with guests and particularly for weddings, according to Robert Smith, Managing Partner of the hotel: “We have had more than 40 bookings made by wedding parties this year, and many dates in 2013 are now already booked up.

“Other special events hosted by the hotel, however, are also attracting a growing number of visitors,” he explains, “including our Murder Mystery dinners held each month, which sell out very quickly, and our Murder Mystery weekends, of which there are usually three or four a year and which have proved very popular.”

The Classic Lodges Associate Hotels programme offers independent hotels of a similar size the opportunity to share the Classic Lodges brand and to benefit from sales and marketing support provided by the Classic Lodges headquarters in Chorley, as Richard Smith, Director of Marketing and Associates at Classic Lodges, explains:

“We are absolutely delighted to welcome the Plough and Harrow into the Classic Lodges fold, as its historical provenance and its superb quality are utterly reflective of the Classic Lodges brand and the high standards that we strive to maintain across our portfolio of properties.

As part of the economy brand revitalisation strategy announced last September, Accor UK & Ireland is this month launching two new-design hotels within the new ibis brand family. The hotels mark the first openings for the new ibis budget (previously Etap Hotels) and ibis Styles (previously all seasons) brands in London and are clear examples of the Group’s vision and transformation of the budget hotel segment. On the 22nd June, Accor opened its first new ibis budget hotel in Whitechapel in a ceremony attended by Tower Hamlets Mayor Lutfur Rahman. The 29th June marked the opening of the first new ibis Styles in Croydon follows as the new ibis brand family rolls out across the UK.Ibis budget London Whitechapel has led to the creation of 30 jobs, meanwhile ibis Styles London Croydon has created a further 13 jobs in the local area.

Both hotels follow the announcement of the revitalisation of Accor’s economy hotel segment, and mark the first of the ibis rebranding which will see the three brands of ‘ibis’, ‘ibis Styles’ and ‘ibis budget’ in the UK, based on three key assets: modernity, simplicity and well-being.

Thomas Dubaere, Managing Director, Accor UK & Ireland said,
“Last September we announced a change to our ibis offering, to boost each brand’s visibility and market potential. The rebrand is a reinvention of Accor’s economy hotel products and services so they can transcend their market segment and cater for the changes in consumer expectations. Both the new ibis Styles and ibis budget reflect changing consumer expectations by offering contemporary, stylish services at a modest price. These hotel openings mark the first of the ibis rebrand roll-out in the UK, which will play an integral role in the overall Accor UK business, helping us to meet our pledge to increase our portfolio to 300 hotels by 2015.

“Our first new design Ibis budget is situated in London’s up and coming East End – an area which we expect to provide huge growth potential in the coming years. Meanwhile Ibis Styles will operate in Croydon – within easy reach of London Bridge and Victoria as well as the UK’s largest airports – ideal for business or leisure travellers.”

Commenting on the opening of the Ibis budget London Whitechapel, Lutfur Rahman, Mayor for Tower Hamlets said;
“I congratulate Accor on the opening of their new ibis budget in Whitechapel. This is a great new venture which displays the strength of local businesses in the community. I believe this will bring new opportunities to the borough and its local residents. I hope for its prosperity and I wish the hotel success for the future”.

Ibis budget London Whitechapel will be the first hotel to feature the new, state of the art cocoon style bedroom concept with LED-lit showers and touch-sensitive reading lights which aims to provide an affordable, ergonomic design solution for the budget hotel segment. A variety of rooms are available for one, two or three people. Julien Lamarre has been appointed General Manager of ibis budget London Whitechapel.

Ibis Styles London Croydon has undergone a complete refurbishment and now features the unique design of a comfortable and relaxed atmosphere with a modern twist – warm colours of the reception area and modern décor of the breakfast, lounge, restaurant and bar area. Pritam Kotian has been appointed General Manager of ibis Styles London Croydon.

The new ibis budget and ibis Styles hotels reflect the transformation of consumer expectations. Consumers now demand modern, contemporary, stylish brands that are also socially and environmentally responsible in all consumption segments. Brands must provide a customer experience that meets new emotional and sensory expectations, including in the budget segment – a message central to the revitalisation of the ibis brand family.

Marriott’s Ko Olina Beach Club, located on a secluded lagoon within the upscale Ko Olina Resort, recently completed its fifth development phase, delivering 132 new two- and three-bedroom villas to Marriott Vacation Club’s largest resort in the Hawaiian Islands. Just a 30 minute drive from Honolulu, the resort is on Oahu’s western shore at 92-161 Waipahe Place in Kapolei. The spacious and luxurious two- and three-bedroom villa interiors are designed with Hawaiian inspired furnishings and fixtures, fabrics and paint in a pallet of yellows, greens and reds contrasting the deep mahogany finish on furniture and cabinetry. Fully-equipped kitchens feature stainless steel appliances and large living and dining areas lead to private balconies with glass paneled railings ensuring incredible views that will thrill every Owner and guest. Villas also include flat panel televisions and DVD players in the living area and bedrooms in addition to a washer/dryer. Three-bedroom villas accommodate 10 guests and complimentary high-speed internet access is available resort-wide.

Marriott’s Ko Olina Beach Club offers the ideal Hawaiian vacation from its perfect beachfront location and private lagoon to multiple swimming pools surrounded by lush tropical gardens and unobstructed ocean views that together create an atmosphere of relaxation.

Dine on-property at LONGBOARDS Bar & Grill for an oceanfront casual setting or enjoy dinner at Chuck’s Steak & Seafood, whose namesake opened the first steakhouse in Hawaii over 50 years ago. Each week, guests can also enjoy our Fia Fia Polynesian Dinner Show featuring Hawaiian cuisine, drums, fire knife dancing and more. The resort has a fitness center featuring Life Fitness equipment and guests can also enjoy championship golf at the Ko Olina Golf Club and the Spa by the Sea at Ko Olina.

This month Travelodge is opening seven hotels with four of the sites being located in London, making the budget hotel chain the largest hotelier in the capital for the Olympic Games. At a combined investment value of £36 million, these new openings (in Balham, Enfield, ExCel and Woolwich) will mean that Travelodge has 54 hotels in London (7,024 rooms) and has hit the target it set three years ago of becoming the largest hotelier for the start of the Olympic Games. These four new hotels have created 117 jobs across London and all new recruits have been hired from the long term unemployed. Travelodge currently employs 1,400 staff across the capital.

Being the largest hotelier now, does not mean that Travelodge will ease up on its development plans in the capital. A further four hotels are set to open after the Olympics with five scheduled to open in 2013, providing a total of 1,015 additional rooms. Travelodge’s development team has also identified another 50 locations across London that would be suitable for a new hotel.

The reason for the expansion by Travelodge is that there is an under capacity of budget hotel rooms in London. A recent report by hotel industry analyst Melvin Gold has identified that in the capital just 17% of the hotel supply is provided by the branded budget sector, compared to over 28% in UK cities such as: Manchester, Birmingham, Leeds and Glasgow.

Grant Hearn, Chief Executive of Travelodge Hotels, said: “To be London’s largest hotel brand at the start of the Olympics is an achievement that everyone in the business is proud of. Our growth strategy for the capital is not however based around the Olympics. We have long recognised that London has a shortage of good quality, affordable hotel rooms, not just in the centre but also in the suburbs.

“We will be opening a further four hotels in London after the Games and five more next year. We are also actively looking for a further fifty sites across the capital to ensure that we can meet the clear demand there is for affordable hotel rooms.”

As well as the four hotels in London, Travelodge is also opening hotels in July at Hemel Hempstead, Cheshire Oaks and Tamworth. These openings will creating 60 new jobs.

Rezidor has opened its very first hotel in Corsica – the outstanding Radisson Blu Resort & Spa, Ajaccio Bay; owned by the group Ollandini and representing the most significant hotel investment in Corsica for 30 years. The 170 rooms-property is located near Porticcio; right on the glorious Agosta Beach. Guests enjoy a true paradise combining beautiful landscape, minimalist design, great food and wellness, and personalized services. All 170 rooms and suites in this First Class-resort feature aquamarine colours and light wood, and offer private furnished terraces with views of the shoreline or the famous maquis of Corsica’s lush vegetation. The rooms range from 28 to 52 square meters in size (family rooms and rooms for disabled guests are available), and offer Radisson Blu signature services such as business class category with Nespresso coffee machine, and free high speed internet access.

Totally dedicated to beach life, water sports and wellness, the Radisson Blu Resort & Spa, Ajaccio Bay comprises an outdoor pool with kids pool, and a 900 square meter wellness area including indoor pool, hot tub, gym, sauna, hammam, relaxation area, and a spa with 5 cabins. Treatments use products by the prestigious brands Sothys and Crena Care that are based on local island plants. Little guests are welcome at the kids club where the “Very Important Children” programme is offered during school holidays where guest can take part in several activities under professional supervision.

Gourmets enjoy the resort’s main restaurant “A Muvra” with a locally inspired menu including delicious sea bass with grapefruit; pork with local honey; blueberry sorbet and pineapple carpaccio. Two bars complement the offer, serving cool cocktails in a relaxed atmosphere, with stunning sea views.

For those who are combining leisure and business, the Radisson Blu Resort & Spa, Ajaccio Bay has 400 square meters of fully flexible meeting facilities for up to 250 delegates. All meeting rooms have daylight and are equipped with state of the art technology. For catered events, a beautiful seafront terrace is also available.

The Ponza collection offers contract quality furniture with a designer look; these items would be perfectly placed in hotel bedrooms, lounge and bar areas. Part of RHA Furniture’s F4 range, the Ponza collection is extremely stylish; main features include a soft rounded shape, finely stitched leather upholstery and elegantly shaped wooden legs.

Visit RHA’s website to find out more about the Ponza contract furniture collection, where you can download the PDF catalogue and request a quote.

UK

In the absence of top tier data the UK financial services sector held it’s breath in anticipation of Bob Diamond, former CEO of Barclays and only witness to the cross party Treasury Select Committee, speaking on rate libor rate fixing and ethical impropriety across the banking sector.US markets were closed yesterday for Independence Day. Having opened the UK session at 1.5681, by the close of the European market GBPUSD had lost over 0.5%, trading at 1.5587 by 16:30. In pre-market trading this morning GBP had pushed back up above 1.56 though.

UK Services PMI did not match expectations, falling to an eight month low. Figures of 51.3 missed the forecasted 52.9 and show that the broader economic outlook of purchasing managers is dimmer than the 53.3 posted in June.

All eyes are now trained on the Bank of England and the impact of the MPC’s rate decision today. The committee is expected to increase stimulus to the economy by £50 billion, but many commentators have suggested this has been priced into the value of the pound already.

GBPEUR traded within a very narrow range yesterday. The pound reached a peak of 1.2460. EUR only managed to achieve 1.2415 at approximately 13:00 despite month on month retails sales for the Eurozone beating expectations and returning a 0.6% increase.
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Industry analysts and banks, including RBS, broadly agree that the ECB is likely to “deliver, with a 25 basis point cut”. Although a cut will not surprise the markets USD saw a sustained rally against EUR moving from a price of 1.26 at 07:00 to end the day at 1.2508.

Germany’s Finance Minister delighted in stating that their robustness coupled with near full employment means Europe’s largest economy should achieve a balanced budget.

Ireland intends to test market confidence tomorrow by engaging in its first bond sale in more than 18 months. The country’s debt office aims to sell 500 million euros of three month T-bills.

Over the course of this morning both France and Spain are conducting auctions of 10yr bonds; this should mean today will see a wider trading range for GBP/EUR than yesterday.

AUD continued to gain in value against the pound and the euro. The effects of the expected QE and rate cuts in the UK and Europe have been compounded by the RBA holding their own rates and an increase in Australia’s retail sales. EURAUD reached a session low of 1.2169 and GBP/AUD bottomed at 1.5145.

Australia’s trade balance posted -0.29B. Expectations were for a -0.51B. These figures, showing that Australia imported more than it exported, saw a slight relaxation in AUD’s strength in Asian trading.

The CEO of Singapore’s DBS Group Holdings says that he expects western central banks to ease policy further in the near term, which will result in increased volatility in Asia. Piysuh Gupta expects further easing in the US and from the ECB to ‘play havoc’ with currency and interest rates.

Marriott International has opened its first hotel in Azerbaijan, the 243-room JW Marriott Absheron Baku under a management agreement with Yeni Absheron Oteli LLC. A stunning addition to Marriott International’s luxury JW Marriott global brand portfolio, the hotel overlooks Baku’s famed Azadliq Square and the Caspian Sea.Located in Baku’s most prestigious neighbourhood, in the heart of the business, shopping, and entertainment district, the JW Marriott Absheron Baku is a modern and stylish hotel in keeping with the relaxed elegance and effortless luxury synonymous with the JW Marriott brand. Just 25 minutes from Heydar Aliyev International Airport, the hotel offers easy access and luxury accommodation to business and leisure travellers to Baku.

The 243 elegantly appointed guestrooms, including 15 Executive Studios and Presidential Suite, offer exceptional comfort and stunning views of the Caspian Sea. Boasting natural textures and colors reflecting the Azerbaijan landscape, the rooms also feature the latest technologies, contemporary furnishings and luxurious bed and bath linens.

The hotel features a fully equipped business centre and 3200 square meters of flexible meeting space flooded with natural light, including a spectacular 1,208 square meter column-free ballroom with high ceilings and panoramic views perfect for weddings, banquets or galas. The idyllic spa with sea views sets the stage for a truly relaxing experience, while the 24-hour fitness centre features the hotel’s crowning glory – a rooftop indoor pool overlooking the sea.

Dining at the JW Marriott Absheron Baku takes guests on a culinary journey with four options including the Fireworks Oriental Kitchen where Azerbaijan, Turkish, Iranian and Indian cuisines are masterfully crafted with the spices and flavours of the region, and the OroNero Bar & Ristorante where the delights of fashionable northern Italy from Parma to Milan can be enjoyed in an al fresco setting. The Razzmatazz Cocktail Bar&Lounge offers a sophisticated and sociable setting while the delicatessen style Zest Lifestyle Cafe provides an informal, flexible option for any time of day.

Architects: ReardonSmith
Landscape Designers: Scape Design Associates

During the last meeting, the Advisory Board of the Worldwide Hospitality Awards 2012, under the presidency of Angela Brav, Chief Executive Europe of the group IHG, reaffirmed the commitment of the primary international hotel groups, represented by their chief executives. The Advisory Board has taken notice of the many candidatures that have already been presented for the 13th edition, and it has stipulated the conditions that will lead to the final selection of laureates.The event’s organizer, MKG group, is inviting hotel groups, brands and independent hotels to promote the exemplary work of their teams by entering the competition.

The categories are listed below. The Advisory Board will once again bestow the Lifetime Achievement Award upon a personality who has marked the international hotel industry.

The editorial staff of Hospitality-ON will present the Grand Prize to the hotel group that is particularly outstanding in terms of development, performance and innovation in 2012. The editorial staff of Hospitality-ON will also award trophies to the three Best General Managers selected per category. Moreover, in the Worldwide Hospitality School Awards, the same team will also elect the Best Professional Success of an alumnus in order to avoid any partisanship of hotel groups.

The Advisory Board has validated the major innovation for the competition of 2012 with the introduction of online voting by readers of Hospitality-ON to select applications that will then be submitted to the international jury to be judged. The vote and classification of the jury will be completed during the ceremony by the vote by participants to determine the final winner.

The date has already been set at the InterContinental Paris le Grand next November 12 to support and congratulate the thirteen winners of the Hospitality Awards 2012.

For more information: www.hospitalityawards.com

IHG has announced the opening of the Holiday Inn Express Maceio Ponta Verde in Brazil. The new-build, 160-room hotel is located one block from beautiful Ponta Verde beach in Maceió, the capital of the coastal state Alagoas, in Northeast Brazil and one of the top tourist destinations in the country. Boasting a modern architectural design, the Holiday Inn Express Maceio Ponta Verde’s interior is decorated with a collection of local artworks and folk-art inspired crafts from the area, blending the richness of Maceió’s cultural heritage with the hotel’s contemporary and fresh style. The property also features an array of amenities, including free high-speed wireless Internet connections throughout the hotel and four meeting rooms, totalling 1,614 square feet (150 square meters) and a 100-person capacity. Other amenities include an outdoor pool, fitness centre and business centre.

Guests will experience a comfortable and smart environment with innovative preferred guest upgrades to ensure a productive stay while travelling for business or leisure. The hotel’s complimentary Express Start® breakfast bar will feature a full range of breakfast items including a rotation of egg and meat selections, biscuits, yogurt, fruit and coffee.

Guest rooms feature comfortable queen or king-sized beds and a sitting area with a lounge chair. Business travellers will find large desks with ergonomic chairs, free high-speed Internet. The SimplySmart™ shower incorporates a proprietary Stay Smart™ Kohler showerhead, signature shower curtain with curved rod, upgraded 100 percent cotton terry towels and a custom line of cinnamon-scented bath products. Guests will enjoy the SimplySmart™ bedding collection where they will find new crisp fresh bedding which features an attractive decorative throw, a medium-weight duvet blanket and soft 200 thread-count sheets.

Latin America’s rapidly rising middle class is leading the hotel industry to strong growth across the region, as international and intra-country travel is significantly increasing. A positive supply-and-demand outlook offers IHG-branded hotels a great opportunity to expand in many potential markets.

The hotel is owned and managed by MC3 Imóveis Ltda., under a license agreement with a company in the InterContinental Hotels Group. The hotel is located at Rua Gaspar Ferrari, 175 Ponta Verde.

UK

Sterling strengthened for the first time in 4 days against the euro as investors sought the pound as a safe haven from the big data releases coming out in the Eurozone later this week. GBPEUR got as high as 1.2489 before settling just above 1.2450. Against the dollar, sterling continued to try and push above the 1.57 level and reached a high of 1.5720 in the evening before settling at around 1.568. If the pound continues to rise further it will find resistance at 1.5746 and 1.5786.

The UK’s manufacturing sector continued to remain vulnerable as demand was declining and job losses continued. Though the index was at 48.6 in June, up from 45.9 in May and above expectations, it remained below the 50 mark for the second consecutive month, which is a sign of contraction.

More emergency cash is expected to be pumped into Britain’s economy this week as policymakers seek to cushion the UK from a worsening Eurozone crisis. The BoE Monetary Policy Committee is widely predicted to boost its Quantitative Easing programme by another £50 billion to £375 billion when it announces the outcome of its latest monthly meeting on Thursday.
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The euro lost some of its gains following the positive outcome from the EU summit after Finland joined the Netherlands in saying it opposed granting the European Stability Mechanism. Currently trading at 1.2585, EURUSD is now almost 1% below where it opened after the weekend.

The euro also suffered against commidity currencies and hit a 4 month low against the Australian dollar of 1.2309, EURAUD is currently trading at 1.2350.

As investors turn their attention to the ECB monetary policy meeting on Thursday, the general consensus being priced into the markets is of a 0.25% rate cut. We need to see either a 0.5% rate cut or deposit rates to move from 0.25% to 0% to really see any significant change in EURUSD.

With Independence Day tomorrow in the US, Europe’s rate decision on Thursday and the much-anticipated Non-Farm Payrolls data due to be released on Friday may prompt investors to trade currencies in a narrow-range for most of this week.

Eurozone unemployment rate hit a new record high of 11.1%, from 11% in April. On a yearly basis, unemployment surged by 1.82 million. Strangely however, official figures also showed that Italy’s unemployment rate fell for the first time in sixteen months to 10.1% in May.

The Eurozone Purchasing Managers’ Index for the manufacturing sector remained unchanged in June at 45.1 from the prior month, but stayed slightly above the flash estimate of 44.8, although this had little impact on the Euro.

Activity in the US manufacturing sector unexpectedly contracted in the month of June, the ISM said its purchasing managers index dropped to 49.7 in June from 53.5 in May, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to show a much more modest decrease to a reading of 52.0.

Following the ISM report the Yen was the top performer, moving from USDJPY 76.75 to 76.37. This suggests that traders were not only seeking safety, but also moving away from the USD. This could be a reaction to signs the Fed may embrace a more accomodative monetry policy in the future.

US construction spending increased by more than expected in May even as revised figures showed stronger than initially reported construction spending growth in April. The initial estimate for construction spending in May came in at a seasonally adjusted annual rate of $830bn, a 0.9% increase from revised April estimates.

Down under the Aussie spiked slightly, up about 45 pips since finding a session bottom at 1.0230 against the USD. The bullish momentum has been driven by an impressive AUD building permits release, which has increased by over 27% in May (exp 5.1%) compared to a revised fall of 7.6 in April.

Australia’s central bank decided to keep the key interest rate unchanged as it awaits the pass through of the effects of the two consecutive rates cuts implemented this year aimed at shielding the economy from the worsening situation in Europe. The RBA held the benchmark cash rate steady at 3.5%

Marriott International has recently announced the opening of Guangzhou Marriott Hotel Tianhe, the latest addition to the company’s signature Marriott Hotels & Resorts brand. Ideally located in the centre of Tianhe Business District, Guangzhou Marriott Hotel Tianhe is adjacent to Pearl River New City – home to the majority of Guangzhou’s international companies and a growing tourist hub.Featuring deluxe city views, four unique dining destinations and 895 square meters of multifunctional event space, the hotel has been carefully designed to cater to the needs of the region’s discerning event professionals, as well as business and leisure travellers.
Guangzhou Marriott Hotel Tianhe’s 319 well-appointed guest rooms and suites offer plug-and-play laptop connectivity with television, high speed wireless and wired Internet and premium bath essentials.

There are three expansive atriums located in the hotel, providing a relaxed meeting point for guests above Tianhe’s bustling city centre. The Health Club and heated indoor pool also offer guests the perfect opportunity to unwind.

Featuring 895 square meters of event space, including two pillar-free ballrooms and a multi-function room divisible into five sections, the hotel offers comfortably spacious meeting, banquet or cocktail facilities. All facilities are equipped with state-of-the-art audio-visual systems and Wi-Fi, with dedicated wedding planners also available.

The hotel’s four dining options are destinations in themselves. Man Ho, the hotel’s signature restaurant, serves authentic Cantonese cuisine using only the freshest ingredients from the Pearl River Delta, as well as native ingredients that are characteristic of the Guangdong province’s rich countryside. For intimate dining experiences, Man Ho offers a selection of uniquely stylish private rooms.

Guests can enjoy local and international flavours at City Bistro, an all-day dining restaurant set to impress with its lavish fresh seafood buffet and seasonal à la carte offerings. Fresh coffee, pastries and bites-to-go are also available at Java+, while the fifth floor’s The Lounge provides an elegant setting for guests to enjoy afternoon tea or an evening cocktail.

Gone are the days when a hotel’s primary safety concern was ensuring that their beds complied with CRIB 5 Fire Retardancy standards. Though that is still a prime concern, now there are also bed bugs to consider.Bed bug infestations are a growing problem worldwide and a surge of visitors to the UK this summer will bring with it a surge of bed bugs carried in people’s luggage and clothing.
Bed bugs are not just an inconvenience; they will feed on your guests causing nasty reactions and painful rashes, and mattresses are a classic breeding ground for them.

Not only can bed bugs cause an uncomfortable night’s sleep for guests, their presence can fuel serious complaints, bad reviews, compensation claims and costly pest control. As guests spend most of their hotel stay in their beds, they are at a high risk of contact with bed bugs, so it is imperative that hoteliers do not ignore this issue and take the necessary steps to prevent infestation.

Hypnos, the UK’s leading hotel bed maker and proud holder of a HRH Queen Elizabeth II’s Royal Warrant, has partnered with HHL Technology to launch Vital Protection™ – a revolutionary new bed treatment to help eliminate bed bugs.

The fabric impregnation treatment is designed to provide long lasting protection against bed bugs for hotel guests. What’s more – it has been independently scientifically proven to effectively repel and instantly kill bed bugs, as well as dust mites and other bacteria.
The treatment can be added to any of Hypnos’ new mattresses ensuring protection before they arrive at the hotel. However, for those hotel owners not wishing to buys new beds, Vital Protection™ can also be used on existing beds, by applying a zipped mattress renovator which encases the whole of the mattress. Vital Protection™ cannot be washed off and is completely invisible and odourless, having no negative impact on the fabric’s fire retardancy properties.

It cannot be stressed enough how important protection against bed bugs will be for hotel owners – particularly this summer – in preserving a brand’s reputation. Recently, a high profile hotel chain in the USA was successfully sued for $382,000 by guests who had been bitten; and entomology studies suggest that Australian tourism has lost $108million a year due to bed bug infestations.

The time for hoteliers to complete their summer checklists is now, in order to avoid any complaints or bad publicity and most importantly – to ensure that your guests have a night’s sleep to remember, for all the right reasons.

Hypnos also offers a bed disposal service, where the company will remove old beds and recycle all the materials. For more information on this service or Vital ProtectionTM, please visit www.hypnoscontractbeds.com or call 0115 973 2180.

Choice Hotels International, Inc., one of the world’s largest lodging franchisors, is proud to announce that it reached 400 domestic franchised units for its Rodeway Inn® brand with the recent opening in Saint Charles, Mo. The Rodeway Inn brand was originally founded in 1964 and acquired by Choice Hotels in 1990. “I am thrilled to be a part of this great, trusted brand, as well as the exciting achievement of 400 hotels,” said Nick Patel, hotel owner and general manager. “The hotel is just a few miles from the charming Old Town Saint Charles area with antique shops and beautiful parks. Guests can hike the scenic Katy Trail, visit Daniel Boone’s homestead and enjoy the many attractions of nearby St. Louis.”

With more than 22,000 total guestrooms conveniently located across the country, Rodeway Inn hotels offer guests welcoming accommodations at great savings. Most properties offer amenities including -free morning coffee, high-speed Internet and premium movie channel.

“We are really proud to celebrate this momentous milestone for the brand,” said Craig Mustard, director, brand strategy. “Staying with Rodeway Inn makes a lot of sense for travelers. With the great savings and free amenities we offer, guests can focus on their experience instead of their wallets. We are excited to work with Nick Patel and his team and continue to expand the brand.”

UK

On Friday, the main focus for the UK was BOE Governor Mervyn King and the Financial Stability Report. A decision was made for banks to raise their capital levels to protect them from any losses if economic conditions in the Eurozone deteriorate. The central bank estimates it has an exposure from UK lenders to vulnerable countries including Greece, Ireland, Italy, Portugal and Spain, totalling £169bn.King also called for fundamental reform of the process by which Libor is set. This is a very significant change and would probably lead to Libor rising far higher during periods of financial stress such as the present. This weekend, Barclays Plc Chairman Marcus Agius resigned after the bank was fined a record £290m for trying to rig interest rates.

GBPEUR hit a high during the trading day of 1.2483 and posted a low of 1.2363, after a brief spell trading just above 1.24 over the weekend markets have opened this morning at around 1.2390. Strong long term support has yet to be broken at 1.2345, the more likely scenario is to break resistance at 1.2435, a close above 1.2496 is the key for further gains.

Since Friday morning, GBPUSD has posted a low of 1.5512 and a high of 1.5712 amid the rise in risk-taking behaviour. Markets have opened this morning at around 1.5660. After breaking to a new high last week, near term resistance is now as high as1.59.

Earlier this morning, a survey undertaken by Hometrack showed that house prices in the UK stagnated in June as global economic gloom curtailed demand.
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The euro surged to a high of 1.2692 against the dollar on Friday as the EU agreed to directly recapitalize commercial banks through the European Financial Stability Mechanism, while the group said it would drop the senior loan status for Spain as the government looks to tap up to €100bn from the EFSM.

So far this morning euro has fallen against major peers before data today that may show the currency bloc’s jobless rate climbed to a record and manufacturing contracted, boosting prospects the ECB will cut interest rates this week. Analysts are pricing a 37% chance for a 25bp interest rate cut according to Credit Suisse.
German Chancellor Angela Merkel held her ground as she continued to reject Euro bonds, and went on to say that the easing borrowing condition for Spain’s is a special one-time case – curbing speculation that Italy may get a similar deal should it require assistance.

German retail sales fell unexpectedly in May for the second month in a row as consumer spending was weighed down by weak economic prospects and the unresolved Eurozone debt crisis.

French finance minister Pierre Moscovici Sunday cut the government’s growth forecasts for this year and next after the French economy stalled in Q1. Extra taxes and spending controls are to be announced this week in order to stick to deficit-reduction targets.

Eurozone annual inflation remained unchanged at 2.4% in June. Though the rate remained comfortably above the central bank’s target, the ECB feels that there is no inflation risk at present in the euro area.

Canadian GDP rose 0.3% mom in April, up from 0.2% expected. GBPCAD moved from 1.6040 over the weekend, to trade at 1.5936 after the release.
Confidence among US consumers declined more than expected in June to the lowest level this year as the labour market showed few signs of improving. The University of Michigan final index of sentiment fell to 73.2 this month from 79.3 in May.

The Chinese manufacturing sector remained in contraction for an eighth consecutive month in June, as output, incoming new orders and employment continued to decrease.

Large Japanese companies were less pessimistic about business conditions in the three months to June and plan to ramp up capital spending ahead, the Bank of Japan’s closely watched tankan survey showed earlier today, as solid domestic demand helps to brighten the outlook for the nation’s economy. The result is likely to take some pressure off the central bank to take further policy steps at its meeting next week, but with recent price data suggesting that the BOJ’s 1.0% inflation goal is still some way off, its easy monetary policy stance will likely remain unchanged.

Three hotels open doors after 25 million euro investment

PPHE Hotel Group Limited, owner and operator of primarily full service upscale and lifestyle hotels including the Park Plaza® Hotels & Resorts in Europe, has announced the official opening of Park Plaza Medulin, Park Plaza Histria Pula and Park Plaza Verudela Pula in conjunction with Croatian hospitality partner, Arenaturist.Working with Croatian construction workers and developers, Park Plaza Medulin was the first to open its doors having received an extensive renovation and rebranding to the Park Plaza® Hotels & Resorts standard and is located within the historical fishing town of Medulin alongside the Medulin Riviera. Park Plaza Medulin underwent a renovation of 118 rooms and reception area, new fitness centre and refurbished restaurant and pool areas.

Situated on the south coast of the Istrian peninsula, Park Plaza Histria Pula and Park Plaza Verudela Pula both received a combined 25 million euro investment. Park Plaza Histria Pula boasts a new reception, lobby, restaurant and conference centre holding 700 delegates making it ideal for both holiday and business travellers. Featuring a Balinese inspired spa and fitness area, Park Plaza Histria Pula overlooks the Adriatic Sea and offers guests’ views of landscaped gardens and beach areas as well as parking and the nearby Yacht Club for dining and diving.

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Courtyard Maui Kahului Airport opened its doors this month and welcomed guests to its innovative lobby and room design on the picturesque island. This latest Courtyard is the brand’s fourth in its Hawaii portfolio and the first managed by Marriott International, Inc. Located at 532 Keolani Place, the hotel is owned by R.D. Olson Development and features the Refreshing Business lobby that offers flexible private/public space, media pods, Wi-Fi and a variety of seating zones, ideal for everything from pop-up meetings to social gatherings.The 128-room, 10-suite Courtyard Maui Kahului Airport helps guests stay connected, productive and comfortable. Thoughtfully planned, each room features plush bedding, functional work space with an ergonomic chair, spacious bathrooms, a separate seating area and complimentary in-room high-speed Internet. Individual climate control, 37-inch LCD high-definition televisions and iPod docking stations help add to guests’ comfort.

The open, bright and contemporary Courtyard hotel lobby welcomes guests with vivid contrasting colours, including blue, green, orange and red. The traditional front desk is replaced with separate welcome pedestals to create more personal and private interactions when guests check in and allow staff to show guests the lobby features and provide assistance. Flexible seating options range from a communal table in the middle of the action, to more private media booths with high-definition televisions, to a more intimate, semi-enclosed lounge area.

Dining has also been completely redesigned with The Bistro – Eat. Drink. Connect.®, offering casual, flexible seating; easier access to food and higher quality, healthier menu options for breakfast; and light evening fare, including snacks, cocktails, wine and beer so guests can unwind. Coffee lovers can also enjoy freshly brewed Starbucks coffee. The MarketTM, a 24/7 shop for snacks, beverages and sundries, is always open for late-night cravings or the toothpaste mistakenly left behind.

Throughout the hotel, guests can connect to free WiFi, and there are ample electrical outlets in the lobby to power digital devices. The business library features several complimentary computer terminals, along with a free printer and separate computer stations dedicated solely to printing airline boarding passes and checking flight status. Guests can also take advantage of state-of-the-art meeting space, a well-equipped fitness centre, surfboard storage and a sparkling outdoor pool, complete with relaxing cabanas and a whirlpool.

The two freehold hotels, Club Quarters St Paul’s and Club Quarters Gracechurch, have a combined 468 keys. St Paul’s is the largest with 265 rooms. They are both located within the City of London and focus predominantly on corporate membership business. Both hotels are managed by Club Quarters, a US operator who specialise in business traveller hotels. Chelsfield aim to sell the company that owns both hotels which has the benefit of a stapled-finance package that will be transferred to the buyer. The terms of the financial package are near-on impossible to replicate in today’s constrained debt market.

Dominic Mayes, head of hotels at Knight Frank comments; “Demand for quality central London hotel assets is currently very strong and we anticipate a high level of interest in these assets, in particular from overseas buyers. Both hotels are freehold, in excellent locations and have strong cash flows backed by operator guarantee provisions and offer a purchaser good growth prospects. The stapled debt package included in the sale will also no doubt help.”

Knight Frank is advising Chelsfield Partners LLP.

Having taken over the management of Aarons Hotel Perth last year, 8Hotels are very excited to have completed a major refurbishment of the property which will now be known as the Pensione Hotel Perth. The refurbishment included new carpets, furniture, bedding and soft furnishings and paint, as well as the installation of reverse cycle air-conditioning and the renovation of most bathrooms. 8Hotels are also about to begin to refurbish the hotel’s conference facility – The Murray Room.

It’s the third property within 8Hotels’ Collection to carry the name Pensione – a name that represents great budget value rooms with style and character that are centrally located.
8Hotels are really proud of the transformation and the Pensione Hotel Perth Team look forward to welcoming you on your next visit to Perth.

IHG (InterContinental Hotels Group) and Grupo Presidente announce the opening of the Presidente InterContinental Santa Fe in Mexico City. The tallest building in the area, the Presidente InterContinental Santa Fe offers stunning views of the Santa Fe area, the Valley of Mexico and the Popocatepetl and Iztaccihuatl volcanoes.The building’s conversion into the Presidente InterContinental Santa Fe represents a nearly $35 million investment with the creation of 200 new jobs during the construction phase and more than 350 jobs added to operate the hotel and its restaurants.

This luxury hotel features 111 spacious rooms, including 26 suites, all furnished with contemporary décor and the latest technology. There are also six meeting rooms for up to 300 people, an art gallery, seven stories of office facilities and six restaurants, including Au Pied de Cochon, The Palm, King Fish, Lucy Shanghai, City Bistrot and the soon to open Bamboo House, that feature cuisines ranging from Mexican and Asian to French.

The hotel hosts a gym, boutique, spa and beauty salon, operated under the L’Occitane brand, a terrace bar, the InterContinental Club Lounge and valet parking service. The property also offers shuttle services within the Santa Fe area.

The Presidente InterContinental Santa Fe is owned by an investment fund and managed by Grupo Presidente under a license agreement with a company in the InterContinental Hotels Group. The hotel is located at Campos Eliseos 218 Piso 11 Polanco 11560 Mexico, D.F.

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Hilton Carlsbad Oceanfront Resort & Spa, representing the most significant new resort construction to open in California this year, celebrated its ribbon-cutting and the arrival of first guests on the 21st June.Offering a premier coastal location directly across from Ponto Beach in north San Diego County, Hilton Carlsbad Oceanfront Resort & Spa was designed to offer spectacular views of the Pacific, not only from many of its 215 guest rooms but also from its 25,000 square feet of indoor and outdoor meeting and wedding space. The resort’s stylish Chandler’s Restaurant & Lounge presents the coastal regional cuisine of acclaimed international chef Pascal Vignau, while the 5,600 square-foot Ocean Crest Spa offers an environmentally-mindful spa experience inspired by the healing powers of the sea.

Owned by Wave Crest Oceanfront LLC and operated by Wave Crest Hotels and Resorts, Hilton Carlsbad Oceanfront Resort & Spa has a team of 200 employees in place, while more than 300 individuals were hired earlier as part of the resort’s 18-month construction effort.

Highlights Of Hilton Carlsbad Oceanfront Resort & Spa

Rooms and Suites: Modelling the California Craftsman style, Hilton Carlsbad Oceanfront Resort & Spa features 215 guest rooms including eight suites, many offering panoramic ocean views and all providing travel conveniences including in-room mini-refrigerators, 42-inch flat-panel televisions, complimentary WiFi and complimentary printing. Guest rooms average 415 square-feet in size, with many connecting rooms available.

Chandler’s Restaurant & Lounge: Chandler’s brings innovation and style to the local restaurant scene, featuring coastal regional menus inspired by locally- grown fresh products and highlighted by the cuisine of famed chef Pascal Vignau. The heart of the restaurant is a spectacular bar serving signature cocktails, while a private wine room further complements the spacious ocean-view setting. Multiple terraces and an outdoor fire-pit take advantage of California’s year-round outside dining weather.

Ocean Crest Spa: The 5,600 square-foot Ocean Crest Spa is inspired by the Pacific Ocean and offers seven treatment rooms, a couple’s room with tub and private outdoor relaxation area, and men’s and women’s relaxation and locker rooms. A full menu of treatments features the usage of pure and organic products, with a focus on those derived largely from coastal California plants and growers.

Ocean-View Swimming Pool: The resort’s large saline-treated pool is surrounded by a vibrant coastal desert garden of palms, succulents and grasses enhanced by a children’s splash pool, outdoor fire pits and expansive ocean views.

Hilton Fitness: A spacious aerobic area, free weights and state-of-the-art cardio equipment with televisions highlight this large and modern fitness-facility-with-a-view. Meeting and Wedding Space: 25,000 square-feet of indoor and outdoor meeting space is available for meetings, weddings and events, with many venues offering beautiful ocean panoramas.

The Hotel Roger Williams is reinventing itself with the unveiling of the next generation’s undertaking: The Roger in June of 2012. The repositioning of the hotel property will include a refreshed brand identity, a fully updated food and beverage concept, as well as newly designed guest rooms and public spaces. The rebirth of this iconic Madison Avenue luxury hotel demonstrates the hotel’s commitment to providing the highest level of service, style and comfort to its guests. President of JRK Hotel Group, John Flannigan, assembled New York’s sharpest hospitality minds with the intent to create the next phase of the luxury hotel.“The Roger has always been a haven for travelers seeking sophisticated accessibility and this redesign is part of our continual evolvement in providing the perfect mix of modern amenities in a warm environment.” The Roger is the result of a collaboration of industry veterans including Steven Kamali, notable designers Anna Busta and Annette Jaffe, a menu by acclaimed chef Julie Farias, and cocktails by famed mixologist Johnny Swet.

StevenKamali, one of the industry’s foremost experts working with clients at the intersection of hospitality, restaurants and nightlife, is skillfully advising JRK Hotel Group on the repositioning of its hotel property. Working to rejuvenate the classic brand, the concept of the property passing down from father to son. Inheriting the reigns to the hotel, the Roger’s son offers a modern freshness that seamlessly balances the historical nature of the property while providing a relaxed chic new perspective.

Anna Bustawas commissioned toredesign the lounge and dining interiors. The cavernous lobby is warmed with a rich palette of jewel tones across plush seating vignettes, repurposed brick, vintage photography, antique chandeliers, modern deco accents, and a lux-rounded bar as the centerpiece.Shere-imagined a full bar lounge adjacent to the lobby and an intimate dining space on the mezzanine level resembling a modern American bistro. The upstairs dining room offers a refuge from the humble theatre of the lobby lounge, featuring marble bistro tables and blue striped banquettes wrapped in bright white and blue tiles.

Annette Jaffe of MSM reimagined The Roger guest rooms. A rich palette of deep navy runs throughout the room from elegant, lush suede headboards, geometric curtains, and welcoming armchairs. Jaffe’s custom pieces are used in each of the 194 unique guest rooms to flawlessly complement their surroundings. The Roger experience is enhanced with a plethora of updated amenities, making each room a reinvention of the pied-à-terre.

The stylish new enrichment announces that the Roger has grown up, but the hotel’s unwavering commitment to superior service and unparalleled guest experience remains at the heart of the hotel. Whether for only a night or a long stay, the Roger is the perfect home away from home for the savvy traveler.

UK

The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks. And in a letter agreeing to give evidence to MPs, Mr Diamond condemned the inappropriate behaviour of a “small number” of employees who had tried to make profits for their own benefit.As markets awaited the outcome of the EU summit last night trading remained range-bound across the board. The GBPEUR opened the day at 1.2489 reaching a high of 1.2521. Overnight on the back of positive news from the summit we have seen the Euro rally pushing this pair to a low of 1.2380.

GBPUSD Despite some intraday pullbacks, the bullish correction since early June remains alive, and we still see room for additional upside to 1.5780. A risk on environment will be needed to spark this movement and the outcome of the summit last night has provided a good platform to start from. With possible UK quantitative easing ahead Sterling remains vulnerable, any declines are expected to be well supported around 1.5500.

United Kingdom gross domestic product fell by 0.3% in the first quarter of 2012, as was initially estimated following the end of the quarter. The quarter’s GDP was – 0.2% lower than Q1 2011, as opposed to the initial estimation of -0.1%, according to the UK Office for National Statistics.
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EURUSD has completed a healthy 1.6% rebound from a day low yesterday of 1.2419 to a high this morning of 1.2620. A close back above 1.2585 will now be required to accelerate gains through 1.2750 and towards 1.3000. A rumoured ECB rate cut next week could limit the rally.

After 13 hours of talks EU leaders have agreed to use the Eurozone’s planned bailout fund to directly support struggling banks, without adding to government debt. Spain and Italy put pressure on Germany to allow the bailout fund to buy government debt in the markets – a measure to contain borrowing costs. Eurozone leaders agreed to begin implementing the decisions by the 9th July. However, it could take until the end of the year before the new money becomes available.

There is still a lot of detail to clear up, but this should be enough to remove some of the EUR negative positions from the market. Even so, the potential for ECB easing next week may limit enthusiasm for the EUR.

The European Union, the European Central Bank, and the International Monetary Fund will send a team to Greece next week to review the country’s finances, a European Commission spokesman said Thursday. The team will be looking for ways bailed-out Greece can make more savings to meet its budget targets for 2013 and 2014.

The number of US workers filing initial applications for unemployment benefits fell last week but remained high, signalling quiet job growth. Initial jobless claims for US decreased by 6,000 to a seasonally adjusted 386,000 in the week ended June 23, the Labour Department said yesterday.

The Australian and New Zealand dollars climbed for a third day as US economic reports eased concern the world’s largest economy is faltering, boosting demand for higher-yielding assets. The AUD headed for its biggest monthly gain versus its U.S. counterpart since January as traders added to bets the Reserve Bank of Australia will keep rates unchanged next week as long as Europe’s debt crisis doesn’t worsen.

Cyprus will continue to talk with Russia and China about financial assistance even after the Eurozone indicated that it will help the country, President Demetrius Christofis said Thursday.

Cedar Court Hotels has embarked on an ambitious programme of investment, starting with the unveiling of eighteen new chic, ergonomically designed, energy-efficient and clutter-free rooms at Cedar Court Hotel Wakefield.The new rooms represent the start of an important period of change for Yorkshire’s largest independent hotel collection. Over the next five years, significant investment will be made into each of its four star hotels in Wakefield, Huddersfield/Halifax, Leeds/Bradford and Harrogate, ensuring that these popular hotels continue to meet and exceed guest expectation.

The completion of the new bedrooms comes in the wake of the hugely successful £25m launch of the five star Cedar Court Grand Hotel & Spa, York.

John Horvath, Cedar Court’s Group Hotel Director, said:
“The creation of Cedar Court Grand Hotel & Spa, York signalled the beginning of a long-term project to secure Cedar Court Hotels’ reputation as the best-loved and admired hotel brand in Yorkshire.

“People already knew us as a trusted four-star operator, but now we also have the five-star knowledge, expertise and values which we want to share with all our guests.

“These rooms are beautiful spaces for relaxing, working and holidaying and they reflect our ambition to provide the best possible guest experience at all times.

“The next stage of this project will see our other four star properties take on fresh, new and exciting identities that excite and delight our guests. That we are making such an investment in spite of the harsh economic climate is testament to the confidence we have in the Cedar Court brand and its offering to business and leisure guests alike.”

In response to customer feedback, these new rooms – which were designed by boutique hotel specialist David Brown of Decor – have increased lighting and comfort while retaining energy-efficiency, and have five star quality pocket sprung beds. The competitive rates, free wi-fi and Cedar Court Wakefield’s easily accessible location just off the M1 (J39) should make the rooms an attractive proposition to business guests, thereby helping bring further business to the Yorkshire region.

Set in the picturesque bay of Kissamos in the rustic village of Kastelli, Crete, Vassilis Gialamarakis owner of the Mistral Hotel has announced the completion of six brand new luxury villas.The newly completed You-Phoria Villas have been designed with luxury holiday living in mind, the innovative and architectural features which are apparent throughout give the villas a contemporary yet environmental edge. Making the most of panoramic views, all enjoy privileged hillside positions, commanding stunning views of the Gramvousa peninsula, the turquoise waters of Kissamos Bay and the surrounding lush olive groves.

Well-appointed, each villa has been finished to the highest specification with the emphasis very much on outdoor entertaining, dining and relaxation. COCO Mat furniture has been carefully chosen to provide maximum comfort, and all villas have their very own private swimming pool. Perfect for families or small groups, the villas have two bedrooms each, one reception room and can accommodate up to five people.

There are many un-spoilt beaches within easy reach of the villas, and in the nearby town of Kissamos, charming shops; cafes and quaint tavernas are perfect to while away a few hours. From Kissamos, guests can also take a boat ride to the pirate island of Gramvousa and the world famous Balos Lagoon.

The great location also means that guests are close to many of the highlights of Crete: Ancient Falasarna with its golden sandy beach and Minoan history, Elafonissi (voted one of the top ten beaches in the world) and Samaria Gorge (the longest in Europe) presenting a challenge for those who are serious about their walking.

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From June 14 to July 15, 2012, Allplan will be looking for young and talented architects. The Allplan Young Architects Award (AYAA) 2012 represents a call for students and young professionals (up to 32 years old) to put forward a specific idea or project that has been designed and/or implemented using the Allplan CAD software. The award offers also an opportunity to reach a broad public. The drafts can be submitted by simply uploading them in a facebook app. A jury of three will nominate the best projects and award them a 3D plot.”With the Allplan Young Architects Award 2012, we want to help prepare young talented architects for their future career. As well as the official award, we also provide the winners with the platform to present their ideas and drafts effectively to an international public”, says Peter Mehlstäubler, Managing Director, Nemetschek Allplan GmbH.

The international competition started on June 14 and runs until July 15, 2012. It is open to all architecture students and young architects at the beginning of their career. We are looking for creative CAD projects designed and/or implemented with Allplan BIM software. The Cinema 4D visualization software from Maxon is also allowed for renderings.

The drafts can be submitted quickly and easily via facebook: www.facebook.com/Nemetschek.Allplan. Allplan provides an app with an upload function for all participants. There are no format templates or requirements. Because AYAA 2012 is aimed at supporting young, talented architects, participants may not be older than 32 at the time of submission. The jury will consist of three experts from Nemetschek Allplan, who will evaluate and rate submissions based on the project idea, quality, and uniqueness. The first three winners will each receive a 3D plot of their draft. All winner projects will also be shown on the websites of Nemetschek Allplan.

UK

It was a fairly quiet day of trading yesterday ahead of the key Eurozone summit starting today as markets await news over the uncertainty surrounding Europe.Sterling rose to a high of 1.2521 against the euro yesterday before falling back and finding support at the low of 1.2475.

Against the dollar sterling reached the morning high of 1.5640 before falling to the low of 1.5546.

The Confederation of British Industry said yesterday that UK retailers reported a sharp rise in sales in June, as the royal jubilee weekend lured shoppers onto the high street,
UK mortgage approvals in May fell to the lowest level in a year to 30.2k from 31.2k previously, this adds speculations the BoE will be forced to resort to further QE over the coming months.

UK house prices posted the biggest annual drop since August 2009 in June, as a lack of activity amid a weak economic backdrop and tight lending conditions weighed on home-sellers’ pricing power.
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Italy held a disappointing bond auction yesterday selling €9bn worth of 185 day bills at an average yield of 2.95%, up from 2.1% on May 29th. Italy is also scheduled to sell as much as €5.5bn of 5 and 10 year bonds today.

Chancellor Angela Merkel’s cabinet yesterday approved the draft 2013 budget that puts Germany on track to achieve a nearly balanced budget. The government expects new borrowing of about €18.8bn next year and €13.1bn in 2014. The structural deficit, which takes account of swings in the economic cycle, is expected to be about 0.35% of GDP.

The budget committee of Germany’s parliament yesterday approved legislation to create a permanent euro zone bailout fund and ratify the European fiscal pact on improving integration of Eurozone budgets, according to a parliamentary official. The committee sets the stage for parliamentary approval to create the European Stability Mechanism and approve the fiscal pact in a vote by the full assembly Friday evening.

Across several German states annual consumer price inflation in June fell further below the 2% threshold, the European Central Bank’s definition of price stability, giving the central bank even more room to cut interest rates next week.

German Chancellor Angela Merkel closed the door to joint euro-area bonds as a means of lowering Spain’s borrowing costs, saying they are the “wrong way” to achieve the greater European integration needed to stem the debt crisis.
US home sales rose to 5.9% in May reaching the highest level of the year so far, showing positive signs the US housing market is recovering.

US Manufacturers orders for durable goods grew by 1.1% in May. Manufacturing has played a key role in the economic recovery, including being a significant source of new jobs. However, job creation in the sector has slowed along with the broader economy in recent months.

The euro approached the lowest level against the dollar in more than 2 weeks ahead of the EU summit falling from 1.2508 before testing the resistance level of 1.2442. The key levels to watch are 1.2585 and 1.2440 respectively with a close above 1.2585 opening the door to a corrective upside of 1.28-1.30.

France is considering a tax on oil companies and gas distributors as it looks for ways to meet budget deficit targets, French government spokeswoman Najat Vallaud-Belkacem said yesterday. France needs to raise around 10 billion euros to meet its deficit target this year. The government has said most of that amount will come from tax hikes.

The yen has climbed 9.5% in the past three months, the biggest gainer among the 10 most traded currencies. The dollar was the second-best performer with a 4.2% advance, while the euro lost 3%, the biggest drop.

The Canadian dollar dropped against most of its major counterparts on speculation dimming prospects for global growth will prevent the Bank of Canada from raising interest rates.

I’m standing outside the WW2 War Memorial at Englefield Green, Surrey, reflecting on the incredible sacrifice that the men and women of the RAF gave in the cause of freedom and justice. How can anyone – or anything – convey the suffering and pain endured by these brave people? It’s hard enough to comment as a human… but as a mirror, I don’t even have the power of words at my disposal.What I do have, however, is the ability to reflect

It may surprise you to learn that mirrors like me can enhance emotional environments and increase people’s awareness and understanding.

Let me explain. Emotions are felt and seen; but rarely by the same person at the same time. You can feel happy, sad or confused, but you don’t often watch yourself feeling those things.

Likewise, we often see people in the grips of an emotion – but we rarely feel the same way.

Bring a mirror into the equation, however, and the dynamics change completely. Watching oneself experiencing an emotion is extremely powerful. If you’ve ever caught a glimpse of yourself laughing, crying or shouting, you’ll know exactly what I mean. There can be no doubt that the feeling is exaggerated when it’s witnessed by you, the protagonist.

But back to Englefield Green. The Second World War saw half a million British deaths, and nearly 400,000 casualties. And that’s just the people serving in the Armed Forces. British Civilian deaths totalled nearly 70,000. It’s shocking, bewildering, powerful and tragic: emotions that register differently for each and every person.

As a nation, our pride and resilience simply can’t be challenged. Now that’s something worth reflecting on.

This bespoke design has been created by Decoratif Design for a free consultation contact Steve Driver at steve@decoratifdesign.co.uk

Reading the runes on the hotel market at the moment is a little difficult. Premier Inns are opening a major unit on Leicester Square and continue to grow, with openings abroad now increasing. Accor are refocusing their Ibis/Etap brands with relaunches of new identities. Travelodge continues to open new properties despite its embarrassing financial problems, and Tune Hotels continue their ambitious growth strategy under CEO Mark Lankester.The growth of the budget hotel has been a marked phenomena of the last ten years. Initially Travelodge , an idea birthed by Rocco Forte, was a logical extension of the Little Chef brand and mirrored the success in France of Campanile. These brands offered a full meal service but increasingly these units now operate without food as an element of their offering, a practise that is creeping up the 3 and 4 star chains. Premier Inn still either builds around a food operation or adds food and a bar as in their new conversion of an office block in Croydon. The competitive pressure comes in different places – B&B’s often find their rates are not competitive with the advance rates offered by Premier or Travelodge, whilst many four stars look at the room quality and wonder how they can justify their higher prices.

Tune enters this market with a room rate and operating philosophy that challenges the current practices further, and these were detailed in our Miniview of their property in Westminster, whence comes the GM of their latest property to open, the Tune Paddington. With a room rate (note a room rate, not per person) of normally £35, elevated during the Olympics to the giddy heights of £99 Tunes soon to be four hotels in London will be very competitive. Locations are good, by mainline railway stations – Westminster is just behind Waterloo, Liverpool Street with its garden, the latest here Paddington a 5 minute walk from the mainline to Heathrow and points West, and soon to be added Kings Cross where the Tune Hotel opens on 9th July.

UK

Public Sector Net Borrowing figures released yesterday showed UK public finances increased from -£19.93bn in April to £15.48 bn in May. These figures are looking less healthier than a year ago, rising from £12.326 bn in May 2011.GBPEUR started the day at the low of 1.2469 but quickly moved above the psychological level managing to hit a high of 1.2523 in late afternoon trading.

GBPUSD also started positively at 1.5610 before moving to 1.5641 on the back of Treasury select committee quotes being released.

In evidence to the Treasury Select Committee, Bank of England Governor Mervin King said the impact of any interest rate cut would be marginal compared to the amount of QE the MPC can do and the committee could expand QE without any immediate limit or constraint. King also said the MPC had nothing in principle against a cut in interest rates but was not persuaded on the case for it now.

GBPAUD traded range bound for the day starting at 1.5531 before hitting a high of 1.5569 and closing at 1.5538.
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EURUSD opened at 1.2517 and lost value throughout the day, falling below the psychological barrier of 1.25, hitting a two week low of 1.2440.

The Spanish two-year note yield added 37 basis points to 5.22% as the cost of insuring the nation’s government debt rose for a second day, Spain sold 3.08 billion euros ($3.85 billion) of bills, with the three-month note yielding 2.362%, compared with 0.846% at the previous auction.

CB Consumer Confidence in the US continued to drop for the 3rd month, coming out worse than forecast at 62.0 against Forecasts of 63.8
Spain’s banking sector came under further pressure after ratings agency Moody’s downgraded the debt of 28 Spanish lenders on the same day Madrid formally asked for aid for its financial sector. Moody’s said the action followed the weakening of the Spanish government’s own creditworthiness, in relation to its downgrade of government bonds to Baa3 from A3 on the 13th June.

Spanish Economy Minister, Luis de Guindos has said that negotiating terms for a European financial package to recapitalise its banks was a very complex process and would take time, playing down hopes of a quick rescue for the country’s ailing lenders.

European authorities have unveiled their vision for the future which includes the creation of a European treasury which would have powers over national budget. German Finance Minister Wolfgang Schaeuble also called for there to be a European finance minister, with the power to veto national budgets as well as an elected president of Europe.

The Greeks have named Yannis Stournaras as their new finance minister after Vassilios Rapanos resigned on Monday citing poor health.

Japanese Prime Minister Yoshihiko Noda’s took a big step towards winning a sales tax increase aimed at reining in the nation’s public debt yesterday approving legislation to double the 5% levy by October 2015, 57 lawmakers in the ruling Democratic Party of Japan voted against it which may endanger the party’s majority in the 480 seat chamber.

Hotel Indigo will open nine hotels in six different countries around the globe within the first six months of 2012.Seven Hotel Indigo properties have already opened in four countries so far in 2012 including the United States, Scotland, China and our first two hotels in Continental Europe in Germany. Guests can now explore the neighbourhoods surrounding the new Hotel Indigo Berlin Hardenbergstrasse, Hotel Indigo Berlin Alexanderplatz, Hotel Indigo Edinburgh, Hotel Indigo San Diego Del Mar, Hotel Indigo Santa Barbara, Hotel Indigo Waco Baylor, and Hotel Indigo Xiamen Harbour.

In June, two more countries will have Hotel Indigo openings with Hotel Indigo Newcastle in England and our first property in Mexico, Hotel Indigo Veracruz Boca Del Rio. The opening of these hotels in six countries in the first six months of 2012 marks a major growth milestone for the boutique brand. Additionally, in March the brand celebrated the opening of three hotels in three continents – United States, Scotland and China – in the span of just one week.

“Our geographic diversity is truly a testimony to the fact that customers around the world, from China to Scotland to Germany, value the experience at Hotel Indigo,” said Janis Cannon, Vice President, Global Brand Management, Hotel Indigo. “Now in major cities around the world – with more on the horizon – we have a strong pipeline of more than 60 hotels, which we expect to open in the next few years.”

In the first quarter of this year, the brand also announced a deal to open the first Hotel Indigo in the Middle East in Riyadh, Saudi Arabia, as well as signing two hotels in Philadelphia and Wilmington in the United States.

With 44 hotels open and 53 in the development pipeline, Hotel Indigo will continue its path of global expansion with plans to open hotels in major capital cities in the United States in Atlanta and New York City, Europe in London, York (England), St. Petersburg (Russia), Madrid (Spain), Hamburg (Germany), and Greater China in Tianjin and Hong Kong.

Winner of the ‘Best Business Hotel in Denmark 2011’ award by Business Destinations for the third consecutive year, the Hilton Copenhagen Airport hotel is ideally located next to Copenhagen Airport, just a two-minute walk from Terminal 3 arrival hall via a covered walkway. This modern Copenhagen hotel, renowned for impeccable service and recently awarded the Green Key Certificate for Environmental Awareness, is only 12 minutes from the city center by train and Metro services. It’s the perfect base to visit local attractions like Tivoli Gardens, Nyhavn and the Little Mermaid statue. In cooperation with Jönsson DesignLab from Copenhagen and Bevis Design Associations from London, Baulmann Leuchten developed and supplied the luminaires for the recently carried out renovation of the guestrooms and bathrooms.

All pictures are copyright by Hilton Copenhagen Airport and the photographer Kira Ursem.

Staff and customers are delighted with the transformation of the newly refurbished café at Sundown Adventure Land, a theme park especially designed for under 10 year olds and an enchanting and exciting theme park for all the family.The Rodeo Corral Café was recently refurbished with the purpose to enable families to easily sit together on the lovely new booth style seating. The easy maintenance seating from the Briarwood2 collection from Wright’s Fine Furniture Ltd (a company based in Shropshire specialising in booth seating). The benches have easy to clean, beech laminate seats and solid Beechwood frames. Table tops and condiment units were manufacture to the same high standards, meant to withstand years of vigorous treatment from the happy youngsters.

Contact: sales-team@wrightsfinefurniture.com
Tel: 01743 821800
www.wrightsfinefurniture.com

UK

Sterling rose 0.4% to 1.2468, a near two-week high against the euro on Monday, as investors expected the ECB would have to ease policy if leaders failed to make significant progress in tackling the euro debt crisis at a summit this week.General sterling gains were limited as speculation that the BoE will vote to expand the £325bn pound asset purchase programme to boost growth at their July meeting has gathered pace after dovish minutes were published last week from the policy meeting held earlier in the month.

Against the US dollar, sterling fell from around 1.5590 to 1.5538 as a solution to the Eurozone crisis looks bleak and speculation of further QE weigh on sterling causing investors to opt for the safe haven currencies.

The UK and Eurozone saw a generally quiet day for data release and volatility was not as high as of recent.

GBPEUR remains around 1.2470 this morning, firm support and resistance levels are in place at 1.2270 and 1.2578 on the upside. Trading is expected to stay within these levels unless significant external influences have a part to play.
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WORLDWIDE

Peripheral Eurozone bond yields are at elevated levels, piling pressure on the ECB to intervene and bring down borrowing costs. European leaders will meet later this week, after the leaders of Germany, France, Italy and Spain agreed on a €130bn package to revive growth.

The euro weakened around 0.55% against the dollar, falling from 1.2543 below the psychological barrier of 1.25, and settling around 1.2480. This came before Italy and Spain sell debt later today amid concern Europe’s fiscal crisis is infecting bigger economies, and as billionaire investor George Soros said the euro may dissolve if European Union leaders fail to tame the financial turmoil at a June 28-29 summit.

Support for the euro was seen near the June 12 low around $1.2441 and strategists said a break below that level would open the door to a test of the June 1 two-year low of $1.2288.

Greece may have to wait at least another five years before it can sell bonds to investors, according to financial institutions that trade debt with European governments. A new administration in Athens and signs that European Union leaders are willing to loosen Greek austerity measures failed to convince primary dealers that the country will be able to return to the market before its second bailout ends in the next three years.

US government debt has gained 2.9% since March, while corporate bonds returned 1.9%, mortgages rose 1% municipal bonds increased 1.8%, according to Bank of America Merrill Lynch index data. The returns show that even after the Fed kept the economy growing for 11-straight quarters by buying $2.3trillion of assets and continuing to swap $667bn of short-term debt into longer-term securities through their Operation Twist program, bond investors expect the economy will remain sluggish.

US New Home Sales for may saw a rise from 0.343m in April, to 0.369m. This was also above the consensus figure 0.346m, but did little to the market.

Canada’s dollar dropped versus its US counterpart on concern European Union leaders meeting this week won’t succeed in staunching the region’s debt crisis, dimming the outlook for country’s that export commodities.

German Consumer Confidence figures released this morning showed a slight pick-up in confidence, rising to 5.8 in June from 5.7 last month and beating expectations of 5.6.

News just released this morning shows that ratings agency Moody’s have been on the warpath again and have slashed the ratings of 28 Spanish banks.

Holiday Inn and Staybridge Suites open at Stratford City

InterContinental Hotels Group (IHG) has announced the opening of two new generation properties, Holiday Inn London Stratford City and Staybridge Suites London Stratford City, at the heart of Europe’s largest shopping centre, Westfield Stratford City.The two hotels are owned by a Joint Venture between Cycas Hotel Partners and Patron Capital. The hotels are operated by Cycas Hospitality under a franchise agreement with IHG. Located in a single building in Chestnut Plaza next to the London 2012 Olympic Park, the hotels benefit from excellent transport links nearby including Stratford International Rail Station, Underground and DLR.

Visitors will be able to experience the area that will play host to the London 2012 Olympic and Paralympic Games from both hotels, which are ideally situated for business or leisure guests. Direct access to the Westfield Shopping Centre and fast Tube and DLR links to central London and Canary Wharf will ensure guests are within easy reach of the many attractions of the West End, The City, palaces and museums.

Holiday Inn
Holiday Inn is the official hotel provider to the London 2012 Olympic and Paralympic Games and the new 188 room hotel at the heart of the Olympic Park at Stratford City will help the partnership live on beyond the Games. Guests at Holiday Inn London Stratford City can enjoy a meal or cocktail in the hotel’s ‘Twenty Twelve’ restaurant and ‘The Stadium’ lounge bar, and the outside terrace offers panoramic views over the Olympic Park. There are also seven state-of-the-art conference rooms which can accommodate up to 100 people, as well as a fully equipped gym and business centre.

Staybridge Suites
The 162 room Staybridge Suites London Stratford City is an extended stay hotel for business travellers looking for a ‘home from home’, whilst being well located for easy access to the City, Excel and Canary Wharf. The hotel offers spacious apartment-style living with modern amenities and hotel services to create a welcoming environment for guests who need to stay in the area for weeks or even months at a time. Guests are typically on a temporary assignment, relocating to the area, or on an extended training program.

Each suite comes with a fully equipped kitchen and public spaces include a living room with an open fire, an outdoor terrace with barbecue, exercise room, laundry room and a 24 hour shop. Each day guests are offered a complimentary breakfast, and 3 nights per week a ‘Social’ where free beer wine and soft drinks are available for guests to enjoy.

UK

The markets apparently ignored the credit downgrade of major UK banks by Moody’s on Friday triggering industry discussions over the true value of such ratings.During Friday’s session GBPEUR stayed above 1.24 for the most of the day, reaching a high of 1.2461 in early trading falling sharply in the afternoon to a low of 1.2398. Sterling has recovered around half a cent over the weekend to open today around 1.2450. Technically, analysts are looking for a close above 1.2468 for signs of a significant recovery for sterling.

GBPUSD hit a one week low of 1.5556 from a high of 1.5634. After a short rally to a high of 1.5596, cable has settled back to the same level as it closed the European markets on Friday, 1.5562.

Bank of England MPC member David Miles said late Sunday that at least another £50bn of QE is needed in order to kick-start an economic recovery.

David Cameron is due to speak today on reforms to the current benefit system in an attempt to aid getting the younger generation back to work.
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WORLDWIDE

During Friday’s European session, EURUSD stayed stable around the 1.2550 level, until US markets opened and the pair then posted a high of 1.2583 which was quickly corrected. The weekend saw a continued rally downward and we have opened markets this morning just under 1.25, with support at 1.2519 and 1.2490 already broken we could see support around 1.2453 tested now.
Speaking on operation Twist, Fed Reserve Bank of Richmond President Jeffrey Lacker warned on Friday that fresh support from the Fed won’t significantly boost the economy without creating the risk of higher inflation.

Also on Friday, Canada saw disappointing data releases with all CPI readings recording a fall, the worst being the YoY figure for May which came in at 1.2% against the previous 2.0% and the anticipated 1.5%.

Germany had similarly negative results for their IFO readings on business environment with only the current assessment for June showing improvement. An IFO economist also described an expectation the German economy will soon take a hit from the Eurozone debt crisis.

The big event of the session was the ECOFIN meeting where the German, French, Italian and Spanish leaders agreed on a €130bn package to revive economic growth in the Eurozone. At the same meeting, finance ministers killed off the idea of an EU financial transaction tax but left open the possibility that a smaller group of countries could forge ahead with it.

An audit released on Thursday found Spanish banks would need up to €62bn in extra capital to weather adverse circumstances, but an application has not yet been submitted.Spain is braced for a downgrade from ratings firm DBRS by the end of August, which is expected to add stress to the country and its banks. DBRS is the only one of four rating agencies the ECB uses to judge collateral quality that still has Spain in A-rated territory.

Currencies from Brazil, Russia and India will probably decline at least 15% by year-end, said Stephen Jen, the former head of global currency research at Morgan Stanley.

India plans to unveil measures today to support the rupee as its slump to a record low against the dollar threatens to intensify price pressures and boost the cost to companies of repaying foreign debt. The rupee strengthened across the board, GBPINR fell from 89.031 to 87.91 after the news.

Sleeperz Hotel Newcastle, a reinvention of a classic railway hotel in Newcastle city centre, has been shortlisted for a prestigious award by the Royal Institute of British Architects.

Sleeperz Newcastle – the 98-bedroom premium budget hotel near Newcastle Central Station – has caught the attention of judges at RIBA, whose awards honour buildings that achieve the highest architectural standards and make a substantial contribution to the local environment.The sleek glass fronted hotel opened on Newcastle’s Westgate Road in January on the site of a derelict former Parcel Works close to Central Station.

Sleeperz Hotels, a fast growing innovative UK budget hotel operator, specialises in building stylish design-led hotels on unusually shaped land in city-centres near mainline railway stations.

It opened its first hotel in Cardiff in 2008 and has plans to open new hotels in Birmingham, London and Manchester by 2015.

David Myers, chief executive of Sleeperz Hotels, said: “We are passionate about creating hotels that are beautiful landmark buildings located in Britain’s leading city centres. To be shortlisted for this prestigious architectural award less than six months since opening our Newcastle hotel is proof that we are achieving our goals.”

The property has been nominated in the RIBA Hadrian Awards, the regional awards for the North East, from which the winners are put forward for the national RIBA Awards. The winners of those awards are considered for the RIBA Stirling Prize.

The hotel will find out whether it has won the award at the RIBA Hadrian Awards ceremony in Leeds later this month.

“Our Newcastle hotel is a welcome addition to the capital of the North East region. The building is sleek, modern and stylish and blends naturally into a city scape boasting iconic buildings and landmarks including Newcastle Castle Keep, St James’ Park football ground, the Tyne Bridge and the Georgian architecture on Grey Street,” said Mr.Myers.

It is not the first time that Sleeperz approach to building hotels has caught the attention of RIBA. In 2010, its landmark Cardiff hotel won the RIBA Wales Award.

Martin Knight, chair of the RIBA Awards judges 2010, said: “The whole Sleeperz operational model is an innovation and the resulting construction cost per room suggests many more sites could be made to work with this sort of thinking and with clever design tailored to small sites.

This is not back-to-basics architecture but possibly a reinvention of the city-centre hotel model for a money-conscious world.”

Both the Cardiff and Newcastle properties are designed by award-winning architects Clash Associates, who have succeeded in making the hotels into modern, highly-visible and instantly recognisable buildings.

Hilton Worldwide has announced that it has signed a management agreement with J.G.J. Proyectistas S.A.C. for the 207-room new-build Hilton Lima Miraflores. The project, originally planned as a franchise agreement and now to be managed by Hilton Worldwide, is on track to debut by the end of 2012 as the company’s first managed property in Peru and the brand’s first Hilton Hotels & Resorts hotel in the country. The full-service Hilton Lima Miraflores is expected to bring 170 employment opportunities to the city’s residents and support the demand for upscale accommodation in the flourishing destination. Currently under construction, Hilton Lima Miraflores is located 13 miles from the international airport in an upscale area of Lima known for its shopping areas, gardens, flower-filled parks, beaches and fine dining. The hotel, which forms part of the Miracorp Complex, is also near a thriving culinary scene making it ideal for both business and leisure travellers.

Featuring 207 rooms, including 45 executive rooms, nine suites and a presidential suite, Hilton Lima Miraflores will reflect a sophisticated, modern Peruvian aesthetic. All guest rooms will feature the Hilton Serenity Collection™ of amenities, while guests staying in an executive room or suite will enjoy the added benefit of the hotel’s concierge service and executive lounge, offering light snacks and beverages throughout the day.

The hotel will provide a great base for events and business travellers, with nine meeting rooms, a business centre and a grand ballroom that will accommodate 350 people. Guests will also enjoy a full service restaurant, serving breakfast, lunch and dinner, lobby bar, and a sky terrace with a heated outdoor swimming pool, spa and fitness centre by Precor®.

W Hotels Worldwide has recently announced plans to reinvigorate more than 10 of its hotel properties across North America within the next 18 months. The renovations, which vary by hotel, are slated to include cutting-edge updates to public spaces, new signature bar and restaurant concepts, and stylish revamps to guestrooms, enhancing the W portfolio overall for both its jet set travellers and locals alike. The ambitious renovation schedule is focused on many of the W brand’s early hotels in key markets such as New York City, Seattle, Chicago, New Orleans, and Los Angeles, among others.Charged with further connecting hotel design to local contextual insights, W Hotels has engaged some of the industry’s brightest rising visionaries to collaborate with the W brand’s award-winning design team to transform various spaces within each of the hotels. In particular, many of the renovations focus on the Living Room (W’s take on the traditional hotel lobby), which is a key element to the W experience, offering a place for guests to mix and mingle over cocktails and pulsating music. Upgrades to these public areas, as well as the debut of new bar and restaurant concepts, allow for W to enhance the overall guest experience while also drawing in locals.

Starwood and its ownership groups, including Host Hotels & Resorts, Rockpoint Group and Estein & Associates USA, have committed more than $100 million to the renovations, which include the following W Hotels:

• W New York – Union Square – Downtown meets uptown in the sharp new design aesthetic created by d-ash and Wilson Associates for W Union Square, which just underwent a renovation of all 270 guestrooms and corridors. Olives, the hotel’s popular Todd English restaurant, as well as its famed nightlife venue, Lilium (formerly Underbar), have also been revamped. The hotel’s Living Room is set to be updated by Krause + Sawyer early next year.

• W Seattle – Inspired by the feeling of a wharf, intermixed with a central “point of impact” that radiates outward, W Seattle recently unveiled a completely redesigned Living Room and bar area. Designed by Skylab Architecture, the hotel has also debuted the W brand’s signature restaurant concept, Trace, which focuses on conscious cuisine. The hotel has engaged Therese Virserius Design to renovate all of its meeting rooms later this year.

• W San Francisco – Earlier this year, the hotel unveiled an expanded Living Room and destination bar as well as the launch of Trace. Designed by noted San Francisco-based Stanley Saitowitz/Natoma Architects Inc., the new design drew inspiration from the fog and city grid of San Francisco.

• W New York – The W brand’s flagship property, W New York, opened in 1998 and has remained a hub of New York culture and nightlife ever since. The property’s state-of-the-art meeting rooms and Great Room received a facelift by d-ash earlier this year. These updates are to be followed by the unveiling of a Krause + Sawyer-designed Living Room bar in 2013.

• W Chicago – Lakeshore – Envisioned by Josh Held Design, the renovations are a nod to the ingenuity of Chicago and the tension between city and nature. Each of the 520 guestrooms will be renovated and characterized by faceted patterns, a bridge of light and energetic colors. The hotel’s public spaces, including the Living Room, Wave restaurant, Whiskey Sky (rooftop bar), the Welcome Desk and the hotel’s prime meeting space, Altitude (with 360 degree views of the city), will also be transformed to recall the strength, invention and industrialism of Chicago, for a final reveal in 2013.

• W New Orleans – French Quarter – The award-winning, intimate hotel is currently undergoing complete renovations of all guestrooms by nemaworkshop, who incorporated both jazz and tarot motifs in the design. Renovations on the first floor were revealed this past month, with the project due to be complete by mid-Summer. Led by Ti Martin of the Commander’s Palace Family of Restaurants, SoBou, the hotel’s new destination restaurant, will present an artful cocktail program paired with a next generation Creole dining experience.

• W San Diego – W San Diego has re-energized its Rooftop Bar with a bright, bold bonfire theme – including a playful sculpture of stacked beach chairs – as envisioned by Mr. Important Design of Oakland, California. Inspiration ignites in the newly imagined Living Room where vibrant colors collide and heat up the lounge atmosphere. In addition, the hotel’s meeting rooms have been expanded and renovated as the hotel debuts its new restaurant, kelvin – which features touches of Latin soul – this month.

• W Los Angeles – Westwood – This beloved celebrity hideaway, featuring all suite rooms, has also engaged Mr. Important Design to expand and re-define its Living Room, bar and public spaces. The renovations will result in a more cohesive union of the Living Room and bar, engaging secret spaces, additional high-tech meeting room options, and a dramatic entrance moment with a signature chandelier inspired by city of LA. The hotel’s signature restaurant and popular Backyard will also be reimagined in 2013.

• W Dallas – With the design narrative of “Big/Bold,” Mars Culture is redesigning the guestrooms with traditional Texas accents that marry the juxtaposition of masculine and the belle. Accents include lasso sculptures, rhinestone hardware, armadillo skin embellishments, and more.

• W New York – Times Square – W Times Square gives guests and locals a place to experience the electric energy of Times Square from a voyeuristic, tucked away space. The WOW and EWOW suites (W’s take on the Presidential Suite), perched high above it all, will each undergo full-scale renovations.

• W Montreal – Later this year, the hotel will begin renovating all of its guest rooms with a colourful new palette that also pays tribute to the historical architecture of Montreal.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

They are some of the biggest names in high-end hospitality design, and now WATG Architects, St Legere Design International and P49 Deesign have been brought together to work once again with one of Bali’s most prestigious properties, this time to create the island’s first integrated residential community.The three design firms were brought together to design AYANA Residences, a 6.5 hectare secure gated community comprising 115 units, located on the largest ocean-front land bank remaining in South Bali. All three firms have been separately involved over the past 16 years in the design of the adjacent AYANA Resort and Spa. Their commission for AYANA Residences was to maintain the same standard of quality, warmth and Balinese philosophy as the resort design, but to adapt this to a modern residential estate that reflects the lifestyle, sanctuary and harmony of a second home.

The architecture is modern Balinese, relaxed yet lasting, and maximizes the cliff-top location. “It’s not ostentatious, it’s not overdesign,” said Bill Reed, Vice-President of WATG which designed the original resort in 1995. “It allows the owner to live their own lifestyle, personalize their spaces to make this their home away from home. AYANA Residences really embodies the lifestyle and spirit of Bali and creates an opportunity for buyers to live here or come on regular vacations and take advantage of all the amenities in the entire property. WATG is proud to be associated with it; we think it’s going to be a huge success.”

Landscape designer Dennis Selinger, Principal of St Legere, said the Residences are unique in Bali for the sense of space and balance. “It’s a real blessing to work with this developer as it’s focused on quality and there are a lot of spaces devoted to the landscape which is unusual in many developments,” said Mr Selinger. “AYANA Resort has been an award-winning project, best in Asia, best spa in Asia, it’s truly a unique property, and what we wanted to do for the Residences is take the same philosophy, that same sense of space, so you’re not in a typical cramped development. There is a sense of luxury that’s unparalleled in the Asian market.”

Mr Selinger said the Balinese philosophy of Tri Hita Kirana – embodying the balance of God, Nature and Man – is a very strong influence, from the indoor-outdoor living to the material selection with rich textures, bright colors, distinctively-shaped trees, large stones integrated with the buildings, and unique details. The botanical gardens include bamboo plantation to collect rainwater for irrigation – supplementing a Reverse Osmosis recycling system – and fruit and vegetable gardens.

Carl Almeida of P49 Deesign, which designed the much lauded Cliff Villas at AYANA Resort in 2005, said his experience working with this developer has given him a strong understanding of what Residences’ investors aspire to and want in their holiday home. “We feel the AYANA Residences is something that will lead the market over here and represents a true reflection of AYANA Resort as well,” said Mr Almeida.

“We didn’t want to do a purely Balinese design, but what we have done is added some key yet subtle details that reference Balinese culture to give a sense of place. It’s contemporary but it’s not just the minimalist approach to design, we really believe in warmth and feeling at home. The materials include marble for luxury, a lot of texture, amazing wallpapers and fabrics focusing on warmth. The bathrooms are based on amazing scale and symmetry.”

He said the materials used in the interiors – which are available at additional cost for Residences buyers, who are also free to design their unit in their own style – are based on a progression of spaces to create an entry-vastu (the ancient Hindu design philosophy similar to feng shui). “You enter and focus on something such as an artwork or great painting and then you enter the next space and it’s never a full reveal at one time, it’s really a series of spaces that are laid out from one space to the next and before you know it you have got a series of experiences,” said Mr Almeida. “We wanted to create a sense of wow, we wanted to create warmth, we wanted to really create the sense of luxury.”

Courtyard by Marriott opened its first hotel in Riyadh, Saudi Arabia on June 10, 2012. The 286-room Courtyard Riyadh Diplomatic Quarter is strategically located in the heart of Riyadh’s Diplomatic Quarter at the Al-Hada District and will provide a new level of functionality and comfort to the Kingdom.“We are delighted to see the Courtyard brand continuously expand in the Middle East and Africa Region” says Janis Milham, vice president and global brand manager for Courtyard by Marriott. “Courtyard Riyadh Diplomatic Quarter will be our fourth hotel in the region and will bring an unparalleled level of flexibility and service to business travellers in the Kingdom of Saudi Arabia. Ours guests want more control and options during their stay and consciously choose amenities that create a healthy balance between work and relaxation.”

All 286 guest rooms will offer a smart and intuitive design, featuring ample work space, multiple outlets for easy plug in capabilities and high-speed internet, ideal for business travellers to stay connected. The amenities include LCD flat screens and deluxe bedding that are ideal for unwinding after a long day.

The Business Center, located at the Lobby Level, provides all “away from the office” needs to stay productive while on the road including faxing, photocopying, binding, laminations, print-outs, stationery and internet service.

To wind down, guests can enjoy snacks and drinks throughout the day in a casual environment at the Galaxy Restaurant. The temperature controlled indoor swimming pool, Jacuzzi and 24-hour accessible fitness centre, fully equipped with modern cardio and strength equipment, are ideal to help guests refresh and re-energize.

Experience events at the Courtyard Riyadh Diplomatic Quarter with customized menu options and state-to-the-art equipped meeting rooms that are ideal for social gatherings and business meetings alike. The hotel features two boardrooms and four meeting rooms with over 700 square meters of flexible meeting space for any occasion.

The Rezidor Hotel Group announces the Park Inn by Radisson Glasgow City Centre. The property featuring 91 rooms is scheduled to open in Q1 2013. It is Rezidor’s 31st Park Inn by Radisson in the United Kingdom, bringing the group’s total portfolio in the country to 5,400 rooms in operation and under development. “The United Kingdom is a key development region for our young and dynamic mid-market brand Park Inn by Radisson. We aim to grow the brand in the core market London, and in further primary locations such as Glasgow”, said Kurt Ritter, President & CEO of Rezidor. Glasgow is a one of the most important markets in the UK. Regarded as the industrial and commercial capital of Scotland, Glasgow benefits from a diverse economic base and is one of Europe’s largest financial centers. Glasgow is also the second most popular tourism destination in Scotland after Edinburgh.

The new Park Inn by Radisson Glasgow City Centre will rise from a converted office building, hosting 91 rooms with an all-day dining restaurant, lounge and bar, gym and 200m2 of meeting facilities with a conference room and four meeting rooms. Having a prime location in central Glasgow on West George Street, the hotel will be close to the two railway stations and the centre of business activities. The development work has been made possible by the introduction of private equity finance, raised by Harcourt Capital LLP, and benefits from the statutory reliefs available to disused buildings in certain areas under the Business Premises Renovation Allowance scheme (BPRA).

Accor announced yesterday a new people development strategy, strengthening its commitment to providing a true learning and development support to its future and existing employees across its network of 185 hotels in the UK. “Now more than ever, finding and developing talent is vital to achieving our ambitious growth strategy. This is why we are making this significant investment,” said Thomas Dubaere, Managing Director, Accor UK and Ireland. “Hospitality is a very promising career path. Indeed the vast majority of our senior managers started as trainees at one of our hotels.”

In that view, Accor is making four key announcements in the UK:
– Académie Accor unveils today its new campus in London – a first-of-its-kind UK professional training centre offering exceptional teaching facilities to ensure staff development and career progression. With an average 40 M€ invested in learning and development, over 435,000 days of training provided per year, Académie Accor is taking training into new heights in 72 countries today through its network of campuses.

– Accor announces a partnership with Babcock to further develop its successful apprenticeship scheme which has encompassed 250 people in the last eight years. This year, the Management Apprenticeship Programme will employ 100 young people (18-24 year olds) giving them on-the-job training and a national qualification: NVQ Level II or NVQ Level III which can be achieved over two years. The aim is to develop future managers required to support the ambitious growth of Accor hotels network in the UK.

– Accor formalises its Student Placement Internships scheme that will offer 100 placements each year to students on UK hospitality courses with a view to recruiting high potential candidates following the completion of their studies. The paid placements run for twelve months in partnership with five UK universities**. Students will be trained in a number of operational skills within the hotels.

– With the support of the Accor Foundation, Accor UK launches an ‘In to Work’ programme named “Hospitality Futures” with the charity Springboard. It will offer 25 young unemployed people aged 18-24 a starting job in the hospitality industry. Following a nine week initial course which includes five weeks of classroom training and on-the-job experience, Accor aims to find every participant a job.

Philip Addison, Human Resources Director, Accor UK and Ireland: “Our new approach aims to discover and nurture potential talent from as wide a pool as possible – from teenagers struggling to find employment to graduates from the UK’s best hospitality courses. Our Management Apprenticeship Programme gives young people qualification and training. Hospitality Futures will help young people see their potential for a career in the industry, equip them with the skills to get started, and, most importantly, help to get them a job.”

“These initiatives will be brought to life at Académie Accor, the Hospitality Learning Network,” added Philip Addison “The hospitality training centre in London opens today and will be essential to ensuring we guide and support our people to perform at their very best.”

**Internships

UK

UK retail sales surprised expectations by posting a 1.4% increase against a forecast 1.1%; this is from the previous months posting of -2.4%. We saw GBPUSD fall to post a level of 1.5656 ahead of the release and similarly spike to 1.5712 after the release of the data. We also saw GBPEUR fall to 1.2375 to then rally to post a high of 1.2404 after the retail report.The CBI industrial trends survey, meanwhile, showed manufacturer’s output expectations improved, picking up to a balance of +7 in June from -3 in May. These hopes likely helped boost domestic industrial orders, which improved to a balance of -11 in June from May’s -17.

Yesterday late trading saw a sell off across the board against the US dollar, Sterling fell to post a low of 1.5575 against the greenback, this was all fuelled by rumours in the market that Moody’s would be downgrading the UK and US banking system after the US close, of which Moody’s have downgraded 15 global banks.

GBPUSD currently on a downward trend, now finds a level of support at 1.5564 and 1.5475 below that. The pair finds initial resistance at 1.5615, after that look for resistance at 1.5650 mark.

GBPEUR has now broken into the 1.24’s posting a high of 1.2448 this morning, should 1.2468 be broken this opens the way for the psychological level of 1.25 as the next resistance. Looking on the downside immediate support comes in at 1.2406 and after that 1.2345.
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WORLDWIDE

Fifteen of the world’s global banks have been downgraded by Moody’s adding further pressure to borrowing costs. Senior bank executives have bitterly argued. In the UK Barclays, Lloyds, HSBC and RBS have all been downgraded however still stay at investment grade.

EURUSD posted a high of 1.2698 yesterday ahead of the US markets opening, however once the States were open and the rumours continued of a potential Moody’s downgrade we saw the currency pair fall steadily throughout the session to post a low of 1.2532.

The next support level at 1.2519 has already been tested this morning, after that look for support at 1.2490. On the upside a break of 1.2615 opens the way to 1.27.

Spanish banks recapitalization needs are well below the amount set aside in the 100bn emergency package, according to two independent auditor firms. A few hours after the auction, it became clear that the amount provided by Europe earlier this month to recapitalize Spanish banks is sufficient.

The Euro-zone is in recession. According to Euro-zone PMIs activity fell in June, at the same rate as in May. PMI’s are usually a good indicator of GDP growth, and point to a decline of 0.3 q/q in Q2, after stagnation in Q1.

The market looks ahead to the ECOFIN meeting taking place in Rome today, it is rumoured that this will be the plateau to which Spain will formally request a bailout and the ECB will start to piece together future bailout funds, so the market will be looking for comments being released from this summit across the day.
Initial jobless claims fell to 387,000 in the week ended June 16 missing forecasts of 381,000. The U.S. factory sector is expanding but at the weakest pace since July 2011.

The US Philly Fed Manufacturing Index showed a fall off yesterday as it posted a figure of -16.6 against a forecast 0.7. This is an even bigger slowdown from last month’s figure of -5.8 which shows the market that conditions are worsening in the US. The continued weaker data from the US means QE3 remains a firm possibility in the future.

Accor started to roll out the new branding for the ibis hotels in the UK with the ibis London Wembley Hotel. Thomas Dubaere, Managing Director, Accor UK and Ireland noted, “Last year, we announced our strategy to revolutionise our economy brand portfolio in order to meet the continuous changes our guests have in their lifestyles and consumption modes. Ibis is now the cornerstone of our economy brand portfolio and this is the first hotel in the UK to come under the new ibis branding. It is a landmark for Accor in the UK as it signals the beginning of a very exciting roll out of the new branded hotels across the country.

“Accor hotels currently have more than 900 ibis hotels all over the world. The implementation of the new ibis hotel rebranding will be completed worldwide by early 2013 and by September 2012 in the UK. It will enable Accor hotels to achieve critical mass in several markets and will also boost each brand’s visibility and growth potential. While retaining their own distinct personalities, ibis, ibis Styles and ibis budget hotels all have shared DNA based on the three structuring concepts of simplicity, modernity and well-being.”

UK

Minutes released yesterday from the Bank of England’s policy meeting earlier in the month revealed a unanimous 9-0 vote to left interest rates on hold at 0.5%. More interestingly, voting has now split down the middle on the decision to increase the quantitative easing budget. A result of 5-4 in favour of leaving QE untouched means more members are swinging towards the idea of extra stimulus to help the economy. The committee judged that the risk of inflation overshooting its 2% target in two years’ time had lessened, thus weakening outlook for the UK.By 17:00 GBP/EUR had dropped to 1.2360 having ended the Asia trading session at a day’s high of 1.2411. At the open of the European session this morning GBP/EUR trades at 1.2358. Currently the pair is trading around 1.2380.

The GBP Claimant Count Change has been called a lagging indicator and the addition of 8.1k to those claiming unemployment assistance, although higher than the -3.1k contraction expected, may reflect an increase in unemployment stemming from the beginning of the year, rather than being a reflection of a more immediate problem within the employment sector.

A BoE poll suggests that UK business investment is set to grow only modestly in the coming year. Exporters are among those planning the strongest rises in investment spending.

Wednesday saw the first of the BoE’s cheap loan auctions. The central bank received bids for the full £5bln on offer.

Against the dollar sterling suffered following the FOMC statement in the US. Although Operation Twist was extended by a further $267bln, the markets had expected more talk of quantitive easing. In the absence of overt moves towards QE USD improved by 70 points from the morning’s high of 1.5778. In the lead up to the European market open GBP/USD traded at 1.5651
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A key day for Spain as the country could make its first formal aid request based on the country’s internal bank audit, details of which are out later today.

Yesterday across Europe data was weak, with Italian factory orders falling 1.9% and Dutch confidence lower. These releases were compounded by relative inaction from the G20 summit.

This morning Europe wide services and manufacturing PMI beat expectations. German PMI posted below expectations at 44.7 in the face of 45.3 forecasted.

Eurozone annual consumer price inflation slowed to 2.4% in May from 2.6% in April, edging closer to the ECB’s target of just below 2%.

EUR/USD opened yesterday at 1.2719, but, as with other majors, USD asserted pressure with the promise of continued low rates, and by the FOMC release the pair were trading at 1.2651, indicating that greater liquidity is attracting those hungry for depressed value equities.
In a rare move Antonis Samaras has now been confirmed and sworn as Greece’s Prime Minister before a cabinet has been formed. A three-party coalition cabinet is expected as the PM pledges to honour the country’s bailout commitments.

Spanish and Italian bonds responded positively after the G20 summit with QE expectations. The Spanish 10yr traded at 6.75% on the session, and the Italian 10yr was 17 basis points lower at 5.73%.

Elsewhere, Europe’s neighbour Switzerland saw a fall in exports of 3.7% in May, with only the watch sector offering any sunshine for the embattled safe haven. GBP/CHF has swung 1.6% since 15th June and the SNB must start to ask what are the actual economic benefits of pegging CHF against EUR if export potential is affected to such an extent.

Although Chinese manufacturing PMI was shown to have contracts this morning by its largest extent since March 2009, yesterday the Chinese Premier still found time to endorse the steps being taken by Spain.

Japan’s Nikkei improved as USD/JPY moved from 78.82 to 79.58 in the space of eight hours. Japanese exporters were up, with electronics and motor cars seeing in excess of 2% value added.

Stunning bespoke Axminster carpet now adorns the Wyatt and Scroops rooms at the prestigious Ashridge House Business School in Berkhamsted, Hertfordshire, complementing the marvellous historic interiors of this stunning Grade I listed location.With two rooms to refurbish, the Wyatt Room, which functions as the main tea and coffee area for the house, and Scroops, a private dining room, Ashridge House chose Axminster Carpets Commercial to provide bespoke patterned carpet that truly complements the stunning architecture of this breath-taking building. As these rooms are in constant use, the bespoke floorcoverings were woven on Axminster’s Super 8 Pitch looms and are constructed from 80% wool and 20% nylon for superior durability and colour retention. Laid by TW Betts, these carpets are suitable for heavy contract use, able to withstand high-impact footfall and offer both practical resilience and unique style.

As Debbie Gronert, Hospitality Operations Support Manager at Ashridge House explains, “the Wyatt Room is very traditional in style with wood panelling and high, ornate ceilings, but it is subjected to daily use so the existing carpet was worn in high-traffic areas and no longer reflected the true magnificence of the interior. The Wyatt Room provides a space for our clients to relax with a cup of tea or coffee, and it was therefore essential that any new carpet would help to create a peaceful and tranquil environment that also co-ordinated with the terrific garden views.”

In order to achieve this, Ashridge House worked closely with APM Design Limited and Axminster Carpets Commercial to create a bespoke carpet thatdraws inspiration from a neutral colour palette and specifically blends in with the natural tones of the Totternhoe stone, from which the building is made, for a truly cohesive look. The result is a beautiful carpet in shades of grey and cream with bold circles and intricate floral details that really work together. Also co-ordinating with the existing historic interior, the revamped Wyatt Room is now ready to withstand the weary feet of many more business school clients.

The Scroops private dining area was purposely refurbished in order to achieve a harmonious look with the adjoining Broughton dining room, giving both rooms an updated appearance and a new lease of life. The new carpet is more striking than the Wyatt Room in colour, with a deep crimson and cream floral pattern on a natural beige base colour. Providing an ideal location for visitors and clients to relax and enjoy the award-winning cuisine that Ashridge House offers, the Scroops room is beautifully appointed and finished to perfection with the new Axminster carpet.

“Although we offer hotel facilities at Ashridge House, we specifically did not want a ‘hotel carpet’ feel in any of the refurbished rooms”, continues Debbie Gronert. “Our main aim was to use floorcoverings that harmonised with the existing historic features of Wyatt and Scroops, providing a seamless finish without dominating the entire room. We specifically chose Axminster Carpets Commercial as they were recommended to us as a UK-based company with a reputation for quality, and they have really delivered on this brief. Axminster has provided us with very different carpets that have injected a sense of elegance and vibrancy into each room and ultimately fit in beautifully with our historic architecture and interior design.”

Ashridge was formerly a royal residence for Henry VIII and Elizabeth I, and the present house was built in the mid 19th century by General John William Egerton the 7th Earl of Bridgwater. Now principally known as Ashridge Business School, an internationally renowned institution that is consistently ranked a world leader in education, Axminster Carpets Commercial have really delivered an impressive and striking result for this prestigious building.

For further information telephone 01297 630630 or e-mail commercial@axminster-carpets.co.uk

UK

Tuesday was a relatively quiet day for UK data, however UK Consumer Price data for May came in at -0.1% m/m versus expectations of a reading of 0.1%. The pound saw hefty declines after inflation undershot expectations and slowed to its lowest level in more than two years, boosting expectations that the central bank would engage in more monetary easing. The consumer price index rose only 2.8% on the year in May against consensus views of a 3% rise. Sterling hit the day’s low of 1.5616 against the dollar after a sharp fall.

The Bank of England said Tuesday it will offer banks £5bn ($7.9bn) in an auction today, in what will be the first test of UK lenders’ appetite for new emergency funding. GBPUSD jumped to a 1 month high of 1.5756 upon release of this news yesterday afternoon.

GBPEUR opened yesterday at the high of the day 1.2447 and dropped on the inflation data release to trade at the low of the session 1.2377. With the rebound from resistance at 1.2465 yesterday we now expect a test of support at 1.2282 in the coming sessions. Currently the pair is trading around 1.2405.
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The ZEW Indicator of Economic Sentiment for Germany decreased by 27.7 points to -16.9 in June, the strongest decline since October 1998. The score was also much worse than economists’ forecast of 23. The report noted that the worsening of the situation in the Spanish banking sector and the insecurity about the outcome of the Greek general election are likely to have contributed to the sharp decline of the indicator.

Now that the Greek elections are out of the way, the centre of the euro debt crisis will focus back again on Spain. The Spanish banking sector’s fortunes continue to deteriorate as a result of weak loan performance, where metrics have weakened to levels not seen since 1994. 10 year government bond yields breached the 7% barrier yesterday, the level that prompted the governments of Greece, Portugal and Ireland to seek bailouts.

Scotiabank sees that a possible rate cut from the ECB might be on the way. President Draghi had stated that the decision to hold rates had been one made by ‘consensus’, indicating that some members of the governing council had already argued for rate cuts. This new development increases the chances of a rate cut at the next ECB meeting on July 5th.

Spain’s woes worsened on Tuesday as its borrowing costs surged at a debt auction amid fears that the country loses access to financial markets, which could lead it to seek an international bailout. Spain is set to face a tougher challenge tomorrow , when it plans to sell as much as €2bn of bonds maturing in April 2014, July 2015 and July 2017.

The International Monetary Fund added $456 billion to its war chest as 12 more nations, including the BRICS, pledged new money to protect the global economy from the impact of the Eurozone debt crisis at the on-going G20 meeting in Los Cabos, Mexico. China led the nations in boosting the firewall with a contribution of $43bn. India, Russia and Brazil agreed to provide $10bn each. Another BRICS member South Africa offered $2bn, according to IMF whilst G20 host Mexico also offered $10bn.

Greece’s pro-bailout New Democracy Party, which won the second elections, is close to form a coalition government on the second day of talks yesterday. However, there were reports that the new government may urge its creditors to renegotiate the bailout deal.

US housing starts dipped in May, nearly reversing a stronger than initially reported April rebound, according to figures released Tuesday by the Commerce Department. The Commerce Department put the number of privately owned housing starts at a seasonally adjusted annual rate of 708,000 for May.

Following the release of the US housing starts and building permits data for May, the dollar was little changed against its major opponents. As of 1331pm, the dollar was trading at 1.5672 against the pound, 1.2622 against the euro.

In an indication of future construction, the number of new housing permits grew by 7.9% to annualized level of 780,000 in May. That was well above economists forecast for 730,000 new permits and the highest monthly level since September 2008.

Canadian Wholesale Sales rose more than an expected 0.2% to show a reading of 1.5% in April. Following the release of the data for April, the Canadian dollar edged higher against its major rivals. As of 1332pm, the Canadian dollar was trading at 1.2880 against the euro, 1.0208 versus the dollar and 1.5988 against the pound. The high of the day (against sterling) reached 1.6053.

The Swiss franc gained against most of its major opponents yesterday, hitting a low of 1.4864 against sterling after a high of 1.4961 during the trading day.

The yen gained ground across the board this morning in Asia trading after data showing that Japan’s trade deficit widened in the month of May, while the minutes of the Bank of Japan showed that a few members said more easing should not be ruled out. Risk-aversion mood ahead of the conclusion of crucial Fed meeting also prompted traders to seek safe-haven yen.

Annual German PPI increased 2.1% in May, following a 2.4% rise the previous month, according to data released on Wednesday by Destatis. Analysts expected 2.3% growth. As we stand, EURUSD is trading at 1.2684

Marriott International, Inc. continues to grow its world-class luxury JW Marriott hotel brand with the opening of the 221-room JW Marriott Mexico City Santa Fe. The much anticipated hotel is located in the upscale Santa Fe residential neighbourhood and is walking distance to plenty of entertainment, great shopping and large international office complexes. For dining and recreation at the JW Marriott Mexico City Santa Fe, the hotel features two restaurants; Quattro, an authentic Italian menu inspired by the Piamonte region of Italy; and Cúa, an organic Mexican fine dining restaurant with fusion flavours from Mediterranean, Asian and Latin American cuisine. The hotel will also feature a lobby bar, 24 hour room service and an executive lounge open 24 hours that is available for guests staying in executive level rooms. To ensure the guests’ relaxation and fitness, the hotel offers a full state of the art fitness centre and will feature the Oriental Wellness Spa with five treatment rooms, saunas, vapour rooms, Jacuzzis and a meditation area.

The 221 rooms and suites will all include High speed internet, 42’’ plasma TV, alarm clock with iPod/iPad docking station, Wireless telephone with voicemail, Nespresso coffee machine and aromatherapy bathroom amenities.

The JW Marriott Mexico City Santa Fe offers more than 13,100 square feet of flexible meeting space, including the largest ballroom totalling 9,140 square feet. The proximity to the international office complexes and the financial district combined with the variety of meeting space makes the JW Mexico City Santa Fe an excellent option for a larger or more intimate group.

ISG has successfully completed a refurbishment project at boutique hotel Threadneedles in the City of London, to reconfigure accommodation and create five new guest rooms within the existing building.The scheme follows the acquisition of the five star hotel by Westmont Hospitality in November 2011, as part of a deal involving four hotels previously owned by The Eton Collection. As part of a strategy to increase revenue generation at the hotel, ISG has relocated back of house facilities to available space within the building and then converted these underused areas into guest accommodation.

The project included the creation of a new wheelchair accessible guest room on the ground floor and a guest room on the mezzanine floor, space which was previously used as the hotel’s comms room. ISG has also created three further guest rooms on levels two, three and four in space formerly used to accommodate staff changing and canteen facilities.

In addition to creating the new guest rooms, ISG has relocated staff welfare facilities, the staff canteen, IT and comms room and new back of house offices to the building’s basement. The redevelopment also included an upgrade to the hotel’s existing lifts to access the new guest rooms.

Peter Kilby, managing director of ISG’s Hotels division, commented: “This project demonstrates how a hotel asset can be enhanced by maximising the saleable space, providing the opportunity to increase revenue generation from guest rooms. Throughout the delivery of this complex scheme we worked closely with the client’s management team to ensure the hotel continued to operate on a business-as-usual basis, developing a phased works schedule to ensure seamless project delivery.”

UK

The pound lost out against US Dollar as optimism over the Greek elections was short lived. GBPUSD moved around 0.5% from its high of 1.5718 to close the day at 1.5651.Against the euro the pound did better moving off a recent low of 1.2341 and peaking at 1.2145 as initial confidence in the in the Greek election quickly vanished.

On a quiet day for UK data Rightmove said that UK asking prices rose by 2.4% in the past year. It did also point out that this rise is not in line with inflation and expected a decline in the future.

UK inflation data this morning surprised the markets coming in below expectation dropping to 2.8% year on year from 3%. At the same time the retail price index fell from 3.5% to 3.1%. Sterling lost ground off the back of this data.
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Market’s had initially cheered the pro-bailout Greek election win but concern over the implementation on a manageable plan that a coalition government can agree on, new austerity had a major impact on market confidence in afternoon trading.

S & P today issued its verdict on the Greek election, saying that it will have no immediate effect on Greece’s ratings. But, the agency did add that while the short-term risk of Greece leaving the Eurozone may have lessened, it still sees at least a 1 in 3 chance of its exit in the medium-to-long term.

As the political crisis in Greece continued to be a major concern for the Eurozone, Spain continued to lose credibility in the bond market. In a sign of continued jitters over the euro debt crisis, Spanish 10 year bonds jumped to 7.1%. Spain has also delayed the much anticipated banking audit until September.

Against the US dollar, the euro dropped from a high of 1.2724 to close the day at 1.2582 as German Chancellor Merkel spoke at the G20 summit in Mexico. Merkel said that Greece had to stick to the bailout package, causing day lows across the whole Eurozone but in particular Spanish, Italian and Greek stocks.

The Euro continued to hit recent lows against the Australian Dollar, hitting a 4 month low this morning breaking the psychological level of 1.25. Since June the 4th EURAUD has fallen from a month high of 1.2858 to 1.2425.

The move came after the release of the minutes of the Reserve Bank of Australia’s interest rate decision meeting earlier in the month where it was decided to cut interest rates by 25 points, from 3.75% to 3.5% – in line with forecasts. This comes after a 50 basis point cut in May from 4.25%. On deciding to cut rates in June, the board members said that the action would provide stimulus for the coming months.

Homebuilder confidence in the US has seen a modest improvement in the month of June. The report showed that the NAHB/Wells Fargo Housing Market Index crept up to 29 in June. Economists had expected the index to come at 28 as reported last month.

India’s central bank decided to leave its key interest rates unchanged, saying that another reduction could worsen the inflationary pressures amid the weakening economic growth.

Fitch Ratings cut India’s rating outlook to Negative, citing the heightening risk of economic growth deteriorating further if measures are not taken to improve operational environment for business and investment.

UK

The UK released no major data on Friday and only one major piece of data was released from the States; Sterling still had a volatile trading session due to the markets anticipation for the Greek elections over the weekend.GBPEUR traded within a 170 pip range on Friday ahead of the Greek elections taking place, hitting a high of 1.2433 against a low of 1.2264 set in early morning trade before 9am. Since the elections have taken place we have seen GBPEUR retrace slightly and is now trading around 1.2350 having set a high of 1.2385 overnight. Technical resistance has stretched to 1.2656 and with lower support set at 1.2153 we can expect another week of extremely wide trading ranges as news of the Greek coalition emerges.

GBPUSD hit a high of 1.5725 late Friday evening during the US trading hours on the lead up to Greek elections also. This move was seen from the low of 1.5478 set in early morning trade on Friday, resulting in a 2.5% move overall. Cable is now trading around the 1.5662 levels this morning and with resistance levels climbing to 1.6056 now, it seems sterling has potential for further gains. Strong support is currently at 1.5650, and a close above 1.5818 is the next target for upside. Markets will now be awaiting the release of the MPC meeting minutes, due on Wednesday at 9.30am.

According to Rightmove, Britons looking to sell their home have grown confident this month, pushing the average asking price up to its highest on record rising 1.0% in June’s survey to £246,235, the highest average price since the survey was first carried out in September 2002.
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EURUSD saw a choppy trading session Friday as well, originally starting the day trading in the 1.26’s to then fall to post the low of 1.2592 by early afternoon. However the pair echoed the risk on trading that we saw on Cable and EURUSD climbed to a high of 1.2727 over the weekend and the pair still reside within the 1.27’s this morning. Breaking above the 1.26 resistance last week means the euro has potential for further gains, near term resistance is as high as 1.2900 now.

The outcome of the Greek election sparked a rally in risk assets in Asia, as investors were encouraged by the victory of the pro-bailout New Democracy party, pushing up both currencies and stock markets. Antonis Samaras, has already vowed to respect the country’s commitment to a €173 billion bailout agreement with the EU and the IMF, and invited all the parties that support Greece’s membership of the euro to join a national “salvation” government.

The conservative New Democracy party won 30.23% of the popular vote, which translates in 130 seats in the 300-seat parliament. It was followed by radical Left Syriza party, which received 70 seats. Socialist Pasok was third with 34 seats, and the smaller Democratic Left party, which may also play a key part in the coalition-building talks that will begin today, received 16 seats. New Democracy Leader Antonis Samaras has already started informal talks with the Pasok party to form a new government, with a cross-party coalition likely to be formed by Wednesday.

The conservative victory in Greece was quickly felt in the currency markets early in Asia, as concerns that Greece will leave the euro zone dampened. The Australian dollar also received a boost against the US Dollar, climbing to 1.0114 from 1.0014 late Friday in Australia. The US dollar strengthened against the yen, to 79.08, compared to 78.70 late Friday in New York.

The outcome in Greece has also helped Spanish and Italian bond yields ease sharply this morning, this welcome relief comes just after the Moody’s downgrade of Spain’s credit rating caused the Spanish debt to rise over 7% last week, they are currently priced at 6.76%.

Another important election result came in France, where the Socialist party, to which France’s new president Hollande belongs, gained absolute majority in the parliamentary elections yesterday. Now Hollande’s party has full ability to implement political reforms. The decision is due to be ratified by tomorrow.

Polish Finance Minister Jan Vincent-Rostowski said on Monday that Poland is in a much stronger position -“thanks to others buying time during the euro-zone crisis” and after taking steps to reduce its public deficit. Poland’s deficit peaked at 7.8% of economic output in 2010, raising concerns at the time over the country’s public finance.

Indian policy makers are worried about the frail financial health of the euro zone, particularly expressing anxiety over Greece’s ultimate fate in the currency bloc. Indian PM Manmohan Singh said continuing economic problems in the region could hurt India’s growth, which has already slowed to a worrying level.

New Zealand PM John Key said early this morning that the European debt crisis remains the single biggest threat to the island nation’s economy, despite news that Greece’s pro-bailout New Democracy is moving to form a coalition. Key said yesterday “Greece will continue to be on European life support” and “the European debt crisis remains the biggest threat to the New Zealand economy by some margin,”.

The Luxury Collection Hotels & Resorts, part of Starwood Hotels & Resorts Worldwide, Inc., has unveiled the iconic Hotel Alfonso XIII following an extensive $25 million restoration, returning the hotel its original splendour and luxurious grandeur. The reopening of Hotel Alfonso XIII marks the first of four Luxury Collection hotels that will undergo a multi-million dollar restoration and will re-open within the next 12 months, including Maria Cristina, a Luxury Collection hotel, San Sebastian scheduled to debut in July 2012; Prince de Galles, a Luxury Collection hotel, Paris and The Gritti Palace, a Luxury Collection hotel, Venice; both scheduled to open in early 2013.Located on the historic Calle San Fernando in the heart of Seville, Hotel Alfonso XIII is considered to be one of the grandest hotels in Europe, originally designed by Sevillian architect Jose Espiau y Muñoz and eventually named after King Alfonso XIII. The extensive 10 month restoration project was led by Demopolis, a renowned local Sevillian architect, and features Arabic-inspired arches, soaring towers and renaissance-style windows. Designed by HBA Design, the interiors fuse history and opulence with original hand-painted Triana and Mensaque ceramic tiles, authentic wood carved furnishings and marble floors. The hotel will also introduce the brand’s signature Luxury Collection Concierge service to all guests and promises the most discerning global travellers an extraordinary experience.

Continued on page two…

Luxury hotel brand Fairmont Hotels & Resorts (“Fairmont”) and Manchester Texas Financial Group LLC (MTFG) announce the signing of an agreement for Fairmont to manage a new city center hotel slated to open in 2015. The Fairmont Austin will be located directly east of the Austin Convention Center, at the northeast corner of Cesar Chavez and Red River Streets. The $350 million concept will be crafted by the project’s architect, Gensler Austin, to accommodate additional upscale features reflective of Fairmont’s luxury design and service aesthetics. For example, the planned number of rooms will likely be reduced from 1,035 to approximately 1,000 – allowing for larger guestrooms and suites, explains Todd Runkle, managing director of Gensler Austin.

The 50-story hotel, which features over 70,000 square feet of function space, will rise approximately 580 feet, making it the second largest structure on downtown Austin’s skyline, which is currently dominated by the 56-story, 680-foot Austonian. The project will mark Fairmont’s second hotel in Texas and join The Fairmont Dallas, located in the heart of the Downtown Arts District.

The project will generate approximately $6 million in hotel occupancy tax and contribute $4 million in annual property tax, most of which will go to the Waller Creek TIF (tax increment financing) district. It will add roughly 1,000 permanent jobs to the Austin market, not including jobs generated during the construction project.

The hotel’s design encompasses a number of green building elements and will seek LEED certification from the U.S. Green Building Council, an environmentally progressive positioning that complements Fairmont’s industry leading philosophy of operational sustainability and responsible tourism. More than two decades ago, Fairmont was the first hotel company to adopt a comprehensive environmental program and more recently became the first luxury brand to address climate change by pledging to significantly reduce CO2 emissions worldwide.

The luxury brand’s Green Partnership Program focuses on sustainability, mainly improvements in the areas of waste management, energy and water conservation, as well as community outreach through local groups and partnerships. Initiatives include a green conferencing solution dubbed Eco-Meet, recycling and organic waste diversion in the hotels’ kitchens, retrofitting energy efficient lighting, purchasing green power, sourcing sustainable seafood, creating rooftop herb gardens at properties and redistributing food and gently used goods to those in need.

Starwood Hotels & Resorts Worldwide, Inc. has announced that its global powerhouse Sheraton Hotels & Resorts has debuted in Madrid with the opening of the Sheraton Madrid Mirasierra Hotel & Spa. Owned by Comercial Mirasierra Group, the hotel is part of Starwood’s strategic multi-billion expansion plan to open more than 60 Sheraton hotels around the world in the next three years.Located in the residential area of Mirasierra near the buzzing city centre, the Sheraton Madrid Mirasierra Hotel & Spa comprises 180 spacious guest rooms, each featuring the brand’s signature all-white Sheraton Sweet Sleeper(R) bed, an all-day dining restaurant, lobby bar, terrace lounge and pool bar. The hotel also offers Sheraton Fitness programmed by Core Performance, a spacious spa as well as an indoor and outdoor pool. For business travellers, the hotel features a fully-equipped business centre and over 13,000 square feet of meeting space including a ballroom of approximately 9,000 square feet and eight meeting rooms. The hotel also offers Sheraton Club rooms and Lounge and the brand’s signature Link@SheratonSM experienced with Microsoft, a unique communication hub delivering the technology modern guests expect and require while on the road.

Located only 15 minutes from Barajas Airport, adjacent to “Cuatro Torres” and close to the IFEMA Congress and Convention Centre, the Sheraton Madrid Mirasierra is a conversion of the well-known Mirasierra Suites Hotel. The addition of this hotel to the Sheraton brand following a renovation and re-branding process is part of Starwood’s strategic plan to convert key hotels throughout Europe, Africa and the Middle East.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

The ibis and ibis budget Krakow Stare Miasto, and the ibis and ibis budget Warszawa Reduta, were respectively inaugurated on 9 and 21 May last. These two new hotels are part of a bigger objective for Accor: its goal to become a leader in Europe’s budget hotel segment. An ibis and ibis budget combined hotel in central Krakow
The ibis and ibis budget Krakow Stare Miasto combined hotel is right in the centre of Krakow, Poland’s country’s second-largest city, and one of that country’s main cultural and scientific hotspots. It has 302 rooms and stands a stone’s throw from Wawel Royal Castle and Main Market Square, one of the city’s main squares. That is one of this hotel’s big advantages. It is also a short walk from the central train and bus stations.

More than 120 guests attended the inauguration ceremony on 9 May. Laurent Picheral (Managing Director Accor/ Orbis Poland), Irek Weglowski (Corporate Communication & Investors Relations Director in Poland), Malgosia Kalinowska-Klimek (General Manager of the complex) and Tadeusz Trzmiel (Kraków City’s Deputy Mayor) officially cut the ribbon.

A big-time event in Warsaw
The ibis and ibis budget combined hotel was inaugurated on 21 May, and several Group representatives attended the ceremony.

It started with an address by Yann Caillère, President and Chief Operating Officer, and the traditional ribbon cutting to officially induct this combined hotel into the ibis family, before 200 people.

Anna Popek, who hosted the ceremony, then invited the guests to tour the 170 Coquelicot and 163 Cocoon rooms, which define ibis and ibis budget brand identities.

A string of attractions follows. A contest was organised to treat participants to a night in a selection of ibis and ibis budget hotels, and cushions (with symbols of the three brands).

The complex ibis and the ibis budget Warszawa Reduta is located in the city center, not far from the Okecie airport and from the station, in 1,5 km of the exhibition center EXPO XXI. It enables an easy access easy to the main sites of Warsaw.

These two inaugurations were big hits, and reflect the Group’s drive in this country. There are 12 ibis and 9 ibis budget hotels in Poland today. They will all be operating under the new umbrella brand by the end of August.

Hilton Brighton Metropole, situated just a stone’s throw away from Brighton’s beachfront, has unveiled its new look bar, The Waterhouse Bar & Terrace. The relaunch sees the introduction of new menus by executive chef, Anthony Molnar and cocktails by head barman, Gyorgy Piros.The new venue takes its name from the hotel’s very own architect, the esteemed Alfred Waterhouse who designed the hotel which first opened its doors in 1890. His architectural style was unique for the era, renowned for spiral rooftops and favoured red stone and terracotta tiles rather than the then classic Victorian white washed rendered buildings. He also worked with Queen Victoria on the plans for his design of the National History Museum.

The new bar has undergone a dramatic renovation by award-winning local interior designers and architects, DesignLSM, based in nearby Hove. Inspired by private members’ clubs and grand bistros, the newly designed interior of The Waterhouse Bar & Terrace evokes an opulent atmosphere and reflects the heritage of the hotel.

A striking new bar features a marble top with wood panelling on the walls and an art deco style. The interior boasts a mix of contemporary and traditional styles with low hanging pendant lighting, modern chairs and leather studded booths which create a snug area for those who want amore private space. The colour scheme, in a palette of greys and plums, adds a sense of warmth and elegance.

The bar offers classic bar food with an influence from its coastal location including traditional English sandwiches, such as honey roast ham & English mustard; smaller dishes including crab and chilli spring rolls; larger dishes such as the Waterhouse Gourmet Burger; and sweet treats including banana crème brûlée. A selection of ‘Afternoon Tea by the Sea’ is also on offer. As well as a range of spirits, wines and beers, The Waterhouse Bar & Terrace has an impressive gin collection ranging from Gordon’s to the luxury Sipsmiths. In addition, Gyorgy Piros, head barman, has created a drinks list which spans classic cocktails and innovative twists on traditional favourites.

Guy Hilton, general manager, Hilton Brighton Metropole said, “We are very excited to unveil the new Waterhouse Bar & Terrace and look forward to welcoming guests in for a drink or a bite to eat in what promises to be the new hot destination in Brighton.”

The renovations are part of an ongoing refurbishment plan that has seen a £4million investment into Hilton Brighton Metropole and is due to continue throughout 2012.

UK

Following a string of recent weak UK data releases, a growing number of analysts are still wary of the pound on concerns that the UK economy will be hurt by the turmoil in the Eurozone, the country’s biggest trading partner.
GBPEUR remained range bound ahead of key event risks over the weekend. Sterling traded at a low of a low of 1.2313 as the euro benefited from positive rumours regarding the elections in Greece.GBPUSD continued to be dominated by general risk appetite and rumours of further U.S Quantitative Easing. The resistance level of 1.56 remains the level to break, which if done will open up moves as high as 1.58. However while there is growing speculation of further asset purchases in the UK any rebounds could well prove short lived.

According to a report by the Financial Times, the Bank of England and the HM Treasury will announce a credit-easing initiative aimed at boosting loans to SME’s in the UK

The GBPEUR support level of 1.2320 held up well throughout yesterday but after speeches by Bank of England Governor King and UK Chancellor Osborne at the annual Mansion House meeting last night combined with inspired confidence in the Greek election meant trading has opened today at 1.2264
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WORLDWIDE

Greek bank stocks were up almost 19% yesterday on talk that pro-bailout parties are likely to win the June 17th elections.

Spain’s 10-Year yield hit an all-time high of 7% mark as Moody’s cut the region’s credit rating to Baa3 from A3, while Italian three-year notes yielded 5.30%, which compares to the 3.91% offered in May.

A report by the Bank of Spain showed commercial banks borrowed a record €287.8bn from the European Central Bank in May amid speculation that the Governing Council will act in July as the outlook for the region turns increasingly bleak.

Helped by U.S QE3 speculation and positive Greek polls EUR/USD recovered from a day low of 1.2543 to hit a high of 1.2620 by late afternoon – a resistance level that is unlikely to be broken ahead the coming critical weekend.

While the market is not about to forget about the Eurozone crisis, a win for New Democracy may in the short term spark a healthy Euro rally.
Moody’s predicted Irish home prices are due to fall 20% or more.

In the US, Core CPI month on month data which looks at the change in the price of goods and services came out as predicted at 0.2%.

Weakening US jobless claims as well as yesterday’s disappointing retail sales release weighed on the US dollar yesterday amid increased expectations of a more dovish Federal Reserve.

After keeping Interest rates on hold on Thursday and reiterating their aggressive stance on the EURCHF floor, Chairman of the Swiss National Bank, Thomas Jordan has said he expects a significant slowdown In Switzerland’s Q2 GDP Growth.

The Bank of Japan said it would leave its key interest rate at between zero and 0.1% but would also leave a 70 trillion yen ($885bn) asset purchase programme unchanged.