Essential news from around the world...
Profits slump at NH Hoteles
Spanish group NH Hoteles saw net profits halve to €30.5m in the nine months to the end of September, compared with €61m during the same period last year.
Mövenpick to open in Jeddah
Mövenpick Hotels & Resorts has signed an agreement with the prominent Al Mussallam family of Saudi Arabia to open a new 210-bedroom hotel in Jeddah in early 2004. It will be the chain's third in Saudi Arabia.
Marriott plans Harlem hotel
Marriott International is to open a 204-bedroom hotel in Harlem, New York City. It will be the first nationally branded hotel in Harlem and will be located on the corner of 125th street and Park Avenue. It is scheduled to open in December 2005.
Schrager's Empire changes hands
Prime Hospitality Corp has taken over management of the 465-bedroom Empire Hotel in New York City, previously managed by Ian Schrager Hotels.
Baltic venture for Kempinski
Kempinski Hotels & Resorts is to manage the 148-bedroom Grand Hotel on the island of Usedom on Germany's Baltic coast. The hotel is under construction and should open to guests in June 2005.
McDonald's reports third-quarter profits rise
Burger giant McDonald's has reported a 12% increase in profit to $547m for the three months to 30 September. Chairman and chief executive Jim Cantalupo said: "This performance indicates that our revitalisation plan is beginning to yield results."
Hilton suffers profits plunge
US-based Hilton Hotels Corporation has reported profits for the third quarter of this year down to $34m, against $48m at the same point last year. It blamed "continued pressure on room rates and higher costs that adversely impacted margins at the compny's owned hotels."
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