Airbnb IPO launch in doubt

As per data from AirDNA showed Airbnb bookings have collapsed by 40 per cent in China and European cities due to the Covid-19 pandemic, their plans for an initial public offering this year are seriously in doubt. The cancellation or suspension of big conferences and festivals such as South by South West in Austin, Texas…

Barclays brothers to sell Ritz hotel for £750m to Sidra

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…

Raffles and Singapore Sling

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 with $100m fundraising joins $2bn price club

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…

Barclay brothers inject half a million pounds

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…

Peter Frankhauser grilled

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…

OYO to invest $1bn in Saudi Arabia

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…

Thomas Cook Rescue triggers listing risk

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…