More credit for Accor

Accor has announced that it has signed an agreement with a consortium of 5 banks for a new €560m Revolving Credit Facility (RCF). It complements the undrawn €1.2bn RCF signed in July 2018. It further reinforces Accor’s liquidity position which today exceeds €4.0bn, i.e. more than 40 months under the current market conditions:

€2.5bn available cash at-hand as of end-March 2020
€1.2bn RCF signed in July 2018 - undrawn
€0.56bn as per the new RCF - undrawn

The new fully committed facility has a 12 months tenor, with two six-months extension options in the hands of Accor and has neither covenant nor restriction. It has been underwritten by the following 5 banks: BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale. This reflects the renewed trust of Accor’s core banks its business profile and strong balance sheet.

IHG Hotels & Resorts offers a fresh take on clean

IHG Hotels & Resorts offers a fresh take on clean

IHG enhances guest experience with new cleaning protocols, service standards and partners, and launches a Clean Promise to give guests confidence as they re-establish travel norms

As the world adjusts to new travel norms and expectations, IHG Hotels & Resorts is enhancing the experience for its hotel guests around the world, by redefining cleanliness and supporting guests’ personal wellbeing throughout their stay. 

Using new, science-led protocols and service measures, partnering with industry leading experts Cleveland Clinic, Ecolab and Diversey, and launching a global IHG Clean Promise, the strengthened measures will give guests greater confidence and hotel teams the protection needed.

Keith Barr, Chief Executive Officer, IHG, commented: “The future of travel may look different, but a safe, secure stay is fundamental to deliver True Hospitality – and that will never change. By combining IHG’s world-class knowledge and processes, with cutting-edge expertise from Cleveland Clinic, Ecolab and Diversey, we can reassure guests and colleagues that we’re focused on protecting their health and wellbeing. This includes looking at where technology can make a difference, deploying enhanced, highly visible and more frequent cleaning measures, and different approaches to food and beverage, all underpinned by our new IHG Clean Promise.”

Enhancing IHG Way of Clean

IHG has a long-standing commitment to rigorous cleaning procedures. Launched in 2015, the IHG Way of Clean programme was developed with Ecolab and Diversey, both world leaders in hygiene and cleaning technologies and services. This programme is now being expanded with additional COVID-19 protocols and best practices - many of which are already in place - to reflect the advice of the World Health Organization, Centers for Disease Control & Prevention and local public health authorities in markets around the world. 

Statement on Corporate Layoffs at Hyatt in Response to COVID-19

Statement on Corporate Layoffs at Hyatt in Response to COVID-19

Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020. These actions will impact around 1,300 colleagues around the world.

Since the start of the COVID-19 pandemic, Hyatt has taken numerous actions in an effort to meet the challenges our industry is facing including reductions of company-wide expenditures, extended salary reductions for the Senior Leadership Team and Board of Directors, and temporary work and/or pay reductions for all corporate colleagues. Unfortunately, with increased visibility into the effect that the pandemic is having on the hospitality industry, it has become apparent that additional measures are necessary to meet this unprecedented challenge.

NH Hotel Group implements contingency plans, strengthens its liquidity up to €675 million and prepares for a progressive reopening with maximum health guarantees

NH Hotel Group implements contingency plans, strengthens its liquidity up to €675 million and prepares for a progressive reopening with maximum health guarantees.

The uncertainty generated by COVID-19 at the beginning of the year accelerated the implementation of strict contingency plans to minimize operating expenses through temporary adjustments of personnel, reduction of supply costs, suspension of investments in marketing and renegotiation of rents

In addition, NH Hotel Group has activated various measures aimed at preserving and strengthening its liquidity to meet operational needs in the coming months, most notably the reduction of investment in hotel maintenance and repositioning, the drawdown of credit lines, the cancellation of the proposed dividend from 2019 profits and the signing in May of a syndicated loan of €225 million with maturity in 2023. As a result, the Group has a liquidity of over €675 million

Since the beginning of May, the Group has reopened its sales channels and reservation systems, and plans a progressive reopening of hotels in the main cities, initially concentrating the demand of each destination in those establishments that allow the optimisation of resources and profitability

The Company has completely redesigned the customer experience to ensure that safety and social distancing requirements are met at its facilities and is collaborating with SGS in the implementation of a protocol of measures and assessments that will allow the reopening of hotels with maximum guarantees of hygiene and disinfection

Hyatt's global commitment on Care & Cleanliness Commitment

                              Focusing on the safety and wellbeing of colleagues and guests during the COVID-19 pandemic and beyond, Hyatt’s commitment includes Global Biorisk Advisory Council accreditation, hotel-level sanitisation specialists, and a working group of trusted medical and industry advisors

Hyatt Regency St. Louis at the Arch

 Photo courtesy of Christopher Taber

Guided by its purpose of care and experience delivering world-class hospitality for more than 60 years, Hyatt today announced a Global Care & Cleanliness Commitment to further enhance its operational guidance and resources around colleague and guest safety and peace of mind. The multi-layered commitment builds on Hyatt’s existing rigorous protocols and will include an accreditation process by the Global Biorisk Advisory Council (GBAC) at all hotels around the world, colleague training and support resources, and a cross-functional working group of medical experts and industry professionals that will contribute to various aspects of the hotel experience.

How would you like to join The Queen, Princess Margaret, Margaret Thatcher & Lady Diana for tea?

How would you like to join The Queen (Olivia Colman), Princess Margaret (Helena Bonham Carter), Margaret Thatcher (Gillian Anderson) & Lady Diana (Emma Corrin) from the hit TV series 'The Crown' for afternoon tea at the Great Scotland Yard Hotel, near Trafalgar Square? Well now is your chance. Oscar-winner Olivia Colman, Helena Bonham Carter, Gillian Anderson and Emma Corrin are hosting an alternative Royal Family tea party for Bonhams BLUE Auction, in aid of NHS Charities COVID-19 Urgent Appeal.

Olivia Colman said: "When I was approached to support the auction, I really wanted to help out, so I phoned round a few of my co-stars from the television show 'The Crown' and the result was the creation of 'The Alternative Royal Family Tea Party'.

This is just one of the pledges in Bonhams' not-for-profit digital auction that have been generously donated by the UK's leading actors, musicians, artists and sportspeople.

The auction being hosted at bonhams.com and runs until Wednesday 29 April. Bids can be made by going to bids@bonhams.com or calling us on +44 (0) 20 7447 7447. All lots will be available to view online at bonhams.com/theblueauction.

More details on the Great Scotland Yard Hotel, part of The Unbound Collection by Hyatt is available here. 

Great Scotland Yard Hotel                                                                                             Photo Hyatt

Great Scotland Yard Hotel                                                                                                    Photo Hyatt

Silver Lake, Sixth Street Partners Invest $1 Billion in Airbnb

Strategic investment will help strengthen Airbnb’s global community of hosts and guests who deliver unique, local, and authentic experiences in over 220 countries and regions.

News Report

 

The desire to explore, connect, have new experiences, and have a comfortable place to call home are universal and enduring. And our commitment to create a greater sense of belonging—for everyone, everywhere—will never change. Brian Chesky, Airbnb Co-Founder, CEO and Head of Community

Airbnb announced today that Silver Lake and Sixth Street Partners will invest $1 billion in Airbnb in a combination of debt and equity securities. The new resources will support Airbnb’s ongoing work to invest over the long term in its community of hosts who share their homes and experiences, as well as the work to serve all stakeholders in the Airbnb community.

The desire to explore, connect, have new experiences, and have a comfortable place to call home are universal and enduring. And our commitment to create a greater sense of belonging—for everyone, everywhere—will never change. Brian Chesky, Airbnb Co-Founder, CEO and Head of Community

Started in the midst of the Great Recession in 2008, Airbnb has rapidly grown into a trusted two-sided marketplace that generates real money for millions of regular people who share their homes and host Experiences. People who share their homes keep up to 97 percent of what they charge for their listings, while guests have easy access to a wide range of places to stay—from budget to luxury—in nearly every country and region in the world.

Marriott CEO sends a letter to its customers

Our Continued Efforts: We Will Travel Again

Arne M. Sorenson the President and Chief Executive Officer of Marriott has sent a letter to its customers.....


It’s been three weeks since I last communicated with you about the dramatic impact of COVID-19 on our business. Sadly, since that time, we’ve all borne witness to how this insidious virus is impacting our families, our communities and our very way of life. What we’re facing is daunting, but I am heartened by the moments of triumph in everyday acts of courage, humanity and love. Although these are trying times for us all, I remain optimistic that our world will thrive once again.

Today, I want to let you know how we’re focused on supporting the communities where our associates live and work. I also want to provide you with an update on our room cancellation policy and Marriott Bonvoy status and points expiration dates.

#FirstRespondersFirst Partners with Marriott International to Provide Free Accommodations to Healthcare Workers on the Frontlines of the COVID-19 Pandemic

As the COVID-19 pandemic continues to have devastating impact, #FirstRespondersFirst announced today a partnership with Marriott International to support frontline healthcare workers with essential protective equipment, accommodations, child care, food, mental health support and other essential resources.

As people are being asked to serve the public health by stepping back, frontline healthcare workers are being tasked with stepping forward, putting their own health -- and that of their families -- at risk. Beginning this week, Marriott and #FirstRespondersFirst will provide healthcare workers in New York City with accommodations starting with The Renaissance New York Times Square and The Algonquin Hotel Times Square, Autograph Collection which are both in close proximity to hospitals. Accommodations will be provided at no cost to the healthcare workers.

Ritesh Agarwal, Founder & Group CEO, OYO to Forego 100% of His Annual Salary, and the Executive Leadership Team to Take Voluntary Salary Cuts

COVID-19 has impacted the global hospitality industry significantly with occupancies of various hotel chains being affected drastically. In this unprecedented and difficult period, Ritesh Agarwal, the Founder & Group CEO, OYO Hotels & Homes, has decided to forego 100% of his salary for the rest of the year. The company’s entire executive leadership team has taken a voluntary pay cut starting at 25%, with many opting for an additional uncapped amount, and some going up to 50% to enable building the runway for the company. This would be effective April 2020 and the entire company is standing together to tide over these times.

It has been a matter of pride for OYO Hotels & Homes that it has retained each and every single leader in the CXO group in the history of the company, and in a difficult time like this, the executive leadership has come together as one strong entity as true partners of the company.

Hilton and American Express to Donate Up to 1 Million Rooms To Frontline Medical Professionals During COVID-19 Crisis

Hilton and American Express have announced in partnership with Hilton’s ownership community, they will donate up to 1 million hotel room nights across the United States to frontline medical professionals leading the fight against COVID-19.

Beginning next week, Hilton and American Express will make rooms available without charge to doctors, nurses, EMTs, paramedics and other frontline medical staff who need a place to sleep, recharge or isolate from their families through the end of May.

Hilton is initially working with 10 associations who collectively represent more than 1 million healthcare workers to provide access to the program, designed to support individuals who would otherwise have to spend their own money on accommodations.

Marcus Hotels & Resorts is temporarily closing a select number of properties

Marcus Hotels & Resorts is temporarily closing a select number of properties across its portfolio. This decision includes the Hilton Milwaukee City Center; Saint Kate – The Arts Hotel in Milwaukee; Grand Geneva Resort & Spa in Wisconsin; The Skirvin Hilton Hotel in Oklahoma and The Lincoln Marriott Cornhusker Hotel in Nebraska. 

"The safety and well-being of our guests and associates is our number one priority. The lodging industry is facing unprecedented challenges due to the nationwide COVID-19 pandemic. In light of these challenges and our current business levels, we have made the difficult decision to close a select number of properties across our portfolio,” said Michael R. Evans, President of Marcus Hotels & Resorts. “During these difficult times, our leadership team is meeting daily to monitor the situation, and we will continue to explore every option to help our associates, our guests and our properties. Our sincere hope is that these closures will not be for an extended period of time and that our dedicated teams will all be back together again very soon and welcoming guests to our hotels."

During these temporary closures, most of our associates at the affected hotels will be temporarily laid-off and the company will provide temporary compensation to affected associates based on their length of service, as well as the continuation during the period of the temporary lay-off of health insurance coverage for those associates currently enrolled.