News & Stories

Bonn. For the first time the German Tourism Association has identified the most innovative ideas in German tourism and has summarised them in their own innovation report. Amongst them are three examples from the hotel industry.

New York. With over 430 hotels in 73 countries, The Leading Hotels of the World have achieved the largest member base since the foundation of the hotel alliance. The beginning of 2006 saw 19 new hotels join their portfolio.

Toronto/Singapore. Fairmont Hotels & Resorts Inc. has entered into an acquisition agreement whereby a Canadian company owned by Kingdom Hotels International and Colony Capital will acquire all of Fairmont's outstanding common shares at a price of USD 45.00 per share in cash. The total value of this transaction, including debt and the combination with Asian Raffles Hotels, is expected to be approximately USD 5.5 billion. While Fairmont published a release on this, there was no comment by Raffles.

Bad Neuenahr. At a special general meeting yesterday Dorint plc shareholders voted with 99.9 to authorise new capital. The first figures from the business year 2005 were also announced.

White Plains. Eight months after Barry Sternlicht abruptly resigned his executive chairman post at Starwood Hotels, he is launching an ultra luxury hotel brand that will compete head-to-head with his previous employer.

London. The acquisition, in December 2005, of three UK freehold properties by the UK-based Paramount Group of Hotels, has put the burgeoning hotel group in a new league. Within five years the parent company Dawnay Shore Hotels will either sell up, float the company on the Stock Exchange, or transfer its properties into a property investment fund. Before that time, however, its plan is to reach 50 hotels.