Hotel News Now each week features a news roundup from a different region of the world. This week’s compilation covers Europe.
Saudi Arabia Fund Acquires Substantial Minority Stake in London-based Rocco Forte Hotels
Saudi Arabian sovereign wealth entity, the Public Investment Fund, has bought a “significant minority stake” in London-based Rocco Forte Hotels from Italian investment fund CDPE Investimenti. According to sources, the stake is 49%, with a value determined at £590 million ($750 million), which would value the hotel firm at £1.2 billion.
Vail Resorts Acquires Swiss Ski Resort For $136 Million
Broomfield, Colorado-based owner Vail Resorts has reached a deal to acquire Swiss ski resort Crans-Montana Mountain Resort for a price, subject to closing, of 118.5 million Swiss francs ($136 million), making it one of the largest deals known for a European ski resort.
Hoteliers Say UK Mini Budget Doesn’t Relieve Cost Pressures
The Nov. 22 Autumn Statement delivered by the United Kingdom's Chancellor of the Exchequer Jeremy Hunt, a member of Parliament for the ruling Conservative Party, includes a policy to freeze business rates, but many in the hotel industry said he needs to conduct an overhaul of this particular piece of taxation policy. Increases to minimum wages also will add more pressure on hoteliers’ bottom lines, they said.
Accor’s Perez-Alvarado and Acar Add Brand CEO Responsibilities
Accor, France and Europe’s largest hotel firm, has made two major C-Suite changes, to start on the first day of 2024. Chief Strategy Officer Gilda Perez-Alvarado will add to her responsibilities the role of CEO of Orient Express, while Omer Acar will relinquish responsibility for that brand, retain his CEO role at Raffles and add the CEO role of Fairmont. The former CEO of that brand, Mark Willis, is to become adviser to Accor’s overall CEO, Sébastien Bazin.
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