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Thursday's monthly benchmark is strong and partly borrowed. New York's World Cup Final did much of the heavy lifting at the top of the table, which makes it a number to enjoy now and to budget around next summer. The more interesting convergence happened elsewhere: four separate pieces published within a few hours of each other arrived at the same conclusion about AI, and none of it was about the models. July RevPAR Rose 8.2%, and New York Did a Lot of the Lifting CoStar's July data puts US occupancy at 69.7%, up 2.3%, ADR at $171.74, up 5.7%, and RevPAR at $119.77, up 8.2% year on year. New York City, which hosted the World Cup Final, posted the largest gains in the Top 25 on both rate and yield: ADR up 24.0% to $351.18 and RevPAR up 27.1% to $305.74. Detroit was the only Top 25 market with a double-digit occupancy increase, up 10.7% to 70.7%, and 22 of the 25 improved RevPAR. Part two of the H1 global review, published this morning, gives the shape underneath the month. Global occupancy moved within roughly one to two percent of last year while ADR carried RevPAR, which makes the half pricing-driven rather than demand-driven. Europe is close to its practical occupancy ceiling and now competes on revenue management rather than volume. North America holds rate without losing demand. Asia Pacific grows on both, led by Japan, Vietnam and Thailand. The behavioural findings matter more than the regional ones: booking windows keep shortening, matching Monday's Expedia data on EMEA, and average length of stay is falling, with urban and business trips moving from five or six nights toward two or three. Set that against Tuesday's note from STR that World Cup host markets will create difficult year-over-year comparisons next summer, and the New York line above is exactly the number that needs handling carefully in a 2027 budget. Read the July data → Four Pieces, One Conclusion: the AI Bottleneck Is Human LodgIQ put a number on it. More than half of the pricing recommendations an unexplained system produces are overridden across the industry, and the argument is that this is not carelessness. A recommendation without reasoning attached is not something a revenue manager can defend to a general manager or an owner, so it sits in a queue instead of changing a rate. The same piece cites lodging technology research in which 42% of hoteliers say their own employees experience workplace technology as friction rather than help, usually because training was rushed and interfaces were left too complex to learn on the job. The proposed fix is sequencing: let the system suggest while a person decides, then let it act inside guardrails once the logic has proven itself, then monitor at a strategic level. Skip the stages and adoption stalls regardless of how good the underlying model is. A former front desk agent and housekeeping supervisor made the labour version of the same argument. US hotels are on track to

From evolving acquisition channels to rising distribution costs, hotel marketing teams have a lot to consider this budget season. Building a successful digital marketing budget for your hotel requires strategic investments in the channels and tactics that allow you to drive direct bookings away from OTAs and nurture long-term revenue growth. Whether you're creating your first budget or refining an existing strategy, this guide is designed to help hotel marketing teams understand the essential elements that will shape revenue in the year ahead, and answer three fundamental questions: How much should we invest? Where should we invest it? And how will we know it's working? Rather than focusing on tactics alone, we’ll discuss what benchmarks to focus on, how to calculate the true costs of each channel, and the common traps that look reassuring on a dashboard, but may be holding your revenue back. Most hotel marketing budgets start with the same question: what percentage of revenue should we spend? It’s the wrong starting point. A boutique hotel and a 1,000 room property carry very different fixed technology costs, and a flat percentage benchmark ignores that entirely. The better question is what it actually costs you to acquire a direct booking, and whether that cost is shrinking or growing over time. OTA commissions scale linearly forever. A well built direct channel does the opposite: the first booking from a guest is expensive, the next one is nearly free. This guide walks through how to set a defensible 2027 budget using cost of acquisition instead of guesswork, where a strong ROAS number can actually be hiding weak growth, and what AI search and agentic booking mean for where your dollars need to go next. What you’ll learn Why anchoring your budget to cost of acquisition works better than a flat percentage of revenue, and what benchmark to us Why a 15:1 ROAS can be a warning sign instead of a win How to compare direct bookings against OTA commissions using net revenue, not booking volume What’s changing in 2027 with AI search, agentic booking, and first-party data, and how to budget for it Eight questions worth asking your agency before you finalize next year’s spend Download the guide and start preparing your 2027 strategy for AI search and agentic booking, so your visibility, direct revenue, and long-term growth aren’t left to chance.

ALPHARETTA, GA (August 27, 2026) – Agilysys, Inc. (Nasdaq: AGYS), a global hospitality-focused technology provider, today announced that more than 100 golf properties have deployed its industry-leading Agilysys Golf solution. The milestone reflects rapid adoption of Agilysys Golf, a modern golf management platform, across the golf industry, from premier resorts and destination golf properties to private clubs and membership organizations. The recent implementation of Agilysys Golf at The Otesaga Resort Hotel , a historic lakeside golf resort in Cooperstown, N.Y., marks the 100th Agilysys golf property deployment. Today, 109 golf properties use Agilysys Golf, including many destinations recognized among Golfweek 2026 Top 200 U.S. Resort Golf Courses . Momentum for Agilysys is evident among the highest-ranked destinations in the golf industry. According to Golfweek rankings, 39 of the Top 100 U.S. resort golf courses use Agilysys Golf to manage their operations. That includes 14 of the Top 20 and four of the Top Five. Globally, four of the Top 10 Golfweek resort golf destinations also use Agilysys Golf. “Two Agilysys Golf customers reported the following results: 20% increase in green fee revenue through dynamic pricing 6% increase in retail revenue through enhanced inventory and sales management 12% reduction in third-party rounds through stronger direct-channel strategies 6% increase in average rates through improved revenue optimization 20 hours per week saved through more efficient caddie scheduling and management These results reflect exactly what operators are looking for," said Rohith Kori, SVP Corporate & Product Strategy at Agilysys. "They are increasingly choosing platforms that bring together golf operations, retail, dining, lodging and guest data in a unified ecosystem that supports continuous innovation and operational improvement. Agilysys Golf continues to stand apart in delivering measurable revenue and efficiency gains alongside a better guest experience." "Managing one of the world premier golf destinations requires technology that helps us deliver a seamless experience across every part of the guest journey," said Matt Barksdale, Vice President of Golf at Pinehurst Resort & Country Club. "Agilysys Golf provides the reliability and flexibility we need to manage tee times and golf operations across our courses while supporting the exceptional experience guests expect when they visit Pinehurst." "Our properties range from destination golf resorts to private clubs, each with unique operational requirements," said Mike Blake, VP Information Technology at Kemper Sports. "Agilysys Golf helps us balance those unique needs with the operational consistency, efficiency and revenue performance required across a large and diverse portfolio." The solution connects golf operations with lodging, dining, payments and guest or member data to improve operational efficiency and deliver more personalized experiences. Agilysys Golf helps operators manage tee sheets, dynamic pricing, retail, caddie operations and memberships through a purpose-built platform integrated with the broader Agilysys hospitality technology ecosystem. Continued growth of Agilysys Golf reflects increasing demand across the golf industry, from premier resorts to high-end country clubs, destination golf courses and membership clubs, for technology that brings together golf operations and enterprise hospitality management. Agilysys combines golf-specific capabilities with integrated hospitality technologies to help operators

Stamford Place to Open in September Following SGD132 Million Acquisition and Revamp in Singapore Stamford Place , formerly known as Stamford Court, is set to open in September 2026 following an 18-month restoration and repositioning into a mixed-use lifestyle destination in Singapore’s Civic District. The four-storey property, located at the intersection of Stamford Road and Hill Street, was acquired by real estate investment firm Singapore-based Elevate Capital Group , in partnership with US-based asset manager PGIM for SGD132 million. The transaction was announced in August 2024 and completed in October 2024 . The revamped property will feature APT., a 66-unit boutique serviced apartment operated in partnership with Singapore-based Frasers Hospitality , alongside approximately 2,787 square metres ("sqm") of hospitality-inspired workspace operated by The Great Room by Industrious . The serviced apartment will offer facilities including a gym and laundrettes , complemented by eight F&B and retail spaces on the ground floor and other lifestyle and cultural offerings. The repositioning adopts an adaptive reuse approach, retaining the property's distinctive clock tower and heritage character while creating an integrated destination. AWC Expands Bangkok Hospitality Offering with THB2.9 Billion Plaza Athénée Hotel in Thailand Thailand-based integrated lifestyle real estate group Asset World Corp Public Company Limited (“AWC”) plans to convert the existing River Garden property into a new ultra-luxury hotel under the Plaza Athénée brand in Bangkok . The 146-key property is expected to comprise more than 20,000 square metres (“sqm”) of gross floor area across 18 storeys , representing an investment of approximately THB2.9 billion . Located along the Chao Phraya River , the hotel will form part of AWC Riverside Journey , which currently connects 11 AWC lifestyle destinations along the river . The initiative also includes the 192-key Ritz-Carlton Bangkok, The Riverside , currently being developed by AWC in partnership with US-based Marriott International at the historic Lhong 1919 site . Both hotels are scheduled to open in 2028 . AWC also plans to introduce a shared lobby concept across participating properties, providing communal spaces for guests to meet, relax and experience the riverfront. Other future components of its riverside strategy includes the upcoming MONA Bangkok , and a proposed sustainable cross-river cable car . NIPPON REIT Acquires 9h nine hours Hakata station for JPY2.06 Billion in Japan Japan-based NIPPON REIT Investment Corporation (“NIPPON REIT”) has acquired 208-capsule 9h nine hours Hakata station in Fukuoka, Japan, from Japan-based TU31 Godo Kaisha for JPY2.06 billion , translating to approximately JPY9.9 million per capsule . The purchase price represents a discount of approximately 39.4% to the property's appraised value of JPY3.4 billion . Completed in 2020 , the nine-storey mixed-use property has a total floor area of approximately 1,702 sqm on a 359 sqm site. The property comprises retail space on the first and second floors, with the capsule hotel occupying the third through ninth floors and includes amenities such as a guest lounge, lockers, and shower facilities. Located approximately a three-minute walk from Hakata Station , the property benefits from direct

UTRECHT, Netherlands – BCD Travel today announced a series of planned leadership transitions designed to support the company’s next phase of growth, innovation and client value creation. The transitions include the retirement of Global Chief Commercial Officer Mike Janssen at the end of 2026 and President, Americas Craig Bailey on June 30, 2027. Marcus Eklund, former global managing director of FCM, will join BCD as global chief commercial officer effective Sept. 14 ,2026. Dave Mitchell, currently president of BCD Mid-Markets and GetGoing, will become president, Americas, and Tanya Green, currently senior vice president, Americas Operations, will become president, Mid-Markets, effective Jan. 1, 2027. The changes are part of BCD’s long-term succession planning process and combine leadership continuity, internal talent development and strategic external expertise. Strong organizations actively prepare for change. These transitions reflect years of thoughtful succession planning and our commitment to building for the future. They reinforce our confidence in BCD’s strategy, our leadership bench and our ability to continue delivering exceptional value for clients, partners and travelers around the world. Stephan Baars, global CEO of BCD Janssen and Bailey will remain actively engaged throughout extended transition periods to ensure continuity for clients, partners and employees. Together, they have contributed nearly five decades of leadership to BCD, helping shape the company’s commercial organization, client relationships, culture and growth trajectory. Eklund brings extensive global leadership experience across sales, program management, marketing and product strategy, together with deep expertise in travel technology, digital platforms and AI-enabled innovation. His background includes senior leadership roles in both managed travel and travel technology, including Amadeus and FCM. As our industry continues to evolve, the opportunity to combine world-class service, data, technology and AI to create even greater value for customers is incredibly exciting. BCD has built one of the strongest client portfolios and cultures in the industry. With its open platform and AI-powered capabilities, BCD is uniquely positioned to shape the future of business travel. I look forward to strengthening customer partnerships and helping drive the next generation of growth, innovation and customer experience. Marcus Eklund, Chief Commercial Officer, BCD Travel The appointments of Mitchell and Green further demonstrate BCD’s commitment to developing leaders from within the organization. Mitchell brings nearly 40 years of travel industry experience spanning operations, supplier management, commercial leadership and business transformation. Under his leadership, BCD’s Mid-Markets business has achieved substantial growth while establishing itself as a leader in digital innovation through initiatives such as the North American launch of GetGoing and the implementation of AI-driven operational improvements. I’m honored and energized to take on this new role. The Americas region has incredible talent, strong customer relationships and significant momentum. My focus will be on building on that foundation, accelerating innovation and helping clients navigate an increasingly complex travel environment while continuing to deliver on the promises that define the BCD experience. Dave Mitchell, President Americas, BCD Travel Green has spent decades leading operational, customer and transformation initiatives across BCD. Her experience includes major customer deployments, operational redesign efforts, contact

According to Tripadvisor booking data from the first half of the year, one thing is clear: travelers are looking for experiences that help them connect more deeply with the places they visit. From learning a new skill from a local expert and spending more time in nature to getting out on the water and discovering destinations beyond the traditional tourist trail, today's travelers are shifting away from passive sightseeing in favor of experiences that feel immersive, personal, and memorable. Here's a look at the trends shaping travel so far this year. 1. Getting hands-on with local culture Travelers are increasingly looking for experiences that let them step into local culture, rather than just observe it. Craft classes were Tripadvisor's fastest-growing experience category in the first half of the year, with bookings up 88% year over year. Home to centuries-old craft traditions that continue to thrive today, Japan has become a standout destination for this trend. Bookings by U.S. travelers for Japanese craft classes increased more than 300% compared to last year, accounting for one in five craft classes booked globally. That same desire for cultural immersion is also fueling demand for performances rooted in local traditions. Concerts and special events grew 87%, with experiences in Europe accounting for the vast majority of bookings in that category. From the soulful sounds of fado in Portugal to the passion of flamenco in Spain, travelers are embracing performances that offer a window into a destination's history, traditions, and culture. Travelers aren't just booking these experiences, they're loving them too. Cooking classes , craft classes , and dance lessons all rank among Tripadvisor’s highest-rated experiences, earning average ratings above 4.8 out of 5. 2. Nature takes center stage Since the pandemic reignited our love for the outdoors, travelers have continued to choose experiences that get them outside and into the heart of a destination — and this year’s no exception. Eco tours (+62%) and fishing charters (+41%) saw strong growth in the first half of the year, highlighting travelers' growing appetite for nature-based adventures. The trend is even more pronounced in the U.S., where submarine tours (+111%), eco tours (+83%), ski and snow experiences (+42%) and nature and wildlife experiences (+41%) all saw significant surges in demand. Travelers are also giving these adventures top marks, with shark diving , ziplining , parasailing , and hiking and camping ranking among Tripadvisor's highest-rated U.S. experiences. Wellness is becoming part of the outdoor story, too. Day spa experiences grew 45%, driven by demand for natural thermal spas, mud baths, and geothermal pools over traditional spa treatments. In New Zealand alone, day spa bookings more than doubled year over year, helping make Rotorua (known for its world-famous geothermal spas) one of Tripadvisor's fastest-growing destinations. Demand for outdoor experiences is also shaping where travelers choose to go. From spotting whales in Seward, Alaska (+61%) and kayaking through the bioluminescent waters of Vieques, Puerto Rico (+69%), to exploring geothermal landscapes in Routoura, New Zealand (+55%), travelers are increasingly choosing places

Every hotel is about to use AI to spend less on labor. I have stood behind that desk, and I need to say what the numbers are leaving out. I want to start by being fair to the hard-nosed view, because I have lived it from the operations side and I know it is not villainy. It is the job. Labor is the highest controllable cost in a hotel, and right now it is under real strain. US hotels are on track to pay around 131 billion dollars in wages this year; revenue growth has slowed to where rate increases alone no longer restore margins, and the old comfort, where a good year on the top line quietly fixed the bottom line, is gone. Owners are right to focus on efficiency. Operators are right to be held accountable for it. I have sat on the operations side of a tight budget, and I understand that in a slow-growth year, protecting margin is not greed. It is survival, and disciplined operators have kept hotels open that would otherwise have gone dark. So, I am not here to tell hotels to stop caring about labor cost. I am here because I spent years behind the front desk, and I know something the spreadsheet does not show. There is a person inside that labor cost, and AI is about to make how we treat that person either a great deal better or a great deal worse. I do not think we are choosing on purpose, and I care too much about this industry to watch us choose badly by default. I have been the number on that line. When I read the industry conversation about labor, I recognize the language for one side of it and almost none for the other. We track cost per occupied room to two decimals. We celebrate productivity gains. We benchmark deployment. And we talk about all of it as if the labor were a substance to optimize, rather than the housekeeper, the front desk agent, the night manager who is trying to make the math of their own life work. I remember math personally. I worked reservations, the front desk, housekeeping supervision, and manager on duty. I know what it feels like to be the cost the hotel is trying to reduce while the world keeps getting more expensive to live in. That is the tension no CPOR chart captures. The hotel is under pressure to spend less on its people at the exact moment those people are watching rent, groceries, and everything else climb faster than their pay. Both pressures are landing on the same human being, pulling in opposite directions, and that human being is the one actually delivering your guest experience. I am not raising this to moralize. I am raising it because forgetting the person inside the number is not only unkind. It is bad business, and AI is about to make that mistake far more expensive. AI walks straight into that squeeze.

PHILADELPHIA - U.S. Travel Association announced recipients of the 2026 ESTO Awards at the 42nd annual ESTO conference, held August 23-26 in Philadelphia. Winners were announced Tuesday evening at the Philadelphia Marriott Downtown. The ESTO Awards remind us just how much creativity and strategic thinking shape successful destination marketing. This industry’s focus on the traveler experience turns curiosity into visits and visits into lasting economic momentum nationwide. Congratulations to this year's winners. Ellen Davis, U.S. Travel Association chief operating officer and executive vice president Honors in several categories were awarded to celebrate excellence and creativity in destination marketing and inspiring visitation, a critical component of the continued growth of the travel industry. Destination Awards honor destination marketing offices (DMOs) that push the boundaries of marketing and promotion. State Awards recognize state and territory tourism offices for standout destination marketing initiatives. A panel of 72 esteemed marketing experts selected this year’s honorees. Congratulations to this year’s ESTO Awards winners : Destination Awards All Ways Welcome: Explore Asheville for "Supporting Resilience Always, Through Authenticity: Explore Asheville x Pattie Gonia" Bridging Communities Award: Explore Cabarrus for “2026 Cabarrus Burger Madness” Buzz-worthy Award: Visit Williamsburg for “The Great American Birthday Quilt Project” Digital Brilliance Award: Visit Anaheim for “Visit Anaheim: Proving the Economic Impact From Influencers” Excellence in Print Marketing: Visit Ventura for “Visit Ventura 2025 Inspiration Guide” Excellence in Website Experience Award: San Diego Tourism Authority for “Navigating the Future - SanDiego.org ” Immersive Experiences Award: Cody Yellowstone for “Cody Yellowstone Fall Photography Workshop” Innovation Award: Visit Savannah for “When a City Becomes a Muse: Visit Savannah x LoveShackFancy x Saks Fifth Avenue” Marketing Momentum Award: Budget Less Than or Equal to $5 Million: Moab Office of Tourism for “Discover Moab: On the Edge” Marketing Momentum Award: Budget More Than $5 Million: Visit Austin for “Destination Resilience in Austin Fueled by Leisure Travel” State Awards All Ways Welcome Award: Travel Oregon for “Oregon Becomes the First State to be Accessibility Verified” Bridging Communities Award: Pennsylvania Tourism Office for “Building Brand Advocacy Through Community-Led Storytelling” Buzz-worthy Award: Discover South Carolina for “From Momentum to Mainstage: How South Carolina’s Culinary Story Led to Top Chef” Digital Brilliance Award: Pennsylvania Tourism Office for “Do Winter the PA Way” Excellence in Print Marketing: West Virginia Department of Tourism for “2026 West Virginia Vacation Guide” Excellence in Website Experience Award: Travel Wisconsin for “Reimagining TravelWisconsin.com Around the Traveler” Immersive Experiences Award: Visit North Carolina for “Ski Florida” Innovation Award: Travel Wisconsin for “Launching Film Wisconsin — With A Cherry on Top” Marketing Momentum Award: Overall State Marketing Budget Less Than or Equal to $10 Million: Pennsylvania Tourism Office for “Visit Pennsylvania’s Summer 2025 Get Away Campaign” Marketing Momentum Award: Overall State Marketing Budget More Than $10 Million: Kentucky Department of Tourism for “Kentucky Tourism “Find What Moves You” Campaign” View the full 2026 ESTO Award finalist and winners gallery . The Educational Seminar for Tourism Organizations (ESTO) is an annual conference for destination marketing professionals from city, regional

Artificial intelligence is rapidly becoming part of hospitality. It can help hotels remember guest preferences, anticipate demand, analyse feedback, answer routine questions, generate possible solutions to service problems and support employees in making faster decisions. And every time we introduce more technology into hospitality, the same concern comes back: are we losing the human touch? I am increasingly convinced that this is not quite the right question. A hotel can use very little AI and still provide a highly scripted, impersonal experience. An employee can deliver the approved welcome, use the guest's name exactly as instructed and ask the standard question about the journey, while making the whole interaction feel mechanical. At the same time, technology can quietly provide an employee with information that helps create a genuinely thoughtful interaction. Imagine a returning guest. The hotel's system remembers that she prefers a quiet room away from the lift, has previously requested an extra blanket and travelled with her daughter on her last stay. The employee does not need to recite this information back to her. In fact, doing so might feel slightly creepy. But having the information available can help the employee make better choices. AI has not replaced the human encounter. It has given the employee a better starting point for one. What does the guest think your AI is for? A recent study by Brown, Bhadury and Bougoure (2026) offers an interesting way of looking at this. The researchers were not studying hotels, so we need to be careful about transferring their findings directly to hospitality. They conducted two experiments involving wedding jewellery and craft beer and compared consumer responses to human and AI-designed products. One finding is particularly relevant for hospitality managers. Consumers evaluated AI-designed products more positively when they associated the brand with passion rather than primarily with profit . Perceived brand-extension authenticity helped explain these effects. In simple terms, consumers were responding not only to the presence of AI, but also to what its use seemed to say about the brand and its motives (Brown, Bhadury & Bougoure, 2026). That makes me wonder what guests infer when they encounter AI in a hotel. Did you introduce AI to know me better, or to avoid knowing me at all? Did you automate this task so your employees have more time for me, or because employing them costs too much? Did you use my data to remove friction, or simply to sell me something else? Is the technology helping your employees care for me better, or mainly helping your organization process me faster? Two hotels could introduce very similar technology and send very different messages. One could use AI to give employees better information about returning guests, reduce repetitive administrative work and help them respond more quickly when something goes wrong. Another could use the same technology mainly to cut opportunities for guests to reach employees and turn every piece of guest data into another automated sales opportunity. The technology may be similar. The intention behind it,

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces its unaudited interim results for the six months ended 30 June 2026 (the “Period”). Commenting on the results, Greg Hegarty, Co-Chief Executive Officer, PPHE Hotel Group said: “Whilst the conclusion of the Strategic Review and Offer period was a significant moment, this has not distracted from our core focus on delivering continued financial progress from our high-quality hotel and leisure assets. We have delivered RevPAR* growth and materially higher average room rates*, leading to an improved EBITDA* performance despite continuing macro and fiscal headwinds. The conclusion of the Strategic Review has re-affirmed our strategic priority to maximise shareholder value through a combination of operational delivery alongside balance sheet simplification. Further opportunities remain to enhance value, from within the balance sheet and development pipeline alongside our recently opened hotels as they become increasingly established in their markets. Overall, revenue and EBITDA* performance in H1 has been encouraging and the Group continues to trade in line with consensus expectations for FY26.” Trading and financial highlights Total revenue increased by 4.7% to £209.3 million, benefiting from a strong performance from the Group’s UK properties, maturing of recently opened properties, and a favourable Euro to Sterling exchange rate. Like-for-like* 2 , total revenue increased by 5.5%. RevPAR* was up 3.9% at £113.5, driven by a 4.2% increase in average room rate * to £157.3 and stable occupancy. Like-for-like* 2 RevPAR* was up 3.1% and average room rate * was up 3.2%. EBITDA * increased by 6.3% to £48.4 million, which reflected revenue growth and a focus on costs, partially offset by higher business rate costs in the UK. EBITDA margin * was 40 bps higher at 23.1%. Like-for-like* 2 , EBITDA * grew by 8.0% and EBITDA margin * was 23.5%. Adjusted EPRA earnings per share* of 125 pence for the last 12 months (LTM)* ended 30 June 2026 was in line with the 125 pence reported for the 12 months ended 31 December 2025. The Board has approved the payment of an interim dividend of 17 pence per ordinary share for the period ended 30 June 2026. EPRA NRV per share* as at 30 June 2026 decreased by 1.4% to £26.97 (31 December 2025: £27.35), this decrease is largely due to foreign exchange results and dividend distribution in the first half year. Annual external valuations will be performed in December 2026. Strategic highlights and future growth Acquisition of the freehold of Park Plaza London Waterloo for £147.9 million, funded by a new £136.5 million loan facility from Bank Hapoalim. This acquisition has both simplified and strengthened the Group’s balance sheet, whilst removing a growing rental liability. Although in the medium-term cash flow will be impacted by bank loan repayment instalments, in the long term this acquisition is expected to be accretive to both earnings and free cash generation. Entered into a new agreement to refinance its loan in relation to art’otel Rome Via Veneto in