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Sahara Group acquires New York's Plaza Hotel for $570mn: reports

The Sahara Group has acquired a controlling stake in New York’s landmark Plaza Hotel for $570 mn, according to reports.

Reports stated that luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co.

Elad, controlled by Israeli businessman Yitzhak Tshuva, said that  would receive 1.6 billion shekels for its 60% stake, while Kingdom will receive the rest, report says.


ITC hikes stake in Hotel Leelaventure: reports

Diversified business group ITC has increases its holding in Hotel Leelaventure Limited, by acquiring more than 1% through its wholly owned subsidiary, Russell Credit, according to reports.

Reports stated that during the April-June quarter, Russell Credit picked up 1.1% in the hospitality major, taking total stake to 13.98 per cent, while the promoters hold a 56.57%.

ITC had been buying into EIH that runs the Oberoi chain of hotels, since 2000 and has a 14.98% stake, report says.

Infocus

Hotel Leelaventure plans to raise Rs10bn

Hotel Leelaventure Ltd has announced that the Board of Directors of the Company at its meeting held on August 02, 2012, have considered and approved the following :

Issue of Equity Shares to a Promoter Group Company on Preferential Basis as per SEBI (ICDR) Regulations 2009.

The Board has approved, subject to the consent of the Members at the ensuing Annual General Meeting scheduled to be held on September 20, 2012, allotment of equity shares on Preferential Basis to a Promoter Group Company for an aggregate value not exceeding Rs. 1bn, including premium.

As per SEBI (ICDR) Regulations 2009, the relevant date for determining the issue price is August 21, 2012, being 30 days prior to the date of the ensuing Annual General Meeting.

Enabling resolution for raising funds upto Rs. 10bn

The Board has accorded its approval for an enabling resolution for raising of funds upto Rs. 10bn through issue of equity shares / convertible debentures / GDRs / ADRs and/or such other securities either through preferential issue and / or qualified institutional placement and / or private placement, etc. in one or more trenches at an appropriate time.

Demise of Mr. P. C. D. Nambiar, Non-Executive Independent Director and Chairman of the Audit Committee

It is with deep sadness that Hotel Leelaventure intimates the demise of Mr. P. C. D. Nambiar, Non- Executive Independent Director and Chairman of the Audit Committee on May 26, 2012. Mr. Nambiar joined the Board of the Company in 1986. As a distinguished banker with vast experience in National and International Ranking and Finance, he has made valuable contribution to the Company in his capacity as a director and the Company has benefitted significantly from his guidance.

Change In the Nominee Director on the Company’s Board

Anil Kumar Sharma has replaced Mr. Pawan Kumar Nagpal, as the new nominee of the Airports Authority of India on the Board of the Company.

Domestic News

Thomas Cook India expands presence in Maharashtra

Thomas Cook (India) Ltd, India’s largest integrated travel and travel related financial services company, launched its dedicated Foreign Exchange Branch in Jalgaon, Maharashtra today.
 
With the opening of its new Jalgaon branch, Thomas Cook (India) Ltd now offers its customers access to 30 Foreign Exchange locations across Maharashtra (Camp, Bhandarkar, Chinchwad, Hinjewadi, DP Road, Inorbit Mall &, Phoenix Mall in Pune; Ratnagiri, Kolhapur, Nasik, Aurangabad and Jalgaon); including 10 branches and 4 malls in Mumbai;  supported by 4 Gold Circle Partner outlets (franchisees).

Crazeal’s exclusive partnership with Ginger Hotels

With an aim to provide best experiences to its consumers, Crazeal.com, the India unit of Groupon Inc. announced its association with Ginger Hotels- a Tata Enterprise, that are designed to address all travel, business and leisure needs. This association marks yet another milestone in Crazeal’s growth trajectory.

Keeping true to its USP of providing irresistible deals at value prices, Crazeal.com has made this deal extremely enticing for its consumers. Starting at Rs.1399 for a 1 night stay at any of the 22 Ginger Hotel Properties, the deal is available in 22 locations: Delhi, Faridabad, Tirupur, Bangalore, Mysore, Trivandrum, Chennai, Pune (Pimpri), Nashik, Baroda, Goa, Ahmedabad, Surat, Pune (Wakad) and Bhubaneshwar among others. Also, for every 50 vouchers sold, one person will get cash back for this deal.

Fairmont Jaipur opens its doors this August

Fairmont Hotels & Resorts, a Canadian based luxury hotel chain, announces the opening of its very first hotel in India – Fairmont Jaipur. The hotel, set to open its doors on 9th August 2012, will join an iconic collection of Fairmont hotels around world, which include landmark properties like The Savoy, London and Fairmont Peace Hotel, Shanghai. Fairmont Jaipur will offer an understated elegance and unparalleled service for which Fairmont Hotels & Resorts are well renowned.

Fairmont Jaipur will open with 199 elegantly appointed Fairmont rooms. Glorifying the rich heritage of Mughal and Rajput architecture era in each of its guest rooms, most of the Fairmont Rooms and Fairmont Gold rooms will enjoy unparalleled views of the majestic Aravalli hills. The room’s interior exemplifies the Mughal architecture, giving the bedroom the authentic feeling of spending the night in a real life Palace as well as the medieval art that brings time period to life.

Hotel Leela Q1 net loss at Rs1.02bn

Raj Travels died at the end

Lalit Sheth, 56, founder of leading travel operator, Shree Raj Travels and Tours Ltd. committed suicide  by jumping off the Bandra-Worli sea link, according to reports.

Reports stated that the police are investigating whether Sheth was in financial trouble.

Sheth was on his way to his Girgaum residence from Bandra when he asked his driver to stop the car near the Worli end of the sea link, Dhananjay Kulkarni, deputy commissioner of police reportedly said.

Global News

Hyatt Hotels Q2 net income at $39 mn

Hyatt Hotels Corporation has reported financial results as follows:
Adjusted EBITDA was $180 mn in the second quarter of 2012 compared to $151 mn in the second quarter of 2011, an increase of 19.2%.

Net income attributable to Hyatt was $39 mn, or $0.24 per share, during the second quarter of 2012 compared to net income attributable to Hyatt of $37 mn, or $0.22 per share, in the second quarter of 2011. Adjusted for special items, net income attributable to Hyatt was $39 mn, or $0.24 per share, during the second quarter of 2012 compared to net income attributable to Hyatt of $46 million, or $0.27 per share, during the second quarter of 2011.

Comparable owned and leased hotel RevPAR increased 7.6% (9.4% excluding the effect of currency) in the second quarter of 2012 compared to the second quarter of 2011.

Owned and leased hotel operating margins increased 320 basis points in the second quarter of 2012 compared to the second quarter of 2011. Comparable owned and leased hotel operating margins increased 120 basis points in the second quarter of 2012 compared to the same period in 2011.