Today’s news in brief – 16/10/23
Elegant Hotel Collection is venturing into the luxury soft brand market with a portfolio of 25 luxury hotels and ambitious plans to add 50 more worldwide by the summer of 2024. The collection aims to create a curated, invitation-only luxury community where each hotel offers tailored service, emphasising the five elements of hospitality, authenticity, inclusivity, innovation, and sustainability, catering to the desires of modern luxury travellers. The group adopts a pay-on-performance model, prioritising results-based pricing over fixed costs to ensure measurable ROI. To manage its member distribution, it has partnered with HotelREZ Hotels and Resorts. The Elegant Hotel Collection is designed to provide a dynamic and comprehensive approach to luxury representation, supported by global partnerships, marketing solutions, and cutting-edge technology.
The NoMad hotel in London’s Covent Garden successfully secured a £73m refinancing loan from Cohort Capital, replacing a bank syndicate as the previous lender. The iconic 91-key hotel, operated by Sydell Group, underwent a full refurbishment to transform a Grade II listed building that once housed Bow Street Magistrates Court and Police Station, frequented by historical figures like Oscar Wilde, Emmeline Pankhurst, and The Kray Twins. Cohort Capital, a specialist lender, offers flexible debt structures for properties with credible sponsors, as traditional banks increasingly reduce their real estate exposure.
Budget operator EasyHotel reported a significant revenue increase in the first half of the year, with a 45% rise in Revenue Per Available Room (RevPAR) across its properties. The company expanded its room count by 58%, invested in its management team, and positioned itself for sustained growth. With a promising development pipeline, EasyHotel aims to double its portfolio by 2027, capitalising on the strong brand awareness throughout Europe. Their offerings focus on quality, budget-friendly, and eco-friendly accommodations, making them attractive to a wider audience.
Travelodge has started construction on its new London Chiswick Travelodge, a 113-room hotel located next to the Chiswick Roundabout. This marks the fourth Travelodge under construction in London, with other sites including a 600th Travelodge, a hotel at the Kia Oval Cricket Ground, one in Bermondsey, and another in Beckenham. Travelodge’s expansion in London positions it as one of the city’s largest hotel chains, with growth supported by funding from RTP Global Real Estate Investments. The London Chiswick Travelodge will be completed in Q1 2025 and built to high environmental standards, meeting BREEAM “Excellent” and an EPC rating of “A”. Travelodge continues to seek new sites in London for further expansion, accommodating the growing demand for quality, low-cost accommodations in the city.
