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Peninsula owner takes a hit
Hong Kong & Shanghai Hotels, whose flagship is the Peninsula Hong Kong, said this week that the combined impact of Sars and the Middle East conflict was likely to have a "significant effect" on its financial results for the first half of 2003. It has put in place cost-cutting measures, stepped up its renovation and maintenance programmes and prepared an "aggressive" marketing campaign that it will implement as soon as business starts to improve.
Europeam Commission gives green light
The European Commission has given the go-ahead to WorldRes.Com, an internet bookings system set up as a joint venture between French hotel chain Accor and British chains Hilton and InterContinental. The commission said the deal "does not give rise to any significant competition concerns".
NH suffers earnings fall
Spain-based NH Hoteles has reported a 42% drop in earnings before interest, tax, depreciation and amortisation for the three months to the end of March. Its hotels were badly affected by the global slowdown in demand, the company said.
Accor reshuffles Europe division
French hotel group Accor has re-organised its Europe, Africa and Middle East division under the leadership of André Martinez. Accor said the move would help it to cut costs, increase market share and "enhance competencies".
Middle East hotels' revpar remains flat
Hotel occupancy in the Middle East increased by two percentage points to 66% during 2002, according to a new report from consultants HVS International. But average room rates fell by about 4% to $81 (£49), mainly because the global economic downturn affected the spending power of business and leisure travllers. As a result, the trend in revenue per available room (revpar) was flat.
Hong Kong restaurants feel Sars impact
Restaurants in Hong Kong saw their takings fall by 9% to HK$12.55b (£980m) during the first three months of 2003, compared with the same period in 2002, as customers stayed away to avoid contracting the deadly Sars virus.
Record internet bookings for Marriott
Marriott International's website set a single-day record on 12 May, taking more than 20,000 reservations. The site was launched in 1996.