Sir David and Sir Frederick Barclay are selling the Ritz hotel for £750m to Sidra Capital a wealthy Saudi Arabian family investment business. The hotel in Piccadilly, built by Cesar Ritz in 1906, has been popular with stars since the age of Charlie Chaplin and Ballerina Anna Pavlova, is one of London’s most coveted property…
The original Singapore Sling was invented at the Raffles Hotel Singapore over 104 years ago by Hainanese bartender Ngiam Tong Boom, when the etiquette dictated that Ladies could not consume alcohol in public. Cad’s Alley as first lovated at the main hotel entrance where tables were strategically placed next to one another, so that male…
Soho House, the hotel and members’ club chain, has been valued at $2bn after raising $100m to help double its global footprint to 50 venues over the next four years. Nick Jones, founder and CEO said, “Expansion is definitely ramping up. We have the infrastructure to do it and we have the appetite People love…
The Barclay brothers David and Frederick Barclay, are pumping half a billion pounds into their ailing empire during a two-year cash-crunch at business that span the Telegraph newspaper and online retailer Shop Direct. The billionaire twins, who have turned 85 ye sterday, have spent £325m supporting operations in the past 18 months face a new…
Thomas Cook’s CEO Peter Frankhauser tells MPs that government refused to support rescue plan led the178-year-old travel company’s collapse. He had spoken to ministers in the government of Bulgaria, Spain, Greece and Turkey in Thomas Cook’s final week – but not the UK as the company tried to piece together a rescue plan. A committee…
Airbnb’s Brian Chesky who want to attract more high spending business, travellers, believes that hotels on Airbnb will help attract business travellers who have been reluctant to use the service. More than half of HotelTonight’sw customers are these high spenders. Getting into hotel business also adds new inventory in big markets. Chesky is targeting New…
OYO to invest $1bn investment in Saudi Arabia creating jobs for over 5000 Saudi citizens by 2020. OYO has obtained its foreign investment licence from Saudi Arabian General Investment Authority (SAFIA) according to Ibrahin bin Abdul Rahman Al-Omar, SAGIA Governor. and Manu Midha will head OYO’s operations in the region. The company has partnered with…
The 179-year-old travel group has agreed terms of a £900m rescue deal with debtholders and China’s Fosun that aims to save the business but could lead to it being pulled from the stock market. According to the deal Fosun would inject £450m into Thomas Cook in exchange for at least 75 per cent of the…
OYO, a fast-growing Indian hotel chain backed by Softbank, is investing £1.6bn ($2bn) to triple 25-year-old Ritesh Agrawal, the founder’s stake to 30 percent from 10 per cent in the company while light speed and Sequoia, its US backers partly cash out. The share buyback pushes OYO , the World’s third-largest hotel chain behind InterContinental…