Hotel Designs

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.

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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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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.

Starwood Hotels & Resorts Worldwide, Inc. has recently announced the debut of the first Le Meridien hotel in Algeria with the opening of Le Meridien Oran Hotel & Convention Centre. Owned by Sonatrach, the hotel is part of a mixed-use development, which includes an adjacent conference and exhibition centre, an esplanade and an oceanfront promenade. Located on Algeria’s north-western Mediterranean coast, Le Meridien Oran sits on a cliff offering breathtaking views of the Mediterranean.Designed by Rockwell Group Europe (RGe), Le Meridien Oran features 254 guest rooms and 42 suites, combining contemporary design with Algerian heritage and Le Meridien brand amenities. The hotel’s signature spa, inspired by European spa traditions, comprises eight treatment rooms, a jacuzzi, Turkish Hammam, an outdoor pool and fitness centre, offering endless ocean views.

Le Meridien Oran also features an all-day dining restaurant with an open kitchen, a chic lounge bar with inspiring sea views, the city’s first authentic Italian restaurant as well as a lobby bar serving Illy coffee and tea from around the world.

Le Meridien Oran Hotel & Convention Centre houses the largest meeting facilities in North Africa with nearly 9,000 square metres of flexible meeting and event space, including two ballrooms, a pre-function area and 23 meeting rooms. Equipped with state-of-the-art technology the convention centre houses an auditorium that can seat up to 3,000 seated guests and features the largest mural fresco in the world. Created by Algerian artist Tewfik Boumedhi, the 2000-metre-long façade is made of 51,000 tiles and depicts the Southern Mediterranean culture in Arab-Moresque art.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

UK

British Finance Minister George Osborne said yesterday that Germany would make more concessions to save the euro if Greece was forced to abandon the common currency. In his opinion Germany would be more willing to bail out other countries if Athens left.GBPEUR took a steady drop throughout the day’s trading. Opening the markets at 1.2428, the rest of the day saw a gradual decline into the 1.23’s, finally closing at 1.2355. The drop in the GBPEUR seemed to derive from comments made by Alex Tsipras, head of the anti-bailout party where he mentioned that the EU will not cut Greek funds or eject Greece from the EUR.
GBPUSD opened trading yesterday at 1.5572 trading in a tight range during the day’s trading struggling to break the 1.56 resistance, hitting the day’s high of 1.5597. Overnight and this morning the pair has again fallen off hitting lows of 1.5469.

The British Pound is showing relatively firm correlations with UK bond yields and the MSCI World Stock Index, hinting the focus here is likewise the Eurozone debt fiasco and thereby the Greek election outcome
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The US Dollar fell against most of the majors as expected amid a recovery in assets linked to risk appetite last week. Risk aversion looks like it has made a come-back as investors turn defensive ahead of the weekend’s general election in Greece.

The EUR had a good day against the USD, opening trading at 1.2528 the pair took a gradual rise throughout the day amidst poor US data that included retail sales falling for a second consecutive month and more positive news from the Eurozone. There remained an evident resistance at 1.26 where the high of the day reached 1.2599 before closing at 1.2584
For the Euro, a firm correlation with German bond yields (see chart) points to the primacy of debt crisis concerns in shaping price action. Renewed sovereign stress in the Eurozone is likely to boost haven demand for German government debt, pushing yields and the single currency lower.

With Europe’s debt crisis intensifying pressure on the Swiss National Bank’s 1.20 per euro ceiling after a breach in April, officials will today reaffirm their commitment to defend the limit.

Industrial production fell in Spain and Portugal, two of the southern European countries engulfed in the region’s debt crisis, as well as in Italy, which is fighting to reform its economy and avoid the need for outside help. But Germany, the region’s industrial powerhouse, also saw production fall sharply, raising doubts about its ability to withstand the downturn affecting its weaker neighbours.

German May inflation data was in line with previous estimates yesterday, coming in at 2.2% compared to May 2011. Prices dropped 0.2% on the month, the German stats bureau said. Falling energy prices contributed to the fall in inflation, offsetting a strong performance in the German labour market.

Poland’s annual consumer price inflation rate fell more than expected in May, the country’s statistics office said yesterday, limiting expectations the central bank will raise rates in coming months.

As widely expected, the Swiss National Bank retained its interest rate at zero percent this morning and the EUR/CHF floor at 1:20. Since that decision the Swiss franc has edged higher against its major rivals.

Brazil’s real rose for the first time in three days on bets that tax changes may boost inflows into Latin America’s largest economy. The real rose 0.5 percent to 2.0575 per dollar. The currency reached a three-year low of 2.1062 on May 23 after appreciating to as strong as 1.6890 this year.

Eight months after announcing a revolutionary project designed to transform tourism in Magaluf in Majorca, the Spanish hotel company ends in record time the first phase of the Calviá Beach Resort development by opening the Beach House Hotel which joins the recently renovated Sol Wave House Hotel to revive the Magaluf beachfront and becomes the first lifestyle destination on the island. The Beach House Hotel is the result of the total transformation of the previous Majorca Beach Hotel. After four months of intense work, the hotel now presents a stunning and trendsetting new image, designed to offer a different and daring, adult-oriented experience, buzzing with energy and with great social life. This is all guaranteed by the partnership with Nikki Beach, an amazing beach club famous worldwide for the festivals and parties it hosts in Miami, Marbella or St. Tropez, and due to open in Mallorca on June 15.

The hotel and club lie alongside the sea, set in palm trees and pine trees, and its vast lobby is home to huge Balinese beds from which to listen to the hotel’s resident DJ and enjoy dinner or a drink. The interior areas are divided by huge panels that simulate white coral, designed by the architect Alvaro Sans, author of exclusive resorts such as the Gran Meliá Palacio de Isora (Tenerife) or Paradisus Playa del Carmen (Mexico). This season, the Beach House offers a hundred oversize rooms (52 m2) with an entertaining and groundbreaking interior design, including a bathtub under the window from which to view the sea. The furniture has all been acquired in Mallorca as part of a clear commitment of the hotel company to boost the local economy, and includes an XL-size minibar, 32 inch TV, full connectivity for all kinds of mobile devices and a private chill out corner on the terrace.

The Beach House has been designed not only for relaxing by the sea, but also for having fun, meeting people and enjoying every experience. The hotel is focused on adult guests, music and entertainment, and aims to raise the bar for tourism quality in the destination. It offers refreshing dining options, a gym with personal trainers, yoga and pilates, reflexology, and even a pet service. The Beach House is also plugged in to social networks, allowing guests to share their experiences immediately with their friends, including a Facebook Totem which allow guests to take pictures and share them on Facebook.

For Meliá Hotels International the hotel and resort are examples of a bold commitment to reposition a mature destination in southern Mallorca, something which the Vice Chairman and CEO, Gabriel Escarrer, says “has been made possible thanks to the extraordinary potential of the Magaluf area, with one of the most beautiful beaches in Mallorca, surrounded by marinas, golf courses and luxury residential areas, and also to the support of the Balearic Islands Government and the municipality of Calvia, which have been instrumental in creating legal guarantees and an environment to attract investment and prepare everything in time for the summer season.”

UK

The pound started the Tuesday session at 1.2415 against the euro before falling to around 1.2373 after UK Manufacturing Production figures for April showed a fall to -0.7%, down from 0.9% the previous month, well below the consensus of 0%, which could possibly point towards a GDP contraction for Q2.Sterling recovered and progressed further in the afternoon, GBPEUR rose to 1.2480, its highest in nearly two weeks as investors sought alternatives to the euro on concerns about Spain and worries ahead of this weekend’s Greek elections. 1.25 remains a key area for GBPEUR to break, data releases and political announcements will be the main driver over the next few sessions.

Against the dollar, sterling fell in the morning from around 1.5523 down to 1.5446 after the manufacturing data. However trade speculation on the Federal Reserve potentially increasing stimulus, coupled with worse than expected US Economic Optimism data saw sterling gain in the afternoon to 1.5573.

Following a string of recent weak UK data, a growing number of analysts think the BoE could opt for another bout of asset purchases under its quantitative easing programme, possibly as early as next month after agreeing to leave them on hold this month. The minutes from the policy meeting earlier this month are released next week and will give an indication on the current stance.
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The euro fell against most of its major counterparts after the 10 year Spanish bond yields surged to reach a euro-era record and credit ratings agency Fitch cut its assessment of 18 of the nation’s banks amid concern Europe’s debt crisis is worsening. The euro fell to a week low 1.2442 against the dollar after trading around 1.2527, these losses were restricted by the US Federal Reserve situation.

Technical analysts expect EURUSD to fall further after yesterday’s failure to break through 1.2575. A close above 1.26 would suggest a reverse to current falling trend.

Spain’s bond yields rose to a record as Fitch’s prediction that Prime Minister Mariano Rajoy will miss budget-deficit targets stoked concern a €100bn ($124 billion) lifeline for banks won’t be enough to stabilize the economy. The yield on 10-year government debt rose for a third day, gaining 33 basis points to 6.83
Initial optimism after Spain agreed a bailout deal for its banks quickly switched to worries about its long-term access to markets, which weighed on the euro. Investors were also turning their attention to Greek elections, where a victory for far-left anti-bailout parties could push Greece towards a chaotic exit from the Eurozone.

Treasuries fell as the US prepared to sell $32bn in 3-year notes and traders speculated Federal Reserve policy makers may increase stimulus to keep the economic recovery from faltering. Bonds pared losses after Fitch’s rating cuts, renewing the refuge appeal of US government securities. The Treasury will sell $21 billion of 10-year notes today and $13 billion of 30-year bonds tomorrow.

Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth, underscoring his preference for more stimulus. The policy-setting Federal Open Market Committee is meeting next week as slowing job growth at home and a deepening crisis in Europe weigh on the outlook.

The US saw a 1% decrease in the import-price index, the biggest since June 2010, this follows an unchanged reading in April, Labor Department figures showed yesterday in Washington. Prices excluding fuel fell 0.1%.

The financial crisis wiped out 18 years of gains for the median US household net worth, with a 38.8% plunge from 2007 to 2010 that was led by the collapse in home prices, and further dented by lack of consumer spending which accounts for 70% of the US economy, a Federal Reserve study showed.

The Indian rupee fell after Standard & Poor’s warned the nation may lose its investment-grade credit rating. Slowing growth and political roadblocks threaten India’s BBB- rating, which is one level above junk, S&P said in a statement yesterday.

This morning German Consumer Price index figures showed an on par with consensus figure -0.2% for May, however this was down from 0.2% seen in April but the markets remained steady.

Overnight Japanese machinery orders for April shot up to 5.7%, way above the estimation of 2.1% and far better than the previous months figure of -2.8%

Fairmont Heritage Place, the private residence club offering from Fairmont Hotels & Resorts, has announced that it has assumed management of The Residence Club at El Corazon de Santa Fe, Santa Fe’s only downtown fractional ownership property.Fairmont Heritage Place, El Corazon de Santa Fe features 22 two-bedroom vacation residences and 50 whole-ownership homes designed in the classic Pueblo Revival style that provide the ultimate in comfort and luxury. Located two blocks from the city’s historic Plaza, the property includes two residence options; the single floor “Terra” residences and the split-level “Montanas” residence. Both feature full kitchens with designer appliances, flat screen HD televisions in the living room and master bedroom, dining area, luxury bathroom amenities and products, kiva fireplaces and a private balcony or patio. The elegant vigas, clay plaster walls, art and iron work throughout the units display a warm sense of place. Recently, the property expanded its clubhouse and reception area, added a new owners’ fitness area and private owners’ park and refreshed various furnishings throughout the resort. In addition to these amenities, owners and guests will enjoy concierge services, discounts on fine dining, spas and golf in and around Santa Fe, and amenities such as pre-arrival grocery shopping.

In addition, the property offers prospective homeowners and guests the unique opportunity to experience the Santa Fe residences on a limited basis by booking accommodations through Fairmont’s voice and online reservation channels.

The Government has announced an increase in the scope of protection for Classic designs

Under the new measures, certain ‘artistic’ designs of manufactured goods (for example certain furniture, lamps and jewellery) created prior to 1987 may now be protected from unauthorised copying under copyright law. ACID welcomes today’s improvement in copyright protection for classic designs protected under works of artistic craftsmanship from 25 years to the life of the originator plus 70, this is a significant development and it raises further awareness about the continuing value of iconic design. Design infringement of “Classics”, however, will still have to be enforced and so we are looking for these improvements to be matched with strong enforcement policy nationally and internationally.

Dids Macdonald, ACID’s CEO said:

“ACID’s consistent voice to Government for over a decade has been, “Why should an iconic furniture designer have fewer rights than an artist or songwriter?” Now this has finally been recognised but it is only the start of much needed IP reform, thus far neglected, according to the Hargreaves Review of IP. Raising awareness about the importance of the value of design to the UK economy is critically important so it is a step firmly in the right direction. However, a Government leading a highly successful design nation, should be the first, not one of the last to conform to EU law in extending the term of protection for copyright works of artistic craftsmanship. It is timely that we fall in line with the rest of Europe who, collectively, view design as a significantly more valuable national asset”.

This improvement must not be confused with unregistered design rights protection which still only lasts for 3 years under EU law and for 15 in the UK (or 5 before a license of rights can be applied for and granted). Many of the UK’s incredibly talented 240,000 strong design army rely on unregistered design right and will not benefit from this change in the law. There is now an even wider gap in the scope of protection available for designers.

Nick Kounoupias, Partner at ACID accredited law firm, DMH Stallard said:

“Whilst we all welcome these proposals, they cannot be seen as a substitute to ensuring that 3-dimensional designs are given full parity of rights with the drawings and documents from which they are create”

The fight continues for equality of rights for designers between design right and copyright!

The Rezidor Hotel Group has opened their very first hotel on the Spanish holiday island of Gran Canaria: the Radisson Blu Resort, Gran Canaria featuring 189 rooms. It offers an outstanding waterfront location on the island’s south western coast, near the village of Arguineguín; ca. 40 minutes away from Las Palmas. Each of the spacious rooms and suites boasts its own private balcony with panoramic views of the Atlantic Ocean and breathtaking sunsets. With sleek marble flooring, stylish modern furniture and sumptuously comfortable bedding, every guest will enjoy an especially lavish island resort experience. Accessible rooms and amenities are also available. The interior design has been conceived and developed by Sias Contract, a prestigious Norwegian studio.

“We have tried to escape from uniformity, creating different rooms and apartments which range from the most classical style to the most contemporaneous, with an atmosphere of controlled luxury”, says Cathrine Nordhus, who, together with Harry Ronneberg, has been responsible for the project. And she adds that “the Scandinavian design coexists with a tribute to light, colours and lifestyle of the Canary Islands”.

Guests at the Radisson Blu Resort, Gran Canaria don’t have to leave the resort to sample some of the island’s best cuisine: Dining right by the ocean’s edge, the can choose from an appetizing array of local and international menus at “La Canaria” restaurant. The “Beach Bar” at the hotel’s outdoor pool serves light snacks, and the top floor terrace lounge offers stylish drinks.

The exotic, beach-side grounds of the Radisson Blu Resort, Gran Canaria provide the perfect play-space for guests of all ages. The vast outdoor leisure area features a garden, a gift shop, a boutique, a supermarket, salt and freshwater swimming pools, and a kids club. The resort also offers visitors the chance to unwind with a range of indoor and outdoor sports facilities, including tennis courts, a paddleball court and a beach tennis/volleyball court. A full service spa featuring the famous treatments by Institute Guinot (Paris) and well-equipped fitness centre ensure that every aspect of guests’ total wellbeing is taken care of.

The Radisson Blu Resort Gran Canaria comprises over 200 square meters of meeting space; distributed on 6 meeting rooms, all of which are equipped with the most modern technology to accommodate presentations and all kind of conferences.

UK

Sterling started off positively on the first day of trading this week, with the two key developments over the weekend seen as the primary driving force for the initial rally in risk correlated assets, with little data out yesterday the markets were driven by the weekend’s developments.Sterling recovered from its weekend losses against the euro to trade at the high of 1.2415 from the early morning low of 1.2285.

Against the US Dollar the pound reached a morning high of 1.5581 but as the day progressed fell to the low of 1.5497 with an overnight low of 1.5462.

Banks in the U.K. are in better shape than lenders in much of the rest of Europe and could be doing more to help the economy, Andrew Haldane senior Bank of England official was quoted as saying yesterday.

‘The Bank of England should purchase bundles of small business loans in an effort to boost the supply of credit and end an investors strike that is holding back the economy’, BOE policy member Adam Posen said yesterday. Posen said major central banks around the world should engage in a fresh round of stimulus and target their efforts at parts of their economies most in need of help.

A survey of UK businesses says short-term business prospects have improved, with the consensus on current trading levels at a 12-month high. However the Eurozone crisis may harm longer-term growth, says the report by the Centre for Economic and Business Research.
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The 100 billion euro rescue for Spain’s banks moved Italy back to the frontline of Europe’s debt crisis yesterday as an initial rally in the country’s bonds fizzled out on concern it may be the next to succumb to asking for bailout.

Italy has 2 trillion euros of debt, more of a share of its economy than any developed nation other than Greece and Japan. The Italian Treasury has to sell more than 35 billion euros of bonds and bills per month, more than the annual output of each of the three smallest euro members, Cyprus, Estonia and Malta.

The euro drifted lower during trading yesterday as cautious investors gave the Spanish bank recapitalization plan a luke warm reception, fretting about the forthcoming Greek election and continuing concerns over the way the Spanish deal is structured. The euro reversed all of the weekend’s gains against the dollar falling from the high of 1.2646 to end the session near the low of 1.2484.

Skepticism quickly overpowered any euphoria stemming from the weekend’s news of Spain’s plans to secure a banking recapitalization from international creditors, as a rally in the euro and in Spanish government bonds reversed after just one morning session of trading. The bailout funds may provide the country with enough money to shore up its banking system after three failed attempts in as many years.

The German government said Monday the aid request by Spain will send a positive signal to financial markets. “It is good that we know now that an aid request by Spain is on its way,” said Chancellor Angela Merkel.

Rather than a euro failure, an orderly Greek exit from the currency has Nomura Holdings chief strategist Jens Nordvig predicting a stronger and more stable monetary union. While Societe General goes one step further and suggests that the entire euro might break up because of the cost of Greece’s departure, the nation accounts for just 2.3% of the 17-nation GDP. It also has 356 billion euros or 4.3% of the region’s total debt.

In China exports rose to 15.3% in May and more than double the pace analysts estimated while industrial output and retail sales trailed forecasts, signalling that last week’s interest-rate cut was aimed at countering a domestic slowdown.

In Japan the Yen’s gains faltered against its major counterparts after comments by the International Monetary Fund stoked speculation global policy makers will tolerate attempts by Japan to weaken its currency.

The specification of sanitaryware and furniture for the bathroom is unquestionably a crucial element of the overall design of the space, not only in terms of its design and aesthetics to please the eye of the hotel guest, but also on a practical level to ensure that it works in terms of housekeeping too.By investing in a quality, trusted brand of sanitaryware hotels are not only investing in products that will meet the high expectations of their guests but also ensuring they are getting a durable product that will last the test of time.

One of the main considerations in hotel bathrooms is ease of cleaning, something that is assured with Laufen’s award-winning surface finish LCC (Laufen Clean Coat). This innovative finish seals even the tiniest pores of the ceramic glaze, making it hygienic and extremely easy to clean.

Laufen also offers a simple ceramic shelf to co-ordinate with many of its sanitaryware ranges, including its news Palace and Living Square washbasins which have been designed specifically with the hotel bathroom in mind. The ceramic shelf sits below the basin, providing handy open storage for towels and toiletries while being easy to wipe clean.

“Hotel bathrooms can be fairly typical in their design, whereas our products combine innovation and creativity,” comments Laufen’s Manager for Global Projects Ilker Hussein. “Take, for example, the basin area. Typically you will find a countertop or inset basin with a granite worktop. Laufen’s long basins enable the designer to create a far less commercial feel and something much more akin to what guests would choose for the bathroom in their own home. These basins give an airy feel to the space, with a bowl area and adjoining draining space eradicating the need for the granite top. A matching ceramic shelf below the basin completes the look while the entire space is kept minimal and easy to wipe clean with a simple flick of a cloth.”

For more information on Laufen products for hotel bathroom design contact Ilker Hussein at ilker.hussein@laufen.ch

Radisson Hotel Seattle Airport has recently announced the opening of its new restaurant, RBG, a bar-and-grill in an inviting, contemporary setting featuring a great tasting, healthy range of menu options – many served sizzling from its signature grill – with an added choice of local Washington specialties. The menu features a selection of creatively presented local specialties, like pristine Pacific seafood, including wild salmon, line-caught halibut, Dungeness crab meat and carefully sourced produce. RBG also promises the best hamburger in town, made from freshly ground 100% American Black Angus beef, a soft toasted brioche bun, garnished with a variety of flavours and served with RBG’s trademark truffle-parmesan shoestring potatoes. The homemade desserts will be changed seasonally to combine traditional flavours with locally produced apples, nuts or ice creams.

A Northwest native, Executive Chef Cedar Martin grew up on the Olympic Peninsula in the quaint town of Lake Quinault, considered by many to be one of the state’s most breathtaking locales. Chef Cedar is excited to return to the Seattle area and incorporate his natural talent for creating true Northwest cuisine at the 80-seat RBG.

All draft beers come from local micro breweries and the wine list is comprised of Washington produced wines like Canoe Ridge Chardonnay, from the world-renowned Chateau St. Michelle winery, delivering crisp apple and white grapefruit aromas and flavours with a clean, refreshing finish.

The 204-room Radisson Hotel Seattle Airport is the ideal headquarters for enjoying everything the beautiful Northwest region has to offer. Located directly across from Seattle-Tacoma International Airport, the hotel is only minutes from the business centres, Boeing Field, corporate offices, shopping and entertainment of the Seattle Metropolitan area.

UK

GBPEUR traded within a tight 44 pip range on Friday with a high of 1.2389 and a low of 1.2345, the weekend’s trading has been mostly downward for this pair with the euro gaining around a cent to trade as low as 1.2251, sterling has recovered slightly to trade this morning around 1.2309. With two strong sets of resistance just over 1.24, it is more likely we will see a further test of technical support at 1.2301 especially given the increase in confidence coming out of Europe this weekend.GBPUSD steadily lost ground through Friday’s session, opening at the high of 1.5524 and closing near the low of 1.5405. Sterling has recovered slightly over the weekend and this morning markets have opened around 1.5539 after the weekends low 1.5460. Key resistance to break on USD is at 1.5630, just above the highest rate of last week which was 1.5599.

Britons expect the annual rate of inflation to rise in the coming years and stay firmly above the Bank of England’s 2% target a survey showed Friday.

The BoE approval rating among Britons fell back in May to near its lowest on record since the survey began in 2001. The public’s “net satisfaction” with the way the BOE is doing its job to set interest rates and control inflation fell to a balance of +11 in May from +20 in the last quarterly poll in February.

Chancellor of the Exchequer George Osborne said yesterday that the UK recovery is being “killed off” by the euro zone’s deepening crisis and the UK economy faces “huge”risks from a disorderly breakup of the region.
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Once again we have seen an extremely volatile weekend in the currency markets. The euro is off to a great start this week, up almost 1% against the US Dollar and sterling following news yesterday that the Spanish banking sector has effectively rubber stamped a capital injection of up to €100 bn. After a hastily organised video conference, lasting more than two hours on Sunday, the 17 euro zone finance ministers issued a statement saying they were “willing to respond favourably” to a Spanish plea for help. The Spanish stock market responded favourably with Government owned Bankia gaining 16%.

EURUSD opened at the session high of 1.2571 and fell steadily through the course of the session on Friday. Despite a small, late recovery from the 1.2437 low the pair closed at 1.2487. During the weekend, at the same time as the euro gained versus sterling, we saw an identical strengthening against the US Dollar to move up over a cent in a few minutes to trade at 1.2665. This morning the session has opened around 1.2618. The gap from lower support to top resistance in this pair has extended to nearly four cents now, suggesting we could see plenty of volatilty in the coming sessions.

It seems that the euro’s troubles may only be off the agenda for a short while though. With the Greek elections due on Sunday, we can expect further insight this week as and when polls are released. Renewed discussions of a Greek exit from the euro have been triggered by a crisis in the country’s energy system which has managed to develop a €350m hole in the pockets of power grid operator LAGHE.

Risk trades are sharply higher at the weekly opening, as the market focuses on positive signals from the weekend’s Chinese data. China’s trade balance witnessed an unexpected surplus in May, where Exports, Imports and trade balance exceeded estimates.

The French economy will contract in Q1 this year for the first time since 2009. GDP in the euro zone’s second largest economy, will contract 0.1% in Q2, this comes a day after France’s unemployment rate reached 10% .

On Friday, German exports and imports both fell in April from an all-time high in March. Exports fell 1.7% on the month in April to €90bn, after rising for three months in a row. The decline in imports outpaced this with a 4.8% fall on the month to €73.9bn.

The US trade deficit narrowed 4.9% in April, a sharp pullback in imports and exports to the euro zone suggested the region’s troubles are increasingly affecting the US economy.

Also on Friday, Canadian unemployment rate met forecast and remained unchanged at 7.3% in May.

Hilton Worldwide has opened the DoubleTree by Hilton Naha in Okinawa, Japan – the tenth Hilton Worldwide hotel in Japan and the first in the fast-growing, upscale DoubleTree by Hilton brand portfolio. Located in Naha, the capital city of Okinawa, the 227-room hotel is directly opposite the Okinawa Monorail station in Asahibashi, 11 minutes away from Naha Airport by monorail and 500 metres away from the local ferry terminal.”DoubleTree by Hilton is delighted to continue the expansion of our Asia Pacific presence by introducing another rewarding hotel experience with the DoubleTree by Hilton Naha. This new addition is our first in Japan and an extraordinary milestone for our brand’s global growth. It continues our growth strategy to provide outstanding hotel offerings in gateway countries and cities around the world,” said Rob Palleschi, global head, DoubleTree by Hilton.

“We are thrilled at the opening of the DoubleTree by Hilton Naha. With close to 50 years of proud history in Japan, this latest opening is our tenth and further reinforces Hilton Worldwide’s commitment to growth in this wonderful country with our diverse and outstanding portfolio of hospitality brands that includes DoubleTree by Hilton,” said Martin Rinck, president, Asia Pacific, Hilton Worldwide. “The DoubleTree by Hilton, Naha will contribute to making Okinawa a great place to visit for business and pleasure.”

Located along Higashimachi, DoubleTree by Hilton Naha is just one kilometre from Kokusai Dori, the premier shopping district in Naha, and various Okinawa government and business centres such as Okinawa City Hall, Tax Bureau, Commerce Authority and the Electricity Supply Bureau. The Shuri Castle, formerly a royal palace during the time of the Ryuku Kingdom and presently a world heritage site, is five kilometres away.

The 12-story DoubleTree by Hilton Naha will offer a 40 square-metre meeting room, a salon, a laundry and car parking facilities. Guests can also enjoy their meals at The Riverside Restaurant and Cafe, the hotel’s all-day dining outlet serving an international cuisine.

The ESTATE Ultra Bar in Chicago, which opened over leap day this year, has undergone a $3 million dollar renovation of the previous space – which was literally falling into the river when acquired. After spending $1.4 million to rebuild the river side structure, whose foundation was sinking into the river, ESTATE put an additional $1.7 million into the space to make it what it is today – Chicago’s newest sleek lounge/restaurant that boasts Chicago’s largest rooftop, and river side skyline views.

The ESATE team tapped D+K Architects to carry out the construction, rebuild the structure including the ceiling where 10 ton hydraulic jacks held the existing ceiling up as the new structure was put in. Additionally brand new plumbing and electrical had to be installed. Before we even go to that point, days were spent demo’ing and removing 24 dumpsters worth of the old venue. This is all before even getting to the design and aesthetics of ESTATE.

The design concept was based off trips to the West Coast the owners had taken a few years ago. After seeing the success of venues in LA such as MyHouse, Playhouse, Villa and Green Door, they knew Chicago needed something similar. They liked the idea of guests feeling at home – with this information and the layout of the building, D+K was able to come up with a design with several rooms, mimicking a house, or an estate in our case. Each room has its own name and theme, with decor to match -The Atrium, Front Room, Living Room, Dining Room and Trophy Room. The exterior spaces are the Terrace, Boat Dock, Gazebo, and Sky Deck.

Edinburgh’s largest hotelier Travelodge is delighted to announce the opening of its 13th hotel in the city with Arcadia Group Ltd – the UK’s largest privately owned clothing retailer.

In a UK first, Travelodge has opened a 96-room Travelodge hotel above Edinburgh’s largest Topshop store in the city’s prestigious retail heartland, Princes Street. The four storey hotel which represents an investment of £10 million has been built in Scotland’s very first steel frame grade ll listed building. In addition to this hotel, Travelodge has also opened an 85-room hotel in a grade ll listed property on Queens Street. This development represents an £8.5 investment and has been built in line with the Company’s ‘Metro’ style hotel model. Both investments have created 40 new jobs within the Edinburgh community.

Travelodge’s Managing Director, Paul Harvey was joined by Malcolm Roughead OBE, Chief Executive of Visit Scotland to officially open both hotels.

Paul Harvey, Travelodge, Managing Director said: “As Edinburgh largest retailer we are delighted to be opening a further two new hotels in the city centre. Since 2008, we have invested £64 million into Edinburgh and today we have 13 great hotels across the city. By offering rooms from £19 we are making Scotland’s capital more accessible to business and leisure customers.”

“With over 16 million people annually visiting Scotland, the need for good quality low cost accommodation is in great demand and our objective now is to grow our properties in other key areas across Scotland. To fulfil this need we are working with our retained property agents Sandy Cameron & Co to find new sites.

“This autumn we are opening a 60-room hotel in Fort William and I am delighted to announce that we have just exchanged on a new property in Glasgow city centre.”

Malcolm Roughead, Chief Executive of VisitScotland, said: “Investment in Scotland’s tourism industry is key to Scotland’s future. There are almost £2 billion worth of projects underway to improve tourism infrastructure across the country and Travelodge’s investment is another welcome addition to this. Edinburgh continues to be one of the jewels in the crown for Scottish tourism and the opening of another two hotels is testament to the city’s eternal appeal.”

The Royal Institute of British Architects (RIBA) has today (Thursday 31 May) published free guidance for architects on the tax credits that are available for Research & Development (R&D). ‘UK Research and Development Tax Credit Scheme – a guide for architects’ has been published in response to Institute concerns that architects may be unaware they are missing out on thousands of pounds in tax credits for their R&D work.The R&D tax credit scheme has paid out nearly £6 billion in tax relief to some 24,000 companies since its introduction in 2000. Recent changes to the regulations mean that small and medium-sized enterprises (SMEs) could see a return of up to £25 for each £100 spent on R&D on or after 1 April 2012. The average claim for SMEs was £40,000 in 2008-9, rising to an average of £82,000 for those who had claimed regularly in the past.

The RIBA guide, written by consultants Capita Symonds, emphasises that many architects who carry out research and development work on an informal basis or as part of a fee-paid job may not realise that they are able to claim relief on corporation tax.

RIBA Head of Technical Research, Anne Dye said:

“It is important that architects realise that work which is part of their day-to-day activities could actually fall under the heading of R&D for tax purposes. This guide encourages more architects to explore the possibility of claiming tax credits.”

Chair of the RIBA Research and Innovation Group Professor, Murray Fraser said:

“British architecture depends on investment in R&D to keep it at the forefront of the profession worldwide. In the current climate, support for practices who undertake R&D is more important than ever, as are initiatives which attract more architects to the tax credits scheme.”

Accor reaffirms its position as largest international hotel operator in Asia-Pacific with the opening of the Pullman Gurgaon Central Park, the Group’s 500th hotel in the region. The announcement also marks the debut of the upscale Pullman brand in India.Pullman continues to expand its network in prime business and tourism destinations

The Pullman Gurgaon Central Park, which opened in April 2012, is destined to become New Delhi’s major financial and industrial region’s “must stay” destination.

The hotel, which is designed to welcome seasoned travellers, has 285 rooms, including 22 suites as well as Pullman’s best signature services: Welcomers, the Pullman bed, the docking station, the Vinoteca by Pullman wine selection, free Wi-Fi, Connectivity Lounge, Nespresso® services and the Co-Meeting offer. Its outdoor pool, spa, fitness room and yoga lessons allow guests to combine business with relaxation.

With this first address in India, Accor’s upscale international brand continues to expand its network in key business and tourism destinations, reflecting Pullman’s cosmopolitan, vibrant and modern personality.

Cosmopolitan flavours

The establishment has three restaurants to meet the expectations of both its international and local customers:
• SEN5ES serves international cuisine and offers guests an interactive experience with the food prepared live by cooks in front of them.
• The very urban LA RIVIERA draws its inspiration from Mediterranean French and Italian cuisine. Guests can also enjoy the Vinoteca by Pullman selection of great wines.
• PONDICHERY (opening end 2012), the rooftop restaurant, serves creole Southern Indian classics with a European twist.

As well as these three restaurants, the hotel has two bars:
• CITRIQUE offers guests an intimate and refined atmosphere ideal for business meetings or relaxing with friends.
• The TIKI poolside bar serves grilled food and tapas in a casual, Polynesian setting.

The Pullman Co-Meeting offer: a unique concept for business events

Like all 65 Pullman addresses around the world, the Pullman Gurgaon Central Park offers the Pullman Co-Meeting concept that focuses on the themes of comfort, commitment, connectivity and cohesion.

The hotel offers a wide choice of indoor and outdoor meeting facilities, including nine rooms that together represent over 5,000 sq. meters, as well as a ballroom that boasts an eight meter high ceiling and opens out onto landscaped gardens. All the spaces are equipped with the latest technologies: high speed Wi-Fi, wide screen LCD TVs, teleconference services. The 3D Meeting Matrix® solution allows event organizers to personalize and visualize the meeting spaces online. The hotel’s Privilege Lounge is ideal for exceptional events, as well as the establishment’s terrace with a view of the city of Gurgaon. Lastly, the offer also includes the signature Pullman Chill-Out and Pullman Connectivity Lounge spaces.

UK

The pound rose to a one-week high against the US dollar as the Bank of England kept its asset-buying program and benchmark interest rate unchanged. The BOE kept its QE on hold at £325bn on Thursday, sparking a wave of out-performance in sterling and invalidating speculation that the central bank would take a more dovish stance. The panel led by Governor Mervyn King also decided to hold the key interest rate at 0.50%. The current rate is the lowest since the central bank was established in 1694. Further QE is not out the window for the foreseeable future. The BoE’s most recent monthly inflation report said “the possibility that the substantial challenges within the Eurozone area will lead to significant economic and financial disruption continues to pose the greatest threat to the UK recovery.”

GBPEUR advanced to a high of 1.2398 from morning lows of 1.2298. With a number of clear breaks below the support level of 1.2350 technical indicators suggest a move lower to be possible. Headline risks however remain the key market mover meaning any more negative headlines could see us move back towards GBPEUR 1.25. The pound has advanced 3.3% against the euro in the past three months reaching 1.2577 on May 16, the strongest level since November 2008.

GBPUSD advanced 0.5% to $1.5601, the highest since May 30. While the lack of QE helped, the day high actually came after China surprised the markets by cutting borrowing costs by 25bps in a bid to boost growth. Technical’ s suggest the pair is oversold, look for a close above 1.56 to confirm a short-term corrective bounce into the 1.5600-1.5800 area.
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In late afternoon ratings agency Fitch downgraded Spain’s credit rating to BBB from A with outlook negative. This was closely followed by EU’S Junker comments of “ the Eurozone must integrate more to stem the debt crisis, our region faces crucial days and weeks ahead”.

Meanwhile Spain’s bond auction was oversubscribed yesterday, which means that the country’s fiscal problems have not deterred investors seeking a higher yield.

German Chancellor Angela Merkel said yesterday that there is no quick fix for the Eurozone debt crisis and that it will take years to repair Europe’s monetary union. “It is human to think there could be a single blast to clear the path and then the euro crisis will be over, but I don’t think that will work,”.

China cut interest rates for the first time since 2008. The People’s Bank of China reduced the rate by a quarter point to 6.31%, effective from June 8. The deposit rate was lowered to 3.25% from 3.5%. The decision to cut interest rates by 25 basis points was quite unexpected and revives some hopes of fresh stimulus measures in Europe and the United States.
The Australian and Canadian Dollar benefited most from the Chinese rate cut moving to day, week and month highs against the euro, US dollar and Japanese Yen.

The US economic recovery faces significant risks, including from the European sovereign debt crisis and uncertain US fiscal policy, Federal Reserve Chairman Ben Bernanke said in testimony prepared for a congressional hearing Thursday.

EURUSD rallied to a 10-day high of 1.2625. However, later on in the trading day and following Ben Bernanke’s perceived positive comments the USD regained strength pushing the rate down to 1.2539. As with Cable this pair could well benefit from a corrective bounce. Assuming no negative headlines affect risk appetite (which is a big ask) look for a break of 1.2630 as key resistance.

New claims for unemployment benefits in the US fell slightly more than expected for the week ending June 2, according to figures released yesterday by the Labour Department. New figures put the level of initial jobless claims at 377,000 for the week, on a seasonally adjusted basis, a drop of 12,000 from the previous week’s revised level of 389,000.

According to Jones Lang LaSalle Hotels’ latest Hotel Investor Sentiment Survey, investment sentiment for hotel assets has strengthened across EMEA with yield and IRR requirements hardening when compared to October 2011. In EMEA, yield requirements decreased by 40 basis points to 7%and leveraged IRR requirements fell by 100 basis points to 15.4%.Jon Hubbard, CEO Northern Europe Jones Lang LaSalle Hotels said: “Despite the on-going sovereign debt crisis, economic contraction in many EU countries and instability in the European banking system, recent indicators suggests that confidence in the hotel real estate sector has improved since October 2011. London, Paris, Munich and Stockholm are positioned as some of the most stable European hotel markets reflected by their low yield requirements and they continue to attract a substantial amount of investor interest.”

Of the 37 cities tracked, 17 (46%) are expected to show trading performance growth in the short term (6 months), a figure which increases to 31 cities (84%) when medium term performance over the next two years is considered. In anticipation of the upcoming Olympic Games during July and August 2012, London is the highest ranked market for short term trading. However, sentiment for medium term trading has softened as the high demand of the Olympic Games period is not expected to be sustained, while hotel supply continues to grow.

Trading expectations for Central and Eastern Europe are positive and strengthened compared to the previous survey. Warsaw posted one of the highest RevPAR growth rates in Europe in 2011 and the outlook for 2012 is promising, in light of the EURO 2012 Football Championship and another year of buoyant economic growth expected for Poland.

In terms of investor intentions, buy intentions remain strong at 42.6 percent, in line with a dynamic hotel investment market in the first quarter of 2012 and exhibit continued investor interest for prime hotel markets in EMEA. Unsurprisingly, build intentions were low throughout EMEA given that debt for new developments remains scarce, although results indicate some pockets of opportunity in CEE and the Middle East. Results were comparatively high for CEE (20.2%) with development opportunities in Warsaw (23.1%) and Zagreb (23.5%). Istanbul, at 23.8%, reported one of the highest results and underpins the development potential for this growing tourism market.

Looking towards the Middle East and Africa (MENA), investor sentiment for short term trading was negative, although expectations have improved since the last survey. Despite this, investors are confident that trading in Dubai will continue to improve in the short and medium term. The city has seen a significant growth in tourism arrivals while hotels reported strong performance results in 2011 and Q1 2012.

Overall, many markets in MENA have stabilized since the Arab Spring although the region remains volatile. In the near future, however, investors believe that conditions will improve and that hoteliers can expect to see an up lift in trading performance.

Christoph Härle, CEO Continental Europe Jones Lang LaSalle Hotels concluded: “According to investors perceptions, yield requirements are likely to increase over the next six months for EMEA markets where conditions remain difficult in light of tight debt markets and weak economic conditions. However, there are a number of key markets in Europe, such as London, Paris and Munich, where we see continued downward pressure on yields. With expectations close to the 2007 sentiment in some key hotel markets and perceived strong underlying economies, we witness a “flight to security”. However, the European debt crisis seems to be becoming of greater concern. Given the volatility of the current economic climate, we expect a widening range of yield expectations and investors interest depending on local economies and individual hotel markets.

At its franchisor’s 58th Annual Convention in Las Vegas, it was announced that the first-ever Comfort hotel to feature the brand’s entirely new design package is scheduled to open next month — the Comfort Inn & Suites hotel of Spokane Valley, Wash. As the first hotel to boast the new Comfort design, the recently-converted Spokane Valley Comfort Inn & Suites hotel replaced all of its existing furniture, fixtures, and equipment to incorporate the new Comfort Truly Yours prototype design package. After announcing a completely new design for the Comfort Inn and Comfort Suites brands at last year’s convention and an aggressive new Redefined & Redesigned strategy for the Comfort brand franchise family this past January, it’s time to check-in on the Comfort brand’s strong momentum. The new Truly Yours Comfort hotel prototype was designed using feedback from more than 1,500 guests, which showed that overall intent to stay nearly doubled for consumers in response to the new Comfort Inn and Comfort Suites designs* and that guests are willing to pay significantly more on average per night compared to the current design.** More than 100 Comfort properties have already began implementing elements from the new design package.

Also announced at this year’s Convention is the rollout of the Comfort “Your First Impression” brand program. This program will take the guest’s first impression to a new level, including new signature front desk experiences and new uniforms at every domestic franchised Comfort location within 2012—that’s more than 2,000 new front desk areas and more than 40,000 hotel employees sporting upgraded new uniforms by the end of this year. The front desk experience for guests will feature a redesigned “welcome wall” incorporating a reception desk and stone backdrop with soft integrated lighting.

The Your First Impression program is part of the brand family’s overarching strategy to refresh and redefine, including removing hotels that do not meet guest satisfaction standards, refreshing existing hotels, and adding new construction prototypical hotels—all scheduled to be complete by 2015.

Comfort Suites continues its plan to appeal to the tech-savvy business traveller with the Your Suite Success program. The Your Suite Success in-room recharge station will be a featured amenity at every location by June 1st, supplying convenient access to outlets and USB ports in more than 47,000 rooms. In addition, Comfort Suites hotels are upgrading fitness centres and adding items for sale that are popular with business travellers.

*Source: Element Market Research, Inc., Choice Hotels International Comfort Inn Design Test, January 2010. Respondents indicated that they would be likely to stay at a Comfort Inn with the Truly Yours design (75%) than the current design (40%) and to give the Truly Yours design high ratings (top-three box scores) on the brand positioning attributes.

**Source: Element Market Research, Inc., Choice Hotels International Comfort Inn Design Test, January 2010. Design test found that respondents expect to pay an average nightly rate of $93 for the Truly Yours design vs. $77 for the current design.

SOURCE Choice Hotels International, Inc.

UK

As reported yesterday, UK Construction PMI was released, the slightly better than expected figure still revealed a fall from last month but despite being the lowest figure for 3 months the pound enjoyed early session gains. After 2 days of range bound consolidation, GBPUSD finally gathered steam and pushed decisively above the 1.5400/10 resistance area from a low of 1.5376 to reach a 6-day high of 1.5515 amid improved market sentiment, but retreated to levels sub 1.5500 as the dollar started to gain traction as the US markets opened.

GBPEUR hit a high of 1.2419 but fell sharply in the afternoon dropping to a low of 1.2322. The fall against the euro has continued overnight as GBPEUR hovers just above 1.23. The next support level to watch is 1.2285 to judge the decline.

The recent aggravation of the EU debt crisis might push the Bank of England towards an expansion of its asset purchase program later today. City analysts have said the decision is far from certain but remains a distinct possibility. As far as BoE’s interest rates are concerned any cuts are unlikely but could happen in co-ordinated action with other central banks.

UK Halifax House Prices for May came in this morning at 0.5%m/m and -0.1% y/y versus expectations of -2.4%m/m and -0.5%y/y
PMI Construction data released this morning beat expectations at 53.3 matching last month’s figure.
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WORLDWIDE

The highlight of yesterday was the ECB verdict to keep interest rates on hold at 1.00%, although there was speculation for a 25bp, EURUSD was unmoved on the back of this release suggesting a cut was not priced in.

In his press conference afterwards ECB President Draghi remained objective. He noted that Eurozone growth remains weak and that the economic outlook is subject to downside risks. He also said that market tensions and unemployment will weigh on the Eurozone economy.

President Draghi’s two key comments – that the ECB is watching data closely and is prepared to act, and that a few council members called for a rate cut – suggest that another round of easing or at least some new measures could be introduced if market conditions deteriorate.

After initially falling to 1.2456, EURUSD rose during the press conference to hit a high of 1.2570 as the European markets closed. Overnight the gains continued, briefly touching 1.2583. The pair currently sits at 1.2550 and the 1.2625 is eyed as the next key resistance level.

German Industrial Production fell in April by 0.7%, in comparison with the 1.4% rise registered in March. On a monthly basis German Industrial Production decreased in April by 2.2%, following 2.2% growth in March. This reading is lower than the expected 1% drop.

Germany has remained the region’s strongest economy since the onset of the crisis, recently posting Q1 economic growth of 0.5% which helped the Eurozone avoid recession. Wednesday’s data increased fears that that economic woes will catch up with Germany, which has thus far benefitted from low unemployment and increased exports to emerging markets.

IMF estimates that Spanish banking sector needs at least EUR 40bln in new capita – all eyes will be on the Spanish 10-year bond auction today
Yesterday the Fed published an updated edition of the Beige Book, which is released in conjunction with Fed’s monetary policy meetings. The report showed a slightly more positive image of the US economy. This somewhat optimistic tone suggests a new round of QE seems to be somewhat premature. US QE is a key catalyst for USD weakness so providing Ben Bernanke doesn’t elude to anything in today’s speech, yesterday’s data could support the US currency for the time being
Better growth numbers from Australia, stronger equities and rising commodity prices have all supported the AUD, and the CAD this week as they continue to extend a respective 2.7% and 1.2% move against sterling. Against the US dollar, AUD has moved from 0.9775 to 0.9990.

With the aggressive decline in growth-sensitive markets since the beginning of May, expectations for a stimulus response from the ‘financial stability guard’ (Fed, ECB, PBoC, etc) have risen sharply, however to date this week official comments contradict this rehetoric.

Fifth largest hotel group in the world with 531,714 rooms as of 1 January 2012 for over 4,400 hotels in the world, Accor is going to lose almost 1,102 hotels and 107,000 rooms once the sale of Motel 6 and Studio 6 is finalized later this year. By removing these two brands from their network, Accor slides back a notch behind Choice Hotels International (taking into account their figures as of 1/1/2012).The structure of the American hotel market makes the situation for economy brands more difficult during a period of crisis. During the phases where hotels lower their prices, the important size of the mid and upper-range sector, compared to the lower range sector, makes the latter lose market shares that are hard to get back. Contrary to Europe, the economy sector is the base that plays a role in easing the cycle.

Accor group remains largely on top of the podium in Europe, Latin America, and Asia pacific. The scheduled development (40,000 rooms/year) and the pipeline already set up are focused on both “continents”: Asia Pacific and Latin America, where the group wants to improve even further its positions. In Europe, even if the rhythm is slowing down, growth needs to be secured by an extra effort from franchising within economy brands. This is the reason why there is such a strong communication campaign for the Ibis “Super brand”.

Now that the group is totally out of debt, and a “money-arsenal” immediately available, Denis Hennequin hasn’t given up on other external development campaigns, like Mirvac in Australia, to reach the Group’s announced objective, which is to be one of the top-three hotel groups in the world.

As it is already a shareholder of many hotel groups (Hilton Worldwide, La Quinta, Simply Hotels (formerly known as Mister Bed)), through the acquisition of Motel-6/Studio6, Blackstone becomes the largest hotel owner in the world with direct control of over 850,000 rooms across the world.

Spitbank Fort is an unusual and historic sea fortress in the Solent, off Portsmouth. Now a luxury exclusive venue and hotel, the fort was formerly home to hundreds of soldiers guarding the approaches to Portsmouth. The arms and ammunition have long been removed, making way for nine luxuriously furnished bedroom suites, three bars, three restaurant areas, and spa facilities.The designers at Clarenco chose Frank Hudson furniture to blend in with the luxurious and exclusive surroundings. The Frank Hudson Safari, Vermont and Alexandria collections were used.

If it is a retreat from the world that you need, this could be the place for you.

To find out how Frank Hudson can help with your project Contact Keith Clarke TODAY
07738 540287 / 01494 522011
keith@frankhudson.com

Soft furnishings supplied by CD Curtain Contracts

UK

With the Queen’s Diamond Jubilee celebrations and 4 day weekend, UK data has been pretty thin on the ground this over the last few days. The big news this week from the UK comes on Thursday with the BoE interest rate decision.Some economists now predict that the BoE will launch a new £50bn round of quantitative easing, and there is mounting speculation that the interest rate, already at a record low of 0.5%, could be cut further. BoE’s Posen, who surprisingly dropped his call for more QE in April, is expected to change his vote back and there is an outside chance that fellow members Bean and Weale will also push for more QE.

Against the US dollar, sterling has remained in a tight trading range due to the extended weekend. The dollar strengthened and GBPUSD fell to around $1.5370 on Tuesday before sterling regained losses this morning to trade at 1.5430.

In the build-up to the ECB rate decision sterling had weakened to a 1 month low against the euro, breaking through various support levels on its way to a low of 1.2292 suggesting the trend of the last few weeks had finally reversed. The pound has picked up slightly and is now over 1.2360 again.

In data released this morning, UK PMI construction figures were slightly better than expected. The posted figure of 54.4, beat expectations of 54.2, but fell a long way short of last month’s 55.8.
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WORLDWIDE

The US dollar strengthened against its major competitors on Tuesday, on the news that the G7 held an emergency meeting to discuss the European debt crisis. Some weaker than expected economic results from the Eurozone and the better than expected US non-manufacturing data also contributed to the currency’s gains.
Against the euro, the US dollar strengthened, EURUSD fell to a low not seen since June 2010 of 1.2322 on Friday, however Monday saw it move back above 1.25 to reach a one week high, currently it is trading at 1.2502.

Today is the release of the ECB‘s interest rate decision, its board is expected by some to consider a cut to interest rates. Some analysts see any decision to leave the key lending rate unchanged at 1% as a signal that a 0.25% cut may be on the cards for next month.

Ahead of a planned trip to the markets by Spain today, their budget minister admitted the cost of borrowing had effectively shut the country out of the markets. Prime minister Mariano Rajoy had been insisting it wants EU money to fund its banks without conditions being placed on the government and a Troika review every three months.

Japanese Finance Minister Jun Azumi stated during a teleconference that the G7 has agreed to cooperate to deal with the troubling situation in the Eurozone, namely in Greece and Spain. The possibility of a Greek exit from the Eurozone was not discussed at the emergency meeting. The G7 meeting today will be followed by a summit of leaders from the Group of 20 nations in Mexico on June 18-19.

Activity in the US service sector grew at a slightly faster rate in the month of May. The ISM said its non-manufacturing index crept up to 53.7 in May from 53.5 in April, a reading above 50 indicates growth in the sector. Economists had expected the index to come in unchanged compared to the previous month.

Retail sales in Eurozone declined more than expected in April as record-high unemployment and recession fears kept consumers away from discretionary spending. Data released by Eurostat showed that retail sales in the 17-nation currency bloc fell 1% month-on-month in April, faster than the 0.1 drop forecast by economists. Also, this reversed a 0.3% gain in March.

German industrial orders declined in April due to a sharp deterioration in foreign demand, official data showed. Factory orders declined 1.9% in April from a month ago, when it grew 3.2%, data from the Federal Ministry of Economy and Technology revealed. The rate of decline exceeded the 1.1% drop forecast by economists.
Australia’s GDP jumped a seasonally adjusted 1.3% on quarter in the first three months of 2012, the Australian Bureau of Statistics said. That shattered expectations for an increase of 0.6% following the upwardly revised 0.6% gain in the previous three months (original reading was a 0.4% gain).

In the second reading of Eurozone GDP figures released this morning, growth is reported to have contracted by 0.1% in the first quarter of 2012 despite the initial estimate reported growth remained flat at 0.0%.

Hotel Indigo continues to grow in Europe with the signing of the first Hotel Indigo in Wales, Hotel Indigo Queen Street Cardiff.Hotel Indigo Queen Street Cardiff will be managed by Sanguine Hospitality Ltd, who have four other Hotel Indigo properties in their portfolio, including Hotel Indigo Liverpool and Hotel Indigo Birmingham.

IHG’s Senior Vice President for Development and Design in Europe, Robert Shepherd, said that the signing in Cardiff continued the brand’s strong growth throughout Europe. The signing follows the opening of a second Hotel Indigo in Scotland (Hotel Indigo Edinburgh) and a second Hotel Indigo (Hotel Indigo Berlin Centre Alexanderplatz) in Berlin this month.

Hotel Indigo Queen Street Cardiff will be located in Dominion’s House, found on popular pedestranised Queen Street. The 92-room hotel will be a seven minute walk from Cardiff Castle, while Millennium Stadium, the regenerated harbour area and city-centre corporations are all nearby.

Each Hotel Indigo property is uniquely designed to reflect the community, character and history of the surrounding area. Inspiration for Hotel Indigo Queen Street Cardiff will be drawn from the community’s Victorian heritage. Cardiff Castle, Bute Park and Park House will also inspire the interior design.

Every Hotel Indigo features a high quality bar and restaurant that is open to both guests and locals. Hotel Indigo Queen Street Cardiff will include a 280m2 restaurant and bar area on the building’s top floor.

All Hotel Indigo properties in Europe offer free wi-fi throughout the hotel as a brand standard. Hotels also offer 24 hour room service and access to 24 hour fitness centre.

There are 44 Hotel Indigo hotels around the world and 53 in the development pipeline, which will open in the next three to five years.

Indigo Edinburgh: Soft furnishings by CD Curtain Contracts. Please contact Nigel Andjelic.

Hilton London Metropole conference hotel, situated only 20 minutes from Heathrow Airport via the Heathrow Express at Paddington Station, has undergone a £2.3 million complete transformation of the bedrooms in its Conference Wing. The renovation is part of a three-year, $3 billion plan of significant property renovations currently underway across the global portfolio of Hilton Hotels & Resorts, the flagship brand of Hilton Worldwide.A major renovation programme which offers a fully completed Conference Wing, with 354 of the largest ‘Double-Double’ rooms in London, providing the complete package for conference and event organisers.

Hilton London Metropole is the largest conference hotel in the U.K. and one of the largest in Europe, with two large conference rooms each with the capacity to hold 1,500 people. The conference facilities are also located in the conference wing, allowing for both the event and accommodation to be taken care of within the same location.

Avner On, general manager, Hilton London Metropole, said, “With space at a premium in the Capital, Hilton London Metropole prides itself on offering a room that rivals other London hotels by providing comfort, style and much needed additional square footage. The refurbishment of our Superior rooms marks the next stage in Hilton London Metropole’s continued refurbishment programme and the efforts to offer our meeting and conference delegates the best possible experience when staying with us.”

The Superior room category has been designed with both business traveller and families in mind. A flexible working area, separate relaxation corner, chaise lounge and coffee table, make for the perfect balance of work and rest space. The Superior Family room includes two queen beds, a sofa bed and two 32-inch LCD TV’s, allowing parents to watch news or movies on-demand whilst the kids stay entertained with their favourite shows at the other end of the room.

The Superior rooms have been transformed with an injection of stylish soft furnishings and modern design. The incorporation of rich plums and sage green tones create a calming atmosphere suitable for work or relaxation. Contemporary dark wood furnishings complement the autumnal tones and the off-white walls provide a neutral backdrop to set off the room, whilst the huge windows frame the room, let in tonnes of natural light and offer spectacular views of the Capital.

Hilton London Metropole has 1,054 bedrooms in total and is conveniently located outside of the congestion charge zone but only 10 minute’s walk to London’s West End. The hotel boasts two restaurants, a sports bar and a café, including Fiamma, which offers international cuisine with a Mediterranean flavour and Minako which combines breathtaking views from its 23rd floor location and an Asian fusion menu.

The Superior rooms refurbishment is part of an ongoing programme of upgrades at the hotel that will be continuing throughout 2012 and into 2013.

My old office was almost next door to Croydon’s Hampton by Hilton, and I watched its erratic progress week by week – erratic because a contractor went bust part way through, every project managers nightmare. Given the opportunity to take a quick look I was delighted to go and see it in its finished state, a representative of the eight new Hamptons Hilton UK is getting, the others being:

•Birmingham – Hampton by Hilton Birmingham/Star City
•Braintree – Hampton by Hilton Braintree
•Corby – Hampton by Hilton™ Corby / Kettering
•Derby – Hampton by Hilton Derby City Centre
•Liverpool – Hampton by Hilton Liverpool / City Centre
•Liverpool – Hampton by Hilton Liverpool / John Lennon Airport
•Newport – Hampton by Hilton Newport/East
•Shrewsbury – Hampton by Hilton ShrewsburyMy friend staying there is not a city person, normally living in rural Devon, so her experience of searching for an evening meal in Croydon whilst staying first night in the Holiday Inn Express in Croydon led to her moving to the Hampton, which provides a basic evening meal service. Unfortunately her experience of the evening food service was so poor (she was left going to bed without eating) that my partner and I took pity and brought her home to feed her. In return we got to look around the Hampton when we returned her to her room.

Squashed in between a couple of office blocks the building is close to the main rail station at East Croydon, a critical node in London’s transport infrastructure, where bus, trams and rail interchange, so hotel location is excellent. Its frontage enable the signage to be seen from the station and it is just a brisk 5 minute walk away.

Marriott International further strengthens its leadership position in Thailand with the opening of three new properties this year. The Rayong Marriott Resort & Spa, The Bangkok Marriott Hotel Sukhumvit and the Marriott Executive Apartments Bangkok – Sukhumvit Thonglor will all open in 2012 bringing Marriott International’s portfolio to 16 hotels in the country. Marriott International currently operates a portfolio of world-leading hotels and brands in the country including the world-class JW Marriott hotels in Bangkok, Phuket and Khao Lak, the stylish, lifestyle Renaissance-branded hotels in Bangkok, Phuket and Koh Samui, and the award-winning luxury retreat, Phulay Bay, a Ritz-Carlton Reserve in Krabi, among others.

Rising over Bangkok’s premier lifestyle district of Thonglor, the Bangkok Marriott Hotel Sukhumvit will be perfect for business travellers, weekend getaways and families, with a great mix of leisure and business facilities, ideally located close to the BTS Skytrain station.
With 296 exquisite guest rooms and suites, the hotel will feature three superb restaurants, bars and lounges, four meeting rooms and a Grand Ballroom. The iconic building offers sweeping views of the city and will also host a stunning rooftop bar and restaurant.
Located on the popular Mae Phim beach in the resort area of Rayong – just 205 kilometres south of Bangkok – the 206-room Rayong Marriott Resort & Spa will be located on a beautiful stretch of coastline offering aspects of both picturesque mountains and stunning ocean views.

The hotel will feature a Grand Ballroom along with five additional meeting rooms with extensive outdoor group space overlooking the tranquil landscape of the Gulf of Thailand. With the ability to host lavish weddings, meetings, incentives, conferences and exhibitions, the hotel is expected to become an immediate favourite for MICE, events and meetings customers. Offering a total of 7,120 square meters of total meetings space, the hotel is fitted with LCD projection and state-of-the-art technology for successful and memorable functions and events.

Marriott Executive Apartments Bangkok – Sukhumvit Thonglor, which will be located in the same building as the Bangkok Marriott Hotel Sukhumvit, will offer the conveniences of a full service 5-star hotel with the space, ambience and privacy of residential living.

Marriott Executive Apartments are furnished with a fully equipped kitchen and are appropriate for any length of stay. Located in the heart of Bangkok’s upscale residential district, the Marriott Executive Apartments Bangkok – Sukhumvit Thonglor will offer 74 units comprising one- two- and three-bed room apartments.

Tropical Sky is pleased to announce the opening date of its exclusively featured The SoCo Hotel, an Art Deco-inspired 3*+ offering, located near Bridgetown on the southern coast of Barbados.Situated at the start of the popular South Coast Board Walk, the elegant Miami Beach-style hotel is set to open on 15 August 2012 and is just a short stroll away from an excellent choice of restaurants and trendy bars.

Each of the 24 beautifully-appointed rooms offers fabulous views over the Caribbean Sea from either their balconies or terraces.

When ready for guests, the rooms and restaurant will be completed to a very high standard with modern furnishings throughout. The bar and pool deck are just metres away from the lapping waves of the Caribbean Sea, helping to carry the relaxed and chic atmosphere that will be the hotel’s hallmark.

The atmosphere is informal, suiting guests looking to simply relax and get away from it all. In addition, the hotel provides a fantastic location for those more active guests wishing to explore the beautiful island, while still receiving all the benefits of an all-inclusive hotel.

Rising demand for stylish, all-inclusive deals

Mike Collins, Managing Director of Tropical Sky, predicts demand for holidays in Barbados will grow rapidly over the next few years, as much-needed investment is being made into the island’s hotels.

“Customers are increasingly demanding higher quality as well as exceptional value and the island has needed to respond to this. The SoCo Hotel is set to meet these demands and we are delighted to be the driving force behind this. It is often the most simple of things that the modern traveller requires that makes the difference, such as Wi-Fi, and that is why we are including free Wi-Fi connectivity for our guests.

“When it opens, The SoCo Hotel, Barbados will offer a laid-back, quality experience and will maintain one of the very best all-inclusive rates anywhere on the island. It’s a very exciting project for us and we are sure that our customers will love it too.”

He went on to say: “With the recent news that some high street mortgage providers will be increasing their rates soon, further squeezing everyone’s budgets. This will obviously affect many people’s ability to go on holidays where they need a lot of spending money. Tropical Sky and The SoCo Hotel, Barbados, with its all-inclusive offering responds very proactively to a changing market and customers’ needs.”

The Hotel Show 2012 reaffirmed its position as the largest full spectrum hospitality supplies event for the MENA region, with exhibitors reporting an increase in sales figures and record numbers of visitors during the three day event.

Participation this year of 450 leading suppliers and consultants from more than 45 countries and 13 international pavilions highlighted the pivotal role that the show plays in facilitating trade between suppliers and buyers from every corner of the globe.The 13th edition of the show which ran from 15 – 17 May 2012 at the Dubai International Convention and Exhibition Centre, attracted over 15,500 industry professionals – with an increase of 9% in its visitors over last year. In addition, the show also recorded an increase of over 30% in the number of visitors from the Kingdom of Saudi Arabia as well as significant increases from other countries including Oman, Egypt, Qatar and Turkey.

“As the true platform for businesses in every sector of the hospitality industry, The Hotel Show has delivered tangible business benefits for both exhibitors showcasing their products and services, and industry visitors sourcing the same, said Frederique Maurell, Exhibition Director for The Hotel Show. “We are delighted that the exhibition has continued to foster growth in the Middle East market and play a key role in offering real opportunities for companies new to the region”.

Response from exhibitors representing all sectors of the hospitality supplies industry was overwhelmingly positive. Carlo Carloni, Export Manager at Catalano, suppliers of ceramic products, said: “This is the second year we have exhibited here and we will definitely return next year. This is a great opportunity to showcase our product. We received many enquiries and leads from visitors and a substantial percentage of them are expected to convert to actual sales.”

Ray Al Redha, General Manager, Mighty Leaf, U.S-based suppliers of premium tea products said: “We are pleased with the results generated by the show this year, having two deal opportunities and more than 30 concrete business leads. We will definitely be returning for the third consecutive year in 2013.”

Participating for the first time at The Hotel Show, Sanuj Kohli, Executive Director at LED Lighting & Design, Laser & Electronics Middle East said: “This was our debut year at The Hotel Show and we were delighted to find it both highly targeted, but also so regional. This was a fantastic opportunity for us to showcase our products, and we had between 140 to 150 business enquiries from visitors coming from different GCC countries”.

In addition to the strong business opportunities presented at The Hotel Show, the show also hosted the third edition of The Middle East Spa Awards, the region’s premier spa awards recognising the outstanding quality of services and amenities provided by spas across the region. The show also saw the launch of the first Middle East Hotel Awards to recognise and reward design, product and service excellence in the regional hospitality industry.
The Green Initiative – a show feature to highlight sustainable, energy efficient and eco-friendly solutions from all sectors of the industry, witnessed a record number of exhibitors participating in it. In addition to The Green Initiative, The Hotel Show hosted a Green Day programme of seminars and workshops presented by industry leaders and experts. The line-up of inspirational industry leaders and experts addressed valuable case studies on successful sustainability initiatives in energy reduction, waste management solutions and carbon footprint measurement.

With plans already underway for The Hotel Show 2013 which will take place from 29th September to 1st October 2013, Maurell said: “We are delighted with the response from exhibitors confirming participation in next year’s show. As the largest and most influential hospitality industry show in the region, we will continue to support the industry on all levels – delivering business results, promoting exchange of knowledge, and recognizing excellence. We look forward to another successful show next year.”

Marriott Hotels & Resorts has unveiled the finished transformation of Mallorca Marriott Son Antem Golf Resort and Spa following a yearlong refurbishment.

The Mallorca Marriott Son Antem Golf Resort and Spa, now with beautifully redesigned guestrooms and public spaces, is located just twenty minutes from the cultural capital and Mediterranean paradise of Palma, its sandy beaches, and airport. Occupying a serene position nestled in the Mallorcan countryside, the five star resort is a haven for anyone seeking peace and tranquillity.The renovation has injected the hotel’s public spaces with warmth, creating a welcoming yet luxurious ambiance. The heart of the hotel is set to become the new social hub, with a remodelled lobby and lobby bar. A versatile and multi-purpose space, the new lobby gives guests choice to relax, work, and socialize. Adding to the ambiance, the Llevant Lobby Bar is a vibrant and inviting setting to enjoy traditional Spanish tapas and superb cocktails. New open-air chill out lounges on the hotel patios provide the perfect excuse to sit back and watch the day go by.

The hotel’s 142 guestrooms and eight suites have been revitalized with new carpets, curtains, armchairs, lamps, mattresses and bed linen, and all of the balconies have been renovated enabling the marvellous views to be enjoyed in even greater splendour.

The resort offers something for every age and energy level. Two beautifully appointed 18-hole golf courses and huge driving range make the resort a Mecca for golfers. The Golf Club itself has enjoyed a number of improvements in recent years, with many areas levelled out and reseeded with Bermuda grass. Flood-lit tennis courts, and complimentary volleyball and basketball courts, outdoor pool, and 24/7 fitness centre, are just some of the other fitness offerings.

Other highlights of the resort include an on-site kids club, and the renowned Spa Son Antem with heated indoor and outdoor pool, Jacuzzis, saunas and offering a wide variety of spa and holistic treatments. The hotel provides a wealth of dining options, such as the remodelled fine dining restaurant El Olivar serving tastes of the Mediterranean, and La Vista Verde with sun drenched, panoramic terraces for international cuisine. Meetings and events are expertly catered for with personalized service and expansive meeting space and large ballroom.

UK

GBPUSD started trading yesterday at 1.5474, rising to 1.5523 throughout the morning, but lost all its gains when the US markets opened, dropping to 1.5394 which is a level not seen since January. Overnight trade saw the pair drop further and is currently trading around 1.5280.
Sterling continued to trade within a tight range against the euro beginning the day at 1.2474 and closing around 70 pips off where we started at 1.2457. Again, sterling has struggled during overnight trading and this morning GBPEUR has opened around 1.2422.GBPUSD has quickly returned to the spotlight with a 5.1% drop through May and a 1.8% tumble just over the past three trading days. Risk aversion has become a common sight, but Cable’s performance stands out even further through Thursday’s session because the remaining majors were relatively steady while other sentiment reads (like the Dow Jones Industrial Average) levelled out. As the saying goes, the nail that sticks out furthest is hammered down. GBPUSD may have over-run the market’s tolerance or it could prove the leader for a broader trend. The future we choose could very well depend on what happens with Friday’s US Nonfarm Payrolls.

UK Manufacturing PMI for May came in below expectations at 45.9 from the forecast of 49.8.
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WORLDWIDE

US Prelim GDP q/q came out as expected at 1.9%, a relatively positive figure which led to GBPUSD dropping back to 1.5477 from 1.5504 directly after the release.

The weekly number of individuals who filed for unemployment in the US increased and consumer spending came out at +2.7% vs. +2.9% in the advanced report with corporate profits growing at the slowest pace in three years.

Thursday morning trade saw the EURUSD continue to test 1.24, but by mid-afternoon we saw it break through support and moved into a new 2 year low overnight at 1.2321, this morning we are trading around 1.2350 and a test of support around 1.23 is expected over today’s session.

IMF Deputy MD Nemat Shafik has said the 2013 deadline for euro zone countries to bring budget deficits below 3% may have to be postponed which is exactly what Spain had agreed on Wednesday.

Ireland began casting ballots on Thursday for what will be their Third referendum in four years on Europe, with opinion polls pointing to a “yes” vote that could ease concerns about its funding prospects and save Europe a headache it can do without.

A New Greek opinion poll published this morning showed the anti-bailout SYRIZA party lead with a six-point lead over their conservative pro-bailout rivals ahead of a key election on June 17.

Euler Hermes SA the world’s biggest credit insurer, said it will no longer cover new shipments of goods to Greece because of the risks attached to the nation leaving the Euro currency and customers defaulting on payments
Japan’s Finance Minister Jun Azumi pledged to take “decisive” action if excessive gains in the currency persist. Ironically, after his comments the Yen gained around 1.5% versus sterling. GBPJPY has declined over 7.5% in May, from 130.60 on May 2nd to trade this morning at 120.44 which is close to a four month low. EURJPY moved to a low of 96.68, a level that hasn’t been seen for over 12 years.

Australian Building Approvals for April came out well under forecast at -8.7% against a predicted 0.3%. This was following a rise of 6% in March meaning approvals were down 24.1% for the year ending April.

Swiss Retail sales were released almost flat this morning, rising 0.1% in April, this figure is very disappointing in comparison with the 4.7% growth registered the previous month.

Not the fleece you understand, the whole sheepskin. The process is a bit shocking to be honest – I wouldn’t be at all surprised if the floor in the works didn’t date back to the monks making vellum for writing on as a part of their ecclesiastical occupation – it is after all next to Buckfast Abbey, and vellum was used by the monks to record our history from the dark ages onwards (If you want the story of England I can whole heartedly recommend Bernard Cornwell’s series on King Alfred). The processes are, unbelievably, positively medieval.The West Country once employed 5,000 people in producing sheepskin and sheepskin products but poor management has led to the total collapse of the industry, and Devonia too would have gone without the support of parent company Axminster. It now remains the last tannery producing sheepskin products in England, producing hides and sheepskin rugs for use in (amongst others) Rolls Royce and Bentley cars. Better known of course as Volkswagen and BMW.

Many wool buyers are now buying their fleeces as futures, sometimes buying and storing 3 years production as the price is chased up by Chinese buyers. Where a fleece once cost 70 pence to take off a sheep’s back and earned a farmer perhaps twenty pence, now a fleece fetches some £8 as prices soar. A tanned woolskin fetches around £60 upwards. The UK sheep herd is around 40 million animals, 17 million being slaughtered for meat each year. Storage of fleeces is full of risk as pests can easily destroy the value. For hides salting immediately after slaughter is required to prevent flies etc. breeding on the skins – hence the green colour as sheepskins arrive at the tannery from the slaughterhouse. The UK is always going to be one of the top 15 world sheep economies because of climate and topography.

I can already hear you going yuck. Bear with me there is more to come…

Nestled in the grounds of the Abu Dhabi Golf Club, the Westin Abu Dhabi Hotel is a luxury destination resort and focal point of a community that has been built in and around the sprawling fairways and greens of this championship course. Owned by Abu Dhabi-based development company, Tourism Development & Investment Company (TDIC), the interiors were designed by the international hospitality design firm Gettys. The concept for the whole resort was that of creating an oasis. TDIC wanted this property to feel like a departure from some of the newer urbanized resorts in the city.

The exterior of the building is clad with rough, chiselled limestone that wraps an extensive amount of the façade. The designers continued this natural element into the interiors, creating a lobby of dynamic proportions where stone is complimented by bronze and metal screen partitions. Unexpectedly undulating and angled ceiling design also relates back to the organic nature of the property’s architecture.

The designers kept the lobby décor to a minimum, focusing on a simple palette. From the top of the grand staircase, crafted from hand-awled reclaimed wood and seeded glass balustrade panels, guests can look through 45 foot tall floor-to-ceiling windows out to the golf course, creating an intimacy with the greenery of the fairways, essentially creating a massive picture window.

To create this dramatic arrival experience, different materials and lighting were combined that referred to the ancient history of the region. The back wall of the front and concierge desks features translucent slices of petrified wood suspended behind the embossed bronze desks. The complex circular striations of the wood fossils provide a striking visual experience as well as adding an additional layer of texture and colour.

As the hotel has several grand spaces the guestroom experience was designed to act as a form of departure from public area activity. They viewed the guest journey as a series of crafted experiences starting from departing “real life” at the hotel arrival and walking through the grandeur of the public areas to the more intimate guestroom corridors culminating in the guest rooms and suites. These corridors compress the journey to each guest’s room in terms of scale, lighting and materials which become saturated, deeply toned and restful.

Upon entering the guestroom, visitors find themselves in rooms that are light and bright with high ceilings and wall-to-wall, floor-to-ceiling windows looking out to the golf course. All guestrooms and suites have golf course views’ so scenery is the primary focus. The team then layered different textures and tonality to create a restful guestroom experience. The resulting palette combined caramel, honey, cream and walnut, with sea blue and sunset orange accents. The overall detailing incorporated stone, custom styled wool carpeting, several complimentary wood species, and rich bronze appointments.

Guest baths feature tile surrounds made from a natural horn mosaic that infused luxury and craftsmanship into the guest bath experience. The artisanal tiles pick up on local colours of medjool date, raffia, and coconut complimented by a vanity washstand with a hand hammered nickel finish; thus giving a classic washstand look but with a modern twist.

Continued on page two…

The Monastero Santa Rosa, a stunning 20-bedroom hotel converted from a 17th Century monastery, has now opened. The first guests through the doors were Prince Albert and Princess Charlene of Monaco, who chose the hotel to relax with friends, including renowned New Zealand rugby star Byron Kelleher, before the Monaco Grand Prix. Perched on the cliff edge of Cape d’Orso between Amalfi and Positano, Monastero Santa Rosa Hotel & Spa has been affectionately restored by its American owner into an exclusive boutique hotel with a superb Santa Maria Novella spa.

Dramatically located on this iconic coastline – an area already boasting the most beautiful vistas in the world – the opening of Monastero Santa Rosa will bring a truly different style of hospitality to the Amalfi Coast. It is a distinctively more modern luxury hotel, built directly into the side of the cliff with the floors connected by a glass-front elevator allowing panoramic views of the hotel’s gardens and the sea. It combines an historical setting with completely unique rooms and boasts an incredible infinity pool literally ‘falling’ off the cliff.

The hotel consists of a Ristorante, a heated infinity pool, traditional landscaped gardens spread over five tiers, a historic herb garden and a private 12th Century Chapel. The Executive Chef, Christoph Bob will bring a vast amount of experience to the hotel, having held chef positions in some of the top restaurants throughout Europe, including Alain Ducasse’s three Michelin star restaurant at the Plaza Athenee in Paris.

UK

Sterling rallied against the euro yesterday hitting a new high of 1.2544 very close to the two year high set a few weeks ago of 1.2575. Sterling looks set to continue to be supported against the euro as investors look for an alternative to the European single currency.Against the US dollar sterling lost ground, falling to a 4-month low as concerns about the health of the European economy, and in particular the Spanish banking system pushed investors to safe haven currencies.

UK data on Wednesday showed Britain’s property market picking up in April. UK mortgage approvals rose well above forecasts to 51.8k in April from 51.07k in March and Net mortgage lending grew by £1.139bn. Also above expectations and the biggest increase since January.

Money supply M4 growth also rose 0.7% month-on-month in April, up 3.8% from a year ago and its highest since first quarter 2009.

A positive day of data for the UK yesterday could help to BoE members to swerve away from additional quantitative easing at their meeting next month, although unless the data continues to improve it cannot be ruled out completely.

UK home prices rose in May, supported by a lack of residential property for sale, mortgage lender Nationwide revealed this morning. On average prices rose 0.3% from April and fell 0.7% compared with a year earlier. In April, home prices fell 0.3% on the month and by 0.9% in annual terms.
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The euro fell to the lowest in almost two years against the US dollar as Spain struggled to rescue its troubled banks, adding to signs the European debt crisis is spreading to the region’s larger economies. The US dollar pushed through key resistance at 1.24 and EURUSD fell to 1.2383, a new two year high, before losing a little ground later in the session, closing at 1.2408.

Concerns are growing that Spain may be forced to seek an international bailout. Ten-year Spanish bond yields are trading above 6.5%, dangerously close to the 7% level beyond which borrowing costs are deemed unsustainable over the long-term.

US benchmark boring costs plunged to levels not seen since 1946 and those for Germany and the UK and hit all-time lows as investors took flight to safety in response to the debt crisis across Europe.

With risk appetite drying up the Japanese yen and US dollar strengthened as investors sought safer assets after a European report showed economic confidence dropped more than economists estimated in May. The euro fell for a seventh day versus the yen, the longest losing streak in four months, after Italy sold less than its maximum target at a debt auction. Spain has taken the focus away from Greece in the short term with investors concerned that a much larger piece of the European economic pie may be in trouble.

Investors are resigned to more turmoil until EU policymakers take more radical decisions. This could come in the form of either the ECB buying Italian and Spanish bonds on an unlimited basis or even Eurozone countries agreeing to a fiscal union by pooling all debt. Spain is too big for half measures so the next move from EU leaders will have to show total commitment to avoid a complete crisis

Amid the European crisis the 8 nations that are waiting to join the euro have been told by the ECB that they are not ready. Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden are not yet ready to join the 17 nations that use the euro. Some would say given the current situation, this is a lucky escape.

Australia’s bonds rose and its currency touched a six-month low as concern Spain will struggle to rescue its banks curbed demand for assets linked to growth.

This morning German Retail Sales hit a 9 month high rising by 0.6% versus the 0.0% expected helping the euro to recover from its lows in early European opening trade. On a year on year basis however, retail Sales declined by -3.8%.

With its 50th birthday having been celebrated last year, Four Seasons Hotels and Resorts, which started as one hotel in Toronto, has now expanded to 86 hotels in 35 countries. This summer sees the company’s flagship and hometown property to a new location at 60 Yorkville Avenue.The landmark Hotel will offer an immaculately designed two-story spa, Café Boulud and dbar by international restaurateur and Chef Daniel Boulud, glass-enclosed event spaces, and, of course, Four Seasons guest rooms: 259 personalized accommodations including 42 suites.

“We are quite literally at the intersection where business and pleasure come together in Toronto,” says Regional Vice President and General Manager Dimitrios Zarikos, referring to the Hotel’s coveted address at the corner of Bay Street and Yorkville Avenue. “Four Seasons has not only been connected to the Toronto community but we have also welcomed visitors to this dynamic city for half a century, and we are taking that tradition and those relationships with us into our new home.”

Sofitel is pleased to announce the opening of Sofitel Bangkok Sukhumvit, the second Sofitel in Bangkok, in Thailand. This new flagship unveils many of Sofitel’s new luxury French concepts for the first time in South East Asia.With the opening of this hotel, Sofitel is diversifying its offer in this city with a very French signature reflecting the French tradition of elegance, savoir-faire and hospitality. Located on the central business district this hotel with 345 rooms including 37 suites represents perfectly the new positioning: a luxury hotel with a difference, individual and non-standardised.

It is the first flagship Sofitel in South East Asia whilst Sofitel Bangkok Silom is rebranding to become a Pullman hotel. At the same time, Sofitel So Bangkok has been launched as the first urban design hotel under Sofitel So label, offering a different experience of discovering Bangkok.

French Elegance in Bangkok
A key attraction of the hotel for visitors and locals alike is the skyline restaurant, L’Appart, which recreates the ambience of a luxurious apartment. Directed by French chef Aurélien Poirot, L’Appart is based on a Haussmann-style apartment with beautiful bespoke areas including a library, a living room, a kitchen with an adjacent dining room, and lounge area with a bar. The warm and welcoming space delights guests with its interactive open kitchen concept, transforming Bangkok’s hottest new venue as the evening progresses. Outside tables overlook a stunning backdrop of the city skyline.

There is also a strong French element in the Sofitel’s restaurant, Voilà! The hotel’s premier restaurant showcases a ‘cuisines on stage’ concept that features French cuisine prepared from stoves and a Parisian-style Rôtisserie, Western, Asian dishes, Middle Eastern and Thai delicacies, aromatic pizzas straight from the wood-fired oven, and an array of sumptuous desserts available all day.

Located in the lobby is Le Macaron, which is a charming patisserie and delicatessen with an inviting outdoor terrace that features a vast selection of pastries, desserts, and savory items from the team of in house chefs.

A feature of the hotel is also the elegant Club Millésime lounge located on the 31st floor. With its state of the art business facilities, chic style, spectacular views, spacious lounge areas and the French flair for food and wine, the Club Millésime lounge offers a refined and welcoming space.

The Sofitel Bangkok Sukhumvit also has some of the largest meetings and function facilities in Bangkok for meetings and other events. In addition, leisure facilities include an outdoor swimming pool with pool bar, fitness centre, beauty salon and Le Spa with L’Occitane, the first luxury spa in Thailand to offer elegant L’Occitane products from the South of France.

UK

The pound was within a penny of a three-and-a-half-year high against the euro after Spain said it may need to sell bonds for a banking rescue, underpinning demand for alternatives to the 17-nation shared currency. Sterling has appreciated 4.3% this year against the Euro.The UK Distributive Trades Survey for May came in at 21%, well above the -7% expected. This is an indicator of short-term trends in the UK retail and wholesale distribution sector. The pound pushed further on against the euro after the data moving from around 1.2490 to the afternoon session high of 1.2532. This morning the pair is trading just above support at 1.25, as we saw yesterday another attempt to test resistance at 1.2539 is likely.

Against the US dollar, sterling started trading around 1.57, but fell to around 1.5609, the lowest since January 25th, after the issues surrounding Spain caused investors to seek the safe haven of the dollar. Low support levels have broken to under 1.55 now and sterling could experience further declines if we see a break and close below 1.5570.

This morning Net lending to Individuals m/m rose to £1.4bn, which was higher than consensus. UK Mortgage Approvals also rose slightly more than forecast.
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The euro fell against most of its major counterparts as a debate in Spain about how to fund a recapitalization of the Bankia group increased concern the monetary union’s sovereign-debt crisis was deepening. Spain backtracked on a plan to use government debt instead of cash to bailout BFA-Bankia, the nation’s third-largest lender. The government was considering using an injection of treasury debt instead of cash to recapitalize the lender.

EURUSD started trading around 1.2570 yesterday, but fell below 1.25 as German 10-year bund yields dropped to a record high, and Spains banking crisis weighed. It then fell to around 1.2457 this morning after Bank of Spain Governor Miguel Angel Fernandez Ordonez resigned a month early amid criticism over the nationalization of Bankia group.

The euro slid further this morning, hitting 1.2457 the weakest since July 1, 2010. Against the yen it fell to 98.80 on it’s longest losing streak in four months.

The focus is on elections in Greece next month that could determine whether it defaults and triggers contagion throughout the Eurozone. By contrast, Ireland’s referendum tomorrow on whether to ratify Europe’s new fiscal treaty is passing almost unnoticed. Austerity in Ireland has been imposed by a coalition government and as in Greece, the government is warning that unless voters cast their ballots the right way, the country will be cut off from access to funding provided by the European Stability Mechanism. That would certainly trigger an Irish default.

German CPI for May came in at -0.2%, slightly worse than the -0.1% expected. The YoY figure showed 1.9%, slightly down from the 2.0% expected.

US Consumer Confidence for May showed a decline to 64.9 compared to the consensus figure of 70.
Home values in 20 US cities fell at the slowest pace in more than a year as lower borrowing costs and an improving job market gave property sales a boost. Property values fell 2.6% YoY after a 3.5% drop in February. These figures were on par with consensus and this had little effect on the dollar as last week’s New Home purchases data was very positive and gave traders an early indication that the housing market was recovering.

China has no plan to introduce stimulus measures to support growth on the scale unleashed during the depths of the global credit crisis in 2008.

Norway’s central bank will not intervene in the currency markets to avoid a stronger krone in the event of Greece leaving the euro and any resulting economic turmoil in the euro zone, its Governor Oystein Olsen told Dow Jones Newswires Tuesday.

Canada’s dollar headed for the biggest monthly loss since September against its US counterpart as speculation Europe’s debt crisis will worsen damped appetite for risk.

PPHE Hotel Group Limited, owner and operator of full service upscale and lifestyle hotels, today announced the completion of the one month refurbishment of Park Plaza Nottingham’s meeting rooms.Park Plaza Nottingham, based on Maid Marian Way, caters for up to 175 delegates or dinners and has renovated 12 meeting rooms which include a conference suite with panoramic views, the Vista Suite which can be split into five separate rooms and the Park Suite which boasts an outside terrace. The air conditioned rooms all received new contemporary designed carpeting, curtains and redecoration and benefit from Wi-Fi throughout and natural daylight.

Park Plaza Nottingham also offers 178 rooms for delegate and leisure bookings, a fitness room and the award-winning Chino Latino Pan-Asian restaurant and cocktail bar.

Tom Waldron-Lynch, general manager Park Plaza Nottingham commented: “The renovation has meant that our meeting rooms not only meet, but exceed the upscale standard delegates expect when booking their meetings and events with us. We pride ourselves on providing the highest service and support to our business guests and believe the new modern refresh to our rooms should position us well for a future focus in this market.”

Clean lines and crisp angles converge to form Linea; bathroom furniture of minimalist design that screams opulent hotel style. Full depth drawers feature concealed ergonomic handles and extra height and generous proportions to offer versatile and organised storage options with numerous layout concepts. Tower units add a further element of luxury and feature six practical display shelves to house all bathroom essentials, with the optional extra for a fixed laundry basket.This stunning range of wall hung units has been designed with impressive practical elements and with the flexible option of a white high gloss round or square basin shape, to reflect personal taste and meet the desires of today’s style savvy homeowner. Boasting expansive worktop space, Linea basins also feature a clever anti-drip edge to keep unwanted water spills to a minimum.

Available in Graphite, Teakwood, Blackwood and White Gloss finishes, all in a choice of square and round sizes; 60cm, 75cm, 100cm, 120cm and a tower unit.

A. Linea 120 Unit in Teak with Linea Round Basin
B. Linea 120 Unit in Teak with Linea Round Basin
C. Linea Tower Unit in Teak with laundry basket for lower compartment
D. Linea 100 Unit in Blackwood with Linea Round Basin
E. Linea 75 Unit in Blackwood with Linea Round Basin
F. Linea 75 Unit in Blackwood with Linea Round Basin
G. Linea 100 Unit in White Gloss with Linea Square Basin
H. Linea 100 Unit in White Gloss with Linea Square Basin
I. Linea 120 Unit in Graphite with Linea Square Basin
J. Linea 120 Unit in Graphite with Linea Square Basin
K. Linea 120 Unit in Graphite with Linea Square Basin with main drawer organiser

www.bauhaus-bathrooms.co.uk

UK

GBPEUR touched a high of 1.2524 yesterday after reaching the low of 1.2439, this morning markets have opened at just under 1.25 and strong German CPI data this afternoon could support the euro further today.GBPUSD closed trading close to where it had opened yesterday, achieving a high of 1.5716 and low of 1.5672 – close to a two-month low of 1.5630. Strong technical support is in place at 1.5577 and with strong resistance in at 1.5778 we can expect the pair to trade around 1.57 unless any major unexpected news emerges today.

Further indication of the BoE willingness to extend the QE program came in the form of a statement by MPC member Ben Broadbent on Monday. He explained the threat of an “extreme outcome” to the Eurozone crisis has made capital more expensive, weakened investment and the UK’s supply capacity. Most importantly he said the MPC would respond to any such extreme outcome by providing more stimulus to the UK economy.

Spencer Dale, the central bank’s chief economist, said in a radio interview that monetary policy is “highly stimulatory” and its effects will continue to flow through the economy.
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EURUSD made a slight drop overall in the session, moving in a tight range of 1.2622 to 1.2524, the European markets closed at 1.2536 and overnight it tested the support at 1.2500 before rebounding up to the current levels around 1.2570. Traders expect this pair to continue its volatile downward trend as the uncertainty around Europe builds.

As mentioned yesterday, the Spanish government announced a €19bn bailout of Bankia in the form of sovereign debt which may act as collateral. The Spanish main stock index hit a 9 year low after the news was published and 10 year sovereign bond yields hit 6.5% and are fast approaching the 7% danger level considered to be “unsustainable” by analysts.

The Spanish government are looking to raise €20-30bn from an ambitious plan of privatizations, which is expected to be approved before the summer. Units currently targeted include rail operators, state lottery organisers and water utility providers.

Greece’s Conservatives have regained a lead before elections on June 17. This increase in support for the pro-bailout party lifted riskier currencies and triggered a short-covering rally in the euro. At the same time the EFSF has disbursed €18bn to the country’s four largest banks as agreed in their previous tranche. This will enable the banks to once again borrow from the ECB.

JPMorgan raised its 2012 forecasts for the US dollar Monday, predicting a rise against all major units except the yen based on Greece’s lurch towards a euro exit and China’s ongoing slowdown. It lowered forecasts for AUD and now sees it at $0.96 against USD in Q2 and Q3. USD/JPY was maintained in the high 70s for the medium term.

The Governor of the National Bank of Poland, Marek Belka, said yesterday that the country is seeing a slowdown in economic growth, but it is “not dramatic.” Belka said during a presentation at the Central Reserve Bank of Peru that Poland’s GDP is “cruising” at 4% growth. He also added, however, that “the economy is slowing down.” GBPPLN is currently trading at 5.473, the Zloty has weakened nearly 7% in just over a month from 5.061 seen in April.

Japan’s Overall Household Spending YoY for April was published just above the 2.4% consensus. Unemployment figure for the same period was also marginally worse than the 4.5% consensus. Retail sales for the same period materialised at 5.8% against the 6.3% consensus and 10.3% previous.

Australian HIA New Home sales MoM in April were released early this morning and demonstrated an increase on the 3% previous, which contributed to the rate dropping from 1.5970 down to 1.5870 overnight. Sterling is expected to continue to test the resistance in place at 1.60 during the coming sessions.

Swiss Consumption data for April from UBS was also released earlier today at 1.41 versus the previous 1.22. The market did not really react to the news though and GBPCHF continues to trade close to 1.50, having traded in a tight range of just 30 pips for the last 12 hours.

Iain Hardman is the Deputy Managing Director of multi award-winning East Lodge Country House Hotel in Rowsley, in the heart of Derbyshire’s Peak District. He outlines some of the top trends for 2012.

2012 is set to be a critical year for hotel owners throughout the UK. The twin celebrations of the Queen’s Jubilee and the Olympics on the horizon, presents a unique opportunity for hoteliers, with the expected flood of visitors set to give the whole industry a financial boost estimated at anywhere between £100-£150 million.Many in the industry have been preparing for this moment for the last few years, looking to capitalise on these signature events. Only hotels at the top of their game and up to speed with the latest trends in the hospitality industry can hope for a competitive edge when competing for this potential influx of new business.

When looking at current trends in the hotel industry, there are some general themes which are solid and evolving and coming to fruition now, and these need to be distinguished from some of the fads that come along from time to time only to fade away. Some of these solid trends, particularly in terms of food and décor are clearly here to stay for the foreseeable future and are the ‘ones to watch’ for 2012. The areas trending now in the four areas of décor, multi-media, food and ‘value adds’.

Décor
Boutique style is still very much in vogue. Traditional and modern hotels have always appealed to different types of guest, but the modern traveller is now expecting more, with even the most traditional of hotels and chains expected to have the latest in modern touches of style. This has seen many venues become ‘boutique’ in style and here the challenge is to deliver the modern style of décor demanded, while remaining in keeping with the often very traditional features and historical significance of some hotel buildings.

While boutique is still very much a buzz word, its original meaning was to distinguish, small, elite hotels, specialising in fine dining and a high standard of personalised customer service from some of the larger chains. While this still remains the case, there has been a clear effort on the part of everyone to up their game and deliver in these areas too. This trend is certainly going to continue and is forcing Boutique hotels in the original sense of the word to themselves offer greater choice.

This trend also extends from the interior generally, to specifics like the restaurant. Choice is becoming a watchword for many consumers now and having one basic offering is now proving insufficient. While many guests continue to demand the classical restaurant setting – others want the availability of other options, such as a private dining area or a Chef’s Table and many venues are now looking at these options as a way of delivering additional customer satisfaction and as a means for delivering a feast for the eyes as much as the appetite.

Continued on page two…

UK

GBPUSD opened trading on Friday at 1.5676 and saw little movement throughout the day reaching a high of 1.5686 before eventually closing at 1.5644. With sterling closing the session below the 1.5700 level and posted a fourth consecutive weekly loss against the US dollar, weighed down by broad risk aversion and increasing speculation the BoE could resume its bond purchases. The pair remained steady over the weekend and opened the markets this morning at just over 1.57. With strong support now built around 1.5533 the pair could remain range-bound between there and the top resistance at 1.5762 until the questions over QE are answered.Gilts advanced for a fifth week, 2yr,5yr & 10yr yields dropped as government reports showed GDP shrank more than initially estimated and retail sales declined. UK bonds rallied as minutes of the Bank of England’s meeting showed the MPC decision to halt its £325bn QE program was “finely balanced.”

GBPEUR opened trading on Friday at 1.2458 hitting a small drop to the low of 1.2426 before a steady recovery over the 1.25 mark, hitting an afternoon high of 1.2530 before settling at 1.2498 at the close. This morning markets have opened back around 1.2460.Technical long term support remains at 1.2345 and the resistance is as high as 1.2639 now. A close above 1.25 will confirm sterling is still on course to progress during the near term.
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Today is a non-trading day in the US so the markets may be a little subdued due to the lack of data and liquidity.

The euro had its biggest weekly loss since December against the US dollar as Greece’s pro-bailout party gained in the polls and is now leading the race ahead of left wing party Syriza. Ultimately concerns over a Greek exit have dramatically decreased.

Greece’s New Democracy, which supports the European Union’s bailout plan, was placed first in all six opinion polls this weekend as campaigning continued for next month’s general election. Antonio Samaras, the leader of Greece’s New Democracy party explained the consequences of a euro exit, saying Greek incomes, bank deposits and property values would lose at least half their value within days, while food prices would rise by a quarter.

On Friday EURUSD opened at 1.2582 and fell to the day’s low of 1.2499 before closing at 1.2515. Over the weekend the euro continued to weaken, with the pair posting a low of 1.2496, this morning the pair has recovered slightly to trade around 1.2590. We expect a rally towards the resistance at 1.2630 during the days session.

Interestingly, on Friday afternoon EURUSD traded lower than GBPEUR, this was the first time since June 2010 that the two pairs have crossed over.
Spain have this morning revealed they may fund their takeover of Bankia with sovereign debt, technically meaning that they are using ECB funds.

The Swiss franc saw the biggest loss against the US dollar last week, falling 2.1% to 95.95 centimes per dollar. It was the biggest weekly loss since November, CHF also touched the weakest level in two months versus the euro on May 24 amid speculation the central bank may take action to discourage investment in the nation through taxing deposits.

Brazil’s real rose 1.8% against the US dollar to 1.9874 after the central bank sold currency swaps through auction for four consecutive days to stem the decline against the greenback.

Bank of Japan policymakers agreed to ease monetary policy in April to ensure the economy resumes a recovery, but signalled a pause by complaining of a “misunderstanding” in markets that they will keep offering monetary stimulus automatically until 1% inflation was in sight. GBPJPY has dropped from 131.64 to 124.18 in less than a month. So the need for stimulus this month is greater than when they last intervened.

NZDUSD declined to the weakest since November at 0.7642, The kiwi’s losses were limited as Moody’s cited the government’s deficit and debt trajectories in affirming its AAA rating.

Hotel Junior Suites take on a different meaning in NH Hotels with the launch of new concept rooms designed especially for kids. Launching at the Hesperia Lanzarote and tailored especially for younger guests, this new breed of Junior Suites have been created to offer a safe and magical haven filled with fun.Following interviews with families and children staying at the hotel over a period of two years, the NH Group discovered that what kids desired most from a holiday was somewhere they could call their own; a place where kids are king. So the Hotel Junior Suites were born, providing fuel for imagination and everything children could need or want for a fun-filled family holiday.

Creatively designed and tailored to suit girls and boys of different ages, the Junior Suites feature bunk beds, themed bed linen, toys and imaginative children’s décor, including mirror stickers, ceiling mobiles and colourful bathroom fittings. Family safety has also been prioritised, with all Junior Suites featuring safety plugs, padded table corners and ultrasound mosquito repellent.

Boredom blues have been banished with a free borrowing service offering endless entertainment. On loan to Junior Suite guests are Wiis, Playstations, telescopes, electronic dartboards and music centres, as well as a range of family board games, books and films – all available in multiple languages and suitable for a range of different age group. Of course, a film library wouldn’t be the same without movie snacks – the hotel will provide these complimentary too!

Junior Suite guests can also enjoy a variety of exclusive benefits, including discounts and promotions to external attractions such as the Aqua Park and submarine experience, children’s room service with all their favourite dishes and snacks, kids themed toiletries and bathrobes, a healthy child-friendly minibar and a special surprise treat each and every day you’re there.

Hesperia Lanzarote also houses an extensive and free kids club, offering sports sessions and outside activities, as well as fun and educational workshops. Once a week, families can also request a “Goodnight with Hesperio” service, where the hotel’s friendly hippo mascot will come and tuck you in and wish you a good night’s sleep.

There are currently seven kid’s rooms available, each accommodating families of three to four people. Rooms can also be tailored towards age and gender at the time of booking.

With numerous restaurants, bars, a stunning spa area, paddle courts and three outdoor swimming pools there is plenty for families to experience and enjoy.

Just five minutes from the island’s airport, Hesperia Lanzarote is situated next to the exclusive Puerto Calero yacht harbour, which boasts some of the most exclusive fashion shopping and fine restaurants in Lanzarote. From the hotel there is direct access to a volcanic sandy beach with a huge deck area and a bar for enjoying the sunshine with drinks and light snacks. At night the deck also hosts a superb Chill Out Bar “Lanz Beach Club“ in front of the beach.

This December will see the grand opening of The Alpina Gstaad in the heart of the Bernese Alps. The first luxury hotel to be built in Gstaad in 100 years, The Alpina Gstaad is set in an exclusive hill top area in Oberbort, just five minutes from the centre of Gstaad village, overlooking picturesque Saanenland. A contemporary interpretation of traditional Swiss architecture, the hotel is part of a $337 million luxury development that includes 56 spacious rooms and suites, private apartments and two chalets surrounded by five acres of garden. The hotel will include the first European outpost of the renowned Japanese restaurant MEGU and two further restaurants – a traditional Swiss stubli and a modern European restaurant. Other highlights include a wine tasting room, a cigar room, a private cinema and a 2,000 square metre Six Senses Spa. This will have all the facilities of a five star destination spa including a 25-metre indoor lap pool, an outdoor swimming pool, a fitness centre and will offer a range of holistic treatments and rejuvenation programmes.

“We are building the first new five-star hotel in Gstaad in 100 years. The architectural design is inspired by local Swiss alpine culture and the rugged authenticity of the Bernese Oberland. The Alpina Gstaad will be a luxurious hotel providing an indulgent Swiss mountain experience,” explained the owners Marcel Bach and Jean-Claude Mimran.

The Alpina Gstaad will offer its guests the very best insider access to this famously exclusive, yet still authentically Swiss, hilltop village.

The Luxury Collection Hotels & Resorts, part of Starwood Hotels & Resorts Worldwide Inc., has recently announced the opening of its 80th hotel with the debut of Keraton at The Plaza, a Luxury Collection Hotel, the brand’s first hotel in Jakarta. Located in the heart of Indonesia’s capital and situated at Jalan Thamrin, one of the most prestigious addresses in the city, Keraton at The Plaza is a distinct and intimate luxury hotel offering a unique, modern interpretation of the rich Indonesian culture. Connoting ‘palace’ in Javanese, Keraton at The Plaza will feature an intimate 140 sumptuously appointed guest rooms and suites, each a haven of Javanese luxury with floor-to-ceiling windows and state of the art in-room technology. 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.

Exceptional Art & Design
Already celebrated for its distinct architecture and interior design, Keraton at The Plaza is inspired by the diversity of Indonesia’s geography and culture and features splashes of colour, rich woods, and intricate Batik floral patterns throughout the hotel. The interior design, developed with SCDA Singapore and Burega Farnell Pte. Ltd., celebrates local influence, from an intricate mural of Javanese artwork displayed at the porte-cochère to an abstract piece hand-carved from rick Mahogany wood and adorned with antique gold, depicting a royal welcome. Guests are invited to discover the eclectic collection of art throughout the hotel and in a dedicated gallery, both curated by the renowned design firm Hadiprana Artworks of Jakarta as well as local artists discovered by Mira Hadiprana.

Exquisite Culinary Experiences
Bengawan is the signature restaurant at Keraton at The Plaza, providing an authentic five-star Indonesian dining experience and featuring a customized menu that incorporates local flavours and indigenous ingredients from the islands. Located on the seventh floor with spectacular views of Jakarta, the indoor and outdoor restaurant provides a respite from the bustling city below wrapped in lush foliage and surrounded by soothing water features.

Located on the lobby level, the Keraton Lounge is a delightfully elegant venue serving traditional High Tea each afternoon. Fusing English and Javanese High Tea traditions, the Keraton Lounge features a lavish selection of hot and cold delicacies served with an extensive collection of local and international teas. In the evening, the Keraton Lounge offers classic cocktails, an international selection of wines and a variety of locally-inspired drinks.

A Perfectly Poised Palace
Located on the northwest coast of Java, Jakarta is the capital of Indonesia and its largest city. Prominently situated near to Jakarta’s most famous roundabout and the gateway for visitors, Keraton at The Plaza is perfectly poised in the downtown business district, just 30 kilometres from Soekarno-Hatta International Airport (CGK) and minutes from the enchanting and private oasis.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

The May Fair Hotel, London, a luxury retreat for the world’s most famous and distinguished faces, providing them with the superlative in surprising experiences, has now unveiled the ultimate treat for the world’s most pampered derrieres; the UK’s most innovative hotel lavatory. Worth approximately £10,000, the TOTO Neorest Washlet is the most advanced lavatory around. Its futuristic design features a heated seat, integrated bidet with directional warm jets of water, temperature and water massage function, dryer and automatic deodorizer – all operated via a wall-mounted remote control panel.

Spanning an impressive 110 square metres, the elaborate Ebony Suite integrates over £50k of the latest bathroom technology including basins with colour-changing controls that reflect the temperature of the water, a unique bathtub that emits a soothing glow while you soak and a shower which delivers horizontal streams of pulsating water for total body invigoration.

The interior style signatures include dark wood, ivory and chic metallic decoration, whilst the large 34 square metre private terrace, 67 square metre lounge area complete with four-seater dining table, 52” flat screen, kitchenette and separate guest bedroom and bathroom makes the The Ebony Suite ideal for entertaining.

UK

After it emerged yesterday the UK economy shrank more in the first quarter than was initially estimated sterling dropped to 1.2458 against the euro. The revised figure showed an increased contraction of -0.2% to -0.3% but the pound bounced back well later in the session and GBPEUR rose to a high of 1.2498. Overnight the pair hit 1.2503 but has fallen back to 1.2450 this morning. Two consecutive quarters of negative growth means the UK re-entered technical recession last month but the Bank of England decided to keep their stimulus program unchanged in May’s meeting. However, the International Monetary Fund has called on the BoE to increase its bond purchasing program to stimulate growth in the struggling economy.

Net mortgage lending by UK banks dropped back in April as demand for property weakened following the end of the government’s stamp duty tax holiday for first-time buyers, and as rising euro zone tensions weigh more heavily on business and consumer confidence, a survey from the British Bankers Association showed Thursday.

GBPUSD fell to 1.5638 after the 9.30am GDP announcement but traded as high as 1.5719 later in the session before losing most of those gains overnight. The March 12th low of 1.5601 becomes the downside target to breach, a close below this opens the flood gates for further drops but an improvement in risk appetite could support the pound if conditions in the Eurozone improve.

UK stocks rose, rebounding from their biggest selloff in six months, as European Union leaders called on Greek voters to stick to austerity measures if they want to remain in the euro.
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WORLDWIDE

The euro fluctuated against the dollar after touching the weakest level since July 2010 (1.2519) as German manufacturing data dropped. A German index based on a survey of purchasing managers in the manufacturing industry declined to 45 this month from 46.2 in April.

German business confidence fell sharply in May by more than expected after a rise for six months in a row, due to growing uncertainty in the Eurozone, Germany’s IFO Institute said yesterday.

Despite the poor data, EURUSD rose in the afternoon breaking back through the 1.26 mark but euro weakness is the major talking point in the money markets. EURUSD remains below the previous 2012 low of 1.2627 and this will provide a big resistance if euro launches a recovery.

Eurozone governments are at a crucial point and must now “jointly and irreversibly” define their vision of the future, European Central Bank President Mario Draghi said Thursday in a speech where he also emphasized that Europe’s social welfare models are sustainable if managed properly.

Financial markets are punishing some Eurozone assets because of the failure of regional leaders to find a solution to the sovereign debt crisis, Draghi said. The ECB’s extraordinary measures, such as providing longer-term liquidity, only serve to gain time, he added.

The number of US workers filing first-time applications for unemployment benefits ticked down last week, suggesting the employment sector is slowly mending. Initial jobless claims fell by 2k to a seasonally adjusted 370k in the week ended May 19, the Labor Department said Thursday. It was the first time in three weeks that claims fell.

Orders for long-lasting goods increased slightly in April after a steep drop the prior month, continuing the up-and-down recovery for the manufacturing sector. Manufacturers’ orders for durable goods, items such as computers and cars designed to last at least three years, grew by 0.2% to a seasonally adjusted $215.53bn, the Commerce Department said Thursday. The improvement came after orders fell 3.7% to an upwardly revised $215.20bn in March.

Canada’s dollar fluctuated as traders speculated whether European leaders will seek measures to contain Europe’s debt crisis and reports added to concern growth is slowing in the US, the nation’s largest trading partner. The currency advanced from almost a four-month low as global stocks and commodities gained even after data showed European services and manufacturing shrank more than forecast in May. European leaders clashed over how to stem the sovereign- debt crisis that began in Greece and has wiped about $4 trillion from equity markets worldwide this month.

The South African Reserve Bank kept interest rates at a 30-year low on Thursday as the euro zone’s financial crisis threatens to crimp growth and stoke inflation in Africa’s largest economy. The ramifications of a Greek exit from the euro were “a significant part” of policy makers’ discussions in deciding interest rates, Reserve Bank Governor Gill Marcus said after announcing the bank would leave its key borrowing rate at 5.5%.

The Swiss franc weakened to its lowest level in two months against the euro amid speculation the central bank may take action to discourage investment in the nation through taxing deposits.

Inspired by its location at the heart of a UNESCO City of Literature, The Westin Dublin has chosen an appropriate theme for a selection of its newly-refreshed guest rooms. In celebration of the city and country’s rich literary tradition, nine of the hotel’s refurbished rooms have been named after Irish writers, including Bram Stoker, Jonathan Swift and Patrick Kavanagh.These nine Writers’ Rooms boast a little extra ‘character’, with a different feature in each room – a balcony, a quirky layout or an interesting view – setting it apart. Named after poets and playwrights, satirists and scribes, these newly refurbished Writers’ Rooms are now known as the Patrick Kavanagh, the Bram Stoker, the Flann O’Brien, the John Millington Synge, the Sean O’Casey, the Dion Boucicault, the Jonathan Swift, the Edmund Burke and the Maria Edgeworth.

The Westin Dublin’s 163 luxury guest rooms now feature two different styles of décor, allowing guests to enjoy either a Traditional or a Contemporary feel.

Traditional rooms are classically elegant featuring mahogany furniture and shades of cream, gold and deep red. These rooms are warm, rich and distinguished and are the favourite of guests who enjoy a touch of local flavour.

The hotel’s Contemporary rooms have recently been entirely refurbished. These guest rooms are stylish and fresh, featuring deep-buttoned chocolate leather and delicate shades of cream, silvery green, beige and champagne, to create a calm yet luxurious atmosphere.

The refresh of the Contemporary rooms was overseen by leading interior designers HBA London. With woven patterns in carpets inspired by some of the masterworks of Irish manuscript illustration, these rooms on the 2nd, 3rd and 5th floors reflect a more contemporary look-and-feel while still retaining references to their Irish location.

Each refurbished room features a Mediahub, allowing guests to stream both audio and video from their laptop, iPad or smartphone to the bedroom television, whilst new bathrooms boast frameless shower screens creating a greater sense of space.

In addition to the nine Writers’ Rooms, four of The Westin Dublin’s most luxurious suites – known collectively as the Library Suites – already bear the names of illustrious writers George Bernard Shaw, Samuel Beckett, W.B. Yeats and Oscar Wilde.

Each room at The Westin Dublin is designed to provide a tranquil atmosphere for rejuvenation and relaxation with the attention to detail, quality and luxury that sets the hotel apart. All guest rooms feature the signature Westin Heavenly Bed, Heavenly Spa by Westin bathroom amenities, 32″ HD plasma televisions, a large working desk, phone with voicemail service and high-speed wired/wireless internet access.

Hilton Design Studio Transforms Hotel Design Process while Hilton Valet™ and Hilton Connectivity Station Enhance Guest Experience

Hilton Hotels & Resorts has recently launched Hilton Design Studio (HDS), a new cutting-edge online tool that transforms the way in which owners, developers and design firms implement the brand’s forward-thinking design narrative. The brand also continues to build on its evolving design narrative with the unveiling of Hilton ValetTM and Hilton Connectivity Station, two ready-to-use owner solutions that enhance the guest experience and demonstrate the influence of technology on design innovations from Hilton Hotels & Resorts.

“Design has a powerful impact on the overall guest experience and brings our brand promise to life in a unique way,” said Dave Horton, global head, Hilton Hotels & Resorts. “The introduction of these new innovations and our design narratives elevates our offering to guests and provides our owners with the most advanced design solution in our industry. As we build new hotels and refresh current properties, Hilton Design Studio is a streamlined solution for implementing designs that are consistent, yet completely unique.”

Extending the Hilton brand’s commitment to well-designed and thoughtful spaces, HDS provides a cost-effective and time-saving solution for Hilton owners, operators and design consultant teams. Now available for hotels across the Americas, HDS will evolve as the central design development platform for guest rooms and public spaces at all Hilton Hotels & Resorts properties worldwide. While Hilton Hotels & Resorts continues to grow and evolve with the largest development pipeline in its history and a three-year, $3 billion plan of significant property renovations across the global portfolio, HDS streamlines the arduous design process and minimizes costs.

The new tool allows for creativity and flexibility in the design process while providing parameters based on the brand’s design guidelines. It provides a consistent brand design narrative while embracing cultural nuances and styles across the global Hilton portfolio. HDS offers users a guided experience to explore the Hilton Lobby and new guest room design narratives and an interactive ‘design a guest room’ component built on brand-approved specifications and three style palettes – classic, transitional and modern. The real-time process allows users to quickly choose their guest room layout; style and colour palettes; furniture, fixtures and equipment (FF&E); flooring and artwork.

A new FF&E concept is Hilton ValetTM, a multifunctional armoire that includes a built-in ironing board and power outlet for an iron, an “unfolding” closet space, a built-in luggage rack, a safe for valuables positioned at standing height, and a refrigerator and coffee/tea service that both discreetly slide into drawers so they are only visible when in use. The result is a streamlined, uncluttered space that helps guests feel at home.

Once a room is designed with HDS, the technology produces detailed design specifications, CADD drawings and six dynamic renderings of each user-generated guest room, saving owners a considerable investment and improving speed of design implementation. The conceptual 3-D drawings utilize an advanced layered-graphic approach, with approximately 1,600 images available to produce the more than one billion unique room design options. Users also have the ability to save multiple projects for easy modifications or reference throughout the design process.

Continued on page two…

The growth of the cruise industry has been remarkable over the last ten years. Their floating hotels vary in size and luxury, but the number of passengers continues to grow and the market changes with ships increasingly catering to families. It is expected that in 2012 over 20 million people will take cruise holidays. In 2011 UK grew its cruise tour visitor numbers by 2.6%.Part of the regeneration for many areas now is the addition of a cruise berth, and the Tourism Society recently published a case study showing the development of the cruise terminal in Liverpool as a part of the waterfront regeneration there (see the Liverpool Hilton, Hilton Indigo, Days Inn Liverpool and other pieces we have published on the regeneration of Liverpool as a destination). The case study formed a part of their focus on Cruise in the Summer issue of their journal ‘Tourism’. This terminal is now being approved by HMG as a strating point for curises not just a brief stop in a voyage, potentially generating more stays at liverpool’s hotels.

Cruise has traditionally been characterised as ‘for the newly-wed the overfed or the nearly dead’ but the growth in the market across demographics is reflected in the addition of climbing walls, flow riders and the development of luxury spa facilities on the ships. The growing diversity of the audience for cruise is partly down to the real term decrease in the cost of cruising, the key to which is the increasing size of the vessels being used. The scale of the ships leads to a need to design berthing facilities that will cope with them and enable shore excursions to take the passengers from their often 2,000 plus cabins.

Liverpool’s terminal is shared with the Isle of Man ferries, and the arrival of the liners attracts large audiences to the quayside as well as vendors and other attractions, bring crowds to the waterfront and helping regeneration as well as putting millions into the local Liverpool economy. It is estimated that passenger spend in 2012 will add £2.7 million into the Liverpool economy, up from 1.5 million in the first year of operation in 2008.

Liverpool has a historic and continuing association with the sea. As a small boy in Liverpool I was the proud possessor of a funnel recognition book so I could identify which shipping line the steamers belonged too. The growth of containerisation took many of the smaller ships out of business and the air charter removed many a passenger liner. it is a delight to see large scale return of liners to the Mersey and other seaports. The growth potential is large and these floating hotels provide thriving business for many design practices, although regrettably our own ship building industry has been allowed to decline so that it is no longer capable of building one of these Leviathans.

©Patrick Goff
Words & Pictures 2012

UK

The pound fell sharply against the US dollar yesterday as data showed UK inflation has relaxed. GBPUSD opened at 1.5843 and fell to a session low of 1.5771. The falls have continued overnight and the pair dropped to 1.5696 this morning.UK Public Sector Net Borrowing came in significantly below expectations. Public corporations and local and central government posted -£18.5bn. Forecasts suggested a figure of £8.5bn, which in itself would have been a considerable drop from the £14.6bn posted last month.

UK Chancellor Osborne asserted that the debt crisis in the Eurozone is reaching a critical point, and the UK is preparing for a range of outcomes. Despite this GBP remained largely range bound against the euro, trading from a low 1.2350 to 1.2390. Overnight the pair has risen sharply and hit 1.2450 in the early hours of the morning.

Bank of England minutes published this morning revealed an 8-1 vote to leave QE unchanged. David Miles as usual was the only member voting for an increase but this time a number of the members mentioned their decision was finely balanced. The MPC are adopting a ‘Wait and See’ policy so additional QE could be on the cards if the economy stalls.

Retail Sales data released this morning showed a sharp decline in April, falling to -2.3% from 2.0% last month. This is exactly the sort of data MPC will be monitoring closely before next month’s policy meeting.
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WORLDWIDE

Head of the IMF, Christine Lagarde, said she expected Greece to implement its agreed bailout program. The euro lost value against the US dollar as analysts warn the currency is becoming a crowded short in anticipation of Greece’s June elections.

EURUSD fell yesterday reversing Monday’s gains falling from an open of 1.2807 to an overnight low of 1.2656. The pair opened this morning falling further, dropping below support levels of 1.2650. A close below this today would signal further falls in coming sessions.

Germany will remain firmly opposed to the Eurobonds favoured by the UK and France. Officials are working together to prepare smaller project bonds, and deny these are the gateway to shared liability for sovereign debt.

Consumer confidence in the Eurozone posted a fractionally better than expected figure at -19 as opposed to -20, but this still paints a bleak picture for sentiment.

The potential for a third longer-term refinancing operation from the European Central Bank is increasing, according to ratings agency Fitch. “The likelihood that a third longer-term refinancing operation (LTRO) will be needed by certain banks in ‘peripheral’ Eurozone countries is increasing due to worries over Eurozone sovereigns, limited deleveraging ability and flat-to-negative deposit trends among other factors,” Fitch said in a statement Tuesday.

US Existing Home Sales was released in line with expectation; existing homes make up the majority of total sales and therefore tend to have more impact than New Home Sales on currency.

The US has stated that it will not enter into trade talks with the EU unless its own economic growth is assured.

Marriott International, Inc. has recently announced it has reached the milestone figure of 250 open and signed hotels in Asia, with the 250th hotel to be located in Bo’ao in China. This represents 129 open hotels plus our development pipeline of 121 projects – totalling more than 75,000 rooms in 15 countries.While Asia continues to deliver robust growth, China remains the strongest driver and Marriott International has ambitious plans in the country. With the portfolio expected to double from the current 58 open hotels in the next 3-4 years, Marriott will increase its work force to well over 70,000 associates over the same time period.

Marriott has been a tireless advocate for removing the barriers to travel through its membership in the World Travel and Tourism Council (WTTC) and World Economic Forum’s Aviation, Travel and Tourism Council. A primary focus has been on new models of mobility, such as the e-visa and reciprocity among nations to make travel easier. The company is also training its associates and teams outside of China to welcome and host Chinese travellers.

Chinese outbound traveller numbers to the US have risen from about 225,000 in 2002 to almost a million in 2011, and with that number is forecast to increase an astonishing 274% by 2016. China represents the fastest growth – by far – of any country, according to the U.S. Department of Commerce. Through its participation on the U.S. Travel and Tourism Advisory Board, Marriott has helped drive a new national tourism strategy, announced last week, to boost international visitors to the United States to 100 million people annually by 2021. Similarly, U.S. Visitation to Asia is expected to increase by similar numbers.

In conjunction with the midlands region of SBID (the society of British interior design)

Factory tour to see upholstery being manufactured from the frame to the finished article.
Opportunity to view the latest designs and upholstery fabrics from major brands in the newly refurbished pf collections 5000 sq ft showroom facility.Venue: P F Collections Ltd
Oakleaf House
Acton Road
Long Eaton
Nottingham
NG10 1FU

Date: June 19th 2012

This seminar is open to all members of SBID, hoteldesigns.net and the interior design clients of P F Collections Ltd. Places are limited and will be allocated on a first come first served basis.

Background
The furniture and fire safety regulations became law in 1988. With the passage of time, these regulations sometimes do not receive the detailed attention that they require to make sure that upholstery supplied to clients complies with the law. Many of the people in the industry that were in business when the regulations were introduced and vigorously monitored by trading standards have either retired or left the industry due to the enormous reliance in the uk on imported furniture.

The subject is now receiving greater attention due to increased monitoring by trading standards who report that as much as 50% of furniture supplied fails to comply with the regulations. In the case of non-domestic property, new regulations introduced specifically for that area of the industry is being more vigorously monitored by the health and safety executive and local authorities.

The penalties for supplying non-compliant furniture are very onerous with the most severe cases attracting prison sentences. Closures of buildings due to non-compliance of the new regulations introduced in 2008 are becoming an increasing common occurrence. As with all law, ignorance of the requirements of the law is not a defence.

If you specify, supply or purchase upholstered furniture it is essential that you fully understand the regulations, know what records and information you need to keep to ensure that every piece of upholstery complies with the law.

John Campbell, the managing director of P F Collections Ltd has been involved in the manufacture of upholstery since 1976. He was actively involved in the industry discussions which helped formulate the 1988 regulations, has led discussion groups for numerous organisations over the past few years and will lead this seminar.
At the end of this seminar you will understand the regulations in detail, know what records to keep and be able to demonstrate to any compliance officer that you and your business not only understand the regulations but that you also comply. Seminar notes will be supplied to those attending.

If you know the answers to the following questions then you probably do not need to attend. If you do not then you should book your place immediately.

• The fabric I wish to use does not pass the cigarette test. Can I use it if a fire retardant back coating is applied?
• The fabric is 100% natural fibre but has not been tested by the supplier. Can it be used with an interliner because it contains more than the required 75% natural fibre content?
• Can I supply a sofa in calico for my client to make their own loose covers?
• What labelling is required for the furniture I supply?
• What are the different requirements of the furniture and fire safety regulations 1988 and the regulatory reform (fire safety) order 2005?
• I wish to supply a hotel with sofas and chairs. Which regulations apply?

Agenda
Morning coffee on arrival from 11am
Seminar from 11.30 is followed by a light buffet lunch
The seminar will be held in the newly refurbished 5000sq ft showroom
Tour of the factory is also available for those wishing to see chairs and sofas being manufactured

P F Collections Ltd is situated close to junction 25 of the M1 and trains run regularly from London St Pancras and many other destinations to Long Eaton Station. Collection and return to Long Eaton Station can be arranged.

Book your place now by e mailing tom.campbell@pfcollections.co.uk or call him on 0115 9461282

UK

Sterling finished the day on a 2½ week low of 1.2356 against the euro as improved sentiment played in the build-up to EU leaders meeting on Wednesday. It had hit a day high of 1.2404 following the opening of American markets.PM David Cameron said on Monday not enough had been done to end the Eurozone debt crisis but reassured savers worried by a downgrading of Spanish banks that British banks were well regulated and well capitalized.

The BoE bowed to outside pressure on Monday, launching 3 independent reviews to learn lessons from the financial and economic crisis, but immediately ran into criticism that their scope was too limited and technical. The reviews will be finished in October in time to inform the Treasury when they are selecting the next governor of the BoE to replace Sir Mervyn King next year.

UK CPI data released this morning showed inflation in the UK has dropped more than expected to 3.0% from 3.5% last month. The fall will be welcomed by UK householders but the gives the BoE more room for additional QE, subsequently the pound has now fallen below 1.58 against the US dollar is around 1.2350 versus the euro.
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WORLDWIDE

The US dollar remained largely unchanged versus its major rivals on Monday. The start of the trading week has seen little economic data that would sway investors in any one direction. Against sterling it closed on par with the open rate at 1.5820 having reached a high of 1.5780 but USDJPY rebounded from Friday’s 3-month low of 78.966 back to around 79.300.

EURUSD also finished off the day pretty much where it started at 1.2815 but as the US markets opened, risk sentiment rate drove the pair temporarily to a session low of 1.2719.

Investors continue to monitor the political situation in Greece as the country awaits a second round of elections due to take place on June 17th. The euro is likely to perform based on how confident investors feel a compromise will be reached and whether Greece can remain in the Eurozone. For the time being, yesterday’s close above 1.28 against the US dollar points suggests further rises but many analysts expect declines if EURUSD can’t break back through 1.2918.

EU leaders meet tomorrow at a special EU summit in Brussels. After discussions at last weekend’s G8 meeting, French President Hollande will be pushing his proposals to promote growth including issuing of Eurobonds. Spain and Italy are said to be keen on the idea whilst German Chancellor Merkel has openly voiced her opposition.

Spain may see another economic contraction in the second quarter of this year, Economy Minister Luis De Guindos said. GDP shrank 0.3% in the first quarter, pushing the economy into a technical recession after 0.3% slump in economic activity in the last quarter of 2011.

Eurozone construction output rebounded sharply in March, the latest figures from Eurostat revealed Monday. Construction output jumped 12.4% month-on-month in March, recovering from a 10.4% slump in February and 0.5% fall in January.

The Conference Board’s leading indicator for China’s economic activity increased at a steady pace in April, suggesting a modest growth ahead. Meanwhile, the underlying indicators showed some degree of weakness, sending a mixed message over the prospects of the economy.

The Reserve Bank of New Zealand said earlier that inflation expectations for the second quarter ticked down to 2.4%, from 2.5% in the previous quarter dampening expectations for a rate hike in the near future.

Australian and New Zealand dollars strengthened against their major counterparts as Asian stocks rose on hopes that China will take more measures to prevent a rapid economic slowdown. The Aussie climbed to 5-day highs of 0.9923 against USD and 78.82 against the yen. The NZD also advanced, hitting 5-day highs of 0.7676 against USD and 60.98 against the yen.

Hilton Worldwide and Schiphol Real Estate, Schiphol Group’s real estate subsidiary, have today signed an agreement to introduce a new landmark 433 guest room Hilton Hotels & Resorts hotel to Amsterdam Airport Schiphol, to be designed by prominent Dutch architects, Mecanoo. The new hotel will replace the current Hilton property and is expected to open in 2015, with construction scheduled to start later in 2012. Plans for the hotel, a development and investment by Schiphol Real Estate, were drawn up to meet increasing market demand and match the high quality standards of Amsterdam Airport Schiphol. Facilities at the hotel, which will be managed by Hilton, are set to include a ballroom and 23 meeting rooms, speciality restaurant and bar, executive lounge, spa and fitness centre, light-filled atrium lobby and underground parking offering 138 parking spaces. A new sheltered walkway will also connect hotel guests directly to the international airport terminal.

The new Hilton hotel will be situated in a prominent location alongside the access roads to the international airport terminal, near the existing Hilton hotel, which will remain in operation until the opening of the new property and then be demolished. The new cube-shaped building, which will feature rounded edges and a diamond-shaped façade with diagonal lines, has been designed with a view becoming of an airport landmark.

A large atrium with a 35-metre high glass ceiling forms the heart of the hotel and meeting area. The light horizontal lines of the balustrades and white elements will reflect daylight deep into the building, providing an air of grandeur, while frames and lining will create a natural, elegant appearance, according to its architects.

The interior design, being overseen by Merkx+Girod of The Netherlands and Hirsch Bedner Associates of the United Kingdom, evokes a touch of contemporary, innovative and fresh Dutch design with strong, original forms and a natural, harmonious colour scheme.

Hilton Worldwide recently welcomed the sixth hotel to its Dutch portfolio, with the opening of DoubleTree by Hilton Amsterdam Centraal Station. It also expects to open two new hotels before 2014, with the introduction of the first Waldorf Astoria and Hilton Garden Inn properties to the Netherlands.

Starwood Hotels & Resorts Worldwide, Inc., along with Silver Hotel Group, has recently announced the debut of its new destination sensation brand, Aloft Hotels, in the Greater Toronto Area with the opening of Aloft Vaughan Mills.Located in Vaughan, the hotel is the second Aloft hotel in Canada, joining the Aloft Montreal Airport which debuted as the world\’s first in 2008. The momentum for the brand will continue in Canada as Aloft Calgary University will open in early 2013 as one of the first hotel conversion projects for the brand.

Featuring 131 loft-like guest rooms, Aloft Vaughan Mills will be just steps from the Vaughan Mills Shopping Centre, in the heart of unrivalled luxury shopping, dining and world-class entertainment, and boasts atmospheric public spaces where guests can mix and mingle, read the paper, work on laptops, play a game of pool or grab a drink with friends at the re:mixSM lounge and w xyzSM bar. Spacious guest rooms feature Aloft\’s signature ceilings of nearly three metres high, oversized windows and an ultra-comfortable platform bed as well as large walk-in showers with complimentary Bliss Spa(R) products. Designed with the digital generation in mind, Aloft Vaughan Mills has fast and free wireless internet access throughout the whole hotel, including all guest rooms. Each room is also equipped with a unique plug-and-play connectivity solution which connects most electronic devices to the 42\’\’ flat-screen TV, turning the room into a high-tech office as well as an entertainment centre.

Guests will be able to de-stress and re-energise in the re:chargeSM fitness centre and SplashSM pool and grab a bite to eat at re:fuel by AloftSM, a one-stop, 24-hour grab-and-go food and beverage area, offering sweet, savoury and healthy food, snacks and drinks.

For work meetings, training courses and presentations, the hotel\’s three Tactic meeting rooms are equipped with the latest generation of audio-visual hardware, providing the perfect creative space for groups of up to 15 people.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
IMAGES: Stock photography

UK

On Friday, sterling gained 0.25% versus the euro in the mid-morning session rising to 1.2475 but closed the day down at 1.2422. Sterling has traded as low as 1.2360 this morning.After a week of steady falls against the US dollar, on Friday the pound began to recover and rose to a high of 1.5836 around lunchtime. GBPUSD remained fairly flat over the weekend and opened today at just over 1.58.

George Osborne warned yesterday that Britain faces “enormous risks” from chaos in the Eurozone, admitting that the government is preparing for the crisis to deepen. In a bleak assessment he voiced fears that the turmoil in the European Union may “only get worse”, hampering Britain’s recovery from the double dip recession.

Risk analysts warned yesterday that a Greek exit from the single currency would wipe another 10% off the value of British banks. At the same time, recovery among manufacturers could be strangled by the crisis. With funds pouring into London, sterling is being pushed up to levels that will make exports more expensive, hitting trade and threatening jobs. Sir Mervyn King, Governor of the Bank of England, last week refused to rule out intervention in foreign exchange markets to try to cap the value of the pound, which has risen by 4% since February.

Santander UK tried to reassure its British savers yesterday after a rise in customers withdrawing money in the wake of the downgrading of the Spanish-owned bank. In spite of reassurance from financial experts and officials, some depositors were taking no chances. The British bank, which has 25 million customers, stressed its financial strength and its independence from the crisis buffeting the Spanish banking industry.

The UK housing market has been weaker in the years following the global credit crunch. The government’s first-time buyer stamp duty holiday provided some brief respite in recent months, but it looks like growing concerns over an array of problems will likely weigh on sellers’ pricing power and overall activity levels going forward.

Data released this morning from Markit showed that UK consumers’ spending power was squeezed yet again in April and May as the rising cost of everyday goods, higher mortgage rates and still muted earnings growth weighed on Britons’ ability to spend.
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WORLDWIDE

The euro fell for a third week against the US dollar, reaching a four-month low of 1.2645 on Friday morning after increased concerns the Eurozone debt crisis may spread to other nations in the monetary union such as Spain.

EURUSD fared better in the afternoon reversing the trend moving to session high of 1.2738. The gains continued over the weekend peaking at 1.2797 as the European session opened this morning, above the 1.27 support level established last week and technical experts are eyeing 1.2890 as a key resistance level to breach.

Speaking after the G8 summit over the weekend, US President Barack Obama has said there is an “emerging consensus” that European countries must now focus on jobs and growth, he said the US was confident that Europe can meet its challenges.

Asian currencies had the biggest weekly drop since November as concern Europe’s debt crisis will worsen spurred demand for dollars amid signs the US and Chinese economies are losing momentum.

Canada’s weakened for a third straight week as concern Europe’s debt crisis will worsen overshadowed government data showing inflation and factory sales rose more than forecast. USDCAD has moved from 0.9815 at the end of April to 1.0215 today.

Bank Governor Mark Carney said last month interest-rate increases may be necessary as growth and inflation outpace his earlier projections, and as slack disappears from the economy. Policy makers have kept the benchmark rate at 1% since September 2010.

The Russian ruble depreciated against the dollar for an 11th day, extending its losing streak to the longest in more than three years as oil declined and after a report showed weaker-than-expected Russian industrial growth.

Leicester Square is famous as the home of film and theatre and today sees a new addition to the Square, with the opening of a Premier Inn at number 1 Leicester Place. Premier Inn’s brand new 83 bedroom hotel was officially opened on the 16th May by Whitbread Chairman Anthony Habgood, Whitbread Managing Director Patrick Dempsey, and Minister of Tourism and Heritage, John Penrose MP. The new hotel, which sees a £12 million investment into the London economy, is one of 20 hotels that will have opened by the end of 2013 across the city as part of a major expansion drive for the hotel chain.

Premier Inn Leicester Square has not only provided significant investment into the local economy but has also created 32 job opportunities for London residents ranging from reception to managerial roles, 50% of those employed have come from long term unemployed 18-24 year olds.

Patrick Dempsey, Managing Director of Whitbread Hotels and Restaurants, comments: “We are delighted to be opening a new Premier Inn in the heart of London, a short walk from many of the capitals most well known tourist attractions. Our exciting growth in London means that we can offer even more people a great night’s sleep in the best locations when visiting the capital and we look forward to opening more hotels in London over the coming year.”

John Penrose, Minister for Tourism and Heritage, comments: “Tourism is vital to the UK’s economy and growth and it will play a big role in our future success. It is great to have been here today to officially open the new hotel in this brilliant location and to hear Premier Inn’s plans for further expansion. The eyes of the world will be on London this summer and I can only commend Premier Inn’s contribution to making England the place to stay for both international and domestic travellers.”

The new hotel is also a leader in innovation with ‘floating’ bedrooms equipped with double soundproofing to ensure guests get a good night’s sleep despite being within walking distance of many popular theatres, shops and London tourist attractions.