Fusion & Acquisition

💸 Booking's division, Booking For Business, known for catering to business travelers, is gaining traction in the professional travel sector. Over 4 years, a noticeable shift has been observed as professionals increasingly opt for apartments.

📚 FinMont's study reveals 67% of travelers never read booking conditions. Despite the paradoxical frustration for lack of legal protection, only 10% of European travelers admit difficulties in getting refunds or cancellations. Meanwhile, a third of them (33%) abandon reservations due to hidden fees. The French frauds authority highlighted common issues in the travel industry, suggesting transparency as critical for trust in online transactions. The study also notes the complexity and desire for simpler payment options, like Apple Pay, for 20% of travelers.

📌 Salter Brothers, managed by CEO Rahul Ghai, after 10 years investing in Australian hotels since its inception in 2014, now expands into Asia, notably Japan, focusing on business hotels and ryokan. With nearly AUD 4 billion assets under management, about 85% in real estate, the firm leverages institutional capital and targets value-added transactions, including rebranding and potential repositioning to enhance performance for clients. Founders Paul and Rob Salter bring expertise in hospitality, corporate advisory, and asset allocation.

🏨 Les Aubergistes Lyonnais, founded by Loïc Renart and owned by Renart-Auroux family since 1966, expanded with Hôtel Simplon and Hôtel Phénix. Based in Lyon's historic districts, the hotels maintain high occupancy rates. The group, France's first mission-driven hotel company, is led by Loïc Renart, employs 75 staff, and generated €6.9 million in revenue last fiscal year. In 2009, Esprit de France, part of Compagnie Lebon, joined to enhance growth, leveraging their 13 Paris hotels and properties in Aix-en-Provence and Lens.

🏨 Hyatt Hotels Corporation to acquire Standard International, adding 21 hotels and over 2,000 rooms to its global portfolio. The deal, set to close later this year, will see a new lifestyle group created in New York, led by Amar Lalvani, Standard International's executive chairman. The acquired portfolio will be "asset-light," including management, franchise, and license agreements of establishments like The Standard in London and New York, and boutique hotels such as Hotel Saint Cecilia in Austin, Texas.

🏕 Marriott plans to add over 9,000 rooms to its portfolio later this year, targeting a net room growth of 6 to 6.5% for the whole year of 2024. Sonder's rooms will be integrated into Marriott's system over the next few years, generating royalties for Marriott based on a percentage of Sonder's gross room revenues. Sonder, founded in 2014, manages apartment-style accommodations and boutique hotels in urban markets across North America, Europe, and the Middle East, appealing to demographics including young travelers.

🎰 Pollet-Villard-Gaston (PVG) from Annecy will invest €9.5 million in the future casino of Pompadour, becoming their second casino after the Imperial Annecy. PVG hotels include the 5-star Au Cœur du Village, the 4-star Impérial Palace, Le Pélican, and Beauregard, as well as the 3-star Alpen Roc and Christiania. Construction is set to begin early next year with the opening scheduled for February 13, 2026. The casino will feature a restaurant, 75 slot machines, 20 English roulette stations, 10 electronic blackjack posts, and two traditional game tables.

🏀 France's basketball team lost to the USA led by NBA star Stephen Curry, who made four three-pointers in two minutes. McDonald's France humorously contemplated removing their curry sauce for "at least four years" in an Instagram post following the defeat. The joke garnered around 30,000 likes and CNN confirmed it was in jest referencing Saturday's game. Ironically, the curry sauce was already replaced by szechuan sauce ahead of the Paris 2024 Olympics.

💰 Founders Kevin Cohen, Julien Madar, and Joffrey Ichbia announced that Indian giant Oyo, supported by Softbank with over 17,000 hotels worldwide, acquired Checkmyguest. The company valuation is close to €100 million.

🍽 In California, the Michelin Guide's latest release on August 5 highlighted seven new 1-star and three new 2-star restaurants, with Aubergine in Carmel-by-the-Sea, Sons & Daughters in San Francisco, and Vespertine in Culver City each earning 2 stars, and Vespertine also receiving a Green Star. The state now boasts 84 starred restaurants, including six 3-star, thirteen 2-star, sixty-six 1-star, and sixteen Green Stars. Ten more establishments have been added to the Bib Gourmand list, totaling 132, and the 2024 selection features 577 establishments offering 60 different styles of cuisine.