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1. Aareal Bank loans InterGlobe $230 million for expansion
German hotel lender Aareal Bank has refinanced $230 million for Indian hotel firm InterGlobe for the company's European portfolio expansion, reports CoStar News Hotels' Terence Baker. InterGlobe plans to invest in nine of its properties, all of which will operate under its lifestyle brand, Miiro.
In April 2024, Miiro signaled it had plans to expand in Europe. Miiro Hotels CEO and InterGlobe executive Neena Gupta said its European hotels in operation are the 123-room Le Grand Hôtel Cayré in Paris; 92-room Borneta Hotel in Barcelona; the 29-room The Mansard in Gstaad, Switzerland; the 156-room Miiro Templeton Garden, London; and the 64-room Palais Rudolf. The company has a hotel in Vienna scheduled to open in the near future. The capital from Aareal will fund the opening of three more hotels in the coming years.
2. Canada's AHIP names new chief executive
Vancouver-based hotel real estate investment trust American Hotel Income Properties has named John O'Neill as CEO following the resignation of Jonathan Korol, according to a news release. O'Neill is a co-founder of the REIT.
“I am honored to step back in and lead AHIP at this important juncture,” O’Neill said in the news release. “Working closely with the Board, we will focus on driving value for our unitholders. AHIP is in a strong position to move forward into the future.”
3. Hotels that decked their halls
As the holidays approach, hoteliers have been getting in the festive mood by decorating their hotels and offering special events and treats for guests, reports CoStar News Hotels' Natalie Harms.
The Omni Homestead Resort and Spa has a pop-up bar, Blitzen's, offering holiday cocktails and booking packages. The Gaylord Opryland Resort has a display with more than 5 million lights, 15 miles of garland and a 48-foot-tall Christmas tree. The Fairmont San Francisco has a two-story, life-sized gingerbread house built by artist Gary Walton.
To see a slideshow about these and other decorated hotels, click here.
4. UK economy contracted in October
The United Kingdom's economy contracted by 0.1% in October due to consumers pulling back on spending before the budget and car manufacturing struggles from a cyber attack on Jaguar Land Rover, the Guardian Reports. It is the fourth consecutive month without growth.
“The U.K. economy has faltered more dramatically than we expected,” said Andrew Wishart, a senior U.K. economist at Berenberg. “This loss of momentum will bring inflation down more swiftly than we previously anticipated, allowing the [Bank of England] to act.”
5. US consumers contend with higher prices for holiday shopping
A new poll from AP-NORC found most Americans are dealing with higher prices for groceries, electricity and holiday shopping, the Associated Press reports.
"Roughly half of Americans say it’s harder than usual to afford the things they want to give as holiday gifts, and similar numbers are delaying big purchases or cutting back on nonessential purchases more than they would normally," according to the article.
Sixty-eight percent of adults said the country's economy is "poor," the same percentage as December 2024.