The value of global hotel investment deals has slumped by 64 per cent this year but the market is expected to rebound in 2010, according to an annual review of transactions by Jones Lang LaSalle Hotels.
Some $9bn in transactions is predicted to have been made this year, compared with $24.8bn last year, and less than 10 percent of the $113bn of 2007.Jones Lang LaSalle predicts that transactions for next year will be in the $11-13 billion range. It predicts single hotel transactions will be the driver for growth, rather than large portfolios.
The deals will mostly be regionally based, reflecting the continuing decline in cross-border activity as investors remain risk-averse in the downturn.
However it also predicts that Asian conglomerates will take advantage of currency movements to acquire prime hotel assets in the US and the UK. They will be joined by sovereign wealth funds from the Middle East and Asia, which will want to place capital in hotels to hedge against inflation.
The absence of traditional lending will lead to alternative investment vehicles, including public floatation, rights issues and real estate investment trusts.
The hospitality industry has avoided large foreclosures this year due to lenders extending loans to hard-pressed hotel owners.
Arthur de Haast, chief executive of JLL Hotels, said: “As more assets are placed under the control of banks, we expect more of the upcoming sales activity to be driven by banks, which will provide a lift to hotel transaction volumes.
“Particularly in the US and Europe, banks are reviewing their loan portfolios and determining their next steps. But the number of distressed assets on the market will not come in form of a tidal wave.”
Monday, December 14, 2009
Tuesday, November 17, 2009
EasyJet Warns of “Tough Times Ahead” as Profits Slump Two Thirds
EasyJet has warned of a “tough winter ahead” as it unveiled a 65 percent slump in annual pre-tax profits.
The Luton-based carrier citied a fall in demand due to rising unemployment coupled with poorly-timed fuel hedging for its profits falling to £43.7m in the 12 months to September 30 from £123.1m last year.
EasyJet, which buys about two-thirds of its fuel through hedging, ended up paying US$951 per metric tonne of jet fuel when the market price was just US$595. Fuel costs subsequently soared by £98.5 million.
However resilient sales kept the airline in the red. Revenues rose 12.9 percent to £2.6 billion, saying performance was “extremely resilient” during tough trading.
It flew 45.2 million passengers during the year, bucking the trend of falling passenger numbers across the global industry by capitalising on weak competitors in markets such as Italy and Spain.
The airline also confirmed that it will expand by 7.5% annually until 2015, following a much publicised boardroom spat sparked by its founder Stelios Haji-Ioannou concerning over expansion fears.
It said in a statement: “EasyJet continued its strategy of carefully targeting growth in markets from which weaker competitors are retreating in this period of recession. Thus easyJet is building strong, defendable market positions that will ensure it is well positioned for profitable growth once the European economy improves.”
EasyJet is focusing on higher performing routes, closing 28 while launching 70. It aims to increase its share of the European short-haul market from 7% to 10% over the next five years.
Like its arch rival Ryanair, EasyJet has stayed in profit this year by following the low-cost model – keeping planes in the air for as long as possible, packing jets with passengers who pay comparatively low prices, bolstering profits by paying for add-ons such as baggage check-in, food and hotel hire, as well as flying to lesser-known airports.
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Residence St. Andrew's Palce : Book your Warsaw Holiday at Residence Hotel St. Andrew’s Palace: you’ll find the comfort of an hotel and and the privacy of an apartment.
The Luton-based carrier citied a fall in demand due to rising unemployment coupled with poorly-timed fuel hedging for its profits falling to £43.7m in the 12 months to September 30 from £123.1m last year.
EasyJet, which buys about two-thirds of its fuel through hedging, ended up paying US$951 per metric tonne of jet fuel when the market price was just US$595. Fuel costs subsequently soared by £98.5 million.
However resilient sales kept the airline in the red. Revenues rose 12.9 percent to £2.6 billion, saying performance was “extremely resilient” during tough trading.
It flew 45.2 million passengers during the year, bucking the trend of falling passenger numbers across the global industry by capitalising on weak competitors in markets such as Italy and Spain.
The airline also confirmed that it will expand by 7.5% annually until 2015, following a much publicised boardroom spat sparked by its founder Stelios Haji-Ioannou concerning over expansion fears.
It said in a statement: “EasyJet continued its strategy of carefully targeting growth in markets from which weaker competitors are retreating in this period of recession. Thus easyJet is building strong, defendable market positions that will ensure it is well positioned for profitable growth once the European economy improves.”
EasyJet is focusing on higher performing routes, closing 28 while launching 70. It aims to increase its share of the European short-haul market from 7% to 10% over the next five years.
Like its arch rival Ryanair, EasyJet has stayed in profit this year by following the low-cost model – keeping planes in the air for as long as possible, packing jets with passengers who pay comparatively low prices, bolstering profits by paying for add-ons such as baggage check-in, food and hotel hire, as well as flying to lesser-known airports.
Residence St. Andrew's Roma : Book your Rome Holiday at Residence St. Andrew’s Garden: you’ll find the comfort of an hotel and and the privacy of an apartment.
Residence St. Andrew's Palce : Book your Warsaw Holiday at Residence Hotel St. Andrew’s Palace: you’ll find the comfort of an hotel and and the privacy of an apartment.
Friday, October 23, 2009
Iberia plans new airline for short, medium haul flights
The Spanish national carrier Iberia has unveiled plans to create a new airline to handle its short- and medium- haul routes in an effort to reverse declining revenues, weak demand and mounting losses in the current economic crisis.
Iberia’s Boad of Directors has adopted a new strategic plan (Plan 2012) to address the situation acknowledging that the measures taken so far to be ‘insufficient’.
The airline is currently in merger talks with British Airways, but now aims to focus on long-haul flights, “where Iberia is market leader, on those that connect Europe and Latin America, in order to maintain and increase this lead,” it stated.
The second part of the plan for operations requires a reduction in seat supply on short-and medium-haul routes, in addition to that already underway, and a change in the production model for these flights. This change will take full effect from 2011, when the airline plans to create a new network airline based in Madrid which will feed and distribute traffic to Iberia’s growing long-haul network.
The board also approved other cost-cutting measures to improve its financial situation, including a freeze of new entrants for the duration of the plan, a company-wide wage freeze in 2010 and 2011, early retirement plan of all cabin attendants older than 55 and savings of up to 37 million euros a year in overhead costs, starting in two years, in addition to those already planned.
Iberia’s COO, Rafael Sánchez-Lozano, describes the current situation as unsustainable. “The airline industry has never experienced such a dramatic situation. It is essential for us to use imaginative means to transform Iberia into a sound and viable project”.
The measures prescribed in Plan 2012 are aimed at bringing Iberia back to profitability. The company announced in August it had plunged into the red in the second quarter as the global economic crisis battered the industry, recording a net loss of 72.8 million euros (109.2 million dollars). It made a net profit of 21.2 million euros in the same period in 2008.
Iberia’s Boad of Directors has adopted a new strategic plan (Plan 2012) to address the situation acknowledging that the measures taken so far to be ‘insufficient’.
The airline is currently in merger talks with British Airways, but now aims to focus on long-haul flights, “where Iberia is market leader, on those that connect Europe and Latin America, in order to maintain and increase this lead,” it stated.
The second part of the plan for operations requires a reduction in seat supply on short-and medium-haul routes, in addition to that already underway, and a change in the production model for these flights. This change will take full effect from 2011, when the airline plans to create a new network airline based in Madrid which will feed and distribute traffic to Iberia’s growing long-haul network.
The board also approved other cost-cutting measures to improve its financial situation, including a freeze of new entrants for the duration of the plan, a company-wide wage freeze in 2010 and 2011, early retirement plan of all cabin attendants older than 55 and savings of up to 37 million euros a year in overhead costs, starting in two years, in addition to those already planned.
Iberia’s COO, Rafael Sánchez-Lozano, describes the current situation as unsustainable. “The airline industry has never experienced such a dramatic situation. It is essential for us to use imaginative means to transform Iberia into a sound and viable project”.
The measures prescribed in Plan 2012 are aimed at bringing Iberia back to profitability. The company announced in August it had plunged into the red in the second quarter as the global economic crisis battered the industry, recording a net loss of 72.8 million euros (109.2 million dollars). It made a net profit of 21.2 million euros in the same period in 2008.
Saturday, March 28, 2009
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Thursday, March 12, 2009
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Saturday, February 28, 2009
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