Americas
Hurricane Isabel hits Orient-Express Hotels profit
Bermuda-based Orient-Express Hotels has reported a 29% decline in net profit to $15m (£9m) and a 13.3% increase in turnover to $244.6m (£146m) in the nine months to 30 September. Chairman James Sherwood said that profit had been adversely affected by Hurricane Isabel, which led to cancellations at its hotels in South Carolina, Maryland and Virginia. The company also announced that it had entered into an agreement to buy a group of "unique" hotels before the end of the year. It would not comment on who the group was.
Wyndham International slows rate of loss
US hotel company Wyndham International has managed to reduce its losses in the nine months to 30 September. Net losses for the period were $288m (£172m), compared with $462.7m (£277m) for the same period in 2002. Since the beginning of the year Wyndham has sold, or is currently under contract to sell, 21 hotel assets and four non-hotel assets for about $255m (£152.4m). A further six hotel properties are scheduled to be sold by the end of March next year.
Asia
South Korea to reimpose VAT for foreigners
South Korea's ministry of finance and economy has announced that it will stop its VAT exemption policy for tourists using the country's hotels from 1 January 2004. It said the move would lead to a 10% increase in hotel charges for foreign guests, but would provide $85m (£50.8m) extra in earnings for the state. The exemptions, which have been criticised by locals for discriminating against them, were introduced to coincide with the 2002 FIFA World Cup.
Shangri-La announces hotels in Thailand and China
Hotel group Shangri-La has announced two new hotel developments in Thailand and China. The 250-bedroom Shangri-La Hotel Chiang Mai will be the group's second in Thailand and is scheduled to open in mid-2006. The 580-bedroom Shangri-La Hotel Chengdu, in the capital of China's Sichuan province, will open in November 2006, adding to the company's growing presence in China, where it already operates 16 hotels.
Europe
Thistle in marketing pact with Scandinavian group
UK company Thistle Hotels has teamed up with First Hotels AS of Scandinavia in a marketing alliance. The deal with First Hotels, which has 60 hotels in cities in Sweden, Denmark and Norway, is the first of a number of marketing alliances planned to give Thistle access to a global network of hotels.
Swedish authorities probe Pandox share hike
The Swedish financial industry watchdog is to investigate suspected insider dealing at Swedish hotel operator Pandox after its share price rose without apparent reason just days before a takeover approach. Norwegian property company Eiendomsspar and investment company Sundt approached Pandox earlier this month. Shares at the group had risen by 8% in the week leading up to the bid and by 4% on the day of the approach.
Africa
Starwood to open luxury hotel in Morocco
Starwood Hotels & Resorts will open its first Luxury Collection hotel in Morocco within the first three months of 2004. L'Amphitrite Palace hotel will comprise 178-bedrooms, a 1,500sq m spa, two swimming pools, a separate 320sq m villa, and $20m (£12m) conference centre. The $40m (£24m) hotel was built by Britannic Hotels and will be Starwood's first in North Africa.