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Angels Landing Partners Advance Plans for $2 Billion Twin-Tower Luxury Hotel Project in Downtown L.A.

Two acclaimed African American developers – Victor MacFarlane of MacFarlane Partners and R. Donahue Peebles of The Peebles Corporation – are doubling-down on their multi-million-dollar effort to bring thousands of new jobs and economic benefits to the nation’s second-largest city as development partners of Angels Landing, their $2 billion twin-tower luxury hotel project in downtown L.A.’s Bunker Hill neighborhood. MacFarlane and Peebles are majority-owner principals of Angels Landing Partners, LLC, the development partnership responsible for conceiving, designing, building, and operating Angels Landing. The partnership was officially selected by L.A. City officials at the conclusion of the city’s competitive bid process in 2017. Their partnership’s intentions are firmly focused on completing construction of Angels Landing before elite athletes, sports officials and tourists worldwide converge in L.A. for the 2028 Olympic Summer Games. Victor B. MacFarlane, chairman and CEO, MacFarlane Partners said, “Angels Landing aligns well with many of the projects we have built in the past 30 years throughout the U.S., including two residential developments recently completed near Pershing Square.” “The foundation of our business has always been to strengthen communities where we do business,” Mr. MacFarlane said. “We believe we can help communities prosper. We know Angels Landing will have a significant positive impact on L.A.’s economy. The ripple effect of Angels Landing’s substantial economic and employment activity will reverberate throughout L.A. County by providing good-paying union jobs to construct our hotel project and extensive career opportunities when the project is completed, and its hotels are open to the public. We have spent more than $10 million to move our project forward. We’re not letting the coronavirus pandemic slow us down. We anticipate our project entitlement this year,” he added. Angels Landing is comprised of two towers, each anchored by its own five-star hotel. In addition to the hotels, the development will feature an expansive modern urban park – known as Angels Landing Plaza – designed to serve as a pedestrian-centered, transit-adjacent, open space environment in the heart of downtown L.A. R. Donahue Peebles, Chairman and CEO, The Peebles Corporation said, “Equity and inclusion are bedrock principles at the Peebles Corporation. My success is predicated on opportunities I received because of those two important tenets. I have built an impressive collection of commercial and residential projects in New York, Washington, D.C., Miami, and other U.S. cities.” “In each city, I’ve been most excited about using my influence to empower Black-owned, Latino-owned, and women-owned business leaders. My company works diligently to help minority-owned enterprises grow their businesses through procurement contracts established through our development projects,” Mr. Peebles said. According to an analysis prepared by BJH Advisors, LLC., more than 8,300 new jobs will be created during Angels Landing’s project design and construction. The New York City-based firm’s report estimates Angels Landing would additionally create more than 800 permanent jobs in downtown L.A. An estimated 500 jobs would be created by vendors in the L.A. County region providing good and services to the two luxury hotels. In addition to new job creation, the BJH Advisors analysis projects Angels Landing would give L.A.’s local economy a $1.6 billion boost and contribute $731 million to local worker’s earnings during its construction. The project would generate as estimated 12 million in recurring tax revenues and $2.4 million annually in local property tax revenues, according to the report. “With Angels Landing, the transformative impact of empowerment and economic inclusion will be felt by an array of businesses, including Latino- and Asian-owned businesses. We have committed to a goal of 30% M/WBE contracting across the board for our project. We’re raising the bar for economic inclusion for development projects in Los Angeles,” Mr. Peebles added. Angels Landing Plaza will frame the angular, multi-level Bunker Hill site as a publicly accessible, privately managed park amenity, establishing it as a vibrant, inviting, and treasured locale for L.A.’s downtown neighborhood residents, weekday commuters, nightlife seekers, tourists, and hotel guests. L.A.’s historic Angel’s Flight funicular will operate on its hillside-climbing route contiguous to the Angels Landing development. “With our commitment to Angels Landing, we are committing to the future of downtown Los Angeles. Despite the millions of dollars expended so far to keep our project on-track, and notwithstanding the strong pandemic-induced recessionary pressures on L.A.’s economy, we continue to push hard to make our plans for Angels Landing a reality. Having recently completed our Park Fifth apartment complex, a two-building development adjacent to Pershing Square, Angels Landing represents our continued faith in the economic future of downtown Los Angeles,” Mr. MacFarlane said. Mr. Peebles said, “2020 was a trying year for nearly every sector in the business world. And the first three quarters of 2021 may be equally challenging. But we’ve faced big challenges in the past and always managed to prevail. The success of our development businesses is a testament to our drive and commitment to build projects that improve the quality of life in the communities where they’re built.” Mr. MacFarlane said, “The economic impact of the coronavirus pandemic has been significant this year. Some of those negative economic impacts, such as lagging job growth, are projected to extend well into 2021. But pessimistic economic indicators and projections have not shaken our resolve to build Angels Landing. We’re making our investment to create new jobs for L.A. area residents. We’re confident Angels Landing will help the L.A. economy rebound and gain strength. Angels Landing will create thousands of jobs that will result in millions of dollars circulating throughout the L.A. region providing a needed boost to small businesses.”

Create: Feb 11, 2021 Edit: Feb 11, 2021 International News

Impact of handicrafts now visible on Iranian economy, tourism minister says

Iranian tourism minister has hailed the impact of handicrafts businesses on the economy of the country, saying its results are now evident on people's jobs and their livelihoods. “Unlike large projects and businesses, whose economic outcomes mostly appear in the long run, the impact of small businesses is now visible [in the field of handicrafts]” Cultural Heritage, Tourism, and Handicrafts Minister Ali-Asghar Mounesan said on Monday. Paying attention to the small businesses will lead to justice and the fair distribution of wealth, the official added. However, comparing small businesses with large investments is short-sighted as the small businesses receive the least support, while balancing these two fields seems important as well, he explained. While large businesses are mostly financed by the government, small businesses help improve people’s economy therefore the latter needs special attention, the minister said. Elsewhere in his remarks, Mounesan said that the small businesses in the field of handicrafts could be created with a small amount of investment, which could be a solution for one of the most important issues in the country, which is unemployment. To support artisans and crafters as much as possible, commercializing of handicrafts has been started which is expected to have a good effect on the hand-made products’ marketing and sales, he added. Earlier this week, the minister said that the sale of handicrafts is partly related to the prosperity of tourism and the presence of foreign tourists in the country. He also said that the national budget bill for the next calendar year (starting on March 20) has proposed 70 trillion rials (about $1.7 billion) to support tourism businesses affected by the coronavirus pandemic. With 14 entries, Iran ranks first globally for the number of cities and villages registered by the World Crafts Council, as China with seven entries, Chile with four, and India with three ones come next. In January 2020, the cities of Shiraz, Malayer, and Zanjan and the village of Qassemabad were designated by the WCC- Asia Pacific Region, putting Iran’s number of world crafts cities and villages from ten to 14. Shiraz was named a “world city of [diverse] handicrafts”. Malayer was made a global hub for woodcarving and carved-wood furniture. Zanjan gained the title of a “world city of filigree”. And Qassemabad village, which is nationally known for its traditional costumes, was also promoted to a world hub of handicrafts. Chador Shab, a kind of homemade outer-garment for women, was, however, the main subject for the WCC assessment for the village. Back in May, deputy tourism minister Pouya Mahmoudian said that some 295 fields of handicrafts are currently practiced across Iran with more than two million people engaging, the majority of whom are women. She also noted that handicrafts play an important role in the economy in rural areas. Iran exported $523 million worth of handicrafts during the past calendar year 1398 (ended March 19). Of the figure, some $273 million worth of handicrafts were exported officially through customs, and about $250 million was earned via suitcase trade (allowed for customs-free and tax-free transfer) through various provinces, according to data provided by the Ministry of Cultural Heritage, Tourism and Handicrafts. Ceramics, pottery vessels, handwoven cloths as well as personal ornamentations with precious and semi-precious gemstones are traditionally exported to Iraq, Afghanistan, Germany, the U.S., the UK, and other countries.

Create: Jan 28, 2021 Edit: Jan 28, 2021 Regional News

Tour Guides who became drivers

✨ "Hamid Droudian" Member of the Board of Directors of Tehran Tourist Guides Association; 🔹 Tour guides have been officially unemployed since November last year, and many of them are now taxi drivers. 🔹 We were the only group in the tourism sector that became unemployed in November last year, before the Corona virus spread around the world. 🔹 In Tehran, after 9 months, we still have not been able to meet the director general of cultural heritage and tourism of the province.

Create: Nov 27, 2020 Edit: Nov 27, 2020 Regional News

Passengers stayed in tents and villas

"Jamshid Sultan Moradi", the head of Mazandaran Hoteliers Association, said; The situation of travel to this province during the Eid al-Fitr holiday was more messy than the Nowruz holiday. Only 20% of the population who traveled to Mazandaran stayed in hotels. In the province, only 1,200 guesthouses are officially licensed, but despite promises to close them during the Coronavirus, all of these accommodations have been open.

Create: May 27, 2020 Edit: May 27, 2020 Regional News

Now is the time to prepare for the post-virus wave of Chinese tourists

On February 15th, 2003, the first group of 67 Chinese officially travelling for leisure arrived in Germany, based on the ADS Approved Destination System agreement China and Germany signed the year before, second in Europe only to the island state of Malta, while for the rest of the Schengen Area the ADS agreement came only into force in September 2004. Your humble editor had stopped a few years earlier to be an inbound tour operator for Chinese delegations and had just finished the first semester as a tenured university professor. Witnessing the high expectations of my former colleagues, all buying coaches, employing additional staff and moving into bigger offices, I wondered if I had taken the wrong decision to opt out of the business just before the biggest bonanza ever for the German China inbound tour operators, looking forward to enjoying a year without competition in Europe. Unknown at the time, in November 2002 SARS (severe acute respiratory syndrome) started in Guangzhou and spread to many countries in the world. On March 15th, 2003, the WHO issued a global alert about a new infectious disease, advising against any unnecessary travel to and from East Asia. On April 2nd, Chinese officials finally began reporting the severity and extent of the SARS outbreak. As a result the second quarter of 2003 saw almost no Mainland Chinese citizen arriving in Germany, pushing several inbound tour operators close to bankruptcy. For the whole year, the number of arrivals however reached the level of 2002, and 2004 saw an increase of almost 40%, as many of the trips to Germany influenced by the SARS crisis were only postponed, not cancelled. Globally the same happened: From 16.6 million in 2002 the number of outbound trips jumped to 20.9 million in 2004 despite the three-month hiatus. With the yet not fully named 2019-nCoV, things could turn out in a similar way, based on what is known until now. On the one hand the disease is spreading much faster, given the much improved domestic and international transport infrastructure available in comparison to 2003, on the other hand the Chinese government reacts in a much different way to the crisis. Among many others, starting from the 27th of January, all group travel from China has to cease. Individual travellers however will have a bigger incentive than before to go abroad. The biggest difference is clearly the fact that in 2003 outbound tourism was the least concern except for those few directly involved during the SARS crisis. In 2020 there are already articles published discussing the fate of the tourism industry of Thailand, Japan and other countries if the main source market China implodes. Via an open letter of the CATS China Association of Travel Services published on the 26th, the international partners have been asked to “introduce relative refund and changes policies to minimize Chinese tourists financial loss”. How much this will remain a wish or will become a demand, is one of the many unknown factors in the 2019-nCoV development. The main concern remains of course to minimize the loss of life in China. In all previous cases, being it SARS, MERS or the Lehman Brothers global economical crisis, demand bounced back stronger than before after two or three months. So it will be a good idea to use the time of the slowdown to train everybody involved in servicing Chinese customers, using the brand new CTT China Tourism Training. Let’s hope that the Year of the Rat will have a better ending than this dire beginning and that all our readers, their colleagues, family and customers will stay healthy.

Create: Jan 31, 2020 Edit: Jan 31, 2020 International News

Dorado Beach, a Ritz-Carlton Reserve officially reopens

Dorado Beach, a Ritz-Carlton Reserve officially reopens, marking an exciting chapter in the property’s rich legacy as well as in the recovery and resurgence of Puerto Rico. Following a meticulous restoration, Dorado Beach emerges more spectacular than ever, featuring expanded offerings, amenities and facilities, allowing the celebrated resort to continue to create transformative and personal journeys for all guests. As a part of Marriott International, Dorado Beach, a Ritz-Carlton Reserve has partnered with musical artist and philanthropist Lin-Manual Miranda to support his work in stimulating the Puerto Rican economy and preserving the country’s culture by strengthening and sustaining the local arts community. Throughout the resort’s opening season, starting now through February 2019, Dorado Beach will donate $10 per room to Miranda’s Flamboyan Arts Fund, which supports all aspects of Puerto Rico’s artistic community, including music, theater, visual arts, dance, literature, and youth arts education – critical components of Puerto Rico’s tourism industry and pivotal to the economic recovery of the island. “Dorado Beach exemplifies the unique qualities of the Reserve brand, which is distinguished for its collection of locally-inspired properties that offer heartfelt care and transformative experiences in the most incredible corners of the world,” said Lisa Holladay, Global Brand Leader for Ritz-Carlton Reserve. “With this reopening, the world’s most discerning travelers can once again immerse themselves in the local culture, enjoy unique experiences set apart by human connection and discover this rare estate anew while also supporting the revitalization of Puerto Rico.” Guests returning to Dorado Beach will find each of the property’s 114 beachfront guestrooms and suites re-imagined with a thoughtful design and refreshed with a color palette that amplifies the natural beauty just beyond their doors. The expansive and lush landscape that makes up this special, rare estate has welcomed the addition of more than 300,000 new plant species, resulting in a truly tropical sensory experience. “It is with great enthusiasm and joy that we welcome guests back to our treasured Reserve. The dedication, hard work and care that our Ladies and Gentlemen have invested in the transformation of Dorado Beach is truly remarkable and we look forward to sharing it with both returning and new guests,” said George Sotelo, General Manager of Dorado Beach, a Ritz-Carlton Reserve. “We are delighted to continue to curate extraordinary experiences for our guests through new and meaningful journeys, as well as by encouraging them to rediscover the intrinsic beauty of Dorado Beach.” Encanto Beach Club Bar & Grill will introduce a refreshed dinner menu featuring coastal cuisine that highlights authentic dishes from the Mediterranean. The property’s chic beachside restaurant, Positivo Sandbar, will debut an Omakase & Ceviche bar situated directly on the sand for relaxed, oceanside dining. Dorado Beach’s highly-anticipated new signature restaurant and bar, COA, will be revealed in mid-December 2018. The award-winning Spa Botánico has been fully revitalized for guests to unwind in serenity and comfort. In addition to the return of its signature and locally-inspired spa treatments and unique handcrafted products that are made in the on-site apothecary, Spa Botánico will also debut new treatments as well as introduce a spa cuisine concept. Su Casa, Dorado Beach’s unique five-bedroom villa and former home of historical figure Clara Livingston, will welcome guests starting mid-December 2018 after completing a renovation that will fully modernize the space while maintaining its historical significance and personality.

Create: Jan 18, 2020 Edit: Jan 18, 2020 International News

The Higgins Hotel & Conference Center Appoints Leadership Team Ahead of December Opening

The Higgins Hotel & Conference Center has announced the appointments of Daniel Rhodes as General Manager and Marc Becker as Director of Sales & Marketing. With a unique, 1940s-inspired theme and WWII artifacts incorporated throughout the property, The National WWII Museum’s Hotel will officially open its doors this December in New Orleans’ flourishing Arts and Warehouse District. “Daniel and Marc bring extensive industry experience to The Higgins Hotel,” said James Williams, The National WWII Museum’s Vice President of Sales. “With their passion for hospitality, we could not be more excited to have them lead the launch of this highly-anticipated property, which will help support the Museum’s educational mission.” As General Manager, Daniel Rhodes will oversee and lead all operations and management of the Hotel. With more than 10 years of hospitality experience, Rhodes previously served as the Vice President of operations for Commercial Properties Realty Trust, overseeing the company’s $350 million in real estate assets. Prior to that, he was General Manager of Hilton Baton Rouge Capitol Center and was awarded “General Manager of the Year” by Prism Hotels and Resorts. His versatility has allowed him to build successful teams that focus on providing exceptional service, maximizing hotel profitability and engaging employees. As Director of Sales & Marketing, Marc Becker will supervise overall sales efforts for the Hotel. After earning a Master of Professional Studies in International Hotel Administration, Becker worked with Novotel and Club Med in Italy and France, and then with Gleneagles Resort in Scotland. An offer with Hilton at the Drake Hotel in Chicago brought him back to the United States. Becker later moved to New Orleans after accepting a position as Associate Director of Sales at the Omni Royal Orleans, where he earned recognition as “Sales Manager of the Year” from Omni Hotels & Resorts. He is an active member and past President of Meeting Professionals International, a past Board Member for Hospitality Sales Marketing Association, and currently serves on the Marketing and Industry Affairs committees of the Louisiana Travel Association.

Create: Dec 7, 2019 Edit: Dec 7, 2019 International News

Oman Tourism Development Company signs financing agreement for the W Muscat

Oman Tourism Development Company (OMRAN), the Sultanate’s executive arm for tourism development has signed a term financing agreement with the Oman Arab Bank (OAB). Under the agreement, OAB will finance OMRAN with a long-term debt for the W Muscat. Commenting on the new agreement, OMRAN’s CEO Peter Walichnowski said: “Now that the W Hotel has completed construction and officially opened, we can put in place long term debt that will be financed from hotel operations. The involvement of the private sector allows Government funds to be released and used to create new tourism projects that support the 2040 National Tourism Strategy.”This agreement is in line with the objective of supporting the Government’s economic diversification efforts and increased focus on developing the country’s tourism sector, while establishing strong synergies and partnerships to aid the Sultanate’s economic agenda. OAB’s CEO Rashad Al Musafir said: “OAB recognises Oman’s potential for growth, especially with regards to tourism, and the need to further diversify the country’s economy. Subsequently, we are committed to supporting the various arms of the government in facilitating their various developments, in turn assisting them in any way possible towards achieving Oman’s 2040 National Tourism Strategy goals. This is why we are delighted to be collaborating with OMRAN, a company that has a proven track record of delivering and managing sustainable tourism assets such as the W Muscat.”

Create: Dec 1, 2019 Edit: Dec 1, 2019 International News

Protea Hotel Fire & Ice! by Marriott Hotel Opens in Durban

Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge officially opened this month, making it the first Fire & Ice! by Marriott hotel in KwaZulu-Natal and the fourth in South Africa. A highly anticipated addition to the brand’s fast-growing portfolio, it joins Fire & Ice! by Marriott hotels in Melrose Arch (Johannesburg), Cape Town and Menlyn (Pretoria). A short drive from King Shaka International Airport, Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge is nestled along the picturesque KwaZulu-Natal coastline in the sought-after seaside town of uMhlanga, just north of Durban. In close proximity to the breathtakingly beautiful uMhlanga Rocks Beach, the Gateway Theatre Mall and the Moses Mabhida Stadium, it provides easy access to the region’s resplendent natural beauty, rich cultural heritage as well as its burgeoning energy and vibe. Featuring the hallmarks of the Fire & Ice! by Marriott brand such as comedy and DJ nights, bold décor, and associates who go the extra mile, it is set to transform the hotel scene in uMhlanga and emerge as the new coolest hotspot. A Durban-inspired menu, a retro VW combi, DJ booth, and design elements linked to a beach and surf theme, lend the hotel its own unique flavour and twist. “Durban is a dynamic, cosmopolitan city with a need for a hotel brand that matches its spirit. We are thrilled to introduce Fire & Ice! by Marriott brand with its trend-setting aesthetic fused with local influence to the thriving town of uMhlanga. Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge will provide the quirky, modern vibe that guests and locals in this area are looking for. The property reflects our agility and adaptability to identify and transform a property to suit an evolving destination,” said Volker Heiden, Area Vice-President for Marriott International. Previously a Protea Hotel by Marriott, Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge has been rebranded after a complete transformation “This entailed heavy-duty renovations, an aesthetic metamorphosis, and a complete change in operations. Fire & Ice! by Marriott hotels dare to be different − they are progressive and fun, and while each hotel is individual in its personality, it is this edge that unites them under the brand.We had to balance that in creating this beautifully sassy hotel,” said the designer of Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge, Peter de Klerk. Guests are welcomed into a refreshed lobby that brings to life the vibe of the Fire & Ice! by Marriott brand, with mixed seating, a DJ booth and a TV wall. The new reception area features three pods and a dedicated guest relations desk. The outdoor deck features a retractable awning, three exterior pods for relaxing and dining, and a swimming pool. The VW combi completes the Fire & Ice! by Marriott atmosphere. 205 completely renovated chic and stylish guest rooms offer both comfort and thoughtful amenities including complimentary Wi-Fi. Guests can enjoy a sumptuous buffet breakfast at the Breakfast Room on the first floor and choose indoor seating, one of the two private dining rooms or the outdoor deck. Whether you’re swinging by for a crafted cocktail or looking for an indulgent delicious meal, the stylish restaurant, which features sophisticated neutral décor and delicious global cuisine prepared in an open kitchen offers the ideal venue with both indoor and a scenic outdoor patio seating option. The new menu reflects a strong African focus rooted in KwaZulu-Natal’s culinary specialties. Guests can expect a fresh take on the likes of bunny chow and curry, with a Fire & Ice! twist and elegance as well the brand’s signature (egg-ceptional) Fire & Ice! By Marriott breakfast options. No Fire & Ice! by Marriott hotel would be complete without a strong link to music. Protea Hotel Fire & Ice! by Marriott Durban uMhlanga Ridge will host Friday DJ nights, featuring top local and national DJs. The hotel will also share the brand’s renowned sense of humour, with regular co medy nights playing host to South Africa’s top comedians.

Create: Jul 27, 2019 Edit: Aug 2, 2019 International News

Accor and meetago signed global partnership to meet MICE demand

In the context of IMEX, Accor and meetago® agreed on a strategic international partnership for its core meeting and events business today. This deeper level of cooperation was officially stamped and sealed on the basis of their already existing successful collaboration. meetago® provides booking and software solutions in the fields of meetings, incentives, conferences & exhibitions (“MICE”, for short) and is one of the biggest players in Central Europe. meetago®’s booking technology and services will be offered by Accor, not only in the DACH (Germany-Austria-Switzerland) region, but across Europe and in a few key source markets such as the US and China. With the launch of this partnership, the jointly developed Connectivity Solution will be available to more than 1,600 meeting hotels worldwide. The offer is focused on a comprehensive and attractive portfolio of meeting and conference hotels across all brands. The Accor and meetago® partnership aims to make booking and managing conferences, events and business meetings faster, more global and more efficient for hotels and event organisers. It will make meeting demand from corporate customers easier and will promote the continued international expansion of the meeting business of both partners. “Through the strategic partnership with meetago®, we are responding to growing demand from our corporate customers and we will be making our offer available centrally via one platform in the future. We also provide more comprehensive and efficient services with a higher level of digitalisation to the conference industry”, said Sabine Toplak, Accor Vice President Sales Central Europe. “We are very pleased to be expanding our collaboration with Accor, which will further advance our global growth. We want to use innovative ideas to provide an excellent user experience”, explained Udo Lülsdorf, CEO and founder of meetago®.

Create: Jul 9, 2019 Edit: Jul 10, 2019 International News

Booking Online Reservation

Booking.com was formed when bookings.nl, founded in 1996 by Geert-Jan Bruinsma, merged in 2000 with Bookings Online, founded by Sicco and Alec Behrens, Marijn Muyser and Bas Lemmens, which operated as Bookings.org. The name and URL were changed to Booking.com and Stef Noorden was appointed as its CEO. In 1997, Bruinsma wanted to post an ad in De Telegraaf, the Dutch newspaper with the highest circulation. The ad was rejected since De Telegraaf only accepted ads with the phone number, not with a website. In 2002, Expedia refused to buy bookings.nl. In July 2005, the company was acquired by Booking Holdings (or Priceline Group, as it was named at the time) for $133 million, and later it cooperated with ActiveHotels.com, a European online hotel reservation company, purchased by Booking Holdings/Priceline for $161 million. In 2006, Active Hotels Limited officially changed its name to Booking.com Limited.[7] The integration successfully helped its parent improve its financial position from a loss of $19 million in 2002 to $1.1 billion in profit in 2011. This acquisition was praised by some social media as “the best acquisition in Internet history” since no other acquisition in the digital travel market had been shown to be as profitable. Darren Huston was appointed as Chief Executive Officer of Booking.com in September 2011 by its parent company, and also served as President and Chief Executive Officer of Booking Holdings since 1 January 2014 until his resignation on 28 April 2016 after an at-work relationship was revealed. CONTACT Bookingcom Bookingcom Bookingcom Booking.com Support@Booking.com

Create: May 30, 2019 Edit: Jun 9, 2020 International Hotel Online Reservations

New DACH-focused conglomerate makes maiden hotel purchase in Hamburg

In a bid to create solid long-term investments, the Bayerische Versorgungskammer (BVK) has partnered with GBI AG, a German project development company, to invest in and manage hotel properties in Europe’s Germany (D), Austria (A), and Switzerland (CH) — or DACH — region via a fund created by Frankfurt-based Universal-Investment. The new fund’s strategy is to build a high-value, long-term portfolio. An initial investment of €500 million ($560 million) will go towards this goal. With about €77 billion ($98 billion) of managed funds, the BVK is one of Germany’s most important institutional investors. BUILDING A NEW PORTFOLIO The collaboration between GBI and BVK officially began in early 2019 when the purchase of the fund’s first hotel property, the Lindner Hotel Am Michel in Hamburg, was decided. “Set in a perfect downtown location in one of Germany’s most dynamic hospitality markets, this 4-star hotel is a fitting first step for the fund,” says Simon Behr, Director of Fund Management & Transaction at GBI AG. Opened in 2008, the 4-star hotel set in Neanderstreet has 259 modern rooms and comes with a large events and conference space with seven meeting rooms. After being run by Lloyd Fonds AG for over 10 years, it has now been sold to BVK’s new fund.

Create: May 12, 2019 Edit: May 14, 2019 International News